# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0001398344-26-004710
**Filing Date:** 2026-3
**Character Count:** 187082
**Document Hash:** c9efd2ee463352e0e56515ee58b79a35
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004710.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001398344-26-004710

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07102
- **FILM NUMBER:** 26730361

**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-CSR**

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

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

**The Advisors' Inner Circle Fund II**

(Exact name of registrant as specified in charter)

------

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

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

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

 **Item 1. Reports to Stockholders.**

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

**# The Advisors' Inner Circle Fund II
![Image](i79777fdf0f1d879aebe47a5a.jpg)

# Champlain Small Company Fund

## Advisor Shares - CIPSX

## Annual Shareholder Report: December 31, 2025
This 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 December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Champlain Small Company Fund, Advisor Shares | $121 | 1.24% |

---

## How did the Fund perform in the last year?
The Champlain Small Company Fund (Advisor Shares) returned -5.53% for the year-to-date period ending December 31, 2025, which was behind the 12.81% return for the Russell 2000 Index and trailed the 17.15% return for the Russell 3000 Index.

This Fund's relative underperformance compared to the Russell 2000 Index was primarily driven by stock selection in information technology, health care, consumer, and financials sectors. Technology performance was impacted by an overweight in the software industry and selection within the sector. AI is reshaping the software landscape – expanding what products can do and increasing uncertainty around how quickly those capabilities translate into durable monetization. We expect pricing to continue shifting away from fixed, per-seat subscriptions and toward usage-based and agent-driven models, which can make reported metrics and near-term expectations more volatile. For our Fund's technology holdings, we believe this backdrop is ultimately constructive because our core software exposures – spanning data infrastructure and resilience, hybrid cloud platforms, security, and developer workflow – sit in the "plumbing" of modern workloads where AI adoption tends to increase demand over time.

For the year, health care underperformed due to several factors, including an underweight position in biotech, an overweight position in health care equipment & supplies, no exposure to the pharmaceuticals industry, and an overweight allocation in health care technology. The consumer sectors, in aggregate, underperformed for the year, largely due to stock selection. Freshpet's shares have been under pressure as its growth normalizes to a more sustainable rate. As we evaluate this holding, we remain mindful of competition and the consumer's ability/willingness to afford a dog and feed it premium food. Simply Good Foods, a position exited late in the year, was also a significant detractor, as management sought to shift exposure to higher-growth areas of the business.

Stock selection in banks was a key driver of relative underperformance in financials as investors positioned for lower rates, a relaxed M&A environment, and continued to show a bias for lower quality operators (as measured by Return on Assets). Our preference for banks with long histories of industry-leading profitability and limited loan losses was not helpful. In addition, Baldwin Insurance Group shares detracted from performance, with a 38% decline. During the third quarter, management reduced its second-half guidance due to slowing property growth, a new reinsurance arrangement, and disruption in its Medicare business.

Despite headwinds, we remain committed to our investment process and the philosophy that cash earnings, sustainable above average growth of cash flow, attractive returns on capital, and efficient capital allocation drive superior long-term shareholder returns. We do not know when the markets and investors will reward these quality attributes, but we are confident that the sun will shine again on what is currently in the shade.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i5b970b39202829ba1625702d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Champlain Small Company Fund, Advisor Shares | Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 2000 Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Jul/15 | $10000 | $10000 | $10000 |
| Jul/16 | $10668 | $10444 | $10000 |
| Jul/17 | $12900 | $12130 | $11845 |
| Jul/18 | $15472 | $14118 | $14064 |
| Jul/19 | $15674 | $15113 | $13443 |
| Jul/20 | $15880 | $16765 | $12826 |
| Dec/20 | $20260 | $19869 | $17205 |
| Dec/21 | $22775 | $24967 | $19754 |
| Dec/22 | $18033 | $20172 | $15717 |
| Dec/23 | $20557 | $25408 | $18378 |
| Dec/24 | $23378 | $31457 | $20498 |
| Dec/25 | $22086 | $36850 | $23123 |

---

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 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.

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Champlain Small Company Fund, Advisor Shares | -5.53% | 1.74% | 8.77% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 12.81% | 6.09% | 9.62% |

---

## Key Fund Statistics as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $1345567208 | 78 | $13951573 | 51% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3016eaa854a5e4cdbfe66fdf.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 1.0% |
| Short-Term Investments | 1.7% |
| Consumer Staples | 5.6% |
| Consumer Discretionary | 9.2% |
| Information Technology | 16.1% |
| Health Care | 19.2% |
| Financials | 21.1% |
| Industrials | 24.8% |

---

---

| | |
|:---|:---|
| 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> |
| Globus Medical, Cl A | 2.2% |
| CSW Industrials | 2.1% |
| MSA Safety | 2.1% |
| Esab | 2.1% |
| Repligen | 2.1% |
| Novanta | 2.0% |
| Braze, Cl A | 1.9% |
| Nutanix, Cl A | 1.9% |
| Kadant | 1.8% |
| Penumbra | 1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments 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/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, 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

#### Annual Shareholder Report: December 31, 2025

#### CIPSX-AR-2025
![Image](i79777fdf0f1d879aebe47a5a.jpg)

# The Advisors' Inner Circle Fund II
![Image](i79777fdf0f1d879aebe47a5a.jpg)

# Champlain Small Company Fund

## Institutional Shares - CIPNX

## Annual Shareholder Report: December 31, 2025
This 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 December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Champlain Small Company Fund, Institutional Shares | $96 | 0.99% |

---

## How did the Fund perform in the last year?
The Champlain Small Company Fund (Institutional Shares) returned -5.28% for the year-to-date period ending December 31, 2025, which was behind the 12.81% return for the Russell 2000 Index and trailed the 17.15% return for the Russell 3000 Index.

This Fund's relative underperformance compared to the Russell 2000 Index was primarily driven by stock selection in information technology, health care, consumer, and financials sectors. Technology performance was impacted by an overweight in the software industry and selection within the sector. AI is reshaping the software landscape – expanding what products can do and increasing uncertainty around how quickly those capabilities translate into durable monetization. We expect pricing to continue shifting away from fixed, per-seat subscriptions and toward usage-based and agent-driven models, which can make reported metrics and near-term expectations more volatile. For our Fund's technology holdings, we believe this backdrop is ultimately constructive because our core software exposures – spanning data infrastructure and resilience, hybrid cloud platforms, security, and developer workflow – sit in the "plumbing" of modern workloads where AI adoption tends to increase demand over time.

For the year, health care underperformed due to several factors, including an underweight position in biotech, an overweight position in health care equipment & supplies, no exposure to the pharmaceuticals industry, and an overweight allocation in health care technology. The consumer sectors, in aggregate, underperformed for the year, largely due to stock selection. Freshpet's shares have been under pressure as its growth normalizes to a more sustainable rate. As we evaluate this holding, we remain mindful of competition and the consumer's ability/willingness to afford a dog and feed it premium food. Simply Good Foods, a position exited late in the year, was also a significant detractor, as management sought to shift exposure to higher-growth areas of the business.

Stock selection in banks was a key driver of relative underperformance in financials as investors positioned for lower rates, a relaxed M&A environment, and continued to show a bias for lower quality operators (as measured by Return on Assets). Our preference for banks with long histories of industry-leading profitability and limited loan losses was not helpful. In addition, Baldwin Insurance Group shares detracted from performance, with a 38% decline. During the third quarter, management reduced its second-half guidance due to slowing property growth, a new reinsurance arrangement, and disruption in its Medicare business.

Despite headwinds, we remain committed to our investment process and the philosophy that cash earnings, sustainable above average growth of cash flow, attractive returns on capital, and efficient capital allocation drive superior long-term shareholder returns. We do not know when the markets and investors will reward these quality attributes, but we are confident that the sun will shine again on what is currently in the shade.

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

## Total Return Based on $1,000,000 Investment
![Growth Chart](i81d89515d28a3303656aa55c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Champlain Small Company Fund, Institutional Shares | Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 2000 Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| 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 |
| Dec/25 | $2048280 | $3519220 | $2272142 |

---

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 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.

---

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

---

## Average Annual Total Returns as of December 31, 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 | -5.28% | 2.00% | 7.98% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 17.15% | 13.15% | 14.42% |
| Russell 2000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 12.81% | 6.09% | 9.19% |

---

## Key Fund Statistics as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $1345567208 | 78 | $13951573 | 51% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3016eaa854a5e4cdbfe66fdf.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 1.0% |
| Short-Term Investments | 1.7% |
| Consumer Staples | 5.6% |
| Consumer Discretionary | 9.2% |
| Information Technology | 16.1% |
| Health Care | 19.2% |
| Financials | 21.1% |
| Industrials | 24.8% |

---

---

| | |
|:---|:---|
| 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> |
| Globus Medical, Cl A | 2.2% |
| CSW Industrials | 2.1% |
| MSA Safety | 2.1% |
| Esab | 2.1% |
| Repligen | 2.1% |
| Novanta | 2.0% |
| Braze, Cl A | 1.9% |
| Nutanix, Cl A | 1.9% |
| Kadant | 1.8% |
| Penumbra | 1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments 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/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, 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

#### Annual Shareholder Report: December 31, 2025

#### CIPNX-AR-2025
![Image](i79777fdf0f1d879aebe47a5a.jpg)

# The Advisors' Inner Circle Fund II
![Image](i79777fdf0f1d879aebe47a5a.jpg)

# Champlain Mid Cap Fund

## Advisor Shares - CIPMX

## Annual Shareholder Report: December 31, 2025
This 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 December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Champlain Mid Cap Fund, Advisor Shares | $112 | 1.11% |

---

## How did the Fund perform in the last year?
The Champlain Mid Cap Fund (Advisor Shares) returned 1.42% for the year-to-date period ending December 31, 2025, which trailed the 10.60% return for Russell Midcap Index and the 17.15% 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 financials, consumer, and information technology sectors. Within financials, our capital markets holdings failed to keep pace with the market, which favored the least profitable and most market-exposed companies. Shares of FactSet Research Systems were particularly weak as investors became increasingly critical of management's ambitious GenAI investment roadmap, potential for growth reacceleration on the other side of that spending, and the evolving competitive landscape. Ongoing and aggressive price competition in the property insurance market, along with our preference for niche-oriented, specialty property & casualty franchises, created a more pronounced relative headwind for the Fund.

