Advisors' Inner Circle Fund II NPORT-P Champlain Strategic Focus Fund (Mar 2024 report)

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN SMALL COMPANY FUND MARCH 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.0%
	Shares		Value
CONSUMER DISCRETIONARY — 5.8%
Bowlero, Cl A		1,155,000	$	15,823,500
European Wax Center, Cl A *		1,535,000		19,924,300
Leslie’s *		1,830,000		11,895,000
Ollie’s Bargain Outlet Holdings *		210,000		16,709,700
Planet Fitness, Cl A *		485,000		30,375,550
Sally Beauty Holdings *		1,575,000		19,561,500
Shake Shack, Cl A *		290,000		30,168,700
				144,458,250
CONSUMER STAPLES — 12.6%
Central Garden & Pet, Cl A *		943,750		34,843,250
Freshpet *		490,000		56,771,400
J&J Snack Foods		150,000		21,684,000
Lancaster Colony		245,000		50,869,350
MGP Ingredients		565,000		48,663,450
Simply Good Foods *		1,605,000		54,618,150
Utz Brands, Cl A		2,090,440		38,547,713
Vita Coco *		305,000		7,451,150
				313,448,463
FINANCIALS — 16.9%
AMERISAFE		350,000		17,559,500
BancFirst		230,000		20,246,900
BRP Group, Cl A *		1,655,000		47,895,700
Cullen/Frost Bankers		480,000		54,033,600
First Financial Bankshares		1,369,055		44,918,695
German American Bancorp		570,000		19,744,800
Palomar Holdings *		545,000		45,687,350
PJT Partners		184,685		17,408,408
Selective Insurance Group		405,000		44,213,850
ServisFirst Bancshares		590,000		39,152,400
Skyward Specialty Insurance Group *		580,000		21,697,800
Stock Yards Bancorp		480,000		23,476,800

    1    CHAMPLAIN INVESTMENT   PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN SMALL COMPANY FUND MARCH 31, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
WSFS Financial		525,000	$	23,698,500
				419,734,303
HEALTH CARE — 19.5%
AtriCure *		1,100,000		33,462,000
Axonics *		365,000		25,174,050
CONMED		530,000		42,442,400
Globus Medical, Cl A *		1,025,000		54,981,000
Inspire Medical Systems *		265,000		56,919,350
Integra LifeSciences Holdings *		1,105,000		39,172,250
iRhythm Technologies *		235,000		27,260,000
Neogen *		2,280,000		35,978,400
Omnicell *		715,000		20,899,450
Penumbra *		185,000		41,288,300
Phreesia *		510,000		12,204,300
PROCEPT BioRobotics *		640,000		31,628,800
SI-BONE *		1,000,000		16,370,000
Tandem Diabetes Care *		620,000		21,954,200
Veracyte *		1,110,000		24,597,600
				484,332,100
INDUSTRIALS — 19.5%
Albany International, Cl A		410,000		38,339,100
Barnes Group		330,000		12,259,500
Enerpac Tool Group, Cl A		1,310,000		46,714,600
Esab		123,766		13,684,807
ESCO Technologies		495,000		52,989,750
Hayward Holdings *		2,535,000		38,810,850
John Bean Technologies		635,000		66,605,150
Montrose Environmental Group *		550,000		21,543,500
MSA Safety		290,000		56,141,100
RB Global		465,000		35,419,050
RBC Bearings *		145,000		39,200,750
Standex International		261,955		47,733,440

