# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0002048251-25-000370
**Filing Date:** 2025-9
**Character Count:** 109602
**Document Hash:** 7f4c11d30569a1f0017f637c42262d37
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-000370.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0002048251-25-000370

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**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:** 251348331

**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** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

**SCHEDULE OF INVESTMENTS**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — 80.3%** | **Shares** | **Value** |
| **ARGENTINA — 0.5%** |  |  |
| **CONSUMER STAPLES — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cresud SACIF y A ADR | 1191168 | $13269612 |
| **AUSTRALIA — 1.7%** |  |  |
| **ENERGY — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd. (AUD) \* | 6799926 | 26630874 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd. (CAD) \* | 2862103 | 11154270 |
|  |  | 37785144 |
| **MATERIALS — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Deterra Royalties | 2749466 | 7280491 |
| Total Australia |  | 45065635 |
| **BRAZIL — 2.3%** |  |  |
| **CONSUMER STAPLES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BrasilAgro - Brasileira de Propriedades Agricolas (A) | 1955900 | 7185017 |
| **MATERIALS — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale SA | 2372623 | 22579864 |
| **UTILITIES — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras SA | 4968511 | 33407049 |
| Total Brazil |  | 63171930 |
| **CANADA — 10.8%** |  |  |
| **ENERGY — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;MEG Energy Corp., Cl Common Subs. Receipt | 1307487 | 25770403 |
| **MATERIALS — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Aris Mining Corp. \* | 3461289 | 24106119 |
| &nbsp;&nbsp;&nbsp;Barrick Gold | 1725134 | 36434830 |
| &nbsp;&nbsp;&nbsp;Bear Creek Mining Corp. \* (A) | 12752179 | 1656605 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp. \* | 4812295 | 29312767 |
| &nbsp;&nbsp;&nbsp;Gabriel Resources, Ltd. \* † (A) | 347197 | 40092 |
| &nbsp;&nbsp;&nbsp;Gabriel Resources, Ltd. \* (A) | 5983906 | 690982 |
| &nbsp;&nbsp;&nbsp;Gabriel Resources, Ltd. \* † (A) | 496058 | 57282 |
| &nbsp;&nbsp;&nbsp;International Tower Hill Mines, Ltd. \* (A) | 6548183 | 7464929 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd., Cl A \* | 3394504 | 26482815 |

---

**1**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **CANADA — continued** |  |  |
| **MATERIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp., Cl Common Subs. Receipt | 835953 | $8536904 |
| &nbsp;&nbsp;&nbsp;Northern Dynasty Minerals, Ltd. (CAD) \* (A) | 2795815 | 2179186 |
| &nbsp;&nbsp;&nbsp;Northern Dynasty Minerals, Ltd. (USD) \* (A) | 5684516 | 4485652 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc. \* (A) | 6870354 | 35657137 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. | 190194 | 11282308 |
| &nbsp;&nbsp;&nbsp;Sandstorm Gold, Ltd. | 646990 | 6055826 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc. (CAD) \* (A) | 1422848 | 21769903 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc. (USD) \* (A) | 2761100 | 42300052 |
| &nbsp;&nbsp;&nbsp;Western Copper & Gold Corp. \* (A) | 5570563 | 6794350 |
|  |  | 265307739 |
| Total Canada |  | 291078142 |
| **CHILE — 1.8%** |  |  |
| **COMMUNICATION SERVICES — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Empresa Nacional de Telecomunicaciones SA (A) | 7488470 | 24605600 |
| **MATERIALS — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA ADR \* | 685174 | 25180144 |
| Total Chile |  | 49785744 |
| **CHINA — 4.4%** |  |  |
| **COMMUNICATION SERVICES — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., Cl A \* | 4027050 | 44061313 |
| **FINANCIALS — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;China Reinsurance Group Corp., Cl H | 8148000 | 1414356 |
| &nbsp;&nbsp;&nbsp;Hi Sun Technology China, Ltd. \* (A) | 78741000 | 5316271 |
|  |  | 6730627 |
| **INDUSTRIALS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;China Communications Services Corp., Ltd., Cl H | 30040000 | 17496475 |
| &nbsp;&nbsp;&nbsp;Guangshen Railway Co., Ltd., Cl H (A) | 44260679 | 11036037 |
|  |  | 28532512 |
| **INFORMATION TECHNOLOGY — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;PAX Global Technology, Ltd. | 7230000 | 6272140 |

---

**2**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **CHINA — continued** |  |  |
| **UTILITIES — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;CGN Power Co., Ltd., Cl H (B) | 73577000 | $27640845 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings, Ltd. | 6248400 | 6563313 |
|  |  | 34204158 |
| Total China |  | 119800750 |
| **FRANCE — 2.6%** |  |  |
| **CONSUMER STAPLES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Carrefour SA | 2579159 | 36962006 |
| **FINANCIALS — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Amundi (B) | 122554 | 9056810 |
| **HEALTH CARE — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Euroapi SA \* (A) | 3158652 | 10362871 |
| **MATERIALS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Eramet SA | 252823 | 13980615 |
| Total France |  | 70362302 |
| **GERMANY — 1.8%** |  |  |
| **MATERIALS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;BASF | 125683 | 6159654 |
| &nbsp;&nbsp;&nbsp;K+S AG | 2777210 | 42013032 |
| Total Germany |  | 48172686 |
| **HONG KONG — 2.9%** |  |  |
| **CONSUMER DISCRETIONARY — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SJM Holdings, Ltd. \* | 32676000 | 12925069 |
| **CONSUMER STAPLES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;First Pacific Co., Ltd. | 9266000 | 7290726 |
| **FINANCIALS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of East Asia, Ltd. | 2110400 | 3262019 |
| **INDUSTRIALS — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | 8293500 | 53982424 |

---

**3**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **HONG KONG — continued** |  |  |
| **MATERIALS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Luks Group Vietnam Holdings Co., Ltd. (A) | 9255000 | $1117288 |
| Total Hong Kong |  | 78577526 |
| **INDONESIA — 0.6%** |  |  |
| **COMMUNICATION SERVICES — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Media Nusantara Citra Tbk PT \* | 281091000 | 4299279 |
| **ENERGY — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;United Tractors TbK PT | 4327200 | 6340728 |
| **MATERIALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Indah Kiat Pulp & Paper | 11294200 | 4652433 |
| Total Indonesia |  | 15292440 |
| **JAPAN — 4.1%** |  |  |
| **CONSUMER STAPLES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Kato Sangyo Co., Ltd. | 240500 | 9128725 |
| **ENERGY — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | 798700 | 11372497 |
| &nbsp;&nbsp;&nbsp;Japan Petroleum Exploration Co., Ltd. | 1683700 | 12228163 |
|  |  | 23600660 |
| **HEALTH CARE — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Kyorin Pharmaceutical Co., Ltd. (A) | 2080100 | 20902419 |
| &nbsp;&nbsp;&nbsp;Suzuken Co., Ltd. | 152300 | 5756514 |
|  |  | 26658933 |
| **INDUSTRIALS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Fukuda Corp. | 153800 | 5424272 |
| &nbsp;&nbsp;&nbsp;Kamigumi Co., Ltd. | 441050 | 12395038 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | 943900 | 20665974 |
|  |  | 38485284 |
| **UTILITIES — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Electric Power Development Co., Ltd. | 678200 | 11736676 |
| Total Japan |  | 109610278 |

---

**4**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **KAZAKHSTAN — 2.7%** |  |  |
| **ENERGY — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR | 360834 | $14849770 |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR (B) | 1110803 | 45714010 |
|  |  | 60563780 |
| **FINANCIALS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR | 456543 | 11338485 |
| Total Kazakhstan |  | 71902265 |
| **LEBANON — 0.1%** |  |  |
| **REAL ESTATE — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Solidere ADR \*(C) | 174732 | 2208176 |
| **MALAYSIA — 0.8%** |  |  |
| **CONSUMER DISCRETIONARY — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Oriental Holdings BHD | 6146000 | 9765661 |
| **CONSUMER STAPLES — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Genting Plantations BHD | 8579100 | 9857668 |
| **FINANCIALS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Hong Leong Financial Group | 184600 | 697537 |
| Total Malaysia |  | 20320866 |
| **MEXICO — 0.5%** |  |  |
| **CONSUMER DISCRETIONARY — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Nemak SAB de CV (B) | 30437230 | 5453371 |
| **ENERGY — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Borr Drilling | 1339502 | 2719189 |
| **MATERIALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Orbia Advance | 9773822 | 6647131 |
| Total Mexico |  | 14819691 |
| **PHILIPPINES — 0.3%** |  |  |
| **CONSUMER STAPLES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Puregold Price Club, Inc. | 10703000 | 7339305 |

