# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0001752724-23-074590
**Filing Date:** 2023-3
**Character Count:** 24719
**Document Hash:** ad5caa8f8f85bfd99a2e38233d71e704
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074590.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-074590

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07102
- **FILM NUMBER:** 23783424

**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

### Cardinal Small Cap Value Fund (Series ID: S000044747)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000139045 | Institutional Class Shares | CCMSX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CARDINAL SMALL**<br> **CAP VALUE FUND**<br> **JANUARY 31, 2023**<br> **(UNAUDITED)**<br>|

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — 97.5%** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMUNICATION SERVICES — 12.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Cl A | 51023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Cl A | 18592 | 3807084 |
| &nbsp;&nbsp;&nbsp;&nbsp; WideOpenWest \* | 106008 | 1218032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis \* | 30556 | 2734151 |
|  |  | 10096120 |
|  **CONSUMER DISCRETIONARY — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Everi Holdings \* | 67443 | 1171485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leslie's \* | 96381 | 1492942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Cl A | 7412 | 1950838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries | 13965 | 1636978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ruth's Hospitality Group | 59256 | 1025721 |
|  |  | 7277964 |
|  **CONSUMER STAPLES — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands Holdings | 29954 | 2033277 |
|  **ENERGY — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream | 41503 | 2268554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas, Cl A | 88854 | 2097843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy Partners | 34084 | 1082167 |
|  |  | 5448564 |
|  **FINANCIALS — 19.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BGC Partners, Cl A | 337503 | 1468138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System | 62397 | 1928691 |
| &nbsp;&nbsp;&nbsp;&nbsp; FB Financial | 61557 | 2312081 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Merchants | 74563 | 3179366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Premier Bancorp | 77423 | 2503860 |
| &nbsp;&nbsp;&nbsp;&nbsp; PacWest Bancorp | 84933 | 2349247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust ‡ | 114562 | 2393200 |
|  |  | 16134583 |
|  **HEALTH CARE — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis \* | 27535 | 1733329 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC \* | 17676 | 993391 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CARDINAL SMALL**<br> **CAP VALUE FUND**<br> **JANUARY 31, 2023**<br> **(UNAUDITED)**<br>|

---

------

 &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **HEALTH CARE — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ModivCare \* | 24351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611888 |
|  |  | 5338608 |
|  **INDUSTRIALS — 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies | 43803 | 2665851 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBIZ \* | 76617 | 3646203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab | 28749 | 1661980 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies | 9983 | 982726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Air | 10761 | 1160574 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics \* | 26398 | 1381407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaman | 37401 | 943253 |
| &nbsp;&nbsp;&nbsp;&nbsp; KAR Auction Services \* | 124628 | 1814584 |
|  |  | 14256578 |
|  **INFORMATION TECHNOLOGY — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide \* | 34534 | 964535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions \* | 17381 | 1021481 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterDigital | 11665 | 815967 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSI Systems \* | 13809 | 1307851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verint Systems \* | 65194 | 2475416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility, Cl A \* | 158724 | 2449111 |
|  |  | 9034361 |
|  **MATERIALS — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HB Fuller | 21428 | 1480674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings | 70429 | 3795419 |
|  |  | 5276093 |
|  **REAL ESTATE — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust ‡ | 35358 | 1516151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Commonwealth ‡ | 38775 | 989538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust ‡ | 122774 | 1589923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Cl A | 107580 | 921961 |
|  |  | 5017573 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $65,427,960) |  | 79913721 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CARDINAL SMALL**<br> **CAP VALUE FUND**<br> **JANUARY 31, 2023**<br> **(UNAUDITED)**<br>|

---

------

 &nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENT — 2.7%**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Treasury Obligations Fund, Cl X, 4.320% (A)<br>(Cost $2,239,233) | 2239233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS— 100.2%<br> (Cost $67,667,193) |  | $82152954 |

---

---

| | |
|:---|:---|
| *Percentages* | *are based on Net Assets of $81,997,391.*  |

---

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

*‡* *Real Estate Investment Trust* 

*(A)* *The rate shown is the 7-day effective yield as of January 31, 2023.* 

*Cl — Class* 

*PLC — Public Limited Company* 

*CAR-QH-001-1800*

## 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:** Cardinal Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000044747

