# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0001398344-26-000376
**Filing Date:** 2026-1
**Character Count:** 96933
**Document Hash:** 5f81ff93aaae32c46e9f37d9c84537fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-000376.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001398344-26-000376

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07102
- **FILM NUMBER:** 26520429

**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

### CastleArk Large Growth ETF (Series ID: S000083184)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000246700 | CastleArk Large Growth ETF | CARK            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**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)

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: October 31, 2025**

**Date of reporting period: October 31, 2025**

**Item 1. Reports to Stockholders.**

a) 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.

**# The Advisors' Inner Circle Fund II
![Image](i2dabddedf3ac20df50252827.jpg)

## CastleArk Large Growth ETF

## Ticker: CARK

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the CastleArk Large Growth ETF (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.castleark-etfs.com/. You can also request this information by contacting us at 1-866-777-0504.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| CastleArk Large Growth ETF | $59 | 0.54% |

---

## How did the Fund perform in the last year?
For the period October 31, 2024 through October 31, 2025, the Fund returned 18.22% (gross) and 17.61% (NAV) compared to the Russell 1000 Growth Index (USD) (TR) of 30.52%. The underperformance was primarily due to stock selection against a difficult market where highly concentrated group of technology related stocks drove 65% of the index returns.

What factors influenced the Fund's performance?

The Information Technology sector contributed positively to relative performance due to strong stock picking. A sizable overweight in Nvidia, the market from a positive contribution standpoint, performance benefited most from strong security selection in several key large-cap growth names. Top individual contributors included Lam Research, Apple, Shopify, Netflix, Alphabet, and Nvidia, each adding meaningfully to returns. At the sector level, Consumer Discretionary and Communication Services were relative bright spots.

On the negative side, the majority of underperformance came from security selection, particularly within Information Technology and Health Care. Notable individual detractors included Broadcom, Trade Desk, ServiceNow, Blackstone, Fair Isaac, and several other high-growth companies that faced multiple-compression or fundamental slowdowns during the period. Sector allocation was also modestly negative, most notably within Financials and Health Care, further weighing on relative returns over the year.

How is the Fund positioned?

Despite this challenging environment for active growth managers, the Fund continues to reflect CastleArk's bottom-up discipline—focusing on large-cap companies with durable competitive advantages, strong free cash flow generation, and sustainable long-term growth prospects. The team remains confident that its diversified portfolio of quality growth franchises is well positioned to perform over a full market cycle, particularly as market breadth improves and fundamentals regain influence in driving stock performance.

## How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](ia03bc76523ba0ae8de1fbfc7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | CastleArk Large Growth ETF | Russell 1000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 1000 Growth Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Dec/23 | $10000 | $10000 | $10000 |
| Oct/24 | $12857 | $12657 | $13034 |
| Oct/25 | $15120 | $15332 | $17013 |

---

Since its inception on December 6, 2023. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-866-777-0504 or visit https://www.castleark-etfs.com/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | |
|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>Annualized Since Inception</u> |
| CastleArk Large Growth ETF | 17.61% | 24.25% |
| Russell 1000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 21.14% | 25.16% |
| Russell 1000 Growth Index (USD) (TR)<sup>Footnote Reference\*</sup> | 30.52% | 32.19% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $340146642 | 30 | $1799518 | 68% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ib20cf760541a5ea2e2b78739.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Consumer Staples | 0.4% |
| Health Care | 4.4% |
| Industrials | 5.0% |
| Consumer Discretionary | 5.6% |
| Financials | 10.9% |
| Communication Services | 14.8% |
| Information Technology | 54.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| NVIDIA | 16.4% |
| Microsoft | 10.9% |
| Alphabet, Cl A | 5.9% |
| Apple | 5.5% |
| Amazon.com | 5.2% |
| Meta Platforms, Cl A | 4.3% |
| Broadcom | 3.9% |
| Netflix | 3.4% |
| Arista Networks | 3.4% |
| Shopify, Cl A | 3.3% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

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

* 1-866-777-0504 

* https://www.castleark-etfs.com/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-777-0504 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

## The Advisors' Inner Circle Fund II

## CastleArk Large Growth ETF: CARK

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025

## CARK-AR-2025
![Image](i2dabddedf3ac20df50252827.jpg)**

b) Not applicable.

