| THE ADVISORS’ INNER CIRCLE FUND II | CHAMPLAIN SMALL COMPANY FUND |
| MARCH 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS
COMMON STOCK — 96.0%#
| Shares | Value | |||||||
| CONSUMER DISCRETIONARY — 9.7% | ||||||||
| Brinker International * | 73,000 | $ | 10,422,210 | |||||
| Cava Group * | 180,000 | 14,562,000 | ||||||
| First Watch Restaurant Group * | 288,000 | 3,018,240 | ||||||
| Floor & Decor Holdings, Cl A * | 250,000 | 12,700,000 | ||||||
| OneSpaWorld Holdings | 358,000 | 8,216,100 | ||||||
| Planet Fitness, Cl A * | 53,000 | 3,942,140 | ||||||
| Shake Shack, Cl A * | 76,000 | 6,723,720 | ||||||
| Valvoline * | 470,000 | 15,829,600 | ||||||
| Wingstop | 68,000 | 10,537,960 | ||||||
| Wyndham Hotels & Resorts | 173,000 | 14,052,790 | ||||||
| 100,004,760 | ||||||||
| CONSUMER STAPLES — 3.7% | ||||||||
| Celsius Holdings * | 436,890 | 15,500,857 | ||||||
| elf Beauty * | 159,000 | 9,636,990 | ||||||
| Sprouts Farmers Market * | 167,085 | 12,887,266 | ||||||
| 38,025,113 | ||||||||
| ENERGY — 3.5% | ||||||||
| Cactus, Cl A | 300,000 | 14,211,000 | ||||||
| Matador Resources | 348,000 | 21,986,640 | ||||||
| 36,197,640 | ||||||||
| FINANCIALS — 22.0% | ||||||||
| AMERISAFE | 179,000 | 5,966,070 | ||||||
| Baldwin Insurance Group, Cl A * | 472,000 | 10,355,680 | ||||||
| BancFirst | 104,000 | 11,284,000 | ||||||
| Central BanCo, Cl A | 658,000 | 15,759,100 | ||||||
| Commerce Bancshares | 264,000 | 12,988,800 | ||||||
| Cullen/Frost Bankers | 111,000 | 15,215,880 | ||||||
| First Financial Bankshares | 532,000 | 15,667,400 | ||||||
| German American Bancorp | 301,000 | 12,578,790 | ||||||
| Hamilton Lane, Cl A | 131,000 | 13,021,400 | ||||||
| MarketAxess Holdings | 96,000 | 15,838,080 | ||||||
| Nicolet Bankshares | 58,000 | 8,619,960 | ||||||
| Palomar Holdings * | 148,000 | 17,686,000 | ||||||
| 1 | |
| THE ADVISORS’ INNER CIRCLE FUND II | CHAMPLAIN SMALL COMPANY FUND |
| MARCH 31, 2026 (Unaudited) |
COMMON STOCK — continued
| Shares | Value | |||||||
| FINANCIALS — continued | ||||||||
| PJT Partners, Cl A | 98,000 | $ | 13,692,560 | |||||
| RLI | 209,000 | 11,921,360 | ||||||
| Skyward Specialty Insurance Group * | 346,000 | 15,113,280 | ||||||
| Stock Yards Bancorp | 155,000 | 10,274,950 | ||||||
| StoneX Group * | 247,500 | 19,960,875 | ||||||
| 225,944,185 | ||||||||
| HEALTH CARE — 15.0% | ||||||||
| AtriCure * | 442,000 | 12,610,260 | ||||||
| Bruker | 275,000 | 9,933,000 | ||||||
| Caris Life Sciences * | 556,000 | 9,941,280 | ||||||
| Glaukos * | 145,000 | 15,610,700 | ||||||
| Globus Medical, Cl A * | 163,000 | 14,044,080 | ||||||
| HeartFlow * | 280,000 | 6,812,400 | ||||||
| Inspire Medical Systems * | 75,000 | 3,868,500 | ||||||
| Masimo * | 50,000 | 8,893,500 | ||||||
| Merit Medical Systems * | 131,000 | 9,029,830 | ||||||
| Penumbra * | 62,000 | 20,358,940 | ||||||
| PROCEPT BioRobotics * | 517,000 | 12,930,170 | ||||||
| Repligen * | 82,000 | 9,661,240 | ||||||
| SI-BONE * | 416,000 | 5,254,080 | ||||||
| Veracyte * | 131,000 | 4,219,510 | ||||||
