# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0001398344-25-017549
**Filing Date:** 2025-9
**Character Count:** 145288
**Document Hash:** 1d1048c3e7f1b567c7796f9585b5b9a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017549.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001398344-25-017549

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07102
- **FILM NUMBER:** 251292588

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

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

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

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

## Series and Classes Contracts Data

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

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

### CHAMPLAIN MID CAP FUND (Series ID: S000022606)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000065363 | ADVISOR SHARES       | CIPMX           |
| C000096284 | INSTITUTIONAL SHARES | CIPIX           |

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**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: 1-877-446-3863**

**Date of fiscal year end: December 31, 2025**

**Date of reporting period: June 30, 2025** 

**Item 1.** **Reports to Stockholders.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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](ic7c902258de6895b59c124f3.jpg)

# Champlain Small Company Fund

## Advisor Shares - CIPSX

## Semi-Annual Shareholder Report: June 30, 2025
This semi-annual shareholder report contains important information about Advisor Shares of the Champlain Small Company Fund (the "Fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://cipvt.com/documents/. You can also request this information by contacting us at 1-866-773-3238.

## What were the Fund costs for the last six months?
(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> |
| Champlain Small Company Fund, Advisor Shares | $61 | 1.24% |

---

## How did the Fund perform in the last six months?
The Champlain Small Company Fund (Advisor Shares) returned -0.55% for the year-to-date period ending June 30, 2025, which was ahead of the -1.79% return for Russell 2000 Index and trailed the 5.75% return for the Russell 3000 Index.

This Fund's relative outperformance compared to the Russell 2000 Index was driven by stock selection in financials, consumer discretionary, and materials. Additionally, the Fund's exclusion of the energy and real estate sectors, along with its perennial overweight of industrials, information technology, and health care, benefited its relative returns. Celsius Holdings, Inc. was the Fund's top performer during the period as positive trends in its core Celsius brand improved, and the acquisition of Alani Nu – the high-growth, female-centric energy brand – which closed in April, is beginning to significantly contribute to the company's overall growth rate. iRhythm Technologies, Inc. was another key contributor to the Fund's absolute and relative performance. iRhythm outperformed in the second quarter as its mobile cardiac telemetry device continues gaining market share and the company maintains momentum in its core long-term continuous monitoring business.

Offsetting relative outperformance elsewhere, stock selection in health care, consumer staples, and information technology was weak during the period. Consumer staples holding, Freshpet, was the Fund's top detractor on a relative basis as shares have fallen approximately 54% year-to-date. After a strong 2024, Freshpet has been under pressure as its growth normalizes to a more sustainable rate. While surprised by the speed and magnitude of the pullback, we remain convicted in the long-term opportunity and expect management's initiatives to improve new customer acquisition will lead to improved results before the end of the year. Neogen was another significant detractor to Fund returns, and we exited the position in the second quarter due to fundamental concerns. Although the food safety testing industry is attractive, Neogen has had a series of operational missteps that caused multiple guidance revisions following its acquisition of 3M's Food Safety business in 2022.

While our investment process has not been in favor for the past several years, headwinds look to be easing, our execution has improved, and this Fund's relative quality and profitability are near all-time highs. With the overall valuation still reasonable and many holdings trading at meaningful discounts to our estimate of Fair Value, we expect this Fund to deliver attractive absolute long-term returns on a real basis through a combination of fundamental strength and valuation-driven upside.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](i67a06e7cfd2277af5176713a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Champlain Small Company Fund, Advisor Shares - $26281 | Russell 3000 Index (USD) - $37019 | Russell 2000 Index (USD) - $22554 |
| Jul/14 | $10000 | $10000 | $10000 |
| Jul/15 | $11304 | $11128 | $11203 |
| Jul/16 | $12059 | $11623 | $11203 |
| Jul/17 | $14582 | $13498 | $13270 |
| Jul/18 | $17489 | $15711 | $15756 |
| Jul/19 | $17718 | $16819 | $15060 |
| Jul/20 | $17951 | $18657 | $14369 |
| Dec/20 | $22901 | $22111 | $19274 |
| Dec/21 | $25745 | $27784 | $22130 |
| Dec/22 | $20384 | $22448 | $17608 |
| Dec/23 | $23238 | $28275 | $20588 |
| Dec/24 | $26426 | $35006 | $22964 |
| Jun/25 | $26281 | $37019 | $22554 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above 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 1-866-773-3238 or visit https://cipvt.com/documents/ for current month-end performance.

## Average Semi-Annual Total Returns as of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Champlain Small Company Fund, Advisor Shares | 12.93% | 8.98% | 8.76% |
| Russell 3000 Index (USD) | 15.30% | 15.96% | 12.96% |
| Russell 2000 Index (USD) | 7.68% | 10.04% | 7.12% |

---

## Key Fund Statistics as of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $1717504548 | 82 | $7427814 | 28% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i33bd78a0c48d8a5caf84bd07.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 0.9% |
| Cash Equivalents | 1.3% |
| Consumer Discretionary | 9.4% |
| Consumer Staples | 10.0% |
| Health Care | 15.4% |
| Financials | 18.7% |
| Information Technology | 20.4% |
| Industrials | 23.7% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| MSA Safety | 2.4% |
| Pure Storage, Cl A | 2.2% |
| ESAB | 2.1% |
| Onestream, Cl A | 2.0% |
| ServisFirst Bancshares | 2.0% |
| Confluent, Cl A | 2.0% |
| Baldwin Insurance Group, Cl A | 2.0% |
| First Financial Bankshares | 1.9% |
| iRhythm Technologies | 1.9% |
| elf Beauty | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## 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:

* 1-866-773-3238 

* https://cipvt.com/documents/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](ia7b57e83161c257a3ae73a23.jpg)

## 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 1-866-773-3238 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

#### Champlain Small Company Fund / Advisor Shares - CIPSX

#### Semi-Annual Shareholder Report: June 30, 2025

#### CIPSX-SAR-2025
![Image](ic7c902258de6895b59c124f3.jpg)

# The Advisors' Inner Circle Fund II
![Image](ic7c902258de6895b59c124f3.jpg)

# Champlain Small Company Fund

## Institutional Shares - CIPNX

## Semi-Annual Shareholder Report: June 30, 2025
This semi-annual shareholder report contains important information about Institutional Shares of the Champlain Small Company Fund (the "Fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://cipvt.com/documents/. You can also request this information by contacting us at 1-866-773-3238.

## What were the Fund costs for the last six months?
(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> |
| Champlain Small Company Fund, Institutional Shares | $49 | 0.99% |

---

## How did the Fund perform in the last six months?
The Champlain Small Company Fund (Institutional Shares) returned -0.44% for the year-to-date period ending June 30, 2025, which was ahead of the -1.79% return for Russell 2000 Index and trailed the 5.75% return for the Russell 3000 Index.

This Fund's relative outperformance compared to the Russell 2000 Index was driven by stock selection in financials, consumer discretionary, and materials. Additionally, the Fund's exclusion of the energy and real estate sectors, along with its perennial overweight of industrials, information technology, and health care, benefited its relative returns. Celsius Holdings, Inc. was the Fund's top performer during the period as positive trends in its core Celsius brand improved, and the acquisition of Alani Nu – the high-growth, female-centric energy brand – which closed in April, is beginning to significantly contribute to the company's overall growth rate. iRhythm Technologies, Inc. was another key contributor to the Fund's absolute and relative performance. iRhythm outperformed in the second quarter as its mobile cardiac telemetry device continues gaining market share and the company maintains momentum in its core long-term continuous monitoring business.

Offsetting relative outperformance elsewhere, stock selection in health care, consumer staples, and information technology was weak during the period. Consumer staples holding, Freshpet, was the Fund's top detractor on a relative basis as shares have fallen approximately 54% year-to-date. After a strong 2024, Freshpet has been under pressure as its growth normalizes to a more sustainable rate. While surprised by the speed and magnitude of the pullback, we remain convicted in the long-term opportunity and expect management's initiatives to improve new customer acquisition will lead to improved results before the end of the year. Neogen was another significant detractor to Fund returns, and we exited the position in the second quarter due to fundamental concerns. Although the food safety testing industry is attractive, Neogen has had a series of operational missteps that caused multiple guidance revisions following its acquisition of 3M's Food Safety business in 2022.

While our investment process has not been in favor for the past several years, headwinds look to be easing, our execution has improved, and this Fund's relative quality and profitability are near all-time highs. With the overall valuation still reasonable and many holdings trading at meaningful discounts to our estimate of Fair Value, we expect this Fund to deliver attractive absolute long-term returns on a real basis through a combination of fundamental strength and valuation-driven upside.

#### How did the Fund perform since inception?

## Total Return Based on $1,000,000 Investment
![Growth Chart](ib14c8ef512dcfe5f67821a24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Champlain Small Company Fund, Institutional Shares - $2152893 | Russell 3000 Index (USD) - $3176894 | Russell 2000 Index (USD) - $1978234 |
| Aug/16 | $1000000 | $1000000 | $1000000 |
| Jul/17 | $1171674 | $1158395 | $1163955 |
| Jul/18 | $1408712 | $1348286 | $1381997 |
| Jul/19 | $1430398 | $1443339 | $1320932 |
| Jul/20 | $1452618 | $1601091 | $1260302 |
| Dec/20 | $1855192 | $1897477 | $1690549 |
| Dec/21 | $2091170 | $2384390 | $1941071 |
| Dec/22 | $1659882 | $1926422 | $1544385 |
| Dec/23 | $1896849 | $2426460 | $1805833 |
| Dec/24 | $2162513 | $3004147 | $2014187 |
| Jun/25 | $2152893 | $3176894 | $1978234 |

---

Since its inception on August 31, 2016. The line graph represents historical performance of a hypothetical investment of $1,000,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above 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 1-866-773-3238 or visit https://cipvt.com/documents/ for current month-end performance.