---

**5**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **RUSSIA — 3.3%** |  |  |
| **CONSUMER STAPLES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Lenta International PJSC GDR \*(C) | 6287850 | $7307111 |
| **ENERGY — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \*(C) | 25899221 | 11898102 |
| **FINANCIALS — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Moscow Exchange MICEX-RTS PJSC (C) | 14084614 | 9081190 |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC (C) | 12648865 | 14269978 |
| &nbsp;&nbsp;&nbsp;VTB Bank PJSC \*(C) | 9484622 | 2729957 |
|  |  | 26081125 |
| **MATERIALS — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Polyus PJSC GDR \*(C) | 613103 | 22648822 |
| **REAL ESTATE — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Etalon Group PLC GDR \* (A)(C) | 12219734 | 2657792 |
| &nbsp;&nbsp;&nbsp;LSR Group PJSC, Cl A \*(C) | 1673664 | 4770871 |
|  |  | 7428663 |
| **UTILITIES — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Grid - Rosseti PJSC \*(C) | 17511927373 | 4275415 |
| &nbsp;&nbsp;&nbsp;RusHydro PJSC \*(C) | 6529118388 | 10446589 |
|  |  | 14722004 |
| Total Russia |  | 90085827 |
| **SINGAPORE — 2.9%** |  |  |
| **CONSUMER STAPLES — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;First Resources, Ltd. | 15115900 | 17635892 |
| &nbsp;&nbsp;&nbsp;Golden Agri-Resources, Ltd. (A) | 278829900 | 54582285 |
|  |  | 72218177 |
| **REAL ESTATE — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Yoma Strategic Holdings, Ltd. \* (A) | 66818200 | 4860890 |
| Total Singapore |  | 77079067 |
| **SOUTH AFRICA — 6.7%** |  |  |
| **MATERIALS — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Platinum, Ltd. | 2027709 | 91064238 |

---

**6**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **SOUTH AFRICA — continued** |  |  |
| **MATERIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings, Ltd. \* | 8077544 | $76344269 |
| &nbsp;&nbsp;&nbsp;Sibanye Stillwater, Ltd. \* | 5500091 | 11568252 |
| Total South Africa |  | 178976759 |
| **SOUTH KOREA — 15.2%** |  |  |
| **COMMUNICATION SERVICES — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;KT Corp. | 714316 | 28343993 |
| &nbsp;&nbsp;&nbsp;KT Corp. ADR | 1088214 | 21971041 |
| &nbsp;&nbsp;&nbsp;LG Uplus Corp. (A) | 9612345 | 101185315 |
|  |  | 151500349 |
| **CONSUMER DISCRETIONARY — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Hankook & Co., Ltd. | 1035925 | 17966659 |
| &nbsp;&nbsp;&nbsp;Hankook Tire & Technology, Ltd. | 191371 | 6104202 |
| &nbsp;&nbsp;&nbsp;Hyundai Department Store Co., Ltd. (A) | 484096 | 24568066 |
| &nbsp;&nbsp;&nbsp;PHA Co., Ltd. (A) | 478665 | 3843697 |
|  |  | 52482624 |
| **FINANCIALS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Korean Reinsurance Co. | 1540534 | 11825168 |
| **HEALTH CARE — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Chong Kun Dang Pharmaceutical Corp. | 192010 | 11666828 |
| **INDUSTRIALS — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;DL E&C Co., Ltd. (A) | 980743 | 33116778 |
| &nbsp;&nbsp;&nbsp;GS Holdings Corp. | 396124 | 14016273 |
| &nbsp;&nbsp;&nbsp;Korean Air Lines Co., Ltd. | 369494 | 6255673 |
| &nbsp;&nbsp;&nbsp;LG Corp. | 756489 | 42949478 |
| &nbsp;&nbsp;&nbsp;LX Holdings Corp. | 1072939 | 6427915 |
| &nbsp;&nbsp;&nbsp;LX INTERNATIONAL CORP. | 150778 | 3475120 |
| &nbsp;&nbsp;&nbsp;Pan Ocean Co., Ltd. | 4235316 | 12799343 |
|  |  | 119040580 |
| **MATERIALS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Lotte Chemical Corp. | 313995 | 14949888 |

---

**7**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **SOUTH KOREA — continued** |  |  |
| **UTILITIES — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | 1716720 | $47418988 |
| Total South Korea |  | 408884425 |
| **SRI LANKA — 0.2%** |  |  |
| **INDUSTRIALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Hemas Holdings PLC | 65748685 | 6698007 |
| **THAILAND — 0.6%** |  |  |
| **FINANCIALS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank PCL | 2200500 | 10881116 |
| **MATERIALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Siam Cement PCL | 1032200 | 6339004 |
| Total Thailand |  | 17220120 |
| **UKRAINE — 1.0%** |  |  |
| **CONSUMER STAPLES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Astarta Holding PLC (A) | 659000 | 8395790 |
| &nbsp;&nbsp;&nbsp;MHP SE (LSE Shares) GDR \* (A) | 3328568 | 17276726 |
| &nbsp;&nbsp;&nbsp;MHP SE (USD Shares) GDR \* (A)(B) | 44627 | 231634 |
| Total Ukraine |  | 25904150 |
| **UNITED KINGDOM — 4.1%** |  |  |
| **COMMUNICATION SERVICES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 24638751 | 26713391 |
| **ENERGY — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Yellow Cake PLC \* (A)(B) | 4134574 | 26659976 |
| **FINANCIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Close Brothers Group PLC \* | 1711036 | 9093442 |
| &nbsp;&nbsp;&nbsp;Man Group PLC | 2923390 | 6348876 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | 5031442 | 25862476 |
|  |  | 41304794 |

---

**8**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **UNITED KINGDOM — continued** |  |  |
| **MATERIALS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Glencore PLC | 3603367 | $14461541 |
| Total United Kingdom |  | 109139702 |
| **UNITED STATES — 8.4%** |  |  |
| **ENERGY — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 271271 | 28423775 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 1548897 | 56875498 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 566082 | 19133572 |
|  |  | 104432845 |
| **FINANCIALS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 1155379 | 27729096 |
| **HEALTH CARE — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Centene \* | 779656 | 20325632 |
| **INDUSTRIALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Corp., Cl A | 107200 | 5938880 |
| **MATERIALS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. \* | 484607 | 4632843 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 29675 | 1842817 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. CDI | 875555 | 54005059 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 40663 | 6157191 |
|  |  | 66637910 |
| Total United States |  | 225064363 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,974,566,663) |  | 2159829768 |
| **PREFERRED STOCK — 1.5%** |  |  |
| **BRAZIL — 0.8%** |  |  |
| **ENERGY — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA (D) | 3465000 | 20141931 |

---

**9**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCK — continued** | **Shares** | **Value** |
| **GERMANY — 0.7%** |  |  |
| **HEALTH CARE — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Draegerwerk & KGaA , 0.900%(A) | 246742 | $19687063 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $29,250,334) |  | 39828994 |
| **UNIT TRUST FUND — 1.2%** |  |  |
| **CANADA — 1.2%** |  |  |
| **UNIT TRUST FUND — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Sprott Physical Uranium Trust \* | 2052201 | 33043161 |
| &nbsp;&nbsp;&nbsp;TOTAL UNIT TRUST FUND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,062,246) |  | 33043161 |

---

---

| | | |
|:---|:---|:---|
| **CONVERTIBLE BOND — 1.1%** | **Face Amount** | |
| **CANADA — 0.6%** |  |  |
| **MATERIALS — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Northern Dynasty Minerals, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/12/32(C) | $7108000 | 16719082 |
| **INDIA — 0.0%** |  |  |
| **CONSUMER STAPLES — –%** |  |  |
| &nbsp;&nbsp;&nbsp;REI Agro, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 13/11/14(B)(C)(E) | 723000 |  |
| **MEXICO — 0.5%** |  |  |
| **ENERGY — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Borr Drilling |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/02/28(B) | 15200000 | 11493046 |
| &nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BOND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $19,288,698) |  | 28212128 |

---

**10**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **WARRANT — 0.7%** | **Number of Warrants** | **Value** |
| **CANADA — 0.7%** |  |  |
| **MATERIALS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bear Creek Mining Corp., Expires 10/05/28\* | 9126364 | $625725 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc., Expires 02/14/26\*(C) | 215776 | 668905 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc., Expires 04/22/30\*(C) | 2717012 | 9020480 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc., Expires 09/10/30\*(C) | 1687905 | 8760227 |
|  |  | 19075337 |
| &nbsp;&nbsp;&nbsp;TOTAL WARRANTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,866,347) |  | 19075337 |

---

---

| | | |
|:---|:---|:---|
| **RIGHTS — 0.0%** | **Number of Rights** | |
| **CANADA — 0.0%** |  |  |
| **MATERIALS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp., Expires 02/22/29# \*(C) | 2385283 | 548854 |
| &nbsp;&nbsp;&nbsp;TOTAL RIGHTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  | 548854 |

---

---

| | | |
|:---|:---|:---|
| **SHORT TERM INVESTMENT — 2.0%** | **Shares** | |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management - |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant Shares, 3.730%(F) | 55032450 | 55032450 |
| TOTAL SHORT TERM INVESTMENT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $55,032,450) |  | 55032450 |

---

---

| | |
|:---|:---|
| **PURCHASED OPTION — 0.9%** | **Value** |
| **UNITED STATES — 0.9% \*** |  |
| &nbsp;&nbsp;&nbsp;TOTAL PURCHASED OPTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $26,224,020) | 22440410 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS— 87.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,129,290,758) | 2358011102 |
| &nbsp;&nbsp;&nbsp;Other Assets and Liabilities, Net — 12.3% | 331458079 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS — 100.0%** | $**2689469181** |