| Vericel * | 347,000 | 11,162,990 | ||||||
| 154,330,480 | ||||||||
| INDUSTRIALS — 25.3% | ||||||||
| AAON | 201,000 | 16,632,750 | ||||||
| AeroVironment * | 57,000 | 10,433,850 | ||||||
| Bloom Energy, Cl A * | 83,000 | 11,245,670 | ||||||
| Brady, Cl A | 64,000 | 5,199,360 | ||||||
| CSW Industrials | 74,000 | 19,282,920 | ||||||
| Enerpac Tool Group, Cl A | 364,000 | 13,275,080 | ||||||
| Esab | 195,000 | 18,848,700 | ||||||
| JBT Marel | 71,500 | 9,142,705 | ||||||
| Kadant | 59,000 | 17,248,650 | ||||||
| Kratos Defense & Security Solutions * | 101,825 | 7,179,681 | ||||||
| 2 | |
| THE ADVISORS’ INNER CIRCLE FUND II | CHAMPLAIN SMALL COMPANY FUND |
| MARCH 31, 2026 (Unaudited) |
COMMON STOCK — continued
| Shares | Value | |||||||
| INDUSTRIALS — continued | ||||||||
| Modine Manufacturing * | 54,000 | $ | 11,702,340 | |||||
| MSA Safety | 115,500 | 18,936,225 | ||||||
| RB Global | 168,000 | 16,102,800 | ||||||
| RBC Bearings * | 16,000 | 8,689,920 | ||||||
| Simpson Manufacturing | 115,000 | 19,736,300 | ||||||
| SPX Technologies * | 104,000 | 20,793,760 | ||||||
| Standex International | 81,000 | 20,643,660 | ||||||
| Transcat * | 98,000 | 7,198,100 | ||||||
| Watts Water Technologies, Cl A | 24,500 | 7,112,105 | ||||||
| 259,404,576 | ||||||||
| INFORMATION TECHNOLOGY — 14.9% | ||||||||
| Alkami Technology * | 659,000 | 10,326,530 | ||||||
| Braze, Cl A * | 559,000 | 13,197,990 | ||||||
| Commvault Systems * | 172,000 | 13,397,080 | ||||||
| Credo Technology Group Holding * | 52,000 | 4,881,240 | ||||||
| Everpure, Cl A * | 291,000 | 17,180,640 | ||||||
| Gitlab, Cl A * | 428,000 | 9,261,920 | ||||||
| Novanta * | 177,000 | 20,905,470 | ||||||
| Nutanix, Cl A * | 513,980 | 19,536,380 | ||||||
| Ralliant | 283,000 | 11,769,970 | ||||||
| Rambus * | 162,000 | 13,936,860 | ||||||
| SentinelOne, Cl A * | 1,027,000 | 13,227,760 | ||||||
| SiTime * | 15,000 | 5,180,250 | ||||||
| 152,802,090 | ||||||||
| MATERIALS — 1.9% | ||||||||
| Sensient Technologies | 119,000 | 10,286,360 | ||||||
| Solstice Advanced Materials | 124,030 | 9,446,125 | ||||||
| 19,732,485 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $926,437,707) | 986,441,329 | |||||||
| 3 | |
| THE ADVISORS’ INNER CIRCLE FUND II | CHAMPLAIN SMALL COMPANY FUND |
| MARCH 31, 2026 (Unaudited) |
SHORT-TERM INVESTMENTS — 2.3%
| Shares | Value | |||||||
| Fidelity Investments - Money Market Treasury Only, Cl I, 3.530% | 20,000,000 | $ | 20,000,000 | |||||
| Goldman Sachs Financial Square Treasury Instruments Fund, Institutional Shares, 3.580% | 3,717,814 | 3,717,814 | ||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $23,717,814) | 23,717,814 | |||||||
| TOTAL INVESTMENTS — 98.3% | ||||||||
| (Cost $950,155,521) | $ | 1,010,159,143 | ||||||
Percentages are based on Net Assets of $1,027,152,124.
| # | 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 March 31, 2026. |
Cl — Class
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual or semi-annual financial statements.
