# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0001193125-23-067478
**Filing Date:** 2023-3
**Character Count:** 143027
**Document Hash:** 64370be9cde4ee7bfbae2ffc90732a5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-067478.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001193125-23-067478

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund II
- **CENTRAL INDEX KEY:** 0000890540
- **IRS NUMBER:** 233040006
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07102
- **FILM NUMBER:** 23723297

**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

### Sprucegrove International Equity Fund (Series ID: S000071199)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000225987 | Institutional Class Shares | SPRNX           |
| C000234396 | Advisor Class Shares       | SPRDX           |
| C000234397 | Investor Class Shares      | SPRVX           |

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

**Investment Company Act File Number 811-07102** 

**The Advisors' Inner Circle Fund II** 

(Exact name of registrant as specified in charter)

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SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

**Registrant's telephone number, including area code: (877) 446-3863** 

**Date of fiscal year end: December 31, 2022** 

**Date of reporting period: December 31, 2022** 

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**Item 1. Reports to Stockholders.** 

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

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**The Advisors' Inner Circle Fund II**![LOGO](g478368snap0003.jpg)

**Sprucegrove International Equity Fund** 

---

| | |
|:---|:---|
| **ANNUAL REPORT** | **DECEMBER 31, 2022** |

---

<br>Investment Adviser:<br> **Sprucegrove Investment Management Ltd.**<br>

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL** |
|  | **EQUITY FUND** |
|  | **DECEMBER 31, 2022**<br>|

---

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**TABLE OF CONTENTS** 

------

---

| | |
|:---|:---|
|  [Letter to Shareholder](#tx478368_1) | 1 |
|  [Schedule of Investments](#tx478368_2) | 4 |
|  [Statement of Assets and Liabilities](#tx478368_3) | 9 |
|  [Statement of Operations](#tx478368_4) | 10 |
|  [Statement of Changes in Net Assets](#tx478368_5) | 11 |
|  [Financial Highlights](#tx478368_6) | 13 |
|  [Notes to Financial Statements](#tx478368_7) | 16 |
|  [Report of Independent Registered Public Accounting Firm](#tx478368_8) | 30 |
|  [Trustees and Officers of the Advisors' Inner Circle Fund III](#tx478368_9) | 32 |
|  [Disclosure of Fund Expenses](#tx478368_10) | 40 |
|  [Notice to Shareholders](#tx478368_11) | 42 |

---

The Funds file their complete schedules of investments with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-Port (Form N-Q for filings prior to March 31, 2020) within sixty days after period end. The Funds' Form N-Q and Form N-Port reports are available on the SEC's website at https://www. sec.gov, and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1- 866-392-2626; and (ii) on the SEC's website at https://www. sec.gov.

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

------

 <br> **Letter to Shareholder**<br>

To our Shareholders

For the year, the Fund's Institutional Class Shares returned net -11.91% compared to -14.45% for the index. While inflationary and rising rate environments are generally favorable to our investment style, residual effects from the pandemic combined with shockwaves from the conflict in Ukraine have somewhat muted performance. Higher volatility continues to create attractive opportunities for the portfolio across various geographies and sectors. Compared to its historical average, portfolio activity remains elevated.

The Fund outperformed the index over the year. The portfolio benefitted from positive allocation and stock selection across the portfolio as highly valued stocks were hard-hit by rising rates. Specifically, the Fund's outperformance was due to a combination of stock selection and an underweight position in Information Technology. Stock selection in Utilities and Consumer Staples also made meaningful positive contributions to relative performance. Outperformance was partially offset by a combination of stock selection and an overweight position in Consumer Discretionary and an underweight position in Health Care.

From a country perspective, the Fund's outperformance was mainly due to positive stock selection in Singapore, Holland and Switzerland. Outperformance was partially offset by negative stock selection in the United Kingdom, Japan and Finland.

A moderation in inflation from recent peak levels and the US dollar giving back some of its sharp appreciation over the year has been supportive of a market rebound in the fourth quarter of the year. However, concerns remain that inflation may persist, which could mean sustained higher interest rates for longer and slower economic activity.

*1* 

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

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Growth of a $1,000,000 Investment

---

| | | |
|:---|:---|:---|
|  | AVERAGE ANNUAL TOTAL RETURN FOR<br>PERIOD ENDED DECEMBER 31, 2022 | AVERAGE ANNUAL TOTAL RETURN FOR<br>PERIOD ENDED DECEMBER 31, 2022 |
|  | One Year Return | Annualized<br>Inception to Date |
|  Institutional Class Shares\*  | -11.91% | -6.95% |
|  Investor Class Shares\*\*†  | N/A | -5.13% |
|  Advisor Class Shares\*\*†  | N/A | -5.27% |
|  MSCI EAFE Index  | -14.45% | -5.01% |

---

![LOGO](g478368snap0004.jpg)

*\* Inception date of the Class was March 22, 2021. The one year return differs from the Financial Highlights because the performance is lower due to applying the Class's 0.60% expense ratio to activity prior to June 1, 2022. The Advisor managed a similar strategy of an unregistered mutual fund that commenced operations on September 30, 1985. Please refer to the most recent Sprucegrove Fund's prospectus for historical performance.* 

*\*\* Inception date of the Class was May 31, 2022. Returns shown are cumulative since inception.* 

*†The graph is based on only Institutional Class Shares; performance for Investor Class Shares and Advisor Class Shares would be different due to differences in fee structures.* 

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost.* 

*2* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

------

*Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.* 

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

*See definition of comparative indices below.* 

**Definition of the Comparative Index** 

***The MSCI EAFE Index*** *(Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom\*.* 

*3* 

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

---

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SECTOR WEIGHTING (Unaudited)†

![LOGO](g478368snap0005.jpg)

*† Percentages are based on total investments* 

 SCHEDULE OF INVESTMENTS<br>**COMMON STOCK — 94.4%**<br>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**  | **Value** |
|  **AUSTRALIA — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adbri Ltd | 550250 | $617566 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd | 79885 | 1628471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246037 |
|  **BRAZIL — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambev SA ADR | 1149800 | 3127456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA ADR | 801699 | 2308894 |
|  |  | 5436350 |
|  **CANADA — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc | 35900 | 1576479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia | 31102 | 1522792 |
| &nbsp;&nbsp;&nbsp;&nbsp; North West Co Inc | 21469 | 563602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo Inc | 80000 | 1979114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stella-Jones Inc | 34700 | 1242587 |
|  |  | 6884574 |
|  **CHINA — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd \* | 144100 | 1592403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd | 35400 | 1514885 |
|  |  | 3107288 |
|  **FINLAND — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokian Renkaat Oyj | 102392 | 1046879 |
|  **FRANCE — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 17633 | 2491605 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 54150 | 3389468 |
|  |  | 5881073 |