---

**11**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

A list of the exchange traded option contracts held by the Fund at July 31, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **PURCHASED OPTIONS —** **0.8%** |  |  |  |  |  |
| **Put Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;August 25 Puts on SPXW\* | 1019 | $645983841 | $6290.00 | 08/29/25 | $7510030 |
| &nbsp;&nbsp;&nbsp;September 25 Puts on SPXW\* | 1093 | 692895327 | 6370.00 | 09/30/25 | 14930380 |
| TOTAL PURCHASED OPTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,224,020) |  | $1338879168 |  |  | $22440410 |

---

*#* *Expiration date unavailable.*

*†* *Restricted Equity.* 

*\** *Non-income producing security.*

*(A)* *Affiliated investment.* 

*(B)* *Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of July 31, 2025 was $126,249,692 and represents 4.7% of Net Assets.* 

*(C)* *Level 3 security in accordance with fair value hierarchy.* 

*(D)* *Rate unavailable.* 

*(E)* *Security in default on interest payments.* 

*(F)* *The rate reported is the 7-day effective yield as of July 31, 2025.* 

*ADR — American Depositary Receipt*

*CAD — Canadian Dollar*

*CDI — Chess Depositary Receipt*

*Cl — Class*

*GDR — Global Depositary Receipt*

*JSC — Joint Stock Company*

*LSE — London Stock Exchange*

*Ltd. — Limited*

*PJSC — Public Joint Stock Company*

*PLC — Public Limited Company*

*SPXW — Standard & Poor's 500 Index Options Weekly*

*USD — United States Dollar*

**12**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

As of July 31, 2025, the Global All-Cap Fund owned private placement investments that were purchased through private offerings or acquired through initial public offerings or acquired through restructuring and cannot be sold without prior registration under the Securities Act of 1933 or pursuant to an exemption therefrom. In addition, the Funds have generally agreed to further restrictions on the disposition of certain holdings as set forth in various agreements entered into in connection with the purchase of these investments. The acquisition dates of these investments, the enforceable right to acquire these securities, along with their cost and values at July 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br> Shares | Acquisition<br> Date/Right to<br> Acquire Date | Cost | Market Value |
| **Common Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel Resources, Ltd. | 347197 | 6/1/2021 | $704137 | $40092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel Resources, Ltd. | 496058 | 6/17/2022 | 834788 | 57282 |
|  |  |  | $1538925 | $97374 |

---

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, 2024 through July 31, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Value as of<br> 10/31/2024** | **Purchases at<br> Cost** | **Proceeds from<br> Sale** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation/ (Depreciation)** | **Value as of<br> 7/31/2025** | **Dividend/<br> Interest<br> Income** |
| **Astarta Holding PLC** | **Astarta Holding PLC** | **Astarta Holding PLC** | **Astarta Holding PLC** | **Astarta Holding PLC** | **Astarta Holding PLC** | **Astarta Holding PLC** |
| $4975134 | $— | $— | $— | $3420656 | $8395790 | $387908 |
| **Bear Creek Mining Corp.** | **Bear Creek Mining Corp.** | **Bear Creek Mining Corp.** | **Bear Creek Mining Corp.** | **Bear Creek Mining Corp.** | **Bear Creek Mining Corp.** | **Bear Creek Mining Corp.** |
| 4854135 |  |  |  | (3197530) | 1656605 |  |
| **BrasilAgro - Brasileira de Propriedades Agricolas** | **BrasilAgro - Brasileira de Propriedades Agricolas** | **BrasilAgro - Brasileira de Propriedades Agricolas** | **BrasilAgro - Brasileira de Propriedades Agricolas** | **BrasilAgro - Brasileira de Propriedades Agricolas** | **BrasilAgro - Brasileira de Propriedades Agricolas** | **BrasilAgro - Brasileira de Propriedades Agricolas** |
| 2488008 | 5099199 |  |  | (402190) | 7185017 | 15299 |
| **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** |
| 21875340 | 3321269 | (4309958) | 170369 | 12059758 | 33116778 | 375018 |
| **Draegerwerk & KGaA** | **Draegerwerk & KGaA** | **Draegerwerk & KGaA** | **Draegerwerk & KGaA** | **Draegerwerk & KGaA** | **Draegerwerk & KGaA** | **Draegerwerk & KGaA** |
| 12704883 | 1327131 | (2720135) | (20588) | 8395772 | 19687063 | 555608 |
| **Empresa Nacional de Telecomunicaciones SA** | **Empresa Nacional de Telecomunicaciones SA** | **Empresa Nacional de Telecomunicaciones SA** | **Empresa Nacional de Telecomunicaciones SA** | **Empresa Nacional de Telecomunicaciones SA** | **Empresa Nacional de Telecomunicaciones SA** | **Empresa Nacional de Telecomunicaciones SA** |
|  | 22658908 |  |  | 1946692 | 24605600 | 1073896 |
| **Etalon Group PLC GDR** | **Etalon Group PLC GDR** | **Etalon Group PLC GDR** | **Etalon Group PLC GDR** | **Etalon Group PLC GDR** | **Etalon Group PLC GDR** | **Etalon Group PLC GDR** |
| 2237433 |  |  |  | 420359 | 2657792 |  |
| **Euroapi SA** | **Euroapi SA** | **Euroapi SA** | **Euroapi SA** | **Euroapi SA** | **Euroapi SA** | **Euroapi SA** |
| 13161378 |  | (785784) | (406795) | (1605928) | 10362871 |  |
| **Gabriel Resources, Ltd.** | **Gabriel Resources, Ltd.** | **Gabriel Resources, Ltd.** | **Gabriel Resources, Ltd.** | **Gabriel Resources, Ltd.** | **Gabriel Resources, Ltd.** | **Gabriel Resources, Ltd.** |
| 537213 |  |  |  | 153769 | 690982 |  |
| **Gabriel Resources, Ltd.** | **Gabriel Resources, Ltd.** | **Gabriel Resources, Ltd.** | **Gabriel Resources, Ltd.** | **Gabriel Resources, Ltd.** | **Gabriel Resources, Ltd.** | **Gabriel Resources, Ltd.** |
| 75704 |  |  |  | 21670 | 97374 |  |
| **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** |
| 58331485 | 2572873 |  |  | (6322073) | 54582285 | 1641366 |
| **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** |
| 7812365 | 4418383 |  |  | (1194711) | 11036037 | 431558 |