The consumer staples sector detracted from performance, as unfavorable stock selection and an overweight allocation weighed on performance. Shares of Freshpet have been under pressure as its growth normalizes to a more sustainable rate. We remain mindful of competition and the consumer's ability/willingness to afford a dog and feed it premium food. Shares of e.l.f. Beauty declined significantly late in the year after initial full-year guidance came in well below expectations. Our research on brand health/relevance suggests the brand momentum with consumers is intact, even if near-term reported growth looks conservative/noisy.

The Fund's technology performance trailed the benchmark sector due to a lack of exposure to Palantir, which was the largest weight in Russell Midcap until it was reconstituted out of the index, and a decline in open-source code repository company GitLab. Shares in GitLab declined in part because of concerns that AI would reduce the number of coders, reducing seat based revenue.

Offsetting the Fund's underperformance somewhat for the year was the health care sector, where positive stock selection in the biotechnology and health care equipment & supply industries provided a tailwind. In December, Exact Sciences agreed to be acquired by Abbott Labs at a premium to our estimate of Fair Value. In addition, the Fund's lack of exposure to the real estate, materials, and energy sectors contributed to relative returns during the year.

Despite headwinds, we remain committed to our investment process and the philosophy that cash earnings, sustainable above average growth of cash flow, attractive returns on capital, and efficient capital allocation drive superior long-term shareholder returns. We do not know when the markets and investors will reward these quality attributes, but we are confident that the sun will shine again on what is currently in the shade.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i41e547dbc25472c1b20b7dc4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Champlain Mid Cap Fund, Advisor Shares | Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell Midcap Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Jul/15 | $10000 | $10000 | $10000 |
| Jul/16 | $10822 | $10444 | $10437 |
| Jul/17 | $12646 | $12130 | $11798 |
| Jul/18 | $15046 | $14118 | $13386 |
| Jul/19 | $17175 | $15113 | $14283 |
| Jul/20 | $19126 | $16765 | $14575 |
| Dec/20 | $22981 | $19869 | $17740 |
| Dec/21 | $28635 | $24967 | $21746 |
| Dec/22 | $21044 | $20172 | $17981 |
| Dec/23 | $24275 | $25408 | $21079 |
| Dec/24 | $25721 | $31457 | $24313 |
| Dec/25 | $26085 | $36850 | $26890 |

---

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 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.

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Champlain Mid Cap Fund, Advisor Shares | 1.42% | 2.57% | 10.45% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 17.15% | 13.15% | 14.29% |
| Russell Midcap Index (USD) (TR)<sup>Footnote Reference\*</sup> | 10.60% | 8.67% | 11.01% |

---

## Key Fund Statistics as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3012501468 | 74 | $27519190 | 44% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i50d2b8fba39b9fff6c01248f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Communication Services | 0.6% |
| Short-Term Investments | 0.9% |
| Consumer Staples | 5.8% |
| Consumer Discretionary | 8.8% |
| Financials | 19.0% |
| Information Technology | 19.8% |
| Health Care | 19.9% |
| Industrials | 24.9% |

---

---

| | |
|:---|:---|
| 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> |
| Edwards Lifesciences | 2.1% |
| IDEX | 2.1% |
| Cooper | 2.0% |
| MSCI, Cl A | 2.0% |
| Mettler-Toledo International | 2.0% |
| Penumbra | 1.9% |
| Domino's Pizza | 1.9% |
| Ryan Specialty Holdings, Cl A | 1.8% |
| WW Grainger | 1.8% |
| West Pharmaceutical Services | 1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments 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/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, 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

#### Annual Shareholder Report: December 31, 2025

#### CIPMX-AR-2025
![Image](i79777fdf0f1d879aebe47a5a.jpg)

# The Advisors' Inner Circle Fund II
![Image](i79777fdf0f1d879aebe47a5a.jpg)

# Champlain Mid Cap Fund

## Institutional Shares - CIPIX

## Annual Shareholder Report: December 31, 2025
This 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 December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Champlain Mid Cap Fund, Institutional Shares | $87 | 0.86% |

---

## How did the Fund perform in the last year?
The Champlain Mid Cap Fund (Institutional Shares) returned 1.70% for the year-to-date period ending December 31, 2025, which trailed the 10.60% return for Russell Midcap Index and the 17.15% 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 financials, consumer, and information technology sectors. Within financials, our capital markets holdings failed to keep pace with the market, which favored the least profitable and most market-exposed companies. Shares of FactSet Research Systems were particularly weak as investors became increasingly critical of management's ambitious GenAI investment roadmap, potential for growth reacceleration on the other side of that spending, and the evolving competitive landscape. Ongoing and aggressive price competition in the property insurance market, along with our preference for niche-oriented, specialty property & casualty franchises, created a more pronounced relative headwind for the Fund.

The consumer staples sector detracted from performance, as unfavorable stock selection and an overweight allocation weighed on performance. Shares of Freshpet have been under pressure as its growth normalizes to a more sustainable rate. We remain mindful of competition and the consumer's ability/willingness to afford a dog and feed it premium food. Shares of e.l.f. Beauty declined significantly late in the year after initial full-year guidance came in well below expectations. Our research on brand health/relevance suggests the brand momentum with consumers is intact, even if near-term reported growth looks conservative/noisy.

The Fund's technology performance trailed the benchmark sector due to a lack of exposure to Palantir, which was the largest weight in Russell Midcap until it was reconstituted out of the index, and a decline in open-source code repository company GitLab. Shares in GitLab declined in part because of concerns that AI would reduce the number of coders, reducing seat based revenue.

Offsetting the Fund's underperformance somewhat for the year was the health care sector, where positive stock selection in the biotechnology and health care equipment & supply industries provided a tailwind. In December, Exact Sciences agreed to be acquired by Abbott Labs at a premium to our estimate of Fair Value. In addition, the Fund's lack of exposure to the real estate, materials, and energy sectors contributed to relative returns during the year.

Despite headwinds, we remain committed to our investment process and the philosophy that cash earnings, sustainable above average growth of cash flow, attractive returns on capital, and efficient capital allocation drive superior long-term shareholder returns. We do not know when the markets and investors will reward these quality attributes, but we are confident that the sun will shine again on what is currently in the shade.

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

## Total Return Based on $1,000,000 Investment
![Growth Chart](i416267beacd114cc2f69038e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Champlain Mid Cap Fund, Institutional Shares | Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell Midcap Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Jul/15 | $1000000 | $1000000 | $1000000 |
| Jul/16 | $1084548 | $1044449 | $1043746 |
| Jul/17 | $1270810 | $1212970 | $1179830 |
| Jul/18 | $1514856 | $1411807 | $1338563 |
| Jul/19 | $1733462 | $1511339 | $1428332 |
| Jul/20 | $1936283 | $1676523 | $1457520 |
| Dec/20 | $2328441 | $1986872 | $1774001 |
| Dec/21 | $2908135 | $2496725 | $2174643 |
| Dec/22 | $2143412 | $2017181 | $1798100 |
| Dec/23 | $2479011 | $2540777 | $2107863 |
| Dec/24 | $2632583 | $3145680 | $2431287 |
| Dec/25 | $2677327 | $3685021 | $2688950 |

---

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 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.