---

*The accompanying notes are an integral part of the financial statements.* 

*4* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

---

------

 **SCHEDULE OF INVESTMENTS**<br>**COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**  | **Value** |
|  **GERMANY — 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE | 56830 | $2813631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 35166 | 3129319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG & Co KGaA | 59830 | 1951998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co KGaA | 40640 | 2613219 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 23260 | 2392802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12900969 |
|  **HONG KONG — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd | 370600 | 4121497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd | 285400 | 1312840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jardine Matheson Holdings Ltd | 68000 | 3461200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Electric Holdings Ltd | 498323 | 627616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xinyi Glass Holdings Ltd | 789000 | 1469844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yue Yuen Industrial Holdings Ltd | 838376 | 1177279 |
|  |  | 12170276 |
|  **INDIA — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Ports & Special Economic Zone Ltd | 71050 | 702599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing Development Finance Corp Ltd | 102790 | 3277153 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPL Ltd | 114160 | 988223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zee Entertainment Enterprises Ltd, Cl B | 612360 | 1776829 |
|  |  | 6744804 |
|  **IRELAND — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 78668 | 3107293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC ADR \* | 29700 | 2220372 |
|  |  | 5327665 |
|  **ISRAEL — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd \* | 4500 | 567720 |
|  **ITALY — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brembo SpA | 192178 | 2143310 |
|  **JAPAN — 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ain Holdings Inc | 33900 | 1551828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso Corp | 52100 | 2580815 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp | 4200 | 631377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koito Manufacturing Co Ltd | 100400 | 1511954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd | 43800 | 954707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp | 114600 | 1578144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon Kohden Corp | 91700 | 2227432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp | 47900 | 2777180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omron Corp | 17559 | 852366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seria Co Ltd | 51800 | 1126334 |

---

*The accompanying notes are an integral part of the financial statements.* 

*5* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

---

------

 **SCHEDULE OF INVESTMENTS**<br>**COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**  | **Value** |
|  **JAPAN — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp | 184500 | $2534437 |
|  |  | 18326574 |
|  **NETHERLANDS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Vopak NV | 53390 | 1581204 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBM Offshore NV | 130932 | 2048542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629746 |
|  **NORWAY — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bakkafrost | 21864 | 1367194 |
|  **PANAMA — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings SA, Cl A \* | 31900 | 2653123 |
|  **SINGAPORE — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265700 | 3189730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd | 1142325 | 2188917 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd | 167130 | 3825597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Corp Ltd | 178300 | 2267968 |
|  |  | 11472212 |
|  **SOUTH KOREA — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co Ltd GDR | 2612 | 2886260 |
|  **SPAIN — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 57094 | 1514195 |
|  **SWEDEN — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Cl B | 74248 | 1594057 |
|  **SWITZERLAND — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Cl A | 23920 | 3099879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG | 69500 | 3596693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 43870 | 3963568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG | 7340 | 2086489 |
|  |  | 12746629 |
|  **UNITED KINGDOM — 19.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 67623 | 2632703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkeley Group Holdings PLC | 62656 | 2843683 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 571603 | 3555606 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMI PLC | 174320 | 2700815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renishaw PLC | 23595 | 1041073 |
| &nbsp;&nbsp;&nbsp;&nbsp; RS GROUP PLC | 164513 | 1772138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 111855 | 3129658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 149778 | 1998974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group PLC | 203180 | 3906837 |

---

*The accompanying notes are an integral part of the financial statements.* 

*6* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

---

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 **SCHEDULE OF INVESTMENTS**<br>**COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**  | **Value** |
|  **UNITED KINGDOM — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectris PLC | 44920 | $1622117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travis Perkins PLC | 228585 | 2445551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victrex PLC | 105865 | 2033710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weir Group PLC | 122660 | 2462584 |
|  |  | 32145449 |
|  **VIETNAM — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vietnam Dairy Products JSC | 363800 | 1174345 |
|  TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $153,092,279) |  | 153966729 |
|  PREFERRED STOCK — 2.3% |  |  |
|  **GERMANY — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FUCHS PETROLUB SE (A) | 55148 | 1926964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jungheinrich AG (A) | 62790 | 1781191 |
|  |  | 3708155 |
|  TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,663,855) |  | 3708155 |
|  TOTAL INVESTMENTS— 96.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $156,756,134) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157674884 |

---

*Percentages are based on Net Assets of $163,112,077.* 

\* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

JSC — Joint-Stock Company

Ltd — Limited

PLC — Public Limited Company

*The accompanying notes are an integral part of the financial statements.* 

*7* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

---

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As of December 31, 2022, all of the Fund's investments were considered level 1, in accordance with U.S. generally accepted accounting principles.

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

*The accompanying notes are an integral part of the financial statements.* 

*8* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

---

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 **STATEMENT OF ASSETS AND LIABILITIES**<br>

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| | |
|:---|:---|
|  | **International Equity<br>Fund** |
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value (Cost $156,756,134) | $157674884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value (Cost $293,716) | 289368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4458344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclaim Receivable | 728463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend and Interest Receivable | 177532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Gain on Foreign Spot Currency Contracts | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Prepaid Expenses | 39730 |
|  **Total Assets** | 163368895 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 125369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Investment Adviser | 26628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Administrator | 9745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Trustees | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | 13303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 14000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Foreign Capital Gains Tax on Appreciated Securities | 24646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses and Other Payables | 41091 |
|  **Total Liabilities** | 256818 |
|  **Net Assets** | $163112077 |
|  **Net Assets Consist of:** |  |
|  Paid-in Capital | $166474966 |
|  Total Accumulated Losses | (3362889) |
|  **Net Assets** | $163112077 |
|  **Institutional Class Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $163015195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 2460789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $66.25 |
|  **Investor Class Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $88304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $66.24 |
|  **Advisor Class Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $8578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Offering and Redemption Price Per Share | $66.23<sup>\*</sup> |

---

*\** *Net Assets divided by Shares do not calculate to the stated Net Asset Value because Net Assets and Shares are shown Rounded.*

*The accompanying notes are an integral part of the financial statements.* 

*9* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br>|

---

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 **STATEMENT OF OPERATIONS**<br>

---

| | |
|:---|:---|
|  | **International Equity<br>Fund** |
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $9544391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 78078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (755742) |
|  **Total Investment Income** | 8866727 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Fees | 460872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees (see Note 4) | 125648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees | 44004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 3744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Serving Fees Investor Class Shares (see Note 4) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Serving Fees Advisor Class Shares (see Note 4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees, Advisor Class Shares (see Note 4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees (see Note 4) | 46055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees (see Note 4) | 44998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and Filing Fees | 42080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering Costs | 28867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | 27218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing Fees | 18092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 21162 |
|  **Total Expenses** | 952833 |
|  **Less:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver of Investment Advisory Fees (see Note 5) | (226215) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Waiver Recapture (see Note 5) | (134913) |
|  **Net Expenses** | 591705 |
|  **Net Investment Income** | 8275022 |
|  **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(1)</sup>  | 11892609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Capital Gains Tax on Appreciated Securities | (1148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (104004) |
|  **Net Realized Gain (Loss)** | 11787457 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (58187694) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Capital Gains Tax on Appreciated Securities | (24646) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translation | (18395) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (58230735) |
|  **Net Realized and Unrealized Gain (Loss)** | (46443278) |
|  **Net Decrease in Net Assets Resulting from Operations** | $(38168256) |

---

(1) Includes realized gains (losses) as a result of in-kind redemptions. (See Note 11
in Notes to Financial Statements.)