**Item 2. Code of Ethics.**

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.**

(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.**

Fees billed by PricewaterhouseCoopers LLP ("PwC") related to the Trust.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $129220 |  |  | $152569 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Fees billed by Ernst & Young LLP ("E&Y") related to the Trust.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $160620 |  |  |  |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Notes:

&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.

(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;(1) require specific pre-approval;

&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;(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 waiver of pre-approval requirement were as follows (PwC):

---

| | | |
|:---|:---|:---|
| | **FYE October 31, 2025** | **FYE October 31, 2024** |
| Audit-Related Fees | None | None |
| Tax Fees | None | None |
| All Other Fees | None | None |

---

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (E&Y):

---

| | | |
|:---|:---|:---|
| | **FYE October 31, 2025** | **FYE October 31, 2024** |
| Audit-Related Fees | None | None |
| Tax Fees | None | None |
| All Other Fees | None | None |

---

(f) Not applicable.

(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 October 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

(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 October 31<sup>st</sup> were $0 and $0 for 2025 and 2024, 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.**

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments**

(a) The Schedule of Investments is included as part of the Financial Statements and Other Information filed under
 Item 7 of this form.

(b) Not applicable.

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

Financial Statements and Financial Highlights are filed herein.

![](fp0096587-1_01.jpg)

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |

---

**Large Growth ETF**

**October 31, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 3 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 4 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 5 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 6 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 7 |
| Report of Independent Registered Public Accounting Firm | 13 |
| Notice to Shareholders (Unaudited) | 14 |
| Other Information (Form N-CSR Items 8-11) (Unaudited) | 15 |

---

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |

---

**Large Growth ETF**

**October 31, 2025**

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 95.1%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services — 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 71399 | $20076685 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 22516 | 14598249 |
| &nbsp;&nbsp;&nbsp;Netflix \* | 10388 | 11622718 |
| &nbsp;&nbsp;&nbsp;Spotify Technology \* | 6011 | 3939128 |
|  |  | 50236780 |
| **Consumer Discretionary — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 72957 | 17817559 |
| &nbsp;&nbsp;&nbsp;Ferrari | 3170 | 1280521 |
|  |  | 19098080 |
| **Consumer Staples — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 9925 | 1432475 |
| **Financials — 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Blackstone | 46124 | 6763623 |
| &nbsp;&nbsp;&nbsp;Charles Schwab | 95464 | 9023257 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 19354 | 10683214 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 30825 | 10503311 |
|  |  | 36973405 |
| **Health Care — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Eli Lilly | 12158 | 10490652 |
| &nbsp;&nbsp;&nbsp;Insulet \* | 14997 | 4694211 |
|  |  | 15184863 |
| **Industrials — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Axon Enterprise \* | 1817 | 1330462 |
| &nbsp;&nbsp;&nbsp;Eaton | 8032 | 3064690 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 8323 | 4870120 |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 34708 | 3349322 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 22951 | 4426330 |
|  |  | 17040924 |
| **Information Technology — 54.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices \* | 9230 | 2363988 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 6706 | 1570076 |
| &nbsp;&nbsp;&nbsp;Apple | 68786 | 18597671 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 73409 | 11575865 |
| &nbsp;&nbsp;&nbsp;Broadcom | 36186 | 13375431 |
| &nbsp;&nbsp;&nbsp;Lam Research | 70420 | 11088333 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 61284 | 3825347 |
| &nbsp;&nbsp;&nbsp;Microsoft | 71664 | 37108336 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 276176 | 55922878 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 9998 | 9190962 |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 64664 | 11242483 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 28190 | 7748867 |
|  |  | 183610237 |
| **Total Common Stock** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $218,810,413) |  | 323576764 |
| **Total Investments - 95.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $218,810,413) |  | $323576764 |

---

Percentages are based on Net Assets of $340,146,642

\* Non-income producing security.