## Average Semi-Annual Total Returns as of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>Annualized Since Inception</u> |
| Champlain Small Company Fund, Institutional Shares | 13.18% | 9.25% | 9.07% |
| Russell 3000 Index (USD) | 15.30% | 15.96% | 13.98% |
| Russell 2000 Index (USD) | 7.68% | 10.04% | 8.03% |

---

## Key Fund Statistics as of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $1717504548 | 82 | $7427814 | 28% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3bd790b094686328eb96686d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 0.9% |
| Cash Equivalents | 1.3% |
| Consumer Discretionary | 9.4% |
| Consumer Staples | 10.0% |
| Health Care | 15.4% |
| Financials | 18.7% |
| Information Technology | 20.4% |
| Industrials | 23.7% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| MSA Safety | 2.4% |
| Pure Storage, Cl A | 2.2% |
| ESAB | 2.1% |
| Onestream, Cl A | 2.0% |
| ServisFirst Bancshares | 2.0% |
| Confluent, Cl A | 2.0% |
| Baldwin Insurance Group, Cl A | 2.0% |
| First Financial Bankshares | 1.9% |
| iRhythm Technologies | 1.9% |
| elf Beauty | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## 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:

* 1-866-773-3238 

* https://cipvt.com/documents/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](ia7b57e83161c257a3ae73a23.jpg)

## 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 1-866-773-3238 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

#### Champlain Small Company Fund / Institutional Shares - CIPNX

#### Semi-Annual Shareholder Report: June 30, 2025

#### CIPNX-SAR-2025
![Image](ic7c902258de6895b59c124f3.jpg)

# The Advisors' Inner Circle Fund II
![Image](ic7c902258de6895b59c124f3.jpg)

# Champlain Mid Cap Fund

## Advisor Shares - CIPMX

## Semi-Annual Shareholder Report: June 30, 2025
This semi-annual shareholder report contains important information about Advisor Shares of the Champlain Mid Cap Fund (the "Fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://cipvt.com/documents/. You can also request this information by contacting us at 1-866-773-3238.

## What were the Fund costs for the last six months?
(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> |
| Champlain Mid Cap Fund, Advisor Shares | $55 | 1.10% |

---

## How did the Fund perform in the last six months?
The Champlain Mid Cap Fund (Advisor Shares) returned 2.40% for the year-to-date period ending June 30, 2025 which trailed the 4.84% return for Russell Midcap Index and the 5.75% return for the Russell 3000 Index.

This Fund's relative underperformance compared to the Russell Midcap Index was primarily driven by stock selection in the consumer staples, financials, and information technology sectors. The Fund's overweight of health care and underweight of utilities also detracted from relative returns. Consumer staples holding, Freshpet, was the Fund's top detractor on an absolute and relative basis as shares have fallen approximately 54% year-to-date. After a strong 2024, Freshpet has been under pressure as its growth normalizes to a more sustainable rate. While surprised by the speed and magnitude of the pullback, we remain convicted in the long-term opportunity and expect management's initiatives to improve new customer acquisition will lead to improved results before the end of the year. Health care holding, Bio-Techne, also detracted meaningfully on an absolute and relative basis this period. Shares were weak in the second quarter over concerns about its US academic / government market exposure (~20% of sales). While this end market is expected to slow due to NIH cuts, we believe the pullback more than captures this potential and added to the position. This Fund's lack of exposure to Palantir, which returned 73% for the period and was the largest weight in the benchmark by a sizable margin, also detracted meaningfully on a relative basis. Palantir was reconstituted out of the Russell Midcap in June due to its increase in market capitalization.

Offsetting the Fund's underperformance somewhat was positive allocation effect from the Fund's overweight of information technology and industrials, combined with its underweight of the consumer discretionary, materials, real estate, and energy sectors. Stock selection in consumer discretionary was also strong. Zscaler was the Fund's top contributor on an absolute and relative return basis with shares up 74% year-to-date. Zscaler exhibited strong billings and contract signings in the most recent quarter. These results helped ease investor concerns around the back-half ramp and signals improved execution. Okta also contributed notably to absolute and relative returns after shares traded higher, driven by go-to-market refinements, increased contributions from the partner network, and benefits of the platform strategy.

While our investment process has not been in favor for the past several years, headwinds look to be easing, our execution has improved, and this Fund's relative quality and profitability are near all-time highs. With the overall valuation still reasonable and many holdings trading at meaningful discounts to our estimate of Fair Value, we expect this Fund to deliver attractive absolute long-term returns on a real basis through a combination of fundamental strength and valuation-driven upside.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](i447e6a766671e6e7f95b6d22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Champlain Mid Cap Fund, Advisor Shares - $29145 | Russell 3000 Index (USD) - $37019 | Russell Midcap Index (USD) - $28215 |
| Jul/14 | $10000 | $10000 | $10000 |
| Jul/15 | $11065 | $11128 | $11070 |
| Jul/16 | $11974 | $11623 | $11554 |
| Jul/17 | $13993 | $13498 | $13060 |
| Jul/18 | $16649 | $15711 | $14817 |
| Jul/19 | $19004 | $16819 | $15811 |
| Jul/20 | $21163 | $18657 | $16134 |
| Dec/20 | $25428 | $22111 | $19637 |
| Dec/21 | $31685 | $27784 | $24072 |
| Dec/22 | $23285 | $22448 | $19904 |
| Dec/23 | $26860 | $28275 | $23333 |
| Dec/24 | $28460 | $35006 | $26913 |
| Jun/25 | $29145 | $37019 | $28215 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above 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 1-866-773-3238 or visit https://cipvt.com/documents/ for current month-end performance.

## Average Semi-Annual Total Returns as of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Champlain Mid Cap Fund, Advisor Shares | 7.21% | 7.77% | 10.01% |
| Russell 3000 Index (USD) | 15.30% | 15.96% | 12.96% |
| Russell Midcap Index (USD) | 15.21% | 13.11% | 9.89% |

---

## Key Fund Statistics as of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3926690969 | 73 | $14654708 | 23% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3696ab0fb6755c76e207c7d8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Communication Services | 1.0% |
| Cash Equivalents | 2.1% |
| Consumer Discretionary | 6.2% |
| Consumer Staples | 8.7% |
| Financials | 15.9% |
| Health Care | 18.9% |
| Information Technology | 22.5% |
| Industrials | 24.3% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| AMETEK | 2.2% |
| Xylem | 2.2% |
| Pure Storage, Cl A | 2.0% |
| Confluent, Cl A | 2.0% |
| elf Beauty | 1.9% |
| Workday, Cl A | 1.9% |
| Nutanix, Cl A | 1.9% |
| IDEX | 1.9% |
| Nordson | 1.9% |
| Edwards Lifesciences | 1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## 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:

* 1-866-773-3238 

* https://cipvt.com/documents/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](ia7b57e83161c257a3ae73a23.jpg)

## 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 1-866-773-3238 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

#### Champlain Mid Cap Fund / Advisor Shares - CIPMX

#### Semi-Annual Shareholder Report: June 30, 2025

#### CIPMX-SAR-2025
![Image](ic7c902258de6895b59c124f3.jpg)

# The Advisors' Inner Circle Fund II
![Image](ic7c902258de6895b59c124f3.jpg)

# Champlain Mid Cap Fund

## Institutional Shares - CIPIX

## Semi-Annual Shareholder Report: June 30, 2025
This semi-annual shareholder report contains important information about Institutional Shares of the Champlain Mid Cap Fund (the "Fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://cipvt.com/documents/. You can also request this information by contacting us at 1-866-773-3238.

## What were the Fund costs for the last six months?
(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> |
| Champlain Mid Cap Fund, Institutional Shares | $43 | 0.85% |

---

## How did the Fund perform in the last six months?
The Champlain Mid Cap Fund (Institutional Shares) returned 2.55% for the year-to-date period ending June 30, 2025, which trailed the 4.84% return for Russell Midcap Index and the 5.75% return for the Russell 3000 Index.

This Fund's relative underperformance compared to the Russell Midcap Index was primarily driven by stock selection in the consumer staples, financials, and information technology sectors. The Fund's overweight of health care and underweight of utilities also detracted from relative returns. Consumer staples holding, Freshpet, was the Fund's top detractor on an absolute and relative basis as shares have fallen approximately 54% year-to-date. After a strong 2024, Freshpet has been under pressure as its growth normalizes to a more sustainable rate. While surprised by the speed and magnitude of the pullback, we remain convicted in the long-term opportunity and expect management's initiatives to improve new customer acquisition will lead to improved results before the end of the year. Health care holding, Bio-Techne, also detracted meaningfully on an absolute and relative basis this period. Shares were weak in the second quarter over concerns about its US academic / government market exposure (~20% of sales). While this end market is expected to slow due to NIH cuts, we believe the pullback more than captures this potential and added to the position. This Fund's lack of exposure to Palantir, which returned 73% for the period and was the largest weight in the benchmark by a sizable margin, also detracted meaningfully on a relative basis. Palantir was reconstituted out of the Russell Midcap in June due to its increase in market capitalization.

Offsetting the Fund's underperformance somewhat was positive allocation effect from the Fund's overweight of information technology and industrials, combined with its underweight of the consumer discretionary, materials, real estate, and energy sectors. Stock selection in consumer discretionary was also strong. Zscaler was the Fund's top contributor on an absolute and relative return basis with shares up 74% year-to-date. Zscaler exhibited strong billings and contract signings in the most recent quarter. These results helped ease investor concerns around the back-half ramp and signals improved execution. Okta also contributed notably to absolute and relative returns after shares traded higher, driven by go-to-market refinements, increased contributions from the partner network, and benefits of the platform strategy.

While our investment process has not been in favor for the past several years, headwinds look to be easing, our execution has improved, and this Fund's relative quality and profitability are near all-time highs. With the overall valuation still reasonable and many holdings trading at meaningful discounts to our estimate of Fair Value, we expect this Fund to deliver attractive absolute long-term returns on a real basis through a combination of fundamental strength and valuation-driven upside.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $1,000,000 Investment
![Growth Chart](iedf1bbf488ad0466032a1f25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Champlain Mid Cap Fund, Institutional Shares - $2994463 | Russell 3000 Index (USD) - $3701925 | Russell Midcap Index (USD) - $2821500 |
| Jul/14 | $1000000 | $1000000 | $1000000 |
| Jul/15 | $1109141 | $1112837 | $1106951 |
| Jul/16 | $1202917 | $1162301 | $1155375 |
| Jul/17 | $1409508 | $1349838 | $1306014 |
| Jul/18 | $1680190 | $1571111 | $1481723 |
| Jul/19 | $1922655 | $1681874 | $1581093 |
| Jul/20 | $2147612 | $1865697 | $1613403 |
| Dec/20 | $2582570 | $2211065 | $1963732 |
| Dec/21 | $3225533 | $2778448 | $2407222 |
| Dec/22 | $2377346 | $2244794 | $1990409 |
| Dec/23 | $2749574 | $2827471 | $2333300 |
| Dec/24 | $2919907 | $3500629 | $2691315 |
| Jun/25 | $2994463 | $3701925 | $2821500 |

---

The line graph represents historical performance of a hypothetical investment of $1,000,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above 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 1-866-773-3238 or visit https://cipvt.com/documents/ for current month-end performance.

