| THE ADVISORS’ INNER CIRCLE FUND II | FRONTIER ETFs |
| ABSOLUTE RETURN ETF | |
| JANUARY 31, 2026 (Unaudited) | |
| SCHEDULE OF INVESTMENTS | ||||||
| EXCHANGE-TRADED FUNDS — 99.6% |
| Shares | Value | |||||||
| Commodity — 20.9% | ||||||||
| Harbor Commodity All Weather Strategy ETF (1) | 63,752 | $ | 1,705,366 | |||||
| iMGP DBi Managed Futures Strategy ETF | 27,384 | 799,339 | ||||||
| 2,504,705 | ||||||||
| Equity — 30.8% | ||||||||
| American Beacon AHL Trend ETF (1) | 91,073 | 2,582,830 | ||||||
| iShares MSCI USA Momentum Factor ETF | 1,290 | 330,098 | ||||||
| iShares U.S. Small-Capital Equity Factor ETF | 6,820 | 530,596 | ||||||
| Vanguard Dividend Appreciation ETF | 1,075 | 240,822 | ||||||
| 3,684,346 | ||||||||
| Fixed Income — 45.1% | ||||||||
| iShares High Yield Systematic Bond ETF | 11,975 | 571,327 | ||||||
| Janus Henderson AAA CLO ETF | 8,514 | 431,405 | ||||||
| JPMorgan Ultra-Short Income ETF | 10,590 | 537,760 | ||||||
| Vanguard Short-Term Bond ETF (1) | 35,146 | 2,774,074 | ||||||
| WisdomTree Floating Rate Treasury Fund ETF | 21,500 | 1,082,525 | ||||||
| 5,397,091 | ||||||||
| International — 2.8% | ||||||||
| Avantis International Small Capital Value ETF | 3,311 | 334,808 | ||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $10,832,607) | 11,920,950 | |||||||
| Total Investments - 99.6% | ||||||||
| (Cost $10,832,607) | $ | 11,920,950 | ||||||
Percentages are based on Net Assets of $11,970,729.
| (1) | Represents greater than 10% of the Fund’s total investments. For further information, please go to the Fund’s website at https://www.SEC.gov. |
CLO — Collateralized Loan Obligation
ETF — Exchange-Traded Fund
1
| THE ADVISORS’ INNER CIRCLE FUND II | FRONTIER ETFs |
| CORE BOND ETF | |
| JANUARY 31, 2026 (Unaudited) | |
| SCHEDULE OF INVESTMENTS | |||||
| EXCHANGE-TRADED FUNDS — 99.6% |
| Shares | Value | |||||||
| Fixed Income — 99.6% | ||||||||
| iShares Investment Grade Systematic Bond ETF | 52,374 | $ | 2,396,634 | |||||
| JPMorgan Core Plus Bond ETF (1) | 173,875 | 8,259,932 | ||||||
| JPMorgan Ultra-Short Income ETF | 56,502 | 2,869,172 | ||||||
| Regan Floating Rate MBS ETF | 171,412 | 4,401,277 | ||||||
| TCW Flexible Income ETF (1) | 273,006 | 10,851,988 | ||||||
| Vanguard Intermediate-Term Treasury ETF (1) | 185,924 | 11,136,848 | ||||||
| WisdomTree Floating Rate Treasury Fund ETF | 86,553 | 4,357,944 | ||||||
| 44,273,795 | ||||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $43,353,455) | 44,273,795 | |||||||
| Total Investments - 99.6% | ||||||||
| (Cost $43,353,455) | $ | 44,273,795 | ||||||
Percentages are based on Net Assets of $44,449,182.
| (1) | Represents greater than 10% of the Fund’s total investments. For further information, please go to the Fund’s website at https://www.SEC.gov. |
ETF — Exchange-Traded Fund
2
| THE ADVISORS’ INNER CIRCLE FUND II | FRONTIER ETFs |
| OPPORTUNISTIC CREDIT ETF | |
| JANUARY 31, 2026 (Unaudited) | |
| SCHEDULE OF INVESTMENTS | |
| EXCHANGE-TRADED FUNDS — 99.7% |
| Shares | Value | |||||||
| Fixed Income — 99.7% | ||||||||
| iShares Investment Grade Systematic Bond ETF (1) | 123,566 | $ | 5,654,380 | |||||
| iShares MBS ETF | 25,655 | 2,454,927 | ||||||
| JPMorgan Core Plus Bond ETF (1) | 111,948 | 5,318,090 | ||||||
| PIMCO Multisector Bond Active ETF | 62,620 | 1,681,347 | ||||||
| Schwab US TIPS ETF | 102,878 | 2,740,670 | ||||||
| TCW Flexible Income ETF (1) | 222,659 | 8,850,695 | ||||||
| Vanguard Intermediate-Term Treasury ETF (1) | 97,699 | 5,852,170 | ||||||
| Vanguard Short-Term Inflation-Protected Securities ETF | 44,278 | 2,201,945 | ||||||
| 34,754,224 | ||||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $33,924,382) | 34,754,224 | |||||||
| Total Investments - 99.7% | ||||||||
| (Cost $33,924,382) | $ | 34,754,224 | ||||||
Percentages are based on Net Assets of $34,851,597.
