The Advisors' Inner Circle Fund II

Kopernik Global All-Cap Fund

Class A Shares - KGGAX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Class A Shares of the Kopernik Global All-Cap Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.kopernikglobal.com/content/mutual-fund-kopernik-global-all-cap-fund. You can also request this information by contacting us at 1-855-887-4544.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Kopernik Global All-Cap Fund, Class A Shares	$65	1.25%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,249,247,202	133	$8,923,282	27%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	13.1%
Kazakhstan	2.9%
Singapore	3.1%
Brazil	3.3%
Hong Kong	3.5%
Russia	4.1%
Japan	4.4%
United Kingdom	4.6%
China	4.7%
South Africa	6.5%
United States	10.0%
Canada	14.5%
South Korea	17.0%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
LG Uplus Corp. ^{Footnote Reference**}			3.9%
Anglo American Platinum, Ltd.			3.2%
Impala Platinum Holdings, Ltd.			3.0%
CK Hutchison Holdings, Ltd.			2.5%
Golden Agri-Resources, Ltd. ^{Footnote Reference**}			2.2%
Range Resources Corp.			2.1%
K+S AG			2.1%
Newmont Corp. CDI			2.1%
Korea Electric Power Corp.			1.9%
Baidu, Inc., Cl A			1.8%

Footnote	Description
Footnote^**	Affiliated Investment
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

1-855-887-4544
https://www.kopernikglobal.com/content/mutual-fund-kopernik-global-all-cap-fund

Householding

Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-855-887-4544 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

KGGAX-SAR-2025

The Advisors' Inner Circle Fund II

Kopernik Global All-Cap Fund

Class I Shares - KGGIX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Class I Shares of the Kopernik Global All-Cap Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.kopernikglobal.com/content/mutual-fund-kopernik-global-all-cap-fund. You can also request this information by contacting us at 1-855-887-4544.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Kopernik Global All-Cap Fund, Class I Shares	$52	1.00%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$2,249,247,202	133	$8,923,282	27%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	13.1%
Kazakhstan	2.9%
Singapore	3.1%
Brazil	3.3%
Hong Kong	3.5%
Russia	4.1%
Japan	4.4%
United Kingdom	4.6%
China	4.7%
South Africa	6.5%
United States	10.0%
Canada	14.5%
South Korea	17.0%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
LG Uplus Corp. ^{Footnote Reference**}			3.9%
Anglo American Platinum, Ltd.			3.2%
Impala Platinum Holdings, Ltd.			3.0%
CK Hutchison Holdings, Ltd.			2.5%
Golden Agri-Resources, Ltd. ^{Footnote Reference**}			2.2%
Range Resources Corp.			2.1%
K+S AG			2.1%
Newmont Corp. CDI			2.1%
Korea Electric Power Corp.			1.9%
Baidu, Inc., Cl A			1.8%

Footnote	Description
Footnote^**	Affiliated Investment
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

1-855-887-4544
https://www.kopernikglobal.com/content/mutual-fund-kopernik-global-all-cap-fund

Householding

KGGIX-SAR-2025

The Advisors' Inner Circle Fund II

Kopernik International Fund

Class I Shares - KGIIX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Class I Shares of the Kopernik International Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.kopernikglobal.com/content/mutual-fund-kopernik-international-fund. You can also request this information by contacting us at 1-855-887-4544.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Kopernik International Fund, Class I Shares	$53	1.03%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$550,264,897	74	$2,258,558	25%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	7.5%
Germany	2.7%
Japan	3.0%
Hong Kong	3.5%
Brazil	3.6%
Kazakhstan	3.8%
United Kingdom	4.5%
China	4.9%
United States	6.9%
Russia	6.9%
South Africa	7.4%
Canada	10.6%
South Korea	11.8%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
LG Uplus Corp. ^{Footnote Reference**}			4.1%
Anglo American Platinum, Ltd.			3.6%
Impala Platinum Holdings, Ltd.			3.5%
Newmont Corp. CDI			3.0%
Barrick Gold Corp.			2.9%
K+S AG			2.7%
CK Hutchison Holdings, Ltd.			2.6%
Golden Agri-Resources, Ltd. ^{Footnote Reference**}			2.6%
NAC Kazatomprom JSC GDR			2.0%
Baidu, Inc., Cl A			1.9%

Footnote	Description
Footnote^**	Affiliated Investment
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

1-855-887-4544
https://www.kopernikglobal.com/content/mutual-fund-kopernik-international-fund

Householding

KGIIX-SAR-2025

The Advisors' Inner Circle Fund II

Kopernik International Fund

Investor Shares - KGIRX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Investor Shares of the Kopernik International Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.kopernikglobal.com/content/mutual-fund-kopernik-international-fund. You can also request this information by contacting us at 1-855-887-4544.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Kopernik International Fund, Investor Shares	$66	1.28%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$550,264,897	74	$2,258,558	25%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	7.5%
Germany	2.7%
Japan	3.0%
Hong Kong	3.5%
Brazil	3.6%
Kazakhstan	3.8%
United Kingdom	4.5%
China	4.9%
United States	6.9%
Russia	6.9%
South Africa	7.4%
Canada	10.6%
South Korea	11.8%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
LG Uplus Corp. ^{Footnote Reference**}			4.1%
Anglo American Platinum, Ltd.			3.6%
Impala Platinum Holdings, Ltd.			3.5%
Newmont Corp. CDI			3.0%
Barrick Gold Corp.			2.9%
K+S AG			2.7%
CK Hutchison Holdings, Ltd.			2.6%
Golden Agri-Resources, Ltd. ^{Footnote Reference**}			2.6%
NAC Kazatomprom JSC GDR			2.0%
Baidu, Inc., Cl A			1.9%

Footnote	Description
Footnote^**	Affiliated Investment
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

1-855-887-4544
https://www.kopernikglobal.com/content/mutual-fund-kopernik-international-fund

Householding

KGIRX-SAR-2025

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

The following is a summary of the level of inputs us as of April 30, 2025, in valuing the Fund’s investments carried at value:

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

For the six months ended April 30, 2025, there were no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

As of April 30, 2025, the Global All Cap Fund owned private placement investments that were purchased through private offerings or acquired through initial public offerings or acquired through restructuring and cannot be sold without prior registration under the Securities Act of 1933 or pursuant to an exemption therefrom. In addition, the Funds have generally agreed to further restrictions on the disposition of certain holdings as set forth in various agreements entered into in connection with the purchase of these investments. The acquisition dates of these investments, the enforceable right to acquire these securities, along with their cost and values at April 30, 2025, were as follows:

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, 2024 through April 30, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

The following is a summary of the level of inputs us as of April 30, 2025, in valuing the Fund’s investments carried at market value:

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

For the six months ended April 30, 2025, there were no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to 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, 2024 through April 30, 2025 As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

The Advisors’ Inner Circle Fund II (the “Trust”) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 24 funds. The financial statements herein are those of the Kopernik Global All-Cap Fund and Kopernik International Fund (each a “Fund” and, collectively, the “Funds”). The investment objective of the Funds is to provide long-term capital appreciation. The Kopernik Global All-Cap Fund is diversified and invests primarily (at least 40% of its net assets) in equity securities of companies located in at least three countries other than the U.S. The Kopernik International Fund is diversified and invests primarily in equity securities of companies located throughout the world. The financial statements of the remaining funds of the Trust are presented separately. Kopernik Global Investors, LLC serves as the Funds investment adviser (the “Adviser”). The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

Effective September 27, 2018, the Kopernik International Fund Class A shares were re-designated as Investor Class Shares. This share class name change had no impact on any Fund operations or investment policies. The Investor Class Shares commenced operations on December 10, 2018.

The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Funds. The Funds are an investment companies and therefore applies the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board (“FASB”) in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

Use of Estimates — The preparation of financial statements requires management to make estimates and assumptions that affect the fair value of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ fair value procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Options for which the primary market is a national securities exchange are valued at the last bid price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price for long positions and at the closing ask price for written options. Options not traded on a national securities exchange are valued at the last quoted bid price.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser.

Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2025, the total market value of securities in the Kopernik Global All-Cap Fund valued in accordance with fair value procedures was $118,958,596 or 5.3% of the Fund’s net assets. As of April 30, 2025, the Kopernik International Fund valued in accordance with fair value procedures was $37,960,097 or 6.9% of the Fund’s net assets.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Funds calculate their net asset values. The closing prices of such securities may no longer reflect their market value at the time the Funds calculate net asset values if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser of the Funds becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it may request that a Committee meeting be called.

The Funds use Intercontinental Exchange Data Pricing & Reference Data, LLC. (“ICE”) as a third party fair valuation vendor. ICE provides a fair value for foreign securities in the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Fund values its non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts SEI Investments Global Fund Services (the “Administrator”) and may request that a meeting of the Committee be held.

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in that corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.

In accordance with authoritative guidance on fair value measurement under U.S. GAAP, the Funds disclose fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.); and

Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

The following table summarizes the quantitative inputs and assumptions used for items categorized as recurring Level 3 assets as of April 30, 2025. The following disclosures also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

Federal Income Taxes — It is the Funds’ intention to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more -likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six months ended April 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months ended April 30, 2025, the Funds did not incur any significant interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The Funds or their agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statements of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on securities purchased are accreted and amortized.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid.

Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Funds as unrealized gain or loss. The Funds recognize realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized gains (loss) during the period are presented on the Statements of Operations. Risks may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default. There were no forward foreign currency contracts for the six months ended April 30, 2025.

Options Written/Purchased — The Funds may purchase and write put and call options on indices and enter into related closing transactions. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract. The market value of an option generally reflects the market price of an underlying security. Other principal factors affecting market value include supply and demand, interest rates, the pricing volatility of the underlying security and the time remaining until the expiration date. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Funds on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss. Any realized or unrealized gains (loss) during the period are presented on the Statements of Operations. Risks associated with options transactions include: (i) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect correlation between the movement in prices of options and the securities underlying them; (iii) there may not be a liquid secondary market for options; and (iv) while a Fund will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security. The Kopernik Global All-Cap Fund had open option contracts as of April 30, 2025 as disclosed in the Funds’ Schedule of Investments.

For the six months ended April 30, 2025, the quarterly average balances of options held by the Funds were as follows:

Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of a Fund. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed.

Cash — Idle cash may be swept into various time deposit accounts and is classified as cash on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times may exceed United States federally insured limits. Amounts invested are available on the same business day.

Expenses — Most expenses of the Trust can be directly attributed to a particular fund. Expenses which cannot be directly attributed to a particular fund are apportioned among the funds of the Trust based on the number of funds and/or relative net assets.

Classes — Class specific expenses are borne by that class of shares. Income, realized and unrealized gains (losses), and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

Dividends and Distributions to Shareholders — The Funds distribute substantially all of their net investment income annually. Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend date.

Redemption Fees — The Funds retains a redemption fee of 2.00% on redemptions of capital shares held for less than ninety days. Such fees are retained by the Funds for the benefit of the remaining shareholders. For the six months ended April 30, 2025, Kopernik Global All-Cap Fund Class A Shares did not have any redemption fees.

Certain officers of the Trust are also employees of the Administrator and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

The services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the six months ended April 30, 2025, the Kopernik Global All-Cap Fund and Kopernik International Fund paid $720,753 and $184,841, respectively, for these services.

The Funds have adopted a distribution plan with respect to the Class A Shares and Investor Class Shares in accordance with the provisions of Rule 12b-1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. Because these fees are paid out of the Funds’ assets continuously, over time, these fees will increase the cost of your investment. Under the distribution plan, the Funds may receive up to 0.25% of the average daily net assets of the Class A Shares and Investor Class Shares as compensation for distribution and shareholder services.

SS&C Global Investor & Distribution Solutions, Inc. serves as transfer agent and dividend disbursing agent for the Fund under the transfer agency agreement with the Trust.

During the six months ended April 30, 2025, the Kopernik Global All-Cap Fund and Kopernik International Fund earned cash management credits of $ 27,719 and $ 5,462, respectively, which were used to offset transfer agent expenses. These amounts are labeled “Fees Paid Indirectly” on the Statements of Operations.

Brown Brothers Harriman & Co. acts as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Funds at a fee calculated at an annual rate of 0.90% of the Funds’ average daily net assets. The Adviser has contractually agreed (effective November 1, 2013 for the Kopernik Global All-Cap Fund and June 30, 2015 (revised February 8, 2017 and March 1, 2018) for the Kopernik International Fund) to reduce its fees and/or reimburse expenses in order to keep total annual fund operating expenses after fee reductions and/or expense reimbursements (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses (collectively, “excluded expenses”)) from exceeding certain levels as set forth below until February 28, 2026 (the “Contractual Expense Limit”). Refer to waiver of investment advisory fees on the Statement of Operations for fees waived for the six months ended April 30, 2025. This agreement may be terminated: (i) by the Board, for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2026. During the six months ended April 30, 2025, the Funds did not incur any recoupments. Reimbursement of previously waived fees and reimbursed expenses would be recognized as Recovery of Investment Advisory fees previously waived in the Statements of Operations.

