NPORT-EX 2 Kopernik_ScheduleF.htm SCHEDULE F FOR VALIDATION PURPOSES ONLY - [190738.TX]
THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

SCHEDULE OF INVESTMENTS

      
COMMON STOCK — 81.0%        Shares              Value      

AUSTRALIA — 4.0%

      

Newcrest Mining, Ltd.

      4,396,279      $ 85,462,053  
     

 

 

  

BRAZIL — 1.2%

      

Centrais Eletricas Brasileiras SA

      3,274,011                24,905,931  
     

 

 

  

BURKINA FASO — 0.3%

      

IAMGOLD *

      2,103,583        5,763,817  
     

 

 

  

CANADA — 26.2%

      

Artemis Gold *†

      2,844,410        14,249,409  

Bear Creek Mining Corp. * (A)

      3,438,692        4,244,618  

Cameco Corp.

      4,183,043        74,458,165  

Cenovus Energy, Inc.

      3,342,734        27,891,841  

Centerra Gold, Inc. (A)

      8,285,900        66,613,961  

Crescent Point Energy Corp.

      1,888,449        6,902,314  

Denison Mines Corp. *

      5,131,308        5,552,473  

Dundee Corp., Cl A * (A)

      2,419,423        3,316,138  

Equinox Gold *

      2,294,025        15,960,353  

Fission Uranium Corp. * (A)

      15,608,000        6,755,627  

Gabriel Resources, Ltd. * (A)

      60,679,056        13,131,889  

Gabriel Resources, Ltd. *(B)

      3,471,971        751,389  

International Tower Hill Mines, Ltd. * (A)

      5,411,583        5,465,699  

Ivanhoe Mines, Ltd., Cl A *

      3,789,785        28,128,734  

MEG Energy Corp. *

      4,604,102        29,375,322  

New Gold, Inc. *

      3,589,222        5,886,324  

NexGen Energy, Ltd. * (A)

      10,542,974        44,534,685  

Northern Dynasty Minerals, Ltd. (CAD) * (A)

      2,873,848        1,243,891  

Northern Dynasty Minerals, Ltd. (USD) * (A)

      11,239,386        4,859,910  

Novagold Resources, Inc. *

      1,520,150        11,887,573  

Pan American Silver Corp.

      648,875        18,219,054  

Seabridge Gold, Inc. (CAD) * (A)

      1,531,284        27,726,600  

Seabridge Gold, Inc. (USD) * (A)

      835,032        15,122,430  

Sprott, Inc. (A)

      499,958        18,425,833  

Turquoise Hill Resources, Ltd. * (A)

      4,661,916        77,853,997  

Western Copper & Gold *

      1,335,363        2,568,829  

 

1

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares              Value      

CANADA — continued

      

Wheaton Precious Metals Corp.

      579,998      $ 26,766,908  
     

 

 

  
                557,893,966  
     

 

 

  

CHINA — 1.7%

      

China Mobile, Ltd.

      3,218,500        19,817,559  

China Shenhua Energy Co., Ltd., Cl H

      4,244,000        8,028,001  

Guangshen Railway Co., Ltd., Cl H (A)

      42,448,679        7,319,539  

Hi Sun Technology China *

      984,000        164,609  
     

 

 

  
        35,329,708  
     

 

 

  

FRANCE — 2.2%

      

Carrefour

      465,495        8,647,376  

Electricite de France SA

      3,178,539        38,704,733  
     

 

 

  
        47,352,109  
     

 

 

  

GREECE — 0.2%

      

Tsakos Energy Navigation, Ltd. (A)

      428,350        3,405,383  
     

 

 

  

HONG KONG — 0.3%

      

CK Hutchison Holdings

      470,500        3,438,925  

Luks Group Vietnam Holdings Co., Ltd. (A)

      9,255,000        1,810,234  
     

 

 

  
        5,249,159  
     

 

 

  

JAPAN — 7.4%

      

Fukuda Corp.

      78,700        3,551,023  

Icom

      69,500        1,515,373  

Inpex Corp.

      2,573,500        18,180,233  

Japan Petroleum Exploration Co., Ltd.

      329,800        5,462,346  

Japan Steel Works, Ltd.

      264,363        6,448,525  

Kamigumi Co., Ltd.

      468,950        9,840,234  

Kato Sangyo

      85,100        2,579,258  

KYORIN Holdings

      559,600        9,033,787  

Mitsubishi Corp.

