# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0002048251-26-002751
**Filing Date:** 2026-4
**Character Count:** 111524
**Document Hash:** acc6965cc7d332fa6a3bc14f38c45444
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-002751.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0002048251-26-002751

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**PERIOD START**: 20261031

**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:** 26825331

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** <br> **ALL-CAP FUND** <br> **JANUARY 31, 2026** *<br> *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 79.9%** |<br>**Shares** |<br>**Value** |
| **ARGENTINA — 0.8%** |  |  |
| **CONSUMER STAPLES — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Cresud SACIF y A ADR (A) | 1929006 | $26060867 |
| **REAL ESTATE — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;IRSA Inversiones y Representaciones SA ADR | 38775 | 674683 |
| Total Argentina |  | 26735550 |
| **AUSTRALIA — 3.1%** |  |  |
| **CONSUMER STAPLES — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Treasury Wine Estates, Ltd. | 389094 | 1449914 |
| **ENERGY — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd. (AUD) \* | 4222106 | 39585806 |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd. (CAD) \* | 2397371 | 21937533 |
|  |  | 61523339 |
| **MATERIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BHP Group | 547510 | 18857532 |
| &nbsp;&nbsp;&nbsp;Champion Iron | 2364867 | 9551515 |
| &nbsp;&nbsp;&nbsp;Deterra Royalties | 3986163 | 11639401 |
|  |  | 40048448 |
| Total Australia |  | 103021701 |
| **BRAZIL — 3.2%** |  |  |
| **CONSUMER STAPLES — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;BrasilAgro - Brasileira de Propriedades Agricolas | 2567100 | 10433760 |
| &nbsp;&nbsp;&nbsp;SLC Agricola SA | 4390650 | 13381982 |
|  |  | 23815742 |
| **MATERIALS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale SA | 3719226 | 59448252 |
| **UTILITIES — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Axia Energia | 1955911 | 20176981 |
| &nbsp;&nbsp;&nbsp;Axia Energia \* | 514088 | 5180194 |
|  |  | 25357175 |
| Total Brazil |  | 108621169 |

---

**1**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** <br> **ALL-CAP FUND** <br> **JANUARY 31, 2026** <br> *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **CANADA — 10.0%** |  |  |
| **ENERGY — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 2818924 | $55626988 |
| **MATERIALS — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Aris Mining Corp. \* | 654975 | 11332729 |
| &nbsp;&nbsp;&nbsp;Barrick Mining | 169162 | 7745928 |
| &nbsp;&nbsp;&nbsp;Bear Creek Mining Corp. \* | 3351364 | 1944389 |
| &nbsp;&nbsp;&nbsp;Gabriel Resources, Ltd. \* | 4427406 | 325150 |
| &nbsp;&nbsp;&nbsp;Gabriel Resources, Ltd. \* † | 496058 | 36431 |
| &nbsp;&nbsp;&nbsp;Gabriel Resources, Ltd. \* † | 347197 | 25498 |
| &nbsp;&nbsp;&nbsp;International Tower Hill Mines, Ltd. \* (A) | 7222966 | 18851941 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd., Cl A \* | 2396694 | 30309603 |
| &nbsp;&nbsp;&nbsp;Northern Dynasty Minerals, Ltd. (CAD) \* (A) | 2795815 | 5708050 |
| &nbsp;&nbsp;&nbsp;Northern Dynasty Minerals, Ltd. (USD) \* (A) | 5684516 | 11596413 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc. \* † | 1687905 | 14735411 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc. \* | 1811816 | 15817154 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. | 652869 | 44976145 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc. (CAD) \* (A) | 1422848 | 40230344 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc. (USD) \* (A) | 1972003 | 55728805 |
| &nbsp;&nbsp;&nbsp;Western Copper & Gold Corp. \* (A) | 5570563 | 17755108 |
|  |  | 277119099 |
| Total Canada |  | 332746087 |
| **CHILE — 1.0%** |  |  |
| **COMMUNICATION SERVICES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Empresa Nacional de Telecomunicaciones SA | 5961699 | 31997492 |
| **MATERIALS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Empresas CMPC | 332009 | 497350 |
| Total Chile |  | 32494842 |
| **CHINA — 3.1%** |  |  |
| **COMMUNICATION SERVICES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., Cl A \* | 427700 | 8197964 |
| **CONSUMER DISCRETIONARY — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \*(B) | 1158000 | 14315756 |

---

**2**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** <br> **ALL-CAP FUND** <br> **JANUARY 31, 2026** *<br> *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **CHINA — continued** |  |  |
| **FINANCIALS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hi Sun Technology China, Ltd. \* (A) | 69309000 | $4436003 |
| **INDUSTRIALS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;China Communications Services Corp., Ltd., Cl H (A) | 48112000 | 29219142 |
| &nbsp;&nbsp;&nbsp;Guangshen Railway Co., Ltd., Cl H (A) | 50848679 | 14343089 |
|  |  | 43562231 |
| **INFORMATION TECHNOLOGY — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;PAX Global Technology, Ltd. | 4238000 | 2674495 |
| **UTILITIES — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;CGN Power Co., Ltd., Cl H (B) | 59238000 | 24700785 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings, Ltd. | 6248400 | 6189372 |
|  |  | 30890157 |
| Total China |  | 104076606 |
| **FINLAND — 0.1%** |  |  |
| **MATERIALS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Stora Enso, Cl R | 213274 | 2455217 |
| **FRANCE — 3.8%** |  |  |
| **CONSUMER STAPLES — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Carrefour SA | 2548892 | 41748922 |
| **FINANCIALS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Amundi (B) | 194217 | 17267726 |
| **HEALTH CARE — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Euroapi SA \* | 1411981 | 3543280 |
| **INDUSTRIALS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Teleperformance | 383535 | 24774689 |
| **MATERIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Eramet SA | 453849 | 39332542 |
| Total France |  | 126667159 |

---

**3**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** <br> **ALL-CAP FUND** <br> **JANUARY 31, 2026** *<br> *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **GERMANY — 2.7%** |  |  |
| **MATERIALS — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;K+S AG (A) | 5548336 | $90908502 |
| **HONG KONG — 2.4%** |  |  |
| **CONSUMER DISCRETIONARY — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;SJM Holdings, Ltd. \* | 39290000 | 12058360 |
| **CONSUMER STAPLES — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;First Pacific Co., Ltd. | 9266000 | 7250133 |
| **FINANCIALS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of East Asia, Ltd. | 2110400 | 4031083 |
| **INDUSTRIALS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | 6780500 | 54673251 |
| **MATERIALS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Luks Group Vietnam Holdings Co., Ltd. (A) | 9255000 | 1066231 |
| Total Hong Kong |  | 79079058 |
| **INDONESIA — 0.6%** |  |  |
| **COMMUNICATION SERVICES — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Media Nusantara Citra Tbk PT \* (A) | 371423200 | 5540132 |
| **CONSUMER STAPLES — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk PT | 7551000 | 3066396 |
| **ENERGY — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;United Tractors TbK PT | 2782700 | 4335051 |
| **MATERIALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Indah Kiat Pulp & Paper | 11294200 | 6150206 |
| Total Indonesia |  | 19091785 |
| **JAPAN — 4.0%** |  |  |
| **CONSUMER STAPLES — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Kato Sangyo Co., Ltd. | 117300 | 4937273 |
| **ENERGY — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | 798700 | 17894248 |

---

**4**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** <br> **ALL-CAP FUND** <br> **JANUARY 31, 2026** *<br> *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **JAPAN — continued** |  |  |
| **ENERGY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Japan Petroleum Exploration Co., Ltd. | 1427800 | $17578647 |
|  |  | 35472895 |
| **HEALTH CARE — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Kyorin Pharmaceutical Co., Ltd. (A) | 1899400 | 19935346 |
| **INDUSTRIALS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Fukuda Corp. | 153800 | 7759025 |
| &nbsp;&nbsp;&nbsp;Kamigumi Co., Ltd. | 441050 | 15434895 |
| &nbsp;&nbsp;&nbsp;Tokyo Metro | 801900 | 8562638 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | 1237200 | 25281491 |
|  |  | 57038049 |
| **UTILITIES — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Electric Power Development Co., Ltd. | 761300 | 16168673 |
| Total Japan |  | 133552236 |
| **KAZAKHSTAN — 1.8%** |  |  |
| **ENERGY — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR (B) | 586939 | 47960251 |
| **FINANCIALS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR | 136556 | 4390882 |
| &nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR (B) | 298640 | 9541279 |
|  |  | 13932161 |
| Total Kazakhstan |  | 61892412 |
| **LEBANON — 0.1%** |  |  |
| **REAL ESTATE — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Solidere ADR \* | 174732 | 1838617 |
| **MALAYSIA — 0.8%** |  |  |
| **CONSUMER DISCRETIONARY — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Oriental Holdings BHD | 7428600 | 12965187 |