---

**13**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Value as of<br> 10/31/2024** | **Purchases at<br> Cost** | **Proceeds from<br> Sale** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation/ (Depreciation)** | **Value as of<br> 7/31/2025** | **Dividend/<br> Interest<br> Income** |
| **Hi Sun Technology China, Ltd.** | **Hi Sun Technology China, Ltd.** | **Hi Sun Technology China, Ltd.** | **Hi Sun Technology China, Ltd.** | **Hi Sun Technology China, Ltd.** | **Hi Sun Technology China, Ltd.** | **Hi Sun Technology China, Ltd.** |
| $4536374 | $— | $(362888) | $(396744) | $1539529 | $5316271 | $— |
| **Hyundai Department Store Co., Ltd.** | **Hyundai Department Store Co., Ltd.** | **Hyundai Department Store Co., Ltd.** | **Hyundai Department Store Co., Ltd.** | **Hyundai Department Store Co., Ltd.** | **Hyundai Department Store Co., Ltd.** | **Hyundai Department Store Co., Ltd.** |
| 18062628 | 7084378 | (12869709) | 2409625 | 9881144 | 24568066 | 683775 |
| **International Tower Hill Mines, Ltd.** | **International Tower Hill Mines, Ltd.** | **International Tower Hill Mines, Ltd.** | **International Tower Hill Mines, Ltd.** | **International Tower Hill Mines, Ltd.** | **International Tower Hill Mines, Ltd.** | **International Tower Hill Mines, Ltd.** |
| 4020584 |  |  |  | 3444345 | 7464929 |  |
| **Kyorin Pharmaceutical Co., Ltd.** | **Kyorin Pharmaceutical Co., Ltd.** | **Kyorin Pharmaceutical Co., Ltd.** | **Kyorin Pharmaceutical Co., Ltd.** | **Kyorin Pharmaceutical Co., Ltd.** | **Kyorin Pharmaceutical Co., Ltd.** | **Kyorin Pharmaceutical Co., Ltd.** |
| 18249709 | 3119302 | (929885) | (549656) | 1012949 | 20902419 | 516050 |
| **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** |
| 57914588 | 24254130 | (11576894) | (267338) | 30860829 | 101185315 | 2797655 |
| **Luks Group Vietnam Holdings Co., Ltd.** | **Luks Group Vietnam Holdings Co., Ltd.** | **Luks Group Vietnam Holdings Co., Ltd.** | **Luks Group Vietnam Holdings Co., Ltd.** | **Luks Group Vietnam Holdings Co., Ltd.** | **Luks Group Vietnam Holdings Co., Ltd.** | **Luks Group Vietnam Holdings Co., Ltd.** |
| 1030649 |  |  |  | 86639 | 1117288 | 23596 |
| **MHP SE (LSE Shares) GDR** | **MHP SE (LSE Shares) GDR** | **MHP SE (LSE Shares) GDR** | **MHP SE (LSE Shares) GDR** | **MHP SE (LSE Shares) GDR** | **MHP SE (LSE Shares) GDR** | **MHP SE (LSE Shares) GDR** |
| 13444898 |  |  |  | 3831828 | 17276726 |  |
| **MHP SE (USD Shares) GDR** | **MHP SE (USD Shares) GDR** | **MHP SE (USD Shares) GDR** | **MHP SE (USD Shares) GDR** | **MHP SE (USD Shares) GDR** | **MHP SE (USD Shares) GDR** | **MHP SE (USD Shares) GDR** |
| 180260 |  |  |  | 51374 | 231634 |  |
| **Northern Dynasty Minerals, Ltd. (CAD)** | **Northern Dynasty Minerals, Ltd. (CAD)** | **Northern Dynasty Minerals, Ltd. (CAD)** | **Northern Dynasty Minerals, Ltd. (CAD)** | **Northern Dynasty Minerals, Ltd. (CAD)** | **Northern Dynasty Minerals, Ltd. (CAD)** | **Northern Dynasty Minerals, Ltd. (CAD)** |
| 1155855 |  | (173872) | 144895 | 1052308 | 2179186 |  |
| **Northern Dynasty Minerals, Ltd. (USD)** | **Northern Dynasty Minerals, Ltd. (USD)** | **Northern Dynasty Minerals, Ltd. (USD)** | **Northern Dynasty Minerals, Ltd. (USD)** | **Northern Dynasty Minerals, Ltd. (USD)** | **Northern Dynasty Minerals, Ltd. (USD)** | **Northern Dynasty Minerals, Ltd. (USD)** |
| 6260410 |  | (7033989) | (178432) | 5437663 | 4485652 |  |
| **Novagold Resources, Inc.** | **Novagold Resources, Inc.** | **Novagold Resources, Inc.** | **Novagold Resources, Inc.** | **Novagold Resources, Inc.** | **Novagold Resources, Inc.** | **Novagold Resources, Inc.** |
| 19014738 | 4544812 |  |  | 12097587 | 35657137 |  |
| **PHA Co., Ltd.** | **PHA Co., Ltd.** | **PHA Co., Ltd.** | **PHA Co., Ltd.** | **PHA Co., Ltd.** | **PHA Co., Ltd.** | **PHA Co., Ltd.** |
| 3402285 | 9493 |  |  | 431919 | 3843697 | 114896 |
| **Seabridge Gold, Inc. (CAD)** | **Seabridge Gold, Inc. (CAD)** | **Seabridge Gold, Inc. (CAD)** | **Seabridge Gold, Inc. (CAD)** | **Seabridge Gold, Inc. (CAD)** | **Seabridge Gold, Inc. (CAD)** | **Seabridge Gold, Inc. (CAD)** |
| 24791390 |  |  |  | (3021487) | 21769903 |  |
| **Seabridge Gold, Inc. (USD)** | **Seabridge Gold, Inc. (USD)** | **Seabridge Gold, Inc. (USD)** | **Seabridge Gold, Inc. (USD)** | **Seabridge Gold, Inc. (USD)** | **Seabridge Gold, Inc. (USD)** | **Seabridge Gold, Inc. (USD)** |
| 22323943 | 18092732 |  |  | 1883377 | 42300052 |  |
| **Western Copper & Gold Corp.** | **Western Copper & Gold Corp.** | **Western Copper & Gold Corp.** | **Western Copper & Gold Corp.** | **Western Copper & Gold Corp.** | **Western Copper & Gold Corp.** | **Western Copper & Gold Corp.** |
| 4302843 | 1614098 |  |  | 877409 | 6794350 |  |
| **Yellow Cake PLC** | **Yellow Cake PLC** | **Yellow Cake PLC** | **Yellow Cake PLC** | **Yellow Cake PLC** | **Yellow Cake PLC** | **Yellow Cake PLC** |
| 24025924 | 4057299 |  |  | (1423247) | 26659976 |  |
| **Yoma Strategic Holdings, Ltd.** | **Yoma Strategic Holdings, Ltd.** | **Yoma Strategic Holdings, Ltd.** | **Yoma Strategic Holdings, Ltd.** | **Yoma Strategic Holdings, Ltd.** | **Yoma Strategic Holdings, Ltd.** | **Yoma Strategic Holdings, Ltd.** |
| 4074266 |  |  |  | 786624 | 4860890 |  |
| Totals: | Totals: | Totals: | Totals: | Totals: | Totals: | Totals: |
| $355844422 | $102174007 | $(40763114) | $905336 | $82527034 | $500687685 | $8616625 |

---

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

KGI-QH-001-2400

**14**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 71.5%** |<br>**Shares** |<br>**Value** |
| **AUSTRALIA — 0.8%** |  |  |
| **ENERGY — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd. (AUD) \* | 1222679 | $4788436 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd. (CAD) \* | 48196 | 187831 |
| Total Australia |  | 4976267 |
| **BRAZIL — 2.2%** |  |  |
| **MATERIALS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale SA | 619100 | 5891873 |
| **UTILITIES — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras SA | 1141960 | 7678259 |
| Total Brazil |  | 13570132 |
| **CANADA — 8.2%** |  |  |
| **ENERGY — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;MEG Energy Corp., Cl Common Subs. Receipt | 314626 | 6201239 |
| **MATERIALS — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Barrick Gold | 867574 | 18323163 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp. \* | 779620 | 4748840 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd., Cl A \* | 817729 | 6379655 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp., Cl Common Subs. Receipt | 269699 | 2754216 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc. \* (A) | 1707790 | 8863430 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. | 50354 | 2986999 |
|  |  | 44056303 |
| Total Canada |  | 50257542 |
| **CHILE — 1.0%** |  |  |
| **MATERIALS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA ADR \* | 164839 | 6057833 |
| **CHINA — 4.7%** |  |  |
| **COMMUNICATION SERVICES — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., Cl A \* | 962550 | 10531584 |
| **INDUSTRIALS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;China Communications Services Corp., Ltd., Cl H | 7481000 | 4357228 |

---

**15**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **CHINA — continued** |  |  |
| **INDUSTRIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Guangshen Railway Co., Ltd., Cl H (A) | 10554000 | $2631553 |
|  |  | 6988781 |
| **INFORMATION TECHNOLOGY — 0.5%** |  |  |
| PAX Global Technology, Ltd. | 3664000 | 3178578 |
| **UTILITIES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CGN Power Co., Ltd., Cl H (B) | 17407000 | 6539329 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings, Ltd. | 1651200 | 1734419 |
|  |  | 8273748 |
| Total China |  | 28972691 |
| **FRANCE — 1.8%** |  |  |
| **CONSUMER STAPLES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Carrefour SA | 606583 | 8692959 |
| **FINANCIALS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Amundi (B) | 27975 | 2067369 |
| Total France |  | 10760328 |
| **GERMANY — 2.6%** |  |  |
| **MATERIALS — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BASF | 60396 | 2959975 |
| &nbsp;&nbsp;&nbsp;K+S AG | 877099 | 13268564 |
| Total Germany |  | 16228539 |
| **HONG KONG — 3.1%** |  |  |
| **CONSUMER DISCRETIONARY — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;SJM Holdings, Ltd. \* | 8571000 | 3390279 |
| **CONSUMER STAPLES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;First Pacific Co., Ltd. | 2392000 | 1882087 |
| **FINANCIALS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of East Asia, Ltd. | 543400 | 839926 |

---

**16**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **HONG KONG — continued** |  |  |
| **INDUSTRIALS — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | 1968000 | $12809720 |
| Total Hong Kong |  | 18922012 |
| **INDONESIA — 0.3%** |  |  |
| **ENERGY — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;United Tractors TbK PT | 1061100 | 1554850 |
| **JAPAN — 3.0%** |  |  |
| **ENERGY — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | 419000 | 5966040 |
| **HEALTH CARE — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Suzuken Co., Ltd. | 40300 | 1523227 |
| **INDUSTRIALS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Kamigumi Co., Ltd. | 118300 | 3324641 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | 216900 | 4748861 |
|  |  | 8073502 |
| **UTILITIES — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Electric Power Development Co., Ltd. | 167000 | 2890040 |
| Total Japan |  | 18452809 |
| **KAZAKHSTAN — 3.5%** |  |  |
| **ENERGY — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR | 89635 | 3688841 |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR (B) | 335296 | 13798778 |
|  |  | 17487619 |
| **FINANCIALS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR | 172738 | 4290039 |
| Total Kazakhstan |  | 21777658 |
| **MALAYSIA — 0.0%** |  |  |
| **FINANCIALS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Hong Leong Financial Group | 42500 | 160592 |

---

**17**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **RUSSIA — 6.0%** |  |  |
| **CONSUMER STAPLES — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Lenta International PJSC GDR \*(C) | 1271467 | $1477572 |
| **ENERGY — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom Neft PJSC (C) | 2817940 | 5266699 |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \*(C) | 8122810 | 3681105 |
|  |  | 8947804 |
| **FINANCIALS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Moscow Exchange MICEX-RTS PJSC (C) | 5746159 | 3704891 |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC (C) | 8292394 | 9355170 |
| &nbsp;&nbsp;&nbsp;VTB Bank PJSC \*(C) | 2329481 | 670494 |
|  |  | 13730555 |
| **MATERIALS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Polyus PJSC GDR \*(C) | 249258 | 9207914 |
| **REAL ESTATE — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;LSR Group PJSC, Cl A \*(C) | 510671 | 1455696 |
| **UTILITIES — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Grid - Rosseti PJSC \*(C) | 3021385233 | 737650 |
| &nbsp;&nbsp;&nbsp;RusHydro PJSC \*(C) | 991278397 | 1599980 |
|  |  | 2337630 |
| Total Russia |  | 37157171 |
| **SINGAPORE — 2.4%** |  |  |
| **CONSUMER STAPLES — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Golden Agri-Resources, Ltd. (A) | 76439700 | 14963436 |
| **SOUTH AFRICA — 7.4%** |  |  |
| **MATERIALS — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Platinum, Ltd. | 524297 | 23546134 |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings, Ltd. \* | 2024621 | 19135546 |
| &nbsp;&nbsp;&nbsp;Sibanye Stillwater, Ltd. \* | 1324310 | 2785399 |
| Total South Africa |  | 45467079 |