      1,334,500        37,247,518  

Mitsui & Co., Ltd.

      1,296,500        29,539,235  

Organo Corp.

      162,900        9,310,269  

Suzuken Co., Ltd.

      536,700        15,410,464  

Tachi-S Co., Ltd., Cl S

      152,100        2,017,278  

Toho Holdings

      57,200        955,202  

 

2

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares              Value      

JAPAN — continued

      

West Japan Railway Co.

      124,800      $ 6,731,157  
     

 

 

  
        157,821,902  
     

 

 

  

KAZAKHSTAN — 1.9%

      

Halyk Savings Bank of Kazakhstan JSC GDR

      287,838        4,294,543  

NAC Kazatomprom JSC GDR (B)

      1,110,803        27,658,995  

NAC Kazatomprom JSC GDR

      371,681        9,254,857  
     

 

 

  
        41,208,395  
     

 

 

  

LEBANON — 0.0%

      

Solidere ADR *(C)(D)

      174,732        769,782  
     

 

 

  

MALAYSIA — 0.1%

      

Oriental Holdings

      1,951,600        2,349,319  
     

 

 

  

NORWAY — 0.7%

      

Stolt-Nielsen, Ltd. (E)

      1,056,853        14,426,721  
     

 

 

  

RUSSIA — 14.2%

      

Etalon Group GDR (A)(E)

      8,806,246        14,459,856  

Federal Grid Unified Energy System PJSC

      17,511,927,373        48,127,798  

Gazprom PJSC

      15,697,448        61,112,608  

Gazprom PJSC ADR

      2,411,391        18,770,268  

Lenta PLC GDR *(E)

      4,693,768        14,949,651  

LSR Group PJSC, Cl A

      1,523,586        15,872,477  

Moscow Exchange MICEX-RTS PJSC

      1,970,115        4,663,228  

Polyus PJSC GDR

      428,247        41,240,186  

RusHydro PJSC

      4,560,487,688        50,266,293  

RusHydro PJSC ADR

      459,437        493,435  

Sberbank of Russia PJSC

      5,733,595        24,011,040  

VTB Bank PJSC

      13,971,270,000        9,302,242  
     

 

 

  
                303,269,082  
     

 

 

  

SINGAPORE — 3.0%

      

First Resources, Ltd.

      20,695,300        20,772,433  

Golden Agri-Resources, Ltd. (A)

      231,860,800        39,357,898  

Yoma Strategic Holdings

      34,505,100        3,488,836  
     

 

 

  
        63,619,167  
     

 

 

  

 

3

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares              Value      

SOUTH AFRICA — 1.2%

      

Gold Fields, Ltd.

      1,802,074      $ 17,630,529  

Harmony Gold Mining ADR

      1,266,419        5,192,318  

Impala Platinum Holdings, Ltd.

      182,378        3,286,383  
     

 

 

  
        26,109,230  
     

 

 

  

SOUTH KOREA — 7.6%

      

DL E&C *

      40,620        5,173,510  

GS Holdings

      129,241        4,808,967  

Hankook Tire Worldwide Co., Ltd.

      581,645        9,076,747  

Korea Electric Power Corp.

      511,590        11,074,628  

Korea Electric Power Corp. ADR

      230,374        2,481,128  

Korean Reinsurance

      718,002        5,948,758  

KT Corp.

      2,131,718        62,640,355  

KT Corp. ADR

      742,473        10,684,187  

LG Corp.

      75,451        6,179,078  

LG Uplus

      3,245,257        41,050,632  

LX Holdings *

      36,588        332,401  

Pyeong Hwa Automotive

      297,194        2,816,270  
     

 

 

  
                162,266,661  
     

 

 

  

SRI LANKA — 0.3%

      

Hemas Holdings PLC (A)

      16,019,905        6,335,692  
     

 

 

  

THAILAND — 0.2%

      

Kasikornbank PLC

      1,338,500        4,194,584  
     

 

 

  

TURKEY — 0.7%

      

Emlak Konut Gayrimenkul Yatirim Ortakligi REIT

      20,826,230        4,498,426  

Turkiye Halk Bankasi AS

      19,576,264        10,664,022  
     

 

 

  
        15,162,448  
     

 

 

  

UKRAINE — 2.3%

      