---

**5**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** <br> **ALL-CAP FUND** <br> **JANUARY 31, 2026** *<br> *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **MALAYSIA — continued** |  |  |
| **CONSUMER STAPLES — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Genting Plantations BHD | 10051300 | $13161879 |
| Total Malaysia |  | 26127066 |
| **MEXICO — 0.7%** |  |  |
| **CONSUMER DISCRETIONARY — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Nemak SAB de CV (B) | 40909235 | 7888769 |
| **MATERIALS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Alpek, Cl A | 9392136 | 4885244 |
| &nbsp;&nbsp;&nbsp;Orbia Advance | 10213022 | 10834826 |
|  |  | 15720070 |
| Total Mexico |  | 23608839 |
| **PHILIPPINES — 0.2%** |  |  |
| **CONSUMER STAPLES — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Puregold Price Club, Inc. | 10703000 | 6487645 |
| **RUSSIA — 3.2%** |  |  |
| **CONSUMER STAPLES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Lenta International PJSC GDR \*(C) | 6287850 | 10672368 |
| **ENERGY — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \*(C) | 25899221 | 13086876 |
| **FINANCIALS — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Moscow Exchange MICEX-RTS PJSC \*(C) | 14084614 | 10117571 |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC \*(C) | 12648865 | 15259524 |
| &nbsp;&nbsp;&nbsp;VTB Bank PJSC \*(C) | 9484622 | 2900423 |
|  |  | 28277518 |
| **MATERIALS — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Polyus PJSC GDR \*(C) | 613103 | 31577134 |
| **REAL ESTATE — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Etalon Group PLC GDR \* (A)(C) | 12219734 | 1966155 |
| &nbsp;&nbsp;&nbsp;LSR Group PJSC, Cl A \*(C) | 1673664 | 4583637 |
|  |  | 6549792 |

---

**6**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** <br> **ALL-CAP FUND** <br> **JANUARY 31, 2026** *<br> *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **RUSSIA — continued** |  |  |
| **UTILITIES — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Grid - Rosseti PJSC \*(C) | 17511927373 | $5230536 |
| &nbsp;&nbsp;&nbsp;RusHydro PJSC \*(C) | 6529118388 | 11099502 |
|  |  | 16330038 |
| Total Russia |  | 106493726 |
| **SAUDI ARABIA — 0.7%** |  |  |
| **ENERGY — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil (B) | 3299008 | 22678125 |
| **SINGAPORE — 2.5%** |  |  |
| **CONSUMER STAPLES — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;First Resources, Ltd. | 9321600 | 15679135 |
| &nbsp;&nbsp;&nbsp;Golden Agri-Resources, Ltd. (A) | 278829900 | 63293795 |
|  |  | 78972930 |
| **REAL ESTATE — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Yoma Strategic Holdings, Ltd. \* (A) | 66818200 | 4257540 |
| Total Singapore |  | 83230470 |
| **SOUTH AFRICA — 6.1%** |  |  |
| **MATERIALS — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings, Ltd. | 3856001 | 71872964 |
| &nbsp;&nbsp;&nbsp;Sibanye Stillwater, Ltd. \* | 5500091 | 23938652 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum, Ltd. | 1206832 | 108431627 |
| Total South Africa |  | 204243243 |
| **SOUTH KOREA — 13.4%** |  |  |
| **COMMUNICATION SERVICES — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;KT Corp. | 714316 | 28260930 |
| &nbsp;&nbsp;&nbsp;KT Corp. ADR | 1638562 | 34278717 |
| &nbsp;&nbsp;&nbsp;LG Uplus Corp. (A) | 9395397 | 104379668 |
|  |  | 166919315 |
| **CONSUMER DISCRETIONARY — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Hankook & Co., Ltd. | 881856 | 16503192 |
| &nbsp;&nbsp;&nbsp;Hyundai Department Store Co., Ltd. | 207299 | 13471614 |

---

**7**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** <br> **ALL-CAP FUND** <br> **JANUARY 31, 2026** *<br> *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **SOUTH KOREA — continued** |  |  |
| **CONSUMER DISCRETIONARY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;PHA Co., Ltd. (A) | 507891 | $4157600 |
|  |  | 34132406 |
| **FINANCIALS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Korean Reinsurance Co. | 304017 | 2483702 |
| **HEALTH CARE — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Chong Kun Dang Pharmaceutical Corp. \* (A) | 336193 | 19929721 |
| **INDUSTRIALS — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;DL E&C Co., Ltd. (A) | 1327216 | 40746690 |
| &nbsp;&nbsp;&nbsp;GS Holdings Corp. | 567930 | 27050967 |
| &nbsp;&nbsp;&nbsp;Korean Air Lines Co., Ltd. | 785731 | 12668451 |
| &nbsp;&nbsp;&nbsp;LG Corp. | 986801 | 62640509 |
| &nbsp;&nbsp;&nbsp;LX Holdings Corp. | 1340275 | 8093701 |
| &nbsp;&nbsp;&nbsp;LX INTERNATIONAL CORP. | 196724 | 5221944 |
| &nbsp;&nbsp;&nbsp;Pan Ocean Co., Ltd. | 5227936 | 17030780 |
|  |  | 173453042 |
| **MATERIALS — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Lotte Chemical Corp. | 162578 | 9382677 |
| **UTILITIES — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | 1056597 | 42615838 |
| Total South Korea |  | 448916701 |
| **SRI LANKA — 0.1%** |  |  |
| **INDUSTRIALS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hemas Holdings PLC | 41603360 | 4650973 |
| **THAILAND — 1.4%** |  |  |
| **FINANCIALS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Bank | 6704100 | 33631156 |
| &nbsp;&nbsp;&nbsp;Kasikornbank PCL | 2200500 | 13142512 |
| Total Thailand |  | 46773668 |

---

**8**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** <br> **ALL-CAP FUND** <br> **JANUARY 31, 2026** *<br> *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **UKRAINE — 1.0%** |  |  |
| **CONSUMER STAPLES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Astarta Holding PLC (A) | 659000 | $9069204 |
| &nbsp;&nbsp;&nbsp;MHP SE (LSE Shares) GDR \* (A) | 2877931 | 24928888 |
| &nbsp;&nbsp;&nbsp;MHP SE (USD Shares) GDR \* (A)(B) | 44627 | 386563 |
| Total Ukraine |  | 34384655 |
| **UNITED KINGDOM — 5.4%** |  |  |
| **COMMUNICATION SERVICES — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 17498272 | 25770067 |
| **ENERGY — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Yellow Cake PLC \*(B) | 4122378 | 38484681 |
| **FINANCIALS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Close Brothers Group PLC \* | 1819808 | 12632823 |
| &nbsp;&nbsp;&nbsp;Man Group PLC | 2923390 | 10551645 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | 5216274 | 32308087 |
|  |  | 55492555 |
| **INDUSTRIALS — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Travis Perkins PLC | 1354853 | 11597528 |
| **MATERIALS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Glencore PLC | 7430333 | 50655033 |
| Total United Kingdom |  | 181999864 |
| **UNITED STATES — 7.7%** |  |  |
| **COMMUNICATION SERVICES — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 264137 | 7858076 |
| **ENERGY — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 294411 | 33094740 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 2157453 | 81659596 |
|  |  | 114754336 |
| **FINANCIALS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 1369899 | 36466711 |
| **HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Centene \* | 819852 | 35515989 |

---

**9**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** <br> **ALL-CAP FUND** <br> **JANUARY 31, 2026** *<br> *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **UNITED STATES — continued** |  |  |
| **HEALTH CARE — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Humana | 43403 | $8472266 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare \* | 51038 | 9165914 |
|  |  | 53154169 |
| **INDUSTRIALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Corp., Cl A | 107200 | 6928336 |
| **MATERIALS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 81100 | 21354408 |
| **REAL ESTATE — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Rayonier | 335138 | 7621038 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser | 318378 | 8207785 |
|  |  | 15828823 |
| Total United States |  | 256344859 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,025,227,760) |  | 2669120775 |
| **PREFERRED STOCK — 2.1%** |  |  |
| **BRAZIL — 1.3%** |  |  |
| **ENERGY — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA (A)(D) | 5693000 | 40749667 |
| **GERMANY — 0.8%** |  |  |
| **HEALTH CARE — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Draegerwerk & KGaA , 0.900%(A) | 259203 | 27371696 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $42,651,098) |  | 68121363 |
| **UNIT TRUST FUND — 1.4%** |  |  |
| **CANADA — 1.4%** |  |  |
| **FINANCIALS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Sprott Physical Uranium Trust \* | 2116674 | 47847263 |
| &nbsp;&nbsp;&nbsp;TOTAL UNIT TRUST FUND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $19,227,729) |  | 47847263 |

