Advisors' Inner Circle Fund II NPORT-P Champlain Emerging Markets Fund (Mar 2022 report)

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN SMALL COMPANY FUND MARCH 31, 2022 (Unaudited) 

SCHEDULE OF INVESTMENTS
COMMON STOCK — 96.0%
	Shares		Value
COMMUNICATION SERVICES — 1.7%
John Wiley & Sons, Cl A		1,045,000	$	55,416,350
CONSUMER DISCRETIONARY — 4.3%
European Wax Center, Cl A *		285,000		8,424,600
Sally Beauty Holdings *		1,970,000		30,791,100
Shake Shack, Cl A *		350,000		23,765,000
Wingstop		310,000		36,378,500
Wolverine World Wide		1,705,000		38,464,800
				137,824,000
CONSUMER STAPLES — 12.9%
Central Garden & Pet, Cl A *		765,000		31,196,700
elf Beauty *		1,340,000		34,612,200
Honest *		1,110,000		5,783,100
Hostess Brands, Cl A *		2,840,000		62,309,600
J&J Snack Foods		260,000		40,326,000
Lancaster Colony		465,000		69,354,750
MGP Ingredients		640,000		54,777,600
Simply Good Foods *		2,075,000		78,746,250
Utz Brands, CI A		2,510,000		37,097,800
Zevia PBC, Cl A *		915,000		4,181,550
				418,385,550
FINANCIALS — 14.4%
Argo Group International Holdings		935,000		38,596,800
BRP Group, Cl A *		1,480,000		39,708,400
Community Bank System		425,000		29,813,750
CVB Financial		1,375,000		31,913,750
German American Bancorp		615,000		23,363,850
Independent Bank		665,000		54,323,850
James River Group Holdings		845,000		20,905,300
Palomar Holdings *		360,000		23,036,400
Prosperity Bancshares		525,000		36,424,500
Selective Insurance Group		655,000		58,530,800
Stock Yards Bancorp		335,000		17,721,500
UMB Financial		605,000		58,781,800
Washington Trust Bancorp		230,000		12,075,000
WSFS Financial		450,000		20,979,000
				466,174,700

  1   CHAMPLAIN INVESTMENT  PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN SMALL COMPANY FUND MARCH 31, 2022 (Unaudited) 

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — 19.8%
AtriCure *		580,000	$	38,088,600
Axonics *		467,885		29,289,601
Cardiovascular Systems *		1,643,735		37,148,411
CONMED		625,000		92,843,750
Globus Medical, Cl A *		765,000		56,441,700
Inspire Medical Systems *		320,000		82,140,800
Integra LifeSciences Holdings *		1,275,000		81,931,500
Masimo *		65,000		9,460,100
Omnicell *		210,000		27,192,900
Outset Medical *		930,000		42,222,000
Penumbra *		221,265		49,149,595
Pulmonx *		995,000		24,685,950
SI-BONE *		855,000		19,323,000
Tactile Systems Technology *		830,000		16,732,800
Vapotherm *		710,000		9,869,000
Veracyte *		825,000		22,745,250
				639,264,957
INDUSTRIALS — 19.2%
Albany International, Cl A		250,000		21,080,000
Altra Industrial Motion		1,015,000		39,513,950
Barnes Group		1,340,000		53,854,600
CSW Industrials		325,000		38,216,750
ESCO Technologies		450,000		31,464,000
Evoqua Water Technologies *		1,985,000		93,255,300
Gibraltar Industries *		350,000		15,032,500
John Bean Technologies		755,000		89,444,850
Montrose Environmental Group *		440,000		23,289,200
MSA Safety		630,000		83,601,000
RBC Bearings *		145,000		28,112,600
Ritchie Bros. Auctioneers		1,045,000		61,686,350
Standex International		290,000		28,976,800
Transcat *		180,000		14,605,200
				622,133,100
INFORMATION TECHNOLOGY — 19.6%
Asana, Cl A *		455,000		18,186,350
Blackbaud *		475,000		28,438,250
BlackLine *		640,000		46,860,800
Envestnet *		425,000		31,637,000
New Relic *		1,150,000		76,912,000
Novanta *		155,105		22,069,890