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Champlain Mid Cap Fund, Institutional Shares | 1.70% | 2.83% | 10.73% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 17.15% | 13.15% | 14.29% |
| Russell Midcap Index (USD) (TR)<sup>Footnote Reference\*</sup> | 10.60% | 8.67% | 11.01% |

---

## Key Fund Statistics as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3012501468 | 74 | $27519190 | 44% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i50d2b8fba39b9fff6c01248f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Communication Services | 0.6% |
| Short-Term Investments | 0.9% |
| Consumer Staples | 5.8% |
| Consumer Discretionary | 8.8% |
| Financials | 19.0% |
| Information Technology | 19.8% |
| Health Care | 19.9% |
| Industrials | 24.9% |

---

---

| | |
|:---|:---|
| 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> |
| Edwards Lifesciences | 2.1% |
| IDEX | 2.1% |
| Cooper | 2.0% |
| MSCI, Cl A | 2.0% |
| Mettler-Toledo International | 2.0% |
| Penumbra | 1.9% |
| Domino's Pizza | 1.9% |
| Ryan Specialty Holdings, Cl A | 1.8% |
| WW Grainger | 1.8% |
| West Pharmaceutical Services | 1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments 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/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, 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

#### Annual Shareholder Report: December 31, 2025

#### CIPIX-AR-2025
![Image](i79777fdf0f1d879aebe47a5a.jpg)

# The Advisors' Inner Circle Fund II
![Image](i79777fdf0f1d879aebe47a5a.jpg)

# Champlain Strategic Focus Fund

## Institutional Shares - CIPTX

## Annual Shareholder Report: December 31, 2025
This 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 December 31, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Champlain Strategic Focus Fund, Institutional Shares | $87 | 0.85% |

---

## How did the Fund perform in the last year?
The Champlain Strategic Focus Fund (Institutional Shares) returned 5.74% for the year-to-date period ending December 31, 2025, which trailed the 8.66% return for Russell Midcap Growth Index and the 17.15% 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 health care, financials, and industrials. With the Fund owning positions in twenty-eight companies at the end of the year, one should expect performance to be driven by share price movements rather than views on a specific sector. Health care holding, Bio-Techne, was a top detractor to both absolute and relative returns during the period. In early 2025, funding concerns at the National Institutes of Health (NIH) impacted Bio-Techne after the Administration's budget sought a 40% decrease. Although budget concerns appeared less severe than originally feared, this position was eliminated from the Fund in the third quarter. In the financials sector, shares of wholesale insurance broker Ryan Specialty Holdings were weak, particularly in the third quarter, after the company missed organic growth expectations and reduced guidance for the remainder of 2025. While property-driven growth was weaker than expected, Ryan continues to outpace overall revenue expectations as accretive M&A activity fuels the top line. Within industrials, shares of IDEX were weak following a conservative initial 2025 outlook and a mid-year guidance cut that compounded investor frustration. Concerns centered more on the timing and visibility of a recovery in growth and margins than on any structural demand deterioration. We took advantage of the weakness to add to the position. Elsewhere in the Fund, consumer company e.l.f. Beauty declined significantly late in the year after initial full-year guidance came in well below expectations, although we believe brand momentum with consumers is intact.

The Fund's technology exposure outperformed, despite weak performance from several software holdings. Pure Storage and MongoDB both gained during the year as the companies are viewed as beneficiaries of AI-driven infrastructure investments. Pure Storage is extending its lead in all-flash storage while MongoDB is positioning its database as a mission-critical foundation for AI workloads. The Fund's holdings in Zscaler also returned over 24% for the year, despite shares being weak in the fourth quarter.

Although the types of companies our investment process favors have not been rewarded in recent years, we remain committed to our investment process and the philosophy that cash earnings, sustainable above average growth of cash flow, attractive returns on capital, and efficient capital allocation drive superior long-term shareholder returns. We do not know when the markets and investors will reward these quality attributes, but we are confident that the sun will shine again on what is currently in the shade.

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

## Total Return Based on $1,000,000 Investment
![Growth Chart](i4b798a155c4d1c031426acc8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Champlain Strategic Focus Fund, Institutional Shares | Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell Midcap Growth Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Oct/23 | $1000000 | $1000000 | $1000000 |
| Dec/23 | $1135000 | $1102449 | $1136729 |
| Dec/24 | $1184887 | $1364917 | $1387981 |
| Dec/25 | $1252867 | $1598938 | $1508139 |

---

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.

---

| | |
|:---|:---|
| Footnote | Description |
| *Footnote<sup>\*</sup>*  | &nbsp;&nbsp;*Total Return (TR) - Reflects no deductions for fees, expenses or taxes.* |
| *Footnote<sup>†</sup>*  | &nbsp;&nbsp;*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 Annual Total Returns as of December 31, 2025

---

| | | |
|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>Annualized Since Inception</u> |
| Champlain Strategic Focus Fund, Institutional Shares | 5.74% | 10.73% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 17.15% | 23.65% |
| Russell Midcap Growth Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 8.66% | 20.42% |

---

## Key Fund Statistics as of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3945543 | 29 | $- | 55% |

---

## What did the Fund invest in?

### Asset/Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ie7a6d3b114a3af54f562dbd1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Consumer Staples | 1.3% |
| Short-Term Investment | 2.0% |
| Consumer Discretionary | 5.2% |
| Financials | 12.8% |
| Health Care | 13.1% |
| Information Technology | 29.5% |
| Industrials | 36.0% |

---

---

| | |
|:---|:---|
| 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> |
| IDEX | 5.6% |
| Nordson | 5.5% |
| Mettler-Toledo International | 5.5% |
| Okta, Cl A | 5.3% |
| MSCI, Cl A | 5.2% |
| Veeva Systems, Cl A | 4.7% |
| Esab | 4.7% |
| Ryan Specialty Holdings, Cl A | 4.6% |
| Fortive | 4.4% |
| Fastenal | 4.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments 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/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940, as amended, 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

#### Annual Shareholder Report: December 31, 2025

#### CIPTX-AR-2025
![Image](i79777fdf0f1d879aebe47a5a.jpg)**

(b) Not applicable.

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

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

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

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

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

 **Item 4. Principal Accountant Fees and Services.**

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE December 31, 2025** | **FYE December 31, 2025** | **FYE December 31, 2025** | **FYE December 31, 2024** | **FYE December 31, 2024** | **FYE December 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $197886 |  |  | $138746 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE December 31, 2025** | **FYE December 31, 2025** | **FYE December 31, 2025** | **FYE December 31, 2024** | **FYE December 31, 2024** | **FYE December 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $129220 |  |  | $151569 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Notes:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) require
 specific pre-approval;

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

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

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

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

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

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

---

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

---

---

| | | |
|:---|:---|:---|
| | **FYE December 31, 2025** | **FYE December 31, 2024** |
| Audit-Related Fees |  |  |
| Tax Fees |  |  |
| All Other Fees |  |  |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **FYE December 31, 2025** | **FYE December 31, 2024** |
| Audit-Related Fees |  |  |
| Tax Fees |  |  |
| All Other Fees |  |  |

---

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

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended December 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended December 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

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

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

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

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

Not applicable to open-end management investment companies.

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

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

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

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

Financial statements and financial highlights are filed herein.

![](fp0097183_01.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

---

**Table of Contents**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 11 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 12 |
| &nbsp;&nbsp;&nbsp;Statements of Changes In Net Assets | 13 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 16 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 21 |
| Report of Independent Registered Public Accounting Firm | 34 |
| Notice to Shareholders (Unaudited) | 36 |
| Other Information (Form N-CSR Items 8-11) (Unaudited) | 37 |

---

**CHAMPLAIN INVESTMENT PARTNERS**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN SMALL COMPANY FUND** |
|  | **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 97.0%** | **COMMON STOCK — 97.0%** | **COMMON STOCK — 97.0%** |
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Brinker International \* | 62000 | $8898240 |
| &nbsp;&nbsp;&nbsp;Cava Group \* | 216035 | 12679094 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group \* | 523000 | 7886840 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Cl A \* | 205000 | 12482450 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | 440500 | 9135970 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Cl A \* | 66000 | 7159020 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Cl A \* | 102000 | 8279340 |
| &nbsp;&nbsp;&nbsp;Valvoline \* | 506860 | 14729352 |
| &nbsp;&nbsp;&nbsp;Wingstop | 95000 | 22656550 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 258000 | 19494480 |
|  |  | 123401336 |
| **CONSUMER STAPLES — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BellRing Brands \* | 324000 | 8660520 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings \* | 255000 | 11663700 |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 172500 | 13116900 |
| &nbsp;&nbsp;&nbsp;Freshpet \* | 276000 | 16816680 |
| &nbsp;&nbsp;&nbsp;Marzetti | 82000 | 13482440 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 139000 | 11074130 |
|  |  | 74814370 |
| **FINANCIALS — 21.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 242000 | 9295220 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Cl A \* | 733000 | 17613990 |
| &nbsp;&nbsp;&nbsp;BancFirst | 112800 | 11959056 |
| &nbsp;&nbsp;&nbsp;Central BanCo, Cl A | 860345 | 20751521 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares | 195000 | 10206300 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers | 160000 | 20260800 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares | 759000 | 22671330 |
| &nbsp;&nbsp;&nbsp;German American Bancorp | 349500 | 13693410 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Cl A | 150000 | 20146500 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings | 50765 | 9201156 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings \* | 157500 | 21224700 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Cl A | 101000 | 16887200 |
| &nbsp;&nbsp;&nbsp;RLI | 283000 | 18106340 |

