The Advisors' Inner Circle Fund II

Champlain Small Company Fund

Advisor Shares - CIPSX

Semi-Annual Shareholder Report: June 30, 2026

This semi-annual shareholder report contains important information about Advisor Shares of the Champlain Small Company Fund (the "Fund") for the period from January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://cipvt.com/documents/. You can also request this information by contacting us at 1-866-773-3238.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Champlain Small Company Fund, Advisor Shares	$66	1.28%

How did the Fund perform in the last six months?

The Champlain Small Company Fund (Advisor Shares) returned 8.78% for the six-month period ending June 30, 2026, which trailed the 22.57% return for the Russell 2000 Index and the 10.86% return for the Russell 3000 Index. Small caps staged one of their strongest first halves in decades, and while this Fund participated in that rally in absolute terms, our quality- and valuation-driven process lagged the benchmark.

This Fund's relative underperformance versus the Russell 2000 was most heavily concentrated in information technology and health care, which together accounted for much of the shortfall. Technology holdings lagged due to an overweight position and negative stock selection within software, an underweight in the semiconductor industry, and no exposure to the communications equipment industry; the latter two rallied more than 100% for the period. The divergence between software and semiconductor valuations remains acute. We continue to see opportunities in vertical software with proprietary datasets and high workflow criticality, and in infrastructure software technologies supporting inference at scale. These, we suspect, will be defensible in an era defined by AI-driven computing. Health care holdings underperformed, driven primarily by negative stock selection and an overweight position within health care equipment & supplies and, to a lesser extent, biotechnology. AtriCure was the largest detractor, down 29%, as shares came under pressure after Edwards Lifesciences announced plans to launch a competitive left atrial appendage occlusion device later this year. Financials also detracted, as the Fund’s overweight position in the insurance and capital markets industries, combined with challenging security selection, impacted results during the period. The Fund's consumer exposure, within both staples and discretionary, underperformed primarily due to negative stock selection during the period. Industrials holdings underperformed despite a favorable overweight position, as stock selection was negative but the deficit was minimized due to our selection within the materials sector.

Partially offsetting these headwinds, the Fund’s process-based exclusion of utilities and real estate, along with its lack of exposure to communication services, also aided relative results.

Our investment process has not been relevant since the Covid lockdown ended. The unprecedented government stimulus that was largely directed toward consumers has been followed by continued sizeable deficits as defense spending soars. The combination of passive flows and the AI phenomenon, including hyperscalers going all-in on data center construction, has created a large degree of uncertainty about when our investment process might return to favor. Nonetheless, we own a terrific collection of high return, reliable, financially sound companies that in aggregate offer our clients especially attractive reward to risk profiles given what we believe are the intrinsic values of the holdings.

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

Table Summary
	Champlain Small Company Fund, Advisor Shares	Russell 3000 Index (USD) (TR)^{Footnote Reference*}	Russell 2000 Index (USD) (TR)^{Footnote Reference*}
Jul/16	$10,668	$10,444	$10,000
Jul/17	$12,900	$12,130	$11,845
Jul/18	$15,472	$14,118	$14,064
Jul/19	$15,674	$15,113	$13,443
Jul/20	$15,880	$16,765	$12,826
Dec/20	$20,260	$19,869	$17,205
Dec/21	$22,775	$24,967	$19,754
Dec/22	$18,033	$20,172	$15,717
Dec/23	$20,557	$25,408	$18,378
Dec/24	$23,378	$31,457	$20,498
Dec/25	$22,086	$36,850	$23,123
Jun/26	$24,026	$40,853	$28,342

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^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Semi-Annual Total Returns as of June 30, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Champlain Small Company Fund, Advisor Shares	3.34%	1.59%	9.01%
Russell 3000 Index (USD) (TR)^{Footnote Reference*}	22.81%	12.30%	15.06%
Russell 2000 Index (USD) (TR)^{Footnote Reference*}	40.78%	6.98%	11.62%

Key Fund Statistics as of June 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$816,194,276	81	$4,593,226	27%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Short-Term Investment	2.2%
Materials	2.2%
Energy	3.3%
Consumer Staples	3.7%
Consumer Discretionary	10.7%
Health Care	15.9%
Information Technology	18.5%
Financials	19.9%
Industrials	24.0%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Nutanix, Cl A			2.6%
Novanta			2.5%
Everpure, Cl A			2.4%
SPX Technologies			2.3%
Commvault Systems			2.3%
Esab			2.2%
Simpson Manufacturing			2.2%
CSW Industrials			1.9%
Glaukos			1.9%
Skyward Specialty Insurance Group			1.8%

Footnote	Description
Footnote^(A)	Short-Term Investments, if any, are not shown in the top ten holdings.

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

Semi-Annual Shareholder Report: June 30, 2026

CIPSX-SAR-2026

The Advisors' Inner Circle Fund II

Champlain Small Company Fund

Institutional Shares - CIPNX

Semi-Annual Shareholder Report: June 30, 2026

This semi-annual shareholder report contains important information about Institutional Shares of the Champlain Small Company Fund (the "Fund") for the period from January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://cipvt.com/documents/. You can also request this information by contacting us at 1-866-773-3238.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Champlain Small Company Fund, Institutional Shares	$53	1.03%

How did the Fund perform in the last six months?

The Champlain Small Company Fund (Institutional Shares) returned 8.91% for the six-month period ending June 30, 2026, which trailed the 22.57% return for the Russell 2000 Index and the 10.86% return for the Russell 3000 Index. Small caps staged one of their strongest first halves in decades, and while this Fund participated in that rally in absolute terms, our quality- and valuation-driven process lagged the benchmark.

Partially offsetting these headwinds, the Fund’s process-based exclusion of utilities and real estate, along with its lack of exposure to communication services, also aided relative results.

How did the Fund perform since inception?

