UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
N-CSRS
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT
COMPANIES
Investment
Company Act File Number 811-07102
The
Advisors’ Inner Circle Fund II
(Exact
name of registrant as specified in charter)
SEI
Investments
One
Freedom Valley Drive
Oaks,
PA 19456
(Address
of principal executive offices) (Zip code)
SEI
Investments
One
Freedom Valley Drive
Oaks,
PA 19456
(Name
and address of agent for service)
Registrant’s
telephone number, including area code: (877) 446-3863
Date
of fiscal year end: October 31, 2026
Date
of reporting period: April 30, 2026
Item
1. Reports to Stockholders.
|
(a) |
A copy of the report transmitted to stockholders pursuant to
Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto. |
0000890540falseN-CSRSAdvisors' Inner Circle Fund IIN-1A2026-04-300000890540adic:C000255966Member2025-11-012026-04-3000008905402025-11-012026-04-300000890540adic:C000255966Member2026-04-300000890540adic:C000255966Memberadic:ExchangeMinusTradedFundSectorMember2026-04-300000890540adic:C000255966Memberadic:VanguardShortMinusTermBondETF9285117CTIMember2026-04-300000890540adic:C000255966Memberadic:AmericanBeaconAHLTrendETF9285079CTIMember2026-04-300000890540adic:C000255966Memberadic:HarborCommodityAllWeatherStrategyETF9285088CTIMember2026-04-300000890540adic:C000255966Memberadic:WisdomTreeFloatingRateTreasuryFundETF9285121CTIMember2026-04-300000890540adic:C000255966Memberadic:IMGPDBiManagedFuturesStrategyETF9285093CTIMember2026-04-300000890540adic:C000255966Memberadic:ISharesHighYieldSystematicBondETF9285097CTIMember2026-04-300000890540adic:C000255966Memberadic:ISharesUSSmallMinusCapitalEquityFactorETF9285104CTIMember2026-04-300000890540adic:C000255966Memberadic:JPMorganUltraMinusShortIncomeETF9285110CTIMember2026-04-300000890540adic:C000255966Memberadic:JanusHendersonAAACLOETF9285107CTIMember2026-04-300000890540adic:C000255966Memberadic:ISharesMSCIUSAMomentumFactorETF9285100CTIMember2026-04-300000890540adic:C000255967Member2025-11-012026-04-300000890540adic:C000255967Member2026-04-300000890540adic:C000255967Memberadic:ExchangeMinusTradedFundSectorMember2026-04-300000890540adic:C000255967Memberadic:VanguardIntermediateMinusTermTreasuryETF9285142CTIMember2026-04-300000890540adic:C000255967Memberadic:TCWFlexibleIncomeETF9285139CTIMember2026-04-300000890540adic:C000255967Memberadic:JPMorganCorePlusBondETF9285129CTIMember2026-04-300000890540adic:C000255967Memberadic:ReganFloatingRateMBSETF9285136CTIMember2026-04-300000890540adic:C000255967Memberadic:WisdomTreeFloatingRateTreasuryFundETF9285144CTIMember2026-04-300000890540adic:C000255967Memberadic:JPMorganUltraMinusShortIncomeETF9285132CTIMember2026-04-300000890540adic:C000255967Memberadic:ISharesInvestmentGradeSystematicBondETF9285126CTIMember2026-04-300000890540adic:C000255969Member2025-11-012026-04-300000890540adic:C000255969Member2026-04-300000890540adic:C000255969Memberadic:ExchangeMinusTradedFundSectorMember2026-04-300000890540adic:C000255969Memberadic:TCWFlexibleIncomeETF9285167CTIMember2026-04-300000890540adic:C000255969Memberadic:VanguardIntermediateMinusTermTreasuryETF9285169CTIMember2026-04-300000890540adic:C000255969Memberadic:ISharesInvestmentGradeSystematicBondETF9285151CTIMember2026-04-300000890540adic:C000255969Memberadic:JPMorganCorePlusBondETF9285157CTIMember2026-04-300000890540adic:C000255969Memberadic:SchwabUSTIPSETF9285164CTIMember2026-04-300000890540adic:C000255969Memberadic:ISharesMBSETF9285154CTIMember2026-04-300000890540adic:C000255969Memberadic:VanguardShortMinusTermInflationMinusProtectedSecuritiesETF9285172CTIMember2026-04-300000890540adic:C000255969Memberadic:PIMCOMultisectorBondActiveETF9285161CTIMember2026-04-300000890540adic:C000255968Member2025-11-012026-04-300000890540adic:C000255968Member2026-04-300000890540adic:C000255968Memberadic:ExchangeMinusTradedFundSectorMember2026-04-300000890540adic:C000255968Memberadic:AvantisInternationalSmallCapitalValueETF9285177CTIMember2026-04-300000890540adic:C000255968Memberadic:ISharesCoreSPSmallMinusCapitalETF9285183CTIMember2026-04-300000890540adic:C000255968Memberadic:ISharesUSSmallMinusCapitalEquityFactorETF9285189CTIMember2026-04-300000890540adic:C000255968Memberadic:AvantisUSSmallCapitalValueETF9285180CTIMember2026-04-300000890540adic:C000255968Memberadic:ISharesInternationalSmallMinusCapitalEquityFactorETF9285186CTIMember2026-04-300000890540adic:C000255968Memberadic:NeubergerSmallMinusMidCapitalETF9285192CTIMember2026-04-300000890540adic:C000255970Member2025-11-012026-04-300000890540adic:C000255970Member2026-04-300000890540adic:C000255970Memberadic:ExchangeMinusTradedFundSectorMember2026-04-300000890540adic:C000255970Memberadic:AvantisEmergingMarketsEquityETF9285199CTIMember2026-04-300000890540adic:C000255970Memberadic:ISharesMSCIInternationalQualityFactorETF9285218CTIMember2026-04-300000890540adic:C000255970Memberadic:ISharesInternationalEquityFactorETF9285215CTIMember2026-04-300000890540adic:C000255970Memberadic:ISharesEmergingMarketsEquityFactorETF9285211CTIMember2026-04-300000890540adic:C000255970Memberadic:VanguardInternationalDividendAppreciationETF9285221CTIMember2026-04-300000890540adic:C000255970Memberadic:FirstEagleOverseasEquityETF9285205CTIMember2026-04-300000890540adic:C000255970Memberadic:CambriaForeignShareholderYieldETF9285202CTIMember2026-04-300000890540adic:C000255970Memberadic:FranklinInternationalLowVolatilityHighDividendIndexETF9285208CTIMember2026-04-300000890540adic:C000255971Member2025-11-012026-04-300000890540adic:C000255971Member2026-04-300000890540adic:C000255971Memberadic:ExchangeMinusTradedFundSectorMember2026-04-300000890540adic:C000255971Memberadic:TRowePriceUSEquityResearchETF9285242CTIMember2026-04-300000890540adic:C000255971Memberadic:ISharesUSEquityFactorETF9285229CTIMember2026-04-300000890540adic:C000255971Memberadic:JPMorganActiveValueETF9285235CTIMember2026-04-300000890540adic:C000255971Memberadic:VanguardDividendAppreciationETF9285246CTIMember2026-04-300000890540adic:C000255971Memberadic:JPMorganActiveGrowthETF9285232CTIMember2026-04-300000890540adic:C000255971Memberadic:TRowePriceCapitalAppreciationEquityETF9285238CTIMember2026-04-300000890540adic:C000255971Memberadic:GMOUSQualityETF9285226CTIMember2026-04-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dadic:Holding
The Advisors' Inner Circle Fund II
Frontier Asset Absolute Return ETF
Principal Listing Exchange: NYSE Arca
Semi-Annual Shareholder Report: April 30, 2026
This semi-annual shareholder report contains important information about the Frontier Asset Absolute Return ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://funds.frontierasset.com/absolute-return-etf. You can also request this information by contacting us at 866-326-3837.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryFund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Frontier Asset Absolute Return ETF | $32 | 0.62%Footnote Reference(1) |
|---|
| Footnote | Description |
Footnote(1) | The expense ratio includes an excise tax fee expense. Had this expense been excluded the ratio would have been 0.60%. |
Key Fund Statistics as of April 30, 2026
Table Summary | Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $12,787,714 | 12 | $35,001 | 0% |
|---|
What did the Fund invest in?