If at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Adviser may receive from the Funds the difference between the total annual fund operating expenses (not including excluded expenses) and the Contractual Expense Limit to recover all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this agreement (or any other agreement) was in place.

For the six months ended April 30, 2025, the Funds have completed recapturing previously waived fees by the Adviser.

The following table shows the derivatives categorized by underlying risk exposure.

The effect of derivative instruments on the Statements of Operations for the six months ended April 30, 2025.

Change in unrealized appreciation or (depreciation) on derivatives recognized in income:

For the six month ended April 30, 2025, the purchases and sales of investment securities other than long-term U.S. Government and short-term securities were:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain or (loss) on investment transactions for a reporting period may differ significantly from distributions during the year. The book/tax differences may be temporary or permanent. The permanent differences are primarily related to investments in Passive Foreign Investment Companies (“PFICs”), distribution reclassification and foreign currency. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings (loss) or paid-in capital, as appropriate, in the period that the differences arise.

During the year ended October 31, 2024, there were no permanent differences for the Funds.

The tax character of dividends and distributions declared for the Funds during the years ended October 31, 2024 and October 31, 2023 were as follows:

As of October 31, 2024, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to investments in derivatives, passive foreign investment companies and losses from wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2025, were as follows:

The Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. The principal risk factors affecting shareholders’ investments in the Funds are set forth below. The following risks pertain to the Funds, unless otherwise noted.

Equity Risk — Since the Funds purchase equity securities, the Funds are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Funds’ equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Funds invest, which in turn could negatively impact the Funds' performance and cause losses on your investment in the Funds. These factors contribute to price volatility, which is the principal risk of investing in the Funds.

Small and Medium Capitalization Companies Risk — The risk that small and medium capitalization companies in which the Funds invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter or listed on an exchange. The market for small and medium capitalization companies may be less liquid than the market for larger capitalization companies.

Foreign/Emerging and Frontier Market Security Risk — Non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. Non-U.S. securities are also subject to risks associated with the potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Funds to sell such investments at inopportune times, which could result in losses to the Funds. These additional risks may be heightened with respect to emerging and frontier market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Geographic Focus Risk — To the extent that a large portion of their portfolios is invested in a particular country or region, the Funds may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers within that country or region. As a result, the Funds may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

Sector Focus Risk — Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity Risk — Certain securities, including privately placed securities and securities of emerging or frontier market issuers, may be difficult or impossible to sell at the time and the price that the Funds would like. The Funds may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

Foreign Currency Risk — As a result of the Funds’ investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Funds will be subject to foreign currency risk. Foreign currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar, in which case, will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected.

Sanctions Risk — On February 24, 2022, Russia launched a large-scale invasion of Ukraine, significantly amplifying already existing geopolitical tensions. Russia’s actions and the resulting responses by the United States and other countries could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia’s invasion of Ukraine and may impose sanctions on other countries. The extent and duration of the war in Ukraine and the longevity and severity of sanctions remain unknown, but they could have a significant adverse impact on the European economy as well as the price and availability of certain commodities, including oil and natural gas, throughout the world. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Fund. The sanctions and/or any retaliatory action by Russia could also require the Fund to freeze any existing investments in Russian companies or prohibit the Fund from selling or transacting in these investments and could potentially impact the Fund’s liquidity. In general terms, the overall negative impact to the Fund will depend on the extent to which the Fund is prohibited from selling or otherwise transacting in its investments at any given time and whether a fair market valuation can be readily obtained, particularly for any Russia currency-denominated investments and investments in U.S. dollar-denominated depositary receipts representing securities of Russian issuers.

Depositary Receipts Risk — Depositary receipts are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments.

Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

Private Placements Risk — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Funds or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

Valuation Risk — Valuation risk is the risk that certain securities may be difficult to value and/or valued incorrectly. This risk may be especially pronounced for investments that may be illiquid or may become illiquid.

At April 30, 2025, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of omnibus accounts that were held on behalf of multiple underlying shareholders was as follows:

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Funds’ Adviser, acts as each Fund’s CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund’s portfolio managers. The financial information in the form of each Fund’s schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus each Fund’s comparative benchmarks and to make resource allocation decisions for each Fund’s single segment, is consistent with that presented within each Fund’s financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Statements of Operations.

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

Effective as of the close of business on July 31, 2025 (the “Effective Date”), Kopernik Global All-Cap Fund (the “Fund”) will be closed to certain new investments because the Adviser, the Fund’s investment adviser, believes that carefully managing the Fund’s capacity provides the opportunity to continue to invest in the most attractively priced companies it can find and maintain the ability to take advantage of investments across different markets, countries, industry/sectors, and across the market capitalization spectrum.

While any existing shareholder may continue to reinvest Fund dividends and distributions, other new investments in the Fund may only be made by those investors within the following categories:

The Fund reserves the right to modify the above criteria, suspend all sales of new shares or reject any specific purchase order for any reason.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

No remuneration was paid by the company during the period covered by the report to any Officers of the Trust, other than as disclosed as part of the financial statements included above in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information must be preceded or accompanied by a current prospectus for the Funds described.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 85.5%	Shares		Value
ARGENTINA — 0.4%
Cresud SACIF y A ADR		921,628	$	10,128,692

AUSTRALIA — 1.7%
Paladin Energy, Ltd. (AUD) * (A)		9,061,821		34,001,848
Paladin Energy, Ltd. (CAD) * (A)		999,875		3,655,426
				37,657,274
BRAZIL — 2.6%
BrasilAgro - Brasileira de Propriedades Agricolas		1,852,400		6,962,229
Centrais Eletricas Brasileiras SA		3,691,911		28,565,203
Vale SA		2,372,623		22,111,844
				57,639,276
CANADA — 12.1%
Aris Mining Corp. * (A)		3,836,621		20,983,695
Barrick Gold Corp.		1,600,984		30,482,735
Bear Creek Mining Corp. * (A)		12,752,179		1,618,766
Equinox Gold Corp. *		4,812,295		32,358,896
Gabriel Resources, Ltd. * (A)		5,983,906		412,354
Gabriel Resources, Ltd. * † (A)		347,197		23,926
Gabriel Resources, Ltd. * † (A)		496,058		34,184
International Tower Hill Mines, Ltd. * (A)		6,548,183		4,052,670
Ivanhoe Mines, Ltd., Cl A *		1,861,833		16,530,419
Lundin Mining Corp., Cl Common Subs. Receipt		835,953		6,839,946
MEG Energy Corp., Cl Common Subs. Receipt		1,870,187		26,236,339
NexGen Energy, Ltd. *		2,419,938		12,656,276
Northern Dynasty Minerals, Ltd. (CAD) * (A)		2,873,848		3,293,689
Northern Dynasty Minerals, Ltd. (USD) * (A)		5,740,005		6,601,006
Novagold Resources, Inc. * (A)		6,809,445		28,803,952
Nutrien, Ltd.		190,194		10,850,568
Sandstorm Gold, Ltd.		923,629		8,035,572
Seabridge Gold, Inc. (CAD) * (A)		1,422,848		17,679,810
Seabridge Gold, Inc. (USD) * (A)		2,761,100		34,320,473
Sprott, Inc.		91,249		4,794,114