Cl — Class

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

*1* 

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |

---

**Large Growth ETF**

**October 31, 2025**

**SCHEDULE OF INVESTMENTS**

As of October 31, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principals.

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.*

*2* 

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |

---

**Large Growth ETF**

**October 31, 2025**

**STATEMENT OF ASSETS AND LIABILITIES**

**Assets:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $218,810,413) | $323576764 |
| &nbsp;&nbsp;&nbsp;Cash | 13013191 |
| &nbsp;&nbsp;&nbsp;Receivable for Investments Sold | 3648169 |
| &nbsp;&nbsp;&nbsp;Dividend Receivable | 16790 |
| &nbsp;&nbsp;&nbsp;Other Prepaid Expenses | 4209 |
| **Total Assets** | 340259123 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 112481 |
| **Total Liabilities** | 112481 |
| **Net Assets** | $340146642 |
| **Net Assets Consist of:** |  |
| Paid-in Capital | $250372979 |
| Total Distributable Earnings | 89773663 |
| **Net Assets** | $340146642 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 7500000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $45.35 |

---

 

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

*3* 

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |

---

**Large Growth ETF**

**For the Year Ended**

**October 31, 2025**

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends | $1444968 |
| &nbsp;&nbsp;&nbsp;Interest | 286750 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (3332) |
| **Total Investment Income** | 1728386 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management Fees | 1799518 |
| **Total Expenses** | 1799518 |
| **Net Investment Loss** | (71132) |
| **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(1)</sup> | 21307622 |
| **Net Realized Gain (Loss)** | 21307622 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 36827083 |
| **Net Change in Unrealized Appreciation (Depreciation)** | 36827083 |
| **Net Realized and Unrealized Gain** | 58134705 |
| **Net Increase in Net Assets Resulting from Operations** | $58063573 |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Includes realized gains (losses) as a result of In-Kind transactions (See Note 6 in Notes to Financial Statements).* 

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

*4* 

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |

---

**Large Growth ETF**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**October 31, <br> 2025** | **Period**<br>**Ended**<br>**October 31,<br> 2024 <sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(71132) | $50266 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain<sup>(2)</sup> | 21307622 | 10491783 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 36827083 | 67939268 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 58063573 | 78481317 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | (78897) | – |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (78897) | – |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 40551901 | 346256307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (92778727) | (90348832) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets From Capital Share Transactions** | (52226826) | 255907475 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 5757850 | 334388792 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 334388792 | – |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $340146642 | $334388792 |
| **Shares Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 1110000 | 11250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2280000) | (2580000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding From Share Transactions** | (1170000) | 8670000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations December 6, 2023.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Includes realized gains (losses) as a result of In-Kind transactions (See Note 6 in Notes to Financial Statements).* 

*Amount designated as "—" is $0.*

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

*5* 

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |

---

**Large Growth ETF**

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding**

**Throughout the Year/Period**

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**October 31,<br> 2025** | **Period**<br>**Ended**<br>**October 31,** <br> **2024**<sup>(1)</sup> |
| Net Asset Value, Beginning of Year/Period | $38.57 | $30.00 |
| Income (Loss) from Investment Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss)† | (0.01) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 6.80 | 8.56 |
| Total from Investment Operations | 6.79 | 8.57 |
| Dividends and Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.01) | – |
| Total Dividends and Distributions | (0.01) |  |
| Net Asset Value, End of Year/Period | $45.35 | $38.57 |
| **Total Return‡** | 17.61% | 28.57 |
| **Ratios and Supplemental Data** |  |  |
| Net Assets, End of Year/Period (Thousands) | $340147 | $334389 |
| Ratio of Expenses to Average Net Assets | 0.54% | 0.54 |
| Ratio of Net Investment Loss to Average Net Assets | (0.02)% | 0.02 |
| Portfolio Turnover Rate§ | 68% | 21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Per share data calculated using average shares method.* 

*††* *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *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.* 

*§* *Portfolio turnover is for the period indicated and has not been annualized. Excludes effect of securities received or delivered from processing in-kind creations or redemptions.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations December 6, 2023.* 