---

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** |
|  | **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares | 287500 | $20639625 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group \* | 425000 | 21721750 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp | 197500 | 12827625 |
| &nbsp;&nbsp;&nbsp;StoneX Group \* | 173000 | 16457490 |
|  |  | 283664013 |
| **HEALTH CARE — 19.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AtriCure \* | 539500 | 21342620 |
| &nbsp;&nbsp;&nbsp;Bruker | 354720 | 16710859 |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences \* | 440000 | 11871200 |
| &nbsp;&nbsp;&nbsp;Glaukos \* | 157000 | 17726870 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 337500 | 29467125 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems \* | 97500 | 8992425 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems \* | 177000 | 15600780 |
| &nbsp;&nbsp;&nbsp;Penumbra \* | 79000 | 24561890 |
| &nbsp;&nbsp;&nbsp;Phreesia \* | 750000 | 12690000 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics \* | 697000 | 21927620 |
| &nbsp;&nbsp;&nbsp;Repligen \* | 169500 | 27774270 |
| &nbsp;&nbsp;&nbsp;SI-BONE \* | 535000 | 10550200 |
| &nbsp;&nbsp;&nbsp;Stevanato Group | 393000 | 7907160 |
| &nbsp;&nbsp;&nbsp;Veracyte \* | 334000 | 14061400 |
| &nbsp;&nbsp;&nbsp;Vericel \* | 477000 | 17176770 |
|  |  | 258361189 |
| **INDUSTRIALS — 24.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AAON | 227000 | 17308750 |
| &nbsp;&nbsp;&nbsp;Brady, Cl A | 172000 | 13479640 |
| &nbsp;&nbsp;&nbsp;CSW Industrials | 98500 | 28912705 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 566000 | 21643840 |
| &nbsp;&nbsp;&nbsp;Esab | 253000 | 28265160 |
| &nbsp;&nbsp;&nbsp;JBT Marel | 150500 | 22675835 |
| &nbsp;&nbsp;&nbsp;Kadant | 87000 | 24796740 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing \* | 112000 | 14953120 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 178000 | 28504920 |
| &nbsp;&nbsp;&nbsp;RB Global | 224000 | 23042880 |
| &nbsp;&nbsp;&nbsp;RBC Bearings \* | 39000 | 17488770 |

---

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** |
|  | **DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** | **Value** |
| **INDUSTRIALS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing | 150000 | $| 24220500 |
| &nbsp;&nbsp;&nbsp;SPX Technologies \* | 120000 |  | 24007200 |
| &nbsp;&nbsp;&nbsp;Standex International | 111000 |  | 24118080 |
| &nbsp;&nbsp;&nbsp;Transcat \* | 108000 |  | 6126840 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Cl A | 52000 |  | 14353040 |
|  |  |  | 333898020 |
| **INFORMATION TECHNOLOGY — 16.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alkami Technology \* | 959000 |  | 22124130 |
| &nbsp;&nbsp;&nbsp;Braze, Cl A \* | 763500 |  | 26180415 |
| &nbsp;&nbsp;&nbsp;Commvault Systems \* | 191000 |  | 23943760 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 595000 |  | 22330350 |
| &nbsp;&nbsp;&nbsp;Novanta \* | 225500 |  | 26832245 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 485000 |  | 25069650 |
| &nbsp;&nbsp;&nbsp;Onestream, Cl A \* | 995000 |  | 18288100 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 170000 |  | 11391700 |
| &nbsp;&nbsp;&nbsp;Ralliant | 234445 |  | 11935595 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Cl A \* | 1470000 |  | 22050000 |
| &nbsp;&nbsp;&nbsp;Vertex, Cl A \* | 328830 |  | 6566735 |
|  |  |  | 216712680 |
| **MATERIALS — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sensient Technologies | 149000 |  | 13998550 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,145,219,198) |  |  | 1304850158 |
| **SHORT-TERM INVESTMENTS — 1.7%** | **SHORT-TERM INVESTMENTS — 1.7%** | **SHORT-TERM INVESTMENTS — 1.7%** | **SHORT-TERM INVESTMENTS — 1.7%** |
| &nbsp;&nbsp;&nbsp;Fidelity Investments - Money Market Treasury Only, Cl I, 3.660% | 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** |
|  | **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — continued** | **SHORT-TERM INVESTMENTS — continued** | **SHORT-TERM INVESTMENTS — continued** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Instruments Fund, Institutional Shares, 3.610% | 2716323 | $2716323 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $22,716,323) |  | 22716323 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 98.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,167,935,521) |  | $1327566481 |

---

*Percentages are based on Net Assets of $1,345,567,208.*

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

*\*\** *Rate reported is the 7-day effective yield as of December 31, 2025.*

*Cl — Class*

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

---

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

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN MID CAP FUND** |
|  | **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 98.8%** | **COMMON STOCK — 98.8%** | **COMMON STOCK — 98.8%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A \* | 512000 | $19435520 |
| **CONSUMER DISCRETIONARY — 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Cava Group \* | 575000 | 33746750 |
| &nbsp;&nbsp;&nbsp;Chewy, Cl A \* | 1195000 | 39494750 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza | 134000 | 55853880 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Cl A \* | 563000 | 34281070 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Cl A \* | 140000 | 15185800 |
| &nbsp;&nbsp;&nbsp;Wingstop | 203000 | 48413470 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 512000 | 38686720 |
|  |  | 265662440 |
| **CONSUMER STAPLES — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 356500 | 27108260 |
| &nbsp;&nbsp;&nbsp;Freshpet \* | 488000 | 29733840 |
| &nbsp;&nbsp;&nbsp;Maplebear \* | 585000 | 26313300 |
| &nbsp;&nbsp;&nbsp;McCormick | 733000 | 49924630 |
| &nbsp;&nbsp;&nbsp;Monster Beverage \* | 209000 | 16024030 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market \* | 305000 | 24299350 |
|  |  | 173403410 |
| **FINANCIALS — 19.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Arch Capital Group \* | 555000 | 53235600 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Cl A \* | 849000 | 20401470 |
| &nbsp;&nbsp;&nbsp;Brown & Brown | 460000 | 36662000 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares | 285000 | 14916900 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers | 349000 | 44193870 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | 149000 | 43238310 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Cl A | 325000 | 43650750 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Cl A | 193000 | 33618670 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group | 102500 | 40089800 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 104000 | 59667920 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 1078500 | 55682955 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares | 399000 | 28644210 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A \* | 1250000 | 44387500 |

---

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** |
|  | **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **FINANCIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 511000 | $54952940 |
|  |  | 573342895 |
| **HEALTH CARE — 19.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 343500 | 46740045 |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 604000 | 35521240 |
| &nbsp;&nbsp;&nbsp;Cooper \* | 750000 | 61470000 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences \* | 730000 | 62232500 |
| &nbsp;&nbsp;&nbsp;Exact Sciences \* | 508500 | 51643260 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International \* | 42500 | 59253075 |
| &nbsp;&nbsp;&nbsp;Penumbra \* | 185000 | 57518350 |
| &nbsp;&nbsp;&nbsp;Repligen \* | 274000 | 44897640 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 140000 | 35492800 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 170000 | 37949100 |
| &nbsp;&nbsp;&nbsp;Waters \* | 133000 | 50517390 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services | 200000 | 55028000 |
|  |  | 598263400 |
| **INDUSTRIALS — 24.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AAON | 468000 | 35685000 |
| &nbsp;&nbsp;&nbsp;AMETEK | 265000 | 54407150 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise \* | 76000 | 43162680 |
| &nbsp;&nbsp;&nbsp;Carlisle | 140000 | 44780400 |
| &nbsp;&nbsp;&nbsp;Esab | 414000 | 46252080 |
| &nbsp;&nbsp;&nbsp;Fastenal | 1144500 | 45928785 |
| &nbsp;&nbsp;&nbsp;Fortive | 743000 | 41021030 |
| &nbsp;&nbsp;&nbsp;Graco | 368000 | 30164960 |
| &nbsp;&nbsp;&nbsp;IDEX | 347500 | 61834150 |
| &nbsp;&nbsp;&nbsp;Karman Holdings \* | 203210 | 14868875 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 171000 | 40978440 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 288000 | 46120320 |
| &nbsp;&nbsp;&nbsp;Nordson | 201000 | 48326430 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 158000 | 16111260 |
| &nbsp;&nbsp;&nbsp;Veralto | 460000 | 45898800 |
| &nbsp;&nbsp;&nbsp;Waste Connections | 171000 | 29986560 |
| &nbsp;&nbsp;&nbsp;WW Grainger | 55000 | 55497750 |

---

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** |
|  | **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INDUSTRIALS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Xylem | 358500 | $48820530 |
|  |  | 749845200 |
| **INFORMATION TECHNOLOGY — 19.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Akamai Technologies \* | 454000 | 39611500 |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 114500 | 33893145 |
| &nbsp;&nbsp;&nbsp;Confluent, Cl A \* | 1733000 | 52405920 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 213500 | 29033865 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 1205000 | 45223650 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 112500 | 47215125 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 1050000 | 54274500 |
| &nbsp;&nbsp;&nbsp;Okta, Cl A \* | 632000 | 54649040 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 184000 | 33892800 |
| &nbsp;&nbsp;&nbsp;Procore Technologies \* | 677000 | 49244980 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 465000 | 31159650 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 114500 | 53782940 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 194500 | 41774710 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 142000 | 31938640 |
|  |  | 598100465 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,391,559,104) |  | 2978053330 |
| **SHORT-TERM INVESTMENTS — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments - Money Market Treasury Only, Cl I, 3.660% | 20000000 | 20000000 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Instruments Fund, Institutional Shares, 3.610% | 6440937 | 6440937 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $26,440,937) |  | 26440937 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 99.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,418,000,041) |  | $3004494267 |

---

*Percentages are based on Net Assets of $3,012,501,468.*

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

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** |
|  | **DECEMBER 31, 2025** |