Total Return Based on $1,000,000 Investment

Table Summary
	Champlain Small Company Fund, Institutional Shares	Russell 3000 Index (USD) (TR)^{Footnote Reference*}	Russell 2000 Index (USD) (TR)^{Footnote Reference*}
Jul/17	$1,171,674	$1,158,395	$1,163,955
Jul/18	$1,408,712	$1,348,286	$1,381,997
Jul/19	$1,430,398	$1,443,339	$1,320,932
Jul/20	$1,452,618	$1,601,091	$1,260,302
Dec/20	$1,855,192	$1,897,477	$1,690,549
Dec/21	$2,091,170	$2,384,390	$1,941,071
Dec/22	$1,659,882	$1,926,422	$1,544,385
Dec/23	$1,896,849	$2,426,460	$1,805,833
Dec/24	$2,162,513	$3,004,147	$2,014,187
Dec/25	$2,048,280	$3,519,220	$2,272,142
Jun/26	$2,230,870	$3,901,527	$2,784,935

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^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Semi-Annual Total Returns as of June 30, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	Annualized Since Inception
Champlain Small Company Fund, Institutional Shares	3.62%	1.85%	8.50%
Russell 3000 Index (USD) (TR)^{Footnote Reference*}	22.81%	12.30%	14.84%
Russell 2000 Index (USD) (TR)^{Footnote Reference*}	40.78%	6.98%	10.97%

Key Fund Statistics as of June 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$816,194,276	81	$4,593,226	27%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Short-Term Investment	2.2%
Materials	2.2%
Energy	3.3%
Consumer Staples	3.7%
Consumer Discretionary	10.7%
Health Care	15.9%
Information Technology	18.5%
Financials	19.9%
Industrials	24.0%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Nutanix, Cl A			2.6%
Novanta			2.5%
Everpure, Cl A			2.4%
SPX Technologies			2.3%
Commvault Systems			2.3%
Esab			2.2%
Simpson Manufacturing			2.2%
CSW Industrials			1.9%
Glaukos			1.9%
Skyward Specialty Insurance Group			1.8%

Footnote	Description
Footnote^(A)	Short-Term Investments, if any, are not shown in the top ten holdings.

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

The Advisors' Inner Circle Fund II

Champlain Small Company Fund / Institutional Shares - CIPNX

Semi-Annual Shareholder Report: June 30, 2026

CIPNX-SAR-2026

The Advisors' Inner Circle Fund II

Champlain Mid Cap Fund

Advisor Shares - CIPMX

Semi-Annual Shareholder Report: June 30, 2026

This semi-annual shareholder report contains important information about Advisor Shares of the Champlain Mid Cap Fund (the "Fund") for the period from January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://cipvt.com/documents/. You can also request this information by contacting us at 1-866-773-3238.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Champlain Mid Cap Fund, Advisor Shares	$59	1.18%

How did the Fund perform in the last six months?

The Champlain Mid Cap Fund (Advisor Shares) returned 2.55% for the six-month period ending June 30, 2026, which trailed the 15.30% return for the Russell Midcap Index and the 10.86% return for the Russell 3000 Index.

Information technology was this Fund's largest relative detractor, primarily driven by not owning the strongest performers in technology hardware, storage & peripherals, which don’t typically align with our investment process, and no exposure to communications equipment or electronic equipment, instruments & components. These represent several of the market's strongest-performing industries, with communications equipment alone rallying more than 100% for the period. A large position in software was a modest drag, as favorable stock selection within the industry partially offset the impact of being overweight. The divergence between software and semiconductor valuations is acute, though we see green shoots for a mean reversion. We continue to see opportunities in vertical software with proprietary datasets and high workflow criticality, and in infrastructure software technologies supporting inference at scale. These, we suspect, will be defensible in an era defined by AI-driven computing. The Fund’s financial holdings underperformed due to negative stock selection and overweight positions in both capital markets and insurance. Rising rates, driven by escalating geopolitical conflict, pressured insurance valuations broadly, while growing investor concern that AI-enabled tools could disrupt insurance distribution weighed on brokerage stocks; we believe the deeply embedded, relationship-driven nature of specialty insurance brokerage creates meaningful barriers to AI displacement. In health care, positions in life sciences tools & services and health care equipment & supplies drove underperformance, though Bio-Techne was a bright spot after agreeing to be acquired by Merck KGaA at a 24% premium. In consumer discretionary, Chewy was the largest detractor as the pet food and supplies industry contends with muted demand, even as Chewy continues to take market share; Tractor Supply also lagged on softer companion-animal category trends.

This Fund benefited from its underweight of, or lack of exposure to, several of the benchmark's weaker-performing sectors, including real estate, utilities, materials, and communication services, all areas where our investment process has limited or no allocation.

Our investment process has not been relevant since the Covid lockdown ended. The unprecedented government stimulus that was largely directed toward consumers has been followed by continued sizeable deficits as defense spending soars. The combination of passive flows and the AI phenomenon including hyperscalers going all-in on data center construction has created a large degree of uncertainty about when our investment process might return to favor. Nonetheless, we own a terrific collection of high return, reliable, financially sound companies that in aggregate offer our clients especially attractive reward to risk profiles given what we believe are the intrinsic values of the holdings.

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

Table Summary
	Champlain Mid Cap Fund, Advisor Shares	Russell 3000 Index (USD) (TR)^{Footnote Reference*}	Russell Midcap Index (USD) (TR)^{Footnote Reference*}
Jul/16	$10,822	$10,444	$10,437
Jul/17	$12,646	$12,130	$11,798
Jul/18	$15,046	$14,118	$13,386
Jul/19	$17,175	$15,113	$14,283
Jul/20	$19,126	$16,765	$14,575
Dec/20	$22,981	$19,869	$17,740
Dec/21	$28,635	$24,967	$21,746
Dec/22	$21,044	$20,172	$17,981
Dec/23	$24,275	$25,408	$21,079
Dec/24	$25,721	$31,457	$24,313
Dec/25	$26,085	$36,850	$26,890
Jun/26	$26,750	$40,853	$31,003

Footnote	Description
Footnote^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Semi-Annual Total Returns as of June 30, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Champlain Mid Cap Fund, Advisor Shares	1.56%	0.45%	9.82%
Russell 3000 Index (USD) (TR)^{Footnote Reference*}	22.81%	12.30%	15.06%
Russell Midcap Index (USD) (TR)^{Footnote Reference*}	21.63%	8.50%	12.00%

Key Fund Statistics as of June 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,208,080,612	72	$7,480,857	25%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Consumer Staples	1.9%
Short-Term Investments	2.8%
Energy	5.9%
Consumer Discretionary	7.8%
Financials	16.8%
Health Care	17.3%
Information Technology	23.2%
Industrials	24.8%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Okta, Cl A			3.0%
Synopsys			2.9%
Nutanix, Cl A			2.6%
EOG Resources			2.5%
Texas Pacific Land			2.4%
Tradeweb Markets, Cl A			2.3%
Fastenal			2.3%
Veeva Systems, Cl A			2.2%
Everpure, Cl A			2.1%
IDEX			2.1%

Footnote	Description
Footnote^(A)	Short-Term Investments, if any, are not shown in the top ten holdings.