  2   CHAMPLAIN INVESTMENT  PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN SMALL COMPANY FUND MARCH 31, 2022 (Unaudited) 

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Pure Storage, Cl A *		2,980,000	$	105,223,800
Q2 Holdings *		1,075,000		66,273,750
SailPoint Technologies Holdings *		1,325,000		67,813,500
Sumo Logic *		1,916,970		22,371,040
Tenable Holdings *		1,170,000		67,614,300
Workiva, Cl A *		502,000		59,236,000
Yext *		2,815,000		19,395,350
				632,032,030
MATERIALS — 4.1%
Chase		67,440		5,861,210
Innospec		430,000		39,796,500
Sensient Technologies		450,000		37,777,500
TriMas		1,560,000		50,060,400
				133,495,610
TOTAL COMMON STOCK (Cost $2,438,759,672)				3,104,726,297
CASH EQUIVALENTS** — 3.6%
Fidelity Investments - Money Market Treasury Only Portfolio, Cl I, 0.140%		20,000,000		20,000,000
Goldman Sachs Square Treasury Instruments Fund, Institutional Shares, 0.006%		96,764,631		96,764,631
TOTAL CASH EQUIVALENTS (Cost $116,764,631)				116,764,631
TOTAL INVESTMENTS — 99.6% (Cost $2,555,524,303)			$	3,221,490,928

Percentages are based on Net Assets of $3,234,182,565.

*  Non-income producing security.

** Rate reported is the 7-day effective yield as of March 31, 2022.

Cl — Class

As of March 31, 2022, 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.

During the period ended March 31, 2022, there were no transfers in or out of Level 3.

  3   CHAMPLAIN INVESTMENT  PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN SMALL COMPANY FUND MARCH 31, 2022 (Unaudited) 

For more information on the Fund’s policy regarding significant accounting policies including valuation of investments, please refer to the Fund’s most recent semi-annual or annual financial statements.

CSC-QH-001-3500

  4   CHAMPLAIN INVESTMENT  PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN MID CAP FUND MARCH 31, 2022 (Unaudited) 

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.8%
	Shares		Value
CONSUMER DISCRETIONARY — 8.5%
Advance Auto Parts		865,000	$	179,020,400
Leslie’s *		5,605,000		108,512,800
Planet Fitness, Cl A *		870,000		73,497,600
Terminix Global Holdings *		1,165,000		53,158,950
Tractor Supply		360,000		84,013,200
Ulta Beauty *		185,000		73,670,700
				571,873,650
CONSUMER STAPLES — 11.1%
Boston Beer, Cl A *		145,000		56,328,150
Church & Dwight		480,000		47,702,400
Clorox		760,000		105,662,800
Freshpet *		1,240,000		127,273,600
Hormel Foods		1,790,000		92,256,600
JM Smucker		920,000		124,577,200
Lamb Weston Holdings		1,160,000		69,495,600
McCormick		1,290,000		128,742,000
				752,038,350
FINANCIALS — 12.2%
Arthur J Gallagher		1,075,000		187,695,000
Cullen/Frost Bankers		460,000		63,668,600
Everest Re Group		650,000		195,897,000
Northern Trust		850,000		98,982,500
Prosperity Bancshares		975,000		67,645,500
SVB Financial Group *		165,000		92,309,250
Tradeweb Markets, Cl A		1,325,000		116,427,750
				822,625,600
HEALTH CARE — 23.9%
Abcam PLC ADR		1,351,965		24,727,440
Align Technology *		280,000		122,080,000
Bio-Rad Laboratories, Cl A *		130,000		73,219,900
Bio-Techne		265,000		114,755,600
Catalent *		745,000		82,620,500
Cooper		230,000		96,045,700
DENTSPLY SIRONA		2,900,000		142,738,000
DexCom *		75,000		38,370,000
Edwards Lifesciences *		1,625,000		191,295,000
Integra LifeSciences Holdings *		1,465,000		94,140,900
Maravai LifeSciences Holdings, Cl A *		1,910,000		67,365,700

  1   CHAMPLAIN INVESTMENT  PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN MID CAP FUND MARCH 31, 2022 (Unaudited) 