Astarta Holding NV (A)(E)

      659,000        8,176,561  

Kernel Holding SA (A)

      1,596,641        22,089,803  

MHP SE (LSE Shares) GDR (A)(E)

      3,342,148        18,114,442  

MHP SE (USD Shares) GDR (A)(B)(E)

      44,627        241,878  
     

 

 

  
        48,622,684  
     

 

 

  

 

4

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares              Value      

UNITED KINGDOM — 1.6%

      

Fresnillo PLC

      1,731,633      $ 19,693,949  

Yellow Cake PLC * (A)(B)

      3,856,532        15,063,322  
     

 

 

  
        34,757,271  
     

 

 

  

UNITED STATES — 3.7%

      

Range Resources Corp. *

      2,296,316        34,972,893  

Royal Gold, Inc.

      79,772        9,693,893  

Southwestern Energy Co. *

      7,015,968        33,045,209  
     

 

 

  
        77,711,995  
     

 

 

  

TOTAL COMMON STOCK

      

(Cost $1,380,724,914)

                 1,724,167,059  
     

 

 

  

    

      
UNIT TRUST FUND — 1.3%        Shares              Value      

CANADA — 1.3%

      

Sprott Physical Uranium Trust

      3,059,105        28,320,505  
     

 

 

  

TOTAL UNIT TRUST FUND

      

(Cost $21,918,205)

         28,320,505  
     

 

 

  

    

      
PREFERRED STOCK — 1.1%              

GERMANY — 0.2%

     

Draegerwerk & KGaA 0.900%

      36,160        3,324,357  
     

 

 

  

SOUTH KOREA — 0.9%

     

Hyundai Motor Co. 4.170%

      217,375        19,653,988  
     

 

 

  

TOTAL PREFERRED STOCK

      

(Cost $15,701,522)

         22,978,345  
     

 

 

  
     
RIGHTS — 0.1%        Number of    
Rights		         

CANADA — 0.1%

      

Pan American Silver Corp., Expires 02/22/29#(C)(D)(E)

      2,532,384        2,101,879  
     

 

 

  

TOTAL RIGHTS

      

(Cost $–)

         2,101,879  
     

 

 

  

 

5

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

CONVERTIBLE BONDS — 0.0%            Face Amount              Value      

INDIA — 0.0%

     

REI Agro, Ltd., CV to 1,007 Shares
5.500%, 11/13/14 (B)(C)(D)(E)(F)

    $ 723,000      $ —  
     

 

 

  

TOTAL CONVERTIBLE BOND

      

(Cost $723,000)

         —  
     

 

 

  
     
SHORT TERM INVESTMENT — 0.3%        Shares             

Dreyfus Treasury Securities Cash Management Fund,
1.240%(G)

      6,152,260        6,152,260  
     

 

 

  

TOTAL SHORT TERM INVESTMENT

      

(Cost $6,152,260)

         6,152,260  
     

 

 

  
     
PURCHASED OPTION — 0.2%           Value  

UNITED STATES — 0.2% *(H)

      

TOTAL PURCHASED OPTIONS

      

(Cost $10,763,172)

         4,100,670  
     

 

 

  

TOTAL INVESTMENTS— 84.0%

      

(Cost $1,435,983,073)

                 1,787,640,718  
     

 

 

  

Other Assets and Liabilities, Net — 16.0%

         341,430,033  
     

 

 

  

NET ASSETS — 100.0%

       $  2,129,070,751  
     

 

 

  

 

Description                                                                          

      Number of
Contracts		        Notional
Amount		        Exercise
Price		        Expiration
Date		        Value  

PURCHASED OPTION — 0.2%

 

                    

Put Options

                         

August 21 Puts on SPX*

        1,449        $ 636,873,174        $ 4,300.00          08/20/21        $  4,100,670  
         

 

 

                 

 

 

  

TOTAL PURCHASED
OPTION

                         

(Cost $10,763,172)

           $   636,873,174                  $     4,100,670  
         

 

 

                 

 

 

  

 

*

Non-income producing security.

†

Restricted Equity.

#

Rate unavailable.

(A)

Affiliated investment.

(B)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities as of July 31, 2021 was $43,715,584 and represents 2.1% of Net Assets.

 

6

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

(C)

Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of July 31, 2021 was $2,871,661 and represented 0.1% of Net Assets.

(D)

Level 3 security in accordance with fair value hierarchy.