| (1) | Represents greater than 10% of the Fund’s total investments. For further information, please go to the Fund’s website at https://www.SEC.gov. |
ETF — Exchange-Traded Fund
TIPS — Treasury Inflation Protected Security
3
| THE ADVISORS’ INNER CIRCLE FUND II | FRONTIER ETFs |
| GLOBAL SMALL CAP EQUITY ETF | |
| JANUARY 31, 2026 (Unaudited) | |
| SCHEDULE OF INVESTMENTS | |
| EXCHANGE-TRADED FUNDS — 99.9% |
| Shares | Value | |||||||
| Equity — 58.2% | ||||||||
| Avantis U.S. Small Capital Value ETF | 45,438 | $ | 4,965,010 | |||||
| iShares Core S&P Small-Capital ETF (1) | 108,010 | 13,720,510 | ||||||
| iShares U.S. Small-Capital Equity Factor ETF (1) | 180,793 | 14,065,696 | ||||||
| Neuberger Small-Mid Capital ETF | 148,870 | 3,921,236 | ||||||
| 36,672,452 | ||||||||
| International — 41.7% | ||||||||
| Avantis International Small Capital Value ETF (1) | 194,037 | 19,621,022 | ||||||
| iShares International Small-Capital Equity Factor ETF (1) | 152,365 | 6,707,107 | ||||||
| 26,328,129 | ||||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $50,767,494) | 63,000,581 | |||||||
| Total Investments - 99.9% | ||||||||
| (Cost $50,767,494) | $ | 63,000,581 | ||||||
Percentages are based on Net Assets of $63,081,883.
| (1) | Represents greater than 10% of the Fund’s total investments. For further information, please go to the Fund’s website at https://www.SEC.gov. |
ETF — Exchange-Traded Fund
S&P — Standard & Poor's
4
| THE ADVISORS’ INNER CIRCLE FUND II | FRONTIER ETFs |
| TOTAL INTERNATIONAL EQUITY ETF | |
JANUARY 31, 2026 (Unaudited) | |
| SCHEDULE OF INVESTMENTS | |
| EXCHANGE-TRADED FUNDS — 99.8% |
| Shares | Value | |||||||
| International — 99.8% | ||||||||
| Avantis Emerging Markets Equity ETF (1) | 154,529 | $ | 12,850,631 | |||||
| Cambria Foreign Shareholder Yield ETF | 150,008 | 5,307,283 | ||||||
| First Eagle Overseas Equity ETF | 62,477 | 3,206,320 | ||||||
| Franklin International Low Volatility High Dividend Index ETF | 114,569 | 4,401,741 | ||||||
| iShares Emerging Markets Equity Factor ETF (1) | 150,027 | 9,385,689 | ||||||
| iShares International Equity Factor ETF (1) | 240,457 | 9,543,738 | ||||||
| iShares MSCI International Quality Factor ETF (1) | 204,395 | 9,731,246 | ||||||
| Vanguard International Dividend Appreciation ETF (1) | 71,382 | 6,599,980 | ||||||
| 61,026,628 | ||||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $47,028,521) | 61,026,628 | |||||||
| Total Investments - 99.8% | ||||||||
| (Cost $47,028,521) | $ | 61,026,628 | ||||||
Percentages are based on Net Assets of $61,156,684.
| (1) | Represents greater than 10% of the Fund’s total investments. For further information, please go to the Fund’s website at https://www.SEC.gov. |
ETF — Exchange-Traded Fund
5
| THE ADVISORS’ INNER CIRCLE FUND II | FRONTIER ETFs |
| U.S. LARGE CAP EQUITY ETF | |
| JANUARY 31, 2026 (Unaudited) | |
| SCHEDULE OF INVESTMENTS | |
| EXCHANGE-TRADED FUNDS — 99.7% |
| Shares | Value | |||||||
| Equity — 99.7% | ||||||||
| GMO US Quality ETF | 81,591 | $ | 3,202,447 | |||||
| iShares U.S. Equity Factor ETF (1) | 164,883 | 11,482,452 | ||||||
| JPMorgan Active Growth ETF (1) | 76,678 | 6,998,401 | ||||||
| JPMorgan Active Value ETF (1) | 127,354 | 9,547,729 | ||||||
| T Rowe Price Capital Appreciation Equity ETF (1) | 179,102 | 6,841,696 | ||||||
| T Rowe Price US Equity Research ETF (1) | 362,956 | 15,773,415 | ||||||
| Vanguard Dividend Appreciation ETF (1) | 33,162 | 7,428,951 | ||||||
| 61,275,091 | ||||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $55,502,120) | 61,275,091 | |||||||
| Total Investments - 99.7% | ||||||||
| (Cost $55,502,120) | $ | 61,275,091 | ||||||
Percentages are based on Net Assets of $61,434,788.
| (1) | Represents greater than 10% of the Fund’s total investments. For further information, please go to the Fund’s website at https://www.SEC.gov. |
ETF — Exchange-Traded Fund
FRT-NQ-001-0300
6