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

The Advisors' Inner Circle Fund II

Champlain Mid Cap Fund / Advisor Shares - CIPMX

Semi-Annual Shareholder Report: June 30, 2026

CIPMX-SAR-2026

The Advisors' Inner Circle Fund II

Champlain Mid Cap Fund

Institutional Shares - CIPIX

Semi-Annual Shareholder Report: June 30, 2026

This semi-annual shareholder report contains important information about Institutional Shares of the Champlain Mid Cap Fund (the "Fund") for the period from January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://cipvt.com/documents/. You can also request this information by contacting us at 1-866-773-3238.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Champlain Mid Cap Fund, Institutional Shares	$47	0.93%

How did the Fund perform in the last six months?

The Champlain Mid Cap Fund (Institutional Shares) returned 2.65% for the six-month period ending June 30, 2026, which trailed the 15.30% return for the Russell Midcap Index and the 10.86% return for the Russell 3000 Index.

Our investment process has not been relevant since the Covid lockdown ended. The unprecedented government stimulus that was largely directed toward consumers has been followed by continued sizeable deficits as defense spending soars. The combination of passive flows and the AI phenomenon including hyperscalers going all-in on data center construction has created a large degree of uncertainty about when our investment process might return to favor. Nonetheless, we own a terrific collection of high return, reliable, financially sound companies that in aggregate offer our clients especially attractive reward to risk profiles given what we believe are the intrinsic values of the holdings.

How did the Fund perform during the last 10 years?

Total Return Based on $1,000,000 Investment

Table Summary
	Champlain Mid Cap Fund, Institutional Shares	Russell 3000 Index (USD) (TR)^{Footnote Reference*}	Russell Midcap Index (USD) (TR)^{Footnote Reference*}
Jul/16	$1,084,548	$1,044,449	$1,043,746
Jul/17	$1,270,810	$1,212,970	$1,179,830
Jul/18	$1,514,856	$1,411,807	$1,338,563
Jul/19	$1,733,462	$1,511,339	$1,428,332
Jul/20	$1,936,283	$1,676,523	$1,457,520
Dec/20	$2,328,441	$1,986,872	$1,774,001
Dec/21	$2,908,135	$2,496,725	$2,174,643
Dec/22	$2,143,412	$2,017,181	$1,798,100
Dec/23	$2,479,011	$2,540,777	$2,107,863
Dec/24	$2,632,583	$3,145,680	$2,431,287
Dec/25	$2,677,327	$3,685,021	$2,688,950
Jun/26	$2,748,361	$4,085,338	$3,100,320

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^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Semi-Annual Total Returns as of June 30, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Champlain Mid Cap Fund, Institutional Shares	1.80%	0.71%	10.10%
Russell 3000 Index (USD) (TR)^{Footnote Reference*}	22.81%	12.30%	15.06%
Russell Midcap Index (USD) (TR)^{Footnote Reference*}	21.63%	8.50%	12.00%

Key Fund Statistics as of June 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,208,080,612	72	$7,480,857	25%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Consumer Staples	1.9%
Short-Term Investments	2.8%
Energy	5.9%
Consumer Discretionary	7.8%
Financials	16.8%
Health Care	17.3%
Information Technology	23.2%
Industrials	24.8%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Okta, Cl A			3.0%
Synopsys			2.9%
Nutanix, Cl A			2.6%
EOG Resources			2.5%
Texas Pacific Land			2.4%
Tradeweb Markets, Cl A			2.3%
Fastenal			2.3%
Veeva Systems, Cl A			2.2%
Everpure, Cl A			2.1%
IDEX			2.1%

Footnote	Description
Footnote^(A)	Short-Term Investments, if any, are not shown in the top ten holdings.

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

The Advisors' Inner Circle Fund II

Champlain Mid Cap Fund / Institutional Shares - CIPIX

Semi-Annual Shareholder Report: June 30, 2026

CIPIX-SAR-2026

The Advisors' Inner Circle Fund II

Champlain Strategic Focus Fund

Institutional Shares - CIPTX

Semi-Annual Shareholder Report: June 30, 2026

This semi-annual shareholder report contains important information about Institutional Shares of the Champlain Strategic Focus Fund (the "Fund") for the period from January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://cipvt.com/documents/. You can also request this information by contacting us at 1-866-773-3238.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Champlain Strategic Focus Fund, Institutional Shares	$43	0.85%

How did the Fund perform in the last six months?

The Champlain Strategic Focus Fund (Institutional Shares) returned 2.87% for the six-month period ending June 30, 2026, which trailed the 7.27% return for the Russell Midcap Growth Index and the 10.86% return for the Russell 3000 Index. This Fund's relative underperformance versus the Russell Midcap Growth Index was concentrated in its information technology and industrials holdings, though a large underweight of consumer discretionary — one of the benchmark's weaker-performing sectors — provided a meaningful offset.

Within information technology, several of this Fund's core holdings were caught up in a broader drawdown tied to investor anxiety over the long-term durability of software growth in an AI-driven world. Zscaler, ServiceNow, Veeva Systems (classified as health care), Autodesk, and MongoDB all detracted meaningfully despite, in several cases, continuing to post solid fundamental results. Ryan Specialty, within the financials sector, likewise declined on an AI-disruption narrative for insurance brokers. These losses were only partially offset by strength in Datadog, which rebuked AI-disruption concerns with broad-based, accelerating growth, and Okta, which benefited from go-to-market refinements and platform-strategy traction. Lack of exposure to the semiconductors & semiconductor equipment industry, which returned over 100%, was also a considerable relative headwind. In industrials, strong returns from several machinery holdings (Nordson Corporation, IDEX Corporation, and Fortive) were helpful to absolute returns, though not enough to overcome lack of or under-weighted exposure to stronger returning industries within the sector (e.g. construction & engineering).

This Fund's large underweight of consumer discretionary was a large contributor to the relative performance, as the sector lagged the broader benchmark. The Fund's modest holdings within the sector, namely Wingstop, were themselves a mild relative drag. The Fund's lack of exposure to communication services and underweight of utilities were also beneficial, as both sectors underperformed the benchmark. Elsewhere, Axon Enterprise Fastenal, and AMETEK were among this Fund's strongest absolute and relative contributors for the period.

