# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0002048251-25-002394
**Filing Date:** 2025-11
**Character Count:** 30274
**Document Hash:** 96b807f5465c27518ca268c45e6e19b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002394.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0002048251-25-002394

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07102
- **FILM NUMBER:** 251515718

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

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

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

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

## Series and Classes Contracts Data

### CHAMPLAIN STRATEGIC FOCUS FUND (Series ID: S000082350)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000245657 | Institutional Shares | CIPTX           |

## Nport-Ex

---

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

---

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

---

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

---

---

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

---

---

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

---

**COMMON STOCK — continued**

---

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

---

---

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

---

---

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

---

**COMMON STOCK — continued**

---

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

---

---

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

---

---

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

---

**CASH EQUIVALENTS\*\* — 3.8%**

---

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

---

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

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

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

*Cl — Class*

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

CSC-QH-001-4200

---

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

---

---

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

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK** — **96.7%**

---

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

---

---

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

---

---

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

---

**COMMON STOCK — continued**

---

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

---

---

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

---

---

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

---

**COMMON STOCK — continued**

---

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

---

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

---

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

---

---

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

---

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

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

*Cl — Class*

*PLC — Public Limited Company*

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

CSC-QH-002-3500

---

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

---

---

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

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK** — **96.4%#**

---

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

---

---

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

---

---

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

---

**COMMON STOCK — continued**

---

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

---

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

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

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

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

*Cl — Class*

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

CSC-QH-003-0400

---

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

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

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

- **a. Name of Series:** Champlain Strategic Focus Fund

- **b. EDGAR series identifier (if any):** S000082350

- **c. LEI of Series:** 529900AXRXAEJ8I8X697

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4199756.49

**Total Liabilities:** $14329.57

**Net Assets:** $4185426.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000245657 | 0.81%                | 1.81%                | 0.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-32558.68               | $67104.32                                  |
| Month 2  | $14089.92                | $60103.50                                  |
| Month 3  | $15737.38                | $22627.23                                  |

### Schedule of Portfolio Investments

| Name                              | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ROCKWELL AUTOMATION, INC.         | ROCKWELL AUTOMATION INC COMMON STOCK                    | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               |  | US        |       365 | NS      | $127578.45    | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY, INC.                 | ULTA BEAUTY INC COMMON STOCK                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               |  | US        |       150 | NS      | $82012.50     | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX CORPORATION                  | IDEX CORP COMMON STOCK                                  | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               |  | US        |      1015 | NS      | $165201.40    | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC.                         | MSCI INC COMMON STOCK                                   | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               |  | US        |       280 | NS      | $158874.80    | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | FIDELITY TREASURY ONLY - I MONEY MARKET CLASS I (FSIXX) | CUSIP: 233809300<br>LEI: N/A                  | Long             | STIV             |  | US        |    177382 | PA      | $177381.67    | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS, INC.                    | SYNOPSYS INC COMMON STOCK                               | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               |  | US        |       290 | NS      | $143083.10    | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| FASTENAL COMPANY                  | FASTENAL CO COMMON STOCK                                | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               |  | US        |      3905 | NS      | $191501.20    | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC.                | VEEVA SYSTEMS INC-CLASS A COMMON STOCK                  | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               |  | US        |       720 | NS      | $214495.20    | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| OKTA, INC.                        | OKTA INC COMMON STOCK                                   | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               |  | US        |      2000 | NS      | $183400.00    | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK, INC.                      | AMETEK INC COMMON STOCK                                 | CUSIP: N/A<br>LEI: 549300WZDEF9KKE40E98       | Long             | EC               |  | US        |       725 | NS      | $136300.00    | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| METTLER-TOLEDO INTERNATIONAL INC. | METTLER-TOLEDO INTERNATIONAL COMMON STOCK               | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               |  | US        |       155 | NS      | $190279.55    | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ZSCALER, INC.                     | ZSCALER INC COMMON STOCK                                | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               |  | US        |       650 | NS      | $194779.00    | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| RYAN SPECIALTY HOLDINGS, INC.     | RYAN SPECIALTY HOLDINGS INC COMMON STOCK                | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               |  | US        |      3155 | NS      | $177815.80    | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORPORATION               | VERALTO CORP COMMON STOCK                               | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               |  | US        |      1555 | NS      | $165778.55    | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MONGODB, INC.                     | MONGODB INC COMMON STOCK                                | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               |  | US        |       635 | NS      | $197091.30    | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIVE CORPORATION               | FORTIVE CORP COMMON STOCK                               | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               |  | US        |      1110 | NS      | $54378.90     | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK, INC.                    | AUTODESK INC COMMON STOCK                               | CUSIP: N/A<br>LEI: FRKKVKAIQEF3FCSTPG55       | Long             | EC               |  | US        |       380 | NS      | $120714.60    | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW, INC.                  | SERVICENOW INC COMMON STOCK                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               |  | US        |       100 | NS      | $92028.00     | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG, INC.                     | DATADOG INC - CLASS A COMMON STOCK                      | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               |  | US        |       910 | NS      | $129584.00    | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY, INC.                     | WORKDAY INC-CLASS A COMMON STOCK                        | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               |  | US        |       245 | NS      | $58978.85     | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| WATERS CORPORATION                | WATERS CORP COMMON STOCK                                | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               |  | US        |       300 | NS      | $89943.00     | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NORDSON CORPORATION               | NORDSON CORP COMMON STOCK                               | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               |  | US        |       735 | NS      | $166808.25    | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| E.L.F. BEAUTY, INC.               | ELF BEAUTY INC COMMON STOCK                             | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               |  | US        |      1255 | NS      | $166262.40    | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTANIX, INC.                     | NUTANIX INC - A COMMON STOCK                            | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               |  | US        |      1350 | NS      | $100426.50    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB CORPORATION                  | ESAB CORP COMMON STOCK                                  | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               |  | US        |      1525 | NS      | $170403.50    | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC.             | TRADEWEB MARKETS INC-CLASS A COMMON STOCK               | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               |  | US        |       830 | NS      | $92113.40     | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PURE STORAGE, INC.                | PURE STORAGE INC - CLASS A COMMON STOCK                 | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               |  | US        |      5170 | NS      | $433297.70    | 10.35%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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