Asset WeightingsFootnote Reference*
Table SummaryValue | Value |
|---|
Exchange-Traded Funds | 99.5% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
Table SummaryHolding Name | | | Percentage of
Total Net Assets |
|---|
Vanguard Short-Term Bond ETF | | | 22.0% |
American Beacon AHL Trend ETF | | | 21.0% |
Harbor Commodity All Weather Strategy ETF | | | 16.6% |
WisdomTree Floating Rate Treasury Fund ETF | | | 8.7% |
iMGP DBi Managed Futures Strategy ETF | | | 6.7% |
iShares High Yield Systematic Bond ETF | | | 4.5% |
iShares U.S. Small-Capital Equity Factor ETF | | | 4.5% |
JPMorgan Ultra-Short Income ETF | | | 4.3% |
Janus Henderson AAA CLO ETF | | | 3.4% |
iShares MSCI USA Momentum Factor ETF | | | 2.9% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-326-3837 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund II
Frontier Asset Core Bond ETF
Principal Listing Exchange: NYSE Arca
Semi-Annual Shareholder Report: April 30, 2026
This semi-annual shareholder report contains important information about the Frontier Asset Core Bond ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://funds.frontierasset.com/core-bond-etf. You can also request this information by contacting us at 866-326-3837.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryFund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Frontier Asset Core Bond ETF | $38 | 0.77%Footnote Reference(1) |
|---|
| Footnote | Description |
Footnote(1) | The expense ratio includes an excise tax fee expense. Had this expense been excluded the ratio would have been 0.60%. |
Key Fund Statistics as of April 30, 2026
Table Summary | Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $40,673,623 | 7 | $130,329 | 0% |
|---|
What did the Fund invest in?
Asset WeightingsFootnote Reference*
Table SummaryValue | Value |
|---|
Exchange-Traded Funds | 99.3% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
Table SummaryHolding Name | | | Percentage of
Total Net Assets |
|---|
Vanguard Intermediate-Term Treasury ETF | | | 24.9% |
TCW Flexible Income ETF | | | 24.3% |
JPMorgan Core Plus Bond ETF | | | 18.5% |
Regan Floating Rate MBS ETF | | | 10.0% |
WisdomTree Floating Rate Treasury Fund ETF | | | 9.9% |
JPMorgan Ultra-Short Income ETF | | | 6.5% |
iShares Investment Grade Systematic Bond ETF | | | 5.3% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-326-3837 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund II
Frontier Asset Opportunistic Credit ETF
Principal Listing Exchange: NYSE Arca
Semi-Annual Shareholder Report: April 30, 2026
This semi-annual shareholder report contains important information about the Frontier Asset Opportunistic Credit ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://funds.frontierasset.com/opportunistic-credit-etf. You can also request this information by contacting us at 866-326-3837.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryFund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Frontier Asset Opportunistic Credit ETF | $30 | 0.60% |
|---|
Key Fund Statistics as of April 30, 2026
Table Summary | Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $33,169,555 | 8 | $103,169 | 4% |
|---|
What did the Fund invest in?
Asset WeightingsFootnote Reference*
Table SummaryValue | Value |
|---|
Exchange-Traded Funds | 99.4% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
Table SummaryHolding Name | | | Percentage of
Total Net Assets |
|---|
TCW Flexible Income ETF | | | 25.3% |
Vanguard Intermediate-Term Treasury ETF | | | 16.7% |
iShares Investment Grade Systematic Bond ETF | | | 16.1% |
JPMorgan Core Plus Bond ETF | | | 15.2% |
Schwab US TIPS ETF | | | 8.0% |
iShares MBS ETF | | | 7.0% |
Vanguard Short-Term Inflation-Protected Securities ETF | | | 6.4% |
PIMCO Multisector Bond Active ETF | | | 4.8% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-326-3837 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund II
Frontier Asset Global Small Cap Equity ETF
Principal Listing Exchange: NYSE Arca
Semi-Annual Shareholder Report: April 30, 2026
This semi-annual shareholder report contains important information about the Frontier Asset Global Small Cap Equity ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://funds.frontierasset.com/global-small-cap-equity-etf. You can also request this information by contacting us at 866-326-3837.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryFund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Frontier Asset Global Small Cap Equity ETF | $32 | 0.60% |
|---|
Key Fund Statistics as of April 30, 2026
Table Summary | Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $59,296,426 | 6 | $182,345 | 3% |
|---|
What did the Fund invest in?
Asset WeightingsFootnote Reference*
Table SummaryValue | Value |
|---|
Exchange-Traded Funds | 99.6% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
Table SummaryHolding Name | | | Percentage of
Total Net Assets |
|---|
Avantis International Small Capital Value ETF | | | 28.0% |
iShares Core S&P Small-Capital ETF | | | 21.9% |
iShares U.S. Small-Capital Equity Factor ETF | | | 21.8% |
Avantis U.S. Small Capital Value ETF | | | 11.7% |
iShares International Small-Capital Equity Factor ETF | | | 10.3% |
Neuberger Small-Mid Capital ETF | | | 5.9% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-326-3837 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund II
Frontier Asset Total International Equity ETF
Principal Listing Exchange: NYSE Arca
Semi-Annual Shareholder Report: April 30, 2026
This semi-annual shareholder report contains important information about the Frontier Asset Total International Equity ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://funds.frontierasset.com/total-intl-equity-etf. You can also request this information by contacting us at 866-326-3837.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryFund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Frontier Asset Total International Equity ETF | $32 | 0.60% |
|---|
Key Fund Statistics as of April 30, 2026
Table Summary | Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $69,587,916 | 8 | $178,729 | 5% |
|---|
What did the Fund invest in?
Asset WeightingsFootnote Reference*
Table SummaryValue | Value |
|---|
Exchange-Traded Funds | 99.7% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
Table SummaryHolding Name | | | Percentage of
Total Net Assets |
|---|
Avantis Emerging Markets Equity ETF | | | 21.8% |
iShares MSCI International Quality Factor ETF | | | 15.6% |
iShares International Equity Factor ETF | | | 15.2% |
iShares Emerging Markets Equity Factor ETF | | | 10.8% |
Vanguard International Dividend Appreciation ETF | | | 10.2% |
First Eagle Overseas Equity ETF | | | 9.9% |
Cambria Foreign Shareholder Yield ETF | | | 9.1% |
Franklin International Low Volatility High Dividend Index ETF | | | 7.2% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-326-3837 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund II
Frontier Asset U.S. Large Cap Equity ETF
Principal Listing Exchange: NYSE Arca
Semi-Annual Shareholder Report: April 30, 2026
This semi-annual shareholder report contains important information about the Frontier Asset U.S. Large Cap Equity ETF (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://funds.frontierasset.com/us-large-cap-equity-etf. You can also request this information by contacting us at 866-326-3837.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryFund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Frontier Asset U.S. Large Cap Equity ETF | $31 | 0.60% |
|---|
Key Fund Statistics as of April 30, 2026
Table Summary | Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $71,340,584 | 7 | $183,888 | 18% |
|---|
What did the Fund invest in?
Asset WeightingsFootnote Reference*
Table SummaryValue | Value |
|---|
Exchange-Traded Funds | 99.8% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
Table SummaryHolding Name | | | Percentage of
Total Net Assets |
|---|
T Rowe Price US Equity Research ETF | | | 26.1% |
iShares U.S. Equity Factor ETF | | | 18.8% |
JPMorgan Active Value ETF | | | 15.4% |
Vanguard Dividend Appreciation ETF | | | 12.0% |
JPMorgan Active Growth ETF | | | 11.3% |
T Rowe Price Capital Appreciation Equity ETF | | | 11.1% |
GMO US Quality ETF | | | 5.1% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-326-3837 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
Item
2. Code of Ethics.
Not
applicable for semi-annual report.
Item
3. Audit Committee Financial Expert.
Not
applicable for semi-annual report.
Item
4. Principal Accountant Fees and Services.
Not
applicable for semi-annual report.
Item
5. Audit Committee of Listed Registrants.
Not
applicable to open-end management investment companies.
