THE ADVISORS’ INNER CIRCLE FUND II	3EDGE ASSET MANAGEMENT
	DYNAMIC FIXED INCOME ETF
	JUNE 30, 2025
	(Unaudited)

SCHEDULES OF INVESTMENTS
Description	Shares		Fair Value (000)
EXCHANGE-TRADED FUNDS — 99.5%
Domestic Fixed Income — 99.5%
Global X 1-3 Month T-Bill ETF		44,919	$	4,511‌
Goldman Sachs Access Treasury 0-1 Year ETF(A)		376,112		37,668‌
iShares 0-3 Month Treasury Bond ETF(A)		282,828		28,478‌
iShares TIPS Bond ETF		161,864		17,811‌
SPDR Bloomberg 1-3 Month T-Bill ETF(A)		418,023		38,345‌
SPDR Portfolio Intermediate Term Treasury ETF		544,043		15,652‌
SPDR Portfolio TIPS ETF(A)		1,276,010		33,253‌
Vanguard Intermediate-Term Treasury ETF		330,589		19,773‌
Total Exchange-Traded Funds
(Cost $194,314)				195,491‌
SHORT-TERM INVESTMENT — 1.0%
First American Government Obligations Fund - Cl X, 4.25%(B)		1,966,114		1,966‌
Total Short-Term Investment
(Cost $1,966)				1,966‌
Total Investments - 100.5%
(Cost $196,280)			$	197,457‌

Percentages are based on Net Assets of $196,379 (000).

(A) Represents greater than 10% of the Fund’s total investments. For further information, please go to the Fund’s website at https://www.SEC.gov.

(B) The rate shown is the 7-day effective yield as of June 30, 2025.

Cl — Class 

ETF — Exchange Traded Fund 

SPDR — Standard & Poor's Depositary Receipts 

TIPS — Treasury Inflation Protected Security

1 

THE ADVISORS’ INNER CIRCLE FUND II	3EDGE ASSET MANAGEMENT
	DYNAMIC HARD ASSETS ETF
	JUNE 30, 2025
	(Unaudited)

SCHEDULES OF INVESTMENTS
Description	Shares		Fair Value (000)
EXCHANGE-TRADED FUNDS — 99.6%
Domestic Commodity — 79.5%
Harbor Commodity All Weather Strategy ETF(A)		718,299	$	17,448
Invesco Agriculture Commodity Strategy No. K-1 ETF(A)		505,883		17,640
Sprott Physical Gold and Silver Trust(A)*		589,317		17,738
Sprott Physical Gold Trust(A)*		688,425		17,452
				70,278
Domestic Fixed Income — 20.1%
iShares 0-5 Year TIPS Bond ETF(A)		173,211		17,825
Total Exchange-Traded Funds
(Cost $83,221)				88,103
SHORT-TERM INVESTMENT — 0.4%
First American Government Obligations Fund - Cl X, 4.25%(B)		338,822		339
Total Short-Term Investment
(Cost $339)				339
Total Investments - 100.0%
(Cost $83,560)			$	88,442

Percentages are based on Net Assets of $88,403 (000).

* Non-income producing security.

(A) Represents greater than 10% of the Fund’s total investments. For further information, please go to the Fund’s website at https://www.SEC.gov.

(B) The rate shown is the 7-day effective yield as of June 30, 2025.

Cl — Class 

ETF — Exchange Traded Fund 

TIPS — Treasury Inflation Protected Security 

2 

THE ADVISORS’ INNER CIRCLE FUND II	3EDGE ASSET MANAGEMENT
DYNAMIC INTERNATIONAL EQUITY ETF
	JUNE 30, 2025
	(Unaudited)

SCHEDULES OF INVESTMENTS
Description	Shares		Fair Value (000)
EXCHANGE-TRADED FUNDS — 99.6%
International Equity — 99.6%
iShares MSCI China ETF		99,863	$	5,502
iShares MSCI EAFE ETF		285		25
iShares MSCI Germany ETF		110,300		4,667
iShares MSCI Global Gold Miners ETF		28,792		1,260
iShares MSCI India ETF*		18,515		1,031
iShares MSCI Japan Small-Capital ETF		15,304		1,299
JPMorgan BetaBuilders Japan ETF(A)		158,346		9,783
Select STOXX Europe Aerospace & Defense ETF		30,513		1,317
SPDR EURO STOXX 50 ETF		13,273		793
SPDR MSCI ACWI ex-US ETF(A)		456,426		14,907
SPDR Portfolio Emerging Markets ETF(A)		207,324		8,861
SPDR S&P Emerging Markets Small Cap ETF		21,148		1,312
Vanguard Total International Stock ETF(A)		215,436		14,884
Total Exchange-Traded Funds
(Cost $62,841)				65,641
SHORT-TERM INVESTMENT — 1.2%
First American Government Obligations Fund - Cl X, 4.25%(B)		809,544		810
Total Short-Term Investment
(Cost $810)				810
Total Investments - 100.8%
(Cost $63,651)			$	66,451

Percentages are based on Net Assets of $65,895 (000).

* Non-income producing security.

(A) Represents greater than 10% of the Fund’s total investments. For further information, please go to the Fund’s website at https://www.SEC.gov.

(B) The rate shown is the 7-day effective yield as of June 30, 2025.

ACWI — All Country World Index 

Cl — Class 

ETF — Exchange Traded Fund 

S&P— Standard & Poor's 

SPDR — Standard & Poor's Depositary Receipts

3 

THE ADVISORS’ INNER CIRCLE FUND II	3EDGE ASSET MANAGEMENT
	DYNAMIC US EQUITY ETF
	JUNE 30, 2025
	(Unaudited)

SCHEDULES OF INVESTMENTS
Description	Shares		Fair Value (000)
EXCHANGE-TRADED FUNDS — 99.5%
Domestic Equity — 99.5%
Communication Services Select Sector SPDR Fund		20,717	$	2,249
Consumer Discretionary Select Sector SPDR Fund		11,008		2,392
Consumer Staples Select Sector SPDR Fund		16,788		1,359
Energy Select Sector SPDR Fund		1,460		124
Financial Select Sector SPDR Fund		62,779		3,288
Health Care Select Sector SPDR Fund		14,309		1,929
Industrial Select Sector SPDR Fund		12,136		1,790
Innovator U.S. Equity Buffer ETF - June(A)*		222,264		9,726
Innovator US Equity 5 to 15 Buffer ETF-Quarterly(A)*		286,270		9,327
Materials Select Sector SPDR Fund		4,571		401
Real Estate Select Sector SPDR Fund		11,517		477
Technology Select Sector SPDR Fund(A)		30,426		7,705
Utilities Select Sector SPDR Fund		7,453		609
Total Exchange-Traded Funds
(Cost $38,866)				41,376
SHORT-TERM INVESTMENT — 0.7%
First American Government Obligations Fund - Cl X, 4.25%(B)		275,077		275
Total Short-Term Investment
(Cost $275)				275
Total Investments - 100.2%
(Cost $39,141)			$	41,651

Percentages are based on Net Assets of $41,586 (000).

* Non-income producing security.

(A) Represents greater than 10% of the Fund’s total investments. For further information, please go to the Fund’s website at https://www.SEC.gov.

(B) The rate shown is the 7-day effective yield as of June 30, 2025.

Cl — Class

ETF — Exchange Traded Fund

SPDR — Standard & Poor's Depositary Receipts

EDG-QH-001-0200

4