*The accompanying notes are an integral part of the financial statements.* 

*10* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br>|

---

------

 **STATEMENT OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Period Ended<br>December 31,<br>2021 <sup>(1)</sup>** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8275022 | $10196559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments | 11787457 | 8036437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on Investments | (58230735) | (16888678) |
|  **Net Increase (Decrease) in Net Assets Resulting From Operations** | (38168256) | 1344318 |
|  **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Class Shares |  | (21811367) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares | (8390869) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class Shares | (4511) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class Shares | (434) |  |
|  **Total Distributions** | (8395814) | (21811367) |
|  **Return of Capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares | (9189601) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class Shares | (4940) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor Class Shares | (474) |  |
|  **Total Return of Capital** | (9195015) |  |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 450855820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions |  | 21811366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (403301473)<sup>(2)</sup> | (18913989) |
|  **Net Master Class Shares Transactions** | (403301473) | 453753197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 172662822<sup>(2)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 17580470 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1469300) |  |
|  **Net Institutional Class Shares Transactions** | 188773992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 93080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 9451 |  |
|  **Net Investor Class Shares Transactions** | 102531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 9056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 908 |  |
|  **Net Advisor Class Shares Transactions** | 9964 |  |
|  **Net Increase (Decrease) in Net Assets From Capital Share Transactions** | (214414986) | 453753197 |
|  **Total Increase (Decrease) in Net Assets** | (270174071) | 433286148 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year/Period | 433286148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Year/Period | $163112077 | $433286148 |

---

*The accompanying notes are an integral part of the financial statements.* 

*11* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

---

------

 **STATEMENT OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,<br>2022** | **Period Ended<br>December 31,<br>2021 <sup>(1)</sup>** |
|  **Shares Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 5125287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions |  | 261344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (5176996)<sup>(2</sup><sup>)</sup> | (209635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Master Class Shares Transactions | (5176996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2224975<sup>(2</sup><sup>)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 256998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (21184) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Institutional Class Shares Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 1195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investor Class Shares Transactions | 1333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Advisor Class Shares Transactions | 129 |  |
|  **Net Increase (Decrease) in Shares Outstanding From Share Transactions** | **(2714745)** | **5176996** |

---

(1) Commenced operations on March 22, 2021.

(2) Shares redeemed for the Master Class Shares and Shares Issued for the Institutional Class Shares include
1,944,658 shares at a cost of $151,483,827 due to a reorganization. Please refer to Note 1 in Notes to Financials for more detail.

Amount designated as "—" is $0.

*The accompanying notes are an integral part of the financial statements.* 

*12* 

------

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

---

------

 **FINANCIAL HIGHLIGHTS**<br>

---

| | | |
|:---|:---|:---|
| | **Year**<br>**Ended<br>December 31,<br>2022<sup>(1)</sup>** | **Period**<br>**Ended<br>December 31,<br> 2021<sup>(2)</sup>** |
| <br> **Institutional Class Shares** |  |  |
|  **Net Asset Value, Beginning of Year/Period** | $83.69 | $87.86 |
|  Income (Loss) from Investment Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income\* | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Loss | (12.08) | (1.84) |
|  Total from Investment Operations | (9.68) | 0.21 |
|  Dividends and Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (3.58) | (1.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | (4.18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Gains | —^ | (2.40) |
|  Total Dividends and Distributions | (7.76) | (4.38) |
|  **Net Asset Value, End of Year/Period** | $66.25 | $83.69 |
|  **Total Return†** | (11.61)% | 0.31 |
|  **Ratios and Supplemental Data** |  |  |
|  Net Assets, End of Year/Period (Thousands) | $163015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$433286 |
|  Ratio of Net Expenses to Average Net Assets | 0.22%# | 0.02% |
|  Ratio of Gross Expenses to Average Net Assets | 0.36% | 0.11% |
|  Ratio of Net Investment Income to Average Net Assets | 3.14% | 2.93% |
|  Portfolio Turnover Rate‡ | 17% | 15 |

---

\* Per share calculations were performed using average shares for the period.

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.005 per share.  |

---

† 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 is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

# Expense ratio reflects a "blended" rate where the Institutional Class Shares previously operated at a lower rate prior to the re-organization (see Note 1). After the re-organization the Institutional Class Shares operated at its current annualized rate of 0.60%. 

(1) Due to a reorganization, activity prior to June 1, 2022 includes activity from the Sprucegrove International Equity
Master Fund. Please refer to Note 1 in Notes to Financials for more detail.

(2) Inception date of the Class was March 22, 2021.

---

| | |
|:---|:---|
| Amounts | designated as "—" are either not applicable, $0 or have been rounded to $0.  |

---

*The accompanying notes are an integral part of the financial statements.* 

*13* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

---

------

 <br> **FINANCIAL HIGHLIGHTS**<br>

---

| | |
|:---|:---|
| | **Period<br>Ended<br>December 31,<br> 2022<sup>\*\*</sup>** |
| <br> **Investor Class Shares** |  |
|  **Net Asset Value, Beginning of Period** | $77.90 |
|  Income (Loss) from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income\* | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Loss | (4.50) |
|  Total from Investment Operations | (3.96) |
|  Dividends and Distributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (3.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | (4.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Gains | —^ |
|  Total Dividends and Distributions | (7.70) |
|  **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66.24 |
|  **Total Return†** | (5.13)% |
|  **Ratios and Supplemental Data** |  |

---

---

| | |
|:---|:---|
|  Net Assets, End of Period (Thousands) | $88 |
|  Ratio of Net Expenses to Average Net Assets | 0.75%†† |
|  Ratio of Gross Expenses to Average Net Assets | 1.09%†† |
|  Ratio of Net Investment Income to Average Net Assets | 1.31%†† |
|  Portfolio Turnover Rate‡ | 17% |

---

\* Per share calculations were performed using average shares for the period.

\*\* Inception date of the Class was May 31, 2022.

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.005 per share.  |

---

† 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 is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

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

*The accompanying notes are an integral part of the financial statements.* 

*14* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br>|

---

------

 <br> **FINANCIAL HIGHLIGHTS**<br>

---

| | |
|:---|:---|
| | **Period<br>Ended<br>December 31,<br> 2022<sup>\*\*</sup>** |
| <br> **Advisor Class Shares** |  |
|  **Net Asset Value, Beginning of Period** | $77.90 |
|  Income (Loss) from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Loss | (4.51) |
|  Total from Investment Operations | (4.07) |
|  Dividends and Distributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (3.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | (4.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Gains | —^ |
|  Total Dividends and Distributions | (7.60) |
|  **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66.23 |
|  **Total Return†** | (5.27)% |
|  **Ratios and Supplemental Data** |  |

---

---

| | |
|:---|:---|
|  Net Assets, End of Period (Thousands) | $9 |
|  Ratio of Net Expenses to Average Net Assets | 1.01%†† |
|  Ratio of Gross Expenses to Average Net Assets | 1.34%†† |
|  Ratio of Net Investment Income to Average Net Assets | 1.06%†† |
|  Portfolio Turnover Rate‡ | 17% |

---

\* Per share calculations were performed using average shares for the period.

\*\* Inception date of the Class was May 31, 2022.

---

| | |
|:---|:---|
| ^ | Amount represents less than $0.005 per share.  |

---

† 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 is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.

---

| | |
|:---|:---|
| Amounts | designated as "—" are either not applicable, $0 or have been rounded to $0.  |

---

*The accompanying notes are an integral part of the financial statements.* 

*15* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br>|

---

------

 **NOTES TO FINANCIAL STATEMENTS**<br>

**1. Organization:** 

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 July 24, 1992. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 9 funds. The financial statements herein are those of the Sprucegrove International Equity Fund (the "Fund"). The investment objective of the Fund is long-term capital appreciation. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund of the Trust are segregated, and a shareholder's interest is limited to the fund of the Trust in which shares are held.

Investor Class and Advisor Class commenced operations on May 31, 2022.

On June 1, 2022, the Sprucegrove International Equity Master Fund (the "Master Fund") was rebranded as the Sprucegrove International Equity Fund (the "Fund"). The Master Fund Share Class was fully exchanged into the Institutional Class Shares. The prior history for the Institutional Class reflects that of the Master Fund, which was established on March 22, 2021. As part of this event, 1,944,658 shares were redeemed out of the Master Class at a cost of $151,483,827 and exchanged into the Institutional Class for the same shares and dollars. Immediately prior to the aforementioned transaction, the remaining shareholder was redeemed as part of an in-kind transaction as described in Note 11.