---

**18**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **SOUTH KOREA — 11.7%** |  |  |
| **COMMUNICATION SERVICES — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;KT Corp. | 212507 | $8432258 |
| &nbsp;&nbsp;&nbsp;KT Corp. ADR | 211964 | 4279553 |
| &nbsp;&nbsp;&nbsp;LG Uplus Corp. (A) | 2195382 | 23109909 |
|  |  | 35821720 |
| **CONSUMER DISCRETIONARY — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Hankook Tire & Technology, Ltd. | 50804 | 1620506 |
| **INDUSTRIALS — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;DL E&C Co., Ltd. (A) | 139646 | 4715431 |
| &nbsp;&nbsp;&nbsp;GS Holdings Corp. | 91151 | 3225246 |
| &nbsp;&nbsp;&nbsp;Korean Air Lines Co., Ltd. | 86861 | 1470590 |
| &nbsp;&nbsp;&nbsp;LG Corp. | 179375 | 10183972 |
|  |  | 19595239 |
| **MATERIALS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Lotte Chemical Corp. | 89237 | 4248740 |
| **UTILITIES — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | 395881 | 10934967 |
| Total South Korea |  | 72221172 |
| **THAILAND — 0.8%** |  |  |
| **FINANCIALS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank PCL | 590300 | 2918938 |
| **MATERIALS — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Siam Cement PCL | 271179 | 1665379 |
| Total Thailand |  | 4584317 |
| **UKRAINE — 0.7%** |  |  |
| **CONSUMER STAPLES — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;MHP SE GDR \* (A) | 787575 | 4087859 |
| **UNITED KINGDOM — 6.1%** |  |  |
| **COMMUNICATION SERVICES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 5724317 | 6206318 |

---

**19**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **UNITED KINGDOM — continued** |  |  |
| **ENERGY — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Yellow Cake PLC \* (A)(B) | 1683632 | $10856158 |
| **FINANCIALS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Man Group PLC | 663343 | 1440616 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | 1298259 | 6673274 |
|  |  | 8113890 |
| **MATERIALS — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Glencore PLC | 3083469 | 12375013 |
| Total United Kingdom |  | 37551379 |
| **UNITED STATES — 5.2%** |  |  |
| **ENERGY — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Schlumberger | 258556 | 8739193 |
| **INDUSTRIALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Corp., Cl A | 25878 | 1433641 |
| **MATERIALS — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Newmont Corp. CDI | 309079 | 19064284 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 18459 | 2795062 |
|  |  | 21859346 |
| Total United States |  | 32032180 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $429,860,401) |  | 439755846 |
| **PREFERRED STOCK — 1.3%** |  |  |
| **BRAZIL — 1.3%** |  |  |
| **ENERGY — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA (D) | 1378400 | 8012594 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,770,342) |  | 8012594 |

---

**20**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **UNIT TRUST FUND — 1.3%** | **Shares** | **Value** |
| **CANADA — 1.3%** |  |  |
| **UNIT TRUST FUND — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Sprott Physical Uranium Trust \* | 495095 | $7971687 |
| &nbsp;&nbsp;&nbsp;TOTAL UNIT TRUST FUND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,727,908) |  | 7971687 |
| **SHORT TERM INVESTMENT — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management - Participant Shares, 3.730%(E) | 19427216 | 19427216 |
| TOTAL SHORT TERM INVESTMENT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $19,427,216) |  | 19427216 |
| **PURCHASED OPTION — 0.8%** |  | **Value** |
| **UNITED STATES — 0.8% \*** |  |  |
| &nbsp;&nbsp;&nbsp;TOTAL PURCHASED OPTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,996,968) |  | 5138500 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS— 78.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $468,782,835) |  | 480305843 |
| &nbsp;&nbsp;&nbsp;Other Assets and Liabilities, Net — 21.9% |  | 134588542 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** — 100.0% |  | $**614894385** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| A list of the exchange traded option contracts held by the Fund at July 31, 2025, is as follows: | A list of the exchange traded option contracts held by the Fund at July 31, 2025, is as follows: | A list of the exchange traded option contracts held by the Fund at July 31, 2025, is as follows: | A list of the exchange traded option contracts held by the Fund at July 31, 2025, is as follows: | A list of the exchange traded option contracts held by the Fund at July 31, 2025, is as follows: | A list of the exchange traded option contracts held by the Fund at July 31, 2025, is as follows: |
| **Description** | **Number <br> of <br> Contracts** | **Notional <br> Amount** | **Exercise <br> Price** | **Expiration <br> Date** | **Value** |
| **PURCHASED OPTIONS — 0.8%** | **PURCHASED OPTIONS — 0.8%** | **PURCHASED OPTIONS — 0.8%** |  |  |  |
| **Put Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;August 25 Puts on SPXW\* | 232 | $147073848 | $6290.00 | 08/29/25 | $1709840 |
| &nbsp;&nbsp;&nbsp;September 25 Puts on SPXW\* | 251 | 159118689 | 6370.00 | 09/30/25 | 3428660 |
| TOTAL PURCHASED OPTIONS | TOTAL PURCHASED OPTIONS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,996,968) |  | $306192537 |  |  | $5138500 |

---

**21**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

\* *Non-income producing security.*

*(A)* *Affiliated investment.*

*(B)* *Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of July 31, 2025 was $33,261,634 and represents 5.4% of Net Assets.*

*(C)* *Level 3 security in accordance with fair value hierarchy.*

*(D)* *Rate unavailable.*

*(E)* *The rate reported is the 7-day effective yield as of July 31, 2025.*

*ADR — American Depositary Receipt*

*CDI — Chess Depositary Receipt*

*Cl — Class*

*GDR — Global Depositary Receipt*

*JSC — Joint Stock Company*

*Ltd. — Limited*

*PJSC — Public Joint Stock Company*

*PLC — Public Limited Company*

*SPXW — Standard & Poor's 500 Index Options Weekly*

**22**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JULY 31, 2025** |
|  | *(Unaudited)* |

---

The following issuers are affiliated with the Fund; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2024 through July 31, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Value as of<br> 10/31/2024** | **Purchases at <br> Cost** | **Proceeds from <br> Sale** | **Realized <br> Gain/(Loss)** | **Change in <br> Unrealized <br> Appreciation/ <br> (Depreciation)** | **Value as of<br> 7/31/2025** | **Dividend/ <br> Interest <br> Income** |
| **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** |
| $3972707 | $71892 | $(1336041) | $(869881) | $2876754 | $4715431 | $66653 |
| **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** |
| 16787212 |  |  |  | (1823776) | 14963436 | 472369 |
| **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** |
| 2931024 |  |  |  | (299471) | 2631553 | 102906 |
| **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** |
| 14590576 | 6088509 | (5368681) | 656078 | 7143427 | 23109909 | 752502 |
| **MHP SE GDR** | **MHP SE GDR** | **MHP SE GDR** | **MHP SE GDR** | **MHP SE GDR** | **MHP SE GDR** | **MHP SE GDR** |
| 3181207 |  |  |  | 906652 | 4087859 |  |
| **Novagold Resources, Inc.** | **Novagold Resources, Inc.** | **Novagold Resources, Inc.** | **Novagold Resources, Inc.** | **Novagold Resources, Inc.** | **Novagold Resources, Inc.** | **Novagold Resources, Inc.** |
| 5824993 | 71698 |  |  | 2966739 | 8863430 |  |
| **Yellow Cake PLC** | **Yellow Cake PLC** | **Yellow Cake PLC** | **Yellow Cake PLC** | **Yellow Cake PLC** | **Yellow Cake PLC** | **Yellow Cake PLC** |
| 10719681 | 804769 |  |  | (668292) | 10856158 |  |
| Totals: | Totals: | Totals: | Totals: | Totals: | Totals: | Totals: |
| $58007400 | $7036868 | $(6704722) | $(213803) | $11102033 | $69227776 | $1394430 |

---

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

KGI-QH-002-2100

**23**

## 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:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $2694816285.52

**Total Liabilities:** $5264968.96

**Net Assets:** $2689551316.56

**Cash Not Reported:** $3655815.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000132088 | -6.94%               | 1.63%                | 0.43%                |
| Class ID C000132089 | -1.28%               | 7.91%                | 6.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $30653331.69             | $-52463178.95                              |
| Month 2  | $17626947.12             | $160216880.91                              |
| Month 3  | $13544999.50             | $125074082.79                              |