Item
6. Schedule of Investments.
|
(a) |
The Schedules of Investments are
included as part of the Financial Statements and Other Information filed under Item 7 of this form. |
Item
7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Financial
statements and financial highlights are filed herein.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
April
30, 2026
TABLE
OF CONTENTS
| Financial
Statements (Form N-CSRS Item 7) |
|
| Schedules of Investments |
1 |
| Statements of Assets
and Liabilities |
7 |
| Statements of Operations |
9 |
| Statements of Changes
in Net Assets |
11 |
| Financial Highlights |
17 |
| Notes to Financial
Statements |
23 |
| Other Information (Form
N-CSRS Items 8-11) |
34 |
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
ABSOLUTE RETURN ETF |
| |
April 30, 2026 |
| |
(Unaudited) |
SCHEDULE
OF INVESTMENTS
EXCHANGE-TRADED
FUNDS — 99.5%
|
|
Shares |
|
|
Value |
|
| Commodity
— 23.3% |
|
|
|
| Harbor
Commodity All Weather Strategy ETF (1) |
|
|
65,235 |
|
|
$ |
2,126,009 |
|
| iMGP
DBi Managed Futures Strategy ETF |
|
|
28,021 |
|
|
|
856,322 |
|
|
|
|
|
|
|
|
2,982,331 |
|
| Equity
— 30.4% |
|
|
|
|
|
|
|
|
| American
Beacon AHL Trend ETF (1) |
|
|
93,191 |
|
|
|
2,686,203 |
|
| iShares
MSCI USA Momentum Factor ETF |
|
|
1,320 |
|
|
|
374,854 |
|
| iShares
U.S. Small-Capital Equity Factor ETF |
|
|
6,979 |
|
|
|
573,813 |
|
| Vanguard
Dividend Appreciation ETF |
|
|
1,100 |
|
|
|
251,581 |
|
|
|
|
|
|
|
|
3,886,451 |
|
| Fixed
Income — 43.0% |
|
|
|
|
|
|
|
|
| iShares
High Yield Systematic Bond ETF |
|
|
12,256 |
|
|
|
577,012 |
|
| Janus
Henderson AAA CLO ETF |
|
|
8,712 |
|
|
|
440,130 |
|
| JPMorgan
Ultra-Short Income ETF |
|
|
10,836 |
|
|
|
548,302 |
|
| Vanguard
Short-Term Bond ETF (1) |
|
|
35,963 |
|
|
|
2,816,262 |
|
| WisdomTree
Floating Rate Treasury Fund ETF |
|
|
22,000 |
|
|
|
1,107,700 |
|
|
|
|
|
|
|
|
5,489,406 |
|
| International
— 2.8% |
|
|
|
|
|
|
|
|
| Avantis
International Small Capital Value ETF |
|
|
3,388 |
|
|
|
359,636 |
|
| Total
Exchange-Traded Funds |
|
|
|
|
|
|
|
|
| (Cost
$11,188,659) |
|
|
|
|
|
|
12,717,824 |
|
| |
|
|
|
|
|
|
|
|
| Total
Investments - 99.5% |
|
|
|
|
|
|
|
|
| (Cost
$11,188,659) |
|
|
|
|
|
$ |
12,717,824 |
|
Percentages
are based on Net Assets of $12,787,714.
|
(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
As
of April 30, 2026, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements
and disclosure under U.S. GAAP.
For
more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
CORE BOND ETF |
| |
April 30, 2026 |
| |
(Unaudited) |
SCHEDULE
OF INVESTMENTS
EXCHANGE-TRADED
FUNDS — 99.3%
|
|
Shares |
|
|
Value |
|
| Fixed Income — 99.3% |
|
|
|
| iShares Investment Grade Systematic Bond
ETF |
|
|
48,160 |
|
|
$ |
2,172,979 |
|
| JPMorgan
Core Plus Bond ETF (1) |
|
|
159,889 |
|
|
|
7,514,783 |
|
| JPMorgan Ultra-Short Income ETF |
|
|
51,952 |
|
|
|
2,628,771 |
|
| Regan Floating Rate MBS ETF |
|
|
157,622 |
|
|
|
4,049,309 |
|
| TCW
Flexible Income ETF (1) |
|
|
251,040 |
|
|
|
9,880,935 |
|
| Vanguard
Intermediate-Term Treasury ETF (1) |
|
|
170,958 |
|
|
|
10,136,100 |
|
| WisdomTree Floating Rate Treasury
Fund ETF |
|
|
79,595 |
|
|
|
4,007,608 |
|
|
|
|
|
|
|
|
40,390,485 |
|
| Total Exchange-Traded Funds |
|
|
|
|
|
|
|
|
| (Cost $39,903,153) |
|
|
|
|
|
|
40,390,485 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments - 99.3% |
|
|
|
|
|
|
|
|
| (Cost $39,903,153) |
|
|
|
|
|
$ |
40,390,485 |
|
Percentages
are based on Net Assets of $40,673,623.
|
(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
MBS
— Mortgage-Backed Security
As
of April 30, 2026, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements
and disclosure under U.S. GAAP.
For
more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
OPPORTUNISTIC CREDIT
ETF |
| |
April 30, 2026 |
| |
(Unaudited) |
SCHEDULE
OF INVESTMENTS
EXCHANGE-TRADED
FUNDS — 99.4%
|
|
Shares |
|
|
Value |
|
| Fixed Income — 99.4% |
|
|
|
| iShares
Investment Grade Systematic Bond ETF (1) |
|
|
118,112 |
|
|
$ |
5,329,214 |
|
| iShares MBS ETF |
|
|
24,521 |
|
|
|
2,324,100 |
|
| JPMorgan
Core Plus Bond ETF (1) |
|
|
107,010 |
|
|
|
5,029,470 |
|
| PIMCO Multisector Bond Active ETF |
|
|
59,860 |
|
|
|
1,583,297 |
|
| Schwab US TIPS ETF |
|
|
98,342 |
|
|
|
2,642,450 |
|
| TCW
Flexible Income ETF (1) |
|
|
212,837 |
|
|
|
8,377,264 |
|
| Vanguard
Intermediate-Term Treasury ETF (1) |
|
|
93,391 |
|
|
|
5,537,152 |
|
| Vanguard Short-Term Inflation-Protected
Securities ETF |
|
|
42,322 |
|
|
|
2,131,336 |
|
|
|
|
|
|
|
|
32,954,283 |
|
| Total Exchange-Traded Funds |
|
|
|
|
|
|
|
|
| (Cost $32,435,223) |
|
|
|
|
|
|
32,954,283 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments - 99.4% |
|
|
|
|
|
|
|
|
| (Cost $32,435,223) |
|
|
|
|
|
$ |
32,954,283 |
|
Percentages
are based on Net Assets of $33,169,555.
|
(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
MBS
— Mortgage-Backed Security
TIPS
— Treasury Inflation Protected Security
As
of April 30, 2026, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements
and disclosure under U.S. GAAP.
For
more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
FRONTIER ETFs |
| |
GLOBAL SMALL CAP
EQUITY ETF |
| |
April
30, 2026 |
| |
(Unaudited) |
SCHEDULE
OF INVESTMENTS
EXCHANGE-TRADED
FUNDS — 99.6%
|
|
Shares |
|
|
Value |
|
| Equity — 61.3% |
|
|
|
| Avantis
U.S. Small Capital Value ETF (1) |
|
|
57,619 |
|
|
$ |
6,922,347 |
|
| iShares
Core S&P Small-Capital ETF (1) |
|
|
94,640 |
|
|
|
12,975,144 |
|
| iShares
U.S. Small-Capital Equity Factor ETF (1) |
|
|
157,553 |
|
|
|
12,954,008 |
|
| Neuberger Small-Mid Capital ETF |
|
|
129,923 |
|
|
|
3,505,024 |
|
|
|
|
|
|
|
|
36,356,523 |
|
| International — 38.3% |
|
|
|
|
|
|
|
|
| Avantis
International Small Capital Value ETF (1) |
|
|
156,201 |
|
|
|
16,580,736 |
|
| iShares
International Small-Capital Equity Factor ETF (1) |
|
|
137,980 |
|
|
|
6,116,653 |
|
|
|
|
|
|
|
|
22,697,389 |
|
| Total Exchange-Traded Funds |
|
|
|
|
|
|
|
|
| (Cost $45,830,074) |
|
|
|
|
|
|
59,053,912 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments - 99.6% |
|
|
|
|
|
|
|
|
| (Cost $45,830,074) |
|
|
|
|
|
$ |
59,053,912 |
|
Percentages
are based on Net Assets of $59,296,426.
|
(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
As
of April 30, 2026, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements
and disclosure under U.S. GAAP.