CSC-QH-001-4300
| 4 | |
| THE ADVISORS’ INNER CIRCLE FUND II | CHAMPLAIN MID CAP FUND |
| MARCH 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.6%#
| Shares | Value | |||||||
| CONSUMER DISCRETIONARY — 10.3% | ||||||||
| Cava Group * | 371,000 | $ | 30,013,900 | |||||
| Chewy, Cl A * | 965,000 | 26,055,000 | ||||||
| Domino's Pizza | 104,000 | 37,314,160 | ||||||
| Floor & Decor Holdings, Cl A * | 639,000 | 32,461,200 | ||||||
| Planet Fitness, Cl A * | 107,000 | 7,958,660 | ||||||
| Tractor Supply | 720,000 | 32,616,000 | ||||||
| Wingstop | 145,000 | 22,470,650 | ||||||
| Wyndham Hotels & Resorts | 368,000 | 29,892,640 | ||||||
| 218,782,210 | ||||||||
| CONSUMER STAPLES — 3.0% | ||||||||
| Celsius Holdings * | 554,575 | 19,676,321 | ||||||
| elf Beauty * | 349,500 | 21,183,195 | ||||||
| Sprouts Farmers Market * | 313,840 | 24,206,479 | ||||||
| 65,065,995 | ||||||||
| ENERGY — 4.7% | ||||||||
| EOG Resources | 391,000 | 56,526,870 | ||||||
| Texas Pacific Land | 92,000 | 43,659,520 | ||||||
| 100,186,390 | ||||||||
| FINANCIALS — 18.0% | ||||||||
| Arch Capital Group * | 464,000 | 44,539,360 | ||||||
| Brown & Brown | 356,000 | 23,214,760 | ||||||
| Commerce Bancshares | 626,000 | 30,799,200 | ||||||
| Cullen/Frost Bankers | 227,000 | 31,117,160 | ||||||
| Hamilton Lane, Cl A | 291,000 | 28,925,400 | ||||||
| Houlihan Lokey, Cl A | 263,000 | 37,772,060 | ||||||
| Kinsale Capital Group | 78,000 | 26,649,480 | ||||||
| LPL Financial Holdings | 38,000 | 11,431,540 | ||||||
| MSCI, Cl A | 55,500 | 29,915,055 | ||||||
| Ryan Specialty Holdings, Cl A | 830,000 | 28,004,200 | ||||||
| Toast, Cl A * | 1,144,000 | 30,327,440 | ||||||
| Tradeweb Markets, Cl A | 527,000 | 62,006,820 | ||||||
| 384,702,475 | ||||||||
| 5 | |
| THE ADVISORS’ INNER CIRCLE FUND II | CHAMPLAIN MID CAP FUND |
| MARCH 31, 2026 (Unaudited) |
COMMON STOCK — continued
| Shares | Value | |||||||
| HEALTH CARE — 15.9% | ||||||||
| Agilent Technologies | 225,000 | $ | 25,645,500 | |||||
| Bio-Techne | 521,000 | 27,227,460 | ||||||
| Cooper * | 585,000 | 41,827,500 | ||||||
| Edwards Lifesciences * | 381,000 | 30,510,480 | ||||||
| Mettler-Toledo International * | 25,500 | 32,160,600 | ||||||
| Penumbra * | 118,500 | 38,911,845 | ||||||
| Repligen * | 191,000 | 22,503,620 | ||||||
| STERIS PLC | 104,000 | 22,997,520 | ||||||
| Veeva Systems, Cl A * | 270,500 | 47,516,030 | ||||||
| Waters * | 102,000 | 30,375,600 | ||||||
| West Pharmaceutical Services | 76,000 | 19,048,640 | ||||||
| 338,724,795 | ||||||||
| INDUSTRIALS — 25.1% | ||||||||
| AAON | 412,000 | 34,093,000 | ||||||
| AeroVironment * | 67,000 | 12,264,350 | ||||||
| AMETEK | 157,000 | 33,654,520 | ||||||
| Axon Enterprise * | 69,000 | 29,303,610 | ||||||