*Amount designated as "—" is $0.*

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

*6* 

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |
|  | **Large Growth ETF** |
|  | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization:**

The Advisors' Inner Circle Fund II (the "Trust") is organized as a Massachusetts statutory trust under a Declaration of Trust dated July 24, 1992. The Trust is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end management investment company with 23 funds. The financial statements herein are those of the CastleArk Large Growth ETF (the "Fund"). The investment objective of the Fund is to seek long- term capital appreciation. The Fund is classified as a non- diversified investment company. The Fund operates as an exchange traded fund ("ETF"). CastleArk Management, LLC (the "Adviser") serves as the investment adviser to the Fund. The Fund commenced operations on December 6, 2023. The financial statements of the remaining funds of the Trust are presented separately. The assets of the fund are segregated, and a shareholder's interest is limited to the fund in which shares are held.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. (the "Exchange") Market prices for shares of the Fund may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis to certain institutional investors (typically market makers or other broker- dealers) at NAV only in large blocks of shares, called "Creation Units". Transactions for the Fund are generally conducted in exchange for the deposit or delivery of cash. Once created, shares trade in a secondary market at market prices that change throughout the day in share amounts less than a Creation Unit.

**2. Significant Accounting Policies:**

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

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

*Security Valuation* — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded 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 prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain a bid price from at least one independent broker.

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

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

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

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |
|  | **Large Growth ETF** |
|  | **October 31, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level
 3 — Prices, inputs or proprietary 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.

For details of investment classifications, reference the Schedule of Investments.

*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 period. 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.

As of and during the year ended October 31, 2025, 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 Statement of Operations. During the year, the Fund did not incur any interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. The Fund or its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention.

*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.

*Investments in Real Estate Investment Trusts ("REITs")* — Dividend income from REITs is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

*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 its net investment income, if any, at least annually, and makes distributions of its net capital gains, if any, at least annually. If you own Fund shares on the Fund's record date, you will be entitled to receive the distribution.

*Creation Units* — The Fund issues and redeems shares at NAV and only in Creation Units, or multiples thereof. Purchasers of Creation Units ("Authorized Participants") at NAV must pay a standard creation transaction fee of $100 per transaction, regardless of the number of Creation Units created in a given transaction. An Authorized Participant who holds Creation Units and wishes to redeem at NAV would also pay a standard minimum redemption transaction fee of $100 per transaction to the custodian on the date of such redemption, regardless of the number of Creation Units redeemed in a given transaction. The Fund may charge, either in lieu of or in addition to the fixed creation transaction fee, a variable fee for creations and redemptions in order to cover certain non-standard brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from such transactions. In all cases, such fees will be limited in accordance with the requirements of the Commission applicable to management investment companies offering redeemable securities.

Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees when buying or selling Shares. If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged.

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |
|  | **Large Growth ETF** |
|  | **October 31, 2025** |

---

To the extent contemplated by an Authorized Participant Agreement, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the shares comprising a Creation Unit to be redeemed to the Distributor, on behalf of the Fund, by the time as set forth in the Authorized Participant Agreement, the Distributor may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral equal to a percentage of the value of the missing shares as specified in the Authorized Participant Agreement. An Authorized Participant Agreement may permit the Fund to use such collateral to purchase the missing shares, and could subject an Authorized Participant to liability for any shortfall between the cost of the Fund acquiring such shares and the value of the collateral. Amounts are disclosed as Segregated Cash Balance from Authorized Participants for Deposit Securities and Collateral Payable upon Return of Deposit Securities on the Statement of Assets and Liabilities, when applicable.

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

**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, 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, subject to certain minimums, which will vary depending on the average daily net assets of the Fund. For the year ended October 31, 2025, the Fund did not incur any fees for these services.

The Trust has adopted a Distribution Plan (the "Plan") applicable to the Fund in accordance with the provisions of Rule 12b- 1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares.

