THE ADVISORS’ INNER CIRCLE FUND II	SPRUCEGROVE INTERNATIONAL
	EQUITY MASTER FUND
	SEPTEMBER 30, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 94.2%
	Shares		Value
AUSTRALIA — 1.6%
Adbri Ltd		966,590	$	2,224,153
National Australia Bank Ltd		226,655		4,484,879
				6,709,032
BRAZIL — 2.9%
Ambev SA ADR		2,665,300		7,356,228
Banco Bradesco SA ADR		1,337,872		5,124,050
				12,480,278
CANADA — 3.4%
Alimentation Couche-Tard, Cl B		103,100		3,943,818
Bank of Nova Scotia		83,787		5,156,123
Saputo Inc		131,000		3,330,710
Stella-Jones		59,300		1,996,405
				14,427,056
CHINA — 0.3%
Alibaba Group Holding *		77,800		1,437,180
DENMARK — 0.5%
Bakkafrost P		26,344		2,181,050
FINLAND — 1.4%
Nokian Renkaat OYJ		173,042		6,181,152
FRANCE — 3.5%
Air Liquide SA		45,480		7,297,422
TotalEnergies		157,425		7,515,148
				14,812,570
GERMANY — 8.9%
BASF SE		121,320		9,231,827
Bayerische Motoren Werke		86,516		8,339,863
Fresenius Medical Care & KGaA		109,670		7,713,361
Henkel & KGaA		103,700		8,934,063
SAP SE		27,480		3,721,279
				37,940,393

THE ADVISORS’ INNER CIRCLE FUND II	SPRUCEGROVE INTERNATIONAL
	EQUITY MASTER FUND
	SEPTEMBER 30, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
HONG KONG — 6.6%
AIA Group Ltd		790,200	$	9,130,970
Hongkong Land Holdings Ltd		759,700		3,636,215
Jardine Matheson Holdings Ltd		144,700		7,621,256
Johnson Electric Holdings		917,823		1,954,627
Television Broadcasts Ltd		779,800		614,997
Xinyi Glass Holdings Ltd		484,000		1,445,467
Yue Yuen Industrial Holdings		1,769,376		3,576,996
				27,980,528
IRELAND — 3.3%
CRH PLC		194,926		9,088,294
Ryanair Holdings PLC ADR *		43,700		4,809,622
				13,897,916
ISREAL — 0.3%
Check Point Software Technologies Ltd *		10,000		1,130,400
ITALY — 1.3%
Freni Brembo		429,158		5,407,289
JAPAN — 12.6%
Ain Holdings		62,500		3,889,978
Denso Corp		150,700		9,826,796
FANUC Corp		12,000		2,614,162
Koito Manufacturing		47,400		2,833,625
Komatsu Ltd		116,600		2,791,162
Kubota Corp		259,800		5,526,177
Nihon Kohden Corp		137,500		4,669,326
Nitto Denko Corp		108,900		7,721,129
Omron Corp		42,339		4,180,161
Toyota Motor Corp		523,500		9,269,359
				53,321,875
NETHERLANDS — 3.8%
Boskalis Westminster		239,291		7,242,001
Koninklijke Vopak		58,590		2,308,354
SBM Offshore		371,472		6,623,757
				16,174,112

THE ADVISORS’ INNER CIRCLE FUND II	SPRUCEGROVE INTERNATIONAL
	EQUITY MASTER FUND
	SEPTEMBER 30, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
NORWAY — 2.5%
TGS NOPEC Geophysical		367,210	$	3,893,882
Yara International ASA		134,140		6,662,351
				10,556,233
PANAMA — 1.5%
Copa Holdings SA, Cl A *		77,400		6,298,812
SINGAPORE — 5.3%
SATS Ltd		709,700		2,159,308
Sembcorp Industries Ltd		3,107,100		4,166,242
Singapore Telecommunications		3,240,825		5,837,626
United Overseas Bank Ltd		445,030		8,401,286
Venture Corp		147,700		1,944,712
				22,509,174
SOUTH AFRICA — 1.0%
Tiger Brands Ltd		328,020		4,072,768
SOUTH KOREA — 2.1%
Samsung Electronics GDR		5,742		8,955,645
SWITZERLAND — 6.7%
Cie Financiere Richemont, Cl A		87,160		9,038,387
Holcim		150,030		7,238,996
Novartis		81,490		6,667,376
Swatch Group		20,810		5,448,591
				28,393,350
UNITED KINGDOM — 24.7%
Anglo American PLC		222,753		7,849,772
Berkeley Group Holdings		130,906		7,651,837
BHP Group PLC		255,770		6,469,886
Carnival PLC *		178,342		4,024,027
Diageo PLC		74,360		3,601,066
Electrocomponents PLC		232,713		3,368,777
HSBC Holdings PLC		1,111,603		5,778,388
IMI PLC		433,730		9,677,014
Johnson Matthey PLC		171,090		6,166,666
Lloyds Banking Group PLC		9,223,950		5,740,486

THE ADVISORS’ INNER CIRCLE FUND II	SPRUCEGROVE INTERNATIONAL
	EQUITY MASTER FUND
	SEPTEMBER 30, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — continued
	Shares		Value
Royal Dutch Shell PLC, Cl B		239,636	$	5,284,606
Smiths Group PLC		491,690		9,520,625
Spectris PLC		119,590		6,229,692
Travis Perkins		390,005		8,060,823
Victrex PLC		202,715		6,477,321
Weir Group PLC		326,540		7,399,705
Wickes Group		437,011		1,355,074
				104,655,765
TOTAL COMMON STOCK (Cost $349,754,740)				399,522,578
PREFERRED STOCK — 1.8%
	Shares		Value
GERMANY — 1.8%
FUCHS PETROLUB (A)		105,940		4,957,622
Jungheinrich AG (A)		53,170		2,472,791
				7,430,413
TOTAL PREFERRED STOCK (Cost $5,428,744)				7,430,413
TOTAL INVESTMENTS— 96.0% (Cost $355,183,484)			$	406,952,991

Percentages are based on Net Assets of $424,126,231.

* Non-income producing security.

(A) There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

LTD — Limited

PLC — Public Limited Company

THE ADVISORS’ INNER CIRCLE FUND II	SPRUCEGROVE INTERNATIONAL
	EQUITY MASTER FUND
	SEPTEMBER 30, 2021 (Unaudited)

As of September 30, 2021, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended September 30, 2021, there were no transfers in or out of Level 3.

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

SIM-QH-001-0200

THE ADVISORS’ INNER CIRCLE FUND II	SPRUCEGROVE INTERNATIONAL
	EQUITY FUND
	SEPTEMBER 30, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS
	Shares		Value
TOTAL INVESTMENTS— 94.8%
MASTER FUND— 94.8%
Sprucegrove International Equity Master Fund
(Cost $1,052,739)		12,610	$	1,029,990

Percentages are based on Net Assets of $1,086,012.

As of September 30, 2021, all of the Fund’s investments in the Master Fund are valued at Net Asset Value.

For the period ended September 30, 2021, there were no transfers in or out of Level 3.

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

SIM-QH-001-0200