**2. Significant Accounting Policies:**

The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund. The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB").

*Use of Estimates —* The preparation of financial statements, in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of 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.

*Net Asset Value Determination —* The Fund calculates its NAV once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m., Eastern Time). To receive the current Business Day's NAV, the Fund or an authorized institution must receive any purchase order in proper form before the close of normal trading on the NYSE. If the NYSE closes early, as in the case

*16* 

------

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

---

------

of scheduled half-day trading or unscheduled suspensions of trading, the Fund reserves the right to calculate NAV as of the earlier closing time. The Fund will not accept orders that request a particular day or price for the transaction or any other special conditions. Shares will only be priced on Business Days. Since securities that are traded on foreign exchanges may trade on days that are not Business Days, the value of the Fund's assets may change on days when purchasing or redeeming shares is not available.

*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. The Fund calculates its NAV once each Business Day, as of the close of business, on a daily basis.

Securities for which market prices are not "readily available" are required to be fair valued under the 1940 Act.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Trust's Board of Trustees (the "Board") designated the Adviser as the Board's valuation designee to perform fair-value determinations for the Fund through a Fair Value Committee (the "Committee") established by the Adviser and approved new Adviser Fair Value Procedures for the Fund. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust's Fair Value Procedures established by the Fund's Board of Trustees and were implemented through a Fair Value Committee designated by the Board.

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;

*17* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

---

------

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.

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 Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value 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 Fund 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 Fund uses 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 Fund 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 Fund own securities is closed for one or more days, the Fund 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 the authoritative guidance on fair value measurement under U.S. GAAP, the Fund discloses the fair value of its investments in a hierarchy that

*18* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

---

------

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). The three levels of the fair value hierarchy are described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 the Adviser's pricing
procedures, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

*Federal Income Taxes —* It is the Fund's intention to continue 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 provision for Federal income taxes has been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's 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 year. The Fund 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., from commencement of operations, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

*19* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

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As of and during the year ended December 31, 2022, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Fund did not incur any interest or penalties.

*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 the specific identification method. Dividend income and expense are recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income is recognized on the accrual basis from settlement date. Certain dividends and expenses 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. 

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

*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 basis of relative daily net assets.

*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.

*Dividends and Distributions to Shareholders —* The Fund distributes substantially all of its net investment income quarterly. Distributions from net realized capital gains, if any, are declared and paid annually. All distributions are recorded on ex-dividend date.

*Deferred Offering Costs —* Offering costs, including costs of printing initial prospectus, legal and registration fees, are amortized over twelve-month from inception of the Fund. As of December 31, 2022, the offering costs have been fully amortized.

*Foreign Currency Translation —* The books and records of the Fund 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 Fund does 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

*20* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

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Statements 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 Fund's books and the U.S. dollar equivalent of the amounts actually received or paid.

*Forward Foreign Currency Contracts —* The Fund may enter into forward foreign currency 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 Fund as unrealized gain or loss. The Fund recognizes 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 appreciation (depreciation) during the year or 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. As of December 31, 2022, there were no forward foreign currency contracts held by the Fund.

**3. Transactions with Affiliates:** 

Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the "Administrator"), a wholly owned subsidiary of SEI Investments Company, 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 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.

**4. Administration, Distribution, Shareholder Servicing, Custodian and Transfer Agent Agreements:** 

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Fund. 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 Fund. For the year

*21* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

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ended December 31, 2022, Sprucegrove International Equity Fund paid $125,648 for these services.

The Fund has adopted the Distribution Plan (the "Plan") for the Advisor Class Shares. Under the Plan, the Distributor, or third parties that enter into agreements with the Distributor, may receive up to 0.25% of the Fund's average daily net assets attributable to Advisor Class Shares as compensation for distribution services. The Distributor will not receive any compensation for the distribution of Institutional Class Shares or Investor Class Shares of the Fund.

The Fund has adopted a shareholder servicing plan (the "Service Plan") under which a shareholder servicing fee of up to 0.15% of average daily net assets of the Investor Class Shares and the Advisor Class Shares of the Fund will be paid to other service providers. Certain brokers, dealers, banks, trust companies and other financial representatives receive compensation from the Fund for providing a variety of services, including record keeping and transaction processing. Such fees are based on the assets of the Fund that are serviced by the financial representative. Such fees are paid by the Fund to the extent that the number of accounts serviced by the financial representative multiplied by the account fee charged by the Fund's transfer agent would not exceed the amount that would have been charged had the accounts serviced by the financial representative been registered directly through the transfer agent. All fees in excess of this calculated amount are paid by the Adviser. These fees are disclosed on the Statement of Operations as Shareholder Servicing Fees. For the year ended December 31, 2022, the Sprucegrove International Equity Fund paid $81 for these services.

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

SS&C GIDS, Inc., serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust. For the year ended December 31, 2022, the Fund paid $46,055 for these services.

**5. Investment Advisory Agreement:** 

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Fund at a fee calculated at an annual rate of 0.50% of the Fund's average daily net assets.

The Adviser has contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep the Fund's total annual Fund operating expenses (excluding distribution and/or service (12b-1) fees, interest, taxes, brokerage commissions, and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend and interest expenses on securities sold short, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures which

*22* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

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are capitalized in accordance with generally accepted accounting principles, and non-routine expenses (collectively, "excluded expenses")) for Institutional Class Shares, Investor Class Shares and Advisor Class Shares from exceeding 0.60% of the average daily net assets of the Fund's share classes until April 30, 2023. This agreement may be terminated by: (i) the Board, for any reason at any time; or (ii) the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on April 30, 2023. In addition, the Advisor may receive from the Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.

As of December 31, 2022, the Funds had fees which were previously waived and/ or reimbursed to the Funds by the Adviser, which may be subject to possible future reimbursement, up to the expense cap in place at the time the expenses were waived and reimbursed to the Funds, as follows:

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| | | |
|:---|:---|:---|
| Fiscal Year | Subject to<br> Repayment until<br> June 30: | Amount |
| 2022 | 2025 | $226215 |

---

For the year ended December 31, 2022, the Adviser did not recapture any previously waived fees.

**6. Investment Transactions:** 

For the year ended December 31, 2022, the purchases and sales of investment securities, excluding in-kind transactions (see Note 11), long-term U.S. Government and short-term investments were as follows:

---

| | |
|:---|:---|
|  Purchases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59575821 |
|  Sales | 45656161 |

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There were no purchases or sales of long-term U.S. Government securities by the Fund.

**7. Federal Tax Information:** 

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/(loss) on investment transactions for a reporting period may differ significantly from distributions during the year. The book/tax differences may be temporary

*23* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

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or permanent. The permanent differences primarily consist of foreign currency translations and reclass of distributions.

The permanent difference that is credited or charged to Paid-in Capital and Distributable Earnings is primarily related to net realized gain associated with a shareholder in-kind redemption:

---

| | |
|:---|:---|
| **Distributable Earnings** | |
| **(Accumulated Loss)** | <br>**Paid-in Capital** |
| $(12302051) | $12302051 |

---

The tax character of dividends and distributions declared during the year ended December 31, 2022, were as follows:

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| | | |
|:---|:---|:---|
| **Ordinary Income** | **Return of Capital** | **Total** |
| $8395814  | $9195015 | $17590829 |

---

As of December 31, 2022, the components of Distributable Losses on a tax basis were as follows:

---

| | |
|:---|:---|
|  Capital Loss Carryforwards | $(3070942) |
|  Unrealized Depreciation | (291945) |
|  Other Temporary Differences | (2) |
|  Total Accumulated Losses | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3362889) |

---

As of December 31, 2022, the Fund has short-term capital losses carried forward of $3,070,942. The utilization of carryforward capital losses may be subject to an annual limitation.