## Average Semi-Annual Total Returns as of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Champlain Mid Cap Fund, Institutional Shares | 7.53% | 8.05% | 10.29% |
| Russell 3000 Index (USD) | 15.30% | 15.96% | 12.96% |
| Russell Midcap Index (USD) | 15.21% | 13.11% | 9.89% |

---

## Key Fund Statistics as of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3926690969 | 73 | $14654708 | 23% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i107582fac60cce19ff3f5fa8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Communication Services | 1.0% |
| Cash Equivalents | 2.1% |
| Consumer Discretionary | 6.2% |
| Consumer Staples | 8.7% |
| Financials | 15.9% |
| Health Care | 18.9% |
| Information Technology | 22.5% |
| Industrials | 24.3% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| AMETEK | 2.2% |
| Xylem | 2.2% |
| Pure Storage, Cl A | 2.0% |
| Confluent, Cl A | 2.0% |
| elf Beauty | 1.9% |
| Workday, Cl A | 1.9% |
| Nutanix, Cl A | 1.9% |
| IDEX | 1.9% |
| Nordson | 1.9% |
| Edwards Lifesciences | 1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## 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:

* 1-866-773-3238 

* https://cipvt.com/documents/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](ia7b57e83161c257a3ae73a23.jpg)

## 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 1-866-773-3238 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

#### Champlain Mid Cap Fund / Institutional Shares - CIPIX

#### Semi-Annual Shareholder Report: June 30, 2025

#### CIPIX-SAR-2025
![Image](ic7c902258de6895b59c124f3.jpg)

# The Advisors' Inner Circle Fund II
![Image](ic7c902258de6895b59c124f3.jpg)

# Champlain Strategic Focus Fund

## Institutional Shares - CIPTX

## Semi-Annual Shareholder Report: June 30, 2025
This semi-annual shareholder report contains important information about Institutional Shares of the Champlain Strategic Focus Fund (the "Fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://cipvt.com/documents/. You can also request this information by contacting us at 1-866-773-3238.

## What were the Fund costs for the last six months?
(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> |
| Champlain Strategic Focus Fund, Institutional Shares | $43 | 0.85% |

---

## How did the Fund perform in the last six months?
The Champlain Strategic Focus Fund (Institutional Shares) returned 5.99% for the year-to-date period ending June 30, 2025, which trailed the 9.79% return for Russell Midcap Growth Benchmark Index, but was ahead of 5.75% return for the Russell 3000 Index.

This Fund's relative underperformance compared to the Russell Midcap Growth Index was primarily driven by stock selection in information technology, health care, and industrials. Additionally, the lack of exposure to Palantir was a meaningful detractor. Palantir was reconstituted out of the Russell Midcap Growth Index in June due to its increase in market capitalization. Health care holding, Bio-Techne was a top detractor to both absolute and relative returns during the period. Funding concerns at the National Institutes of Health (NIH) impacted Bio-Techne after the Administration's budget sought a 40% decrease. We won't know actual NIH funding until the budget is approved by the House and Senate and signed by the President, but expectations are that the funding cut will be much less than the 40% suggested by the Administration. Weakness in Pure Storage, down only 6% but the Fund's largest position, was due to near-term gross margin pressure from elevated NAND (non-volatile storage) costs and uncertainty related to hyperscaler revenue timing. Despite near-term headwinds, we believe Pure's technology is well-positioned to meet the needs of modern, high-performance workloads across hyperscale and enterprise environments.

Offsetting the Fund's underperformance somewhat was strong performance in consumer discretionary and consumer staples. The Fund's lack of exposure to energy, materials, and real estate was also beneficial. From a stock-specific perspective, Zscaler was the Fund's top contributor on an absolute and relative return basis with shares up 74% year-to-date. Strength in Zscaler was driven by consistent execution, improved sales productivity, and broad-based strength across emerging products and core Zero Trust offerings. Veeva Systems outperformed in the period due to strong execution, led by momentum in Commercial, notably Crossix and Vault CRM, and sustained strength in the Clinical and R&D suites. Management acknowledged macro uncertainty but emphasized stable customer behavior, strong pipeline activity, and ongoing traction in AI integration and horizontal CRM expansion. The company remains well-positioned to drive durable, profitable growth through its proprietary platform, expanding product suite, and disciplined execution.

While our investment process has not been in favor for the past several years, headwinds look to be easing, our execution has improved. With the overall valuation still reasonable and many holdings trading at meaningful discounts to our estimate of Fair Value, we expect this Fund to deliver attractive absolute long-term returns on a real basis through a combination of fundamental strength and valuation-driven upside.

#### How did the Fund perform since inception?

## Total Return Based on $1,000,000 Investment
![Growth Chart](i30b067b701a38e46b80d6b9b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Champlain Strategic Focus Fund, Institutional Shares - $1255813 | Russell 3000 Index (USD) - $1443404 | Russell Midcap Growth Benchmark Index (TR) (USD) \* - $1523804 |
| Oct/23 | $1000000 | $1000000 | $1000000 |
| Dec/23 | $1135000 | $1102449 | $1136729 |
| Dec/24 | $1184887 | $1364917 | $1387981 |
| Jun/25 | $1255813 | $1443404 | $1523804 |

---

Since its inception on October 16, 2023. The line graph represents historical performance of a hypothetical investment of $1,000,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above 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 1-866-773-3238 or visit https://cipvt.com/documents/ for current month-end performance.

\* As of March 2025, the benchmark name changed from Russell Midcap Growth Index to Russell Midcap Growth Benchmark Index, to reflect that it follows an uncapped methodology. Specifically, the Russell Midcap Growth Benchmark Index reflects the full market-cap weightings and does not apply the capping constraints introduced in 2025.

## Average Semi-Annual Total Returns as of June 30, 2025

---

| | | |
|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>Annualized Since Inception</u> |
| Champlain Strategic Focus Fund, Institutional Shares | 7.70% | 14.28% |
| Russell 3000 Index (USD) | 15.30% | 23.99% |
| Russell Midcap Growth Benchmark Index (TR) (USD) \* | 26.49% | 27.99% |

---

## Key Fund Statistics as of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $4039516 | 28 | $- | 21% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i4a819b07c4c0a86df265f914.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash Equivalent | 1.8% |
| Consumer Staples | 3.9% |
| Consumer Discretionary | 3.9% |
| Financials | 9.6% |
| Health Care | 17.9% |
| Industrials | 22.3% |
| Information Technology | 40.5% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Pure Storage, Cl A | 7.4% |
| Veeva Systems, Cl A | 6.7% |
| Zscaler | 6.2% |
| Okta, Cl A | 4.9% |
| Mettler Toledo International | 4.5% |
| Datadog, Cl A | 4.5% |
| Fastenal | 4.1% |
| MSCI, Cl A | 4.0% |
| Ulta Beauty | 3.9% |
| elf Beauty | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Cash Equivalents are not shown in the top ten chart. |

---

## 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:

* 1-866-773-3238 

* https://cipvt.com/documents/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](ia7b57e83161c257a3ae73a23.jpg)

## 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 1-866-773-3238 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

#### Champlain Strategic Focus Fund / Institutional Shares - CIPTX

#### Semi-Annual Shareholder Report: June 30, 2025

#### CIPTX-SAR-2025
![Image](ic7c902258de6895b59c124f3.jpg)**

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 2.** **Code of Ethics.**

Not applicable for semi-annual report.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable to open-end management investment companies.

**Item 6.** **Schedule of Investments.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

Financial Statements and Financial Highlights are filed herein.

![](fp0095129-1_01.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |

---

**JUNE 30, 2025**

**Table of Contents**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 11 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 13 |
| &nbsp;&nbsp;&nbsp;Statements of Changes In Net Assets | 14 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 17 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 22 |
| Other Information (Form N-CSRS Items 8-11) | 34 |

---

CHAMPLAIN INVESTMENT PARTNERS

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN SMALL COMPANY FUND** |

---

**JUNE 30, 2025 (Unaudited)**

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK** — **98.5%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY — 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 425000 | $12733000 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group \* | 640000 | 10265600 |
| &nbsp;&nbsp;&nbsp;Lucky Strike Entertainment, Cl A | 850000 | 7760500 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing \* | 245000 | 24132500 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | 430000 | 8767700 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Cl A \* | 130000 | 14176500 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Cl A \* | 120000 | 16872000 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Cl A \* | 550000 | 8184000 |
| &nbsp;&nbsp;&nbsp;Valvoline \* | 495000 | 18745650 |
| &nbsp;&nbsp;&nbsp;Wingstop | 80000 | 26939200 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 160000 | 12993600 |
|  |  | 161570250 |
| **CONSUMER STAPLES — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Celsius Holdings \* | 640000 | 29689600 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet, Cl A \* | 460000 | 14393400 |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 265000 | 32976600 |
| &nbsp;&nbsp;&nbsp;Freshpet \* | 325000 | 22087000 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods | 110000 | 12475100 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony | 110000 | 19004700 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods \* | 830000 | 26219700 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Cl A | 1235000 | 15499250 |
|  |  | 172345350 |
| **FINANCIALS — 18.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 260000 | 11369800 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Cl A \* | 795000 | 34033950 |
| &nbsp;&nbsp;&nbsp;BancFirst | 105000 | 12980100 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers | 210000 | 26993400 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares | 925000 | 33281500 |
| &nbsp;&nbsp;&nbsp;German American Bancorp | 425000 | 16366750 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Cl A | 125000 | 17765000 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings \* | 110000 | 16967500 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Cl A | 165000 | 27226650 |
| &nbsp;&nbsp;&nbsp;RLI | 185000 | 13360700 |