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Masimo *		440,000	$	64,037,600
STERIS PLC		570,000		137,808,900
Tandem Diabetes Care *		810,000		94,194,900
Veeva Systems, Cl A *		505,000		107,292,300
Waters *		530,000		164,506,700
				1,615,199,140
INDUSTRIALS — 20.4%
AMETEK		1,510,000		201,101,800
Clarivate PLC *		4,400,000		73,744,000
CoStar Group *		1,520,000		101,247,200
Fortive		3,025,000		184,313,250
Generac Holdings *		570,000		169,438,200
Graco		1,070,000		74,600,400
IDEX		595,000		114,079,350
Nordson		470,000		106,727,600
Rockwell Automation		460,000		128,813,800
Toro		1,455,000		124,387,950
Verisk Analytics		465,000		99,802,950
				1,378,256,500
INFORMATION TECHNOLOGY — 20.0%
Akamai Technologies *		895,000		106,854,050
Anaplan *		1,075,000		69,928,750
Asana, Cl A *		2,500,000		99,925,000
Nutanix, Cl A *		3,040,000		81,532,800
Okta, Cl A *		625,000		94,350,000
Palo Alto Networks *		285,000		177,415,350
Pure Storage, Cl A *		4,285,000		151,303,350
Smartsheet, Cl A *		960,000		52,588,800
Synopsys *		280,000		93,315,600
Workday, Cl A *		710,000		170,016,600
Zendesk *		1,000,000		120,290,000
Zscaler *		560,000		135,116,800
				1,352,637,100

  2   CHAMPLAIN INVESTMENT  PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN MID CAP FUND MARCH 31, 2022 (Unaudited) 

COMMON STOCK — continued
	Shares		Value
MATERIALS — 1.7%
AptarGroup		970,000	$	113,975,000
TOTAL COMMON STOCK (Cost $4,909,530,570)				6,606,605,340
CASH EQUIVALENTS** — 2.1%
Fidelity Investments - Money Market Treasury Only Portfolio, Cl I, 0.140%		20,000,000		20,000,000
Goldman Sachs Square Treasury Instruments Fund, Institutional Shares, 0.006%		123,515,906		123,515,906
TOTAL CASH EQUIVALENTS (Cost $143,515,906)				143,515,906
TOTAL INVESTMENTS — 99.9% (Cost $5,053,046,476)			$	6,750,121,246

Percentages are based on Net Assets of $6,756,117,710.

*  Non-income producing security.

** Rate reported is the 7-day effective yield as of March 31, 2022.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

As of March 31, 2022, 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.

During the period ended March 31, 2022, there were no transfers in or out of Level 3.

For more information on the Fund’s policy regarding significant accounting policies including valuation of investments, please refer to the Fund’s most recent semi-annual or annual financial statements.

CSC-QH-002-2800

  3   CHAMPLAIN INVESTMENT  PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN EMERGING MARKETS FUND MARCH 31, 2022 (Unaudited) 

SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.2%
	Shares		Value
BRAZIL — 4.9%
PagSeguro Digital, Cl A *		3,920	$	78,596
WEG		21,500		157,904
XP, Cl A *		5,035		151,553
				388,053
CHINA — 23.8%
Alibaba Group Holding *		19,760		267,946
Beijing Kingsoft Office Software, Cl A		3,909		114,972
Foshan Haitian Flavouring & Food, Cl A		7,105		97,541
Hefei Meyer Optoelectronic Technology, Cl A		15,515		65,296
JD.com, Cl A *		7,207		207,865
Netease		5,890		104,789
Shenzhen Inovance Technology, Cl A		12,952		115,731
Shenzhen Mindray Bio-Medical Electronics, Cl A		2,795		135,018
Tencent Holdings		9,185		428,685
WuXi AppTec, Cl H		7,145		112,573
Wuxi Biologics Cayman *		16,080		131,525
Yum China Holdings		2,385		103,006
				1,884,947
HONG KONG — 8.6%
AIA Group		28,735		300,075
Hong Kong Exchanges & Clearing		2,935		137,770
Shenzhou International Group Holdings		9,825		129,603
Techtronic Industries		7,085		113,997
				681,445
HUNGARY — 1.8%
OTP Bank		3,835		140,827
INDIA — 22.3%
Apollo Hospitals Enterprise		1,435		85,426
Asian Paints		4,215		171,013
Avenue Supermarts *		1,415		74,518
Bajaj Finance		1,880		179,289
Britannia Industries		2,515		106,044
HDFC Bank		13,165		254,221
Jubilant Foodworks		1,920		66,634
Kotak Mahindra Bank		5,640		129,927
Mphasis		2,230		98,957