COMMON STOCK — continued	Shares		Value
CANADA — continued
Western Copper & Gold Corp. * (A)		5,570,563	$	6,141,924
				272,751,314
CHILE — 1.8%
Empresa Nacional de Telecomunicaciones SA (A)		6,969,148		20,166,509
Sociedad Quimica y Minera de Chile SA ADR		575,318		19,675,875
				39,842,384
CHINA — 4.7%
Baidu, Inc., Cl A *		3,615,100		39,863,779
CGN Power Co., Ltd., Cl H (B)		83,648,000		26,626,253
China Communications Services Corp., Ltd., Cl H		27,952,000		14,557,411
China Gas Holdings, Ltd.		6,248,400		5,649,388
China Reinsurance Group Corp., Cl H		8,148,000		944,901
Guangshen Railway Co., Ltd., Cl H (A)		44,260,679		9,698,143
Hi Sun Technology China, Ltd. * (A)		83,997,000		3,357,454
PAX Global Technology, Ltd.		7,230,000		4,353,857
				105,051,186
FRANCE — 2.2%
Carrefour SA		1,920,196		29,616,519
Eramet SA		173,875		9,641,057
Euroapi SA * (A)		3,367,352		10,532,282
				49,789,858
GERMANY — 2.1%
K+S AG		2,697,426		47,048,157

HONG KONG — 3.5%
Bank of East Asia, Ltd.		2,110,000		2,901,125
CK Hutchison Holdings, Ltd.		9,802,500		55,277,077
First Pacific Co., Ltd.		14,714,000		9,900,580
K Wah International Holdings, Ltd.		4,442,000		995,233
Luks Group Vietnam Holdings Co., Ltd. (A)		9,255,000		883,479
SJM Holdings, Ltd. *		32,676,000		9,115,760
				79,073,254

COMMON STOCK — continued	Shares		Value
INDONESIA — 0.5%
Indah Kiat Pulp & Paper		9,961,400	$	3,092,889
Media Nusantara Citra Tbk PT *		246,244,900		3,892,251
United Tractors TbK PT		3,515,800		4,804,761
				11,789,901
JAPAN — 4.4%
Electric Power Development Co., Ltd.		616,000		10,814,162
Fukuda Corp.		153,800		5,728,568
Inpex Corp.		798,700		9,991,337
Japan Petroleum Exploration Co., Ltd.		1,454,700		10,442,338
Kamigumi Co., Ltd.		441,050		10,796,706
Kato Sangyo Co., Ltd.		240,500		8,413,935
Kyorin Pharmaceutical Co., Ltd. (A)		2,080,100		21,506,929
Suzuken Co., Ltd.		152,300		5,502,238
West Japan Railway Co.		726,200		15,276,340
				98,472,553
KAZAKHSTAN — 2.9%
Halyk Savings Bank of Kazakhstan JSC GDR		456,543		11,090,921
NAC Kazatomprom JSC GDR		492,351		16,437,386
NAC Kazatomprom JSC GDR (B)		1,110,803		37,084,718
				64,613,025
LEBANON — 0.1%
Solidere ADR *(C)		174,732		2,285,495

MALAYSIA — 0.8%
Genting Plantations BHD		7,400,700		8,290,216
Oriental Holdings BHD		5,799,900		9,390,241
				17,680,457
MEXICO — 0.2%
Nemak SAB de CV (B)		30,437,230		4,438,973

PHILIPPINES — 0.4%
Puregold Price Club, Inc.		15,737,300		9,002,000

COMMON STOCK — continued	Shares		Value
RUSSIA — 4.1%
Etalon Group PLC GDR * (A)(C)		12,219,734	$	2,700,561
Federal Grid - Rosseti PJSC *(C)		17,511,927,373		4,463,406
Gazprom PJSC *(C)		25,899,221		14,267,881
Lenta International PJSC GDR *(C)		6,287,850		6,800,310
LSR Group PJSC, Cl A (C)		1,673,664		4,761,370
Moscow Exchange MICEX-RTS PJSC (C)		14,084,614		10,275,413
Polyus PJSC GDR *(C)		6,131,030		19,686,124
RusHydro PJSC *(C)		6,529,118,388		11,099,501
Sberbank of Russia PJSC (C)		12,648,865		14,269,308
VTB Bank PJSC *(C)		9,484,622		3,405,442
				91,729,316
SINGAPORE — 3.1%
First Resources, Ltd.		15,115,900		17,488,834
Golden Agri-Resources, Ltd. (A)		265,609,400		48,824,868
Yoma Strategic Holdings, Ltd. * (A)		66,818,200		3,530,555
				69,844,257
SOUTH AFRICA — 6.5%
Anglo American Platinum, Ltd.		2,106,428		72,132,529
Impala Platinum Holdings, Ltd. *		11,440,682		68,039,193
Sibanye Stillwater, Ltd. *		5,500,091		6,283,866
				146,455,588
SOUTH KOREA — 16.8%
Chong Kun Dang Pharmaceutical Corp.		182,981		10,475,705
DL E&C Co., Ltd. (A)		1,030,608		31,500,138
GS Holdings Corp.		801,696		21,799,063
Hankook & Co., Ltd.		1,160,471		12,257,391
Hankook Tire & Technology, Ltd.		191,371		5,558,530
Harim Holdings Co., Ltd.		95,987		403,593
Hyundai Department Store Co., Ltd. (A)		675,688		28,383,844
Korea Electric Power Corp.		2,346,783		42,324,374
Korean Air Lines Co., Ltd.		547,270		8,068,321
Korean Reinsurance Co.		1,787,026		10,172,437
KT Corp.		714,316		26,103,088

