THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN SMALL COMPANY FUND APRIL 30, 2020 (Unaudited)  

SCHEDULE OF INVESTMENTS

 COMMON STOCK — 95.6%

	Shares		Value
COMMUNICATION SERVICES — 1.8%
John Wiley & Sons, Cl A		885,000	$	33,231,750
CONSUMER DISCRETIONARY — 4.0%
Helen of Troy *		72,365		11,888,122
National Vision Holdings *		660,000		17,490,000
Sally Beauty Holdings *		1,870,000		18,157,700
Wolverine World Wide		1,316,905		26,983,384
				74,519,206
CONSUMER STAPLES — 16.7%
B&G Foods		1,270,000		24,663,400
Boston Beer, Cl A *		55,305		25,800,335
elf Beauty *		1,390,000		18,167,300
Freshpet *		550,000		41,475,500
Hostess Brands, Cl A *		3,745,000		45,014,900
J&J Snack Foods		90,000		11,432,700
Lancaster Colony		365,000		49,139,950
MGP Ingredients		525,000		19,808,250
Simply Good Foods *		1,725,000		32,516,250
TreeHouse Foods *		780,000		40,349,400
				308,367,985
FINANCIALS — 13.6%
Argo Group International Holdings		710,000		25,105,600
Bryn Mawr Bank		420,000		12,228,300
Community Bank System		390,000		24,371,100
CVB Financial		985,000		20,473,225
German American Bancorp		465,000		13,824,450
Independent Bank		475,000		34,622,750
James River Group Holdings		465,000		16,498,200
Palomar Holdings *		210,000		12,285,000
Prosperity Bancshares		420,000		25,170,600
Selective Insurance Group		150,000		7,519,500
Stock Yards Bancorp		385,000		12,720,400
UMB Financial		685,000		34,825,400

  1      CHAMPLAIN INVESTMENT      PARTNERS  

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN SMALL COMPANY FUND APRIL 30, 2020 (Unaudited)  

COMMON STOCK — continued

	Shares		Value
FINANCIALS — continued
Washington Trust Bancorp		330,000	$	11,553,300
				251,197,825
HEALTH CARE — 21.7%
AtriCure *		645,000		27,812,400
Avanos Medical *		1,300,000		40,365,000
Cantel Medical		640,000		23,680,000
Cardiovascular Systems *		1,025,000		43,050,000
Catalent *		710,000		49,096,500
CONMED		485,000		35,846,350
Envista Holdings *		179,135		3,487,759
Globus Medical, Cl A *		246,355		11,692,008
Inspire Medical Systems *		359,065		25,730,598
Integra LifeSciences Holdings *		1,060,000		54,113,000
Masimo *		100,000		21,391,000
Penumbra *		122,715		21,759,824
Prestige Consumer Healthcare *		940,000		38,248,600
Tactile Systems Technology *		73,365		3,787,101
				400,060,140
INDUSTRIALS — 13.3%
Albany International, Cl A		75,000		3,835,500
Altra Industrial Motion		1,120,000		31,259,200
Barnes Group		740,000		28,401,200
CSW Industrials		185,000		12,254,400
Evoqua Water Technologies *		455,000		7,302,750
John Bean Technologies		600,000		46,044,000
MSA Safety		320,000		36,009,600
Ritchie Bros. Auctioneers		695,000		29,947,550
Standex International		310,000		15,450,400
TriMas *		830,000		19,787,200
Welbilt *		3,010,000		14,839,300
				245,131,100
INFORMATION TECHNOLOGY — 19.7%
Blackbaud		460,000		25,419,600
Blackline *		300,000		18,222,000
Envestnet *		415,000		25,945,800

  2      CHAMPLAIN INVESTMENT      PARTNERS  

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN SMALL COMPANY FUND APRIL 30, 2020 (Unaudited)  