---

*\*\** *Rate reported is the 7-day effective yield as of December 31, 2025.*

*Cl — Class* 

*PLC — Public Limited Company*

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

---

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

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN STRATEGIC FOCUS FUND** |
|  | **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **COMMON STOCK — 97.9%#** | **COMMON STOCK — 97.9%#** | **COMMON STOCK — 97.9%#** |
|  | **Shares** | **Value** |
| **CONSUMER DISCRETIONARY — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Domino's Pizza | 190 | $79196 |
| &nbsp;&nbsp;&nbsp;Wingstop | 520 | 124015 |
|  |  | 203211 |
| **CONSUMER STAPLES — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;elf Beauty \* | 655 | 49806 |
| **FINANCIALS — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 355 | 203674 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 3530 | 182254 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Cl A | 1120 | 120445 |
|  |  | 506373 |
| **HEALTH CARE — 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International \* | 155 | 216100 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A \* | 835 | 186397 |
| &nbsp;&nbsp;&nbsp;Waters \* | 300 | 113949 |
|  |  | 516446 |
| **INDUSTRIALS — 36.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK | 725 | 148850 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise \* | 110 | 62472 |
| &nbsp;&nbsp;&nbsp;Carlisle | 250 | 79965 |
| &nbsp;&nbsp;&nbsp;Esab | 1660 | 185455 |
| &nbsp;&nbsp;&nbsp;Fastenal | 4350 | 174565 |
| &nbsp;&nbsp;&nbsp;Fortive | 3180 | 175568 |
| &nbsp;&nbsp;&nbsp;IDEX | 1250 | 222425 |
| &nbsp;&nbsp;&nbsp;Nordson | 900 | 216387 |
| &nbsp;&nbsp;&nbsp;Veralto | 1555 | 155158 |
|  |  | 1420845 |
| **INFORMATION TECHNOLOGY — 29.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Autodesk \* | 380 | 112484 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 610 | 82954 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 270 | 113316 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 2125 | 109841 |

---

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** |
|  | **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
|  | **Shares** | **Value** |
| **INFORMATION TECHNOLOGY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Okta, Cl A \* | 2400 | $207528 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 1225 | 82087 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 625 | 95744 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 345 | 162054 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 245 | 52621 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 650 | 146198 |
|  |  | 1164827 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,635,966) |  | 3861508 |
| **SHORT-TERM INVESTMENT — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity Investments - Money Market Treasury Only, Cl I, 3.660% | 79083 | 79083 |
| &nbsp;&nbsp;&nbsp;TOTAL CASH EQUIVALENT |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $79,083) |  | 79083 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,715,049) |  | $3940591 |

---

*Percentages are based on Net Assets of $3,945,543.*

*#* *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 December 31, 2025.*

*Cl — Class*

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

---

**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 $1,167,935,521, $2,418,000,041 and $3,715,049, respectively) | $1327566481 | $3004494267 | $3940591 |
| Receivable for Investment Securities Sold | 24415139 | 19029698 |  |
| Receivable for Capital Shares Sold | 5773140 | 3046134 |  |
| Receivable for Dividends | 498107 | 1161249 | 1698 |
| Reclaim Receivable | 22529 | 53756 |  |
| Receivable from Adviser |  |  | 1603 |
| Prepaid Expenses | 28066 | 32024 | 10367 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 1358303462 | 3027817128 | 3954259 |
| **Liabilities:** |  |  |  |
| Payable for Capital Shares Redeemed | 7240780 | 11578983 |  |
| Payable for Investment Securities Purchased | 3647855 | 132692 |  |
| Payable for Reflow Fees | 263663 | 448461 |  |
| Payable due to Distributor - Advisor Shares | 122973 | 50646 |  |
| Due to Custodian |  |  | 1241 |
| Payable due to Investment Adviser | 1009390 | 1924458 |  |
| Payable due to Transfer Agent | 275730 | 792821 | 5085 |
| Payable due to Administrator | 76764 | 168970 | 213 |
| Chief Compliance Officer Fees Payable | 1350 | 2916 |  |
| Payable due to Trustees | 887 | 1916 | 2 |
| Other Accrued Expenses | 96862 | 213797 | 2175 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 12736254 | 15315660 | 8716 |
| **Commitments and Contingencies‡** |  |  |  |
| **Net Assets** | $1345567208 | $3012501468 | $3945543 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in Capital | $1227023184 | $2388983190 | $3516709 |
| Total Distributable Earnings | 118544024 | 623518278 | 428834 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $1345567208 | $3012501468 | $3945543 |
| **ADVISOR SHARES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $295467675 | $130886982 | N/A |
| &nbsp;&nbsp;&nbsp;Shares Issued and Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unlimited authorization - no par value) | 17537098 | 6663420 | N/A |
| **Net Asset Value,** Offering and Redemption Price Per Share | $16.85 | $19.64 | N/A |
| **INSTITUTIONAL SHARES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $1050099533 | $2881614486 | $3945543 |
| &nbsp;&nbsp;&nbsp;Shares Issued and Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unlimited authorization - no par value) | 60009788 | 139035067 | 332778 |
| **Net Asset Value,** Offering and Redemption Price Per Share | $17.50 | $20.73 | $11.86 |

---

*Amounts designated as "—" are $0.*

 

*N/A - Not Applicable*

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

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

---

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

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **FOR THE YEAR ENDED** |
|  | **DECEMBER 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Champlain Small**<br> **Company Fund** | **Champlain Mid Cap**<br> **Fund** | **Champlain Strategic**<br> **Focus Fund** |
| **Investment Income** |  |  |  |
| Dividends | $11322361 | $28644955 | $20497 |
| Less: Foreign Taxes Withheld | (47735) | – | – |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 11274626 | 28644955 | 20497 |
| **Expenses** |  |  |  |
| Investment Advisory Fees | 13951573 | 27519190 | 30794 |
| Administration Fees | 1059937 | 2410871 | 1715 |
| Distribution Fees — Advisor Shares | 846013 | 409006 |  |
| Trustees' Fees | 17455 | 40647 | 33 |
| Chief Compliance Officer Fees | 5569 | 12642 | 14 |
| Transfer Agent Fees | 1347915 | 2531003 | 30885 |
| Reflow Fees | 263663 | 448461 |  |
| Custodian Fees | 77113 | 175046 | 2369 |
| Printing Fees | 73468 | 175219 |  |
| Registration Fees | 52017 | 68838 | 22543 |
| Professional Fees | 46060 | 98975 | 124 |
| Line of Credit | 2063 | 1680 |  |
| Insurance and Other Expenses | 21413 | 78599 | 550 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 17764259 | 33970177 | 89027 |
| Less: Advisory Fees Waived |  |  | (30794) |
| Less: Reimbursement from Adviser |  |  | (24581) |
| Less: Fees Paid Indirectly | (13795) | (101229) | (943) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 17750464 | 33868948 | 32709 |
| **Net Investment (Loss)** | (6475838) | (5223993) | (12212) |
| **Net Realized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 168760039 | 487849046 | 210170 |
| &nbsp;&nbsp;&nbsp;Redemptions In-Kind | 67518733 | 131500569 | – |
| **Net Realized Gain** | 236278772 | 619349615 | 210170 |
| **Net Change in Unrealized Appreciation (Depreciation) on Investments** | (330884579) | (556842393) | 19696 |
| **Net Realized and Unrealized Gain (Loss)** | (94605807) | 62507222 | 229866 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(101081645) | $57283229 | $217654 |

---

*Amounts designated as "—" are $0.*

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

---

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

---

---

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

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(6475838) | $(8206342) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 236278772 | 327400246 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (330884579) | (25364068) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (101081645) | 293829836 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (56349946) | (29529708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (202468124) | (125622223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (258818070) | (155151931) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;**Advisor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 31062635 | 20066156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 55612433 | 29182831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (84941650)<sup>(2)</sup> | (61140729) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) from Advisor Shares Capital Share Transactions | 1733418 | (11891742) |
| &nbsp;&nbsp;&nbsp;**Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 424363177 | 185028636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 199560657 | 122923620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (925279186)<sup>(2)</sup> | (876923239) |
| &nbsp;&nbsp;&nbsp;Decrease from Institutional Shares Capital Share Transactions | (301355352) | (568970983) |
| &nbsp;&nbsp;&nbsp;**Net (Decrease) in Net Assets from Capital Share Transactions** | (299621934) | (580862725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total (Decrease) in Net Assets** | (659521649) | (442184820) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 2005088857 | 2447273677 |
| &nbsp;&nbsp;&nbsp;End of Year | $1345567208 | $2005088857 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes redemption in-kind transactions.
 See additional information contained in Note 13.

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

---

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

---

---

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

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(5223993) | $170889 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 619349615 | 520968987 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (556842393) | (187358704) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 57283229 | 333781172 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Shares | (21342013) | (13907190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (446013329) | (326372115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (467355342) | (340279305) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;**Advisor Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 21695170 | 28389693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 20531032 | 13501422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (83791642)<sup>(2)</sup> | (79205568) |
| &nbsp;&nbsp;&nbsp;Decrease from Advisor Shares Capital Share Transactions | (41565440) | (37314453) |
| &nbsp;&nbsp;&nbsp;**Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 693129995 | 847678053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 374556433 | 249675778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2447058014)<sup>(2)</sup> | (1781310610) |
| &nbsp;&nbsp;&nbsp;Decrease from Institutional Shares Capital Share Transactions | (1379371586) | (683956779) |
| &nbsp;&nbsp;&nbsp;**Net (Decrease) in Net Assets from Capital Share Transactions** | (1420937026) | (721271232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total (Decrease) in Net Assets** | (1831009139) | (727769365) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 4843510607 | 5571279972 |
| &nbsp;&nbsp;&nbsp;End of Year | $3012501468 | $4843510607 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes redemption in-kind transactions.
 See additional information contained in Note 13.