The unprecedented government stimulus that was largely directed toward consumers during COVID has been followed by continued sizeable deficits as defense spending soars. The combination of passive flows and the AI phenomenon including hyperscalers going all-in on data center construction has created a large degree of uncertainty about when our investment process might return to favor. Nonetheless, we own a terrific collection of high return, reliable, financially sound companies that in aggregate offer our clients especially attractive reward to risk profiles given what we believe are the intrinsic values of the holdings.

How did the Fund perform since inception?

Total Return Based on $1,000,000 Investment

Table Summary
	Champlain Strategic Focus Fund, Institutional Shares	Russell 3000 Index (USD) (TR)^{Footnote Reference*}	Russell Midcap Growth Benchmark Index (USD) (TR)^{Footnote Reference*}^{Footnote Reference†}
Dec/23	$1,135,000	$1,102,449	$1,136,729
Dec/24	$1,184,887	$1,364,917	$1,387,981
Dec/25	$1,252,867	$1,598,938	$1,508,139
Jun/26	$1,288,784	$1,772,637	$1,617,852

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^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.
Footnote^†	As of March 2025, the benchmark name changed from Russell Midcap Growth Index to Russell Midcap Growth Benchmark Index, to reflect that it follows an uncapped methodology. Specifically, the Russell Midcap Growth Benchmark Index reflects the full market-cap weightings and does not apply the capping constraints introduced in 2025.

Average Semi-Annual Total Returns as of June 30, 2026

Table Summary
Fund/Index Name	1 Year	Annualized Since Inception
Champlain Strategic Focus Fund, Institutional Shares	2.63%	9.83%
Russell 3000 Index (USD) (TR)	22.81%	23.55%
Russell Midcap Growth Benchmark Index (USD) (TR) *	6.17%	19.45%

Key Fund Statistics as of June 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$3,743,526	27	$-	35%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Consumer Discretionary	2.9%
Short-Term Investment	4.9%
Energy	5.5%
Financials	8.8%
Health Care	11.5%
Information Technology	32.2%
Industrials	34.1%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Axon Enterprise			6.5%
Synopsys			5.6%
Fastenal			5.5%
Veeva Systems, Cl A			5.4%
IDEX			5.2%
Okta, Cl A			4.8%
Everpure, Cl A			4.8%
AMETEK			4.1%
MongoDB, Cl A			3.8%
Nutanix, Cl A			3.6%

Footnote	Description
Footnote^(A)	Short-Term Investments, if any, are not shown in the top ten holdings.

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

The Advisors' Inner Circle Fund II

Champlain Strategic Focus Fund / Institutional Shares - CIPTX

Semi-Annual Shareholder Report: June 30, 2026

CIPTX-SAR-2026

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

As of June 30, 2026, 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.

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

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 (the “1940 Act”), 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. The Small Company Fund and Mid Cap Fund are each classified as a “diversified” investment company under the 1940 Act. The Small Company Fund invests primarily in small companies that, at the time of purchase, are included in the S&P SmallCap 600 Index or Russell 2000 Index, or have market capitalizations within the range of the Russell 2000 Index as measured at its most recent annual reconstitution. Mid Cap invests primarily medium-sized company that, at the time of initial purchase, is included in either the S&P MidCap 400 or the Russell Midcap Index, or that has a market capitalization that falls within the range of the Russell Midcap Index as measured as of the index’s most recent annual reconstitution. The Strategic Focus Fund is classified as a “non-diversified" investment company under the 1940 Act. The Strategic Focus Fund invests primarily in securities of medium- to large-sized companies and may also invest in securities of small-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.

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.

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:

●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;

●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

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

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

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

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

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six months ended June 30, 2026, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2026, 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.

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 – An operating segment is defined in Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”) 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 Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is predetermined 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.

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

The services provided by the Chief Compliance Officer (“CCO”) and his staff, who are the employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s advisers and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

The Funds and the Administrator are parties to an Administration Agreement, under which the Administrator provides administrative services to the Fund. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the six months ended June 30, 2026, the Small Company Fund, Mid Cap Fund and Strategic Focus Fund were charged $352,740, $666,852, and $1,149 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 six months ended June 30, 2026, the Small Company Fund, Mid Cap Fund and the Strategic Focus Fund earned credits of $2,983, $28,975 and $ 229, 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.

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 based on the average daily net assets of each fund:

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, 2027, respectively. To maintain these expense limitations, the Adviser may waive a portion of its advisory fee and/or reimburse certain expenses of the Funds. If at any point it becomes unnecessary for the Adviser, Administrator, or shareholder service agent to make expense limitation reimbursements, the Adviser may retain the difference between the “Total Annual Fund Operating Expenses” and the aforementioned expense limitations to recapture all or a portion of its prior expense limitation reimbursements made during the preceding three year period. As of June 30, 2026, the Funds did not recapture previously waived fees.

As of June 30, 2026, fees previously waived and reimbursed by the Adviser which may be subject to possible future reimbursement are as follows:

The following table summarizes each Fund’s share transactions for the six months ended, including shares issued, reinvested, and redeemed.

For the six months ended June 30, 2026, the purchases and sales of investment securities other than long-term U.S. Government and short-term investments were:

For the six months ended June 30, 2026, in-kind transactions associated with purchases and sales were:

The amount and character of income and capital gain distributions, if any, to be paid, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the differences arise.

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

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

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 June 30, 2026:

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. A variety of factors can lead to volatility in local, regional, or global markets, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund.

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

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

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

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.

At June 30, 2026, 90% of the total shares outstanding of the Small Company Fund Advisor Shares were held by two shareholders; 57% of the total shares outstanding of the Small Company Fund Institutional Shares were held by three shareholders; 69% of the total shares outstanding of the Mid Cap Fund Advisor Shares were held by two shareholders, 53% of the total shares outstanding of the Mid Cap Fund Institutional Shares were held by two shareholders; 86% of the total shares outstanding of Strategic Focus Fund Institutional Shares were held by three shareholders.

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.

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 9, 2027. During the six months ended June 30, 2026, 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. For the six months ended June 30, 2026, the Small Company Fund borrowed an average of $19,458,667 at an interest rate of 6.75% and Mid Cap Fund borrowed $24,685,000 at an interest rate of 6.75%. As of the six months ended June 30, 2026, there were no borrowings outstanding.