- **c. LEI of Series:** 54930067A9FMRHV3NV77

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $82095981.71

**Total Liabilities:** $98958.20

**Net Assets:** $81997023.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000139045 | 10.32%               | -7.33%               | 2.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-16139.54               | $8088307.53                                |
| Month 2  | $282540.29               | $-7019321.59                               |
| Month 3  | $-733476.05              | $3252795.75                                |

### Schedule of Portfolio Investments

| Name                                                                   | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KAMAN CORPORATION                                                      | KAMAN CORP COMMON STOCK                          | CUSIP: 483548103<br>LEI: 5493003YK076OLTEQF95 | Long             | EC               |  | US        |     37401 | NS      | $943253.22    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDICAL PROPERTIES TRUST, INC.                                         | MEDICAL PROPERTIES TRUST INC REIT                | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               |  | US        |    122774 | NS      | $1589923.30   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST MERCHANTS CORPORATION                                            | FIRST MERCHANTS CORP COMMON STOCK                | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               |  | US        |     74563 | NS      | $3179366.32   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMARK GROUP, INC.                                                    | NEWMARK GROUP INC-CLASS A COMMON STOCK           | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               |  | US        |    107580 | NS      | $921960.60    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DT MIDSTREAM, INC.                                                     | DT MIDSTREAM INC COMMON STOCK                    | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               |  | US        |     41503 | NS      | $2268553.98   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERI HOLDINGS INC.                                                    | EVERI HOLDINGS INC COMMON STOCK                  | CUSIP: 30034T103<br>LEI: 5299006DK5S7BG10K532 | Long             | EC               |  | US        |     67443 | NS      | $1171484.91   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Leslie's Inc                                                           | LESLIE'S INC COMMON STOCK                        | CUSIP: 527064109<br>LEI: N/A                  | Long             | EC               |  | US        |     96381 | NS      | $1492941.69   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI SYSTEMS, INC.                                                      | OSI SYSTEMS INC COMMON STOCK                     | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               |  | US        |     13809 | NS      | $1307850.39   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVANOVA PLC                                                           | LIVANOVA PLC COMMON STOCK                        | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               |  | US        |     17676 | NS      | $993391.20    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB CORPORATION                                                       | ESAB CORP COMMON STOCK                           | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               |  | US        |     28749 | NS      | $1661979.69   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VIPER ENERGY PARTNERS LP                                               | VIPER ENERGY PARTNERS LP COMMON STOCK            | CUSIP: 92763M105<br>LEI: 5299009LINL232255G03 | Long             | EC               |  | US        |     34084 | NS      | $1082167.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI WORLDWIDE, INC.                                                    | ACI WORLDWIDE INC COMMON STOCK                   | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               |  | US        |     36977 | NS      | $1032767.61   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO TECHNOLOGIES INC.                                                 | ESCO TECHNOLOGIES INC COMMON STOCK               | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               |  | US        |      9983 | NS      | $982726.52    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ, INC.                                                             | CBIZ INC COMMON STOCK                            | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               |  | US        |     76617 | NS      | $3646203.03   | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIFF DAVIS, INC.                                                       | ZIFF DAVIS INC COMMON STOCK                      | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               |  | US        |     30556 | NS      | $2734150.88   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP, INC.                                              | Nexstar Media Group Inc COMMON STOCK             | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               |  | US        |     18592 | NS      | $3807083.84   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corporation                                               | FB FINANCIAL CORP COMMON STOCK                   | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               |  | US        |     61557 | NS      | $2312080.92   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SPECTRUM BRANDS HOLDINGS, INC.                                         | SPECTRUM BRANDS HOLDINGS INC COMMON STOCK        | CUSIP: 84790A105<br>LEI: 549300JM0MJETDD30O20 | Long             | EC               |  | US        |     29954 | NS      | $2033277.52   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERTY TRUST, INC.                                          | STARWOOD PROPERTY TRUST INC REIT                 | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               |  | US        |    114562 | NS      | $2393200.18   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL & GAS CORPORATION                                         | MAGNOLIA OIL & GAS CORP - A COMMON STOCK         | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               |  | US        |     88854 | NS      | $2097842.94   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA BANKING SYSTEM, INC.                                          | COLUMBIA BANKING SYSTEM INC COMMON STOCK         | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               |  | US        |     62397 | NS      | $1928691.27   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| VERRA MOBILITY CORPORATION                                             | VERRA MOBILITY CORP COMMON STOCK                 | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               |  | US        |    158724 | NS      | $2449111.32   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC PARTNERS, INC.                                                     | BGC PARTNERS INC-CL A COMMON STOCK               | CUSIP: 05541T101<br>LEI: TF1LXM1YNB81WKUH5G19 | Long             | EC               |  | US        |    337503 | NS      | $1468138.05   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| OXFORD INDUSTRIES INC                                                  | OXFORD INDUSTRIES INC COMMON STOCK               | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               |  | US        |     13965 | NS      | $1636977.30   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PACWEST BANCORP                                                        | PACWEST BANCORP COMMON STOCK                     | CUSIP: 695263103<br>LEI: 549300YI8VMFO7G36V04 | Long             | EC               |  | US        |     84933 | NS      | $2349246.78   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHN WILEY & SONS, INC.                                                | WILEY (JOHN) & SONS-CLASS A COMMON STOCK         | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               |  | US        |     51023 | NS      | $2336853.40   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFIC PREMIER BANCORP, INC.                                          | PACIFIC PREMIER BANCORP INC COMMON STOCK         | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               |  | US        |     77423 | NS      | $2503859.82   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO LOGISTICS, INC.                                                    | GXO LOGISTICS INC COMMON STOCK                   | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               |  | US        |     26398 | NS      | $1381407.34   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| FORWARD AIR CORPORATION                                                | FORWARD AIR CORP COMMON STOCK                    | CUSIP: 349853101<br>LEI: N/A                  | Long             | EC               |  | US        |     10761 | NS      | $1160573.85   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMUNITY HEALTHCARE TRUST INCORPORATED                                | COMMUNITY HEALTHCARE TRUST I REIT                | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               |  | US        |     35358 | NS      | $1516151.04   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SILGAN HOLDINGS INC.                                                   | SILGAN HOLDINGS INC COMMON STOCK                 | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               |  | US        |     70429 | NS      | $3795418.81   | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MODIVCARE INC.                                                         | MODIVCARE INC COMMON STOCK                       | CUSIP: 60783X104<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | EC               |  | US        |     24351 | NS      | $2611888.26   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| H.B. FULLER COMPANY                                                    | H.B. FULLER CO. COMMON STOCK                     | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               |  | US        |     21428 | NS      | $1480674.80   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| WIDEOPENWEST, INC.                                                     | WIDEOPENWEST INC COMMON STOCK                    | CUSIP: 96758W101<br>LEI: 549300RM6J2BWWOFU889 | Long             | EC               |  | US        |    106008 | NS      | $1218031.92   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds, Inc: Government Obligations Fund; Class X Shares | FIRST AMERICAN TREASURY OBLIGATIONS FUND CLASS X | CUSIP: 31846V336<br>LEI: N/A                  | Long             | STIV             |  | US        |   2239233 | PA      | $2239232.92   | 2.73%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTIONS, INC.                                        | CONSENSUS CLOUD SOLUTION COMMON STOCK            | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               |  | US        |     17381 | NS      | $1021481.37   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                                                 | BWX TECHNOLOGIES INC COMMON STOCK                | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               |  | US        |     43803 | NS      | $2665850.58   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| RUTH'S HOSPITALITY GROUP, INC.                                         | RUTH'S HOSPITALITY GROUP INC COMMON STOCK        | CUSIP: 783332109<br>LEI: 529900JQW9JP41OHOD14 | Long             | EC               |  | US        |     59256 | NS      | $1025721.36   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY COMMONWEALTH                                                    | EQUITY COMMONWEALTH REIT                         | CUSIP: 294628102<br>LEI: 549300YPGVU9PR4L0606 | Long             | EC               |  | US        |     38775 | NS      | $989538.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ENOVIS CORPORATION                                                     | ENOVIS CORP COMMON STOCK                         | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               |  | US        |     27535 | NS      | $1733328.25   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                                                     | INTERDIGITAL INC COMMON STOCK                    | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               |  | US        |      8777 | NS      | $613951.15    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| VERINT SYSTEMS INC.                                                    | VERINT SYSTEMS INC COMMON STOCK                  | CUSIP: 92343X100<br>LEI: 549300KEQJS5FRVUCO94 | Long             | EC               |  | US        |     65194 | NS      | $2475416.18   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KAR AUCTION SERVICES, INC.                                             | KAR AUCTION SERVICES INC COMMON STOCK            | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               |  | US        |    124628 | NS      | $1814583.68   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| LITHIA MOTORS, INC.                                                    | LITHIA MOTORS INC COMMON STOCK                   | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               |  | US        |      7412 | NS      | $1950838.40   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO