# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0002048251-25-002395
**Filing Date:** 2025-11
**Character Count:** 48899
**Document Hash:** 75a7fd8acd7254c3868e1b66b4d53647
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002395.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0002048251-25-002395

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund II
- **CENTRAL INDEX KEY:** 0000890540

**ORGANIZATION NAME:**
- **EIN:** 233040006
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07102
- **FILM NUMBER:** 251515719

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

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

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

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

## Series and Classes Contracts Data

### CHAMPLAIN SMALL COMPANY FUND (Series ID: S000005803)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000015937 | ADVISOR SHARES             | CIPSX           |
| C000173316 | Institutional Class Shares | CIPNX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN SMALL COMPANY FUND** |
|  | **SEPTEMBER 30, 2025 (Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**<br> **COMMON STOCK** — **96.7%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY — 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 615000 | $15842400 |
| &nbsp;&nbsp;&nbsp;Bowlero, Cl A | 815000 | 8345600 |
| &nbsp;&nbsp;&nbsp;Cava Group \* | 200000 | 12082000 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group \* | 610000 | 9540400 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing \* | 180000 | 25588800 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | 490000 | 10358600 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Cl A \* | 75000 | 7785000 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Cl A \* | 90000 | 8424900 |
| &nbsp;&nbsp;&nbsp;Valvoline \* | 470000 | 16877700 |
| &nbsp;&nbsp;&nbsp;Wingstop | 90000 | 22651200 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 290000 | 23171000 |
|  |  | 160667600 |
| **CONSUMER STAPLES — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BellRing Brands \* | 410000 | 14903500 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings \* | 280000 | 16097200 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet, Cl A \* | 340000 | 10040200 |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 240000 | 31795200 |
| &nbsp;&nbsp;&nbsp;Freshpet \* | 315000 | 17359650 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods | 105000 | 10089450 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony | 85000 | 14687150 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods \* | 795000 | 19731900 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Cl A | 905000 | 10995750 |
|  |  | 145700000 |
| **FINANCIALS — 18.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 255000 | 11179200 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Cl A \* | 765000 | 21580650 |
| &nbsp;&nbsp;&nbsp;BancFirst | 100000 | 12645000 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers | 195000 | 24720150 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares | 895000 | 30116750 |
| &nbsp;&nbsp;&nbsp;German American Bancorp | 415000 | 16297050 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Cl A | 160000 | 21566400 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings \* | 130000 | 15177500 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Cl A | 130000 | 23104900 |

---

---

| | |
|:---|:---|
| 1 | ![](fp0096229-1_01.jpg) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN SMALL COMPANY FUND** |
|  | **SEPTEMBER 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;RLI | 205000 | $13370100 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares | 425000 | 34225250 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group \* | 435000 | 20688600 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp | 210000 | 14697900 |
| &nbsp;&nbsp;&nbsp;StoneX Group \* | 175000 | 17661000 |
| &nbsp;&nbsp;&nbsp;WSFS Financial | 380000 | 20493400 |
|  |  | 297523850 |
| **HEALTH CARE — 14.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Artivion \* | 135000 | 5715900 |
| &nbsp;&nbsp;&nbsp;AtriCure \* | 625000 | 22031250 |
| &nbsp;&nbsp;&nbsp;Bruker | 110000 | 3573900 |
| &nbsp;&nbsp;&nbsp;Glaukos \* | 115000 | 9378250 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 460000 | 26344200 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems \* | 130000 | 9646000 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies \* | 115000 | 19778850 |
| &nbsp;&nbsp;&nbsp;Penumbra \* | 80000 | 20265600 |
| &nbsp;&nbsp;&nbsp;Phreesia \* | 850000 | 19992000 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics \* | 455000 | 16238950 |
| &nbsp;&nbsp;&nbsp;Repligen \* | 210000 | 28070700 |
| &nbsp;&nbsp;&nbsp;SI-BONE \* | 670000 | 9862400 |
| &nbsp;&nbsp;&nbsp;Stevanato Group | 400000 | 10300000 |
| &nbsp;&nbsp;&nbsp;Veracyte \* | 370000 | 12702100 |
| &nbsp;&nbsp;&nbsp;Vericel \* | 320000 | 10070400 |
|  |  | 223970500 |
| **INDUSTRIALS — 24.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AAON | 270000 | 25228800 |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A \* | 75000 | 6342750 |
| &nbsp;&nbsp;&nbsp;Brady, Cl A | 225000 | 17556750 |
| &nbsp;&nbsp;&nbsp;CSW Industrials | 100000 | 24275000 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 610000 | 25010000 |
| &nbsp;&nbsp;&nbsp;Esab | 285000 | 31845900 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies | 80000 | 16888800 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies | 210000 | 29494500 |
| &nbsp;&nbsp;&nbsp;Kadant | 80000 | 23806400 |

---

---

| | |
|:---|:---|
| 2 | ![](fp0096229-1_01.jpg) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN SMALL COMPANY FUND** |
|  | **SEPTEMBER 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDUSTRIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;MSA Safety | 200000 | $34414000 |
| &nbsp;&nbsp;&nbsp;RB Global | 200000 | 21672000 |
| &nbsp;&nbsp;&nbsp;RBC Bearings \* | 45000 | 17563050 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing | 140000 | 23444400 |
| &nbsp;&nbsp;&nbsp;SPX Technologies \* | 130000 | 24281400 |
| &nbsp;&nbsp;&nbsp;Standex International | 155000 | 32844500 |
| &nbsp;&nbsp;&nbsp;Transcat \* | 175000 | 12810000 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Cl A | 63000 | 17594640 |
|  |  | 385072890 |
| **INFORMATION TECHNOLOGY — 19.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alkami Technology \* | 980000 | 24343200 |
| &nbsp;&nbsp;&nbsp;Braze, Cl A \* | 850000 | 24174000 |
| &nbsp;&nbsp;&nbsp;CommVault Systems \* | 110000 | 20765800 |
| &nbsp;&nbsp;&nbsp;Confluent, Cl A \* | 1295000 | 25641000 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 575000 | 25921000 |
| &nbsp;&nbsp;&nbsp;Novanta \* | 215000 | 21532250 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 410000 | 30499900 |
| &nbsp;&nbsp;&nbsp;Onestream, Cl A \* | 929265 | 17126354 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 525000 | 44000250 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Cl A \* | 1645000 | 28968450 |
| &nbsp;&nbsp;&nbsp;SPS Commerce \* | 110000 | 11455400 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings \* | 340000 | 9914400 |
| &nbsp;&nbsp;&nbsp;Vertex, Cl A \* | 655000 | 16237450 |
|  |  | 300579454 |
| **MATERIALS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Sensient Technologies | 110000 | 10323500 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK<br> (Cost $1,257,808,064) |  | 1523837794 |

---

---

| | |
|:---|:---|
| 3 | ![](fp0096229-1_01.jpg) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN SMALL COMPANY FUND** |
|  | **SEPTEMBER 30, 2025 (Unaudited)** |

---

**CASH EQUIVALENTS\*\* — 3.8%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Fidelity Investments - Money Market Treasury Only, Cl I, 4.000% | 20000000 | $20000000 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Instruments Fund, Institutional Shares, 4.000% | 39667438 | 39667438 |
| &nbsp;&nbsp;&nbsp;TOTAL CASH EQUIVALENTS<br> (Cost $59,667,438) |  | 59667438 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 100.5%<br> (Cost $1,317,475,502) |  | $1583505232 |

---

*Percentages are based on Net Assets of $1,575,332,402.*

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

*\*\** *Rate reported is the 7-day effective yield as of September 30, 2025.*

*Cl — Class*

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

CSC-QH-001-4200

---

| | |
|:---|:---|
| 4 | ![](fp0096229-1_01.jpg) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN MID CAP FUND** |
|  | **SEPTEMBER 30, 2025 (Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK** — **96.7%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A \* | 700000 | $34307000 |
| **CONSUMER DISCRETIONARY — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cava Group \* | 615000 | 37152150 |
| &nbsp;&nbsp;&nbsp;Chewy, Cl A \* | 910000 | 36809500 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza | 125000 | 53963750 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Cl A \* | 170000 | 17646000 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty \* | 50000 | 27337500 |
| &nbsp;&nbsp;&nbsp;Wingstop | 200000 | 50336000 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 545000 | 43545500 |
|  |  | 266790400 |
| **CONSUMER STAPLES — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Clorox | 215000 | 26509500 |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 545000 | 72201600 |
| &nbsp;&nbsp;&nbsp;Freshpet \* | 645000 | 35545950 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 1230000 | 30430200 |
| &nbsp;&nbsp;&nbsp;Maplebear \* | 690000 | 25364400 |
| &nbsp;&nbsp;&nbsp;McCormick | 765000 | 51186150 |
| &nbsp;&nbsp;&nbsp;Monster Beverage \* | 580000 | 39039800 |
|  |  | 280277600 |
| **FINANCIALS — 17.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Arch Capital Group | 545000 | 49447850 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Cl A \* | 615000 | 17349150 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers | 445000 | 56412650 |
| &nbsp;&nbsp;&nbsp;Everest Group | 160000 | 56036800 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | 125000 | 35811250 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Cl A | 365000 | 49198350 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Cl A | 210000 | 43117200 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group | 120000 | 51031200 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 115000 | 65252150 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 1270000 | 71577200 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares | 560000 | 45096800 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A \* | 1010000 | 36875100 |

---

---

| | |
|:---|:---|
| 5 | ![](fp0096229-1_01.jpg) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN MID CAP FUND** |
|  | **SEPTEMBER 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 405000 | $44946900 |
|  |  | 622152600 |
| **HEALTH CARE — 17.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 370000 | 47489500 |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 710000 | 39497300 |
| &nbsp;&nbsp;&nbsp;Cooper \* | 815000 | 55876400 |
| &nbsp;&nbsp;&nbsp;Dexcom \* | 460000 | 30953400 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences \* | 880000 | 68437600 |
| &nbsp;&nbsp;&nbsp;Exact Sciences \* | 985000 | 53889350 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International \* | 45160 | 55438868 |
| &nbsp;&nbsp;&nbsp;Penumbra \* | 195000 | 49397400 |
| &nbsp;&nbsp;&nbsp;Repligen \* | 280000 | 37427600 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 160000 | 39590400 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 160000 | 47665600 |
| &nbsp;&nbsp;&nbsp;Waters \* | 155000 | 46470550 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 190000 | 49842700 |
|  |  | 621976668 |
| **INDUSTRIALS — 24.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AAON | 610000 | 56998400 |
| &nbsp;&nbsp;&nbsp;AMETEK | 365000 | 68620000 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise \* | 57930 | 41572885 |
| &nbsp;&nbsp;&nbsp;Carlisle | 55000 | 18092800 |
| &nbsp;&nbsp;&nbsp;Esab | 455000 | 50841700 |
| &nbsp;&nbsp;&nbsp;Fastenal | 905000 | 44381200 |
| &nbsp;&nbsp;&nbsp;Fortive | 670000 | 32823300 |
| &nbsp;&nbsp;&nbsp;Graco | 415000 | 35258400 |
| &nbsp;&nbsp;&nbsp;IDEX | 385000 | 62662600 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 225000 | 53061750 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 345000 | 59364150 |
| &nbsp;&nbsp;&nbsp;Nordson | 265000 | 60141750 |
| &nbsp;&nbsp;&nbsp;nVent Electric | 740000 | 72993600 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 145000 | 50681850 |
| &nbsp;&nbsp;&nbsp;Veralto | 625000 | 66631250 |
| &nbsp;&nbsp;&nbsp;WW Grainger | 58705 | 55943517 |

---

---

| | |
|:---|:---|
| 6 | ![](fp0096229-1_01.jpg) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN MID CAP FUND** |
|  | **SEPTEMBER 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDUSTRIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Xylem | 510000 | $75225000 |
|  |  | 905294152 |
| **INFORMATION TECHNOLOGY — 21.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Akamai Technologies \* | 300000 | 22728000 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 125000 | 39708750 |
| &nbsp;&nbsp;&nbsp;Confluent, Cl A \* | 2980000 | 59004000 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 380000 | 54112000 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 1215000 | 54772200 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 225000 | 69835500 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 910000 | 67694900 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A \* | 705000 | 64648500 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 210000 | 42760200 |
| &nbsp;&nbsp;&nbsp;Procore Technologies \* | 810000 | 59065200 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 1065000 | 89257650 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 100000 | 49339000 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 235000 | 56571550 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 165000 | 49443900 |
|  |  | 778941350 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,713,189,064) |  | 3509739770 |
| **CASH EQUIVALENTS\*\* — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments - Money Market Treasury Only, Cl I, 4.000% | 20000000 | 20000000 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Instruments Fund, Institutional Shares, 4.000% | 107839594 | 107839594 |
| &nbsp;&nbsp;&nbsp;TOTAL CASH EQUIVALENTS<br> (Cost $127,839,594) |  | 127839594 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 100.2%<br> (Cost $2,841,028,658) |  | $3637579364 |

---

*Percentages are based on Net Assets of $3,629,934,522.*

---

| | |
|:---|:---|
| 7 | ![](fp0096229-1_01.jpg) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN MID CAP FUND** |
|  | **SEPTEMBER 30, 2025 (Unaudited)** |

---

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

*\*\** *Rate reported is the 7-day effective yield as of September 30, 2025.*

*Cl — Class*

*PLC — Public Limited Company*

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

CSC-QH-002-3500

---

| | |
|:---|:---|
| 8 | ![](fp0096229-1_01.jpg) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN STRATEGIC FOCUS FUND** |
|  | **SEPTEMBER 30, 2025 (Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK** — **96.4%#**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ulta Beauty \* | 150 | $82013 |
| &nbsp;&nbsp;&nbsp;Wingstop | 340 | 85571 |
|  |  | 167584 |
| **CONSUMER STAPLES — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 1255 | 166262 |
| **FINANCIALS — 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 280 | 158875 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 3155 | 177816 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 830 | 92113 |
|  |  | 428804 |
| **HEALTH CARE — 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International \* | 155 | 190280 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 720 | 214495 |
| &nbsp;&nbsp;&nbsp;Waters \* | 300 | 89943 |
|  |  | 494718 |
| **INDUSTRIALS — 28.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK | 725 | 136300 |
| &nbsp;&nbsp;&nbsp;Esab | 1525 | 170404 |
| &nbsp;&nbsp;&nbsp;Fastenal | 3905 | 191501 |
| &nbsp;&nbsp;&nbsp;Fortive | 1110 | 54379 |
| &nbsp;&nbsp;&nbsp;IDEX | 1015 | 165201 |
| &nbsp;&nbsp;&nbsp;Nordson | 735 | 166808 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 365 | 127578 |
| &nbsp;&nbsp;&nbsp;Veralto | 1555 | 165779 |
|  |  | 1177950 |
| **INFORMATION TECHNOLOGY — 38.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 380 | 120715 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 910 | 129584 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 480 | 148982 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 1350 | 100426 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A \* | 1900 | 174230 |

---

---

| | |
|:---|:---|
| 9 | ![](fp0096229-1_01.jpg) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN STRATEGIC FOCUS FUND** |
|  | **SEPTEMBER 30, 2025 (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 5170 | $433298 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 100 | 92028 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 290 | 143083 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 245 | 58979 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 650 | 194779 |
|  |  | 1596104 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK<br> (Cost $3,413,453) |  | 4031422 |
| **CASH EQUIVALENT\*\* — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments - Money Market Treasury Only, Cl I, 4.000% | 177382 | 177382 |
| &nbsp;&nbsp;&nbsp;TOTAL CASH EQUIVALENT<br> (Cost $177,382) |  | 177382 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 100.6%<br> (Cost $3,590,835) |  | $4208804 |

---

*Percentages are based on Net Assets of $4,184,901.*

# *More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.*

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

*\*\** *Rate reported is the 7-day effective yield as of September 30, 2025.*

*Cl — Class*

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

CSC-QH-003-0400

---

| | |
|:---|:---|
| 10 | ![](fp0096229-1_01.jpg) |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE FUND II

- **b. Investment Company Act file number:** 811-07102

- **c. CIK number of Registrant:** 0000890540

- **d. LEI of Registrant:** 549300OEHDTB2ALCAX69

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Champlain Small Company Fund

- **b. EDGAR series identifier (if any):** S000005803

- **c. LEI of Series:** 549300XEFD8NQBMJSZ92

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1577164702.49

**Total Liabilities:** $1859943.04

**Net Assets:** $1575304759.45

**Cash Not Reported:** $2.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173316 | -4.32%               | 2.53%                | -1.21%               |
| Class ID C000015937 | -4.32%               | 2.52%                | -1.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26572781.15             | $-98269238.78                              |
| Month 2  | $25918733.87             | $15837167.85                               |
| Month 3  | $3243079.84              | $-24669835.03                              |

### Schedule of Portfolio Investments

| Name                                    | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CONFLUENT, INC.                         | CONFLUENT INC-CLASS A COMMON STOCK                      | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               |  | US        |   1295000 | NS      | $25641000.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BATH & BODY WORKS, INC.                 | BATH & BODY WORKS INC COMMON STOCK                      | CUSIP: N/A<br>LEI: GR3KVMWVCR54YWQNXU90       | Long             | EC               |  | US        |    615000 | NS      | $15842400.00  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS FINANCIAL CORPORATION              | WSFS FINANCIAL CORP COMMON STOCK                        | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               |  | US        |    380000 | NS      | $20493400.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB CORPORATION                        | ESAB CORP COMMON STOCK                                  | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               |  | US        |    285000 | NS      | $31845900.00  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| STONEX GROUP INC.                       | STONEX GROUP INC COMMON STOCK                           | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               |  | US        |    175000 | NS      | $17661000.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                            | VERACYTE INC COMMON STOCK                               | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               |  | US        |    370000 | NS      | $12702100.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX TECHNOLOGIES, INC.                  | SPX TECHNOLOGIES INC COMMON STOCK                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    130000 | NS      | $24281400.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CULLEN/FROST BANKERS, INC.              | CULLEN/FROST BANKERS INC COMMON STOCK                   | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               |  | US        |    195000 | NS      | $24720150.00  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVISFIRST BANCSHARES, INC.            | SERVISFIRST BANCSHARES INC COMMON STOCK                 | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               |  | US        |    425000 | NS      | $34225250.00  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SentinelOne Inc                         | SENTINELONE INC -CLASS A COMMON STOCK                   | CUSIP: 81730H109<br>LEI: 984500DCD44DBF954221 | Long             | EC               |  | US        |   1645000 | NS      | $28968450.00  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Incorporated                 | MSA SAFETY INC COMMON STOCK                             | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               |  | US        |    200000 | NS      | $34414000.00  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESHPET, INC.                          | FRESHPET INC COMMON STOCK                               | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               |  | US        |    315000 | NS      | $17359650.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | FIDELITY TREASURY ONLY - I MONEY MARKET CLASS I (FSIXX) | CUSIP: 233809300<br>LEI: N/A                  | Long             | STIV             |  | US        |  20000000 | PA      | $20000000.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX, INC.                            | VERTEX INC - CLASS A COMMON STOCK                       | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               |  | US        |    655000 | NS      | $16237450.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISAFE, INC                          | AMERISAFE INC COMMON STOCK                              | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               |  | US        |    255000 | NS      | $11179200.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW INDUSTRIALS, INC.                   | CSW INDUSTRIALS INC COMMON STOCK                        | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               |  | US        |    100000 | NS      | $24275000.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST WATCH RESTAURANT GROUP, INC.      | FIRST WATCH RESTAURANT GROUP COMMON STOCK               | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               |  | US        |    610000 | NS      | $9540400.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| OneStream Inc                           | ONESTREAM INC COMMON STOCK                              | CUSIP: 68278B107<br>LEI: 254900CRBCHIYDC37W82 | Long             | EC               |  | US        |    929265 | NS      | $17126353.95  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | GOLDMAN SACHS FIN SQ TR IN-IN FTIXX                     | CUSIP: 38142B500<br>LEI: N/A                  | Long             | STIV             |  | US        |  39667438 | PA      | $39667438.33  | 2.52%             |  |  |  | No            |                  2 | On Loan: No      |
| HAMILTON LANE INCORPORATED              | HAMILTON LANE INC-CLASS A COMMON STOCK                  | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               |  | US        |    160000 | NS      | $21566400.00  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BRADY CORPORATION                       | BRADY CORPORATION - CL A COMMON STOCK                   | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               |  | US        |    225000 | NS      | $17556750.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS COMMERCE, INC.                      | SPS COMMERCE INC COMMON STOCK                           | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               |  | US        |    110000 | NS      | $11455400.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SENSIENT TECHNOLOGIES CORPORATION       | SENSIENT TECHNOLOGIES CORP COMMON STOCK                 | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               |  | US        |    110000 | NS      | $10323500.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT MAREL CORPORATION                   | JBT MAREL CORP COMMON STOCK                             | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               |  | US        |    210000 | NS      | $29494500.00  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS, INC.          | WYNDHAM HOTELS & RESORTS INC COMMON STOCK               | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               |  | US        |    290000 | NS      | $23171000.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GERMAN AMERICAN BANCORP, INC.           | GERMAN AMERICAN BANCORP COMMON STOCK                    | CUSIP: 373865104<br>LEI: N/A                  | Long             | EC               |  | US        |    415000 | NS      | $16297050.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCFIRST CORPORATION                   | BANCFIRST CORP COMMON STOCK                             | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               |  | US        |    100000 | NS      | $12645000.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| STEVANATO GROUP SOCIETA PER AZIONI      | STEVANATO GROUP SPA COMMON STOCK                        | CUSIP: T9224W109<br>LEI: 81560033F7E1CD477507 | Long             | EC               |  | US        |    400000 | NS      | $10300000.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOOM ENERGY CORPORATION                | BLOOM ENERGY CORP- A COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300XB5J9BFW5JXV97       | Long             | EC               |  | US        |     75000 | NS      | $6342750.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTANIX, INC.                           | NUTANIX INC - A COMMON STOCK                            | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               |  | US        |    410000 | NS      | $30499900.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| KADANT INC.                             | KADANT INC COMMON STOCK                                 | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               |  | US        |     80000 | NS      | $23806400.00  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PLANET FITNESS, INC.                    | PLANET FITNESS INC - CL A COMMON STOCK                  | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               |  | US        |     75000 | NS      | $7785000.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTIVION, INC.                          | ARTIVION INC COMMON STOCK                               | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               |  | US        |    135000 | NS      | $5715900.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| IRHYTHM TECHNOLOGIES, INC.              | IRHYTHM TECHNOLOGIES INC COMMON STOCK                   | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               |  | US        |    115000 | NS      | $19778850.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ATRICURE, INC.                          | ATRICURE INC COMMON STOCK                               | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               |  | US        |    625000 | NS      | $22031250.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                             | SI-BONE INC COMMON STOCK                                | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               |  | US        |    670000 | NS      | $9862400.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MODINE MANUFACTURING COMPANY            | MODINE MANUFACTURING CO COMMON STOCK                    | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               |  | US        |    180000 | NS      | $25588800.00  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERPAC TOOL GROUP CORP.                | ENERPAC TOOL GROUP COMMON STOCK                         | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               |  | US        |    610000 | NS      | $25010000.00  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAL GARDEN & PET COMPANY            | CENTRAL GARDEN AND PET CO-A COMMON STOCK                | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               |  | US        |    340000 | NS      | $10040200.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT PARTNERS INC.                       | PJT PARTNERS INC - A COMMON STOCK                       | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               |  | US        |    130000 | NS      | $23104900.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| LUCKY STRIKE ENTERTAINMENT CORPORATION  | LUCKY STRIKE ENTERTAINMENT C COMMON STOCK               | CUSIP: 10258P102<br>LEI: N/A                  | Long             | EC               |  | US        |    815000 | NS      | $8345600.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| GitLab Inc                              | GITLAB INC-CL A COMMON STOCK                            | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               |  | US        |    575000 | NS      | $25921000.00  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVANTA INC.                            | NOVANTA INC COMMON STOCK                                | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               |  | US        |    215000 | NS      | $21532250.00  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBUS MEDICAL, INC.                    | GLOBUS MEDICAL INC - A COMMON STOCK                     | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               |  | US        |    460000 | NS      | $26344200.00  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC.                           | WINGSTOP INC COMMON STOCK                               | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               |  | US        |     80000 | NS      | $20134400.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GLAUKOS CORPORATION                     | GLAUKOS CORP COMMON STOCK                               | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               |  | US        |    115000 | NS      | $9378250.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc             | INSPIRE MEDICAL SYSTEMS INC COMMON STOCK                | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               |  | US        |    130000 | NS      | $9646000.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| WATTS WATER TECHNOLOGIES, INC.          | WATTS WATER TECHNOLOGIES-A COMMON STOCK                 | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               |  | US        |     63000 | NS      | $17594640.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUKER CORPORATION                      | BRUKER CORP COMMON STOCK                                | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               |  | US        |    110000 | NS      | $3573900.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| VERICEL CORPORATION                     | VERICEL CORP COMMON STOCK                               | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               |  | US        |    320000 | NS      | $10070400.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| UTZ BRANDS, INC.                        | UTZ BRANDS INC COMMON STOCK                             | CUSIP: 918090101<br>LEI: 5299009BHBU2NH5HRN16 | Long             | EC               |  | US        |    905000 | NS      | $10995750.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON, INC.                              | AAON INC COMMON STOCK                                   | CUSIP: N/A<br>LEI: 549300ZHF0E5VM7PUD37       | Long             | EC               |  | US        |    270000 | NS      | $25228800.00  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMVAULT SYSTEMS, INC.                 | COMMVAULT SYSTEMS INC COMMON STOCK                      | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               |  | US        |    110000 | NS      | $20765800.00  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI CORP.                               | RLI CORP COMMON STOCK                                   | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               |  | US        |    205000 | NS      | $13370100.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| REPLIGEN CORPORATION                    | REPLIGEN CORP COMMON STOCK                              | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               |  | US        |    210000 | NS      | $28070700.00  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMPSON MANUFACTURING CO., INC.         | SIMPSON MANUFACTURING CO INC COMMON STOCK               | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               |  | US        |    140000 | NS      | $23444400.00  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWARD SPECIALTY INSURANCE GROUP, INC. | SKYWARD SPECIALTY INSURANCE COMMON STOCK                | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               |  | US        |    435000 | NS      | $20688600.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PURE STORAGE, INC.                      | PURE STORAGE INC - CLASS A COMMON STOCK                 | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               |  | US        |    525000 | NS      | $44000250.00  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| E.L.F. BEAUTY, INC.                     | ELF BEAUTY INC COMMON STOCK                             | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               |  | US        |    240000 | NS      | $31795200.00  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SIMPLY GOOD FOODS COMPANY           | SIMPLY GOOD FOODS CO/THE COMMON STOCK                   | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               |  | US        |    795000 | NS      | $19731900.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Braze Inc                               | BRAZE INC-A COMMON STOCK                                | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Long             | EC               |  | US        |    850000 | NS      | $24174000.00  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| STOCK YARDS BANCORP, INC.               | STOCK YARDS BANCORP INC COMMON STOCK                    | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               |  | US        |    210000 | NS      | $14697900.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDEX INTERNATIONAL CORPORATION       | STANDEX INTERNATIONAL CORP COMMON STOCK                 | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               |  | US        |    155000 | NS      | $32844500.00  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Onespaworld Holdings Ltd                | ONESPAWORLD HOLDINGS LTD COMMON STOCK                   | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               |  | US        |    490000 | NS      | $10358600.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BELLRING BRANDS, INC.                   | BELLRING BRANDS INC COMMON STOCK                        | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               |  | US        |    410000 | NS      | $14903500.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                           | RB GLOBAL INC COMMON STOCK                              | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               |  | US        |    200000 | NS      | $21672000.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                            | PHREESIA INC COMMON STOCK                               | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               |  | US        |    850000 | NS      | $19992000.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST FINANCIAL BANKSHARES, INC.        | FIRST FINL BANKSHARES INC COMMON STOCK                  | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               |  | US        |    895000 | NS      | $30116750.00  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCAT, INC.                          | TRANSCAT INC COMMON STOCK                               | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               |  | US        |    175000 | NS      | $12810000.00  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CAVA GROUP, INC.                        | CAVA GROUP INC COMMON STOCK                             | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               |  | US        |    120000 | NS      | $7249200.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| J & J SNACK FOODS CORP.                 | J & J SNACK FOODS CORP COMMON STOCK                     | CUSIP: 466032109<br>LEI: 894500IGP1Y2ZQFQMJ83 | Long             | EC               |  | US        |    105000 | NS      | $10089450.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CELSIUS HOLDINGS, INC.                  | CELSIUS HOLDINGS INC COMMON STOCK                       | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               |  | US        |    280000 | NS      | $16097200.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC BEARINGS INCORPORATED               | RBC BEARINGS INC COMMON STOCK                           | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               |  | US        |     45000 | NS      | $17563050.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PENUMBRA, INC.                          | PENUMBRA INC COMMON STOCK                               | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               |  | US        |     80000 | NS      | $20265600.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PALOMAR HOLDINGS, INC.                  | PALOMAR HOLDINGS INC COMMON STOCK                       | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               |  | US        |    130000 | NS      | $15177500.00  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| THE MARZETTI COMPANY                    | MARZETTI COMPANY/THE COMMON STOCK                       | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               |  | US        |     85000 | NS      | $14687150.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ALKAMI TECHNOLOGY, INC.                 | ALKAMI TECHNOLOGY INC COMMON STOCK                      | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               |  | US        |    980000 | NS      | $24343200.00  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Procept Biorobotics Corp                | PROCEPT BIOROBOTICS CORP COMMON STOCK                   | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               |  | US        |    455000 | NS      | $16238950.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SHAKE SHACK INC.                        | SHAKE SHACK INC - CLASS A COMMON STOCK                  | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               |  | US        |     90000 | NS      | $8424900.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| VALVOLINE INC.                          | VALVOLINE INC COMMON STOCK                              | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               |  | US        |    470000 | NS      | $16877700.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BALDWIN INSURANCE GROUP, INC        | BALDWIN INSURANCE GROUP INC/ COMMON STOCK               | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               |  | US        |    765000 | NS      | $21580650.00  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO TECHNOLOGIES INC.                  | ESCO TECHNOLOGIES INC COMMON STOCK                      | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               |  | US        |     80000 | NS      | $16888800.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TENABLE HOLDINGS, INC.                  | TENABLE HOLDINGS INC COMMON STOCK                       | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               |  | US        |    340000 | NS      | $9914400.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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