COMMON STOCK — continued	Shares		Value
SOUTH KOREA — continued
KT Corp. ADR		1,095,427	$	21,317,009
LG Corp.		837,212		39,205,755
LG Uplus Corp. (A)		10,257,251		86,607,957
Lotte Chemical Corp.		265,666		11,269,465
LX Holdings Corp.		1,067,882		4,918,967
LX INTERNATIONAL CORP.		149,371		2,785,875
Pan Ocean Co., Ltd.		5,176,306		12,180,098
PHA Co., Ltd. (A)		478,665		3,332,998
				378,664,608
SRI LANKA — 0.2%
Hemas Holdings PLC		65,748,685		5,345,957

THAILAND — 0.7%
Kasikornbank PCL		2,200,500		10,508,462
Siam Cement PCL		1,032,200		4,932,181
				15,440,643
UKRAINE — 1.2%
Astarta Holding PLC (A)		659,000		9,243,940
MHP SE (LSE Shares) GDR * (A)		3,328,568		16,785,699
MHP SE (USD Shares) GDR * (A)(B)		44,627		225,050
				26,254,689
UNITED KINGDOM — 4.6%
Ashmore Group		4,149,799		8,002,504
Close Brothers Group PLC *		1,924,306		8,368,190
Glencore PLC		3,603,367		11,814,435
Jupiter Fund Management PLC		4,569,516		4,416,925
Schroders PLC		5,031,442		22,169,330
Vodafone Group PLC		26,288,489		25,833,566
Yellow Cake PLC * (A)(B)		3,865,383		22,253,656
				102,858,606
UNITED STATES — 7.9%
Air Lease Corp., Cl A		168,388		7,873,823
Amentum Holdings, Inc. *		260,220		5,678,000

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK FUNDS APRIL 30, 2025
	(Unaudited)

Financial Statements (Form N-CSRS Item 7)
Schedules of Investments	1
Statements of Assets and Liabilities	21
Statements of Operations	23
Statements of Changes In Net Assets	24
Financial Highlights	26
Notes to Financial Statements	30
Other Information (Form N-CSRS Items 8-11)	46

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL ALL-CAP FUND APRIL 30, 2025
	(Unaudited)

CONVERTIBLE BOND — 1.1%	Face Amount		Value
CANADA — 1.1%
Northern Dynasty Minerals, Ltd.
2.000%, 11/12/32(C)	$	7,108,000	$	23,857,575

INDIA — 0.0%
REI Agro, Ltd.
5.500%, 13/11/14(B)(C)(E)		723,000		—
TOTAL CONVERTIBLE BOND
(Cost $7,831,000)				23,857,575

	Number of
RIGHTS — 0.0%	Rights		Value
CANADA — 0.0%
Pan American Silver Corp., Expires 02/22/29 *(C)		2,385,283		861,803
TOTAL RIGHTS
(Cost $–)				861,803

	Number of
WARRANT — 0.0%	Warrants
CANADA — 0.0%
Bear Creek Mining Corp., Expires 10/05/28*		9,126,364	463,402

UNITED STATES — 0.0%
Ivanhoe Electric, Inc., Expires 02/17/26*		215,776	224,407
TOTAL WARRANTS
(Cost $536,704)			687,809

SHORT TERM INVESTMENT — 2.1%	Shares
Dreyfus Treasury Securities Cash Management - Participant Shares, 3.750%(F)		47,470,234		47,470,234

TOTAL SHORT TERM INVESTMENT
(Cost $47,470,234)				47,470,234
TOTAL INVESTMENTS— 91.7%
(Cost $2,062,147,532)				2,061,776,677
Other Assets and Liabilities, Net — 8.3%				187,470,525
NET ASSETS — 100.0%			$	2,249,247,202

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Argentina	$	10,128,692	$	—	$	—	$	10,128,692
Australia		3,655,426		34,001,848		—		37,657,274
Brazil		57,639,276		—		—		57,639,276
Canada		272,693,204		58,110		—		272,751,314
Chile		39,842,384		—		—		39,842,384
China		3,357,454		101,693,732		—		105,051,186
France		—		49,789,858		—		49,789,858
Germany		—		47,048,157		—		47,048,157
Hong Kong		—		79,073,254		—		79,073,254
Indonesia		—		11,789,901		—		11,789,901
Japan		—		98,472,553		—		98,472,553
Kazakhstan		—		64,613,025		—		64,613,025
Lebanon		—		—		2,285,495		2,285,495
Malaysia		—		17,680,457		—		17,680,457
Mexico		4,438,973		—		—		4,438,973
Philippines		9,002,000		—		—		9,002,000
Russia		—		—		91,729,316		91,729,316
Singapore		—		69,844,257		—		69,844,257
South Africa		—		146,455,588		—		146,455,588
South Korea		21,317,009		357,347,599		—		378,664,608
Sri Lanka		—		5,345,957		—		5,345,957
Thailand		—		15,440,643		—		15,440,643
Ukraine		—		26,254,689		—		26,254,689
United Kingdom		8,002,504		94,856,102		—		102,858,606
United States		132,408,639		46,183,735		—		178,592,374
Total Common Stock		562,485,561		1,265,949,465		94,014,811		1,922,449,837
Preferred Stock
Brazil		15,548,928		—		—		15,548,928
Germany		—		16,813,040		—		16,813,040
South Korea		—		5,443,886		—		5,443,886
Total Preferred Stock		15,548,928		22,256,926		—		37,805,854

	Common		Convertible
	Stock		Bond		Rights			Total
Beginning balance as of November 1, 2024	$	69,137,121	$	9,236,988	$	1,121,083		$	79,495,192
Accrued discounts/premiums		—		—		—			—
Realized gain/(loss)		—		—		—			—
Change in unrealized appreciation/(depreciation)		24,877,690		14,620,587		(259,280	)		39,238,997
Purchases		—		—		—			—
Sales		—		—		—			—
Transfers into Level 3		—		—		—			—
Transfers out of Level 3		—		—		—			—
Ending balance as of April 30, 2025	$	94,014,811	$	23,857,575	$	861,803		$	118,734,189
Change in unrealized gains (losses) included in earnings related to securities still held at reporting period date	$	24,877,690	$	14,620,587	$	(259,280	)	$	39,238,997

			Acquisition
	Number of		Date/Right to
Description	Shares		Acquire Date	Cost		Market Value
Common Stock
Gabriel Resources, Ltd.		347,197	6/1/2021	$	704,137	$	23,926
Gabriel Resources, Ltd.		496,058	6/17/2022		834,788		34,184
				$	1,538,925	$	58,110