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 STRATEGIC FOCUS FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(12212) | $(9299) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 210170 | 168113 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 19696 | (62270) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 217654 | 96544 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (50562) | (125541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions** | (50562) | (125541) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 704022 | 690707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 50562 | 125541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (108350) | (36893) |
| &nbsp;&nbsp;&nbsp;Increase from Institutional Shares Capital Share Transactions | 646234 | 779355 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 646234 | 779355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 813326 | 750358 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 3132217 | 2381859 |
| &nbsp;&nbsp;&nbsp;End of Year | $3945543 | $3132217 |

---

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

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

---

| | |
|:---|:---|
| 15 | **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 Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
|  | **Year** <br> **Ended** <br> **December 31,** <br> **2025**  | **Year** <br> **Ended**<br>**December 31,**<br>**2024** | <br>**Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** | **Year**<br>**Ended**<br>**December 31,**<br>**2021** |
| Net Asset Value, Beginning of Year | $21.85 | $20.81 | $19.44 | $24.64 | $22.93 |
| Income (Loss) from Operations: |  |  |  |  |  |
| Net Investment Loss<sup>(1)</sup> | (0.12) | (0.12) | (0.09) | (0.11) | (0.18) |
| Net Realized and Unrealized Gain (Loss) | (1.03) | 2.99 | 2.79 | (5.02 | 2.99 |
| Total from Operations | (1.15) | 2.87 | 2.70 | (5.13 | 2.81 |
| Dividends and Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | (3.85) | (1.83) | (1.33) | (0.07) | (1.10) |
| &nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | – |
| Total Dividends and Distributions | (3.85) | (1.83) | (1.33) | (0.07 | (1.10) |
| Net Asset Value, End of Year | $16.85 | $21.85 | $20.81 | $19.44 | $24.64 |
| **Total Return †** | (5.53)% | 13.72% | 14.00% | (20.82 | 12.42% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $295468 | $369129 | $362889 | $354487 | $480911 |
| 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% |
| Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly) | 1.24% | 1.24% | 1.26% | 1.27 | 1.26% |
| Ratio of Net Investment Loss to Average Net Assets | (0.57)% | (0.56)% | (0.46)% | (0.53) | (0.71)% |
| Portfolio Turnover Rate <sup>§</sup> | 51% | 44% | 41% | 24 | 22% |

---

---

| | |
|:---|:---|
| <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>§</sup> | *Portfolio turnover rate excludes effect of securities received or delivered from processing in-kind creations or redemptions.* |

---

<sup>(1)</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.

---

| | |
|:---|:---|
| 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 Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year**<br>**Ended**<br>**December 31,**<br>**2025** | **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** |
| Net Asset Value, Beginning of Year | $22.48 | $21.31 | $19.83 | $25.07 | $23.25 |
| Income (Loss) from Operations: |  |  |  |  |  |
| Net Investment Loss<sup>(1)</sup> | (0.07) | (0.07) | (0.04) | (0.06) | (0.11) |
| Net Realized and Unrealized Gain (Loss) | (1.06) | 3.07 | 2.85 | (5.11 | 3.03 |
| Total from Operations | (1.13) | 3.00 | 2.81 | (5.17 | 2.92 |
| Dividends and Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | (3.85) | (1.83) | (1.33) | (0.07) | (1.10) |
| &nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | – |
| Total Dividends and Distributions | (3.85) | (1.83) | (1.33) | (0.07 | (1.10) |
| Net Asset Value, End of Year | $17.50 | $22.48 | $21.31 | $19.83 | $25.07 |
| **Total Return †** | (5.28)% | 14.01% | 14.28% | (20.62 | 12.72% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $1050100 | $1635959 | $2084385 | $2177932 | $3443514 |
| 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% |
| Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly) | 0.99% | 0.99% | 1.01% | 1.02 | 1.01% |
| Ratio of Net Investment Loss to Average Net Assets | (0.33)% | (0.32)% | (0.22)% | (0.28) | (0.45)% |
| Portfolio Turnover Rate <sup>§</sup> | 51% | 44% | 41% | 24 | 22% |

---

---

| | |
|:---|:---|
| *<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>§</sup>* *Portfolio turnover rate excludes effect of securities received or delivered from processing in-kind creations or redemptions.*

*<sup>(1)</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 MID CAP FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
|  | **Year**<br>**Ended**<br>**December 31,**<br>**2025**  | **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** |
| Net Asset Value, Beginning of Year | $22.88 | $23.23 | $20.20 | $27.88 | $24.76 |
| Income (Loss) from Operations: |  |  |  |  |  |
| Net Investment Loss<sup>(1)</sup> | (0.08) | (0.06) | (0.05)<sup>(2)</sup> | (0.07) | (0.12) |
| Net Realized and Unrealized Gain (Loss) | 0.41 | 1.46 | 3.15 | (7.32) | 6.09 |
| Total from Operations | 0.33 | 1.40 | 3.10 | (7.39) | 5.97 |
| Dividends and Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | (3.57) | (1.75) | (0.07) | (0.29) | (2.85) |
| Total Dividends and Distributions | (3.57) | (1.75) | (0.07) | (0.29) | (2.85) |
| Net Asset Value, End of Year | $19.64 | $22.88 | $23.23 | $20.20 | $27.88 |
| **Total Return †** | 1.42% | 5.96% | 15.35% | (26.51)% | 24.60% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $130887 | $191883 | $230132 | $226276 | $353725 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements/excluding fees paid indirectly) | 1.11% | 1.09% | 1.09% | 1.10% | 1.09% |
| Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly) | 1.11% | 1.09% | 1.09% | 1.10% | 1.09% |
| Ratio of Net Investment Loss to Average Net Assets | (0.37)% | (0.23)% | (0.21)% | (0.31)% | (0.44)% |
| Portfolio Turnover Rate <sup>§</sup> | 44% | 41% | 29% | 25% | 32% |

---

---

| | |
|:---|:---|
| *<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>* *Portfolio turnover rate excludes effect of securities received or delivered from processing in-kind creations or redemptions.*

*<sup>(1)</sup>* *Per share amounts calculated using average shares method.*

*<sup>(2)</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.

---

| | |
|:---|:---|
| 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 Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | |
|  |<br>**Year**<br>**Ended**<br>**December 31,**<br>**2025** | **Year**<br>**Ended**<br>**December 31,**<br>**2024** | **Year**<br>**Ended**<br>**December 31,**<br>**2023** | **Year**<br>**Ended**<br>**December 31,**<br>**2022** |<br>**Year** <br> **Ended**<br>**December 31,**<br>**2021** |
| Net Asset Value, Beginning of Year | $23.89 | $24.13 | $20.93 | $28.79 | $25.43 |
| Income (Loss) from Operations: |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | (0.03) |  | 0.01 | (0.01) | (0.05) |
| Net Realized and Unrealized Gain (Loss) | 0.44 | 1.51 | 3.27 | (7.56) | 6.26 |
| Total from Operations | 0.41 | 1.51 | 3.28 | (7.57) | 6.21 |
| Dividends and Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | (3.57) | (1.75) | (0.07) | (0.29) | (2.85) |
| Total Dividends and Distributions | (3.57) | (1.75) | (0.08) | (0.29) | (2.85) |
| Net Asset Value, End of Year | $20.73 | $23.89 | $24.13 | $20.93 | $28.79 |
| **Total Return †** | 1.70% | 6.19% | 15.66% | (26.30)% | 24.90% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $2881614 | $4651628 | $5341148 | $5087884 | $7082857 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements/excluding fees paid indirectly) | 0.86% | 0.84% | 0.84% | 0.85% | 0.84% |
| Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly) | 0.86% | 0.84% | 0.84% | 0.85% | 0.84% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (0.12)% | 0.01% | 0.04% | (0.06)% | (0.19)% |
| Portfolio Turnover Rate <sup>§</sup> | 44% | 41% | 29% | 25% | 32% |

---

---

| | |
|:---|:---|
| *<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>* *Portfolio turnover rate excludes effect of securities received or delivered from processing in-kind creations or redemptions.*

*<sup>(1)</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.

---

| | |
|:---|:---|
| 19 | **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** |  |
|  | **Year**<br>**Ended**<br>**December 31, 2025** | **Year**<br>**Ended**<br>**December 31, 2024** | **Period**<br>**Ended**<br>**December 31, 2023<sup>(1)</sup>** |  |
| Net Asset Value, Beginning of Year/Period | $11.36 | $11.35 | $10.00 |  |
| Income (Loss) from Operations: |  |  |  |  |
| Net Investment Loss<sup>(2)</sup> | (0.04) | (0.04) |  |  |
| Net Realized and Unrealized Gain | 0.69 | 0.54 | 1.35 |  |
| Total from Operations | 0.65 | 0.50 | 1.35 |  |
| Dividends and Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gains | (0.15) | (0.49) | – |  |
| Total Dividends and Distributions | (0.15) | (0.49) | – |  |
| Net Asset Value, End of Year/Period | $11.86 | $11.36 | $11.35 |  |
| **Total Return †** | 5.74% | 4.40% | 13.50 | %\*\* |
| **Ratios and Supplemental Data** |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $3946 | $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) | 2.29% | 5.43% | 8.82 | %\* |
| Ratio of Net Investment Loss to Average Net Assets | (0.32)% | (0.35)% | (0.11) |)%\* |
| Portfolio Turnover Rate | 55% | 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.