For
more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
FRONTIER ETFs |
| |
TOTAL INTERNATIONAL
EQUITY ETF |
| |
April
30, 2026 |
| |
(Unaudited) |
SCHEDULE
OF INVESTMENTS
EXCHANGE-TRADED
FUNDS — 99.7%
|
|
Shares |
|
|
Value |
|
| International — 99.7% |
|
|
|
| Avantis
Emerging Markets Equity ETF (1) |
|
|
168,240 |
|
|
$ |
15,202,166 |
|
| Cambria Foreign Shareholder Yield ETF |
|
|
162,820 |
|
|
|
6,312,531 |
|
| First Eagle Overseas Equity ETF |
|
|
130,303 |
|
|
|
6,868,271 |
|
| Franklin International Low Volatility High Dividend
Index ETF |
|
|
121,485 |
|
|
|
4,977,241 |
|
| iShares
Emerging Markets Equity Factor ETF (1) |
|
|
110,172 |
|
|
|
7,535,765 |
|
| iShares
International Equity Factor ETF (1) |
|
|
258,752 |
|
|
|
10,603,657 |
|
| iShares
MSCI International Quality Factor ETF (1) |
|
|
221,807 |
|
|
|
10,835,272 |
|
| Vanguard
International Dividend Appreciation ETF (1) |
|
|
76,655 |
|
|
|
7,074,490 |
|
|
|
|
|
|
|
|
69,409,393 |
|
| Total Exchange-Traded Funds |
|
|
|
|
|
|
|
|
| (Cost $52,983,310) |
|
|
|
|
|
|
69,409,393 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments - 99.7% |
|
|
|
|
|
|
|
|
| (Cost $52,983,310) |
|
|
|
|
|
$ |
69,409,393 |
|
Percentages
are based on Net Assets of $69,587,916.
|
(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
As
of April 30, 2026, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements
and disclosure under U.S. GAAP.
For
more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
FRONTIER ETFs |
| |
U.S. LARGE CAP EQUITY
ETF |
| |
April
30, 2026 |
| |
(Unaudited) |
SCHEDULE
OF INVESTMENTS
EXCHANGE-TRADED
FUNDS — 99.8%
|
|
Shares |
|
|
Value |
|
| Equity — 99.8% |
|
|
|
| GMO US Quality ETF |
|
|
91,986 |
|
|
$ |
3,664,722 |
|
| iShares
U.S. Equity Factor ETF (1) |
|
|
185,889 |
|
|
|
13,376,572 |
|
| JPMorgan
Active Growth ETF (1) |
|
|
86,452 |
|
|
|
8,096,230 |
|
| JPMorgan
Active Value ETF (1) |
|
|
143,581 |
|
|
|
10,956,666 |
|
| T
Rowe Price Capital Appreciation Equity ETF (1) |
|
|
201,917 |
|
|
|
7,931,300 |
|
| T
Rowe Price US Equity Research ETF (1) |
|
|
409,180 |
|
|
|
18,593,139 |
|
| Vanguard
Dividend Appreciation ETF (1) |
|
|
37,374 |
|
|
|
8,547,808 |
|
|
|
|
|
|
|
|
71,166,437 |
|
| Total Exchange-Traded Funds |
|
|
|
|
|
|
|
|
| (Cost $63,156,783) |
|
|
|
|
|
|
71,166,437 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments - 99.8% |
|
|
|
|
|
|
|
|
| (Cost $63,156,783) |
|
|
|
|
|
$ |
71,166,437 |
|
Percentages
are based on Net Assets of $71,340,584.
|
(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
As
of April 30, 2026, all of the Fund's investments were considered Level 1, in accordance with authoritative guidance on fair value measurements
and disclosure under U.S. GAAP.
For
more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
FRONTIER ETFs |
| |
April
30, 2026 |
| |
(Unaudited) |
STATEMENTS
OF ASSETS AND LIABILITIES
|
|
Frontier
Asset
Absolute Return
ETF |
|
|
Frontier
Asset Core
Bond ETF |
|
|
Frontier
Asset
Opportunistic
Credit ETF |
|
| Assets: |
|
|
|
|
|
|
| Investments,
at Value (Cost $11,188,659, $39,903,153 and $32,435,223) |
|
$ |
12,717,824 |
|
|
$ |
40,390,485 |
|
|
$ |
32,954,283 |
|
| Cash |
|
|
72,667 |
|
|
|
331,931 |
|
|
|
227,460 |
|
| Dividend
and Interest Receivable |
|
|
1,750 |
|
|
|
– |
|
|
|
– |
|
| Total
Assets |
|
|
12,792,241 |
|
|
|
40,722,416 |
|
|
|
33,181,743 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Payable
to Investment Adviser |
|
|
4,527 |
|
|
|
48,793 |
|
|
|
12,188 |
|
| Total
Liabilities |
|
|
4,527 |
|
|
|
48,793 |
|
|
|
12,188 |
|
| Commitments
and Contingencies† |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
Assets |
|
$ |
12,787,714 |
|
|
$ |
40,673,623 |
|
|
$ |
33,169,555 |
|
| Net
Assets Consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in
Capital |
|
$ |
11,162,649 |
|
|
$ |
39,980,766 |
|
|
$ |
32,553,986 |
|
| Total
Distributable Earnings |
|
|
1,625,065 |
|
|
|
692,857 |
|
|
|
615,569 |
|
| Net
Assets |
|
$ |
12,787,714 |
|
|
$ |
40,673,623 |
|
|
$ |
33,169,555 |
|
| Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
Assets |
|
$ |
12,787,714 |
|
|
$ |
40,673,623 |
|
|
$ |
33,169,555 |
|
| Outstanding
Shares of beneficial interest (unlimited authorization — no par value) |
|
|
440,000 |
|
|
|
1,600,000 |
|
|
|
1,300,000 |
|
| Net
Asset Value, Offering and Redemption Price Per Share |
|
$ |
29.06 |
|
|
$ |
25.42 |
|
|
$ |
25.52 |
|
|
† |
See Note 5 in the Notes to Financial Statements. |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
FRONTIER ETFs |
| |
April
30, 2026 |
| |
(Unaudited) |
STATEMENTS
OF ASSETS AND LIABILITIES
|
|
Frontier Asset
Global Small
Cap
Equity ETF |
|
|
Frontier Asset
Total International
Equity ETF |
|
|
Frontier Asset U.S.
Large
Cap Equity
ETF |
|
| Assets: |
|
|
|
|
|
|
| Investments, at Value (Cost $45,830,074,
$52,983,310 and $63,156,783) |
|
$ |
59,053,912 |
|
|
$ |
69,409,393 |
|
|
$ |
71,166,437 |
|
| Cash |
|
|
264,255 |
|
|
|
205,038 |
|
|
|
201,727 |
|
| Total Assets |
|
|
59,318,167 |
|
|
|
69,614,431 |
|
|
|
71,368,164 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to Investment Adviser |
|
|
21,741 |
|
|
|
26,515 |
|
|
|
27,580 |
|
| Total Liabilities |
|
|
21,741 |
|
|
|
26,515 |
|
|
|
27,580 |
|
| Commitments and Contingencies† |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets |
|
$ |
59,296,426 |
|
|
$ |
69,587,916 |
|
|
$ |
71,340,584 |
|
| Net Assets Consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
| Paid-in Capital |
|
$ |
43,697,940 |
|
|
$ |
52,395,594 |
|
|
$ |
62,175,233 |
|
| Total Distributable Earnings |
|
|
15,598,486 |
|
|
|
17,192,322 |
|
|
|
9,165,351 |
|
| Net Assets |
|
$ |
59,296,426 |
|
|
$ |
69,587,916 |
|
|
$ |
71,340,584 |
|
| Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets |
|
$ |
59,296,426 |
|
|
$ |
69,587,916 |
|
|
$ |
71,340,584 |
|
| Outstanding Shares of beneficial interest (unlimited
authorization — no par value) |
|
|
1,760,000 |
|
|
|
1,980,000 |
|
|
|
2,390,000 |
|
| Net Asset Value, Offering and
Redemption Price Per Share |
|
$ |
33.69 |
|
|
$ |
35.15 |
|
|
$ |
29.85 |
|
|
† |
See Note 5 in the Notes to Financial Statements. |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
FRONTIER ETFs |
| |
For the Six Months
Ended |
| |
April
30, 2026 |
| |
(Unaudited) |
STATEMENTS
OF OPERATIONS
|
|
Frontier
Asset Absolute Return ETF |
|
|
Frontier
Asset Core Bond ETF |
|
|
Frontier
Asset Opportunistic Credit ETF |
|
| Investment Income: |
|
|
|
|
|
|
| Dividends |
|
$ |
313,813 |
|
|
$ |
1,021,491 |
|
|
$ |
824,361 |
|
| Interest |
|
|
1,336 |
|
|
|
5,824 |
|
|
|
3,715 |
|
| Total Investment
Income |
|
|
315,149 |
|
|
|
1,027,315 |
|
|
|
828,076 |
|
| Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Advisory Fees |
|
|
35,001 |
|
|
|
130,329 |
|
|
|
103,169 |
|
| Excise Tax Fees |
|
|
940 |
|
|
|
36,594 |
|
|
|
– |
|
| Total Expenses |