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 six months ended June 30, 2026 are recorded within the Statement of Operations, if applicable.

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.

Item 8. Changes in and Disagreements with Accountants 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.

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

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

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

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

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

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

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.

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

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

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

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.

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.

	Shares		Value
CONSUMER DISCRETIONARY — 10.7%
Brinker International *		77,000	$	12,936,000
Cava Group *		150,900		11,842,632
First Watch Restaurant Group *		288,000		3,712,320
Floor & Decor Holdings, Cl A *		178,000		10,566,080
OneSpaWorld Holdings		263,000		7,427,120
Planet Fitness, Cl A *		64,000		3,338,880
Shake Shack, Cl A *		58,000		3,249,160
Valvoline *		323,000		12,771,420
Wingstop		52,000		9,017,320
Wyndham Hotels & Resorts		149,000		12,547,290
				87,408,222
CONSUMER STAPLES — 3.7%
Celsius Holdings *		289,000		8,461,920
elf Beauty *		120,000		8,880,000
Sprouts Farmers Market *		153,000		12,940,740
				30,282,660
ENERGY — 3.3%
Cactus, Cl A		249,000		12,756,270
Matador Resources		277,000		13,789,060
				26,545,330
FINANCIALS — 19.9%
Baldwin Insurance Group, Cl A *		338,000		8,984,040
BancFirst		79,000		8,779,270
Central BanCo, Cl A		311,975		9,477,801
Commerce Bancshares		188,000		10,857,000
Cullen/Frost Bankers		79,000		12,207,080
First Financial Bankshares		380,000		13,148,000
German American Bancorp		217,000		10,298,820
Kinsale Capital Group		17,000		5,606,770
Lincoln International, Cl A *		110,000		2,625,700
MarketAxess Holdings		50,000		5,674,500
Nicolet Bankshares		42,000		6,946,380
Palomar Holdings *		106,000		13,397,340

COMMON STOCK — continued

	Shares		Value
FINANCIALS — continued
PJT Partners, Cl A		73,000	$	11,018,620
RLI		156,000		9,214,920
Skyward Specialty Insurance Group *		253,000		14,762,550
Stock Yards Bancorp		114,000		8,717,580
StoneX Group *		92,000		10,902,000
				162,618,371
HEALTH CARE — 15.9%
AtriCure *		383,000		10,716,340
Bruker		137,000		8,244,660
Caris Life Sciences *		400,000		7,128,000
Glaukos *		110,000		15,373,600
Globus Medical, Cl A *		117,000		9,244,170
HeartFlow *		288,000		8,449,920
IRhythm Holdings *		37,000		4,401,150
Merit Medical Systems *		160,000		11,094,400
Penumbra *		44,000		13,893,000
Procept Biorobotics *		401,000		9,054,580
Repligen *		67,000		9,141,480
SI-BONE *		340,135		5,551,003
Veracyte *		68,000		3,993,640
Vericel *		299,000		13,302,510
				129,588,453
INDUSTRIALS — 24.0%
AAON		73,000		9,260,780
AeroVironment *		29,000		4,787,030
Bloom Energy, Cl A *		17,485		5,292,709
Brady, Cl A		47,000		4,303,790
CSW Industrials		56,000		15,584,800
Enerpac Tool Group, Cl A		263,000		9,431,180
Esab		182,000		17,950,660
JBT Marel		51,000		7,395,000
Kadant		42,000		13,197,660
Karman Holdings *		72,000		3,594,240
Kratos Defense & Security Solutions *		90,000		4,487,400

COMMON STOCK — continued

	Shares		Value
INDUSTRIALS — continued
Modine Manufacturing *		8,680	$	2,317,734
MSA Safety		81,000		14,140,980
RB Global		123,000		14,323,350
RBC Bearings *		11,000		7,084,660
Simpson Manufacturing		85,000		17,794,750
SPX Technologies *		77,000		18,878,090
Standex International		35,000		12,518,450
Transcat *		72,000		6,679,440
Watts Water Technologies, Cl A		18,000		7,046,100
				196,068,803
INFORMATION TECHNOLOGY — 18.5%
Alkami Technology *		362,000		6,559,440
Braze, Cl A *		275,000		5,964,750
Commvault Systems *		132,000		18,708,360
Credo Technology Group Holding *		30,000		8,158,500
Everpure, Cl A *		250,000		19,697,500
Gitlab, Cl A *		93,455		2,853,181
Novanta *		126,000		20,442,240
Nutanix, Cl A *		416,000		21,199,360
Ralliant		166,000		12,222,580
Rambus *		107,000		14,203,180
SentinelOne, Cl A *		583,000		9,893,510
SiTime *		15,000		11,183,400
				151,086,001
MATERIALS — 2.2%
Sensient Technologies		88,000		10,849,520
Solstice Advanced Materials		82,000		7,265,200
				18,114,720
TOTAL COMMON STOCK
(Cost $621,274,911)				801,712,560

SHORT-TERM INVESTMENT — 2.2%

	Shares		Value
Fidelity Investments - Money Market Treasury Only, Cl I, 3.550% **		17,881,890	$	17,881,890
TOTAL CASH EQUIVALENT
(Cost $17,881,890)				17,881,890
TOTAL INVESTMENTS — 100.4%
(Cost $639,156,801)			$	819,594,450

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.7%

	Shares		Value
CONSUMER DISCRETIONARY — 7.8%
Cava Group *		212,000	$	16,637,760
Chewy, Cl A *		721,000		14,167,650
Domino's Pizza		16,000		4,736,640
Floor & Decor Holdings, Cl A *		270,000		16,027,200
Planet Fitness, Cl A *		88,000		4,590,960
Tractor Supply		230,000		7,270,300
Wingstop		74,000		12,832,340
Wyndham Hotels & Resorts		214,000		18,020,940
				94,283,790
CONSUMER STAPLES — 1.9%
Celsius Holdings *		210,000		6,148,800
Sprouts Farmers Market *		208,000		17,592,640
				23,741,440
ENERGY — 5.9%
EOG Resources		236,000		30,616,280
Equities		230,000		12,229,100
Texas Pacific Land		65,000		28,446,600
				71,291,980
FINANCIALS — 16.8%
Arch Capital Group *		240,000		23,294,400
Brown & Brown		189,000		12,124,350
Commerce Bancshares		314,000		18,133,500
Cullen/Frost Bankers		119,000		18,387,880
Houlihan Lokey, Cl A		131,000		17,571,030
Kinsale Capital Group		43,000		14,181,830
LPL Financial Holdings		55,000		15,492,400
MSCI, Cl A		29,000		16,241,160
Ryan Specialty Holdings, Cl A		479,000		18,087,040
Toast, Cl A *		783,000		21,783,060
Tradeweb Markets, Cl A		279,000		27,805,140
				203,101,790
HEALTH CARE — 17.3%
Agilent Technologies		117,500		15,607,525