For Federal income tax purposes, the difference between Federal tax cost and book cost are primarily due to 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 for investments held by the Fund at December 31, 2022, were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Federal Tax Cost** | **Aggregate Gross**<br> **Unrealized**<br> **Appreciation** | **Aggregate Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Depreciation** |
| $157839953 | $16183348 | $(16391654) | $(208306) |

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**8. Concentration of Shareholders:** 

At December 31, 2022, the percentage of total shares outstanding held by shareholders each owning 10% or greater of the aggregate total shares outstanding, are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders was as follows:

*24* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

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| | | |
|:---|:---|:---|
|  | No. of<br> Shareholders | %<br> Ownership |
|  International Equity Fund, Institutional Class | 3 | 84% |
|  International Equity Fund, Investor Class | 1 | 100% |
|  International Equity Fund, Advisor Class | 1 | 100% |

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**9. Indemnifications:** 

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

**10. Concentration of Risks:** 

As with all mutual funds, a shareholder in each Fund is subject to the risk that his or her investment could lose money. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value ("NAV") and ability to meet its investment objective.

Active Management – The Fund is subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to other funds with similar objectives and investment strategies.

Equity Security and Market Risk – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. 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 Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole.

Common Stock Risk - The prices of common stock may fall over short or extended periods of time. Common stock generally is subordinate to preferred stock and debt upon the liquidation or bankruptcy of the issuing company.

International Investing Risk — Investing outside the United States involves considerations that create risks different than investing in the United States. These risks include, among other things, (i) less publicly available information; (ii) varying

*25* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br>|

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levels of governmental regulation and supervision; and (iii) the difficulty of enforcing legal rights in a non-U.S. jurisdiction and uncertainties as to the status, interpretation and application of laws. Moreover, in certain countries companies are not subject to uniform accounting, auditing and financial reporting disclosure standards, practices and requirements comparable to those applicable to United States companies.

Non-U.S. markets may also have different clearance and settlement procedures, and in certain markets there have been times when settlements have failed to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Transaction costs of buying and selling non-U.S. securities, including brokerage, tax and custody costs, also are generally higher than those involved in U.S. transactions. Furthermore, non-U.S. financial markets, while generally growing in volume, have, for the most part, substantially less volume than U.S. markets, and securities of many non-U.S. companies are less liquid and their prices more volatile than securities of comparable U.S. companies. In addition, periodic U.S. government restrictions on investments in issuers from certain non-U.S. countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

Emerging Markets Investing Risk — The Fund invests a portion of its assets in the securities of, or instruments providing exposure to Emerging Markets. The value of Emerging Market currencies and securities may be drastically affected by political developments in the country of issuance. In addition, the existing governments in the relevant countries could take actions that could have a negative impact on the Fund, including nationalization, expropriation, imposition of confiscatory taxation or regulatory or imposition of withholding taxes on interest payments.

Some of the countries in which the Fund may invest have experienced political, economic and/or social instability and dramatic swings in the value of their national currency and interest rates. There can be no assurance that such instability or such fluctuations will not occur in the future and, if they do occur, that they will not have a substantial adverse effect on the performance of the Fund.

Also, some Emerging Market country economies have a high dependence on a small group of markets or even a single market. Foreign investment in the Emerging Market countries is in some cases restricted. Certain Emerging Markets countries are particularly likely to require identifying information about entities and persons who have direct, or even indirect, exposure to the securities of issuers in those countries. Further, the securities markets of Emerging Market countries may be illiquid. Therefore, the Fund may not be able to sell Emerging Markets securities when the Fund desires to do so.

Currency Risk – As a result of the Fund's investments in securities or other investments being denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline

*26* 

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br>|

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in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

Large Capitalization Risk – If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium-sized companies. The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

Small and Medium Capitalization Risk – The risk that small and medium capitalization companies in which the Fund may 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 OTC. OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.

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 are subject to credit risk and prepayment risk. Credit risk is the risk that a decline in the credit quality of an investment could cause the Fund to lose money. Prepayment risk is the risk that, in a declining interest rate environment, securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate dividend. Due to their fixed income features, preferred stocks provide higher income potential than issuers' common stocks, but are typically more sensitive to interest rate changes than an underlying common stock. Preferred stocks are also subject to equity market risk, which is the risk that stock prices will fluctuate and can decline and reduce the value of the Fund's investment. The rights of preferred stocks on the distribution of a corporation's assets in the event of a liquidation are generally subordinate to the rights associated with a corporation's debt securities. Preferred stock may also be subject to prepayment risk, which is discussed above.

*27* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br>|

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Rights and Warrants Risk – Investments in rights or warrants involve the risk of loss of the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the right's or warrant's expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the underlying security may exceed the market price of the underlying security in instances such as those where there is no movement in the price of the underlying security.

Investments in Other Investment Companies Risk – To the extent the Fund invests in other investment companies, such as ETFs, closed-end funds and other mutual funds, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund's investment could decline, which could adversely affect the Fund's performance. By investing in another investment company, Fund shareholders indirectly bear the Fund's proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations.

Liquidity Risk – The risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Liquidity risk may be heightened in the emerging market countries in which the Fund invests, as a result of their markets being less developed. The liquidity of the Fund's investments may change over time.

Investment Style Risk – The Adviser's value investment style may increase the risks of investing in the Fund. If the Adviser's assessment of market conditions, or a company's value or prospects for exceeding earnings expectations is inaccurate or differs from that of the market or other market participants, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to underperform the market for long periods of time.

Cyber Security Risk – The Fund and its service providers may be susceptible to operational and information security risks resulting from a breach in cyber security, including cyber-attacks. Cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its net asset value, cause the release of private shareholder information or confidential company information, impede redemptions, subject the Fund to regulatory fines or financial losses, and cause reputational damage. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests.

*28* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

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**11. In-Kind Transactions:** 

On June 1, 2022, an investor redeemed out (3,224,124 shares) of the newly rebranded Sprucegrove International Equity Fund via an in-kind redemption. The investment securities and cash were transferred at their current value on the date of the transaction:

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| | | | |
|:---|:---|:---|:---|
| Transaction Date: | Value: | Gain: | Cash: |
|  06/01/2022 | $228059993 | $12302051 | $23090871 |

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**12. Subsequent Events:** 

The Fund has 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 as of December 31, 2022.

*29* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022** |

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***Report of Independent Registered Public Accounting Firm***

To the Board of Trustees of The Advisors' Inner Circle Fund II and Shareholders of Sprucegrove International Equity Fund

***Opinion on the Financial Statements*** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Sprucegrove International Equity Fund (one of the Funds constituting The Advisors' Inner Circle Fund II, hereafter referred to as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for the year ended December 31, 2022 and for the period March 22, 2021 (commencement of operations) through December 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year ended December 31, 2022, the changes in its net assets for the year ended December 31, 2022 and for the period March 22, 2021 (commencement of operations) through December 31, 2021 and the financial highlights for the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion*** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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| |
|:---|
| /s/ PricewaterhouseCoopers LLP |
| Philadelphia, Pennsylvania |
| March 1, 2023 |

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We have served as the auditor of one or more investment companies in Sprucegrove Investment Management Ltd. since 2021.

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|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

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 **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III**<br>

Set forth below are the names, years of birth, positions with the Trust, length of term of office, and the principal occupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. Trustees who are deemed not to be "interested persons" of the Trust are referred to as "Independent Trustees." Messrs. Nesher and Klauder are Trustees who may be deemed to be "interested" persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with the Trust's Distributor.