|
|
35,941 |
|
|
|
166,923 |
|
|
|
103,169 |
|
| Net Expenses |
|
|
35,941 |
|
|
|
166,923 |
|
|
|
103,169 |
|
| Net Investment
Income |
|
|
279,208 |
|
|
|
860,392 |
|
|
|
724,907 |
|
| Net Realized Gain (Loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments(1) |
|
|
55,019 |
|
|
|
77,720 |
|
|
|
76,536 |
|
| Net Realized
Gain |
|
|
55,019 |
|
|
|
77,720 |
|
|
|
76,536 |
|
| Net Change in Unrealized Appreciation
(Depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
849,494 |
|
|
|
(525,860 |
) |
|
|
(483,160 |
) |
| Net Change
in Unrealized Appreciation (Depreciation) |
|
|
849,494 |
|
|
|
(525,860 |
) |
|
|
(483,160 |
) |
| Net Realized
and Unrealized Gain (Loss) |
|
|
904,513 |
|
|
|
(448,140 |
) |
|
|
(406,624 |
) |
| Net Increase
in Net Assets Resulting from Operations |
|
$ |
1,183,721 |
|
|
$ |
412,252 |
|
|
$ |
318,283 |
|
|
(1) |
Includes realized gains (losses) as a result
of in-kind redemptions. (See Note 6 in Notes to Financial Statements.) |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
FRONTIER ETFs |
| |
For the Six Months
Ended |
| |
April
30, 2026 |
| |
(Unaudited) |
STATEMENTS
OF OPERATIONS
|
|
Frontier Asset Global Small Cap
Equity ETF |
|
|
Frontier Asset Total International
Equity ETF |
|
|
Frontier Asset U.S. Large Cap
Equity ETF |
|
| Investment Income: |
|
|
|
|
|
|
| Dividends |
|
$ |
643,113 |
|
|
$ |
828,205 |
|
|
$ |
332,350 |
|
| Interest |
|
|
3,128 |
|
|
|
3,586 |
|
|
|
4,465 |
|
| Total Investment
Income |
|
|
646,241 |
|
|
|
831,791 |
|
|
|
336,815 |
|
| Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Advisory Fees |
|
|
182,345 |
|
|
|
178,729 |
|
|
|
183,888 |
|
| Excise Tax Fees |
|
|
– |
|
|
|
842 |
|
|
|
168 |
|
| Total Expenses |
|
|
182,345 |
|
|
|
179,571 |
|
|
|
184,056 |
|
| Net Expenses |
|
|
182,345 |
|
|
|
179,571 |
|
|
|
184,056 |
|
| Net Investment
Income |
|
|
463,896 |
|
|
|
652,220 |
|
|
|
152,759 |
|
| Net Realized Gain (Loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments(1) |
|
|
2,584,446 |
|
|
|
763,076 |
|
|
|
1,180,426 |
|
| Net Realized
Gain |
|
|
2,584,446 |
|
|
|
763,076 |
|
|
|
1,180,426 |
|
| Net Change in Unrealized Appreciation
(Depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
5,825,492 |
|
|
|
6,812,594 |
|
|
|
2,075,818 |
|
| Net Change
in Unrealized Appreciation (Depreciation) |
|
|
5,825,492 |
|
|
|
6,812,594 |
|
|
|
2,075,818 |
|
| Net Realized
and Unrealized Gain |
|
|
8,409,938 |
|
|
|
7,575,670 |
|
|
|
3,256,244 |
|
| Net Increase
in Net Assets Resulting from Operations |
|
$ |
8,873,834 |
|
|
$ |
8,227,890 |
|
|
$ |
3,409,003 |
|
|
(1) |
Includes realized gains (losses) as a result
of in-kind redemptions. (See Note 6 in Notes to Financial Statements.) |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
STATEMENTS
OF CHANGES IN NET ASSETS
| |
|
Frontier
Asset Absolute Return ETF |
|
| |
|
For
the Six Months Ended, April
30, 2026
(Unaudited) |
|
|
Period
Ended, October 31, 2025(1) |
|
| Operations: |
|
|
|
|
|
|
|
|
| Net Investment Income |
|
$ |
279,208 |
|
|
$ |
191,681 |
|
| Net
Realized Gain (2) |
|
|
55,019 |
|
|
|
33,002 |
|
| Net Change in Unrealized Appreciation |
|
|
849,494 |
|
|
|
679,671 |
|
| Net Increase
in Net Assets Resulting From Operations |
|
|
1,183,721 |
|
|
|
904,354 |
|
| Distributions: |
|
|
(255,830 |
) |
|
|
(169,660 |
) |
| Total Distributions |
|
|
(255,830 |
) |
|
|
(169,660 |
) |
| Capital Share Transactions: |
|
|
|
|
|
|
|
|
| Shares |
|
|
|
|
|
|
|
|
| Issued |
|
|
860,008 |
|
|
|
13,337,102 |
|
| Redeemed |
|
|
(556,787 |
) |
|
|
(2,515,194 |
) |
| Net Shares
Transactions |
|
|
303,221 |
|
|
|
10,821,908 |
|
| Net Increase
in Net Assets From Capital Share Transactions |
|
|
303,221 |
|
|
|
10,821,908 |
|
| Total Increase
in Net Assets |
|
|
1,231,112 |
|
|
|
11,556,602 |
|
| Net Assets: |
|
|
|
|
|
|
|
|
| Beginning of Period |
|
|
11,556,602 |
|
|
|
– |
|
| End of Period |
|
$ |
12,787,714 |
|
|
$ |
11,556,602 |
|
|
(1) |
Commenced operations
on December 19, 2024. |
|
(2) |
Includes realized
gains (losses) as a result of in-kind redemptions. (See Note 6 in Notes to Financial Statements.) |
Amounts
designated as “—” are $0.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
STATEMENTS
OF CHANGES IN NET ASSETS
| |
|
Frontier
Asset Core Bond ETF |
|
| |
|
For
the Six Months Ended, April 30, 2026
(Unaudited) |
|
Period
Ended, October 31, 2025(1) |
|
| Operations: |
|
|
|
|
|
|
|
| Net
Investment Income |
$ |
860,392 |
$ |
1,508,676 |
|
| Net
Realized Gain (2) |
|
|
77,720 |
|
|
121,423 |
|
| Net
Change in Unrealized Appreciation (Depreciation) |
|
|
(525,860) |
|
|
1,013,192 |
|
| Net
Increase in Net Assets Resulting From Operations |
|
|
412,252 |
|
|
2,643,291 |
|
| Distributions: |
|
|
(932,976) |
|
|
(1,308,266) |
|
| Total
Distributions |
|
|
(932,976) |
|
|
(1,308,266) |
|
| Capital
Share Transactions: |
|
|
|
|
|
|
|
| Shares |
|
|
|
|
|
|
|
| Issued |
|
|
1,791,653 |
|
|
62,330,776 |
|
| Redeemed |
|
|
(4,584,955) |
|
|
(19,678,152) |
|
| Net
Shares Transactions |
|
|
(2,793,302) |
|
|
42,652,624 |
|
| Net
Increase (Decrease) in Net Assets From Capital Share Transactions |
|
|
(2,793,302) |
|
|
42,652,624 |
|
| Total
Increase (Decrease) in Net Assets |
|
|
(3,314,026) |
|
|
43,987,649 |
|
| Net
Assets: |
|
|
|
|
|
|
|
| Beginning
of Period |
|
|
43,987,649 |
|
|
– |
|
| End
of Period |
|
$ |
40,673,623 |
|
$ |
43,987,649 |
|
|
(1) |
Commenced operations
on December 19, 2024. |
|
(2) |
Includes realized
gains (losses) as a result of in-kind redemptions. (See Note 6 in Notes to Financial Statements.) |
Amounts
designated as “—” are $0.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
STATEMENTS
OF CHANGES IN NET ASSETS
| |
Frontier
Asset Opportunistic Credit ETF |
|
| |
For
the Six Months Ended, April
30, 2026 (Unaudited) |
|
Period
Ended, October 31, 2025(1) |
|
| Operations: |
|
|
|
|
|
|
| Net
Investment Income |
$ |
724,907 |
$ |
1,133,528 |
|
| Net
Realized Gain (Loss) (2) |
|
76,536 |
|
|
(54,925) |
|
| Net
Change in Unrealized Appreciation (Depreciation) |
|
(483,160) |
|
|
1,002,220 |
|
| Net
Increase in Net Assets Resulting From Operations |
|
318,283 |
|
|
2,080,823 |
|
| Distributions: |
|
(735,331) |
|
|
(1,002,933) |
|
| Total
Distributions |
|
(735,331) |
|
|
(1,002,933) |
|
| Capital
Share Transactions: |
|
|
|
|
|
|
| Shares |
|
|
|
|
|
|
| Issued |
|
2,590,101 |
|
|
41,066,785 |
|
| Redeemed |
|
(3,341,920) |
|
|
(7,806,253) |
|
| Net
Shares Transactions |
|
(751,819) |
|
|
33,260,532 |
|
| Net
Increase (Decrease) in Net Assets From Capital Share Transactions |
|
(751,819) |
|
|
33,260,532 |
|
| Total
Increase (Decrease) in Net Assets |
|
(1,168,867) |
|
|
34,338,422 |
|
| Net
Assets: |
|
|
|
|
|
|
| Beginning
of Period |
|
34,338,422 |
|
|
– |
|
| End
of Period |
$ |
33,169,555 |
|
$ |
34,338,422 |
|
|
(1) |
Commenced operations
on December 19, 2024. |
|
(2) |
Includes realized
gains (losses) as a result of in-kind redemptions. (See Note 6 in Notes to Financial Statements.) |
Amounts
designated as “—” are $0.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
STATEMENTS
OF CHANGES IN NET ASSETS
| |
|
Frontier
Asset Global Small Cap Equity ETF |
|
| |
|
For
the Six Months Ended, April 30, 2026 (Unaudited) |
|
|
Period
Ended, October 31, 2025(1) |
|
| Operations: |
| Net
Investment Income |
|
$ |
463,896 |
|
|
$ |
441,315 |
|
| Net
Realized Gain (2) |
|
|
2,584,446 |
|
|
|
1,111,246 |
|
| Net
Change in Unrealized Appreciation |
|
|
5,825,492 |
|
|
|
7,398,346 |
|
| Net
Increase in Net Assets Resulting From Operations |
|
|
8,873,834 |
|
|
|
8,950,907 |
|
| Distributions: |
|
|
(498,564 |
) |
|
|
(441,315 |
) |
| Return
of Capital: |
|
|
– |
|
|
|
(39,617 |
) |
| Total
Distributions |
|
|
(498,564 |
) |
|
|
(480,932 |
) |
| Capital
Share Transactions: |
| Shares |
| Issued |
|
|
2,896,908 |
|
|
|
71,150,444 |
|
| Redeemed |
|
|
(12,259,336 |
) |
|
|
(19,336,835 |
) |
| Net
Shares Transactions |
|
|
(9,362,428 |
) |
|
|
51,813,609 |
|
| Net
Increase (Decrease) in Net Assets From Capital Share Transactions |
|
|
(9,362,428 |
) |
|
|
51,813,609 |
|
| Total
Increase (Decrease) in Net Assets |
|
|
(987,158 |
) |
|
|
60,283,584 |
|
| Net
Assets: |
| Beginning
of Period |
|
|
60,283,584 |
|
|
|
– |
|
| End
of Period |
|
$ |
59,296,426 |
|
|
$ |
60,283,584 |
|
|
(1) |
Commenced operations
on December 19, 2024. |
|
(2) |
Includes realized
gains (losses) as a result of in-kind redemptions. (See Note 6 in Notes to Financial Statements.) |
Amounts
designated as “—” are $0.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
STATEMENTS
OF CHANGES IN NET ASSETS
| |
|
Frontier
Asset Total International Equity ETF |
|
| |
|
For
the Six Months Ended, April 30, 2026 (Unaudited) |
|
|
Period
Ended, October 31, 2025(1) |
|
| Operations: |
| Net
Investment Income |
|
$ |
652,220 |
|
|
$ |
545,691 |
|
| Net
Realized Gain (2) |
|
|
763,076 |
|
|
|
673,723 |
|
| Net
Change in Unrealized Appreciation |
|
|
6,812,594 |
|
|
|
9,613,489 |
|
| Net
Increase in Net Assets Resulting From Operations |
|
|
8,227,890 |
|
|
|
10,832,903 |
|
| Distributions: |
|
|
(649,054 |
) |
|
|
(547,841 |
) |
| Return
of Capital: |
|
|
– |
|
|
|
(46,990 |
) |
| Total
Distributions |
|
|
(649,054 |
) |
|
|
(594,831 |
) |
| Capital
Share Transactions: |
| Shares |
| Issued |
|
|
9,852,197 |
|
|
|
56,052,877 |
|
| Redeemed |
|
|
(3,335,109 |
) |
|
|
(10,798,957 |
) |
| Net
Shares Transactions |
|
|
6,517,088 |
|
|
|
45,253,920 |
|
| Net
Increase in Net Assets From Capital Share Transactions |
|
|
6,517,088 |
|
|
|
45,253,920 |
|
| Total
Increase in Net Assets |
|
|
14,095,924 |
|
|
|
55,491,992 |
|
| Net
Assets: |
| Beginning
of Period |
|
|
55,491,992 |
|
|
|
– |
|
| End
of Period |
|
$ |
69,587,916 |
|
|
$ |
55,491,992 |
|
|
(1) |
Commenced operations
on December 19, 2024. |
|
(2) |
Includes realized
gains (losses) as a result of in-kind redemptions. (See Note 6 in Notes to Financial Statements.) |
Amounts
designated as “—” are $0.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
STATEMENTS
OF CHANGES IN NET ASSETS
| |
|
Frontier
Asset U.S. Large Cap Equity ETF |
|
| |
|
For
the Six Months Ended, April 30, 2026 (Unaudited) |
|
|
Period
Ended, October 31, 2025(1) |
|
| Operations: |
| Net
Investment Income |
|
$ |
152,759 |
|
|
$ |
8,321 |
|
| Net
Realized Gain (2) |
|
|
1,180,426 |
|
|
|
121,457 |
|
| Net
Change in Unrealized Appreciation |
|
|
2,075,818 |
|
|
|
5,933,836 |
|
| Net
Increase in Net Assets Resulting From Operations |
|
|
3,409,003 |
|
|
|
6,063,614 |
|
| Distributions: |
|
|
(177,488 |
) |
|
|
(8,332 |
) |
| Return
of Capital: |
|
|
– |
|
|
|
(7,074 |
) |
| Total
Distributions |
|
|
(177,488 |
) |
|
|
(15,406 |
) |
| Capital
Share Transactions: |
| Shares |
| Issued |
|
|
22,997,489 |
|
|
|
52,675,430 |
|
| Redeemed |
|
|
(11,596,518 |
) |
|
|
(2,015,540 |
) |
| Net
Shares Transactions |
|
|
11,400,971 |
|
|
|
50,659,890 |
|
| Net
Increase in Net Assets From Capital Share Transactions |
|
|
11,400,971 |
|
|
|
50,659,890 |
|
| Total
Increase in Net Assets |
|
|
14,632,486 |
|
|
|
56,708,098 |
|
| Net
Assets: |
| Beginning
of Period |
|
|
56,708,098 |
|
|
|
– |
|
| End
of Period |
|
$ |
71,340,584 |
|
|
$ |
56,708,098 |
|
|
(1) |
Commenced operations
on December 19, 2024. |
|
(2) |
Includes realized
gains (losses) as a result of in-kind redemptions. (See Note 6 in Notes to Financial Statements.) |
Amounts
designated as “—” are $0.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
ABSOLUTE RETURN ETF |
FINANCIAL
HIGHLIGHTS
Selected
Per Share Data & Ratios For a Share
Outstanding
Throughout the Period
| |
|
For the
Six Months Ended April 30, 2026 (Unaudited) |
|
|
Period
Ended October 31, 2025(1) |
|
| Net Asset Value, Beginning of Period |
|
$ |
26.88 |
|
|
$ |
25.00 |
|
| Income from Investment Operations: |
|
|
|
|
|
|
|
|
| Net Investment Income* |
|
|
0.66 |
|
|
|
0.45 |
|
| Net Realized and Unrealized Gain |
|
|
2.12 |
|
|
|
1.82 |
|
| Total from Investment Operations |
|
|
2.78 |
|
|
|
2.27 |
|
| Dividends and Distributions: |
|
|
|
|
|
|
|
|
| Net Investment Income |
|
|
(0.60 |
) |
|
|
(0.39 |
) |
| Total Dividends and Distributions |
|
|
(0.60 |
) |
|
|
(0.39 |
) |
| Net Asset Value, End of Period |
|
$ |
29.06 |
|
|
$ |
26.88 |
|
| Total Return† |
|
|
10.50 |
% |
|
|
9.16 |
% |
| Ratios and Supplemental Data |
|
|
|
|
|
|
|
|
| Net Assets, End of Period (Thousands) |
|
$ |
12,788 |
|
|
$ |
11,557 |
|
| Ratio
of Expenses to Average Net Assets(2) |
|
|
0.62 |
%††(3) |
|
|
0.60 |
%†† |
| Ratio
of Expenses to Average Net Assets (Excluding Waivers)(2) |
|
|
0.62 |
%††(3) |
|
|
0.60 |
%†† |
| Ratio
of Net Investment Income to Average Net Assets (4) |
|
|
4.79 |
%†† |
|
|
2.03 |
%†† |
| Portfolio Turnover Rate |
|
|
– |
%‡ |
|
|
3 |
%‡ |
|
* |
Per share data calculated using average shares
method. |
|
† |
Total return is
for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares. |
|
‡ |
Portfolio turnover is for the period indicated
and has not been annualized. |
|
(1) |
Commenced operations
on December 19, 2024. |
|
(2) |
The Fund will also
indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation
of this ratio. |
|
(3) |
The expense ratio
includes an excise tax fee expense. Had this expense been excluded the ratio would have been 0.60%. |
|
(4) |
Net
investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
Amounts designated
as “—” are either not applicable, $0 or have been rounded to $0. |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
CORE BOND ETF |
FINANCIAL
HIGHLIGHTS
Selected
Per Share Data & Ratios For a Share
Outstanding
Throughout the Period
| |
|
For the
Six Months Ended April 30, 2026 (Unaudited) |
|
|
Period
Ended October 31, 2025(1) |
|
| Net Asset Value, Beginning of Period |