Financial Statements (Form N-CSRS Item 7)
Schedules of Investments	1
Statements of Assets and Liabilities	11
Statements of Operations	12
Statements of Changes In Net Assets	13
Financial Highlights	16
Notes to Financial Statements	21
Other Information (Form N-CSRS Items 8-11)	34

The accompanying notes are an integral part of the financial statements.
1

*	Non-income producing security.
**	Rate reported is the 7-day effective yield as of June 30, 2026.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.0%#

	Shares		Value
CONSUMER DISCRETIONARY — 2.9%
Wingstop		630	$	109,248

ENERGY — 5.5%
EOG Resources		625		81,081
Texas Pacific Land		290		126,916
				207,997
FINANCIALS — 8.8%
MSCI, Cl A		210		117,608
Ryan Specialty Holdings, Cl A		2,730		103,085
Tradeweb Markets, Cl A		1,080		107,633
				328,326
HEALTH CARE — 11.5%
Mettler-Toledo International *		95		121,364
Veeva Systems, Cl A *		1,145		203,203
Waters *		280		105,011
				429,578
INDUSTRIALS — 34.1%
AMETEK		630		152,422
Axon Enterprise *		435		243,865
Carlisle		325		117,894
Esab		1,320		130,192
Fastenal		4,275		205,328
IDEX		850		192,908
Veralto		1,455		129,029
Waste Connections		635		105,848
				1,277,486
INFORMATION TECHNOLOGY — 32.2%
Autodesk *		415		80,684
Datadog, Cl A *		145		37,752
Everpure, Cl A *		2,295		180,823
MongoDB, Cl A *		420		141,078
Nutanix, Cl A *		2,680		136,573

COMMON STOCK — continued

	Shares			Value
INFORMATION TECHNOLOGY — continued
Okta, Cl A *		1,330	$	181,478
ServiceNow *		1,185		117,647
Synopsys *		470		209,653
Zscaler *		845		119,272
				1,204,960
TOTAL COMMON STOCK
(Cost $3,271,195)				3,557,595

SHORT-TERM INVESTMENT — 4.9%

Fidelity Investments - Money Market Treasury Only, Cl I, 3.550% **		183,937		183,937
TOTAL CASH EQUIVALENT
(Cost $183,937)				183,937
TOTAL INVESTMENTS — 99.9%
(Cost $3,455,132)			$	3,741,532

	Champlain Small Company Fund		Champlain Mid Cap Fund		Champlain Strategic Focus Fund
Assets:
Investments, at value (Cost $639,156,801, $869,907,643 and $3,455,132, respectively)	$	819,594,450	$	1,214,604,160	$	3,741,532
Receivable for Investment Securities Sold		12,124,197		–		–
Receivable for Capital Shares Sold		602,059		1,380,091		–
Receivable for Dividends		296,647		232,307		805
Reclaim Receivable		22,529		53,756		–
Receivable from Adviser		–		–		2,425
Prepaid Expenses		23,445		40,177		9,641
Total Assets		832,663,327		1,216,310,491		3,754,403
Liabilities:
Payable for Capital Shares Redeemed		14,068,423		6,329,665		–
Payable for Investment Securities Purchased		1,252,235		–		–
Payable due to Distributor — Advisor Shares		114,727		39,811		–
Payable due to Printing Fees		52,185		120,127		4,342
Payable due to Custodian		–		19,652		1,273
Payable due to Investment Adviser		601,597		736,901		–
Payable due to Transfer Agent		275,796		851,089		4,983
Payable due to Administrator		46,986		66,202		187
Chief Compliance Officer Fees Payable		1,586		3,014		5
Payable due to Trustees		1,193		1,402		4
Other Accrued Expenses		54,323		62,016		83
Total Liabilities		16,469,051		8,229,879		10,877
Commitments and Contingencies^‡
Net Assets	$	816,194,276	$	1,208,080,612	$	3,743,526
NET ASSETS CONSIST OF:
Paid-in Capital	$	626,035,555	$	626,118,647	$	3,243,813
Total Distributable Earnings		190,158,721		581,961,965		499,713
Net Assets	$	816,194,276	$	1,208,080,612	$	3,743,526
ADVISOR SHARES:
Net Assets	$	273,993,736	$	88,398,280		N/A
Shares Issued and Outstanding
(unlimited authorization — no par value)		14,946,794		4,388,933		N/A
Net Asset Value, Offering and Redemption Price Per Share	$	18.33	$	20.14		N/A
INSTITUTIONAL SHARES:
Net Assets	$	542,200,540	$	1,119,682,332	$	3,743,526
Shares Issued and Outstanding
(unlimited authorization — no par value)		28,442,824		52,616,793		306,839
Net Asset Value, Offering and Redemption Price Per Share	$	19.06	$	21.28	$	12.20

	Champlain Small Company Fund			Champlain Mid Cap Fund			Champlain Strategic Focus Fund
Investment Income
Dividends	$	3,705,821		$	6,529,927		$	10,698
Less: Foreign Taxes Withheld		(17,718	)		(18,638	)		(33	)
Total Investment Income		3,688,103			6,511,289			10,665
Expenses
Investment Advisory Fees		4,593,226			7,530,623			14,546
Administration Fees		352,740			666,852			1,149
Distribution Fees — Advisor Shares		341,865			134,925			—
Trustees' Fees		9,202			18,424			29
Chief Compliance Officer Fees		2,859			5,466			10
Transfer Agent Fees		582,093			1,021,102			15,365
Reflow Fees		72,075			423,687			—
Printing Fees		46,189			97,946			—
Professional Fees		24,461			46,535			85
Custodian Fees		23,829			47,734			4,843
Registration Fees		23,552			31,094			8,089
Line of Credit		10,946			4,628			—
Insurance and Other Expenses		7,774			30,065			304
Total Expenses		6,090,811			10,059,081			44,420
Less: Advisory Fees Waived		—			(49,766	)		(14,546	)
Less: Reimbursement from Adviser		—			—			(14,190	)
Less: Fees Paid Indirectly		(2,983	)		(28,975	)		(229	)
Net Expenses		6,087,828			9,980,340			15,455
Net Investment (Loss)		(2,399,725	)		(3,469,051	)		(4,790	)
Net Realized Gain (Loss)
Investments		32,863,923			87,275,699			14,811
Redemptions In-Kind		20,343,810			116,434,748			—
Net Realized Gain		53,207,733			203,710,447			14,811
Net Change in Unrealized Appreciation (Depreciation) on Investments		20,806,689			(241,797,709	)		60,858
Net Realized and Unrealized Gain (Loss)		74,014,422			(38,087,262	)		75,669
Net Increase (Decrease) in Net Assets Resulting from Operations	$	71,614,697		$	(41,556,313	)	$	70,879