Value as of 10/31/2024		Purchases at Cost		Proceeds from Sale			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value as of 4/30/2025		Dividend/ Interest Income
Aris Mining Corp.
$	21,587,605	$	2,078,583	$	(7,463,534	)	$	2,725,905		$	2,055,136		$	20,983,695	$	—
Astarta Holding PLC
	4,975,134		—		—			—			4,268,806			9,243,940		—
Bear Creek Mining Corp.
	4,854,135		—		—			—			(3,235,369	)		1,618,766		—
DL E&C Co., Ltd.
	21,875,340		3,321,269		(2,697,701	)		(88,351	)		9,089,581			31,500,138		375,018
Draegerwerk & KGaA
	12,704,883		1,327,131		(2,720,134	)		(20,588	)		5,521,748			16,813,040		—
Empresa Nacional de Telecomunicaciones SA
	—		21,121,633		—			—			(955,124	)		20,166,509		1,073,896
Etalon Group PLC GDR
	2,237,433		—		—			—			463,128			2,700,561		—
Euroapi SA
	13,161,378		—		—			—			(2,629,096	)		10,532,282		—
Gabriel Resources, Ltd.
	537,213		—		—			—			(124,859	)		412,354		—
Gabriel Resources, Ltd.
	75,704		—		—			—			(17,594	)		58,110		—
Golden Agri-Resources, Ltd.
	58,331,485		—		—			—			(9,506,617	)		48,824,868		—
Guangshen Railway Co., Ltd., Cl H
	7,812,365		4,418,383		—			—			(2,532,605	)		9,698,143		—
Hi Sun Technology China, Ltd.
	4,536,374		—		—			—			(1,178,920	)		3,357,454		—
Hyundai Department Store Co., Ltd.
	18,062,628		7,084,378		(2,935,558	)		(32,533	)		6,204,929			28,383,844		683,775
International Tower Hill Mines, Ltd.
	4,020,584		—		—			—			32,087			4,052,671		—
Kyorin Pharmaceutical Co., Ltd.
	18,249,709		3,119,302		(929,885	)		(549,656	)		1,617,459			21,506,929		444,481
LG Uplus Corp.
	57,914,588		24,254,130		(5,687,649	)		(858,797	)		10,985,685			86,607,957		2,797,655
Luks Group Vietnam Holdings Co., Ltd.
	1,030,649		—		—			—			(147,170	)		883,479		—
MHP SE (LSE Shares) GDR
	13,444,898		—		—			—			3,340,801			16,785,699		—
MHP SE (USD Shares) GDR
	180,260		—		—			—			44,790			225,050		—
Northern Dynasty Minerals, Ltd. (CAD)
	1,155,855		—		—			—			2,137,834			3,293,689		—
Northern Dynasty Minerals, Ltd. (USD)
	6,260,410		—		(6,910,001	)		(282,899	)		7,533,496			6,601,006		—

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK INTERNATIONAL FUND APRIL 30, 2025
	(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 71.4%	Shares		Value
AUSTRALIA — 0.8%
Paladin Energy, Ltd. (AUD) *		1,183,784	$	4,441,805
Paladin Energy, Ltd. (CAD) *		48,196		176,199
				4,618,004
BRAZIL — 2.4%
Centrais Eletricas Brasileiras SA		982,660		7,603,077
Vale SA		619,100		5,769,750
				13,372,827
CANADA — 9.3%
Barrick Gold Corp.		827,157		15,749,069
Equinox Gold Corp. *		779,620		5,242,331
Ivanhoe Mines, Ltd., Cl A *		487,065		4,324,442
Lundin Mining Corp., Cl Common Subs. Receipt		269,699		2,206,735
MEG Energy Corp., Cl Common Subs. Receipt		479,078		6,720,853
NexGen Energy, Ltd. *		1,248,830		6,531,381
Novagold Resources, Inc. *		1,707,790		7,223,952
Nutrien, Ltd.		50,354		2,872,696
				50,871,459
CHILE — 1.0%
Sociedad Quimica y Minera de Chile SA ADR		162,017		5,540,981

CHINA — 4.9%
Baidu, Inc., Cl A *		929,450		10,249,064
CGN Power Co., Ltd., Cl H (A)		21,062,000		6,704,310
China Communications Services Corp., Ltd., Cl H		7,212,000		3,756,012
China Gas Holdings, Ltd.		1,651,200		1,492,905
China Reinsurance Group, Cl H		2,039,000		236,457
Guangshen Railway Co., Ltd., Cl H (B)		10,554,000		2,312,531
PAX Global Technology, Ltd.		3,664,000		2,206,436
				26,957,715
FRANCE — 1.4%
Carrefour SA		509,697		7,861,411

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK
	INTERNATIONAL FUND APRIL 30, 2025 (Unaudited)

	Common Stock
Beginning balance as of November 1, 2024	$	27,598,274
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		10,361,823
Purchases		—
Sales		—
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of April 30, 2025	$	37,960,097
Change in unrealized gains (losses) included in earnings related to securities still held at reporting period date	$	10,361,823

Value as of 10/31/2024		Purchases at Cost		Proceeds from Sale			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value as of 4/30/2025		Dividend/ Interest Income
DL E&C Co., Ltd.
$	3,972,707	$	71,892	$	—		$	—		$	1,486,619		$	5,531,218	$	66,653
Golden Agri-Resources, Ltd.
	16,787,212		—		—			—			(2,735,908	)		14,051,304		—
Guangshen Railway Co., Ltd., Cl H
	2,931,024		—		—			—			(618,493	)		2,312,531		—
LG Uplus Corp.
	14,590,576		6,088,510		(1,019,769	)		(69,246	)		2,767,880			22,357,951		752,502
MHP SE GDR
	3,181,207		—		—			—			790,470			3,971,677		—
Totals:
$	41,462,726	$	6,160,402	$	(1,019,769	)	$	(69,246	)	$	1,690,568		$	48,224,681	$	819,155

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK FUNDS
	APRIL 30, 2025
	(Unaudited)