| Bloom Energy, Cl A * | 89,000 | 12,058,610 | ||||||
| Carlisle | 114,000 | 38,032,680 | ||||||
| Esab | 317,000 | 30,641,220 | ||||||
| Fastenal | 1,035,000 | 48,024,000 | ||||||
| Graco | 277,000 | 23,448,050 | ||||||
| IDEX | 227,000 | 43,027,850 | ||||||
| Karman Holdings * | 290,000 | 23,214,500 | ||||||
| Lincoln Electric Holdings | 80,000 | 19,926,400 | ||||||
| MSA Safety | 141,000 | 23,116,950 | ||||||
| Nordson | 100,000 | 26,606,000 | ||||||
| nVent Electric PLC | 106,000 | 12,537,680 | ||||||
| Veralto | 263,000 | 23,254,460 | ||||||
| Waste Connections | 203,000 | 32,975,320 | ||||||
| WW Grainger | 35,000 | 38,178,350 | ||||||
| Xylem | 260,000 | 31,070,000 | ||||||
| 535,427,550 | ||||||||
| 6 | |
| THE ADVISORS’ INNER CIRCLE FUND II | CHAMPLAIN MID CAP FUND |
| MARCH 31, 2026 (Unaudited) |
COMMON STOCK — continued
| Shares | Value | |||||||
| INFORMATION TECHNOLOGY — 20.6% | ||||||||
| Akamai Technologies * | 400,000 | $ | 45,940,000 | |||||
| Astera Labs * | 115,000 | 12,604,000 | ||||||
| Autodesk * | 128,390 | 30,736,566 | ||||||
| Credo Technology Group Holding * | 123,000 | 11,546,010 | ||||||
| Datadog, Cl A * | 266,000 | 31,401,300 | ||||||
| Everpure, Cl A * | 518,410 | 30,606,926 | ||||||
| Gitlab, Cl A * | 1,023,000 | 22,137,720 | ||||||
| MongoDB, Cl A * | 80,000 | 19,581,600 | ||||||
| Nutanix, Cl A * | 1,035,000 | 39,340,350 | ||||||
| Okta, Cl A * | 481,000 | 37,859,510 | ||||||
| Palo Alto Networks * | 138,000 | 22,124,160 | ||||||
| Procore Technologies * | 530,000 | 30,210,000 | ||||||
| Rubrik, Cl A * | 473,000 | 23,162,810 | ||||||
| Synopsys * | 145,000 | 57,489,600 | ||||||
| Zscaler * | 167,505 | 23,499,277 | ||||||
| 438,239,829 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $1,875,816,898) | 2,081,129,244 | |||||||
| SHORT-TERM INVESTMENTS — 2.3% | ||||||||
| Fidelity Investments - Money Market Treasury Only, Cl I, 3.530% | 20,000,000 | 20,000,000 | ||||||
| Goldman Sachs Financial Square Treasury Instruments Fund, Institutional Shares, 3.580% | 28,207,138 | 28,207,138 | ||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $48,207,138) | 48,207,138 | |||||||
| TOTAL INVESTMENTS — 99.9% | ||||||||
| (Cost $1,924,024,036) | $ | 2,129,336,382 | ||||||
Percentages are based on Net Assets of $2,131,005,511.
| # | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| * | Non-income producing security. |
| 7 | |
| THE ADVISORS’ INNER CIRCLE FUND II | CHAMPLAIN MID CAP FUND |
| MARCH 31, 2026 (Unaudited) |
| ** | Rate reported is the 7-day effective yield as of March 31, 2026. |
Cl — Class
PLC — Public Limited Company
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual or semi-annual financial statements.