---

**10**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** <br> **ALL-CAP FUND** <br> **JANUARY 31, 2026** *<br> *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **CONVERTIBLE BOND — 1.2%** | **Face Amount** | **Value** |
| **CANADA — 1.2%** |  |  |
| **MATERIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Northern Dynasty Minerals, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/11/2032 | $7108000 | $40921964 |
| **INDIA — 0.0%** |  |  |
| **CONSUMER STAPLES — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;REI Agro, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/13/2014(B)(E) | $723000 |  |
| &nbsp;&nbsp;&nbsp;TOTAL CONVERTIBLE BOND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,831,000) |  | 40921964 |

---

---

| | | |
|:---|:---|:---|
| **WARRANTS — 0.6%** | **Shares** |  |
| **CANADA — 0.6%** |  |  |
| **MATERIALS — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bear Creek Mining Corp., Expires 10/08/28\* | 7729364 | 2100294 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc., Expires 04/22/30\*(C) | 2717012 | 17633408 |
|  |  | 19733702 |
| &nbsp;&nbsp;&nbsp;TOTAL WARRANTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $452,721) |  | 19733702 |

---

---

| | | |
|:---|:---|:---|
| **RIGHTS — 0.1%**  | **Number of**<br> **Rights** |  |
| **CANADA — 0.1%** |  |  |
| **MATERIALS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp., Expires 02/22/29\*(C) | 2385283 | 1359611 |
| &nbsp;&nbsp;&nbsp;TOTAL RIGHTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $–) |  | 1359611 |

---

---

| | | |
|:---|:---|:---|
| **SHORT TERM INVESTMENT — 0.2%** | **Shares** |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management - Participant Shares, 3.160%(F) | 8222154 | 8222154 |
| TOTAL SHORT TERM INVESTMENT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,222,154) |  | 8222154 |

---

**11**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** <br> **ALL-CAP FUND** <br> **JANUARY 31, 2026** *<br> *(Unaudited)* |

---

---

| | |
|:---|:---|
| **PURCHASED OPTION — 0.3%** | **Value** |
| **UNITED STATES — 0.3% \*** |  |
| &nbsp;&nbsp;&nbsp;TOTAL PURCHASED OPTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $15,765,840) | $11049840 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS— 85.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,119,378,302) | 2866376672 |
| &nbsp;&nbsp;&nbsp;Other Assets and Liabilities, Net — 14.2% | 473234357 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** — 100.0% | $**3339611029** |

---

**12**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JANUARY 31, 2026** |
|  | *(Unaudited)* |

---

A list of the exchange traded option contracts held by the Fund at January 31, 2026, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of**<br>**Contracts** |<br>**Notional**<br>**Amount** |<br>**Exercise**<br>**Price** |<br>**Expiration**<br>**Date** |<br>**Value** |
| **PURCHASED OPTION — 0.3%** |  |  |  |  |  |
| **Put Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;February 26 Puts on SPXW\* | 1236 | $857664108 | $6900.00 | 02/27/26 | $11049840 |
| TOTAL PURCHASED OPTION |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $15,765,840) |  | $857664108 |  |  | $11049840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Restricted Equity.* 

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

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *Affiliated investment.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(B)* *Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of January 31, 2026 was $183,223,934 and represents 5.5% of Net Assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(C)* *Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(D)* *Rate unavailable.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(E)* *Security in default on interest payments.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(F)* *The rate reported is the 7-day effective yield as of January 31, 2026.* 

*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*

**13**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JANUARY 31, 2026** |
|  | *(Unaudited)* |

---

As of January 31, 2026, the Global All-Cap Fund owned private placement investments that were purchased through private offerings or acquired through initial public offerings or acquired through restructuring and cannot be sold without prior registration under the Securities Act of 1933 or pursuant to an exemption therefrom. In addition, the Funds have generally agreed to further restrictions on the disposition of certain holdings as set forth in various agreements entered into in connection with the purchase of these investments. The acquisition dates of these investments, the enforceable right to acquire these securities, along with their cost and values at January 31, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Acquisition | | |
|  | Number of | Date/Right to | | |
| Description | Shares | Acquire Date | Cost | Market Value |
| **Common Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel Resources, Ltd. | 347197 | 6/1/2021 | $704137 | $25498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabriel Resources, Ltd. | 496058 | 6/17/2022 | 834788 | 36431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novagold Resources, Inc. | 1687905 | 5/8/2025 | 6329644 | 14735411 |
|  |  |  | $7868569 | $14797340 |

---

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, 2025 through January 31, 2026. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Value as of**<br>**10/31/2025** |<br>**Purchases at**<br>**Cost** |<br>**Proceeds from**<br>**Sale** |<br>**Realized**<br>**Gain/(Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Value as of**<br>**1/31/2026** |<br>**Dividend/**<br>**Interest**<br>**Income** |
| **Astarta Holding PLC** | **Astarta Holding PLC** | **Astarta Holding PLC** | **Astarta Holding PLC** | **Astarta Holding PLC** |  |  |
| $8207836 | $— | $— | $— | $861368 | $9069204 | $— |
| **China Communications Services Corp., Ltd., Cl H** | **China Communications Services Corp., Ltd., Cl H** | **China Communications Services Corp., Ltd., Cl H** | **China Communications Services Corp., Ltd., Cl H** | **China Communications Services Corp., Ltd., Cl H** | **China Communications Services Corp., Ltd., Cl H** | **China Communications Services Corp., Ltd., Cl H** |
| 27256787 | 1530592 |  |  | 431763 | 29219142 |  |
| **Chong Kun Dang Pharmaceutical Corp.** | **Chong Kun Dang Pharmaceutical Corp.** | **Chong Kun Dang Pharmaceutical Corp.** | **Chong Kun Dang Pharmaceutical Corp.** | **Chong Kun Dang Pharmaceutical Corp.** |  |  |
| 14682249 | 4762820 |  |  | 484652 | 19929721 |  |
| **Cresud SACIF y A ADR** | **Cresud SACIF y A ADR** | **Cresud SACIF y A ADR** | **Cresud SACIF y A ADR** | **Cresud SACIF y A ADR** |  |  |
| 23661633 | 16754764 | (17189875) | 18 | 2834327 | 26060867 | 1165562 |
| **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.** |  |  |
| 38243061 | 1423017 |  |  | 1080612 | 40746690 |  |
| **Draegerwerk & KGaA** | **Draegerwerk & KGaA** | **Draegerwerk & KGaA** | **Draegerwerk & KGaA** | **Draegerwerk & KGaA** |  |  |
| 20830924 | 937767 |  |  | 5603005 | 27371696 |  |
| **Etalon Group PLC GDR** | **Etalon Group PLC GDR** | **Etalon Group PLC GDR** | **Etalon Group PLC GDR** | **Etalon Group PLC GDR** |  |  |
| 1736424 |  |  |  | 229731 | 1966155 |  |
| **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** |  |  |
| 59984204 |  |  |  | 3309591 | 63293795 |  |
| **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** |  |  |
| 12989556 | 1858643 |  |  | (505110) | 14343089 |  |
| **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.** |  |  |
| 5267227 |  |  |  | (831224) | 4436003 |  |
| **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.** |  |  |
| 11721248 | 1498018 |  |  | 5632675 | 18851941 |  |