---

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

---

| | |
|:---|:---|
| 1 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN SMALL COMPANY FUND** |

---

**JUNE 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares | 445000 | $34491950 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group \* | 375000 | 21671250 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp | 240000 | 18955200 |
| &nbsp;&nbsp;&nbsp;StoneX Group \* | 150000 | 13671000 |
| &nbsp;&nbsp;&nbsp;WSFS Financial | 395000 | 21725000 |
|  |  | 320859750 |
| **HEALTH CARE — 15.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AtriCure \* | 660000 | 21628200 |
| &nbsp;&nbsp;&nbsp;Bruker | 110000 | 4532000 |
| &nbsp;&nbsp;&nbsp;CONMED | 275000 | 14322000 |
| &nbsp;&nbsp;&nbsp;Glaukos \* | 120000 | 12394800 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 355000 | 20952100 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems \* | 135000 | 17518950 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies \* | 215000 | 33101400 |
| &nbsp;&nbsp;&nbsp;Penumbra \* | 80000 | 20530400 |
| &nbsp;&nbsp;&nbsp;Phreesia \* | 890000 | 25329400 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics \* | 350000 | 20160000 |
| &nbsp;&nbsp;&nbsp;Repligen \* | 220000 | 27363600 |
| &nbsp;&nbsp;&nbsp;SI-BONE \* | 700000 | 13174000 |
| &nbsp;&nbsp;&nbsp;Stevanato Group | 430000 | 10504900 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care \* | 480000 | 8947200 |
| &nbsp;&nbsp;&nbsp;Vericel \* | 330000 | 14041500 |
|  |  | 264500450 |
| **INDUSTRIALS — 23.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AAON | 175000 | 12906250 |
| &nbsp;&nbsp;&nbsp;Albany International, Cl A | 56220 | 3942709 |
| &nbsp;&nbsp;&nbsp;Brady, Cl A | 270000 | 18351900 |
| &nbsp;&nbsp;&nbsp;CSW Industrials | 100000 | 28683000 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 510000 | 20685600 |
| &nbsp;&nbsp;&nbsp;ESAB | 295000 | 35562250 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies | 115000 | 22065050 |
| &nbsp;&nbsp;&nbsp;JBT Marel | 230000 | 27659800 |
| &nbsp;&nbsp;&nbsp;Kadant | 80000 | 25396000 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 250000 | 41882500 |

---

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

---

| | |
|:---|:---|
| 2 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN SMALL COMPANY FUND** |

---

**JUNE 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDUSTRIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;RB Global | 285000 | $30264150 |
| &nbsp;&nbsp;&nbsp;RBC Bearings \* | 60000 | 23088000 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing | 165000 | 25626150 |
| &nbsp;&nbsp;&nbsp;SPX Technologies \* | 150000 | 25152000 |
| &nbsp;&nbsp;&nbsp;Standex International | 200000 | 31296000 |
| &nbsp;&nbsp;&nbsp;Transcat \* | 180000 | 15472800 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Cl A | 80000 | 19671200 |
|  |  | 407705359 |
| **INFORMATION TECHNOLOGY — 20.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alkami Technology \* | 1010000 | 30441400 |
| &nbsp;&nbsp;&nbsp;Braze, Cl A \* | 795000 | 22339500 |
| &nbsp;&nbsp;&nbsp;CommVault Systems \* | 100000 | 17433000 |
| &nbsp;&nbsp;&nbsp;Confluent, Cl A \* | 1380000 | 34403400 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 560000 | 25261600 |
| &nbsp;&nbsp;&nbsp;JFrog \* | 405000 | 17771400 |
| &nbsp;&nbsp;&nbsp;Novanta \* | 230000 | 29653900 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 425000 | 32487000 |
| &nbsp;&nbsp;&nbsp;Onestream, Cl A \* | 1235000 | 34950500 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 660000 | 38002800 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Cl A \* | 1630000 | 29796400 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings \* | 500000 | 16890000 |
| &nbsp;&nbsp;&nbsp;Vertex, Cl A \* | 565000 | 19964275 |
|  |  | 349395175 |
| **MATERIALS — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Sensient Technologies | 155000 | 15270600 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,319,953,296) |  | 1691646934 |
| **CASH EQUIVALENTS\*\* — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments - Money Market Treasury Only, Cl I, 4.150% | 20000000 | 20000000 |

---

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

---

| | |
|:---|:---|
| 3 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN SMALL COMPANY FUND** |

---

**JUNE 30, 2025 (Unaudited)**

**CASH EQUIVALENTS\*\* — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Instruments Fund, Institutional Shares, 4.190% | 2501811 | $2501811 |
| &nbsp;&nbsp;&nbsp;TOTAL CASH EQUIVALENTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $22,501,811) |  | 22501811 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,342,455,107) |  | $1714148745 |

---

 

*Percentages are based on Net Assets of $1,717,504,548.*

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

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

*Cl — Class*

The following is a summary of the inputs used as of June 30, 2025, in valuing the Fund's investments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $1691646934 | $– | $– | $1691646934 |
| Cash Equivalents | 20000000 | 2501811 |  | 22501811 |
| Total Investments in Securities | $1711646934 | $2501811 | $– | $1714148745 |

---

For more information on valuation inputs, see Note 2 in the Notes to Financial Statements.

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

---

| | |
|:---|:---|
| 4 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN MID CAP FUND** |

---

**JUNE 30, 2025 (Unaudited)**

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK** — **97.5%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A \* | 560000 | $40314400 |
| **CONSUMER DISCRETIONARY — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cava Group \* | 570000 | 48011100 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza | 65000 | 29289000 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Cl A \* | 285000 | 31079250 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty \* | 140000 | 65494800 |
| &nbsp;&nbsp;&nbsp;Wingstop | 205000 | 69031700 |
|  |  | 242905850 |
| **CONSUMER STAPLES — 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Clorox | 315000 | 37822050 |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 610000 | 75908400 |
| &nbsp;&nbsp;&nbsp;Freshpet \* | 665000 | 45193400 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 1320000 | 39930000 |
| &nbsp;&nbsp;&nbsp;Maplebear \* | 905000 | 40942200 |
| &nbsp;&nbsp;&nbsp;McCormick | 810000 | 61414200 |
| &nbsp;&nbsp;&nbsp;Monster Beverage \* | 630000 | 39463200 |
|  |  | 340673450 |
| **FINANCIALS — 15.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Arch Capital Group | 435000 | 39606750 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Cl A \* | 339665 | 14541059 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers | 460000 | 59128400 |
| &nbsp;&nbsp;&nbsp;Everest Group | 155000 | 52676750 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | 125000 | 55910000 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Cl A | 280000 | 39793600 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Cl A | 230000 | 41388500 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group | 130000 | 62907000 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 115000 | 66325100 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 715000 | 48612850 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares | 505000 | 39142550 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A \* | 1220000 | 54033800 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 330000 | 48312000 |
|  |  | 622378359 |

---

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

---

| | |
|:---|:---|
| 5 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN MID CAP FUND** |

---

**JUNE 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **HEALTH CARE — 18.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 285000 | $33632850 |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 1125000 | 57881250 |
| &nbsp;&nbsp;&nbsp;Cooper \* | 875000 | 62265000 |
| &nbsp;&nbsp;&nbsp;Dexcom \* | 750000 | 65467500 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences \* | 920000 | 71953200 |
| &nbsp;&nbsp;&nbsp;Exact Sciences \* | 1065000 | 56594100 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories \* | 80000 | 42907200 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International \* | 45000 | 52862400 |
| &nbsp;&nbsp;&nbsp;Penumbra \* | 205000 | 52609150 |
| &nbsp;&nbsp;&nbsp;Repligen \* | 305000 | 37935900 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 175000 | 42038500 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 205000 | 59035900 |
| &nbsp;&nbsp;&nbsp;Waters \* | 195000 | 68062800 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 185000 | 40478000 |
|  |  | 743723750 |
| **INDUSTRIALS — 24.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AAON | 270000 | 19912500 |
| &nbsp;&nbsp;&nbsp;AMETEK | 480000 | 86860800 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise \* | 62930 | 52102264 |
| &nbsp;&nbsp;&nbsp;ESAB | 480000 | 57864000 |
| &nbsp;&nbsp;&nbsp;Fastenal | 1370000 | 57540000 |
| &nbsp;&nbsp;&nbsp;Fortive | 715000 | 37272950 |
| &nbsp;&nbsp;&nbsp;Graco | 440000 | 37826800 |
| &nbsp;&nbsp;&nbsp;IDEX | 420000 | 73739400 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 245000 | 50793400 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 375000 | 62823750 |
| &nbsp;&nbsp;&nbsp;Nordson | 340000 | 72885800 |
| &nbsp;&nbsp;&nbsp;nVent Electric | 950000 | 69587500 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 210000 | 69755700 |
| &nbsp;&nbsp;&nbsp;Veralto | 660000 | 66627000 |
| &nbsp;&nbsp;&nbsp;WW Grainger | 51000 | 53052240 |
| &nbsp;&nbsp;&nbsp;Xylem | 670000 | 86671200 |
|  |  | 955315304 |

---

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

---

| | |
|:---|:---|
| 6 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN MID CAP FUND** |

---

**JUNE 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY — 22.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Akamai Technologies \* | 315000 | $25124400 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 135000 | 41791950 |
| &nbsp;&nbsp;&nbsp;Confluent, Cl A \* | 3095000 | 77158350 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 505000 | 67836650 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 1185000 | 53455350 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 290000 | 60897100 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 975000 | 74529000 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A \* | 675000 | 67479750 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 275000 | 56276000 |
| &nbsp;&nbsp;&nbsp;Procore Technologies \* | 950000 | 64999000 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 1390000 | 80036200 |
| &nbsp;&nbsp;&nbsp;Ralliant \* | 180000 | 8728200 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 135000 | 69211800 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 315000 | 75600000 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 195000 | 61218300 |
|  |  | 884342050 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,856,665,765) |  | 3829653163 |
| **CASH EQUIVALENTS\*\* — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments - Money Market Treasury Only, Cl I, 4.150% | 20000000 | 20000000 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Instruments Fund, Institutional Shares, 4.190% | 63284520 | 63284520 |
| &nbsp;&nbsp;&nbsp;TOTAL CASH EQUIVALENTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $83,284,520) |  | 83284520 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 99.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,939,950,285) |  | $3912937683 |

---

*Percentages are based on Net Assets of $3,926,690,969.*

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

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

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

---

| | |
|:---|:---|
| 7 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN MID CAP FUND** |

---

**JUNE 30, 2025 (Unaudited)**

*Cl — Class*

*PLC — Public Limited Company*

The following is a summary of the inputs used as of June 30, 2025, in valuing the Fund's investments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stock | $3829653163 | $– | $– | $3829653163 |
| Cash Equivalents | 20000000 | 63284520 |  | 83284520 |
| Total Investments in Securities | $3849653163 | $63284520 | $– | $3912937683 |

---

For more information on valuation inputs, see Note 2 in the Notes to Financial Statements.