COMMON STOCK — continued

	Shares		Value
INFORMATION TECHNOLOGY — continued
Medallia *		925,000	$	19,869,000
New Relic *		818,855		43,964,325
Novanta *		18,885		1,640,917
Pure Storage, Cl A *		3,395,000		48,888,000
Q2 Holdings *		715,000		56,999,800
Qualys *		120,000		12,652,800
SailPoint Technologies Holdings *		1,520,000		28,256,800
Tenable Holdings *		1,585,000		41,305,100
Yext *		3,185,000		40,768,000
				363,932,142
MATERIALS — 4.8%
Chase		105,000		9,897,300
H.B. Fuller		535,000		19,682,650
Innospec		260,000		18,855,200
Sensient Technologies		820,000		39,187,800
				87,622,950
TOTAL COMMON STOCK (Cost $1,724,444,490)				1,764,063,098
CASH EQUIVALENTS — 4.1%**
Fidelity Investments - Money Market Treasury Only Portfolio, Cl I, 0.180%		20,000,000		20,000,000
Goldman Sachs Square Treasury Instruments Fund, Institutional Shares, 0.250%		56,850,535		56,850,535
TOTAL CASH EQUIVALENTS (Cost $76,850,535)				76,850,535
TOTAL INVESTMENTS— 99.7% (Cost $1,801,295,025)			$	1,840,913,633
Percentages are based on Net Assets of $1,845,747,548.
*  Non-income producing security.
**  Rate reported is the 7-day effective yield as of April 30, 2020.

  3      CHAMPLAIN INVESTMENT      PARTNERS  

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN SMALL COMPANY FUND APRIL 30, 2020 (Unaudited)  

Cl — Class

As of April 30, 2020, 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 April 30, 2020, 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-001-3100

  4      CHAMPLAIN INVESTMENT      PARTNERS  

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN MID CAP FUND APRIL 30, 2020 (Unaudited)  

SCHEDULE OF INVESTMENTS

 COMMON STOCK — 96.4%

	Shares		Value
COMMUNICATION SERVICES — 0.9%
John Wiley & Sons, Cl A		900,000	$	33,795,000
CONSUMER DISCRETIONARY — 7.9%
Advance Auto Parts		635,000		76,777,850
Dunkin’ Brands Group		665,000		41,788,600
Tractor Supply		935,000		94,837,050
Ulta Beauty *		360,000		78,451,200
				291,854,700
CONSUMER STAPLES — 10.2%
Brown-Forman, Cl B		575,000		35,765,000
Campbell Soup		571,510		28,564,070
Church & Dwight		260,000		18,197,400
JM Smucker		865,000		99,397,150
Lamb Weston Holdings		1,185,000		72,711,600
McCormick		238,425		37,394,577
Molson Coors Beverage, Cl B		905,000		37,114,050
TreeHouse Foods *		860,000		44,487,800
				373,631,647
FINANCIALS — 12.3%
Arthur J Gallagher		1,080,000		84,780,000
Commerce Bancshares		430,000		26,311,700
Cullen/Frost Bankers		730,000		52,457,800
Everest Re Group		465,000		80,505,450
Morningstar		135,000		21,054,600
Northern Trust		840,000		66,494,400
Prosperity Bancshares		665,000		39,853,450
SVB Financial Group *		190,000		36,702,300
Tradeweb Markets, Cl A		863,490		45,039,638
				453,199,338
HEALTH CARE — 24.6%
Align Technology *		230,000		49,415,500
Bio-Rad Laboratories, Cl A *		60,615		26,676,661

  5      CHAMPLAIN INVESTMENT      PARTNERS  

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN MID CAP FUND APRIL 30, 2020 (Unaudited)  