### 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: 724500R38HLH2G58KQ51       | Long             | EC               |  | PL        |      659000 | NS      | $8395790.30   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LX Holdings Corp.                                                                | LX HOLDINGS CORP COMMON STOCK                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     1072939 | NS      | $6427914.94   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST PACIFIC COMPANY LIMITED                                                    | FIRST PACIFIC CO COMMON STOCK                                                      | CUSIP: G34804107<br>LEI: 254900VS1MDQSDM9DE09 | Long             | EC               |  | HK        |     9266000 | NS      | $7290726.06   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan Ocean Co., Ltd.                                                              | PAN OCEAN CO LTD COMMON STOCK                                                      | CUSIP: N/A<br>LEI: 988400HGOJIHDWPIAT45       | Long             | EC               |  | KR        |     4235316 | NS      | $12799342.72  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LENTA MKPAO                                                                      | LENTA PLC DEPOSITARY RECEIPT                                                       | CUSIP: 52634T200<br>LEI: 213800OMCE8QATH73N15 | Long             | EC               |  | GB        |     6287850 | NS      | $7307110.49   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPPA LSR PAO                                                                   | LSR GROUP PJSC COMMON STOCK                                                        | CUSIP: N/A<br>LEI: 25340067LEEMJ79K8X43       | Long             | EC               |  | RU        |     1673664 | NS      | $4770871.07   | 0.18%             |  |  |  | No            |                  1 | 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        |     1032200 | NS      | $6339004.54   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Orbia Advance Corporation S.A.B. de CV                                           | ORBIA ADVANCE CORP SAB DE CV COMMON STOCK                                          | CUSIP: N/A<br>LEI: 549300MVHZ20SBIOEQ79       | Long             | EC               |  | MX        |     9773822 | NS      | $6647131.53   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Borr Drilling Limited                                                            | BORR DRILLING LTD 144A 5.000000% 02/08/2028                                        | CUSIP: N/A<br>LEI: 213800J2JPCTXLHQ5R78       | Long             | DBT              | CORP              | MX        |    15200000 | PA      | $11493045.89  | 0.43%             | 2028-02-08      | Fixed         | 5.00%                 | Yes           |                  2 | 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        |      347197 | NS      | $40092.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MHP SE                                                                           | MHP SE DEPOSITARY RECEIPT                                                          | CUSIP: 55302T204<br>LEI: 213800D7DXFXGA292757 | Long             | EC               |  | GB        |     3328568 | NS      | $17276725.83  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROAPI SA                                                                       | EUROAPI SASU COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 9695002FT7GGI3CKKJ14       | Long             | EC               |  | FR        |     3158652 | NS      | $10362870.82  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PALADIN ENERGY LTD                                                               | PALADIN ENERGY LTD COMMON STOCK                                                    | CUSIP: Q7264T252<br>LEI: 549300M44UTJAP8J6B37 | Long             | EC               |  | CA        |     2862103 | NS      | $11154269.77  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVAGOLD RESOURCES INC.                                                          | NOVAGOLD RESOURCES INC 09/10/2030 PNOTE                                            | CUSIP: 66987E206<br>LEI: 529900587LVZTJ2BHS60 | Long             | SN               |  | US        |     1687905 | PA      | $8760226.95   | 0.33%             | 2030-09-10      | None          | 0.00%                 | 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        |    29988000 | NS      | $17466187.80  | 0.65%             |  |  |  | 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        |      456543 | NS      | $11338484.63  | 0.42%             |  |  |  | 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        |      678200 | NS      | $11736675.70  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORPORATION                                                              | NEWMONT CORP COMMON STOCK                                                          | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               |  | US        |       29675 | NS      | $1842817.50   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp.                                                        | PAN AMER SILVER-CVR CONTINGENT VALUE RIGHTS                                        | CUSIP: 697900132<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               |  | CA        |     2385283 | NS      | $548853.51    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LOTTE CHEMICAL CORPORATION                                                       | LOTTE CHEMICAL CORP COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 988400TPNFJZDPI94Y56       | Long             | EC               |  | KR        |      313995 | NS      | $14949887.91  | 0.56%             |  |  |  | No            |                  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        |      685174 | NS      | $25180144.50  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Puregold Price Club Inc                                                          | PUREGOLD PRICE CLUB INC COMMON STOCK                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | PH        |    10703000 | NS      | $7339304.85   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | NOVAGOLD RESOURCES INC 04/22/2030 WARRANT                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               |  | US        |     2717012 | PA      | $9020479.84   | 0.34%             | 2030-04-22      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| SCHRODERS PLC                                                                    | SCHRODERS PLC COMMON STOCK                                                         | CUSIP: G78602144<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               |  | GB        |     5031442 | NS      | $25862475.70  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDSTORM GOLD LTD.                                                              | SANDSTORM GOLD LTD COMMON STOCK                                                    | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               |  | US        |      646990 | NS      | $6055826.40   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL GOLD, INC.                                                                 | ROYAL GOLD INC COMMON STOCK                                                        | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               |  | US        |       40663 | NS      | $6157191.46   | 0.23%             |  |  |  | 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        |      240500 | NS      | $9128724.75   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| IVANHOE MINES LTD                                                                | IVANHOE MINES LTD-CL A COMMON STOCK                                                | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               |  | CA        |     3394504 | NS      | $26482814.84  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                                                        | VALE SA COMMON STOCK                                                               | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | BR        |     2372623 | NS      | $22579864.39  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPALA PLATINUM HOLDINGS LIMITED                                                 | IMPALA PLATINUM HOLDINGS LTD COMMON STOCK                                          | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               |  | ZA        |     8077544 | NS      | $76344268.64  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Dynasty Minerals Ltd.                                                   | NORTHERN DYNASTY MINERALS COMMON STOCK                                             | CUSIP: 66510M204<br>LEI: 529900HEIYP56LE0EJ17 | Long             | EC               |  | CA        |     2795815 | NS      | $2179186.06   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS                                     | CENTRAIS ELETRICAS BRASILIER COMMON STOCK                                          | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |     4968511 | NS      | $33407048.63  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CARREFOUR SA                                                                     | CARREFOUR SA COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 549300B8P6MUJ1YWTS08       | Long             | EC               |  | FR        |     2579159 | NS      | $36962006.01  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| West Japan Railway Company                                                       | WEST JAPAN RAILWAY CO COMMON STOCK                                                 | CUSIP: N/A<br>LEI: 353800QGUXHZ7EBCR121       | Long             | EC               |  | JP        |      943900 | NS      | $20665973.95  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| HONG LEONG FINANCIAL GROUP BERHAD                                                | HONG LEONG FINANCIAL GROUP COMMON STOCK                                            | CUSIP: N/A<br>LEI: 549300EGI40XD5GGWS62       | Long             | EC               |  | MY        |      184200 | NS      | $696025.98    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Department Store Co.,Ltd.                                                | HYUNDAI DEPT STORE CO COMMON STOCK                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      484096 | NS      | $24568065.80  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| DETERRA ROYALTIES LIMITED                                                        | DETERRA ROYALTIES LTD COMMON STOCK                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AU        |     2749466 | NS      | $7280490.77   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| KYORIN Pharmaceutical Co., Ltd.                                                  | KYORIN PHARMACEUTICAL CO LTD COMMON STOCK                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |     2080100 | NS      | $20902419.50  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORPORATION                                                              | NEWMONT CORP-CDI DEPOSITARY RECEIPT                                                | CUSIP: N/A<br>LEI: 549300VSP3RIX7FGDZ51       | Long             | EC               |  | AU        |      875555 | NS      | $54005058.52  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST RESOURCES LIMITED                                                          | FIRST RESOURCES LTD COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 5493007RRD817HUP4O49       | Long             | EC               |  | SG        |    15115900 | NS      | $17635891.90  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIDU, INC.                                                                      | BAIDU INC-CLASS A COMMON STOCK                                                     | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               |  | HK        |     4027050 | NS      | $44061312.99  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Nemak, S.A.B. de C.V.                                                            | NEMAK SAB DE CV COMMON STOCK                                                       | CUSIP: N/A<br>LEI: 5493000MY3DAIB0BP706       | Long             | EC               |  | MX        |    30437230 | NS      | $5453370.65   | 0.20%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HEMAS HOLDINGS PLC                                                               | HEMAS HOLDINGS PLC COMMON STOCK                                                    | CUSIP: N/A<br>LEI: 254900TV1ZINS66XKY23       | Long             | EC               |  | LK        |    65748685 | NS      | $6698006.68   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA REINSURANCE (GROUP) CORPORATION                                            | CHINA REINSURANCE GROUP CO-H COMMON STOCK                                          | CUSIP: N/A<br>LEI: 300300F3000111000079       | Long             | EC               |  | HK        |     8148000 | NS      | $1414355.79   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KT CORPORATION                                                                   | KT CORP COMMON STOCK                                                               | CUSIP: N/A<br>LEI: 9884005ACF8449EANY26       | Long             | EC               |  | KR        |      714316 | NS      | $28343993.03  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | IVANHOE ELECTRIC WARRANTS 2/14/2026 PNOTE                                          | CUSIP: 46578C116<br>LEI: N/A                  | Long             | SN               |  | US        |      215776 | PA      | $668905.60    | 0.02%             | 2026-02-14      | None          | 0.00%                 | No            |                  1 | On Loan: No      |
| CLOSE BROTHERS GROUP PLC                                                         | CLOSE BROTHERS GROUP PLC COMMON STOCK                                              | CUSIP: N/A<br>LEI: 213800W73SYHR14I3X91       | Long             | EC               |  | GB        |     1711036 | NS      | $9093442.27   | 0.34%             |  |  |  | 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      | $4860890.25   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GROUP PUBLIC LIMITED COMPANY                                            | VODAFONE GROUP PLC COMMON STOCK                                                    | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               |  | GB        |    24638751 | NS      | $26713391.10  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| GAZPROM PAO                                                                      | GAZPROM PJSC COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               |  | RU        |    25899221 | NS      | $11898102.13  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDEN AGRI-RESOURCES LTD                                                        | GOLDEN AGRI-RESOURCES LTD COMMON STOCK                                             | CUSIP: N/A<br>LEI: 529900GAK9LTNC3IFY40       | Long             | EC               |  | SG        |   278829900 | NS      | $54582284.37  | 2.03%             |  |  |  | No            |                  1 | 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      |