(E)

Securities considered illiquid. The total value of such securities as of July 31, 2021 was $72,470,988 and represented 3.4% of Net Assets.

(F)

Security in default on interest payments.

(G)

The rate reported is the 7-day effective yield as of July 31, 2021.

(H)

Refer to table below for details on Options Contracts.

ADR — American Depositary Receipt

CAD — Canadian Dollar

Cl — Class

CV — Convertible

GDR — Global Depositary Receipt

JSC — Joint Stock Company

LSE — London Stock Exchange

Ltd. — Limited

PJSC — Public Joint Stock Company

PLC — Public Limited Company

REIT — Real Estate Investment Trust

USD — United States Dollar

The list of inputs used to value the Fund’s investments as of July 31, 2021 is as follows:

 

Investments in
Securities

    Level 1      Level 2      Level 3†      Total  

Common Stock

            

Australia

    $ 85,462,053      $ —      $ —      $ 85,462,053  

Brazil

      24,905,931        —        —        24,905,931  

Burkina Faso

      5,763,817        —        —        5,763,817  

Canada

          557,142,577            751,389        —            557,893,966  

China

      35,329,708        —        —        35,329,708  

France

      47,352,109        —        —        47,352,109  

Greece

      3,405,383        —        —        3,405,383  

Hong Kong

      5,249,159        —        —        5,249,159  

Japan

      157,821,902        —        —        157,821,902  

Kazakhstan

      41,208,395        —        —        41,208,395  

Lebanon

      —        —            769,782        769,782  

Malaysia

      2,349,319        —        —        2,349,319  

Norway

      14,426,721        —        —        14,426,721  

Russia

      303,269,082        —        —        303,269,082  

Singapore

      63,619,167        —        —        63,619,167  

 

7

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

Investments in
Securities

    Level 1      Level 2      Level 3†      Total  

South Africa

    $ 26,109,230      $ —      $ —      $ 26,109,230  

South Korea

      162,266,661        —        —        162,266,661  

Sri Lanka

      6,335,692        —        —        6,335,692  

Thailand

      4,194,584        —        —        4,194,584  

Turkey

      15,162,448        —        —        15,162,448  

Ukraine

      48,622,684        —        —        48,622,684  

United Kingdom

      34,757,271        —        —        34,757,271  

United States

      77,711,995        —        —        77,711,995  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Common Stock

      1,722,465,888        751,389        769,782        1,723,987,059  

Unit Trust Fund

            

Canada

      28,320,505        —        —        28,320,505  

Preferred Stock

            

Germany

      3,324,357        —        —        3,324,357  

South Korea

      19,653,988        —        —        19,653,988  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Preferred Stock

      22,978,345        —        —        22,978,345  

Rights

            

Canada

      —        —        2,101,879        2,101,879  

Convertible Bond

            

India

      —        —        —        —  

Short Term Investment

      6,152,260        —        —        6,152,260  

Purchased Option

            

United States

      4,100,670        —        —        4,100,670  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $    1,784,017,668      $     751,389      $     2,871,661      $ 1,787,640,718  
  

 

 

     

 

 

     

 

 

     

 

 

  

†A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the period ended July 31, 2021, there were transfers in or out of Level 3.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual and semi-annual financial statements.

The following issuers are affiliated with the Funds; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2020 through July 31, 2021. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

 

8

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK GLOBAL

ALL-CAP FUND

JULY 31, 2021

(Unaudited)

 

 

 

    Value as of
    10/31/2020		             Purchases at
Cost		       

Proceeds from

Sale

        Realized
Gain/(Loss)		        Change in
Unrealized
Appreciation/
(Depreciation)		        Value as of
7/31/2021		        Dividend/
Interest
Income		  
 

Astarta Holding NV

                              
    $      3,019,537          $ 43,395        $ –        $ –        $ 5,113,629        $ 8,176,561        $ 401,056  
 

Bear Creek Mining Corp.

                              
  6,404,652            1,533,060          –          –          (3,693,094 )         4,244,618          –  
 

Centerra Gold, Inc.

                              
  24,918,922                45,097,944          –          –          (3,402,905 )         66,613,961          646,530  
 

Dundee Corp., Cl A

                              
  2,578,684            –          –          –          737,454          3,316,138          –  
 

Etalon Group GDR

                              
  9,908,881            4,311,065          184,038          (184,039 )         239,911          14,459,856          998,674  
 

Fission Uranium Corp.