COMMON STOCK — continued

	Shares		Value
HEALTH CARE — continued
Bio-Techne		495,000	$	111,375,000
Cantel Medical		880,000		32,560,000
Catalent *		1,370,000		94,735,500
Cooper		220,000		63,074,000
DENTSPLY SIRONA		1,755,000		74,482,200
Edwards Lifesciences *		415,000		90,262,500
Envista Holdings *		1,115,000		21,709,050
Integra LifeSciences Holdings *		1,515,000		77,340,750
Masimo *		230,000		49,199,300
Veeva Systems, Cl A *		485,000		92,538,000
Waters *		365,000		68,255,000
West Pharmaceutical Services		285,000		53,939,100
				905,562,561
INDUSTRIALS — 16.0%
AMETEK		1,295,000		108,611,650
Clarivate Analytics PLC *		3,343,000		76,822,140
Fortive		1,775,000		113,600,000
IDEX		560,000		86,032,800
Nordson		534,500		86,006,395
Rockwell Automation		425,000		80,529,000
Toro		550,000		35,095,500
				586,697,485
INFORMATION TECHNOLOGY — 22.1%
Guidewire Software *		355,000		32,248,200
Medallia *		2,370,000		50,907,600
New Relic *		735,000		39,462,150
Nutanix, Cl A *		1,390,000		28,481,100
Okta, Cl A *		435,000		65,815,500
Palo Alto Networks *		395,000		77,621,450
Proofpoint *		340,000		41,388,200
Pure Storage, Cl A *		4,210,000		60,624,000
ServiceNow *		330,000		116,008,200
Smartsheet, Cl A *		80,000		4,217,600
Splunk *		645,000		90,532,200
Synopsys *		325,000		51,064,000
Workday, Cl A *		660,000		101,574,000

  6      CHAMPLAIN INVESTMENT      PARTNERS  

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN MID CAP FUND APRIL 30, 2020 (Unaudited)  

COMMON STOCK — continued

	Shares		Value
INFORMATION TECHNOLOGY — continued
Zscaler *		760,000	$	50,980,800
				810,925,000
MATERIALS — 2.4%
AptarGroup		835,000		89,411,800
TOTAL COMMON STOCK (Cost $3,096,209,979)				3,545,077,531
CASH EQUIVALENTS — 3.3%**
Fidelity Investments - Money Market Treasury Only Portfolio, Cl I, 0.180%		20,000,000		20,000,000
Goldman Sachs Square Treasury Instruments Fund, Institutional Shares, 0.250%		99,003,679		99,003,679
TOTAL CASH EQUIVALENTS (Cost $119,003,679)				119,003,679
TOTAL INVESTMENTS— 99.7% (Cost $3,215,213,658)			$	3,664,081,210
Percentages are based on Net Assets of $3,676,200,217.
*  Non-income producing security.
**  Rate reported is the 7-day effective yield as of April 30, 2020.
Cl — Class
PLC — Public Limited Company

As of April 30, 2020, 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 April 30, 2020, 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-002-2400

  7      CHAMPLAIN INVESTMENT      PARTNERS  

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN EMERGING MARKETS FUND APRIL 30, 2020 (Unaudited)  

SCHEDULE OF INVESTMENTS

 COMMON STOCK — 98.3%

	Shares		Value
ARGENTINA — 2.7%
MercadoLibre *		205	$	119,620
BRAZIL — 2.5%
B3 - Brasil Bolsa Balcao		7,800		55,114
XP, Cl A *		2,320		58,371
				113,485
CHINA — 35.2%
Alibaba Group Holding ADR *		1,650		334,406
Foshan Haitian Flavouring & Food, Cl A		5,100		88,279
JD.com ADR *		3,005		129,515
Meituan Dianping, Cl B *		7,400		98,700
NetEase ADR		95		32,771
Shenzhen Inovance Technology, Cl A		17,000		78,244
Shenzhen Mindray Bio-Medical Electronics, Cl A		1,700		61,556
Tencent Holdings		5,900		312,264
Venus MedTech Hangzhou, Cl H *		9,270		63,812
Wuliangye Yibin, Cl A		3,700		70,766
WuXi AppTec, Cl H		7,420		105,225
Wuxi Biologics Cayman *		8,500		131,807
Yum China Holdings		1,430		69,298
				1,576,643
HONG KONG — 6.4%
AIA Group		15,700		145,201
Hong Kong Exchanges & Clearing		2,700		87,361
Shenzhou International Group Holdings		4,900		55,575
				288,137
HUNGARY — 1.5%
OTP Bank		2,275		67,271
INDIA — 17.4%
Asian Paints		2,440		56,914
Avenue Supermarts *		2,445		76,970

  8      CHAMPLAIN INVESTMENT      PARTNERS  

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN EMERGING MARKETS FUND APRIL 30, 2020 (Unaudited)  