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

---

| | |
|:---|:---|
| 8 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN STRATEGIC FOCUS FUND** |

---

**JUNE 30, 2025 (Unaudited)**

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK** — **98.1%#**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ulta Beauty \* | 340 | $159059 |
| **CONSUMER STAPLES — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 1255 | 156172 |
| **FINANCIALS — 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 280 | 161487 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 1765 | 120003 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 730 | 106872 |
|  |  | 388362 |
| **HEALTH CARE — 17.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 2440 | 125538 |
| &nbsp;&nbsp;&nbsp;Mettler Toledo International \* | 155 | 182082 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 940 | 270701 |
| &nbsp;&nbsp;&nbsp;Waters \* | 410 | 143106 |
|  |  | 721427 |
| **INDUSTRIALS — 22.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK | 725 | 131196 |
| &nbsp;&nbsp;&nbsp;ESAB | 835 | 100659 |
| &nbsp;&nbsp;&nbsp;Fastenal | 3905 | 164010 |
| &nbsp;&nbsp;&nbsp;Fortive | 1110 | 57864 |
| &nbsp;&nbsp;&nbsp;IDEX | 870 | 152746 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 465 | 154459 |
| &nbsp;&nbsp;&nbsp;Veralto | 1390 | 140321 |
|  |  | 901255 |
| **INFORMATION TECHNOLOGY — 40.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 380 | 117636 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 1340 | 180002 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 635 | 133344 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 1350 | 103194 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A \* | 2000 | 199940 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 5170 | 297689 |

---

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

---

| | |
|:---|:---|
| 9 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN STRATEGIC FOCUS FUND** |

---

**JUNE 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Ralliant \* | 190 | $9213 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 100 | 102808 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 290 | 148677 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 380 | 91200 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 800 | 251152 |
|  |  | 1634855 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,506,532) |  | 3961130 |
| **CASH EQUIVALENT\*\* — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments - Money Market Treasury Only, Cl I, 4.150% | 72718 | 72718 |
| &nbsp;&nbsp;&nbsp;TOTAL CASH EQUIVALENT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $72,718) |  | 72718 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,579,250) |  | $4033848 |

---

*Percentages are based on Net Assets of $4,039,516.*

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

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

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

*Cl — Class*

*As of June 30, 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 principles.*

For more information on valuation inputs, see Note 2 in the Notes to Financial Statements

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

---

| | |
|:---|:---|
| 10 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS**<br> **JUNE 30, 2025 (Unaudited)** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Champlain Small <br> Company Fund** | **Champlain Mid <br> Cap Fund** | **Champlain <br> Strategic Focus <br> Fund** |
| **Assets:** |  |  |  |
| Investments, at value (Cost $1,342,455,107, $2,939,950,285 and $3,579,250, respectively) | $1714148745 | $3912937683 | $4033848 |
| Cash | 3 | 4 |  |
| Receivable for Investment Securities Sold | 6209555 | 19487648 | 8913 |
| Receivable for Capital Shares Sold | 958543 | 1110885 | 720 |
| Receivable for Dividends | 752635 | 1367184 | 793 |
| Reclaim Receivable | 22528 | 53756 |  |
| Receivable from Adviser |  |  | 1684 |
| Prepaid Expenses | 22149 | 39619 | 9521 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 1722114158 | 3934996779 | 4055479 |
| **Liabilities:** |  |  |  |
| Payable for Capital Shares Redeemed | 2500738 | 3900539 |  |
| Payable due to Distributor — Advisor Shares | 130232 | 56209 |  |
| Payable due to Printing Fees | 66570 | 170165 | 9070 |
| Line of Credit Interest Payable | 1215 | 521 | 1388 |
| Payable for Investment Securities Purchased |  | 590061 |  |
| Payable due to Investment Adviser | 1145495 | 2281236 |  |
| Payable due to Transfer Agent | 625143 | 999483 | 5372 |
| Payable due to Administrator | 85259 | 195812 | 125 |
| Chief Compliance Officer Fees Payable | 2489 | 5587 | 5 |
| Payable due to Trustees | 852 | 1495 | 3 |
| Other Accrued Expenses | 51617 | 104702 | – |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 4609610 | 8305810 | 15963 |
| **Commitments and Contingencies‡** |  |  |  |
| **Net Assets** | $1717504548 | $3926690969 | $4039516 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in Capital | $1163604628 | $2572174492 | $3558660 |
| Total Distributable Earnings | 553899920 | 1354516477 | 480856 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $1717504548 | $3926690969 | $4039516 |

---

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

---

| | |
|:---|:---|
| 11 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS**<br> **JUNE 30, 2025 (Unaudited)** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Champlain Small <br> Company Fund** | **Champlain Mid <br> Cap Fund** | **Champlain <br> Strategic Focus <br> Fund** |
| **ADVISOR SHARES:** | | | |
| &nbsp;&nbsp;&nbsp;Net Assets | $348144183 | $166986535 | N/A |
| &nbsp;&nbsp;&nbsp;Shares Issued and Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unlimited authorization — no par value) | 16023328 | 7125753 | N/A |
| **Net Asset Value,** Offering and Redemption Price Per Share | $21.73 | $23.43 | N/A |
| **INSTITUTIONAL SHARES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $1369360365 | $3759704434 | $4039516 |
| &nbsp;&nbsp;&nbsp;Shares Issued and Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unlimited authorization — no par value) | 61175766 | 153470485 | 335605 |
| **Net Asset Value,** Offering and Redemption Price Per Share | $22.38 | $24.50 | $12.04 |

---

*Amounts designated as "—" are $0.* 

*N/A - Not Applicable* 

*‡* *See Note 5 in the Notes to Financial Statements.* 

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

---

| | |
|:---|:---|
| 12 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS**<br> **FOR THE SIX MONTHS ENDED**<br> **JUNE 30, 2025 (Unaudited)** |

---

**STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Champlain Small <br> Company Fund** | **Champlain Mid<br> Cap Fund** | **Champlain Strategic <br> Focus Fund** |
| **Investment Income** | | | |
| Dividends | $5376312 | $14902629 | $8080 |
| Less: Foreign Taxes Withheld | (30725) | – | – |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 5345587 | 14902629 | 8080 |
| **Expenses** |  |  |  |
| Investment Advisory Fees | 7427814 | 14654708 | 14268 |
| Administration Fees | 568815 | 1293349 | 793 |
| Distribution Fees — Advisor Shares | 434343 | 213236 |  |
| Trustees' Fees | 9199 | 21193 | 16 |
| Chief Compliance Officer Fees | 2846 | 6457 | 6 |
| Transfer Agent Fees | 850119 | 1484314 | 15736 |
| Printing Fees | 42921 | 110822 | 4100 |
| Custodian Fees | 40581 | 93257 | 2556 |
| Registration Fees | 26972 | 36990 | 8207 |
| Professional Fees | 23758 | 53530 | 46 |
| Insurance and Other Expenses | 13574 | 42305 | 529 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 9440942 | 18010161 | 46257 |
| Less: Advisory Fees Waived |  |  | (14268) |
| Less: Reimbursement from Adviser |  |  | (16137) |
| Less: Fees Paid Indirectly | (9972) | (71160) | (692) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 9430970 | 17939001 | 15160 |
| **Net Investment (Loss)** | (4085383) | (3036372) | (7080) |
| **Net Realized Gain (Loss) on Investment** | 100764677 | 258970735 | (16484) |
| **Net Change in Unrealized Appreciation (Depreciation) on Investments** | (118821901) | (170349221) | 248752 |
| **Net Realized and Unrealized Gain (Loss)** | (18057224) | 88621514 | 232268 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(22142607) | $85585142 | $225188 |

---

*Amounts designated as "—" are $0.*

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

---

| | |
|:---|:---|
| 13 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN** <br> **SMALL COMPANY FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(4085383) | $(8206342) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 100764677 | 327400246 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (118821901) | (25364068) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (22142607) | 293829836 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares |  | (29529708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | – | (125622223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | – | (155151931) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;**Advisor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 10136741 | 20066156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 29182831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (28761961) | (61140729) |
| &nbsp;&nbsp;&nbsp;Decrease from Advisor Shares Capital Share Transactions | (18625220) | (11891742) |
| &nbsp;&nbsp;&nbsp;**Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 74696472 | 185028636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 122923620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (321512954) | (876923239) |
| &nbsp;&nbsp;&nbsp;Decrease from Institutional Shares Capital Share Transactions | (246816482) | (568970983) |
| &nbsp;&nbsp;&nbsp;**Net (Decrease) in Net Assets from Capital Share Transactions** | (265441702) | (580862725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total (Decrease) in Net Assets** | (287584309) | (442184820) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 2005088857 | 2447273677 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $1717504548 | $2005088857 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For share transactions, see Note
 6 in the Notes to Financial Statements.

*Amounts designated as " —" are $0.*

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

---

| | |
|:---|:---|
| 14 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN MID CAP FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(3036372) | $170889 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 258970735 | 520968987 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (170349221) | (187358704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 85585142 | 333781172 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares |  | (13907190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | – | (326372115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | – | (340279305) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;**Advisor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 12711689 | 28389693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 13501422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (40964486) | (79205568) |
| &nbsp;&nbsp;&nbsp;Decrease from Advisor Shares Capital Share Transactions | (28252797) | (37314453) |
| &nbsp;&nbsp;&nbsp;**Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 251656502 | 847678053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 249675778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1225808485) | (1781310610) |
| &nbsp;&nbsp;&nbsp;Decrease from Institutional Shares Capital Share Transactions | (974151983) | (683956779) |
| &nbsp;&nbsp;&nbsp;**Net (Decrease) in Net Assets from Capital Share Transactions** | (1002404780) | (721271232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total (Decrease) in Net Assets** | (916819638) | (727769365) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 4843510607 | 5571279972 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $3926690969 | $4843510607 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For share transactions, see Note
 6 in the Notes to Financial Statements.