                              
  2,954,025            155,623          –          –          3,645,979          6,755,627          –  
 

Gabriel Resources, Ltd.

                              
  1,141,284            12,524,193          –          –          (533,588 )         13,131,889          –  
 

Golden Agri-Resources, Ltd.

                              
  25,605,670            45,989          (2,427,658 )         (2,513,216 )         18,647,113          39,357,898          834,908  
 

Guangshen Railway Co., Ltd., Cl H

                              
  7,074,949            –          –          –          244,590          7,319,539          –  
 

Hemas Holdings PLC

                              
  5,937,521            –          –          –          398,171          6,335,692          151,046  
 

International Tower Hill Mines, Ltd.

                              
  4,603,874            2,703,053          –          –          (1,841,228 )         5,465,699          –  
 

Kernel Holding SA

                              
  12,606,122            4,174,616          –          –          5,309,065          22,089,803          –  
 

Luks Group Vietnam Holdings Co., Ltd.

                              
  1,469,111            –          –          –          341,123          1,810,234          35,764  
 

MHP SE (LSE Shares) GDR

                              
  13,787,263            4,979,780          –          –          (652,601 )         18,114,442          803,118  
 

MHP SE (USD Shares) GDR

                              
  245,786            –          –          –          (3,908 )         241,878          10,724  
 

NexGen Energy, Ltd.

                              
  17,324,708            7,264,491          (5,703,475 )         1,453,380          24,195,581          44,534,685          –  
 

Northern Dynasty Minerals, Ltd. (CAD)

                              
  2,566,899            –          –          –          (1,323,008 )         1,243,891          –  
 

Northern Dynasty Minerals, Ltd. (USD)

                              
  9,692,206            236,058          –          –          (5,068,354 )         4,859,910          –  
 

Seabridge Gold, Inc. (CAD)

                              
  29,515,404            –          –          –          (1,788,804 )         27,726,600          –  
 

Seabridge Gold, Inc. (USD)

                              
  2,646,844            12,239,592          –          –          235,994          15,122,430          –  
 

Sprott Physical Uranium Trust

                              
  —            21,918,205          –          –          6,402,300          28,320,505          –  
 

Sprott, Inc.

                              
  10,628,814            6,860,919          (4,086,663 )         1,469,871          3,552,892          18,425,833          384,494  
 

Tsakos Energy Navigation, Ltd.

                              
          3,328,283            –          –          (9 )         77,109          3,405,383          96,379  

 

9

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK

INTERNATIONAL FUND

JULY 31, 2021

(Unaudited)

 

 

 

    Value as of
    10/31/2020		             Purchases at
Cost		       

Proceeds from

Sale

       

Realized

Gain/(Loss)

        Change in
Unrealized
Appreciation/
(Depreciation)		        Value as of
7/31/2021		        Dividend/
Interest
Income		  
 

Turquoise Hill Resources, Ltd.

                              
    $      24,101,824          $ 32,589,062        $ (12,512,750 )       $ (8,071,643 )       $ 41,747,504        $ 77,853,997        $ –  
 

Yellow Cake PLC

                              
  7,376,866            3,085,807          (71,403 )         15,922          4,656,130          15,063,322          –  

 

 

  
 

  Totals:

                              
  $  229,438,129          $  159,762,852        $  (24,617,911 )       $  (7,829,734 )       $  97,237,055        $  453,990,391        $  4,362,693  

 

 

  

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

KGI-QH-001-1600

 

10

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK

INTERNATIONAL FUND

JULY 31, 2021

(Unaudited)

 

 

 

SCHEDULE OF INVESTMENTS

      
COMMON STOCK — 73.8%        Shares          Value  

AUSTRALIA — 4.3%

      

Newcrest Mining, Ltd.

      1,051,250      $         20,435,915  
     

 

 

  

BRAZIL — 0.5%

      

Centrais Eletricas Brasileiras SA

      317,360        2,414,209  
     

 

 

  

CANADA — 20.3%

      

Cameco Corp.

      911,986        16,233,351  

Cenovus Energy, Inc.

      1,001,613        8,357,480  

Centerra Gold, Inc. (A)

      581,435        4,674,409  

Crescent Point Energy Corp.