	Kopernik Global All-Cap Fund		Kopernik International Fund
Assets:
Investments, at Value (Cost $1,543,500,708 and $415,443,968)	$	1,563,805,851	$	375,990,808
Affiliated Investments, at Value (Cost $518,646,824 and $45,666,575)		497,970,826		48,224,681
Cash		134,187,134		109,889,241
Foreign Currency, at Value (Cost $9,910,829 and $1,717,691)		9,957,884		1,716,803
Receivable for Investment Securities Sold		46,562,227		14,887,437
Dividend and Interest Receivable		4,045,798		1,143,951
Receivable for Capital Shares Sold		3,728,224		707,924
Reclaim Receivable		1,147,499		289,925
Dividend and Interest Receivable from Affiliated Investments		465,542		—
Receivable for Investment Securities Sold from Affiliated Investments		291,709		—
Unrealized Gain on Foreign Spot Currency Contracts		—		2,454
Prepaid Expenses		34,666		17,328
Total Assets		2,262,197,360		552,870,552

Liabilities:
Payable for Investment Securities Purchased		9,286,445		1,505,444
Payable for Investment Securities Purchased from Affiliated Investments		62,678		—
Payable for Capital Shares Redeemed		1,567,810		530,440
Unrealized Loss on Foreign Spot Currency Contracts		29,367		—
Payable due to Adviser		1,549,727		385,707
Payable due to Administrator		124,527		31,275
Distribution Fees Payable (Class A Shares)		16,001		2,531
Payable due to Trustees		10,204		2,655
Chief Compliance Officer Fees Payable		5,042		1,349
Other Accrued Expenses and Other Payables		298,357		146,254
Total Liabilities		12,950,158		2,605,655

Commitments and Contingencies†
Net Assets	$	2,249,247,202	$	550,264,897

Net Assets Consist of:
Paid-in Capital	$	2,144,554,532	$	551,488,555
Total Distributable Earnings/( Loss)		104,692,670		(1,223,658	)
Net Assets	$	2,249,247,202	$	550,264,897

	Kopernik Global All-Cap Fund		Kopernik International Fund
Class A Shares:
Net Assets	$	88,767,775	$	N/A
Outstanding Shares of beneficial interest (unlimited authorization - no par value)		6,825,403		N/A
Net Asset Value Offering and Redemption Price, Per Share*	$	13.01	$	N/A
Maximum Offering Price Per Share ($13.01/94.25%)	$	13.80	$	N/A
Class I Shares:
Net Assets	$	2,160,479,427	$	536,497,983
Outstanding Shares of beneficial interest (unlimited authorization - no par value)		167,143,852		36,241,078
Net Asset Value Offering and Redemption Price, Per Share	$	12.93	$	14.80
Investor Shares:
Net Assets		N/A		13,766,914
Outstanding Shares of beneficial interest (unlimited authorization - no par value)		N/A		935,125
Net Asset Value Offering and Redemption Price, Per Share		N/A		14.72

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK FUNDS
	FOR THE SIX MONTHS
	ENDED APRIL 30, 2025
	(Unaudited)

The Advisors' Inner Circle Fund II

Kopernik Global All-Cap Fund

Class A Shares - KGGAX

Semi-Annual Shareholder Report: April 30, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2025

What did the Fund invest in?

Country WeightingsFootnote Reference*

Top Ten Holdings

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund II

Kopernik Global All-Cap Fund

Class I Shares - KGGIX

Semi-Annual Shareholder Report: April 30, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2025

What did the Fund invest in?

Country WeightingsFootnote Reference*

Top Ten Holdings

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund II

Kopernik International Fund

Class I Shares - KGIIX

Semi-Annual Shareholder Report: April 30, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2025

What did the Fund invest in?

Country WeightingsFootnote Reference*

Top Ten Holdings

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund II

Kopernik International Fund

Investor Shares - KGIRX

Semi-Annual Shareholder Report: April 30, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2025

What did the Fund invest in?

Country WeightingsFootnote Reference*

Top Ten Holdings

Changes in and Disagreements with Accountants

Additional Information

Householding

Country Weightings^{Footnote Reference*}

Country Weightings^{Footnote Reference*}

Country Weightings^{Footnote Reference*}

Country Weightings^{Footnote Reference*}

	Kopernik Global All-Cap Fund			Kopernik International Fund
Investment Income:
Dividends	$	25,019,948		$	5,900,604
Dividends from Affiliated Investments		5,489,721			819,155
Interest		3,397,048			2,238,516
Less: Foreign Taxes Withheld		(4,209,567	)		(828,564	)
Total Investment Income		29,697,150			8,129,711

Expenses:
Investment Advisory Fees		8,923,282			2,258,558
Administration Fees		720,753			184,841
Distribution Fees (Class A Shares)		99,004			14,513
Trustees' Fees		19,456			5,043
Chief Compliance Officer Fees		6,242			1,595
Custodian Fees		237,111			91,686
Legal Fees		86,820			22,585
Transfer Agent Fees		73,679			35,897
Printing Fees		56,050			32,714
Registration and Filing Fees		31,211			24,068
Audit Fees		22,501			17,040
Other Expenses		30,857			8,364
Total Expenses		10,306,966			2,696,904

Less:
Fees Paid Indirectly — Note 4		(27,719	)		(5,462	)
Net Expenses		10,279,247			2,691,442
Net Investment Income		19,417,903			5,438,269

Net Realized Gain (Loss) on:
Investments		151,943,008			35,473,864
Affiliated Investments		893,081			(69,246	)
Purchased Options		15,641,188			4,729,139
Foreign Currency Transactions		(429,836	)		(62,346	)
Net Realized Gain		168,047,441			40,071,411

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(29,489,906	)		(11,227,962	)
Affiliated Investments		20,905,973			1,690,568
Purchased Options		4,313,373			1,147,831
Foreign Currency Transactions		234,834			39,914
Net Change in Unrealized Depreciation		(4,035,726	)		(8,349,649	)
Net Realized and Unrealized Gain		164,011,715			31,721,762
Net Increase in Net Assets Resulting from Operations	$	183,429,618		$	37,160,031

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND

	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024
Operations:
Net Investment Income	$	19,417,903		$	42,863,057
Net Realized Gain		168,047,441			149,681,841
Net Change in Unrealized Appreciation (Depreciation)		(4,035,726	)		60,194,390

Net Increase in Net Assets Resulting From Operations		183,429,618			252,739,288
Distributions:
Class A Shares		(4,021,530	)		(6,384,934	)
Class I Shares		(103,389,651	)		(168,298,758	)

Total Distributions		(107,411,181	)		(174,683,692	)

Capital Share Transactions:⁽¹⁾
Class A Shares
Issued		9,793,191			14,368,898
Reinvestment of Distributions		3,526,639			5,410,789
Redeemed		(10,183,503	)		(20,791,193	)
Net Class A Share Transactions		3,136,327			(1,011,506	)
Class I Shares
Issued		236,356,482			290,451,543
Reinvestment of Distributions		75,623,886			123,634,776
Redeemed		(310,287,703	)		(440,404,257	)
Net Class I Share Transactions		1,692,665			(26,317,938	)