CSC-QH-002-3600
| 8 | |
| THE ADVISORS’ INNER CIRCLE FUND II | CHAMPLAIN STRATEGIC FOCUS FUND |
| MARCH 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.5%#
| Shares | Value | |||||||
| CONSUMER DISCRETIONARY — 1.4% | ||||||||
| Wingstop | 320 | $ | 49,590 | |||||
| CONSUMER STAPLES — 1.1% | ||||||||
| elf Beauty * | 655 | 39,699 | ||||||
| ENERGY — 5.8% | ||||||||
| EOG Resources | 525 | 75,899 | ||||||
| Texas Pacific Land | 272 | 129,081 | ||||||
| 204,980 | ||||||||
| FINANCIALS — 10.5% | ||||||||
| MSCI, Cl A | 225 | 121,278 | ||||||
| Ryan Specialty Holdings, Cl A | 3,615 | 121,970 | ||||||
| Tradeweb Markets, Cl A | 1,120 | 131,779 | ||||||
| 375,027 | ||||||||
| HEALTH CARE — 11.9% | ||||||||
| Mettler-Toledo International * | 100 | 126,120 | ||||||
| Veeva Systems, Cl A * | 1,185 | 208,157 | ||||||
| Waters * | 300 | 89,340 | ||||||
| 423,617 | ||||||||
| INDUSTRIALS — 38.9% | ||||||||
| AMETEK | 725 | 155,411 | ||||||
| Axon Enterprise * | 230 | 97,679 | ||||||
| Carlisle | 330 | 110,095 | ||||||
| Esab | 1,660 | 160,456 | ||||||
| Fastenal | 4,550 | 211,120 | ||||||
| IDEX | 1,250 | 236,937 | ||||||
| Nordson | 665 | 176,930 | ||||||
| Veralto | 1,425 | 125,998 | ||||||
| Waste Connections | 670 | 108,835 | ||||||
| 1,383,461 | ||||||||
| INFORMATION TECHNOLOGY — 28.9% | ||||||||
| Autodesk * | 440 | 105,336 | ||||||
| 9 | |
| THE ADVISORS’ INNER CIRCLE FUND II | CHAMPLAIN STRATEGIC FOCUS FUND |
| MARCH 31, 2026 (Unaudited) |
COMMON STOCK — continued
| Shares | Value | |||||||
| INFORMATION TECHNOLOGY — continued | ||||||||
| Datadog, Cl A * | 625 | $ | 73,781 | |||||
| Everpure, Cl A * | 2,125 | 125,460 | ||||||
| MongoDB, Cl A * | 415 | 101,580 | ||||||
| Nutanix, Cl A * | 2,850 | 108,328 | ||||||
| Okta, Cl A * | 1,350 | 106,258 | ||||||
| ServiceNow * | 950 | 99,323 | ||||||
| Synopsys * | 500 | 198,240 | ||||||
| Zscaler * | 775 | 108,725 | ||||||
| 1,027,031 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $3,675,753) | 3,503,405 | |||||||
| SHORT-TERM INVESTMENT — 1.4% | ||||||||
| Fidelity Investments - Money Market Treasury Only, Cl I, 3.530% | 49,450 | 49,450 | ||||||
| TOTAL CASH EQUIVALENT | ||||||||
| (Cost $49,450) | 49,450 | |||||||
| TOTAL INVESTMENTS — 99.9% | ||||||||
| (Cost $3,725,203) | $ | 3,552,855 | ||||||
Percentages are based on Net Assets of $3,557,445.
| # | 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 March 31, 2026. |
Cl — Class
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual or semi-annual financial statements.
CSC-QH-003-0500
| 10 | |