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| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and**<br> **Length of Time Served<sup>1</sup>** | **Principal Occupations**<br> **In the Past Five Years** |
| **INTERESTED TRUSTEES <sup>3</sup> <sup>4</sup>** | **INTERESTED TRUSTEES <sup>3</sup> <sup>4</sup>** | **INTERESTED TRUSTEES <sup>3</sup> <sup>4</sup>** |
| Robert Nesher<br>(Born: 1946) | Chairman of the<br>Board of Trustees<br>(since 1991) | SEI employee 1974 to present; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. President and Director of SEI Structured Credit Fund, LP. Vice Chairman of Winton Series Trust to 2017. Vice Chairman of Winton Diversified Opportunities Fund (closed-end investment company), The Advisors' Inner Circle Fund III, Gallery Trust, Schroder Series Trust and Schroder Global Series Trust to 2018. |
| N. Jeffrey Klauder<br>(Born: 1952) | Trustee<br>(since 2018)<br>| Senior Advisor of SEI Investments since 2018. Executive Vice President and General Counsel of SEI Investments, 2004 to 2018.<br>|

---

1 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Declaration of Trust.

2 Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies under the 1940 Act.

3 Denotes Trustees who may be deemed to be "interested" persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.

4 Trustees oversee 9 funds in The Advisors' Inner Circle Fund II.

*32* 

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

------

The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-866-454-0738. The following chart lists Trustees and Officers as of December 31, 2022.

**Other Directorships** 

**Held in the Past Five Years<sup>2</sup>** 

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund, Bishop Street Funds, Frost Family of Funds, Catholic Responsible Investments Funds, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of SEI Structured Credit Fund, LP, SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments—Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd.

Former Directorships: Trustee of The KP Funds to 2022.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund, Bishop Street Funds and Catholic Responsible Investments Funds. Director of SEI Private Trust Company, SEI Global Fund Services Ltd., SEI Investments Global Limited, SEI Global Master Fund, SEI Global Investments Fund, SEI Global Assets Fund and SEI Investments - Guernsey Limited.

Former Directorships: Trustee of SEI Investments Management Corporation, SEI Trust Company, SEI Investments (South Africa), Limited and SEI Investments (Canada) Company to 2018. Trustee of The KP Funds to 2022.

------

*33* 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

------

 **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III**<br>

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) with Trust**<br> **and Length of**<br> **Time Served<sup>1</sup>**  | **Principal**<br> **Occupation(s)**<br> **in the Past Five Years** |
| **INDEPENDENT TRUSTEES<sup>3</sup>** | **INDEPENDENT TRUSTEES<sup>3</sup>** | **INDEPENDENT TRUSTEES<sup>3</sup>** |
| Kathleen Gaffney<br> (Born: 1961) | Trustee<br> (since 2022)<br>| Retired since 2019. Vice President and Portfolio Manager, Eaton Vance Management from 2012 to 2019. |
| Joseph T. Grause, Jr. (Born: 1952) | Trustee<br> (since 2011) Lead Independent<br> Trustee<br> (since 2018)<br>| Self-Employed Consultant since 2012. Director of Endowments and Foundations, Morningstar Investment Management, Morning- star, Inc., 2010 to 2011. Director of International Consulting and Chief Executive Officer of Morningstar Associates Europe Limited, Morningstar, Inc., 2007 to 2010. Country Manager – Morningstar UK Limited, Morningstar, Inc., 2005 to 2007. |
| Mitchell A. Johnson† (Born: 1942) | Trustee<br> (since 2005)<br>| Retired. Private Investor since 1994. |
| Betty L. Krikorian<br> (Born: 1943) | Trustee<br> (since 2005) | Vice President, Compliance, AARP Financial Inc., from 2008 to 2010. Self-Employed Legal and Financial Services Consultant since 2003. Counsel (in-house) for State Street Bank from 1995 to 2003. |
| Robert Mulhall<br> (Born: 1958) | Trustee<br> (since 2019)<br>| Partner, Ernst & Young LLP, from 1998 to 2018. |
| Bruce Speca<br> (Born: 1956) | Trustee<br> (since 2011) | Global Head of Asset Allocation, Manulife Asset Management (subsidiary of Manulife Financial), 2010 to 2011. Executive Vice President – Investment Management Services, John Hancock Financial Services (subsidiary of Manulife Financial), 2003 to 2010.<br>|
| Monica Walker<br> (Born: 1958) | Trustee<br> (since 2022) | Retired since 2017. Co-Founder, Chairman, Chief Executive Officer and Chief Investment Officer, Holland Capital Management, LLC from 1991 to 2017. |

---

1 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Declaration of Trust.

2 Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies under the 1940 Act.

3 Trustees oversee 9 funds in The Advisors' Inner Circle Fund II.

† In accordance with the Trust's retirement policy, Mr. Johnson retired from the Board effective December 31,
2022, after having dutifully served on the Board since 2005.

*34* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

------

**Other Directorships** 

**Held in the Past Five Years<sup>2</sup>** 

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund, Bishop Street Funds and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund, Bishop Street Funds, Frost Family of Funds, and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Director of The Korea Fund, Inc. to 2019. Trustee of The KP Funds to 2022.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund, Bishop Street Funds, Catholic Responsible Investments Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997 and RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Trustee of The KP Funds to 2022.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Trustee of The KP Funds to 2022.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Trustee of Villanova University Alumni Board of Directors to 2018. Trustee of The KP Funds to 2022.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. Director of Stone Harbor Investments Funds (8 Portfolios), Stone Harbor Emerging Markets Income Fund (closed-end fund) and Stone Harbor Emerging Markets Total Income Fund (closed-end fund). Director of RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Trustee of The KP Funds to 2022.

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Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

------

*35* 

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

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 **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III**<br>

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) with Trust and<br>Length of Time Served** | **Principal<br>Occupation(s)<br>in the Past Five Years** |
| **OFFICERS** | **OFFICERS** | **OFFICERS** |
| Michael Beattie<br>(Born: 1965) | President<br> (since 2011)<br>| Director of Client Service, SEI Investments, since 2004. |
| James Bernstein<br>(Born: 1962) | Vice President and<br>Assistant Secretary<br>(since 2017) | Attorney, SEI Investments, since 2017.<br>Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002.<br>|
| John Bourgeois<br>(Born: 1973) | Assistant Treasurer<br>(since 2017) | Fund Accounting Manager, SEI Investments, since 2000. |
| Eric C. Griffith<br>(Born: 1969) | Vice President and<br>Assistant Secretary<br>(since 2019)<br>| Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018. |
| Matthew M. Maher (Born: 1975) | Vice President<br>(since 2018)<br>Secretary (since 2020) | Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013.<br>|

---

*36* 

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

------

**Other Directorships** 

**Held in the Past Five Years** 

------

None.

------

None.

------

None.

------

None.

------

None.

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*37* 

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

------

 **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND III**<br>

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) with Trust and**<br> **Length of Time Served** | **Principal<br>Occupation(s)<br>in the Past Five Years** |
| **OFFICERS (continued)** | **OFFICERS (continued)** | **OFFICERS (continued)** |
| Andrew Metzger<br>(Born: 1980) | Treasurer, Controller and<br>Chief Financial Officer<br>(since 2021)<br>| Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019. |
| Robert Morrow<br>(Born: 1968) | Vice President<br>(since 2017)<br>| Account Manager, SEI Investments, since 2007. |
| Stephen F. Panner (Born: 1970) | Chief Compliance Officer<br>(since 2022) | Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011.<br>|
| Alexander F. Smith (Born: 1977) | Vice President and<br>Assistant Secretary<br>(since 2020)<br>| Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012. |
| Bridget E. Sudall<br>(Born: 1980) | Privacy Officer<br>(from 2015 – May 2022 and<br>since November 2022) | Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, from 2011 to 2015. Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, from 2007 to 2011. |
|  | Anti-Money Laundering<br>Officer<br>(from 2015 – May 2022 and<br>since November 2022)<br>|  |

---

*38* 

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

------

**Other Directorships** 

**Held in the Past Five Years** 

------

None.

