https://www.sec.gov/Archives/edgar/data/890540/000139834422012839/fp0077295_497.htm497 1 fp0077295_497.htm
THE ADVISORS’ INNER CIRCLE FUND II
(the “Trust”)
Champlain Emerging Markets Fund
(the “Fund”)
Supplement dated July 1, 2022 to the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information (the “SAI”), each dated May 1, 2022.
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI, and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
Champlain Investment Partners, LLC (“Champlain”), the Fund’s investment adviser, has informed the Board of Trustees (the “Board”) of the Trust that it is planning to exit the emerging markets asset class and cease offering emerging markets investment advisory services, including to the Fund, at some point in the near future. As a result of Champlain’s decision, Champlain recommended, and the Board approved, the closing of the Fund, effective as of the close of business on July 1, 2022 (the “Effective Time”), to new investments other than those made by current shareholders (that is, shareholders prior to the Effective Time) via systematic investment programs (“Permitted Investors”).
Over the course of the coming weeks, the Board, working closely with Champlain, will consider the best course of action for the future of the Fund consistent with the best interests of shareholders. These possible courses of action, include, but are not limited to, the possible liquidation or reorganization of the Fund. Shareholders will be informed of the Board’s decision in this regard via a future supplement to the Fund’s Summary Prospectus, Prospectus and SAI.
Champlain has represented to the Board that it will continue to manage the Fund in the best interests of shareholders and in accordance with the terms of the Fund’s Prospectus and SAI during this interim period.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
CSC-SK-021-0100
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https://www.sec.gov/Archives/edgar/data/890540/000139834422016134/fp0078918_497.htm
497 1 fp0078918_497.htm
THE ADVISORS’ INNER CIRCLE FUND II
(the “Trust”)
Champlain Emerging Markets Fund
(the “Fund”)
Supplement dated August 22, 2022 to the Fund’s Prospectus (the “Prospectus”), Summary
Prospectus (the “Summary Prospectus”) and Statement of Additional Information (“SAI”), each
dated May 1, 2022, as supplemented
This supplement provides new and additional information beyond that contained in the Prospectus, Summary Prospectus and SAI, and should be read in conjunction with the Prospectus, Summary Prospectus and SAI.
The Board of Trustees of the Trust, at the recommendation of Champlain Investment Partners, LLC (the “Adviser”), the investment adviser of the Fund, has approved a plan of liquidation providing for the liquidation of the Fund’s assets and the distribution of the net proceeds pro rata to the Fund’s shareholders. In connection therewith, the Fund is closed to investments from new and existing shareholders effective immediately, including investments made by current shareholders via systematic investment programs. The Fund is expected to cease operations and liquidate on or about September 23, 2022 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers.
Prior to the Liquidation Date, shareholders may redeem (sell) their shares in the manner described in the “How to Sell Your Fund Shares” section of the Prospectus. Redemptions made on or after the date of this supplement will not be subject to the 2.00% redemption fee, which ordinarily would be imposed on redemptions of shares made within 30 days of purchase. For those Fund shareholders that do not redeem (sell) their shares prior to the Liquidation Date, the Fund will distribute to each such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal in value to the shareholder’s interest in the net assets of the Fund as of the Liquidation Date.
In anticipation of the liquidation of the Fund, the Adviser may manage the Fund in a manner intended to facilitate the Fund’s orderly liquidation, such as by holding cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
The liquidation distribution amount will include any accrued income and capital gains, will be treated as a payment in exchange for shares and will generally be a taxable event for shareholders investing through taxable accounts. You should consult your personal tax advisor concerning your particular tax situation. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. However, the net asset value of the Fund on the Liquidation Date will reflect costs of liquidating the Fund. Shareholders will receive liquidation proceeds as soon as practicable after the Liquidation Date.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CSC-SK-022-0100