|
$ |
25.72 |
|
|
$ |
25.00 |
|
| Income from Investment Operations: |
|
|
|
|
|
|
|
|
| Net Investment Income* |
|
|
0.50 |
|
|
|
0.86 |
|
| Net Realized and Unrealized Gain (Loss) |
|
|
(0.25 |
) |
|
|
0.61 |
|
| Total from Investment Operations |
|
|
0.25 |
|
|
|
1.47 |
|
| Dividends and Distributions: |
|
|
|
|
|
|
|
|
| Net Investment Income |
|
|
(0.55 |
) |
|
|
(0.75 |
) |
| Total Dividends and Distributions |
|
|
(0.55 |
) |
|
|
(0.75 |
) |
| Net Asset Value, End of Period |
|
$ |
25.42 |
|
|
$ |
25.72 |
|
| Total Return† |
|
|
0.96 |
% |
|
|
5.93 |
% |
| Ratios and Supplemental Data |
|
|
|
|
|
|
|
|
| Net Assets, End of Period (Thousands) |
|
$ |
40,674 |
|
|
$ |
43,988 |
|
| Ratio of
Expenses to Average Net Assets(2) |
|
|
0.77 |
%††(3) |
|
|
0.60 |
%†† |
| Ratio of
Expenses to Average Net Assets (Excluding Waivers)(2) |
|
|
0.77 |
%††(3) |
|
|
0.60 |
%†† |
| Ratio of
Net Investment Income to Average Net Assets (4) |
|
|
3.96 |
%†† |
|
|
3.87 |
%†† |
| Portfolio Turnover Rate |
|
|
– |
%‡ |
|
|
5 |
%‡ |
|
* |
Per share data calculated using average shares
method. |
|
† |
Total return is
for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares. |
|
‡ |
Portfolio turnover is for the period indicated
and has not been annualized. |
|
(1) |
Commenced operations
on December 19, 2024. |
|
(2) |
The Fund will also
indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation
of this ratio. |
|
(3) |
The expense ratio
includes an excise tax fee expense. Had this expense been excluded the ratio would have been 0.60%. |
|
(4) |
Net
investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
Amounts designated
as “—” are either not applicable, $0 or have been rounded to $0. |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
OPPORTUNISTIC CREDIT
ETF |
FINANCIAL
HIGHLIGHTS
Selected
Per Share Data & Ratios For a Share
Outstanding
Throughout the Period
| |
|
For the
Six Months Ended April 30, 2026 (Unaudited) |
|
|
Period
Ended October 31, 2025(1) |
|
| Net Asset Value,
Beginning of Period |
|
$ |
25.82 |
|
|
$ |
25.00 |
|
| Income from Investment Operations: |
|
|
|
|
|
|
|
|
| Net Investment Income* |
|
|
0.54 |
|
|
|
0.85 |
|
| Net Realized and Unrealized Gain
(Loss) |
|
|
(0.30 |
) |
|
|
0.72 |
|
| Total from Investment Operations |
|
|
0.24 |
|
|
|
1.57 |
|
| Dividends and Distributions: |
|
|
|
|
|
|
|
|
| Net Investment Income |
|
|
(0.54 |
) |
|
|
(0.75 |
) |
| Total Dividends and Distributions |
|
|
(0.54 |
) |
|
|
(0.75 |
) |
| Net Asset Value, End of Period |
|
$ |
25.52 |
|
|
$ |
25.82 |
|
| Total Return† |
|
|
0.93 |
% |
|
|
6.35 |
% |
| Ratios and Supplemental Data |
|
|
|
|
|
|
|
|
| Net Assets, End of Period (Thousands) |
|
$ |
33,170 |
|
|
$ |
34,338 |
|
| Ratio
of Expenses to Average Net Assets(2) |
|
|
0.60 |
%†† |
|
|
0.60 |
%†† |
| Ratio
of Expenses to Average Net Assets (Excluding Waivers)(2) |
|
|
0.60 |
%†† |
|
|
0.60 |
%†† |
| Ratio
of Net Investment Income to Average Net Assets (3) |
|
|
4.22 |
%†† |
|
|
3.86 |
%†† |
| Portfolio Turnover Rate |
|
|
4 |
%‡ |
|
|
25 |
%‡ |
|
* |
Per share data calculated using average shares
method. |
|
† |
Total return is
for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares. |
|
‡ |
Portfolio turnover is for the period indicated
and has not been annualized. |
|
(1) |
Commenced operations
on December 19, 2024. |
|
(2) |
The Fund will also
indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation
of this ratio. |
|
(3) |
Net
investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
Amounts designated
as “—” are either not applicable, $0 or have been rounded to $0. |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
GLOBAL SMALL CAP
EQUITY ETF |
FINANCIAL
HIGHLIGHTS
Selected
Per Share Data & Ratios For a Share
Outstanding
Throughout the Period
| |
|
For the
Six Months Ended April 30, 2026 (Unaudited) |
|
|
Period
Ended October 31, 2025(1) |
|
| Net Asset Value,
Beginning of Period |
|
$ |
29.26 |
|
|
$ |
25.00 |
|
| Income from Investment Operations: |
|
|
|
|
|
|
|
|
| Net Investment Income* |
|
|
0.24 |
|
|
|
0.20 |
|
| Net Realized and Unrealized Gain |
|
|
4.43 |
|
|
|
4.29 |
|
| Total from Investment Operations |
|
|
4.67 |
|
|
|
4.49 |
|
| Dividends and Distributions: |
|
|
|
|
|
|
|
|
| Net Investment Income |
|
|
(0.24 |
) |
|
|
(0.21 |
) |
| Return of Capital |
|
|
— |
|
|
|
(0.02 |
) |
| Total Dividends and Distributions |
|
|
(0.24 |
) |
|
|
(0.23 |
) |
| Net Asset Value, End of Period |
|
$ |
33.69 |
|
|
$ |
29.26 |
|
| Total Return† |
|
|
16.06 |
% |
|
|
18.03 |
% |
| Ratios and Supplemental Data |
|
|
|
|
|
|
|
|
| Net Assets, End of Period (Thousands) |
|
$ |
59,296 |
|
|
$ |
60,284 |
|
| Ratio
of Expenses to Average Net Assets(2) |
|
|
0.60 |
%†† |
|
|
0.60 |
%†† |
| Ratio
of Expenses to Average Net Assets (Excluding Waivers)(2) |
|
|
0.60 |
%†† |
|
|
0.60 |
%†† |
| Ratio
of Net Investment Income to Average Net Assets (3) |
|
|
1.53 |
%†† |
|
|
0.88 |
%†† |
| Portfolio Turnover Rate |
|
|
3 |
%‡ |
|
|
5 |
%‡ |
|
* |
Per share data calculated using average shares
method. |
|
† |
Total return is
for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares. |
|
‡ |
Portfolio turnover is for the period indicated
and has not been annualized. |
|
(1) |
Commenced operations
on December 19, 2024. |
|
(2) |
The Fund will also
indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation
of this ratio. |
|
(3) |
Net
investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
Amounts designated
as “—” are either not applicable, $0 or have been rounded to $0. |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
TOTAL INTERNATIONAL
EQUITY ETF |
FINANCIAL
HIGHLIGHTS
Selected
Per Share Data & Ratios For a Share
Outstanding
Throughout the Period
| |
|
For the
Six Months Ended April 30, 2026 (Unaudited) |
|
|
Period
Ended October 31, 2025(1) |
|
| Net Asset Value,
Beginning of Period |
|
$ |
31.00 |
|
|
$ |
25.00 |
|
| Income from Investment Operations: |
|
|
|
|
|
|
|
|
| Net Investment Income* |
|
|
0.36 |
|
|
|
0.31 |
|
| Net Realized and Unrealized Gain |
|
|
4.15 |
|
|
|
6.02 |
|
| Total from Investment Operations |
|
|
4.51 |
|
|
|
6.33 |
|
| Dividends and Distributions: |
|
|
|
|
|
|
|
|
| Net Investment Income |
|
|
(0.36 |
) |
|
|
(0.30 |
) |
| Return of Capital |
|
|
— |
|
|
|
(0.03 |
) |
| Total Dividends and Distributions |
|
|
(0.36 |
) |
|
|
(0.33 |
) |
| Net Asset Value, End of Period |
|
$ |
35.15 |
|
|
$ |
31.00 |
|
| Total Return† |
|
|
14.68 |
% |
|
|
25.42 |
% |
| Ratios and Supplemental Data |
|
|
|
|
|
|
|
|
| Net Assets, End of Period (Thousands) |
|
$ |
69,588 |
|
|
$ |
55,492 |
|
| Ratio
of Expenses to Average Net Assets(2) |
|
|
0.60 |
%†† |
|
|
0.60 |
%†† |
| Ratio
of Expenses to Average Net Assets (Excluding Waivers)(2) |
|
|
0.60 |
%†† |
|
|
0.60 |
%†† |
| Ratio
of Net Investment Income to Average Net Assets (3) |