---

**14**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL** |
|  | **ALL-CAP FUND** |
|  | **JANUARY 31, 2026** |
|  | *(Unaudited)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Value as of**<br>**10/31/2025** |<br>**Purchases at**<br>**Cost** |<br>**Proceeds from**<br>**Sale** |<br>**Realized**<br>**Gain/(Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Value as of**<br>**1/31/2026** |<br>**Dividend/**<br>**Interest**<br>**Income** |
| **K+S AG** | **K+S AG** | **K+S AG** | **K+S AG** | **K+S AG** |  |  |
| $72528682 | $— | $(323815) | $45207 | $18658428 | $90908502 | $— |
| **Kyorin Pharmaceutical Co., Ltd.** | **Kyorin Pharmaceutical Co., Ltd.** | **Kyorin Pharmaceutical Co., Ltd.** | **Kyorin Pharmaceutical Co., Ltd.** | **Kyorin Pharmaceutical Co., Ltd.** |  |  |
| 16971674 | 388637 |  |  | 2575035 | 19935346 |  |
| **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** |  |  |
| 106258618 | 135499 | (5753433) | 333928 | 3405056 | 104379668 |  |
| **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.** |  |  |
| 1119573 |  |  |  | (53342) | 1066231 |  |
| **Media Nusantara Citra Tbk PT** | **Media Nusantara Citra Tbk PT** | **Media Nusantara Citra Tbk PT** | **Media Nusantara Citra Tbk PT** | **Media Nusantara Citra Tbk PT** |  |  |
| 5263714 | 702627 |  |  | (426209) | 5540132 |  |
| **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** |  |  |
| 16227574 |  |  |  | 8701314 | 24928888 |  |
| **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** |  |  |
| 251635 |  |  |  | 134928 | 386563 |  |
| **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)** |  |  |
| 5661199 |  |  |  | 46851 | 5708050 |  |
| **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)** |  |  |
| 11425877 |  |  |  | 170536 | 11596413 |  |
| **Petroleo Brasileiro SA** | **Petroleo Brasileiro SA** | **Petroleo Brasileiro SA** | **Petroleo Brasileiro SA** | **Petroleo Brasileiro SA** |  |  |
| 31407028 |  |  |  | 9342639 | 40749667 | 971325 |
| **PHA Co., Ltd.** | **PHA Co., Ltd.** | **PHA Co., Ltd.** | **PHA Co., Ltd.** | **PHA Co., Ltd.** |  |  |
| 3915383 | 235562 |  |  | 6655 | 4157600 | 117156 |
| **Seabridge Gold, Inc. (CAD)** | **Seabridge Gold, Inc. (CAD)** | **Seabridge Gold, Inc. (CAD)** | **Seabridge Gold, Inc. (CAD)** | **Seabridge Gold, Inc. (CAD)** |  |  |
| 33944240 |  |  |  | 6286104 | 40230344 |  |
| **Seabridge Gold, Inc. (USD)** | **Seabridge Gold, Inc. (USD)** | **Seabridge Gold, Inc. (USD)** | **Seabridge Gold, Inc. (USD)** | **Seabridge Gold, Inc. (USD)** |  |  |
| 53923406 |  | (10636181) | 5525877 | 6915703 | 55728805 |  |
| **Western Copper & Gold Corp.** | **Western Copper & Gold Corp.** | **Western Copper & Gold Corp.** | **Western Copper & Gold Corp.** | **Western Copper & Gold Corp.** |  |  |
| 11676914 |  |  |  | 6078194 | 17755108 |  |
| **Yoma Strategic Holdings, Ltd.** | **Yoma Strategic Holdings, Ltd.** | **Yoma Strategic Holdings, Ltd.** | **Yoma Strategic Holdings, Ltd.** | **Yoma Strategic Holdings, Ltd.** |  |  |
| 4210070 |  |  |  | 47470 | 4257540 |  |
| Totals: | Totals: | Totals: | Totals: | Totals: |  |  |
| $599366736 | $30227946 | $(33903304) | $5905030 | $81020752 | $682617160 | $2254043 |

---

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

KGI-QH-001-2500

**15**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JANUARY 31, 2026** |
|  | *(Unaudited)* |

---

**SCHEDULE OF INVESTMENTS**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — 63.4%** | **Shares** | **Value** |
| **AUSTRALIA — 2.8%** | | |
| **CONSUMER STAPLES — 0.0%** | | |
| &nbsp;&nbsp;&nbsp;Treasury Wine Estates, Ltd. | 88441 | $329565 |
| **ENERGY — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Paladin Energy, Ltd. \* | 1529132 | 14336903 |
| **MATERIALS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BHP Group | 262773 | 9050520 |
| Total Australia |  | 23716988 |
| **BRAZIL — 2.3%** |  |  |
| **MATERIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale SA | 833100 | 13316303 |
| **UTILITIES — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Axia Energia | 440460 | 4543741 |
| &nbsp;&nbsp;&nbsp;Axia Energia \* | 115770 | 1166550 |
|  |  | 5710291 |
| Total Brazil |  | 19026594 |
| **CANADA — 8.1%** |  |  |
| **ENERGY — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 654718 | 12919820 |
| **MATERIALS — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Barrick Mining | 90683 | 4152374 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd., Cl A \* | 535592 | 6773322 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc. \* | 1195579 | 10437405 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. | 146229 | 10073716 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc. \* (A) | 840909 | 23764088 |
|  |  | 55200905 |
| Total Canada |  | 68120725 |
| **CHILE — 0.1%** |  |  |
| **MATERIALS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Empresas CMPC | 262837 | 393731 |

---

**16**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JANUARY 31, 2026** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **CHINA — 2.8%** | | |
| **COMMUNICATION SERVICES — 0.2%** | | |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., Cl A \* | 99450 | $1906214 |
| **CONSUMER DISCRETIONARY — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \*(B) | 268800 | 3323036 |
| **INDUSTRIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;China Communications Services Corp., Ltd., Cl H (A) | 11087000 | 6733302 |
| &nbsp;&nbsp;&nbsp;Guangshen Railway Co., Ltd., Cl H (A) | 11364000 | 3205489 |
|  |  | 9938791 |
| **INFORMATION TECHNOLOGY — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;PAX Global Technology, Ltd. | 2147000 | 1354917 |
| **UTILITIES — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;CGN Power Co., Ltd., Cl H (B) | 13424000 | 5597477 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings, Ltd. | 1651200 | 1635601 |
|  |  | 7233078 |
| Total China |  | 23756036 |
| **FINLAND — 0.2%** |  |  |
| **MATERIALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Stora Enso, Cl R | 168811 | 1943357 |
| **FRANCE — 2.3%** |  |  |
| **CONSUMER STAPLES — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Carrefour SA | 573117 | 9387223 |
| **FINANCIALS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Amundi (B) | 43518 | 3869161 |
| **INDUSTRIALS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Teleperformance | 91010 | 5878849 |
| Total France |  | 19135233 |
| **GERMANY — 3.3%** |  |  |
| **MATERIALS — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BASF | 34326 | 1860956 |

---

**17**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JANUARY 31, 2026** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **GERMANY — continued** | | |
| **MATERIALS — continued** | | |
| &nbsp;&nbsp;&nbsp;K+S AG (A) | 1565743 | $25654421 |
| Total Germany |  | 27515377 |
| **HONG KONG — 2.2%** |  |  |
| **CONSUMER DISCRETIONARY — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;SJM Holdings, Ltd. \* | 9418000 | 2890446 |
| **CONSUMER STAPLES — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;First Pacific Co., Ltd. | 2392000 | 1871608 |
| **FINANCIALS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of East Asia, Ltd. | 543400 | 1037950 |
| **INDUSTRIALS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | 1518000 | 12240100 |
| Total Hong Kong |  | 18040104 |
| **INDONESIA — 0.2%** |  |  |
| **CONSUMER STAPLES — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk PT | 1753300 | 712000 |
| **ENERGY — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;United Tractors TbK PT | 625100 | 973817 |
| Total Indonesia |  | 1685817 |
| **JAPAN — 3.0%** |  |  |
| **ENERGY — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | 419000 | 9387367 |
| **INDUSTRIALS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Kamigumi Co., Ltd. | 118300 | 4140003 |
| &nbsp;&nbsp;&nbsp;Tokyo Metro | 190400 | 2033079 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | 292300 | 5972987 |
|  |  | 12146069 |
| **UTILITIES — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Electric Power Development Co., Ltd. | 177900 | 3778283 |
| Total Japan |  | 25311719 |

---

**18**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JANUARY 31, 2026** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **KAZAKHSTAN — 2.4%** | | |
| **ENERGY — 1.9%** | | |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR (B) | 194740 | $15912692 |
| **FINANCIALS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR | 140100 | 4504837 |
| Total Kazakhstan |  | 20417529 |
| **RUSSIA — 5.2%** |  |  |
| **CONSUMER STAPLES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Lenta International PJSC GDR \*(C) | 1271467 | 2158061 |
| **ENERGY — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom Neft PJSC \*(C) | 2817940 | 5607330 |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \*(C) | 8122810 | 4091331 |
|  |  | 9698661 |
| **FINANCIALS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Moscow Exchange MICEX-RTS PJSC \*(C) | 5746159 | 4127708 |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC \*(C) | 8292394 | 10003900 |
| &nbsp;&nbsp;&nbsp;VTB Bank PJSC \*(C) | 2329481 | 712362 |
|  |  | 14843970 |
| **MATERIALS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Polyus PJSC GDR \*(C) | 249258 | 12837734 |
| **REAL ESTATE — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;LSR Group PJSC, Cl A \*(C) | 510671 | 1398567 |
| **UTILITIES — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Grid - Rosseti PJSC \*(C) | 3021385233 | 902440 |
| &nbsp;&nbsp;&nbsp;RusHydro PJSC \*(C) | 991278397 | 1648652 |
|  |  | 2551092 |
| Total Russia |  | 43488085 |
| **SAUDI ARABIA — 0.6%** |  |  |
| **ENERGY — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil (B) | 742831 | 5106388 |