Under the Plan, the Distributor or financial intermediaries may receive up to 0.25% of the average daily net assets of the Fund as compensation for distribution and shareholder services. For the year ended October 31, 2025, the Fund did not incur any fees 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.

Brown Brothers Harriman & Co. serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust.

**5. Investment Advisory Agreement:**

For its services under the Advisory Agreement, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate of 0.54% of the Fund's average daily net assets. This advisory fee is a unitary management fee designed to pay the Fund's expenses and to compensate the Adviser for the services it provides to the Fund. Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, except for the advisory fee, costs of borrowing money, including interest expenses, interest, taxes and government fees, securities lending expenses, brokerage fees and commissions (including research and soft dollars) and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, other transaction expenses, non- routine expenses, extraordinary expenses, if any, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |
|  | **Large Growth ETF** |
|  | **October 31, 2025** |

---

**6. Investment Transactions:**

For the year ended October 31, 2025, the purchases and sales of investment in securities, excluding in-kind transactions, long-term U.S. Government and short- term securities were:

---

| | |
|:---|:---|
| **Purchases** | **Sales and Maturities** |
| $220091948 | $234708998 |

---

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

For the year ended October 31, 2025, in-kind transactions associated with creations and redemptions were:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized Gain** |
| $38160741 | $90338020 | $26535900 |

---

**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 period. The book/tax differences may be temporary or permanent.

To the extent these differences are permanent in nature, they are charged or credited to distributable earnings (accumulated losses) or paid-in capital as appropriate, in the period that the difference arises.

The permanent differences that are credited or charged to Paid -in Capital and Distributable Earnings (Accumulated Losses) as of October 31, 2025 are primarily attributable to redemptions in-kind, and have been reclassified to/(from) the following accounts for the year ended October 31, 2025.

---

| | |
|:---|:---|
| **Total Distributable Earnings (Accumulated Losses)** | **Paid-in Capital** |
| $(26508275) | $26508275 |

---

These reclassifications had no impact on the net assets or net values of the Fund.

The tax character of dividends and distributions declared during the periods ended October 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary Income** | **Return of Capital** | **Total** |
| 2025.0 | $78897 | $– $| 78897 |
| 2024.0 |  | – |  |

---

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Capital Loss Carryforwards | $(14805873) |
| Late-Year Loss Deferral | (75552) |
| Unrealized Appreciation | 104655088 |
| Total Distributable Earnings | $89773663 |

---

For Federal income tax purposes during the period ended October 31, 2025, capital loss carryforwards may be carried forward and applied against future capital gains. Losses carried forward are as follows:

---

| | | |
|:---|:---|:---|
| **Short-Term Loss** | **Long-Term Loss** | **Total** |
| $(14805873) | $– $| (14805873) |

---

Late-year loss deferrals represent ordinary losses realized on investment transactions from January 1, 2025 through October 31, 2025. The Fund can elect to treat them as arising in the first date of the following fiscal year.

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |
|  | **Large Growth ETF** |
|  | **October 31, 2025** |

---

For Federal income tax purposes, the difference between Federal tax cost and book cost primarily relates to wash sales. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for securities held by the Fund at October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Federal Tax Cost** | **Aggregate Gross Unrealized Appreciation** | **Aggregate Gross Unrealized Depreciation** | **Net Unrealized Appreciation** |
| $218921676 | $106807557 | $(2152469) | $104655088 |

---

**8. Concentration of Risks:**

As with all ETFs, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. The principal risk factors affecting shareholders' investments in the Fund are set forth below. A more complete description of principal risks is included in the Fund's prospectus under the heading "Principal Risks".

EQUITY RISK — The risk that stock prices will fall over short or extended periods of time, sometimes rapidly and unpredictably. The value of equity securities will fluctuate in response to factors affecting a particular company, as well as broader market and economic conditions. Broad movements in financial markets may adversely affect the price of the Fund's investments, regardless of how well the companies in which the Fund invests perform. Moreover, in the event of a company's bankruptcy, claims of certain creditors, including bondholders, will have priority over claims of common stock holders such as the Fund.

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.