  1   CHAMPLAIN INVESTMENT  PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN EMERGING MARKETS FUND MARCH 31, 2022 (Unaudited) 

COMMON STOCK — continued
	Shares		Value
INDIA — continued
Reliance Industries		12,570	$	435,702
Tata Consultancy Services		3,450		169,770
				1,771,501
INDONESIA — 2.4%
Bank Central Asia		335,475		186,530
LUXEMBOURG — 0.7%
L’Occitane International		16,885		54,525
MEXICO — 3.9%
Wal-Mart de Mexico		76,235		311,599
POLAND — 1.4%
Dino Polska *		1,380		112,373
SINGAPORE — 0.5%
Nanofilm Technologies International		21,535		42,951
SOUTH AFRICA — 1.5%
Clicks Group		5,710		120,677
SOUTH KOREA — 6.7%
Kakao		2,270		197,324
Koh Young Technology		5,050		78,433
Samsung Electronics		2,780		159,002
SK IE Technology *		945		97,186
				531,945
TAIWAN — 14.0%
Airtac International Group		2,572		83,022
Realtek Semiconductor		5,510		82,209
Silergy		1,430		169,756
Taiwan Semiconductor Manufacturing		28,845		594,336
Voltronic Power Technology		3,545		179,722
				1,109,045

  2   CHAMPLAIN INVESTMENT  PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN EMERGING MARKETS FUND MARCH 31, 2022 (Unaudited) 

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — 1.8%
Unilever PLC ADR		2,335	$	106,406
VTEX, Cl A *		5,585		34,348
				140,754
UNITED STATES — 1.0%
Freshworks, Cl A *		4,370		78,310
URUGUAY — 2.9%
MercadoLibre *		193		229,570
TOTAL COMMON STOCK (Cost $7,438,264)				7,785,052
PREFERRED STOCK — 0.8%
BRAZIL — 0.8%
Banco Inter † *		43,190		65,531
TOTAL PREFERRED STOCK (Cost $87,723)				65,531
TOTAL INVESTMENTS — 99.0% (Cost $7,525,987)			$	7,850,583

Percentages are based on Net Assets of $7,930,255.

*  Non-income producing security.

†  There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

  3   CHAMPLAIN INVESTMENT  PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN EMERGING MARKETS FUND MARCH 31, 2022 (Unaudited) 

The following is a list of the inputs used as of March 31, 2022, in valuing the Fund’s investments:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Brazil	$	388,053	$	–	$	–	$	388,053
China		–		1,884,947		–		1,884,947
Hong Kong		–		681,445		–		681,445
Hungary		–		140,827		–		140,827
India		–		1,771,501		–		1,771,501
Indonesia		–		186,530		–		186,530
Luxembourg		–		54,525		–		54,525
Mexico		311,599		–		–		311,599
Poland		–		112,373		–		112,373
Singapore		–		42,951		–		42,951
South Africa		–		120,677		–		120,677
South Korea		–		531,945		–		531,945
Taiwan		–		1,109,045		–		1,109,045
United Kingdom		140,754		–		–		140,754
United States		78,310		–		–		78,310
Uruguay		229,570		–		–		229,570
Total Common Stock		1,148,286		6,636,766		–		7,785,052
Preferred Stock
Brazil		–		65,531		–		65,531
Total Investments in Securities	$	1,148,286	$	6,702,297	$	–	$	7,850,583

During the period ended March 31, 2022, there were no transfers in or out of Level 3.

For more information on the Fund’s policy regarding significant accounting policies including valuation of investments, please refer to the Fund’s most recent semi-annual or annual financial statements.

CSC-QH-004-1400

  4   CHAMPLAIN INVESTMENT  PARTNERS