Amounts designated as " —" are $0.

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

---

| | |
|:---|:---|
| 15 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN STRATEGIC FOCUS FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(7080) | $(9299) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (16484) | 168113 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 248752 | (62270) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 225188 | 96544 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | – | (125541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | – | (125541) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 691160 | 690707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 125541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (9049) | (36893) |
| &nbsp;&nbsp;&nbsp;Increase from Institutional Shares Capital Share Transactions | 682111 | 779355 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 682111 | 779355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 907299 | 750358 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period/Year | 3132217 | 2381859 |
| &nbsp;&nbsp;&nbsp;End of Period/Year | $4039516 | $3132217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For share transactions, see Note
 6 in the Notes to Financial Statements.

Amounts designated as " —" are $0.

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

---

| | |
|:---|:---|
| 16 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN SMALL COMPANY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Period/Year**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
|  | **Period <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** | **Year <br> Ended <br> December 31, <br> 2023** | **Year <br> Ended <br> December 31, <br> 2022** | **Year <br> Ended <br> December 31, <br> 2021** | **Period <br> Ended <br> December 31, <br> 2020<sup>(1)</sup>** | **Year <br> Ended <br> July 31, 2020** |
| Net Asset Value, Beginning of Period/Year | $21.85 | $20.81 | $19.44 | $24.64 | $22.93 | $19.10 | $20.36 |
| Income (Loss) from Operations: |  |  |  |  |  |  |  |
| Net Investment Loss<sup>(2)</sup> | (0.07) | (0.12) | (0.09) | (0.11) | (0.18) | (0.03) | (0.07) |
| Net Realized and Unrealized Gain (Loss) | (0.05 | 2.99 | 2.79 | (5.02 | 2.99 | 5.26 | 0.37 |
| Total from Operations | (0.12 | 2.87 | 2.70 | (5.13 | 2.81 | 5.23 | 0.30 |
| Dividends and Distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains |  | (1.83) | (1.33) | (0.07) | (1.10) | (1.40) | (1.56) |
| &nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | – | – | – |
| Total Dividends and Distributions | – | (1.83) | (1.33) | (0.07 | (1.10) | (1.40 | (1.56) |
| Net Asset Value, End of Period/ Year | $21.73 | $21.85 | $20.81 | $19.44 | $24.64 | $22.93 | $19.10 |
| **Total Return †** | (0.55 | 13.72% | 14.00% | (20.82 | 12.42% | 27.58 | 1.31% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |  |
| Net Assets, End of Period/Year (Thousands) | $348144 | $369129 | $362889 | $354487 | $480911 | $460617 | $377853 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements/excluding fees paid indirectly) | 1.24 | 1.24% | 1.26% | 1.27 | 1.26% | 1.27 | 1.26% |
| Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly) | 1.24 | 1.24% | 1.26% | 1.27 | 1.26% | 1.27 | 1.26% |
| Ratio of Net Investment Loss to Average Net Assets | (0.64) | (0.56)% | (0.46)% | (0.53) | (0.71)% | (0.37) | (0.39)% |
| Portfolio Turnover Rate | 28 | 44% | 41% | 24 | 22% | 16 | 30% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | *Annualized.* |
| <sup>\*\*</sup> | *Total return and Portfolio turnover for the period indicated and has not been annualized.* |
| <sup>†</sup> | *Total returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon the redemption of Fund shares.* |
| <sup>^</sup> | *Amount represents less than $0.005.* |
| <sup>(1)</sup> | *For the period August 1, 2020 to December 31, 2020. Effective August 19, 2020, the Champlain Small Company Fund changed its fiscal year end to December 31st (see Note 1 in the Notes to Financial Statements).* |
| <sup>(2)</sup> | *Per share amounts calculated using average shares method.* |
|  | *Amounts designated as "—" are $0 or round to $0.* |

---

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

---

| | |
|:---|:---|
| 17 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN SMALL COMPANY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Period/Year**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Period <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** | **Year <br> Ended <br> December 31, <br> 2023** | **Year <br> Ended <br> December 31, <br> 2022** | **Year <br> Ended <br> December 31, <br> 2021** | **Period <br> Ended <br> December 31, <br> 2020<sup>(1)</sup>** | **Year <br> Ended <br> July 31, 2020** |
| Net Asset Value, Beginning of Period/Year | $22.48 | $21.31 | $19.83 | $25.07 | $23.25 | $19.33 | $20.54 |
| Income (Loss) from Operations: |  |  |  |  |  |  |  |
| Net Investment Loss<sup>(2)</sup> | (0.04) | (0.07) | (0.04) | (0.06) | (0.11) | (0.01) | (0.03) |
| Net Realized and Unrealized Gain (Loss) | (0.06 | 3.07 | 2.85 | (5.11 | 3.03 | 5.33 | 0.38 |
| Total from Operations | (0.10 | 3.00 | 2.81 | (5.17 | 2.92 | 5.32 | 0.35 |
| Dividends and Distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains |  | (1.83) | (1.33) | (0.07) | (1.10) | (1.40) | (1.56) |
| &nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | – | – | – |
| Total Dividends and Distributions | – | (1.83 | (1.33) | (0.07 | (1.10) | (1.40 | (1.56) |
| Net Asset Value, End of Period/Year | $22.38 | $22.48 | $21.31 | $19.83 | $25.07 | $23.25 | $19.33 |
| **Total Return †** | (0.44 | 14.01 | 14.28% | (20.62 | 12.72% | 27.71 | 1.55% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |  |
| Net Assets, End of Period/Year (Thousands) | $1369360 | $1635959 | $2084385 | $2177932 | $3443514 | $2687745 | $1755279 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements/excluding fees paid indirectly) | 0.99 | 0.99 | 1.01% | 1.02 | 1.01% | 1.02 | 1.02% |
| Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly) | 0.99 | 0.99 | 1.01% | 1.02 | 1.01% | 1.02 | 1.02% |
| Ratio of Net Investment Loss to Average Net Assets | (0.40) | (0.32) | (0.22)% | (0.28) | (0.45)% | (0.11) | (0.16)% |
| Portfolio Turnover Rate | 28 | 44 | 41% | 24 | 22% | 16 | 30% |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Annualized.* |
| *<sup>\*\*</sup>* | *Portfolio turnover and total return is for the period indicated and has not been annualized.* |
| *<sup>†</sup>* | *Total returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon the redemption of Fund shares.* |
| *<sup>^</sup>* | *Amount represents less than $(0.005).* |
| *<sup>(1)</sup>* | *For the period August 1, 2020 to December 31, 2020. Effective August 19, 2020, the Champlain Small Company Fund changed its fiscal year end to December 31st (see Note 1 in the Notes to Financial Statements).* |
| *<sup>(2)</sup>* | *Per share amounts calculated using average shares method.* |
|  | *Amounts designated as "—" are $0 or round to $0.* |

---

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

---

| | |
|:---|:---|
| 18 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN MID CAP FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Period/Year**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
|  | **Period <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** | **Year <br> Ended <br> December 31, <br> 2023** | **Year <br> Ended <br> December 31, <br> 2022** | **Year <br> Ended <br> December 31, <br> 2021** | **Period <br> Ended <br> December 31, <br> 2020<sup>(1)</sup>** | **Year <br> Ended <br> July 31, 2020** |
| Net Asset Value, Beginning of Period/Year | $23.88 | $23.23 | $20.20 | $27.88 | $24.76 | $21.58 | $20.17 |
| Income (Loss) from Operations: |  |  |  |  |  |  |  |
| Net Investment Loss<sup>(2)</sup> | (0.04) | (0.06) | (0.05)<sup>(3)</sup> | (0.07) | (0.12) | (0.03) | (0.03) |
| Net Realized and Unrealized Gain (Loss) | (0.41 | 1.46 | 3.15 | (7.32) | 6.09 | 4.35 | 2.26 |
| Total from Operations | (0.45 | 1.40 | 3.10 | (7.39) | 5.97 | 4.32 | 2.23 |
| Dividends and Distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | – | (1.75) | (0.07) | (0.29) | (2.85) | (1.14 | (0.82) |
| Total Dividends and Distributions | – | (1.75) | (0.07) | (0.29) | (2.85) | (1.14 | (0.82) |
| Net Asset Value, End of Period/Year | $23.43 | $22.88 | $23.23 | $20.20 | $27.88 | $24.76 | $21.58 |
| **Total Return †** | 2.40 | 5.96% | 15.35% | (26.51)% | 24.60% | 20.16 | 11.36% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |  |
| Net Assets, End of Period/Year (Thousands) | $166987 | $191883 | $230132 | $226276 | $353725 | $307621 | $266939 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements/excluding fees paid indirectly) | 1.10 | 1.09% | 1.09% | 1.10% | 1.09% | 1.09 | 1.11% |
| Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly) | 1.10 | 1.09% | 1.09% | 1.10% | 1.09% | 1.09 | 1.11% |
| Ratio of Net Investment Loss to Average Net Assets | (0.38) | (0.23)% | (0.21)% | (0.31)% | (0.44)% | (0.35) | (0.14)% |
| Portfolio Turnover Rate | 23 | 41% | 29% | 25% | 32% | 16 | 36% |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Annualized.* |
| *<sup>\*\*</sup>* | *Total return and Portfolio turnover for the period indicated and has not been annualized.* |
| *<sup>†</sup>* | *Total return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>(1)</sup>* | *For the period August 1, 2020 to December 31, 2020. Effective August 19, 2020, the Champlain Mid Cap Fund changed its fiscal year end to December 31st (see Note 1 in the Notes to Financial Statements).* |
| *<sup>(2)</sup>* | *Per share amounts calculated using average shares method.* |
| *<sup>(3)</sup>* | *Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for that period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values of the investments of the Fund.* |
|  | *Amounts designated as "—" are $0 or round to $0.* |

---

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

---

| | |
|:---|:---|
| 19 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN MID CAP FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Year**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Period <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, <br> 2024** | **Year <br> Ended <br> December 31, <br> 2023** | **Year <br> Ended <br> December 31, <br> 2022** | **Year <br> Ended <br> December 31, <br> 2021** | **Period <br> Ended <br> December 31, <br> 2020<sup>(1)</sup>** | **Year <br> Ended <br> July 31, 2020** |
| Net Asset Value, Beginning of Period/Year | $22.88 | $24.13 | $20.93 | $28.79 | $25.43 | $22.12 | $20.60 |
| Income (Loss) from Operations: |  |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(2)</sup> | (0.02) |  | 0.01 | (0.01) | (0.05) | (0.01) |  |
| Net Realized and Unrealized Gain (Loss) | 1.64 | 1.51 | 3.27 | (7.56) | 6.26 | 4.46 | 2.35 |
| Total from Operations | 1.62 | 1.51 | 3.28 | (7.57) | 6.21 | 4.45 | 2.35 |
| Dividends and Distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  |  | (0.01) |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | – | (1.75) | (0.07) | (0.29) | (2.85) | (1.14 | (0.82 |
| Total Dividends and Distributions | – | (1.75) | (0.08) | (0.29) | (2.85) | (1.14 | (0.83 |
| Net Asset Value, End of Period/Year | $24.50 | $23.89 | $24.13 | $20.93 | $28.79 | $25.43 | $22.12 |
| **Total Return †** | 2.55 | 6.19% | 15.66% | (26.30)% | 24.90% | 20.25 | 11.70 |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |  |
| Net Assets, End of Period/Year (Thousands) | $3759704 | $4651628 | $5341148 | $5087884 | $7082857 | $5396729 | $4270561 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements/excluding fees paid indirectly) | 0.85 | 0.84% | 0.84% | 0.85% | 0.84% | 0.84 | 0.86 |
| Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly) | 0.85 | 0.84% | 0.84% | 0.85% | 0.84% | 0.84 | 0.86 |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (0.14) | 0.01% | 0.04% | (0.06)% | (0.19)% | (0.10) | (0.01) |
| Portfolio Turnover Rate | 23 | 41% | 29% | 25% | 32% | 16 | 36 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Annualized.* |
| *<sup>\*\*</sup>* | *Total return and Portfolio turnover for the period indicated and has not been annualized.* |
| *<sup>†</sup>* | *Total return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>^</sup>* | *Amount represents less than $0.005.* |
| *<sup>(1)</sup>* | *For the period August 1, 2020 to December 31, 2020. Effective August 19, 2020, the Champlain Mid Cap Fund changed its fiscal year end to December 31st (see Note 1 in the Notes to Financial Statements).* |
| *<sup>(2)</sup>* | *Per share amounts calculated using average shares method.* |
| | *Amounts designated as "—" are $0 or round to $0.* |

---

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

---

| | |
|:---|:---|
| 20 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN STRATEGIC FOCUS FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding Throughout each Year/Period**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Period <br> Ended <br> June 30, 2025 <br> (Unaudited)** | **Year <br> Ended <br> December 31, 2024** | **Period <br> Ended <br> December 31, 2023<sup>(1)</sup>** |  |
| Net Asset Value, Beginning of Period | $11.36 | $11.35 | $10.00 |  |
| Income (Loss) from Operations: |  |  |  |  |
| Net Investment Loss<sup>(2)</sup> | (0.02) | (0.04) |  |  |
| Net Realized and Unrealized Gain | 0.70 | 0.54 | 1.35 |  |
| Total from Operations | 0.68 | 0.50 | 1.35 |  |
| Dividends and Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | – | (0.49) | – |  |
| Total Dividends and Distributions | – | (0.49) | – |  |
| Net Asset Value, End of Period | $12.04 | $11.36 | $11.35 |  |
| **Total Return †** | 5.99 | 4.40% | 13.50 | %\*\* |
| **Ratios and Supplemental Data** |  |  |  |  |
| Net Assets, End of Period (Thousands) | $4040 | $3132 | $2382 |  |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements/ excluding fees paid indirectly) | 0.85 | 0.85% | 0.85 | %\* |
| Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly) | 3.35 | 5.43% | 8.82 | %\* |
| Ratio of Net Investment Loss to Average Net Assets | (0.40) | (0.35)% | (0.11) |)%\* |
| Portfolio Turnover Rate | 21 | 30% | 6 | %\*\* |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Annualized.* |
| *<sup>\*\*</sup>* | *Total return and Portfolio turnover for the period indicated and has not been annualized.* |
| *<sup>†</sup>* | *Total return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *<sup>(1)</sup>* | *Institutional Shares commenced operations on October 16, 2023.* |
| *<sup>(2)</sup>* | *Per share amounts calculated using average shares method.* |
|  | *Amounts designated as "—" are $0 or round to $0.* |

---

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

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| | |
|:---|:---|
| 21 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025 (Unaudited)** |

---

**<u>NOTES TO FINANCIAL STATEMENTS</u>**

**1. ORGANIZATION:**

The Advisors' Inner Circle Fund II (the "Trust") is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated July 24, 1992. The Trust is registered under the Investment Company Act of 1940, as amended, as an open- end management investment company with twenty four funds. The financial statements herein are those of the Champlain Small Company Fund (the "Small Company Fund"), Champlain Mid Cap Fund (the "Mid Cap Fund"), and Champlain Strategic Focus Fund (the "Strategic Focus Fund") (each a "Fund" and collectively, the "Funds"). The investment objective of the Funds is capital appreciation. Each of the Champlain Funds is classified as a "diversified" investment company under the 1940 Act. The Small Company Fund invests in small companies with market capitalization of less than $2.5 billion, Mid Cap Fund invests primarily (at least 80% of its net assets) in medium-sized companies with market capitalization of less than $15 billion, and the Strategic Focus Fund primarily in securities of medium – to large-sized companies. The financial statements of the remaining funds within the Trust are presented separately. The assets of each Fund of the Trust are segregated, and a shareholder's interest is limited to the fund in which shares are held. The Funds currently offer Advisor Shares and Institutional Shares. The Small Company Fund, Mid Cap Fund, and Strategic Focus Fund, commenced operations on August 31, 2016, January 3, 2011, and October 16, 2023, respectively.

Effective August 19, 2020, the Small Company Fund and the Mid Cap Fund changed their fiscal year end to December 31.

**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 Funds. The Funds are 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 reported amount 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 the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Investment companies are valued at Net Asset Value.

---

| | |
|:---|:---|
| 22 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025 (Unaudited)** |

---

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 Champlain Investment Partners, LLC (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 Funds disclose the fair value of their 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;&nbsp;&nbsp;&nbsp;&nbsp;●Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Level 2 – Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment spreads, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and

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| | |
|:---|:---|
| 23 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025 (Unaudited)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For details of investment classifications, reference the Schedules of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

**Federal Income Taxes** — It is each Fund's intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and to distribute all of their taxable income. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more- likely-than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than -not threshold are recorded as a tax benefit or expense in the current year. The Funds 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., the last 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six months ended June 30, 2025, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2025, the Funds did not incur any interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Each Fund or its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statements of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser's expense limitation agreement.

---

| | |
|:---|:---|
| 24 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025 (Unaudited)** |

---

**Security Transactions and Investment Income** — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.

**Classes** — Class specific expenses, such as distribution fees, are borne by that class of shares. Income, realized and change in unrealized gains/losses and non-class specific expenses are allocated to the respective class on the basis of relative net assets.

**Expenses** — Most expenses of the Trust can be directly attributed to a particular fund. Expenses that 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** — Dividends from net investment income, if any, are declared and paid annually by the Funds. Any net realized capital gains are distributed to shareholders at least annually.

**3. TRANSACTIONS WITH AFFILIATES:**

Certain officers and a trustee of the Trust are also officers of the Administrator, a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the "Distributor"). Such officers and the trustee are paid no fees by the Trust for serving as officers and trustee of the Trust.

The services provided by the Chief Compliance Officer ("CCO") and his staff, who are the employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's advisers 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, TRANSFER AGENT AND CUSTODIAN AGREEMENTS:**

The Funds and the Administrator are parties to an Administration Agreement, under which the Administrator provides administrative services to the Fund. For these services, the Administrator is paid an asset- based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the six months ended June 30, 2025, the Small Company Fund, Mid Cap Fund and Strategic Focus Fund were charged $568,815, $1,293,349 and $793 for these services, respectively.

The Funds have adopted a Distribution Plan (the "Plan") for the Advisor Shares. Under the Plan, the Distributor, or third parties that enter into agreements with the Distributor, may receive up to 0.25% of the Funds' average net assets attributable to the Advisor Shares as compensation for distribution services.

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| | |
|:---|:---|
| 25 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025 (Unaudited)** |

---

SS&C Global Investor & Distribution Solutions, Inc. serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust. The Funds may earn cash management credits which can be used to offset transfer agent expenses. During the six months ended June 30, 2025, the Small Company Fund, Mid Cap Fund and the Strategic Focus Fund earned credits of $9,972, $71,160 and $692, respectively, which were used to offset transfer agent expenses. These amounts are listed as "Fees Paid Indirectly" on the Statements of Operations.

U.S. Bank, N.A. acts as custodian (the "Custodian") for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

**5. INVESTMENT ADVISORY AGREEMENT:**

The Adviser serves as the investment adviser to the Funds. For its services, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rates base on the average daily net assets of each fund:

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| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Small Company Fund | 0.90% on the first $250 million in assets; 0.80% on assets over $250 million |
| Mid Cap Fund | 0.80% on the first $250 million in assets; 0.70% on assets over $250 million |
| Strategic Focus Fund | 0.80% on the first $250 million in assets; 0.70% on assets over $250 million |

---

The Adviser has contractually agreed to limit the total expenses of the Small Company Fund – Advisor Shares, Small Company Fund – Institutional Shares, Mid Cap Fund – Advisor Shares, Mid Cap Fund – Institutional Shares, Strategic Focus Fund Advisor Shares, and Strategic Focus Fund – Institutional Shares (excluding interest, taxes, brokerage commissions, acquired fund fees and extraordinary expenses) to 1.30%, 1.05%, 1.20%, 0.95%, 1.10%, and 0.85% of the Funds' respective average daily net assets through April 30, 2026, respectively. To maintain these expense limitations, the Adviser may waive a portion of its advisory fee and/or reimburse certain expenses of the Funds. If at any point it becomes unnecessary for the Adviser, Administrator, or shareholder service agent to make expense limitation reimbursements, the Adviser may retain the difference between the "Total Annual Fund Operating Expenses" and the aforementioned expense limitations to recapture all or a portion of its prior expense limitation reimbursements made during the preceding three year period. As of June 30, 2025, the Funds did not recapture previously waived fees.