---

**19**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK**  |
|  | **INTERNATIONAL FUND** |
|  | **JANUARY 31, 2026** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **SINGAPORE — 2.0%** | | |
| **CONSUMER STAPLES — 2.0%** | | |
| &nbsp;&nbsp;&nbsp;Golden Agri-Resources, Ltd. (A) | 73589700 | $16704706 |
| **SOUTH AFRICA — 6.3%** |  |  |
| **MATERIALS — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings, Ltd. | 1006244 | 18755633 |
| &nbsp;&nbsp;&nbsp;Sibanye Stillwater, Ltd. \* | 1177735 | 5125985 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum, Ltd. | 322485 | 28974682 |
| Total South Africa |  | 52856300 |
| **SOUTH KOREA — 9.7%** |  |  |
| **COMMUNICATION SERVICES — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;KT Corp. | 212507 | 8407547 |
| &nbsp;&nbsp;&nbsp;KT Corp. ADR | 276770 | 5790028 |
| &nbsp;&nbsp;&nbsp;LG Uplus Corp. (A) | 2124616 | 23603762 |
|  |  | 37801337 |
| **INDUSTRIALS — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;DL E&C Co., Ltd. (A) | 197312 | 6057650 |
| &nbsp;&nbsp;&nbsp;GS Holdings Corp. | 130609 | 6221013 |
| &nbsp;&nbsp;&nbsp;Korean Air Lines Co., Ltd. | 178619 | 2879899 |
| &nbsp;&nbsp;&nbsp;LG Corp. | 223108 | 14162530 |
|  |  | 29321092 |
| **MATERIALS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Lotte Chemical Corp. | 68788 | 3969883 |
| **UTILITIES — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | 245439 | 9899317 |
| Total South Korea |  | 80991629 |
| **THAILAND — 1.3%** |  |  |
| **FINANCIALS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Bank | 1589600 | 7974238 |
| &nbsp;&nbsp;&nbsp;Kasikornbank PCL | 473900 | 2830373 |
| Total Thailand |  | 10804611 |

---

**20**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JANUARY 31, 2026** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
| **UKRAINE — 0.7%** | | |
| **CONSUMER STAPLES — 0.7%** | | |
| &nbsp;&nbsp;&nbsp;MHP SE GDR \* (A) | 709038 | $6141749 |
| **UNITED KINGDOM — 6.7%** |  |  |
| **COMMUNICATION SERVICES — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 4878643 | 7184878 |
| **ENERGY — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Yellow Cake PLC \*(B) | 1604218 | 14976263 |
| **FINANCIALS — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Man Group PLC | 663343 | 2394262 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | 1184140 | 7334219 |
|  |  | 9728481 |
| **MATERIALS — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Glencore PLC | 3512452 | 23945545 |
| Total United Kingdom |  | 55835167 |
| **UNITED STATES — 1.2%** |  |  |
| **INDUSTRIALS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Corp., Cl A | 25878 | 1672495 |
| **MATERIALS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Newmont Corp. CDI | 32993 | 3725411 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 18459 | 4860439 |
|  |  | 8585850 |
| Total United States |  | 10258345 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $428,263,593) |  | 531250190 |
| **PREFERRED STOCK — 1.7%** |  |  |
| **BRAZIL — 1.7%** |  |  |
| **ENERGY — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA (A)(D) | 1926200 | 13787460 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,824,366) |  | 13787460 |

---

**21**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JANUARY 31, 2026** |
|  | *(Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **UNIT TRUST FUND — 1.3%** | **Shares** | **Value** |
| **CANADA — 1.3%** | | |
| **FINANCIALS — 1.3%** | | |
| &nbsp;&nbsp;&nbsp;Sprott Physical Uranium Trust \* | 495095 | $11191587 |
| &nbsp;&nbsp;&nbsp;TOTAL UNIT TRUST FUND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,727,908) |  | 11191587 |
| **SHORT TERM INVESTMENT — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Securities Cash Management - Participant Shares, 3.160%(E) | 5051189 | 5051189 |
| TOTAL SHORT TERM INVESTMENT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,051,189) |  | 5051189 |

---

---

| | |
|:---|:---|
| **PURCHASED OPTION — 0.3%** |  |
| **UNITED STATES — 0.3% \*** |  |
| &nbsp;&nbsp;&nbsp;TOTAL PURCHASED OPTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,622,572) | 2538960 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS— 67.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $453,489,628) | 563819386 |
| &nbsp;&nbsp;&nbsp;Other Assets and Liabilities, Net — 32.7% | 274543406 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** — 100.0% | $**838362792** |

---

A list of the exchange traded option contracts held by the Fund at January 31, 2026, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of**<br>**Contracts** |<br>**Notional**<br>**Amount** |<br>**Exercise**<br>**Price** |<br>**Expiration**<br>**Date** |<br>**Value** |
| **PURCHASED OPTION — 0.3%** | **PURCHASED OPTION — 0.3%** | **PURCHASED OPTION — 0.3%** |  |  |  |
| **Put Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;February 26 Puts on SPXW\* | 284 | $197068452 | $6900.00 | 02/27/26 | $2538960 |
| TOTAL PURCHASED OPTION |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,622,572) |  | $197068452 |  |  | $2538960 |

---

**22**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JANUARY 31, 2026** |
|  | *(Unaudited)* |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *Affiliated investment.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(B)* *Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of January 31, 2026 was $48,785,017 and represents 5.8% of Net Assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(C)* *Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(D)* *Rate unavailable.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(E)* *The rate reported is the 7-day effective yield as of January 31, 2026.* 

*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*

**23**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK** |
|  | **INTERNATIONAL FUND** |
|  | **JANUARY 31, 2026** |
|  | *(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, 2025 through January 31, 2026. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|<br>**Value as of**<br>**10/31/2025** |<br>**Purchases at**<br>**Cost** |<br>**Proceeds from**<br>**Sale** |<br>**Realized**<br>**Gain/(Loss)** | **Change in**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Value as of**<br>**1/31/2026** |<br>**Dividend/**<br>**Interest**<br>**Income** |
| **China Communications Services Corp., Ltd., Cl H** | **China Communications Services Corp., Ltd., Cl H** | **China Communications Services Corp., Ltd., Cl H** |  |  |  |  |
| $6320962 | $314016 | $— | $— | $98324 | $6733302 | $— |
| **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** | **DL E&C Co., Ltd.** |  |  |  |  |
| 5902444 |  |  |  | 155206 | 6057650 |  |
| **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** |  |  |  |  |
| 15831227 |  |  |  | 873479 | 16704706 |  |
| **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** | **Guangshen Railway Co., Ltd., Cl H** |  |  |  |  |
| 2793328 | 520790 |  |  | (108629) | 3205489 |  |
| **K+S AG** | **K+S AG** | **K+S AG** |  |  |  |  |
| 20461876 |  | (83887) | 10933 | 5265499 | 25654421 |  |
| **LG Uplus Corp.** | **LG Uplus Corp.** | **LG Uplus Corp.** |  |  |  |  |
| 24267606 | 67901 | (1569464) | 175806 | 661913 | 23603762 |  |
| **MHP SE GDR** | **MHP SE GDR** | **MHP SE GDR** |  |  |  |  |
| 3997999 |  |  |  | 2143750 | 6141749 |  |
| **Petroleo Brasileiro SA** | **Petroleo Brasileiro SA** | **Petroleo Brasileiro SA** |  |  |  |  |
| 10626421 |  |  |  | 3161039 | 13787460 | 328643 |
| **Seabridge Gold, Inc.** | **Seabridge Gold, Inc.** | **Seabridge Gold, Inc.** |  |  |  |  |
| 21098439 |  | (1348985) | 232831 | 3781803 | 23764088 |  |
| Totals: | Totals: | Totals: |  |  |  |  |
| $111300302 | $902707 | $(3002336) | $419570 | $16032384 | $125652627 | $328643 |

---

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

KGI-QH-002-2200

**24**

## 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:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $3346885074.76

**Total Liabilities:** $7548528.11

**Net Assets:** $3339336546.65

**Cash Not Reported:** $4175038.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000132088 | 2.71%                | -2.40%               | -2.01%               |
| Class ID C000132089 | 9.02%                | 3.54%                | 4.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $139807450.33            | $163381061.27                              |
| Month 2  | $49286292.61             | $66739820.00                               |
| Month 3  | $67224020.62             | $54589030.26                               |