---

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

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS**<br> **DECEMBER 31, 2025** |

---

**<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.

**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.

---

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

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS**<br> **DECEMBER 31, 2025** |

---

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;&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;&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

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

---

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

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS**<br> **DECEMBER 31, 2025** |

---

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 year ended December 31, 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 year ended December 31, 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, if applicable, once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser's expense limitation agreement.

**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.

---

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

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS**<br> **DECEMBER 31, 2025** |

---

**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.

**Segment Reporting** *—* The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' 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 the Funds' CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the Funds' single investment objective which is executed by the Funds' portfolio manager. The financial information in the form of the Funds' schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' 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.

**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.

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

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS**<br> **DECEMBER 31, 2025** |

---

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 year ended December 31, 2025, the Small Company Fund, Mid Cap Fund and Strategic Focus Fund were charged $1,059,937, $2,410,871, and $1,715 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.

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 year ended December 31, 2025, the Small Company Fund, Mid Cap Fund and the Strategic Focus Fund earned credits of $13,795, $101,229 and $943, 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 December 31, 2025, the Funds did not recapture previously waived fees.

---

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

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS**<br> **DECEMBER 31, 2025** |

---

As of December 31, 2025, fees previously waived and reimbursed by the Adviser which may be subject to possible future reimbursement are as follows:

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| | |
|:---|:---|
| **Subject to Repayment until December 31:**  | **Strategic Focus Fund** |
| 2026 | $35660 |
| 2027 | 106252 |
| 2028 | 55375 |
|  | $197287 |

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**6. SHARE TRANSACTIONS:**

The following table summarizes each Fund's share transactions for the year, including shares issued, reinvested, and redeemed.

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| | | |
|:---|:---|:---|
| **Small Company Fund** | **Year Ended** <br> **December 31, 2025**  | **Year Ended** <br> **December 31, 2024**  |
| &nbsp;&nbsp;&nbsp;Advisor Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 1575764 | 941599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 3254092 | 1325890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (4189006 | (2808853) |
| &nbsp;&nbsp;&nbsp;**Net Advisor Shares Capital Share Transactions** | 640850 | (541364) |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 20207242 | 8508328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 11242854 | 5427091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (44217054 | (38956202) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Capital Share Transactions** | (12766958 | (25020783) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding** | (12126108 | (25562147) |

---

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

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Mid Cap Fund** | **Year Ended <br> December 31, 2025** | **Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Advisor Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 956327 | 1181395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 1043244 | 584477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (3721106 | (3285781) |
| &nbsp;&nbsp;&nbsp;**Net Advisor Shares Capital Share Transactions** | (1721535 | (1519909) |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 29617209 | 34023008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 18042217 | 10351417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (103307786 | (71071632) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Capital Share Transactions** | (55648360 | (26697207) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding** | (57369895 | (28217116) |

---

---

| | | |
|:---|:---|:---|
| **Strategic Focus Fund** | **Year Ended <br> December 31, 2025** | **Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 62003 | 57928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 4245 | 10945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (9097) | (3182) |
| &nbsp;&nbsp;&nbsp;**Net Institutional Shares Capital Share Transactions** | 57151 | 65691 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding** | 57151 | 65691 |

---

\* Sold and redeemed amounts include activity in connection with the ReFlow liquidity program (See Note 13 in the Notes to Financial Statements).

7. INVESTMENT TRANSACTIONS:

For the year ended December 31, 2025, the purchases and sales of investment securities other than long-term U.S. Government and short-term investments were:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Small Company Fund | $847098266 | $1349,,441620 |
| Mid Cap Fund | 1670114760 | 3289.355238 |
| Strategic Focus Fund | 2601579 | 2045611 |

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

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

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For the year ended December 31, 2025, in-kind transactions associated with purchases and sales were:

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized Gain/**<br> **(Loss)**  |
| Small Company Fund | $118103427 | $149783348 | $67518773 |
| Mid Cap Fund |  | 258443200 | 131500569 |

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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 permanent differences primarily consist of net investment losses offset to short term gains, deemed distributions due to shareholder redemptions, tax treatment of gains/(losses) from securities redeemed in-kind, net operating loss, and distribution reclassifications. The permanent difference that is credited or charged to Paid-in Capital and Distributable Earnings as of December 31, 2025 is primarily related to deemed distribution due to Shareholder redemptions and, tax treatment of gains/(losses) from securities redeemed in-kind and net operating losses:

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| | | |
|:---|:---|:---|
|  | **Increase (Decrease)**<br> **Distributable**<br> **Earnings (Loss)**  | **Increase** <br> **(Decrease)** <br> **Paid-in Capital**  |
| Small Company Fund | $(97598788) | $97598788 |
| Mid Cap Fund | (235340944) | 235340944 |
| Strategic Focus Fund | 6074 | (6074) |

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These reclassifications had no impact on net assets or net asset value per share.

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

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The tax character of dividends and distributions declared during the fiscal years ended December 31, 2025, and December 31, 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary** <br> **Income**  | **Long-Term**<br> **Capital Gain**  | **Return of** <br> **Capital**  | **Total**  |
| Small Company Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $56316185 | $202501885 | $– | $258818070 |
| &nbsp;&nbsp;&nbsp;2024 | 10378538 | 144773393 |  | 155151931 |
| Mid Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 7964410 | 459390932 |  | 467355342 |
| &nbsp;&nbsp;&nbsp;2024 | 24304618 | 315974687 |  | 340279305 |
| Strategic Focus Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 4155 | 46407 |  | 50562 |
| &nbsp;&nbsp;&nbsp;2024 | 70197 | 55344 |  | 125541 |

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As of December 31, 2025, the components of Distributable Earnings on a tax basis were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Small Company**<br> **Fund**  | **Mid Cap Fund**  | **Strategic Focus**<br> **Fund**  |
| Undistributed Ordinary Income | $– | $59754686 | $– |
| Undistributed Long-Term Capital Gain |  |  | 204213 |
| Post-October losses | (20918348) |  |  |
| Unrealized Appreciation | 139462363 | 563763594 | 224621 |
| Other Temporary Differences | 9 | (2) | – |
| Total Distributable Earnings | $118544024 | $623518278 | $428834 |

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Post-October losses represent losses realized on investment transactions from November 1, 2025 through December 31, 2025 that, in accordance with Federal income tax regulations, the Funds may defer and treat as having arisen in the following fiscal year.

For Federal income tax purposes, the cost of securities owned at December 31, 2025 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 December 31, 2025:

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal** <br> **Tax Cost**  | **Aggregate** <br> **Gross** <br> **Unrealized** <br> **Appreciation**  | **Aggregate**<br> **Gross**<br> **Unrealized** <br> **Depreciation**  | **Net**<br> **Unrealized**<br> **Appreciation** <br> **(Depreciation)**  |
| Small Company Fund | $1188104118 | $245043254 | $(105580891) | $139462363 |
| Mid Cap Fund | 2440730673 | 692660166 | (128896572) | 563763594 |
| Strategic Focus Fund | 3715970 | 324659 | (100038) | 224621 |

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The Funds did not pay any federal or state and local income taxes. Certain Funds paid income taxes in foreign jurisdictions for the year ended December 31, 2025. Cash paid for income taxes, net of refunds received, were as follows:

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| | |
|:---|:---|
|  | **Champlain Small<br> Company Fund** |
| **Income Taxes by Foreign Jurisdiction:** |  |
| Canada | $46980 |
| Other<sup>\*</sup> | 756 |
| **Total Income Taxes Paid, Net of Refunds** | $47736 |

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\* *Represents foreign jurisdictions where taxes paid, net of refunds received, were less than 5% of the total income taxes paid by the Fund.*

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.

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

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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.

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.

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

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10. CONCENTRATION OF SHAREHOLDERS:

At December 31, 2025, 88% of the total shares outstanding of the Small Company Fund Advisor Shares were held by two shareholders; 47% of the total shares outstanding of the Small Company Fund Institutional Shares were held by three shareholders; 72% of the total shares outstanding of the Mid Cap Fund Advisor Shares were held by two shareholders, 48% of the total shares outstanding of the Mid Cap Fund Institutional Shares were held by two shareholders; 84% of the total shares outstanding of Strategic Focus Fund Institutional Shares were held by three shareholders.

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 Small Company Fund and Mid Cap Fund 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 year ended December 31, 2025, the Strategic Focus Fund 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 "Line of Credit" on the Statements of Operations. On December 17, 2025, the Small Company Fund borrowed an average of $11,000,000 at an interest rate of 6.75% and Mid Cap Fund borrowed $8,962,000 at an interest rate of 6.75%. As of the year ended December 31, 2025, there were no borrowings outstanding.

13. REFLOW LIQUIDITY PROGRAM

The Funds may participate in the ReFlow Redemption Service. The ReFlow Redemption Service provides participating funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed from the fund, subject to certain limitations. Following purchases of fund shares, ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow (currently at 7 days), or at other times at ReFlow's discretion. In the event a Fund uses the ReFlow Redemption Service, the Fund will pay a fee to ReFlow each time ReFlow purchases Fund shares, calculated by multiplying the value of shares ReFlow purchases by a rate determined through an automated daily auction. The current minimum fee rate is 0.14% of the value of the Fund shares purchased by ReFlow, although a Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. ReFlow's purchases of a Fund's shares through the liquidity program are made on an investment-blind basis without regard to a Fund's objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund. ReFlow fees that were incurred by the Funds during the year ended December 31, 2025 are recorded within the Statement of Operations, if applicable.