    2    CHAMPLAIN INVESTMENT   PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN SMALL COMPANY FUND MARCH 31, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Transcat *		140,000	$	15,600,200
				485,041,797
INFORMATION TECHNOLOGY — 20.3%
Asana, Cl A *		1,655,000		25,635,950
Box, Cl A *		1,255,000		35,541,600
Braze, Cl A *		850,000		37,655,000
CommVault Systems *		340,000		34,486,200
Freshworks, Cl A *		2,225,000		40,517,250
HashiCorp, Cl A *		740,000		19,943,000
Novanta *		210,000		36,701,700
Nutanix, Cl A *		580,000		35,797,600
Pure Storage, Cl A *		1,675,000		87,083,250
Q2 Holdings *		565,000		29,696,400
Smartsheet, Cl A *		1,125,000		43,312,500
Tenable Holdings *		649,412		32,100,435
Workiva, Cl A *		550,000		46,640,000
				505,110,885
MATERIALS — 3.4%
Innospec		200,000		25,788,000
Sensient Technologies		540,000		37,362,600
TriMas		790,000		21,116,700
				84,267,300
TOTAL COMMON STOCK   (Cost $1,954,341,264)				2,436,393,098
CASH EQUIVALENTS** — 2.2%
Fidelity Investments - Money Market Treasury Only, Cl I, 5.190%		20,000,000		20,000,000

    3    CHAMPLAIN INVESTMENT   PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN SMALL COMPANY FUND MARCH 31, 2024 (Unaudited)

CASH EQUIVALENTS** — continued
	Shares		Value
Goldman Sachs Financial Square Treasury Instruments Fund, Institutional Shares, 5.162%		35,105,970	$	35,105,970
TOTAL CASH EQUIVALENTS    (Cost $55,105,970)				55,105,970
TOTAL INVESTMENTS — 100.2%   (Cost $2,009,447,234)			$	2,491,499,068

Percentages are based on Net Assets of $2,486,580,723.

* Non-income producing security.

** Rate reported is the 7-day effective yield as of March 31, 2024.

Cl — Class

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

CSC-QH-001-3900

    4    CHAMPLAIN INVESTMENT   PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN MID CAP FUND MARCH 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.9%
	Shares		Value
CONSUMER DISCRETIONARY — 8.1%
Advance Auto Parts		730,000	$	62,115,700
Bath & Body Works		2,300,000		115,046,000
Domino’s Pizza		75,000		37,266,000
Leslie’s *		4,900,500		31,853,250
Planet Fitness, Cl A *		1,100,000		68,893,000
Tractor Supply		330,000		86,367,600
Ulta Beauty *		145,000		75,817,600
				477,359,150
CONSUMER STAPLES — 12.1%
Brown-Forman, Cl B		1,805,000		93,174,100
Clorox		765,000		117,129,150
Freshpet *		1,230,000		142,507,800
Hormel Foods		2,415,000		84,259,350
JM Smucker		715,000		89,997,050
Lamb Weston Holdings		605,000		64,450,650
McCormick		1,575,000		120,975,750
				712,493,850
FINANCIALS — 14.7%
Arthur J Gallagher		305,000		76,262,200
Cullen/Frost Bankers		995,000		112,007,150
Everest Re Group		450,000		178,875,000
FactSet Research Systems		175,000		79,518,250
Kinsale Capital Group		120,000		62,968,800
Ryan Specialty Holdings, Cl A		2,420,000		134,310,000
Toast, Cl A *		4,970,000		123,852,400
Tradeweb Markets, Cl A		905,000		94,273,850
				862,067,650
HEALTH CARE — 23.0%
Agilent Technologies		210,000		30,557,100
Align Technology *		270,000		88,538,400
Bio-Techne		1,375,000		96,786,250

    5    CHAMPLAIN INVESTMENT   PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN MID CAP FUND MARCH 31, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Cooper		880,000	$	89,284,800
DENTSPLY SIRONA		2,100,000		69,699,000
Dexcom *		1,005,000		139,393,500
Edwards Lifesciences *		1,455,000		139,039,800
Exact Sciences *		1,105,000		76,311,300
IDEXX Laboratories *		45,000		24,296,850
Mettler-Toledo International *		65,000		86,533,850
Penumbra *		305,000		68,069,900
Repligen *		285,000		52,417,200
STERIS PLC		510,000		114,658,200
Veeva Systems, Cl A *		495,000		114,686,550
Waters *		375,000		129,086,250
West Pharmaceutical Services		85,000		33,635,350
				1,352,994,300
INDUSTRIALS — 17.9%
AMETEK		1,020,000		186,558,000
Axon Enterprise *		110,000		34,416,800
Fortive		2,450,000		210,749,000
Graco		683,165		63,848,601
IDEX		355,000		86,627,100
Nordson		420,000		115,306,800
Rockwell Automation		420,000		122,358,600
Toro		1,335,000		122,326,050
Xylem		850,000		109,854,000
				1,052,044,951
INFORMATION TECHNOLOGY — 20.1%
Akamai Technologies *		665,000		72,325,400
ANSYS *		185,500		64,398,180
Autodesk *		110,000		28,646,200
Confluent, Cl A *		2,320,000		70,806,400
Keysight Technologies *		645,000		100,865,100
MongoDB, Cl A *		270,000		96,832,800
Nutanix, Cl A *		1,370,000		84,556,400