------

None.

------

None.

------

None.

------

None.

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*39* 

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

------

 **DISCLOSURE OF FUND EXPENSES**<br>

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for Fund management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. Operating expenses such as these are deducted from the mutual fund's gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the mutual fund's average net assets; this percentage is known as the mutual fund's expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2022 to December 31, 2022.

The table on the next page illustrates your Fund's costs in two ways:

• Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The "Expenses Paid During Period" column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the "Ending Account Value" number is derived from deducting that expense cost from the Fund's gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your ending starting account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under "Expenses Paid During Period."

• Hypothetical 5% Return. This section helps you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund's comparative cost by comparing the hypothetical result for your Fund in the "Expenses Paid During Period" column with those that appear in the same charts in the shareholder reports for other mutual funds.

*40* 

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

------

**Note:** Because the return is set at 5% for comparison purposes — NOT your Fund's actual return — the account values shown may not apply to your specific investment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning Account**<br> **Value 7/01/22** | **Ending Account**<br> **Value 12/31/22** | **Annualized<br>Expense Ratios** | **Expenses Paid**<br> **During Period\*** |
|  *International Equity Fund - Institutional Shares* |  |  |  |  |
|  **Actual Fund Return** | $1000.00 | $1061.10 | 0.60% | $3.12 |
|  **Hypothetical 5% Return** | 1000.00 | 1022.18 | 0.60 | 3.06 |
|  *International Equity Fund - Investor Shares* |  |  |  |  |
|  **Actual Fund Return** | $1000.00 | $1060.30 | 0.75% | $3.89 |
|  **Hypothetical 5% Return** | 1000.00 | 1021.43 | 0.75 | 3.82 |
|  *International Equity Fund - Advisor Shares* |  |  |  |  |
|  **Actual Fund Return** | $1000.00 | $1058.90 | 1.01% | $5.24 |
|  **Hypothetical 5% Return** | 1000.00 | 1020.11 | 1.01 | 5.14 |

---

\* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one half period shown.)

*41* 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **SPRUCEGROVE INTERNATIONAL**<br> **EQUITY FUND**<br> **DECEMBER 31, 2022**<br> **(Unaudited)** |

---

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 **NOTICE TO SHAREHOLDERS**<br>

For shareholders that do not have a December 31, 2022 tax year end, this notice is for informational purposes only. For shareholders with a December 31, 2022 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal period ended December 31, 2022, the Fund is designating the following items with regard to distributions paid during the period.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Return of Capital | Ordinary<br>Income<br>Distributions | Distributions<br>Total | Qualifying for<br>Corporate<br>Dividends<br>Receivable<br>Deduction <sup>(1)</sup> | Qualifying<br>Dividend<br>Income <sup>(2)</sup> | U.S.<br>Government<br>Interest <sup>(3)</sup> | Interest<br>Related<br>Dividends<sup>(4)</sup> | Short-Term<br>Capital Gain<br>Dividends<sup>(5)</sup> | Qualifying<br>Business<br>Income<sup>(6)</sup> | Foreign Tax<br>Credit |
|  52.27% | 47.73% | 100.00% | 0.00% | 99.38% | 0.00% | 0.80% | 0.00% | 0.00% | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected
as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of the Fund to designate the
maximum amount permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "U.S. Government Interest" represents the amount of interest that was derived from direct U.S. Government
obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for residents of California,
Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The percentage in this column represents the amount of "Interest Related Dividend" and is reflected as a
percentage of ordinary income distributions. Interest related dividends are exempted from U.S. withholding tax when paid to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The percentage of this column represents the amount of "Short-Term Capital Gain Dividends" and is reflected
as a percentage of short term capital gain distributions that is exempted from U.S. withholding tax when paid to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business Income
Deduction.

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2022. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

*42* 

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**NOTES** 

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**NOTES** 

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**NOTES** 

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**Sprucegrove International Equity Fund** 

P.O. Box 219009

Kansas City, MO 64121

1- 844-777-8234

**Sprucegrove Investment Management Ltd.** 

181 University Ave, Suite 1300

Toronto, Ontario, Canada

M5H 3M7

**Administrator:** 

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Distributor:** 

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel:** 

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

**Independent Registered Public Accounting Firm:** 

PricewaterhouseCoopers LLP

Two Commerce Square

2001 Market Street, Suite 1800

Philadelphia, PA 19103

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

SIM-AR-001-0200

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**Item 2.** **Code of Ethics.** <br>

The Registrant (also referred to as the "Trust") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

**Item 3.** **Audit Committee Financial Expert.** <br>

(a)(1) The Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The Registrant's audit committee financial expert is Robert Mulhall. Mr. Mulhall is considered to be "independent", as that term is defined in Form N-CSR Item 3(a)(2).

**Item 4.** **Principal Accountant Fees and Services.** <br>

Fees billed by Ernst & Young LLP ("E&Y") relate to The Advisors' Inner Circle Fund II (the "Trust").

E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **FYE December 31, 2022** | **FYE December 31, 2021** | **FYE December 31, 2021** | **FYE December 31, 2021** |
|  |  | All fees and <br> services to<br> the Trust<br> that were<br> pre-<br> approved | All fees and <br> services to<br> the Trust that<br> were pre-<br> approved | All fees and <br> services to<br> service<br> affiliates that<br> were pre-<br> approved | All other fees<br>and services<br>to service<br> affiliates that <br> did not<br> require pre-<br> approval |
| &nbsp;&nbsp;&nbsp;(a) | Audit<br>Fees<sup>(1)</sup> | $48060 | $72270 |  |  |
| &nbsp;&nbsp;&nbsp;(b) | Audit-<br> Related Fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(c) | Tax<br> Fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(d) | All Other<br> Fees |  |  |  |  |

---

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Fees billed by PricewaterhouseCoopers LLP ("PwC") relate Trust.

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **FYE December 31, 2022** | **FYE December 31, 2022** | **FYE December 31, 2022** | **FYE December 31, 2021** | **FYE December 31, 2021** | **FYE December 31, 2021** |
|  |  | All fees<br> and<br> services to <br> the Trust<br> that were<br> pre-<br> approved | All fees and <br> services to<br> service<br> affiliates that<br> were pre-<br> approved | All other<br> fees and<br> services to<br> service<br> affiliates that <br> did not<br> require pre-<br> approval | All fees and <br> services to<br> the Trust<br> that were<br> pre-<br> approved | All fees and<br> services to<br> service<br> affiliates that <br>were pre-<br> approved | All other<br> fees and<br> services to<br> service<br> affiliates that <br>did not<br> require pre-<br> approval |
| &nbsp;&nbsp;&nbsp;(a) | Audit<br>Fees<sup>(1)</sup> | $107050 |  |  | $139400 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;(b) | Audit<br> - Related <br>Fees |  |  |  | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;(c) | Tax<br>Fees<sup>(2)</sup> |  |  |  | N/A | N/A | $549000 |
| &nbsp;&nbsp;&nbsp;(d) | All Other<br>Fees |  |  |  | N/A | N/A | N/A |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit fees include amounts related to the audit of the Trust's annual financial statements and services normally
provided by the accountant in connection with statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Tax consulting services provided to affiliates of the Funds.