### 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      | $9069203.81   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| LX Holdings Corp.                                                                | LX HOLDINGS CORP COMMON STOCK                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     1340275 | NS      | $8093701.28   | 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      | $7250133.49   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan Ocean Co., Ltd.                                                              | PAN OCEAN CO LTD COMMON STOCK                                                      | CUSIP: N/A<br>LEI: 988400HGOJIHDWPIAT45       | Long             | EC               |  | KR        |     5332360 | NS      | $17370956.63  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LENTA MKPAO                                                                      | LENTA PLC DEPOSITARY RECEIPT                                                       | CUSIP: 52634T200<br>LEI: 213800OMCE8QATH73N15 | Long             | EC               |  | GB        |     6287850 | NS      | $10672367.81  | 0.32%             |  |  |  | No            |                  3 | On Loan: No      |
| GRUPPA LSR PAO                                                                   | LSR GROUP PJSC COMMON STOCK                                                        | CUSIP: N/A<br>LEI: 25340067LEEMJ79K8X43       | Long             | EC               |  | RU        |     1673664 | NS      | $4583637.17   | 0.14%             |  |  |  | No            |                  3 | 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        |    10213022 | NS      | $10834826.50  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                                                     | FX Forward Contract: USD/ZAR SETTLE 2026-02-02                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |           1 | NC      | $2386.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                                                     | FX Forward Contract: USD/ZAR SETTLE 2026-02-02                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |           1 | NC      | $18611.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Stora Enso Oyj                                                                   | STORA ENSO OYJ-R SHS COMMON STOCK                                                  | CUSIP: N/A<br>LEI: 7437000ZP669LKUTZ738       | Long             | EC               |  | FI        |      213274 | NS      | $2455216.72   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | GABRIEL RESOURCES LTD RESTRICTED GABRIEL RESOURCES LTD RESTRICTED 4 MO (9/28/2021) | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | CA        |      347197 | NS      | $25498.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MHP SE                                                                           | MHP SE DEPOSITARY RECEIPT                                                          | CUSIP: 55302T204<br>LEI: 213800D7DXFXGA292757 | Long             | EC               |  | GB        |     2877931 | NS      | $24928888.70  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROAPI SA                                                                       | EUROAPI SASU COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 9695002FT7GGI3CKKJ14       | Long             | EC               |  | FR        |     1411981 | NS      | $3543280.15   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PALADIN ENERGY LTD                                                               | PALADIN ENERGY LTD COMMON STOCK                                                    | CUSIP: Q7264T252<br>LEI: 549300M44UTJAP8J6B37 | Long             | EC               |  | CA        |     2397371 | NS      | $21937533.62  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | NOVAGOLD RESOURCES INC 09/10/2030 PNOTE                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | SN               |  | US        |     1687905 | PA      | $14735410.65  | 0.44%             | 2030-09-10      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| China Communications Services Corporation Limited                                | CHINA COMMUNICATIONS SERVI-H COMMON STOCK                                          | CUSIP: N/A<br>LEI: 529900JCDRVQE6YZKT86       | Long             | EC               |  | HK        |    48112000 | NS      | $29219142.29  | 0.87%             |  |  |  | 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        |      178178 | NS      | $5729213.81   | 0.17%             |  |  |  | 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        |      761300 | NS      | $16168672.74  | 0.48%             |  |  |  | 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      | $1359611.31   | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| LOTTE CHEMICAL CORPORATION                                                       | LOTTE CHEMICAL CORP COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 988400TPNFJZDPI94Y56       | Long             | EC               |  | KR        |      162578 | NS      | $9382677.11   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP GROUP LIMITED                                                                | BHP GROUP LTD COMMON STOCK                                                         | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               |  | AU        |      547510 | NS      | $18857531.76  | 0.56%             |  |  |  | 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      | $6487644.52   | 0.19%             |  |  |  | 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      | $17633407.88  | 0.53%             | 2030-04-22      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SCHRODERS PLC                                                                    | SCHRODERS PLC COMMON STOCK                                                         | CUSIP: G78602144<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               |  | GB        |     5216274 | NS      | $32308086.97  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL GOLD, INC.                                                                 | ROYAL GOLD INC COMMON STOCK                                                        | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               |  | US        |       81100 | NS      | $21354408.09  | 0.64%             |  |  |  | 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        |      117300 | NS      | $4937273.19   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVAGOLD RESOURCES INC.                                                          | NOVAGOLD RESOURCES INC COMMON STOCK                                                | CUSIP: N/A<br>LEI: 529900587LVZTJ2BHS60       | Long             | EC               |  | US        |     1811816 | NS      | $15817153.68  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYONIER INC.                                                                    | RAYONIER INC REIT                                                                  | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               |  | US        |      330018 | NS      | $7504609.32   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| IVANHOE MINES LTD                                                                | IVANHOE MINES LTD-CL A COMMON STOCK                                                | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               |  | CA        |     2396694 | NS      | $30309602.82  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc.                                                              | CENOVUS ENERGY INC COMMON STOCK                                                    | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               |  | CA        |     2818924 | NS      | $55626987.76  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                                                        | VALE SA COMMON STOCK                                                               | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | BR        |     3719226 | NS      | $59448252.55  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPALA PLATINUM HOLDINGS LIMITED                                                 | IMPALA PLATINUM HOLDINGS LTD COMMON STOCK                                          | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               |  | ZA        |     3856001 | NS      | $71872964.09  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Dynasty Minerals Ltd.                                                   | NORTHERN DYNASTY MINERALS COMMON STOCK                                             | CUSIP: 66510M204<br>LEI: 529900HEIYP56LE0EJ17 | Long             | EC               |  | CA        |     2795815 | NS      | $5708049.57   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank Public Company Limited                                              | BANGKOK BANK PCL-FOREIGN REG COMMON STOCK                                          | CUSIP: N/A<br>LEI: 549300CCL2BKJGMYXV60       | Long             | EC               |  | TH        |     6704100 | NS      | $33631156.32  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CARREFOUR SA                                                                     | CARREFOUR SA COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 549300B8P6MUJ1YWTS08       | Long             | EC               |  | FR        |     2548892 | NS      | $41748922.13  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| West Japan Railway Company                                                       | WEST JAPAN RAILWAY CO COMMON STOCK                                                 | CUSIP: N/A<br>LEI: 353800QGUXHZ7EBCR121       | Long             | EC               |  | JP        |     1237200 | NS      | $25281490.88  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOSE BROTHERS GROUP PLC                                                         | CLOSE BROTHERS GROUP PLC COMMON STOCK                                              | CUSIP: N/A<br>LEI: 213800W73SYHR14I3X91       | Long             | EC               |  | GB        |     1819808 | NS      | $12632823.21  | 0.38%             |  |  |  | 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        |      221256 | NS      | $14378629.16  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DETERRA ROYALTIES LIMITED                                                        | DETERRA ROYALTIES LTD COMMON STOCK                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | AU        |     3986163 | NS      | $11639401.10  | 0.35%             |  |  |  | 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        |     1896200 | NS      | $19901759.93  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpek S.A.B. de C.V.                                                             | ALPEK SA DE CV COMMON STOCK                                                        | CUSIP: P01703100<br>LEI: 549300PWKJTP62D4IQ66 | Long             | EC               |  | MX        |     8005436 | NS      | $4163962.76   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Empresas CMPC S.A.                                                               | EMPRESAS CMPC SA COMMON STOCK                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | CL        |      257915 | NS      | $386357.46    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST RESOURCES LIMITED                                                          | FIRST RESOURCES LTD COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 5493007RRD817HUP4O49       | Long             | EC               |  | SG        |     9395400 | NS      | $15803268.12  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIDU, INC.                                                                      | BAIDU INC-CLASS A COMMON STOCK                                                     | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               |  | HK        |      427700 | NS      | $8197964.62   | 0.25%             |  |  |  | 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        |    40809635 | NS      | $7869562.25   | 0.24%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HEMAS HOLDINGS PLC                                                               | HEMAS HOLDINGS PLC COMMON STOCK                                                    | CUSIP: N/A<br>LEI: 254900TV1ZINS66XKY23       | Long             | EC               |  | LK        |    41603360 | NS      | $4650973.36   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                                                     | FX Forward Contract: USD/ZAR SETTLE 2026-02-02                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |           1 | NC      | $46105.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KT CORPORATION                                                                   | KT CORP COMMON STOCK                                                               | CUSIP: N/A<br>LEI: 9884005ACF8449EANY26       | Long             | EC               |  | KR        |      714316 | NS      | $28260930.12  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                                                      | HUMANA INC COMMON STOCK                                                            | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               |  | US        |       43403 | NS      | $8472265.60   | 0.25%             |  |  |  | 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      | $4257539.52   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GROUP PUBLIC LIMITED COMPANY                                            | VODAFONE GROUP PLC COMMON STOCK                                                    | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               |  | GB        |    17498272 | NS      | $25770067.04  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| GAZPROM PAO                                                                      | GAZPROM PJSC COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               |  | RU        |    25899221 | NS      | $13086876.37  | 0.39%             |  |  |  | No            |                  3 | On Loan: No      |