Net Increase (Decrease) in Net Assets From Capital Share Transactions		4,828,992			(27,329,444	)

Total Increase in Net Assets		80,847,429			50,726,152

Net Assets:
Beginning of Period		2,168,399,773			2,117,673,621
End of Period	$	2,249,247,202		$	2,168,399,773

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK
	INTERNATIONAL FUND

	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024
Operations:
Net Investment Income	$	5,438,269		$	14,019,637
Net Realized Gain		40,071,411			28,805,676
Net Change in Unrealized Appreciation (Depreciation)		(8,349,649	)		11,688,432

Net Increase in Net Assets Resulting From Operations		37,160,031			54,513,745
Distributions:
Class I Shares		(18,465,823	)		(61,775,890	)
Investor Shares		(418,278	)		(1,861,147	)

Total Distributions		(18,884,101	)		(63,637,037	)

Capital Share Transactions:⁽¹⁾
Class I Shares
Issued		122,479,906			198,365,391
Reinvestment of Distributions		12,245,466			42,858,246
Redeemed		(183,706,356	)		(201,284,218	)
Net Class I Share Transactions		(48,980,984	)		39,939,419
Investor Shares
Issued		4,244,470			3,647,547
Reinvestment of Distributions		412,552			1,845,583
Redeemed		(1,624,185	)		(10,308,749	)
Net Investor Share Transactions		3,032,837			(4,815,619	)

Net Increase (Decrease) in Net Assets From Capital Share Transactions		(45,948,147	)		35,123,800

Total Increase (Decrease) in Net Assets		(27,672,217	)		26,000,508

Net Assets:
Beginning of Period		577,937,114			551,936,606
End of Period	$	550,264,897		$	577,937,114

	Class A Shares
	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2020
Net Asset Value, Beginning of Period	$	12.56		$	12.12		$	11.56		$	15.91		$	11.45		$	9.75
Income (Loss) from Investment Operations:

Net Investment Income*	0.10			0.21			0.27			0.12			0.12			0.11
Net Realized and Unrealized Gain (Loss)	0.96			1.20			1.77			(3.21		)	4.94			1.86
Total from Investment Operations	1.06			1.41			2.04			(3.09		)	5.06			1.97
Dividends and Distributions:

Net Investment Income	(0.50		)	(0.54		)	(0.05		)	(0.73		)	(0.35		)	(0.27		)
Capital Gains	(0.11		)	(0.43		)	(1.43		)	(0.53		)	(0.25		)	—
Total Dividends and Distributions	(0.61		)	(0.97		)	(1.48		)	(1.26		)	(0.60		)	(0.27		)
Net Asset Value, End of Period	$	13.01		$	12.56		$	12.12		$	11.56		$	15.91		$	11.45
Total Return^†	9.18		%	12.27		%	18.83		%	(20.79		)%	45.38		%	20.64		%
Ratios and Supplemental Data

Net Assets, End of Period (Thousands)	$	88,768		$	82,424		$	80,526		$	70,443		$	105,632		$	59,266
Ratio of Expenses to Average Net Assets⁽¹⁾		1.25	%^††		1.26	%		1.28	%		1.26	%		1.28	%		1.30	%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Recaptured Fees and Fees Paid Indirectly)		1.25	%^††		1.26	%		1.28	%		1.26	%		1.28	%		1.30	%
Ratio of Net Investment Income to Average Net Assets		1.69	%		1.77	%		2.26	%		0.87	%		0.81	%		1.01	%
Portfolio Turnover Rate		27	%§		43	%		39	%		58	%		45	%		50	%

*	Per share data calculated using average shares method.
†	Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
††	Annualized.
§	Portfolio turnover rate is for the period indicated and has not been annualized.
(1)	The ratio of expenses to average net assets excludes the effects of fees paid indirectly. If these expense offsets were included, the ratio would be equal to the ratio presented.

	Class I Shares
	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2020
Net Asset Value, Beginning of Period	$	12.50		$	12.07		$	11.52		$	15.87		$	11.41		$	9.73
Income (Loss) from Investment Operations:

Net Investment Income*		0.11			0.24			0.29			0.15			0.15			0.13
Net Realized and Unrealized Gain (Loss)		0.96			1.19			1.77			(3.20	)		4.93			1.85
Total from Investment Operations		1.07			1.43			2.06			(3.05	)		5.08			1.98
Dividends and Distributions:

Net Investment Income		(0.53	)		(0.57	)		(0.08	)		(0.77	)		(0.37	)		(0.30	)
Capital Gains		(0.11	)		(0.43	)		(1.43	)		(0.53	)		(0.25	)		—
Total Dividends and Distributions		(0.64	)		(1.00	)		(1.51	)		(1.30	)		(0.62	)		(0.30	)
Net Asset Value, End of Period	$	12.93		$	12.50		$	12.07		$	11.52		$	15.87		$	11.41
Total Return^†		9.36	%		12.51	%		19.15	%		(20.64	)%		45.83	%		20.81	%
Ratios and Supplemental Data

Net Assets, End of Period (Thousands)	$	2,160,479		$	2,085,976		$	2,037,148		$	1,741,051		$	2,262,284		$	1,092,683
Ratio of Expenses to Average Net Assets⁽¹⁾		1.00	%^††		1.01	%		1.03	%		1.01	%		1.03	%		1.05	%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Recaptured Fees and Fees Paid Indirectly)		1.00	%^††		1.01	%		1.03	%		1.01	%		1.03	%		1.05	%
Ratio of Net Investment Income to Average Net Assets		1.92	%		2.02	%		2.46	%		1.13	%		1.06	%		1.25	%
Portfolio Turnover Rate		27	%§		43	%		39	%		58	%		45	%		50	%

Kopernik Global All-Cap Fund
Asset	Fair Value at April 30, 2025	Valuation Techniques	Unobservable Inputs	Inputs
Common Stock	$91,729,316	Fair Valued	Discount Rate	70%
Common Stock	$2,285,495	Fair Valued	Discount Rate	85%
Convertible Bond	$23,857,575	Valuation Model	Credit Spread, Volatility	13%, 60%
Rights	$861,803	Recent Trade	Alternate Exchange Price	$0.47

Average Quarterly Market Value Contracts Purchased	$	17,840,791

Average Quarterly Market Value Contracts Written	$	—