| PAX GLOBAL TECHNOLOGY LIMITED                                                    | PAX GLOBAL TECHNOLOGY LTD COMMON STOCK                                             | CUSIP: N/A<br>LEI: 5299008CRGPD1WZXCD36       | Long             | EC               |  | HK        |     7230000 | NS      | $6272140.13   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SUZUKEN CO.,LTD.                                                                 | SUZUKEN CO LTD COMMON STOCK                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      152300 | NS      | $5756513.93   | 0.21%             |  |  |  | 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        |      191371 | NS      | $6104202.52   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| K+S Aktiengesellschaft                                                           | K+S AG-REG COMMON STOCK                                                            | CUSIP: N/A<br>LEI: 529900YURAYD4IJX2J91       | Long             | EC               |  | DE        |     2697426 | NS      | $40806077.01  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PT United Tractors Tbk                                                           | UNITED TRACTORS TBK PT COMMON STOCK                                                | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               |  | ID        |     4327200 | NS      | $6340728.25   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Chong Kun Dang Pharmaceutical Corp.                                              | CHONG KUN DANG PHARMACEUTICA COMMON STOCK                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      192010 | NS      | $11666828.05  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Mining Corporation                                                          | ARIS MINING CORP COMMON STOCK                                                      | CUSIP: 04040Y109<br>LEI: 5493001GJ5TILX6L1F82 | Long             | EC               |  | CA        |     3461289 | NS      | $24106119.26  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Gabriel Resources Ltd.                                                           | GABRIEL RESOURCES LTD COMMON STOCK                                                 | CUSIP: 361970502<br>LEI: 529900SJTRA2V9AI4361 | Long             | EC               |  | CA        |     5983906 | NS      | $690982.22    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | SPXW US 07/31/25 P6200 LONG                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        1403 | NC      | $56120.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INPEX CORPORATION                                                                | INPEX CORP COMMON STOCK                                                            | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               |  | JP        |      798700 | NS      | $11372497.22  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MHP SE                                                                           | MHP SE - GDR 144A DEPOSITARY RECEIPT                                               | CUSIP: 55302T105<br>LEI: 213800D7DXFXGA292757 | Long             | EC               |  | US        |       44627 | NS      | $231633.68    | 0.01%             |  |  |  | Yes           |                  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        | 17511927373 | NS      | $4275415.07   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Yellow Cake PLC                                                                  | YELLOW CAKE PLC COMMON STOCK                                                       | CUSIP: N/A<br>LEI: 213800CVMYUGOA9EZY95       | Long             | EC               |  | GB        |     4108972 | NS      | $26494892.39  | 0.99%             |  |  |  | Yes           |                  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        |      360834 | NS      | $14849770.01  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd.                                                                     | NUTRIEN LTD COMMON STOCK                                                           | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               |  | US        |      190194 | NS      | $11282308.08  | 0.42%             |  |  |  | No            |                  1 | 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      | $7464928.62   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIENTAL HOLDINGS BHD                                                            | ORIENTAL HOLDINGS BERHAD COMMON STOCK                                              | CUSIP: N/A<br>LEI: 549300WBMDZXMUQT2I82       | Long             | EC               |  | MY        |     6141500 | NS      | $9758510.87   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Petroleum Exploration Co., Ltd.                                            | JAPAN PETROLEUM EXPLORATION COMMON STOCK                                           | CUSIP: N/A<br>LEI: 549300WXUNBZ356DMN17       | Long             | EC               |  | JP        |     1683700 | NS      | $12228162.84  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SEABRIDGE GOLD INC.                                                              | SEABRIDGE GOLD INC COMMON STOCK                                                    | CUSIP: 811916105<br>LEI: 9845003FEO1A66376A92 | Long             | EC               |  | US        |     2761100 | NS      | $42300052.00  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Indah Kiat Pulp & Paper Tbk                                                   | INDAH KIAT PULP & PAPER TBK COMMON STOCK                                           | CUSIP: N/A<br>LEI: 529900F19DXXA9HNCB51       | Long             | EC               |  | ID        |    11294200 | NS      | $4652433.24   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Holdings Corp.                                                                | GS HOLDINGS COMMON STOCK                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      396124 | NS      | $14016273.33  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AMUNDI SA                                                                        | AMUNDI SA COMMON STOCK                                                             | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               |  | FR        |       90511 | NS      | $6688814.44   | 0.25%             |  |  |  | Yes           |                  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      | $45714009.99  | 1.70%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Bear Creek Mining Corp                                                           | BEAR CREEK MINING CORP WT EXPIRATION: 10/05/28                                     | CUSIP: 07380N187<br>LEI: 549300C9IY653M7KMK88 | N/A              | DE               |  | CA        |     9126364 | NC      | $625725.01    | 0.02%             |  |  |  | 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        |      980743 | NS      | $33116777.72  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger N.V.                                                                | SCHLUMBERGER LTD COMMON STOCK                                                      | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               |  | US        |      566082 | NS      | $19133571.60  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ETALON GROUP PLC                                                                 | ETALON GROUP-GDR REG S DEPOSITARY RECEIPT                                          | CUSIP: 29760G103<br>LEI: 213800U2O9SKHOYSDY32 | Long             | EC               |  | GB        |    12219734 | NS      | $2657792.15   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LX INTERNATIONAL CORP.                                                           | LX INTERNATIONAL CORP COMMON STOCK                                                 | CUSIP: N/A<br>LEI: 988400KZJVVPCZ6BC265       | Long             | EC               |  | KR        |      150778 | NS      | $3475120.26   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | NAK PRIV 12/18/2033 RATE 2.00 MATURITY DATE 12/11/2033                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     7108000 | PA      | $16719082.20  | 0.62%             | 2032-12-11      | Fixed         | 2.00%                 | No            |                  2 | 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      | $2208175.65   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA GAS HOLDINGS LIMITED                                                       | CHINA GAS HOLDINGS LTD COMMON STOCK                                                | CUSIP: N/A<br>LEI: 254900KTSZLZ21VV8T33       | Long             | EC               |  | HK        |     6248400 | NS      | $6563312.99   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                                             | Petroleo Brasileiro SA - Petrobras PREFERRED STOCK                                 | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               |  | BR        |     3465000 | NS      | $20141931.05  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PHA Co., Ltd.                                                                    | PHA Co Ltd COMMON STOCK                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      478665 | NS      | $3843697.09   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA ELECTRIC POWER CORPORATION                                                 | KOREA ELECTRIC POWER CORP COMMON STOCK                                             | CUSIP: N/A<br>LEI: 988400QG33WS7JEIV602       | Long             | EC               |  | KR        |     1716720 | NS      | $47418988.06  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ERAMET SA                                                                        | ERAMET COMMON STOCK                                                                | CUSIP: N/A<br>LEI: 549300LUH78PG2MP6N64       | Long             | EC               |  | FR        |      246945 | NS      | $13655573.21  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corporation                                                        | LUNDIN MINING CORP COMMON STOCK                                                    | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               |  | CA        |      835953 | NS      | $8536904.55   | 0.32%             |  |  |  | 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        |    44260679 | NS      | $11036036.64  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL'NAYA GIDROGENERIRUYUSHCHAYA KOMPANIYA RUSGIDRO PAO                       | RUSHYDRO PJSC COMMON STOCK                                                         | CUSIP: N/A<br>LEI: 2534005TJN9DX4YWVT97       | Long             | EC               |  | RU        |  6529118388 | NS      | $10446589.42  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Dynasty Minerals Ltd.                                                   | NORTHERN DYNASTY MINERALS COMMON STOCK                                             | CUSIP: 66510M204<br>LEI: 529900HEIYP56LE0EJ17 | Long             | EC               |  | US        |     5684516 | NS      | $4485651.58   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE MINIERE BARRICK                                                          | BARRICK MINING CORP COMMON STOCK                                                   | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               |  | US        |     1725134 | NS      | $36434830.08  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Uranium Trust                                                    | SPROTT PHYSICAL URANIUM TR MUTUAL FUND                                             | CUSIP: 85210A104<br>LEI: N/A                  | Long             | EC               |  | CA        |     2052201 | NS      | $33043161.31  | 1.23%             |  |  |  | No            |                  1 | 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        |      496058 | NS      | $57281.