| GOLDEN AGRI-RESOURCES LTD                                                        | GOLDEN AGRI-RESOURCES LTD COMMON STOCK                                             | CUSIP: N/A<br>LEI: 529900GAK9LTNC3IFY40       | Long             | EC               |  | SG        |   278829900 | NS      | $63293795.49  | 1.90%             |  |  |  | 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            |                  3 | On Loan: No      |
| SLC Agricola S.A.                                                                | SLC AGRICOLA SA COMMON STOCK                                                       | CUSIP: N/A<br>LEI: 54930017BQDYJPIJXG79       | Long             | EC               |  | BR        |     4390650 | NS      | $13381982.04  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PAX GLOBAL TECHNOLOGY LIMITED                                                    | PAX GLOBAL TECHNOLOGY LTD COMMON STOCK                                             | CUSIP: N/A<br>LEI: 5299008CRGPD1WZXCD36       | Long             | EC               |  | HK        |     4238000 | NS      | $2674494.76   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Metro Co., Ltd.                                                            | TOKYO METRO CO LTD COMMON STOCK                                                    | CUSIP: N/A<br>LEI: 35380049N9IQPZ74JY58       | Long             | EC               |  | JP        |      653400 | NS      | $6976963.98   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                                                     | FX Forward Contract: USD/ZAR SETTLE 2026-02-02                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |           1 | NC      | $1380.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| K+S Aktiengesellschaft                                                           | K+S AG-REG COMMON STOCK                                                            | CUSIP: N/A<br>LEI: 529900YURAYD4IJX2J91       | Long             | EC               |  | DE        |     5548336 | NS      | $90908501.81  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| PT United Tractors Tbk                                                           | UNITED TRACTORS TBK PT COMMON STOCK                                                | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               |  | ID        |     2782700 | NS      | $4335050.96   | 0.13%             |  |  |  | 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        |      336193 | NS      | $19929720.74  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Mining Corporation                                                          | ARIS MINING CORP COMMON STOCK                                                      | CUSIP: 04040Y109<br>LEI: 5493001GJ5TILX6L1F82 | Long             | EC               |  | CA        |      654975 | NS      | $11332729.41  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Gabriel Resources Ltd.                                                           | GABRIEL RESOURCES LTD COMMON STOCK                                                 | CUSIP: 361970502<br>LEI: 529900SJTRA2V9AI4361 | Long             | EC               |  | CA        |     4427406 | NS      | $325150.08    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| INPEX CORPORATION                                                                | INPEX CORP COMMON STOCK                                                            | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               |  | JP        |      798700 | NS      | $17894247.96  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY WINE ESTATES LIMITED                                                    | TREASURY WINE ESTATES LTD COMMON STOCK                                             | CUSIP: N/A<br>LEI: 529900LVOPJGAX6ILK66       | Long             | EC               |  | AU        |      389094 | NS      | $1449914.20   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE, INC.                                                          | MOLINA HEALTHCARE INC COMMON STOCK                                                 | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               |  | US        |       51038 | NS      | $9165914.42   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MHP SE                                                                           | MHP SE - GDR 144A DEPOSITARY RECEIPT                                               | CUSIP: 55302T105<br>LEI: 213800D7DXFXGA292757 | Long             | EC               |  | US        |       44627 | NS      | $386562.96    | 0.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| TELEPERFORMANCE SE                                                               | TELEPERFORMANCE COMMON STOCK                                                       | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               |  | FR        |      374953 | NS      | $24220328.66  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL'NAYA SETEVAYA KOMPANIYA ROSSETI PAO                                      | FEDERAL GRID CO-ROSSETI PJSC COMMON STOCK                                          | CUSIP: N/A<br>LEI: 253400FZQ7Z49QZNSG30       | Long             | EC               |  | RU        | 17511927373 | NS      | $5230536.20   | 0.16%             |  |  |  | No            |                  3 | On Loan: No      |
| Yellow Cake PLC                                                                  | YELLOW CAKE PLC COMMON STOCK                                                       | CUSIP: N/A<br>LEI: 213800CVMYUGOA9EZY95       | Long             | EC               |  | GB        |     4122378 | NS      | $38484681.19  | 1.15%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Nutrien Ltd.                                                                     | NUTRIEN LTD COMMON STOCK                                                           | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               |  | US        |      652869 | NS      | $44976145.41  | 1.35%             |  |  |  | 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        |     7222966 | NS      | $18851941.26  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIENTAL HOLDINGS BHD                                                            | ORIENTAL HOLDINGS BERHAD COMMON STOCK                                              | CUSIP: N/A<br>LEI: 549300WBMDZXMUQT2I82       | Long             | EC               |  | MY        |     7428600 | NS      | $12965187.21  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Petroleum Exploration Co., Ltd.                                            | JAPAN PETROLEUM EXPLORATION COMMON STOCK                                           | CUSIP: N/A<br>LEI: 549300WXUNBZ356DMN17       | Long             | EC               |  | JP        |     1427800 | NS      | $17578647.05  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SEABRIDGE GOLD INC.                                                              | SEABRIDGE GOLD INC COMMON STOCK                                                    | CUSIP: 811916105<br>LEI: 9845003FEO1A66376A92 | Long             | EC               |  | US        |     1972003 | NS      | $55728804.78  | 1.67%             |  |  |  | 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      | $6150205.99   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Holdings Corp.                                                                | GS HOLDINGS COMMON STOCK                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      567930 | NS      | $27050966.81  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS                                     | AXIA ENERGIA COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |     1955911 | NS      | $20176981.27  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AMUNDI SA                                                                        | AMUNDI SA COMMON STOCK                                                             | CUSIP: N/A<br>LEI: 96950010FL2T1TJKR531       | Long             | EC               |  | FR        |      194217 | NS      | $17267726.12  | 0.52%             |  |  |  | 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        |      586939 | NS      | $47960250.69  | 1.44%             |  |  |  | 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        |     7798864 | NC      | $2119178.70   | 0.06%             |  |  |  | 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        |     1327216 | NS      | $40746689.35  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Indofood Sukses Makmur Tbk                                                    | INDOFOOD SUKSES MAKMUR TBK P COMMON STOCK                                          | CUSIP: N/A<br>LEI: 529900E61EV2GTYWZ485       | Long             | EC               |  | ID        |     7510600 | NS      | $3049989.63   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | SPXW US 01/30/26 P6900 LONG                                                        | CUSIP: 5MX9937Z3<br>LEI: N/A                  | N/A              | DE               |  | US        |        1762 | NC      | $969100.00    | 0.03%             |  |  |  | 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      | $1966155.20   | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| LX INTERNATIONAL CORP.                                                           | LX INTERNATIONAL CORP COMMON STOCK                                                 | CUSIP: N/A<br>LEI: 988400KZJVVPCZ6BC265       | Long             | EC               |  | KR        |      196724 | NS      | $5221944.04   | 0.16%             |  |  |  | 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      | $40921964.36  | 1.23%             | 2032-12-11      | Fixed         | 2.00%                 | No            |                  3 | On Loan: No      |
| TRAVIS PERKINS PLC                                                               | TRAVIS PERKINS PLC COMMON STOCK                                                    | CUSIP: N/A<br>LEI: 2138001I27OUBAF22K83       | Long             | EC               |  | GB        |     1279199 | NS      | $10949930.13  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Lebanese Company for Development and Reconstruction of Beirut Central District S | SOLIDERE-UNSPON ADR DEPOSITARY RECEIPT                                             | CUSIP: 522386507<br>LEI: N/A                  | Long             | EC               |  | US        |      174732 | NS      | $1838617.47   | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| CHINA GAS HOLDINGS LIMITED                                                       | CHINA GAS HOLDINGS LTD COMMON STOCK                                                | CUSIP: N/A<br>LEI: 254900KTSZLZ21VV8T33       | Long             | EC               |  | HK        |     6248400 | NS      | $6189372.09   | 0.19%             |  |  |  | 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        |     5693000 | NS      | $40749667.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CHAMPION IRON LIMITED                                                            | CHAMPION IRON LTD COMMON STOCK                                                     | CUSIP: N/A<br>LEI: 894500WQI96G4T75O202       | Long             | EC               |  | AU        |     2364867 | NS      | $9551514.46   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| WEYERHAEUSER COMPANY                                                             | WEYERHAEUSER CO REIT                                                               | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |      318378 | NS      | $8207784.84   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PHA Co., Ltd.                                                                    | PHA Co Ltd COMMON STOCK                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      501399 | NS      | $4104456.23   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA ELECTRIC POWER CORPORATION                                                 | KOREA ELECTRIC POWER CORP COMMON STOCK                                             | CUSIP: N/A<br>LEI: 988400QG33WS7JEIV602       | Long             | EC               |  | KR        |     1056597 | NS      | $42615838.46  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ERAMET SA                                                                        | ERAMET COMMON STOCK                                                                | CUSIP: N/A<br>LEI: 549300LUH78PG2MP6N64       | Long             | EC               |  | FR        |      453849 | NS      | $39332542.25  | 1.18%             |  |  |  | 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        |    50718679 | NS      | $14306418.74  | 0.43%             |  |  |  | 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      | $11099501.26  | 0.33%             |  |  |  | No            |                  3 | On Loan: No      |