COMMON STOCK — continued

	Shares		Value
INDIA — continued
Bajaj Finance		2,130	$	64,961
HDFC Bank		11,180		147,776
Kotak Mahindra Bank		3,880		69,652
L&T Technology Services		3,605		59,032
Reliance Industries		11,515		223,589
Tata Consultancy Services		3,010		80,085
				778,979
INDONESIA — 1.7%
Bank Central Asia		43,900		76,148
KENYA — 1.6%
Safaricom PLC		267,000		71,030
MEXICO — 3.0%
Grupo Aeroportuario del Sureste ADR		355		35,397
Wal-Mart de Mexico		41,200		100,655
				136,052
NETHERLANDS — 4.3%
Heineken		950		80,851
Unilever ADR		2,300		113,666
				194,517
PERU — 1.6%
Credicorp		475		70,785
RUSSIA — 1.2%
TCS Group Holding GDR		3,905		54,561
SOUTH AFRICA — 1.3%
Clicks Group		4,590		57,748
SOUTH KOREA — 6.3%
Kakao		690		104,487
Koh Young Technology		985		65,599
LG Household & Health Care		70		79,269

  9      CHAMPLAIN INVESTMENT      PARTNERS  

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN EMERGING MARKETS FUND APRIL 30, 2020 (Unaudited)  

COMMON STOCK — continued

	Shares		Value
SOUTH KOREA — continued
NCsoft		60	$	31,605
				280,960
TAIWAN — 8.3%
Silergy		1,160		46,283
Taiwan Semiconductor Manufacturing		25,000		253,265
Voltronic Power Technology		3,100		73,956
				373,504
UNITED ARAB EMIRATES — 1.1%
Network International Holdings PLC *		9,730		51,078
UNITED STATES — 1.2%
EPAM Systems *		235		51,909
VIETNAM — 1.0%
Vietnam Dairy Products JSC		10,668		45,206
TOTAL COMMON STOCK (Cost $3,667,760)				4,407,633
PREFERRED STOCK — 0.6%
BRAZIL — 0.6%
Banco Inter †		14,845		25,888
TOTAL PREFERRED STOCK     (Cost $39,268)				25,888
CASH EQUIVALENT — 0.2%**
Goldman Sachs Square Treasury Instruments Fund, Institutional Shares, 0.250% (Cost $7,567)		7,567		7,567
TOTAL INVESTMENTS— 99.1% (Cost $3,714,595)			$	4,441,088
Percentages are based on Net Assets of $4,483,665.
*  Non-income producing security.

  10      CHAMPLAIN INVESTMENT      PARTNERS  

THE ADVISORS’ INNER CIRCLE FUND II CHAMPLAIN EMERGING MARKETS FUND APRIL 30, 2020 (Unaudited)  

**  Rate reported is the 7-day effective yield as of April 30, 2020.

† There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

JSC — Joint Stock Company

PLC — Public Limited Company

The following is a list of the inputs used as of April 30, 2020, in valuing the Fund’s investments:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Argentina	$	119,620	$	—	$	—	$	119,620
Brazil		113,485		—		—		113,485
China		533,219		1,043,424		—		1,576,643
Hong Kong		—		288,137		—		288,137
Hungary		—		67,271		—		67,271
India		—		778,979		—		778,979
Indonesia		—		76,148		—		76,148
Kenya		—		71,030		—		71,030
Mexico		136,052		—		—		136,052
Netherlands		113,666		80,851		—		194,517
Peru		70,785		—		—		70,785
Russia		—		54,561		—		54,561
South Africa		—		57,748		—		57,748
South Korea		—		280,960		—		280,960
Taiwan		—		373,504		—		373,504
United Arab Emirates		—		51,078		—		51,078
United States		51,909		—		—		51,909
Vietnam		—		45,206		—		45,206
Total Common Stock		1,138,736		3,268,897		—		4,407,633
Preferred Stock		25,888		—		—		25,888
Cash Equivalent		7,567		—		—		7,567
Total Investments in Securities	$	1,172,191	$	3,268,897	$	—	$	4,441,088

During the period ended April 30, 2020, 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-004-1000

  11      CHAMPLAIN INVESTMENT      PARTNERS