(e)(1) The Trust's Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. require specific pre-approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. have been previously pre-approved in connection with the independent
auditor's annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with
SEC's rules and whether the provision of such services would impair the auditor's independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-

------

approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee's responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor's methods and procedures for ensuring independence.

---

| | |
|:---|:---|
| (e)(2) | Percentage of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (E&Y):  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**FYE December 31,** <br> **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**FYE December 31,** <br> **2021** |
| &nbsp;&nbsp;&nbsp; Audit-Related Fees |  |  |
| &nbsp;&nbsp;&nbsp; Tax Fees |  |  |
| &nbsp;&nbsp;&nbsp; All Other Fees |  |  |

---

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (PwC):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**FYE December 31,** <br> **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**FYE December 31,** <br> **2021** |
| &nbsp;&nbsp;&nbsp; Audit-Related Fees |  |  |
| &nbsp;&nbsp;&nbsp; Tax Fees |  |  |
| &nbsp;&nbsp;&nbsp; All Other Fees |  |  |

---

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended December 31<sup>st</sup> were $0 and $0 for 2022 and 2021, respectively.

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(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended December 31<sup>st</sup> were $0 and $549,000 for 2022 and 2021, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant's principal accountant to either the Registrant's investment adviser or to any entity controlling, controlled by, or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant's Board of Trustees. Included in the Audit Committee's pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to open-end management investment companies.

**Item 6.** **Schedule of Investments.** <br>

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end management investment companies.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end management investment companies.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.** <br>

Not applicable to open-end management investment companies.

**Item 10.** **Submission of Matters to a Vote of Security Holders.** <br>

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.

**Item 11.** **Controls and Procedures.** <br>

(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 Exchange Act, as amended (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 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to open-end management investment companies.

**Item 13.** **Exhibits.** <br>

[(a)(1) A copy of the Registrant's Code of Ethics, as required by Item 2 of this Form, accompanies this filing as an exhibit.](d478368dex99codeeth.htm)

[(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), is filed herewith.](d478368dex99cert.htm)

[(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.](d478368dex99906cert.htm)

------

**SIGNATURES** 

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.

---

| | |
|:---|:---|
| (Registrant) | The Advisors' Inner Circle Fund II |
| By (Signature and Title) |  |
|  | <u>/s/ Michael Beattie</u> |
|  | Michael Beattie |
|  | President |

---

Date: March 10, 2023

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.

By (Signature and Title)

---

| |
|:---|
| <u>/s/ Michael Beattie</u> |
| Michael Beattie |
| President |

---

Date: March 10, 2023

By (Signature and Title)

---

| |
|:---|
| <u>/s/ Andrew Metzger</u> |
| Andrew Metzger |
| Treasurer, Controller, and CFO |

---

Date: March 10, 2023

## Ex-99.Code

**<u>Policy Statement</u>:** Sarbanes-Oxley effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which the investors invest are accurately and completely disclosing financial information. Under Sarbanes-Oxley, all public companies (including the Funds) must either have a code of ethics for their senior financial officers, or disclose why the company does not have a code of ethics. Sarbanes-Oxley was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices.

Each Fund has chosen to adopt a code of ethics ("Code of Ethics for Financial Officers") to encourage the Fund's Principal Executive Officer, Principal Financial, and Accounting Officer and Controller (the "Financial Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Compliance with applicable laws and governmental rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Prompt internal reporting of violations of the Code of Ethics for Financial Officers to an appropriate person
or persons identified in the Code of Ethics of Financial Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accountability for adherence to the Code of Ethics for Financial Officers.

**<u>Procedures</u>:** The Funds have adopted the following procedures regarding this matter:

A compliance officer is responsible for monitoring compliance with these procedures.

**FINANCIAL OFFICER CODE OF ETHICS** 

**I.** **Introduction** 

The reputation and integrity of Series Trusts, (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which the investors invest are accurately and completely disclosing financial information. Under the Act, all public companies (including

------

the Trusts) must either have a code of ethics for their SFOs, or disclose why the company does not have a code of ethics. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage the Trust's SFOs to act in a manner consistent with the highest principles of ethical conduct.

**II.** **Purposes of the Code** 

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or
apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to
an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the
Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To promote compliance with applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To establish accountability for adherence to this Code.

**III.** **Questions about this Code** 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

**IV.** **Conduct Guidelines** 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with honesty
and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must disclose to
the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material
transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, the matter should be disclosed to the

------

Trust's Chief Financial Officer, Chief Executive Officer, or another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts' SFOs have an obligation to report any other actual or apparent conflicts which the SFOs discover or of which the SFOs otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is "material," you should bring the matter to the attention of the Compliance Officer. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Standards for quality of information shared with service providers of the Trusts.** Each Trust's
SFOs must at all times seek to provide information to the Trust's service providers (adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Standards for quality of information included in periodic reports.** Each Trust's SFOs must at all
times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and other
laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due care,
competence, and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust's SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
of information acquired in the course of their professional duties, except when authorized by the Trust to disclose this information or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course
of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Sharing of information and educational standards.** Each Trust's SFOs should share information
with relevant parties to keep these parties informed of the business affairs of the Trust, as appropriate, and to maintain skills important and relevant to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Promote ethical conduct.** Each Trust's SFOs at all times should proactively promote ethical
behavior among peers in the SFOs work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Standards for recordkeeping.** Each Trust's SFOs at all times must endeavor to ensure that the
Trust's financial books and records are thoroughly and accurately maintained to the best of the SFOs knowledge in a manner consistent with applicable laws and this Code.

**V.** **Waivers of this Code** 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders and the designated Board to the extent required by SEC rules.

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**VI.** **Affirmation of the Code** 

Upon adoption of the Code, each Trust's SFOs must affirm in writing that the SFO has received, has read, and understands the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

**VII.** **Reporting Violations** 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO <u>must</u> immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer, in his or her discretion, may consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures the report's or financial statement's meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

**VIII.** **Violations of the Code** 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address, and report, as appropriate, non-criminal violations.

## Ex-99.Cert

**CERTIFICATION** 

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940** 

**and Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Michael Beattie, certify that:

1. I have reviewed this report on Form N-CSR of The Advisors'
Inner Circle Fund II (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting 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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

Dated: March 10, 2023

<u>/s/ Michael Beattie</u> 

Michael Beattie

President

------

**CERTIFICATION** 

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940** 

**and Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Andrew Metzger, certify that:

1. I have reviewed this report on Form N-CSR of The Advisors'
Inner Circle Fund II (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting 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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

Dated: March 10, 2023

<u>/s/ Andrew Metzger</u> 

Andrew Metzger

Treasurer, Controller, and CFO

## Exhibit 99.906

**CERTIFICATION** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

The undersigned, Michael Beattie, the President of The Advisors' Inner Circle Fund II (the "Fund"), with respect to the Fund's Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Fund.

Dated: March 10, 2023

---

| |
|:---|
| <u>/s/ Michael Beattie</u> |
| Michael Beattie |
| President |

---

------

**CERTIFICATION** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

The undersigned, Andrew Metzger, the Treasurer, Controller, and CFO of The Advisors' Inner Circle Fund II (the "Fund"), with respect to the Fund's Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Fund.

Dated: March 10, 2023

---

| |
|:---|
| <u>/s/ Andrew Metzger</u> |
| Andrew Metzger |
| Treasurer, Controller, and CFO |

---