| Northern Dynasty Minerals Ltd.                                                   | NORTHERN DYNASTY MINERALS COMMON STOCK                                             | CUSIP: 66510M204<br>LEI: 529900HEIYP56LE0EJ17 | Long             | EC               |  | US        |     5684516 | NS      | $11596412.64  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE MINIERE BARRICK                                                          | BARRICK MINING CORP COMMON STOCK                                                   | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               |  | US        |      169162 | NS      | $7745927.98   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Uranium Trust                                                    | SPROTT PHYSICAL URANIUM TR MUTUAL FUND                                             | CUSIP: 85210A104<br>LEI: N/A                  | Long             | EC               |  | CA        |     2116674 | NS      | $47847263.04  | 1.43%             |  |  |  | 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      | $36430.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GLENCORE PLC                                                                     | GLENCORE PLC COMMON STOCK                                                          | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               |  | GB        |     7430333 | NS      | $50655032.70  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Draegerwerk AG & Co. KGaA                                                        | Draegerwerk AG & Co KGaA PREFERRED STOCK                                           | CUSIP: N/A<br>LEI: 5493005UFVHY0PPNKD75       | Long             | EP               |  | DE        |      259203 | NS      | $27371695.47  | 0.82%             |  |  |  | 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      | $4031083.09   | 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      | $23938651.40  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                                                     | FX Forward Contract: USD/ZAR SETTLE 2026-02-02                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |           1 | NC      | $27522.47     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VALTERRA PLATINUM LIMITED                                                        | VALTERRA PLATINUM LIMITED COMMON STOCK                                             | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               |  | ZA        |     1206832 | NS      | $108431627.30 | 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        |     5961699 | NS      | $31997491.86  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                                                              | CENTENE CORP COMMON STOCK                                                          | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               |  | US        |      819852 | NS      | $35515988.64  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| IRSA Inversiones y Representaciones Sociedad Anonima                             | IRSA -SP ADR DEPOSITARY RECEIPT                                                    | CUSIP: 450047303<br>LEI: 549300QJINFBX83IZ837 | Long             | EC               |  | US        |       38775 | NS      | $674682.49    | 0.02%             |  |  |  | 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      | $10551645.41  | 0.32%             |  |  |  | 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        |    59238000 | NS      | $24700784.78  | 0.74%             |  |  |  | Yes           |                  1 | On Loan: No      |
| FRANKLIN RESOURCES, INC.                                                         | FRANKLIN RESOURCES INC COMMON STOCK                                                | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               |  | US        |     1369899 | NS      | $36466711.38  | 1.09%             |  |  |  | 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      | $10117571.27  | 0.30%             |  |  |  | No            |                  3 | On Loan: No      |
| AIR LEASE CORPORATION                                                            | AIR LEASE CORP COMMON STOCK                                                        | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               |  | US        |      107200 | NS      | $6928336.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GENTING PLANTATIONS BERHAD                                                       | GENTING PLANTATIONS BHD COMMON STOCK                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MY        |    10046500 | NS      | $13155593.57  | 0.39%             |  |  |  | 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      | $13142512.09  | 0.39%             |  |  |  | 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        |      785731 | NS      | $12668451.14  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FUKUDA CORPORATION                                                               | FUKUDA CORP COMMON STOCK                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      153800 | NS      | $7759025.17   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | DREYFUS TREASURY SEC CASH-PT DPRXX US EQUITY                                       | CUSIP: 261941405<br>LEI: N/A                  | Long             | STIV             |  | US        |     8222154 | PA      | $8222154.26   | 0.25%             |  |  |  | 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      | $31577134.29  | 0.95%             |  |  |  | No            |                  3 | On Loan: No      |
| U.S. DOLLARS                                                                     | FX Forward Contract: USD/ZAR SETTLE 2026-02-02                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |           1 | NC      | $18962.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SPXW US 02/27/26 P6900 LONG                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        1236 | NC      | $11049840.00  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SJM Holdings Limited                                                             | SJM HOLDINGS LTD COMMON STOCK                                                      | CUSIP: N/A<br>LEI: 529900XEAB40COT5ZL30       | Long             | EC               |  | HK        |    37881000 | NS      | $11625928.67  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK VTB PAO                                                                     | VTB BANK PJSC COMMON STOCK                                                         | CUSIP: N/A<br>LEI: 253400V1H6ART1UQ0N98       | Long             | EC               |  | RU        |     9484622 | NS      | $2900422.36   | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| Kamigumi Co.,Ltd.                                                                | KAMIGUMI CO LTD COMMON STOCK                                                       | CUSIP: N/A<br>LEI: 3538004KUWA3850MUC05       | Long             | EC               |  | JP        |      441050 | NS      | $15434895.08  | 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      | $40230344.07  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                                                              | COMCAST CORP-CLASS A COMMON STOCK                                                  | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               |  | US        |      264137 | NS      | $7858075.75   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MEITUAN                                                                          | MEITUAN-CLASS B COMMON STOCK                                                       | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               |  | HK        |     1158000 | NS      | $14315755.99  | 0.43%             |  |  |  | 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        |     1929006 | NS      | $26060867.36  | 0.78%             |  |  |  | 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      | $1066230.59   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORPORATION                                                        | EXPAND ENERGY CORP COMMON STOCK                                                    | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               |  | US        |      294411 | NS      | $33094740.51  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Halyk Bank of Kazakhstan Joint Stock Company                                     | HALYK SAVINGS BANK -GDR 144A DEPOSITARY RECEIPT                                    | CUSIP: 46627J203<br>LEI: 213800NYDTVQM4SDUD67 | Long             | EC               |  | GB        |      312520 | NS      | $9984732.73   | 0.30%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Bear Creek Mining Corp                                                           | BEAR CREEK MINING CORP COMMON STOCK                                                | CUSIP: 07380N104<br>LEI: 549300C9IY653M7KMK88 | Long             | EC               |  | CA        |     3884864 | NS      | $2253914.41   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PALADIN ENERGY LTD                                                               | PALADIN ENERGY LTD COMMON STOCK                                                    | CUSIP: N/A<br>LEI: 549300M44UTJAP8J6B37       | Long             | EC               |  | AU        |     4421428 | NS      | $41454617.54  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CK HUTCHISON HOLDINGS LIMITED                                                    | CK HUTCHISON HOLDINGS LTD COMMON STOCK                                             | CUSIP: N/A<br>LEI: 254900Z8HM1VEPOQ2G79       | Long             | EC               |  | HK        |     6780500 | NS      | $54673250.84  | 1.64%             |  |  |  | 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        |    69309000 | NS      | $4436003.12   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                                                     | FX Forward Contract: USD/ZAR SETTLE 2026-02-02                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |           1 | NC      | $18298.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BrasilAgro - Companhia Brasileira de Propriedades Agricolas                      | BRASILAGRO-CIA BRASILEIRA DE COMMON STOCK                                          | CUSIP: N/A<br>LEI: HNU7Z5273PRV5T5S5F07       | Long             | EC               |  | BR        |     2567100 | NS      | $10433759.73  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Company                                                        | SAUDI ARABIAN OIL CO COMMON STOCK                                                  | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | EC               |  | SA        |     3299008 | NS      | $22678125.29  | 0.68%             |  |  |  | Yes           |                  1 | On Loan: No      |
| N/A                                                                              | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   443371335 | PA      | $443371334.70 | 13.28%            |  |  |  | No            |                  1 | On Loan: No      |
| RANGE RESOURCES CORPORATION                                                      | RANGE RESOURCES CORP COMMON STOCK                                                  | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               |  | US        |     2157453 | NS      | $81659596.05  | 2.45%             |  |  |  | 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      | $15259524.16  | 0.46%             |  |  |  | No            |                  3 | On Loan: No      |
| Korean Reinsurance Company                                                       | KOREAN REINSURANCE CO COMMON STOCK                                                 | CUSIP: N/A<br>LEI: 988400GFST66YNV5UF89       | Long             | EC               |  | KR        |      363615 | NS      | $2970595.05   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. DOLLARS                                                                     | FX Forward Contract: USD/ZAR SETTLE 2026-02-02                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |           1 | NC      | $15826.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS                                     | AXIA ENERGIA COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |      514088 | NS      | $5180193.29   | 0.16%             |  |  |  | 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      | $17755108.45  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Uplus Corp                                                                    | LG UPLUS CORP COMMON STOCK                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     9395397 | NS      | $104379667.50 | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HANKOOK & COMPANY CO., LTD.                                                      | HANKOOK & CO COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 549300ET8LEWSPTMRK47       | Long             | EC               |  | KR        |      881856 | NS      | $16503192.09  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| KT CORPORATION                                                                   | KT CORP-SP ADR DEPOSITARY RECEIPT                                                  | CUSIP: 48268K101<br>LEI: 9884005ACF8449EANY26 | Long             | EC               |  | US        |     1638562 | NS      | $34278717.04  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp.                                                                         | LG CORP COMMON STOCK                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      986801 | NS      | $62640508.97  | 1.88%             |  |  |  | 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        |   371423200 | NS      | $5540132.19   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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