    6    CHAMPLAIN INVESTMENT   PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN MID CAP FUND MARCH 31, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Okta, Cl A *		1,915,000	$	200,347,300
Palo Alto Networks *		230,000		65,349,900
Pure Storage, Cl A *		3,625,000		188,463,750
Synopsys *		120,000		68,580,000
Workday, Cl A *		275,000		75,006,250
Zscaler *		350,000		67,420,500
				1,183,598,180
TOTAL COMMON STOCK   (Cost $4,022,962,577)				5,640,558,081
CASH EQUIVALENTS** — 3.4%
Fidelity Investments - Money Market Treasury Only, Cl I, 5.190%		20,000,000		20,000,000
Goldman Sachs Financial Square Treasury Instruments Fund, Institutional Shares, 5.162%		182,744,819		182,744,819
TOTAL CASH EQUIVALENTS    (Cost $202,744,819)				202,744,819
TOTAL INVESTMENTS — 99.3%   (Cost $4,225,707,396)			$	5,843,302,900

Percentages are based on Net Assets of $5,881,856,812.

* Non-income producing security.

** Rate reported is the 7-day effective yield as of March 31, 2024.

Cl — Class

PLC — Public Limited Company

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

CSC-QH-002-3200

    7    CHAMPLAIN INVESTMENT   PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN STRATEGIC FOCUS FUND MARCH 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.6%
	Shares		Value
CONSUMER DISCRETIONARY — 7.9%
Tractor Supply		475	$	124,317
Ulta Beauty *		160		83,661
				207,978
FINANCIALS — 8.4%
Everest Re Group		315		125,212
Ryan Specialty Holdings, Cl A		800		44,400
Tradeweb Markets, Cl A		480		50,002
				219,614
HEALTH CARE — 26.2%
Bio-Techne		1,765		124,238
Dexcom *		1,135		157,425
Mettler Toledo International *		110		146,442
Veeva Systems, Cl A *		510		118,162
Waters *		410		141,134
				687,401
INDUSTRIALS — 21.9%
AMETEK		700		128,030
Fortive		2,045		175,911
IDEX		540		131,771
Rockwell Automation		475		138,381
				574,093
INFORMATION TECHNOLOGY — 33.2%
Autodesk *		340		88,543
MongoDB, Cl A *		250		89,660
Okta, Cl A *		1,300		136,006
Pure Storage, Cl A *		3,385		175,986
ServiceNow *		160		121,984
Synopsys *		190		108,585
Workday, Cl A *		295		80,461

    8    CHAMPLAIN INVESTMENT   PARTNERS

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN STRATEGIC FOCUS FUND MARCH 31, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Zscaler *		360	$	69,347
				870,572
TOTAL COMMON STOCK   (Cost $2,110,634)				2,559,658
CASH EQUIVALENT** — 3.5%
Fidelity Investments - Money Market Treasury Only, Cl I, 5.190%		90,523		90,523
TOTAL CASH EQUIVALENT    (Cost $90,523)				90,523
TOTAL INVESTMENTS — 101.1%   (Cost $2,201,157)			$	2,650,181

Percentages are based on Net Assets of $2,621,241.

* Non-income producing security.

** Rate reported is the 7-day effective yield as of March 31, 2024.

Cl — Class

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

CSC-QH-003-0100

    9    CHAMPLAIN INVESTMENT   PARTNERS