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025
Operations:
Net Investment Income (Loss)	$	(2,399,725	)	$	(6,475,838	)
Net Realized Gain (Loss)		53,207,733			236,278,772
Net Change in Unrealized Appreciation (Depreciation)		20,806,689			(330,884,579	)
Net Increase (Decrease) in Net Assets Resulting from Operations		71,614,697			(101,081,645	)

Distributions:
Advisor Shares		—			(56,349,946	)
Institutional Shares		—			(202,468,124	)
Total Distributions		—			(258,818,070	)

Capital Share Transactions:⁽¹⁾

Advisor Shares:
Issued		15,655,018			31,062,635
Reinvestment of Distributions		—			55,612,433
Redeemed		(59,832,386	)		(84,941,650	)⁽²⁾
Increase (Decrease) from Advisor Shares Capital Share Transactions		(44,177,368	)		1,733,418
Institutional Shares:
Issued		112,179,357			424,363,177
Reinvestment of Distributions		—			199,560,657
Redeemed		(668,989,618	)		(925,279,186	)⁽²⁾
Decrease from Institutional Shares Capital Share Transactions		(556,810,261	)		(301,355,352	)
Net (Decrease) in Net Assets from Capital Share Transactions		(600,987,629	)		(299,621,934	)
Total (Decrease) in Net Assets		(529,372,932	)		(659,521,649	)

Net Assets:
Beginning of Period/Year		1,345,567,208			2,005,088,857
End of Period/Year	$	816,194,276		$	1,345,567,208

(1)	For share transactions, see Note 6 in the Notes to Financial Statements.
(2)	Includes redemption in-kind transactions. See additional information contained in Note 13 in the Notes to Financial Statements.

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

	Amounts designated as " —" are $0.

	Advisor Shares
	Period Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net Asset Value, Beginning of Year	$	16.85		$	21.85		$	20.81		$	19.44		$	24.64		$	22.93
Income (Loss) from Operations:
Net Investment Loss⁽¹⁾		(0.05	)		(0.12	)		(0.12	)		(0.09	)		(0.11	)		(0.18	)
Net Realized and Unrealized Gain (Loss)		1.53			(1.03	)		2.99			2.79			(5.02	)		2.99
Total from Operations		1.48			(1.15	)		2.87			2.70			(5.13	)		2.81
Dividends and Distributions from:
Net Investment Income		—			—			—			—			—			—
Net Realized Gains		—			(3.85	)		(1.83	)		(1.33	)		(0.07	)		(1.10	)
Return of Capital		—			—			—			—			—	^		—
Total Dividends and Distributions		—			(3.85	)		(1.83	)		(1.33	)		(0.07	)		(1.10	)
Net Asset Value, End of Year	$	18.33		$	16.85		$	21.85		$	20.81		$	19.44		$	24.64
Total Return ^†		8.78	%**		(5.53	)%		13.72	%		14.00	%		(20.82	)%		12.42	%

Ratios and Supplemental Data
Net Assets, End of Year (Thousands)	$	273,994		$	295,468		$	369,129		$	362,889		$	354,487		$	480,911
Ratio of Expenses to Average Net Assets (including waivers and reimbursements/ excluding fees paid indirectly)		1.28	%*		1.24	%		1.24	%		1.26	%		1.27	%		1.26	%
Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly)		1.28	%*		1.24	%		1.24	%		1.26	%		1.27	%		1.26	%
Ratio of Net Investment Loss to Average Net Assets		(0.60	)%*		(0.57	)%		(0.56	)%		(0.46	)%		(0.53	)%		(0.71	)%
Portfolio Turnover Rate		27	%**		51	%		44	%		41	%		24	%		22	%

*	Annualized.
**	Total return and portfolio turnover rate for the period indicated and has not been annualized.
†	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.
^	Amount represents less than $0.005.
(1)	Per share amounts calculated using average shares method.

	Amounts designated as "—" are $0 or round to $0.

*	Annualized.
**	Total return and portfolio turnover rate for the period indicated and has not been annualized.
†	Total return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(1)	Per share amounts calculated using average shares method.
(2)	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.

	Institutional Shares
	Period Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025			Year Ended December 31, 2024			Period Ended December 31, 2023⁽¹⁾
Net Asset Value, Beginning of Year/Period	$	11.86		$	11.36		$	11.35		$	10.00
Income (Loss) from Operations:
Net Investment Loss⁽²⁾		(0.02	)		(0.04	)		(0.04	)		—
Net Realized and Unrealized Gain		0.36			0.69			0.54			1.35
Total from Operations		0.34			0.65			0.50			1.35
Dividends and Distributions from:
Net Investment Income		—			—			—			—
Net Realized Gains		—			(0.15	)		(0.49	)		—
Total Dividends and Distributions		—			(0.15	)		(0.49	)		—
Net Asset Value, End of Year/Period	$	12.20		$	11.86		$	11.36		$	11.35
Total Return ^†		2.87	%**		5.74	%		4.40	%		13.50	%**

Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	3,744		$	3,946		$	3,132		$	2,382
Ratio of Expenses to Average Net Assets (including waivers and reimbursements/excluding fees paid indirectly)		0.85	%*		0.85	%		0.85	%		0.85	%*
Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly)		2.43	%*		2.29	%		5.43	%		8.82	%*
Ratio of Net Investment Loss to Average Net Assets		(0.26	)%*		(0.32	)%		(0.35	)%		(0.11	)%*
Portfolio Turnover Rate		35	%**		55	%		30	%		6	%**