LARGE- CAPITALIZATION COMPANY RISK — The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

GROWTH INVESTMENT STYLE RISK — A growth investment style may increase the risks of investing in the Fund. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other funds that use differing investing styles.

ETF RISKS — The Fund is an ETF and, as a result of this structure, it is exposed to the following risks:

TRADING RISK — Shares of the Fund may trade on the Exchange above (premium) or below (discount) their NAV. In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may increase the variance between the market price of the Fund shares and the value of its underlying holdings. In addition, although the Fund's shares are currently listed on the Exchange, there can be no assurance that an active trading market for Fund shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.

LIMITED AUTHORIZED PARTICIPANTS, MARKET MAKERS AND LIQUIDITY PROVIDERS RISK — Because the Fund is an ETF, only a limited number of institutional investors (known as "Authorized Participants") are authorized to purchase and redeem shares directly from the Fund. Retail investors cannot transact directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in Fund shares. As a result of these and other considerations, Fund shares may trade at a material discount to its NAV. In addition, the Fund may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

NON -DIVERSIFICATION RISK — The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, the Fund may be more susceptible to a single adverse corporate, economic or political occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities.

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

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |
|  | **Large Growth ETF** |
|  | **October 31, 2025** |

---

LIQUIDITY RISK — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

MID-CAPITALIZATION COMPANY RISK — The Fund is also subject to the risk that medium - capitalization stocks may underperform other segments of the equity market or the equity market as a whole. The medium-sized companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these medium- sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, mid- capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

PORTFOLIO TURNOVER RISK — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

ACTIVE MANAGEMENT RISK — The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's portfolio securities, the Sub-Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

SHAREHOLDER CONCENTRATION RISK — A large percentage of the Fund's shares currently are held by one or a small number of shareholders. If such a shareholder sells a large number of Fund shares, the Fund may be required to sell portfolio securities, rather than transact in -kind with authorized participants. The Fund may be required to sell portfolio securities at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline. Further, such sales of portfolio securities could materially increase Fund transaction costs, which would negatively impact the Fund's performance and could cause adverse tax consequences for the remaining shareholders of the Fund.

**9. Other:**

At October 31, 2025, all shares issued by the Fund were in Creation Unit aggregations to Authorized Participants through primary market transactions (e.g., transactions directly with the Fund). However, the individual shares that make up those Creation Units are traded on the Exchange (e.g., secondary market transactions). Some of those individual shares have been bought and sold by persons that are not Authorized Participants. Each Authorized Participant has entered into an agreement with the Fund's Distributor.

**10. Indemnifications:**

In the normal course of business, the Fund enters 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 estimated; however, based on experience, the risk of loss from such claims is considered remote.

**11. Recent Accounting Pronouncement:**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**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.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of The Advisors' Inner Circle Fund II and Shareholders of CastleArk Large Growth ETF

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CastleArk Large Growth ETF (one of the funds constituting The Advisors' Inner Circle Fund II, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statements of changes in net assets for the year ended October 31, 2025 and for the period December 6, 2023 through October 31, 2024, including the related notes, and the financial highlights for the year ended October 31, 2025 and for the period December 6, 2023 through October 31, 2024 (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 October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for the year ended October 31, 2025 and for the period December 6, 2023 through October 31, 2024 and the financial highlights for the year ended October 31, 2025 and for the period December 6, 2023 through October 31, 2024 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 October 31, 2025 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.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 29, 2025

We have served as the auditor of one or more investment companies in CastleArk Management, LLC since 2024.

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |
|  | **Large Growth ETF** |
|  | **October 31, 2025** |

---

**NOTICE TO SHAREHOLDERS (UNAUDITED)**

For shareholders that do not have an October 31, 2025 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the year ended October 31, 2025, the Fund is designating the following items with regard to distributions paid during the year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Return of Capital** | **Long-Term Capital Gain Distributions** | **Ordinary Income Distributions** | **Total Distributions** | **Qualifying for Corporate Dividend Received Deduction<sup>(1)</sup>** | **Qualifying Dividend Income<sup>(2)</sup>** |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% |

---

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government Interest<sup>(3)</sup>** | **Qualified Interest Income<sup>(4)</sup>** | **Qualified Short-Term Capital Gain<sup>(5)</sup>** | **Qualifying Business Income<sup>(6)</sup>** |
| 0.00% | 0.00% | 0.00% | 0.00% |

---

&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).