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GLENCORE PLC                                                                     | GLENCORE PLC COMMON STOCK                                                          | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               |  | GB        |     3603367 | NS      | $14461541.44  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Draegerwerk AG & Co. KGaA                                                        | Draegerwerk AG & Co KGaA PREFERRED STOCK                                           | CUSIP: N/A<br>LEI: 5493005UFVHY0PPNKD75       | Long             | EP               |  | DE        |      246742 | NS      | $19687062.87  | 0.73%             |  |  |  | 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        |     2110400 | NS      | $3262018.66   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SIBANYE STILLWATER LIMITED                                                       | SIBANYE STILLWATER LTD COMMON STOCK                                                | CUSIP: N/A<br>LEI: 378900F238434B74D281       | Long             | EC               |  | ZA        |     5500091 | NS      | $11568251.54  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Borr Drilling Limited                                                            | BORR DRILLING LTD COMMON STOCK                                                     | CUSIP: G1466R173<br>LEI: 213800J2JPCTXLHQ5R78 | Long             | EC               |  | US        |     1339502 | NS      | $2719189.06   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VALTERRA PLATINUM LIMITED                                                        | VALTERRA PLATINUM LIMITED COMMON STOCK                                             | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               |  | ZA        |     1949001 | NS      | $87529468.91  | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Empresa Nacional de Telecomunicaciones S.A.                                      | EMPRESA NACIONAL DE TELECOM COMMON STOCK                                           | CUSIP: N/A<br>LEI: 529900N4SUIP0URJT330       | Long             | EC               |  | CL        |     7488470 | NS      | $24605599.80  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                                                              | CENTENE CORP COMMON STOCK                                                          | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               |  | US        |      644957 | NS      | $16814028.99  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MAN GROUP PLC                                                                    | MAN GROUP PLC/JERSEY COMMON STOCK                                                  | CUSIP: N/A<br>LEI: 2549003YWC1DW6LALB09       | Long             | EC               |  | GB        |     2923390 | NS      | $6348875.71   | 0.24%             |  |  |  | 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        |    73577000 | NS      | $27640844.99  | 1.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| FRANKLIN RESOURCES, INC.                                                         | FRANKLIN RESOURCES INC COMMON STOCK                                                | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               |  | US        |     1155379 | NS      | $27729096.00  | 1.03%             |  |  |  | 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        |    14084614 | NS      | $9081189.47   | 0.34%             |  |  |  | No            |                  3 | On Loan: No      |
| AIR LEASE CORPORATION                                                            | AIR LEASE CORP COMMON STOCK                                                        | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               |  | US        |      107200 | NS      | $5938880.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GENTING PLANTATIONS BERHAD                                                       | GENTING PLANTATIONS BHD COMMON STOCK                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MY        |     8574400 | NS      | $9852267.06   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| KASIKORNBANK PUBLIC COMPANY LIMITED                                              | KASIKORNBANK PCL-FOREIGN COMMON STOCK                                              | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               |  | TH        |     2200500 | NS      | $10881115.63  | 0.40%             |  |  |  | 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        |      369494 | NS      | $6255673.47   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| FUKUDA CORPORATION                                                               | FUKUDA CORP COMMON STOCK                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      153800 | NS      | $5424272.53   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Electric Inc                                                             | IVANHOE ELECTRIC INC / US COMMON STOCK                                             | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               |  | US        |      484607 | NS      | $4632842.92   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | DREYFUS TREASURY SEC CASH-PT DPRXX US EQUITY                                       | CUSIP: 261941405<br>LEI: N/A                  | Long             | STIV             |  | US        |    55032450 | PA      | $55032449.97  | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | POLYUS PJSC-REG S-GDR DEPOSITARY RECEIPT                                           | CUSIP: 73181M117<br>LEI: N/A                  | Long             | EC               |  | GB        |      613103 | NS      | $22648821.85  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SJM Holdings Limited                                                             | SJM HOLDINGS LTD COMMON STOCK                                                      | CUSIP: N/A<br>LEI: 529900XEAB40COT5ZL30       | Long             | EC               |  | HK        |    32676000 | NS      | $12925068.81  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK VTB PAO                                                                     | VTB BANK PJSC COMMON STOCK                                                         | CUSIP: N/A<br>LEI: 253400V1H6ART1UQ0N98       | Long             | EC               |  | RU        |     9484622 | NS      | $2729957.22   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kamigumi Co.,Ltd.                                                                | KAMIGUMI CO LTD COMMON STOCK                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      441050 | NS      | $12395037.84  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SEABRIDGE GOLD INC.                                                              | SEABRIDGE GOLD INC COMMON STOCK                                                    | CUSIP: 811916105<br>LEI: 9845003FEO1A66376A92 | Long             | EC               |  | CA        |     1422848 | NS      | $21769903.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cresud Sociedad Anonima, Comercial, Inmobiliaria, Financiera y Agropecuaria      | CRESUD S.A.-SPONS ADR DEPOSITARY RECEIPT                                           | CUSIP: 226406106<br>LEI: 529900OJF9C0NUFNN613 | Long             | EC               |  | US        |     1191168 | NS      | $13269611.52  | 0.49%             |  |  |  | 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      | $1117288.36   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | SPXW US 08/29/25 P6290 LONG                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        1019 | NC      | $7510030.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORPORATION                                                        | EXPAND ENERGY CORP COMMON STOCK                                                    | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               |  | US        |      271271 | NS      | $28423775.38  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | SPXW US 09/30/25 P6370 LONG                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        1093 | NC      | $14930380.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Bear Creek Mining Corp                                                           | BEAR CREEK MINING CORP COMMON STOCK                                                | CUSIP: 07380N104<br>LEI: 549300C9IY653M7KMK88 | Long             | EC               |  | CA        |    12752179 | NS      | $1656605.24   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PALADIN ENERGY LTD                                                               | PALADIN ENERGY LTD COMMON STOCK                                                    | CUSIP: N/A<br>LEI: 549300M44UTJAP8J6B37       | Long             | EC               |  | AU        |     6484906 | NS      | $25397146.69  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CK HUTCHISON HOLDINGS LIMITED                                                    | CK HUTCHISON HOLDINGS LTD COMMON STOCK                                             | CUSIP: N/A<br>LEI: 254900Z8HM1VEPOQ2G79       | Long             | EC               |  | HK        |     8293500 | NS      | $53982424.25  | 2.01%             |  |  |  | No            |                  1 | 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        |    78741000 | NS      | $5316271.34   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                                                          | BASF SE COMMON STOCK                                                               | CUSIP: N/A<br>LEI: 529900PM64WH8AF1E917       | Long             | EC               |  | DE        |      125683 | NS      | $6159654.31   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BrasilAgro - Companhia Brasileira de Propriedades Agricolas                      | BRASILAGRO-CIA BRASILEIRA DE COMMON STOCK                                          | CUSIP: N/A<br>LEI: HNU7Z5273PRV5T5S5F07       | Long             | EC               |  | BR        |     1955800 | NS      | $7184649.84   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   335375074 | PA      | $335375074.45 | 12.47%            |  |  |  | No            |                  1 | On Loan: No      |
| RANGE RESOURCES CORPORATION                                                      | RANGE RESOURCES CORP COMMON STOCK                                                  | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               |  | US        |     1548897 | NS      | $56875497.84  | 2.11%             |  |  |  | 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      | $14269978.47  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Korean Reinsurance Company                                                       | KOREAN REINSURANCE CO COMMON STOCK                                                 | CUSIP: N/A<br>LEI: 988400GFST66YNV5UF89       | Long             | EC               |  | KR        |     1540534 | NS      | $11825167.70  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVAGOLD RESOURCES INC.                                                          | NOVAGOLD RESOURCES INC COMMON STOCK                                                | CUSIP: 66987E206<br>LEI: 529900587LVZTJ2BHS60 | Long             | EC               |  | US        |     6870354 | NS      | $35657137.26  | 1.33%             |  |  |  | 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        |     5570563 | NS      | $6794350.08   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Uplus Corp                                                                    | LG UPLUS CORP COMMON STOCK                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     9612345 | NS      | $101185315.00 | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp.                                                               | EQUINOX GOLD CORP COMMON STOCK                                                     | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               |  | CA        |     4812295 | NS      | $29312766.89  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HANKOOK & COMPANY CO., LTD.                                                      | HANKOOK & CO COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 549300ET8LEWSPTMRK47       | Long             | EC               |  | KR        |     1035925 | NS      | $17966658.81  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MEG Energy Corp.                                                                 | MEG ENERGY CORP COMMON STOCK                                                       | CUSIP: 552704108<br>LEI: 5493002WXPTG5ZC1T326 | Long             | EC               |  | CA        |     1307487 | NS      | $25770402.69  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| KT CORPORATION                                                                   | KT CORP-SP ADR DEPOSITARY RECEIPT                                                  | CUSIP: 48268K101<br>LEI: 9884005ACF8449EANY26 | Long             | EC               |  | US        |     1088214 | NS      | $21971040.66  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp.                                                                         | LG CORP COMMON STOCK                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      756489 | NS      | $42949477.86  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Media Nusantara Citra Tbk                                                     | MEDIA NUSANTARA CITRA TBK PT COMMON STOCK                                          | CUSIP: N/A<br>LEI: 254900Y0ZF75CIA04X94       | Long             | EC               |  | ID        |   279549200 | NS      | $4275696.52   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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