THE ADVISORS’ INNER CIRCLE FUND II	CHAMPLAIN FUNDS
	JUNE 30, 2026 (Unaudited)

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

Subject to Repayment
until December 31:		Mid Cap Fund		Strategic Focus Fund
	2027	$	–	$	91,299
	2028		–		81,017
	2029		49,766		53,705
		$	49,766	$	226,021

	Period Ended
	June 30, 2026			Year Ended
Small Company Fund	(Unaudited)			December 31, 2025
Advisor Shares
Issued		954,248			1,575,764
Reinvestment of Distributions		–			3,254,092
Redeemed		(3,544,552	)		(4,189,006	)*
Net Advisor Shares Capital Share Transactions		(2,590,304	)		640,850
Institutional Shares
Issued		6,275,150			20,207,242
Reinvestment of Distributions		–			11,242,854
Redeemed		(37,842,114	)		(44,217,054	)*
Net Institutional Shares Capital Share Transactions		(31,566,964	)		(12,766,958	)
Net Decrease in Shares Outstanding		(34,157,268	)		(12,126,108	)

	Period Ended
	June 30, 2026			Year Ended
Mid Cap Fund	(Unaudited)			December 31, 2025
Advisor Shares
Issued		292,948			956,327
Reinvestment of Distributions		–			1,043,244
Redeemed		(2,567,435	)		(3,721,106	)*
Net Advisor Shares Capital Share Transactions		(2,274,487	)		(1,721,535	)
Institutional Shares
Issued		21,680,267			29,617,209
Reinvestment of Distributions		(1	)		18,042,217
Redeemed		(108,098,540	)		(103,307,786	)*
Net Institutional Shares Capital Share Transactions		(86,418,274	)		(55,648,360	)
Net Decrease in Shares Outstanding		(88,692,761	)		(57,369,895	)

Strategic Focus Fund	Period Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025
Institutional Shares
Issued		21,802		62,003
Reinvestment of Distributions		–		4,245
Redeemed		(47,741	)	(9,097	)
Net Institutional Shares Capital Share Transactions		(25,939	)	57,151
Net Increase (Decrease) in Shares Outstanding		(25,939	)	57,151

The Advisors' Inner Circle Fund II

Champlain Small Company Fund

Advisor Shares - CIPSX

Semi-Annual Shareholder Report: June 30, 2026

What were the Fund costs for the last six months?

How did the Fund perform in the last six months?

Total Return Based on $10,000 Investment

Average Semi-Annual Total Returns as of June 30, 2026

Key Fund Statistics as of June 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund II

Champlain Small Company Fund

Institutional Shares - CIPNX

Semi-Annual Shareholder Report: June 30, 2026

What were the Fund costs for the last six months?

How did the Fund perform in the last six months?

Total Return Based on $1,000,000 Investment

Average Semi-Annual Total Returns as of June 30, 2026

Key Fund Statistics as of June 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund II

Champlain Mid Cap Fund

Advisor Shares - CIPMX

Semi-Annual Shareholder Report: June 30, 2026

What were the Fund costs for the last six months?

How did the Fund perform in the last six months?

Total Return Based on $10,000 Investment

Average Semi-Annual Total Returns as of June 30, 2026

Key Fund Statistics as of June 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund II

Champlain Mid Cap Fund

Institutional Shares - CIPIX

Semi-Annual Shareholder Report: June 30, 2026

What were the Fund costs for the last six months?

How did the Fund perform in the last six months?

Total Return Based on $1,000,000 Investment

Average Semi-Annual Total Returns as of June 30, 2026

Key Fund Statistics as of June 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund II

Champlain Strategic Focus Fund

Institutional Shares - CIPTX

Semi-Annual Shareholder Report: June 30, 2026

What were the Fund costs for the last six months?

How did the Fund perform in the last six months?

Total Return Based on $1,000,000 Investment

Average Semi-Annual Total Returns as of June 30, 2026

Key Fund Statistics as of June 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

Asset/Sector Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}

	Purchases		Sales
Small Company Fund	$	287,277,386	$	814,283,099
Mid Cap Fund		526,932,017		2,002,990,807
Strategic Focus Fund		1,236,347		1,615,928

					Realized Gain/
	Purchases		Sales		(Loss)
Small Company Fund	$	1,628,859	$	50,927,381	$	67,518,773
Mid Cap Fund		–		283,307,245		116,434,478

	Ordinary		Long-Term		Return of
	Income		Capital Gain		Capital		Total
Small Company Fund
2025	$	56,316,185	$	202,501,885	$	–	$	258,818,070
2024		10,378,538		144,773,393		–		155,151,931
Mid Cap Fund
2025		7,964,410		459,390,932		–		467,355,342
2024		24,304,618		315,974,687		–		340,279,305
Strategic Focus Fund
2025		4,155		46,407		–		50,562
2024		70,197		55,344		–		125,541

	Small Company						Strategic Focus
	Fund			Mid Cap Fund			Fund
Undistributed Ordinary Income	$	–		$	59,754,686		$	–
Undistributed Long-Term Capital Gain		–			–			204,213
Post-October losses		(20,918,348	)		–			–
Unrealized Appreciation		139,462,363			563,763,594			224,621
Other Temporary Differences		9			(2	)		–
Total Distributable Earnings	$	118,544,024		$	623,518,278		$	428,834

			Aggregate		Aggregate			Net
			Gross		Gross			Unrealized
	Federal		Unrealized		Unrealized			Appreciation
	Tax Cost		Appreciation		Depreciation			(Depreciation)
Small Company Fund	$	639,156,801	$	221,782,471	$	(41,344,822	)	$	180,437,649
Mid Cap Fund		869,907,643		390,453,240		(45,756,723	)		344,696,517
Strategic Focus Fund		3,455,132		474,887		(18,847	)		456,040

		Value of Cash
		and Securities
Fund	Date Range	Sold		Shares Sold
Small Company Fund	01/05/2026 - 02/19/2026	$	51,255,771		2,832,118
Mid Cap Fund	01/05/2026 - 02/19/2026		290,269,726		13,905,755

(Registrant)		The Advisors’ Inner Circle Fund II

By	(Signature and Title)	/s/ Michael Beattie
		Michael Beattie
		Principal Executive Officer

Date:	September 4, 2026