As of June 30, 2025, fees previously waived and reimbursed by the Adviser which may be subject to possible future reimbursement are as follows:

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| | |
|:---|:---|
| 26 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025 (Unaudited)** |

---

---

| | |
|:---|:---|
| **Subject to Repayment until December 31:** | **Champlain Strategic Focus Fund** |
| 2026 | N/A |
| 2027 | $91299 |
| 2028 | 81018 |
|  | $172317 |

---

**6. SHARE TRANSACTIONS:**

---

| | | |
|:---|:---|:---|
| **Champlain Small Company Fund** | **Period Ended June 30, 2025 (Unaudited)** | **Year Ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Advisor Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 479065 | 941599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 1325890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1351985) | (2808853) |
| &nbsp;&nbsp;&nbsp;**Net Advisor Shares Capital Share Transactions** | (872920) | (541364) |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 3419693 | 8508328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 5427091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (15020673) | (38956202) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Capital Share Transactions** | (11600980) | (25020783) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding** | (12473900) | (25562147) |

---

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| | |
|:---|:---|
| 27 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Champlain Mid Cap Fund** | **Period Ended June 30, 2025 (Unaudited)** | **Year Ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Advisor Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 561049 | 1181395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 584477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1820251) | (3285781) |
| &nbsp;&nbsp;&nbsp;**Net Advisor Shares Capital Share Transactions** | (1259202) | (1519909) |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 10686378 | 34023008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 10351417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (51899320) | (71071632) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Capital Share Transactions** | (41212942) | (26697207) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding** | (42472144) | (28217116) |

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| | | |
|:---|:---|:---|
| **Champlain Strategic Focus Fund** | **Period Ended June 30, 2025 (Unaudited)** | **Year Ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 60944 | 57928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions |  | 10945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (966) | (3182) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Capital Share Transactions** | 59978 | 65691 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding** | 59978 | 65691 |

---

**7. INVESTMENT TRANSACTIONS:**

For the six months ended June 30, 2025, the purchases and sales of investment securities other than in-kind transactions, long-term U.S. Government and short-term investments were:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Small Company Fund | $497953803 | $721917436 |
| Mid Cap Fund | 24304618 | 315974687 |
| Strategic Focus Fund | 1.383071 | 729882 |

---

There were no purchases or sales of long-term U.S. Government securities or in-kind transactions any of the funds.

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| | |
|:---|:---|
| 28 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025 (Unaudited)** |

---

**8. FEDERAL TAX INFORMATION:**

The amount and character of income and capital gain distributions, if any, to be paid, 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 such period. These 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 or paid-in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions declared during the fiscal years ended December 31, 2024, and December 31, 2023 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** | **Total** |
| Small Company Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024 | $10378538 | $144773393 | $– | $155151931 |
| &nbsp;&nbsp;&nbsp;2023 |  | 146454214 |  | 146454214 |
| Mid Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024 | 24304618 | 315974687 |  | 340279305 |
| &nbsp;&nbsp;&nbsp;2023 | 1395198 | 16112809 |  | 17508007 |
| Strategic Focus Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2024 | 70197 | 55344 |  | 125541 |
| &nbsp;&nbsp;&nbsp;2023 |  |  |  |  |

---

As of December 31, 2024, the components of Distributable Earnings on a tax basis were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Small Company Fund** | **Mid Cap Fund** | **Strategic Focus Fund** |
| Undistributed Ordinary Income | $26315172 | $7964410 | $4155 |
| Undistributed Long-Term Capital Gain | 72152373 | 129690604 | 46359 |
| Unrealized Appreciation | 477574973 | 1131276321 | 205153 |
| Other Temporary Differences | 9 | – | 1 |
| Total Distributable Earnings | $576042527 | $1268931335 | $255668 |

---

For Federal income tax purposes, the cost of securities owned at December 31, 2024 and net realized gains or losses on securities sold for the period were different from the amounts reported for financial reporting purposes. These differences were primarily due to wash sales, which cannot be used for Federal income tax purposes in the current period and have been deferred for use in future years.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at June 30, 2025:

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| | |
|:---|:---|
| 29 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025 (Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax Cost** | **Aggregate Gross Unrealized Appreciation** | **Aggregate Gross Unrealized Depreciation** | **Net Unrealized Appreciation (Depreciation)** |
| Small Company Fund | $1342455107 | $434833202 | $(63139564) | $371693638 |
| Mid Cap Fund | 2939950285 | 1052287924 | (79300526) | 972987398 |
| Strategic Focus Fund | 3579250 | 590803 | (136205) | 454598 |

---

**9. CONCENTRATION OF RISKS:**

As with investing in all mutual funds, investing in the Funds involves risk, and there is no guarantee that the Funds will achieve their investment goals. You could lose money on your investment in a Fund, just as you could with other investments. As described in each Fund's Prospectus, the Funds are subject to the following risks noted below, any of which may adversely affect the Fund's net asset value and ability to meet its investment objective:

MARKET RISK (Each Fund) – 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.

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

EQUITY RISK (Each Fund) – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/ or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

SMALL-CAPITALIZATION COMPANY RISK (Small Company Fund & Strategic Focus Fund) – The Fund is also subject to the risk that small-capitalization stocks may underperform other segments of the equity market or the equity market as a whole. The small-capitalization companies that the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-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, small-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

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| | |
|:---|:---|
| 30 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025 (Unaudited)** |

---

MID-CAPITALIZATION COMPANY RISK (Mid Cap Fund and Strategic Focus Fund) – 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.

LARGE-CAPITALIZATION COMPANY RISK (Strategic Focus Fund) – The large-capitalization companies in which the Fund invests may not respond as quickly as smaller companies to competitive challenges, the growth rates of investments in these large-sized companies may lag the growth rates of well-managed smaller companies during strong economic periods.

GROWTH INVESTMENT STYLE RISK (Strategic Focus Fund) – An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.

NON -DIVERSIFICATION RISK (Strategic Focus Fund) – The Fund is non-diversified, meaning that it may invest a large percentage of its assets in a single issuer or a relatively small number of issuers. Because the Fund is non-diversified, it may be more susceptible to a single adverse economic or political occurrence affecting one or more of the issuers, and may experience increased volatility due to its investments in those securities. However, the Fund intends to satisfy the diversification requirements for classification as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

**10. CONCENTRATION OF SHAREHOLDERS:**

At June 30, 2025, 90% of the total shares outstanding of the Small Company Fund Advisor Shares were held by two shareholders; 67% of the total shares outstanding of the Small Company Fund Institutional Shares were held by four shareholders; 69% of the total shares outstanding of the Mid Cap Fund Advisor Shares were held by two shareholders, 55% of the total shares outstanding of the Mid Cap Fund Institutional Shares were held by three shareholders; 83% of the total shares outstanding of Strategic Focus Fund Institutional Shares were held by three shareholders.

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| | |
|:---|:---|
| 31 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025 (Unaudited)** |

---

**11. INDEMNIFICATIONS:**

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

**12. LINE OF CREDIT:**

The Funds have entered into an umbrella loan agreement with the Custodian which enables the Funds to participate in a single $250 million uncommitted, senior secured line of credit, with an expiration date of March 10, 2026. During the six months ended June 30, 2025, the Funds did not participate in any borrowing.

The proceeds from the borrowings shall be used to provide temporary liquidity to the Funds as necessary in order to meet redemption needs. Interest is charged to the Funds based on the outstanding principal balance of the borrowings at an annual rate equal to the Custodian's then current prime-lending rate. These fees are included as "Other Expenses" on the Statements of Operations.

**13. RECENT ACCOUNTING PRONOUNCEMENT:**

In this reporting period, the Funds 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 each 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 Funds' Adviser acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with each Fund's single investment objective which is executed by each Fund's portfolio managers. The financial information in the form of each 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 each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

---

| | |
|:---|:---|
| 32 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025 (Unaudited)** |

---

**14. SUBSEQUENT EVENTS:**

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

---

| | |
|:---|:---|
| 33 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
| | **JUNE 30, 2025** |

---

**<u>OTHER INFORMATION (Form N-CSRS ITEMS 8-11) (Unaudited)</u>**

**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 Officers of the Trust, other than as disclosed as part of the financial statements included above in Item 7.

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

Not applicable.

---

| | |
|:---|:---|
| 34 | **CHAMPLAIN INVESTMENT PARTNERS** |

---

**Champlain Funds**

P.O. Box 219009

Kansas City, MO 64121-9009

866-773-3238

**Adviser:**

Champlain Investment Partners, LLC

180 Battery Street

Burlington, VT 05401

**Distributor:**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Administrator:**

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel:**

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

**Independent Registered Public Accounting Firm:**

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103

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

CSC-SA-001-2100

**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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19.** **Exhibits.**

(a)(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

[(a)(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.](fp0095129-1_ex99cert.htm)

(a)(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(a)(5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

[(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0095129-1_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) | (Registrant) | The Advisors' Inner Circle Fund II |
| By | (Signature and Title) | /s/ Michael Beattie |
|  |  | Michael Beattie |
|  |  | Principal Executive Officer |
| Date: | September 4, 2025 |  |

---

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: | September 4, 2025 |  |
| By | (Signature and Title) | /s/ Andrew Metzger |
|  |  | Andrew Metzger |
|  |  | Principal Financial Officer |
| Date: | September 4, 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-CSRS 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: September 4, 2025 |
| /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-CSRS 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: September 4, 2025 |
| /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-CSRS for the period ended June 30, 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-CSRS 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-CSRS fairly presents, in all material respects,
 the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: September 4, 2025 |  |
|  | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |

---

**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-CSRS for the period ended June 30, 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-CSRS 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-CSRS fairly presents, in all material respects,
 the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: September 4, 2025 |  |
|  | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |

---