&nbsp;&nbsp;&nbsp;&nbsp;2. The

 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;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. (the total of short term capital gain and net investment income distributions).
 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;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;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;6. The
 percentage in this column represents the amount of "Qualifying Business Income" as a percentage of ordinary distributions
 during the fiscal year ended October 31, 2025. Your allocable share of the foreign tax credit will be reported on form 1099-DIV.

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund II** | **CastleArk** |
|  | **Large Growth ETF** |
|  | **April 30, 2025** |

---

**OTHER INFORMATION (FORM N-CSR ITEMS 8-11) (UNAUDITED)**

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

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

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

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

No remuneration was paid by the company during the period covered by the report to any Trustees on the company's Board of Trustees. The Adviser pays the Trustee fees under a unitary management fee structure. More information about Trustee compensation can be found in the fund's Statement of Additional Information (the "SAI") under "Trustees and Officers of the Trust".

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

Not applicable.

**CastleArk Large Growth ETF**

c/o SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

1-866-777-0504

**Investment Adviser:**

CastleArk Management LLC

1 N. Wacker Dr., Suite 3950

Chicago, Illinois 60602

**Administrator:**

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

**Distributor:**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

**Legal Counsel:**

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

**Independent Registered Public Accounting Firm:**

PricewaterhouseCoopers LLP

Two Commerce Square

2001 Market Street, Suite 1800

Philadelphia, Pennsylvania 19103

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

CAS-AR-001-0200

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

Included under Item 7.

 **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

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 16. Controls and Procedures.**

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

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

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

Not applicable to open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) [Code of Ethics attached hereto.](fp0096587-1_ex99code.htm)

(a)(2) Not applicable.

(a)(3) [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)), are filed herewith.](fp0096587-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0096587-1_ex99906cert.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) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |

---

Date: January 8, 2026

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) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |

---

Date: January 8, 2026

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |

---

Date: January 8, 2026

## Ex-99.Code

**THE ADVISORS' INNER CIRCLE FUND**

**THE ADVISORS' INNER CIRCLE FUND II**

**THE ADVISORS' INNER CIRCLE FUND III**

**BISHOP STREET FUNDS**

**GALLERY TRUST**

**FROST FAMILY OF FUNDS**

**CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**

**SYMMETRY PANORAMIC TRUST**

**WILSHIRE PRIVATE ASSETS MASTER FUND**

**WILSHIRE PRIVATE ASSETS FUND**

**FINANCIAL OFFICER CODE OF ETHICS**

I. Introduction

The reputation and integrity of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Gallery Trust, Frost Family of Funds, Catholic Responsible Investments Funds, Symmetry Panoramic Trust, Wilshire Private Assets Master Fund and Wilshire Private Assets Fund (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 they 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 they do not. 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 its 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To promote compliance with applicable laws, rules and regulations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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, it 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 they discover or of which they 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 it 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;&nbsp;&nbsp;&nbsp;&nbsp;&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 them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant
to the Trust's needs.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standards for recordkeeping.** Each Trust's SFOs must at all times endeavor to ensure that
the Trust's financial books and records are thoroughly and accurately maintained to the best of their 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 to the extent required by SEC rules.

VI. Affirmation of the Code

Upon adoption of the Code, each Trust's SFOs must affirm in writing that they have received, read and understand 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 may, in his or her discretion, 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 its 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.

Dated: September 2025

## 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.

---

| |
|:---|
| Date: January 8, 2026 |
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**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.

---

| |
|:---|
| Date: January 8, 2026 |
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## 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 Principal Executive Officer of The Advisors' Inner Circle Fund II (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, 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: January 8, 2026

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| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

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**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 Principal Financial Officer of The Advisors' Inner Circle Fund II (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, 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: January 8, 2026

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| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

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