      740,283        2,705,747  

Equinox Gold *

      511,031        3,555,426  

Ivanhoe Mines, Ltd., Cl A *

      1,167,690        8,666,888  

MEG Energy Corp. *

      1,062,795        6,780,898  

New Gold, Inc. *

      1,043,994        1,712,150  

Novagold Resources, Inc. *

      975,058        7,624,953  

Pan American Silver Corp.

      160,508        4,506,729  

Tourmaline Oil Corp.

      44,953        1,227,236  

Turquoise Hill Resources, Ltd. * (A)

      997,943        16,665,648  

Wheaton Precious Metals Corp.

      310,641        14,336,082  
     

 

 

  
        97,046,997  
     

 

 

  

CHINA — 6.2%

      

China Mobile, Ltd.

      1,081,500        6,659,217  

China Shenhua Energy Co., Ltd., Cl H

      1,205,000        2,279,392  

China Telecom Corp, Ltd., Cl H

      41,840,000        17,013,492  

Guangshen Railway Co., Ltd., Cl H (A)

      8,914,000        1,537,065  

PAX Global Technology, Ltd.

      1,959,000        2,117,525  
     

 

 

  
        29,606,691  
     

 

 

  

FRANCE — 0.9%

      

Carrefour

      106,267        1,974,094  

Electricite de France SA

      165,293        2,012,755  
     

 

 

  
        3,986,849  
     

 

 

  

HONG KONG — 0.7%

      

CK Hutchison Holdings

      14,500        105,982  

K Wah International Holdings, Ltd.

      4,783,000        2,160,340  

 

1

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK

INTERNATIONAL FUND

JULY 31, 2021

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares          Value  

HONG KONG — continued

      

SJM Holdings, Ltd.

      1,046,000      $ 942,203  
     

 

 

  
        3,208,525  
     

 

 

  

JAPAN — 5.2%

      

Inpex Corp.

      610,100        4,309,990  

Kamigumi Co., Ltd.

      160,600        3,369,958  

Mitsubishi Corp.

      113,000        3,153,967  

Mitsui & Co., Ltd.

      150,300        3,424,410  

Suzuken Co., Ltd.

      155,200        4,456,315  

TS Tech

      221,300        3,267,909  

West Japan Railway Co.

      52,700        2,842,404  
     

 

 

  
        24,824,953  
     

 

 

  

KAZAKHSTAN — 2.9%

      

Halyk Savings Bank of Kazakhstan JSC GDR

      59,659        890,112  

NAC Kazatomprom JSC GDR

      188,604        4,696,240  

NAC Kazatomprom JSC GDR (B)

      335,296        8,348,870  
     

 

 

  
        13,935,222  
     

 

 

  

NETHERLANDS — 0.3%

      

AerCap Holdings *

      22,732        1,204,796  
     

 

 

  

RUSSIA — 17.1%

      

Federal Grid Unified Energy System PJSC

      1,075,735,233        2,956,429  

Gazprom Neft PJSC

      1,555,350        9,044,766  

Gazprom PJSC

      4,963,460                19,323,522  

Lenta PLC GDR *(C)

      1,020,940        3,251,694  

LSR Group PJSC, Cl A

      310,416        3,233,865  

Magnit PJSC

      28,521        2,087,689  

Moscow Exchange MICEX-RTS PJSC

      1,020,899        2,416,450  

PhosAgro PJSC

      33,416        2,102,898  

Polyus PJSC GDR

      147,820        14,235,066  

RusHydro PJSC

      607,242,397        6,693,105  

Sberbank of Russia PJSC

      2,315,884        9,698,415  

VEON ADR

      2,721,110        4,761,943  

VTB Bank PJSC

      2,893,120,000        1,926,275  
     

 

 

  
        81,732,117  
     

 

 

  

 

2

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK

INTERNATIONAL FUND

JULY 31, 2021

(Unaudited)

 

 

 

COMMON STOCK — continued        Shares          Value  

SINGAPORE — 2.3%

      

Golden Agri-Resources, Ltd. (A)

      64,139,400      $ 10,887,532  
     

 

 

  

SOUTH AFRICA — 2.0%

      

Gold Fields, Ltd.

      371,796        3,637,453  

Harmony Gold Mining ADR

      543,704        2,229,187  

Impala Platinum Holdings, Ltd.