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

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ReFlow activity during the year ended December 31, 2025 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Date Range** | **Value of Cash <br> and Securities <br> Sold** | **Shares Sold**  |
| Small Company Fund | 11/4/2025 – 12/31/2025  | $164317827 | 7991488 |
| Mid Cap Fund | 11/4/2025 – 12/31/2025 | 276200667 | 11838974 |

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14. RECENT ACCOUNTING PRONOUNCEMENT:

The Fund adopted FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of this standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

15. 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.

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of Champlain Small Company Fund, Champlain Mid Cap Fund and Champlain Strategic Focus Fund and the Board of Trustees of The Advisors' Inner Circle Fund II

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Champlain Small Company Fund, Champlain Mid Cap Fund and Champlain Strategic Focus Fund (collectively referred to as the "Funds"), (three of the funds constituting The Advisors' Inner Circle Fund II (the "Trust")), including the schedules of investments, as of December 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (three of the funds constituting The Advisors' Inner Circle Fund II) at December 31, 2025, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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| | | | |
|:---|:---|:---|:---|
| Individual fund constituting<br> The Advisors' Inner Circle<br> Fund II | Statements of<br> operations | Statements of<br> changes in net<br> assets | Financial highlights |
| Champlain Small Company Fund Champlain Mid Cap Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the five years in the period ended December 31, 2025 |
| Champlain Strategic Focus Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 and for the period from October 16, 2023 (commencement of operations) through December 31, 2023 |

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**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](fp0097183_02.jpg)

We have served as the auditor of one or more Champlain Investment Partners, LLC investment companies since 2005.

Philadelphia, Pennsylvania

February 27, 2026

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| | |
|:---|:---|
| 35 | **CHAMPLAIN INVESTMENT PARTNERS** |

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

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**<u>NOTICE TO SHAREHOLDERS</u>**<u>*(Unaudited)*</u>

For shareholders who do not have a December 31, 2025 taxable year end, this notice is for informational purposes only. For shareholders with a December 31, 2025 taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended December 31, 2025, the Funds are designating the following items with regard to distributions paid during the year.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Return of**<br> **Capital** | **Long-Term<br> Capital Gain**<br> **Distributions** | **Ordinary Income**<br> **Distributions** | **Total**<br> **Distributions** | **Qualifying**<br> **for Corporate**<br> **Dividends**<br> **Received** <br> **Deduction (1)** | **Qualifying**<br> **Dividend**<br> **Income (2)** | **Interest**<br> **Related** <br> **Dividend (3)** | **Short-Term**<br> **Capital Gain**<br> **Dividend (4)** |
| Small Company Fund | 0.00% | 78.56% | 19.40% | 97.96% | 27.06% | 28.03% | 0.00% | 100.00% |
| Mid Cap Fund | 0.00% | 98.62% | 1.38% | 100.00% | 97.27% | 100.00% | 0.00% | 100.00% |
| Strategic Focus Fund | 0.00% | 91.78% | 8.22% | 100.00% | 14.67% | 18.81% | 0.00% | 100.00% |

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

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *The percentage in this column represents the amount of "Interest Related Dividend" and is reflected as a percentage of ordinary income distribution. Interest related dividends are exempted from U.S. withholding tax when paid to foreign investors.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *The percentage of this column represents the amount of "Short Term Capital Gain Dividend" is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.* 

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

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|:---|:---|
| 36 | **CHAMPLAIN INVESTMENT PARTNERS** |

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

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**<u>OTHER INFORMATION (Form N-CSR ITEM 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.**

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed within the Statement of Operations of the financial statements (Item 7).

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

**Champlain Mid Cap Fund**

**Champlain Small Company Fund**

**Champlain Strategic Focus Fund**

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Funds' advisory agreement (the "Agreement") must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the "Board" or the "Trustees") of The Advisors' Inner Circle Fund II (the "Trust") or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on November 18–19, 2025 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser's services; (ii) the Adviser's investment management personnel; (iii) the Adviser's operations and financial condition; (iv) the Adviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds' advisory fees paid to the Adviser and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser's profitability from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser's potential economies of scale; (viii) the Adviser's compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser's policies on and compliance procedures for personal securities transactions; and (x) the Funds' performance compared with peer groups of mutual funds and the Funds' benchmark indices.

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|:---|:---|
| 37 | **CHAMPLAIN INVESTMENT PARTNERS** |

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

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Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser's services, fees and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Funds, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Funds and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

**Nature, Extent and Quality of Services Provided by the Adviser**

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Funds, including the quality and continuity of the Adviser's portfolio management personnel, the resources of the Adviser, and the Adviser's compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser's investment and risk management approaches for the Funds. The most recent investment adviser registration form ("Form ADV") for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Funds.

The Trustees also considered other services provided to the Funds by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds' investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Adviser were sufficient to support renewal of the Agreement.

**Investment Performance of the Funds and the Adviser**

The Board was provided with regular reports regarding the Funds' performance over various time periods. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds' performance was satisfactory, or, where the Funds' performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations ,that the investment results that the Adviser had been able to achieve for the Funds were sufficient to support renewal of the Agreement.

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|:---|:---|
| 38 | **CHAMPLAIN INVESTMENT PARTNERS** |

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **CHAMPLAIN FUNDS** |
|  | **DECEMBER 31, 2025** |

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**Costs of Advisory Services, Profitability and Economies of Scale**

In considering the advisory fees payable by the Funds to the Adviser, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser's profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Funds were not unreasonable. The Board also considered the Adviser's commitment to managing the Funds and its willingness to continue its expense limitation and fee waiver arrangements with the Funds.

The Trustees considered the Adviser's views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds' shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fee was reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.

**Renewal of the Agreement**

Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees' counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

---

| | |
|:---|:---|
| 39 | **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-AR-001-3100

**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; 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; 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.**

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

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

**Item 19. Exhibits.**

(a)(1) [Code of Ethics attached hereto.](fp0097183-1_ex99code.htm)

(a)(2) Not applicable.

(a)(3) [A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](fp0097183-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0097183-1_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: | March 6, 2026 |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By | (Signature and Title) | /s/ Michael Beattie |
| | | Michael Beattie |
| | | Principal Executive Officer |
| Date: | March 6, 2026 |  |
| By | (Signature and Title) | /s/ Andrew Metzger |
| | | Andrew Metzger |
| | | Principal Financial Officer |
| Date: | March 6, 2026 |  |

---

## Ex-99.Code

**THE ADVISORS' INNER CIRCLE FUND**

**THE ADVISORS' INNER CIRCLE FUND II**

**THE ADVISORS' INNER CIRCLE FUND III**

**BISHOP STREET FUNDS**

**GALLERY TRUST**

**FROST FAMILY OF FUNDS**

**CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**

**SYMMETRY PANORAMIC TRUST**

**WILSHIRE PRIVATE ASSETS MASTER FUND**

**WILSHIRE PRIVATE ASSETS FUND**

**FINANCIAL OFFICER CODE OF ETHICS**

I. Introduction

The reputation and integrity of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Gallery Trust, Frost Family of Funds, Catholic Responsible Investments Funds, Symmetry Panoramic Trust, Wilshire Private Assets Master Fund and Wilshire Private Assets Fund (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

II. Purposes
 of the Code

The purposes of this Code are:

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

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

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

● To promote compliance with applicable laws, rules and regulations;

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

● To establish accountability for adherence to this Code.

III. Questions
 about this Code

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

IV. Conduct
 Guidelines

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must
 disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO
 may have with the Trust that reasonably could be expected to give rise to any violations
 of this Code. Such conflicts of interest may arise as a result of material transactions
 or business or personal relationships to which the SFO may be a party. If it is not possible
 to disclose the matter to the Compliance Officer, it should be disclosed to the Trust's
 Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition
 to disclosing any actual or apparent conflicts of interest in which an SFO is personally
 involved, the Trusts' SFOs have an obligation to report any other actual or apparent
 conflicts which they discover or of which they otherwise become aware. If you are unsure
 whether a particular fact pattern gives rise to a conflict of interest, or whether a
 particular transaction or relationship is "material," you should bring the
 matter to the attention of the Compliance Officer.

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

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

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

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

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

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

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

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

V. Waivers
 of this Code

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

VI. Affirmation
 of the Code

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

VII. Reporting
 Violations

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

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

VIII. Violations
 of the Code

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

Dated: September 2025

## Ex-99.Cert

**CERTIFICATION** 

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

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

I, Michael Beattie, certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting; and

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

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

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

Dated: March 6, 2026

/s/ Michael Beattie

Michael Beattie<br> Principal Executive Officer

**CERTIFICATION** 

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

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

I, Andrew Metzger, certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting; and

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

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

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

Dated: March 6, 2026

/s/ Andrew Metzger

Andrew Metzger<br> Principal Financial Officer

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

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

The undersigned, Michael Beattie, the Principal Executive Officer of The Advisors' Inner Circle Fund II (the "Fund"), with respect to the Fund's Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: March 6, 2026

---

| |
|:---|
| /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-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: March 6, 2026

---

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

---