      207,728        3,743,180  
     

 

 

  
                9,609,820  
     

 

 

  

SOUTH KOREA — 7.9%

      

DL E&C *

      27,385        3,487,852  

GS Holdings

      26,444        983,963  

Hyundai Mobis, Co., Ltd.

      8,486        1,966,111  

Korea Electric Power Corp.

      110,717        2,396,743  

Korea Electric Power Corp. ADR

      321,870        3,466,540  

KT Corp.

      184,879        5,432,654  

KT Corp. ADR

      617,885        8,891,365  

LG Corp.

      25,127        2,057,782  

LG Uplus

      717,118        9,071,129  

LX Holdings *

      9,426        85,635  
     

 

 

  
        37,839,774  
     

 

 

  

UKRAINE — 0.7%

      

MHP SA GDR (A)(C)

      609,384        3,302,861  
     

 

 

  

UNITED KINGDOM — 1.2%

      

Fresnillo PLC

      503,169        5,722,567  
     

 

 

  

UNITED STATES — 1.3%

      

Royal Gold, Inc.

      52,303        6,355,861  
     

 

 

  

TOTAL COMMON STOCK
(Cost $285,472,551)

         352,114,689  
     

 

 

  

    

      

PREFERRED STOCK — 0.6%

      

SOUTH KOREA — 0.6%

     

Hyundai Motor Co. 4.170%

      33,050        2,988,220  
     

 

 

  

TOTAL PREFERRED STOCK
(Cost $2,278,055)

         2,988,220  
     

 

 

  

 

3

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK

INTERNATIONAL FUND

JULY 31, 2021

(Unaudited)

 

 

 

SHORT TERM INVESTMENT — 1.3%        Shares          Value  

Dreyfus Treasury Securities Cash Management Fund, 1.240%(D)

      6,000,000        6,000,000  
     

 

 

  

TOTAL SHORT TERM INVESTMENT

      

(Cost $6,000,000)

       $ 6,000,000  
     

 

 

  

TOTAL INVESTMENTS— 75.7%

      

(Cost $293,750,606)

         361,102,909  
     

 

 

  

Other Assets and Liabilities, Net — 24.3%

         116,154,298  
     

 

 

  

NET ASSETS — 100.0%

       $         477,257,207  
     

 

 

  

 

*

Non-income producing security.

(A)

Affiliated investment.

(B)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities as of July 31, 2021 was $8,348,870 and represents 1.7% of Net Assets.

(C)

Securities considered illiquid. The total value of such securities as of July 31, 2021 was $6,554,555 and represented 1.4% of Net Assets.

(D)

The rate reported is the 7-day effective yield as of July 31, 2021.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

JSC — Joint Stock Company

Ltd. — Limited

PJSC — Public Joint Stock Company

PLC — Public Limited Company

As of July 31, 2021, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

There were no transfers in or out of Level 3 for the period ended July 31, 2021.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual and semi-annual financial statements.

 

4

THE ADVISORS’ INNER CIRCLE FUND II  

KOPERNIK

INTERNATIONAL FUND

JULY 31, 2021

(Unaudited)

 

 

 

The following issuers are affiliated with the Funds; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2020 through July 31, 2021. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

 

    Value as of

    10/31/2020

             Purchases at
Cost		        Proceeds from
Sale		        Realized Loss       

Change in
Unrealized
Appreciation/

(Depreciation)

        Value as of
7/31/2021		        Dividend/
Interest
Income		  
 

Centerra Gold, Inc.

                              
  $               —          $ 5,078,235        $ –        $ –        $ (403,826 )       $ 4,674,409        $ 19,945  
 

Golden Agri-Resources, Ltd.

                              
  736,248            8,070,043          –          –          2,081,241          10,887,532          153,044  
 

Guangshen Railway Co., Ltd., Cl H

                              
  —            1,676,471          –          –          (139,406 )         1,537,065          –  
 

MHP SA GDR

                              
  3,270,264            82,687          –          –          (50,090 )         3,302,861          144,039  
 

Turquoise Hill Resources, Ltd.

                              
  6,092,848            7,107,789          (3,602,421 )         (666,595 )         7,734,027          16,665,648          –  

 

 

  
 

Totals:

                              
  $    10,099,360          $     22,015,225        $     (3,602,421 )       $     (666,595 )       $     9,221,946        $     37,067,515        $     317,028  

 

 

  

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

KGI-QH-002-1300

 

5