|
|
2.19 |
%†† |
|
|
1.28 |
%†† |
| Portfolio Turnover Rate |
|
|
5 |
%‡ |
|
|
5 |
%‡ |
|
* |
Per share data calculated using average shares
method. |
|
† |
Total return is
for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares. |
|
‡ |
Portfolio turnover is for the period indicated
and has not been annualized. |
|
(1) |
Commenced operations
on December 19, 2024. |
|
(2) |
The Fund will also
indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation
of this ratio. |
|
(3) |
Net
investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
Amounts designated
as “—” are either not applicable, $0 or have been rounded to $0. |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
U.S. LARGE CAP EQUITY
ETF |
FINANCIAL
HIGHLIGHTS
Selected
Per Share Data & Ratios For a Share
Outstanding
Throughout the Period
| |
|
For the
Six Months Ended April 30, 2026 (Unaudited) |
|
|
Period
Ended October 31, 2025(1) |
|
| Net Asset Value,
Beginning of Period |
|
$ |
28.50 |
|
|
$ |
25.00 |
|
| Income from Investment Operations: |
|
|
|
|
|
|
|
|
| Net Investment Income* |
|
|
0.07 |
|
|
|
— |
|
| Net Realized and Unrealized Gain |
|
|
1.37 |
|
|
|
3.51 |
|
| Total from Investment Operations |
|
|
1.44 |
|
|
|
3.51 |
|
| Dividends and Distributions: |
|
|
|
|
|
|
|
|
| Net Investment Income |
|
|
(0.09 |
) |
|
|
(0.01 |
) |
| Return of Capital |
|
|
— |
|
|
|
— |
^ |
| Total Dividends and Distributions |
|
|
(0.09 |
) |
|
|
(0.01 |
) |
| Net Asset Value, End of Period |
|
$ |
29.85 |
|
|
$ |
28.50 |
|
| Total Return† |
|
|
5.06 |
% |
|
|
14.04 |
% |
| Ratios and Supplemental Data |
|
|
|
|
|
|
|
|
| Net Assets, End of Period (Thousands) |
|
$ |
71,341 |
|
|
$ |
56,708 |
|
| Ratio
of Expenses to Average Net Assets(2) |
|
|
0.60 |
%†† |
|
|
0.60 |
%†† |
| Ratio
of Expenses to Average Net Assets (Excluding Waivers)(2) |
|
|
0.60 |
%†† |
|
|
0.60 |
%†† |
| Ratio
of Net Investment Income to Average Net Assets (3) |
|
|
0.50 |
%†† |
|
|
0.02 |
%†† |
| Portfolio Turnover Rate |
|
|
18 |
%‡ |
|
|
– |
%‡ |
|
* |
Per share data calculated using average shares
method. |
|
† |
Total return is
for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares. |
|
‡ |
Portfolio turnover is for the period indicated
and has not been annualized. |
|
(1) |
Commenced operations
on December 19, 2024. |
|
(2) |
The Fund will also
indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation
of this ratio. |
|
(3) |
Net
investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
Amounts designated
as “—” are either not applicable, $0 or have been rounded to $0. |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
April 30, 2026 |
| |
(Unaudited) |
NOTES
TO FINANCIAL STATEMENTS
1.
Organization:
The
Advisors’ Inner Circle Fund II (the “Trust”) is organized as a Massachusetts statutory trust under a Declaration of
Trust dated July 24, 1992. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended,
as an open-end management investment company with 24 funds. The financial statements herein are those of the Frontier Asset Absolute Return
ETF, Frontier Asset Core Bond ETF, Frontier Asset Opportunistic Credit ETF, Frontier Asset Global Small Cap Equity ETF, Frontier Asset
Total International Equity ETF and Frontier Asset U.S. Large Cap Equity ETF (each a “Fund” and collectively, the “Funds”). The investment objective of the Frontier Asset Absolute Return ETF, Frontier Asset Global Small Cap Equity ETF, Frontier Asset Total
International Equity ETF and Frontier Asset U.S. Large Cap Equity ETF seeks to achieve long-term total return. The investment objective
of the Frontier Asset Core Bond ETF and Frontier Asset Opportunistic Credit ETF seeks to provide high income consistent with the preservation
of capital. The Funds operate as exchange traded funds (“ETF”). Frontier Asset Management, LLC serves as the Funds’
investment adviser (the “Adviser”). Exchange Traded Concepts, LLC serves as the trading sub-adviser to the Funds (the “Sub-Adviser”).
The Funds commenced operations on December 19, 2024. The financial statements of the remaining funds of the Trust are presented separately.
The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.
Shares
of the Funds are listed and traded on the NYSE Arca, Inc. (the "Exchange"). Market prices for shares of the Funds may be different
from their net asset value ("NAV"). The Funds issue and redeem shares on a continuous basis to certain institutional investors
(typically market makers or other broker-dealers) at NAV only in large blocks of shares, called "Creation Units". Transactions
for the Funds are generally conducted in exchange for the deposit or delivery of cash. Once created, shares trade in a secondary market
at market prices that change throughout the day in share amounts less than a Creation Unit.
2.
Significant Accounting Policies:
The
accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”)
and are presented in U.S. dollars which is the functional currency of the Funds. Each Fund is an investment company and therefore applies
the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board (“FASB”) in Accounting Standards
Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The following are significant accounting
policies which are consistently followed in the preparation of the financial statements.
Use
of Estimates — The preparation of financial statements requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements
and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ
from those estimates and such differences could be material.
Security
Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily
available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price
on an exchange or market (foreign or domestic) on which they are traded or, if there is no such reported sale on the valuation date, at
the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ official closing price will be used. The prices for foreign
securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held
in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent,
third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.
Redeemable
securities issued by open-end investment companies are valued at the investment company's applicable Net Asset Value ("NAV")
per share, with the exception of ETFs, which are priced as equity securities. These open-end investment companies' shares are offered
in separate prospectuses, each of which describes the process by which the applicable investment company's NAV is determined.
Securities
for which market prices are not “readily available” are valued in accordance with fair value procedures (the "Fair Value
Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the “Board”). Pursuant to Rule
2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities
and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through
a Fair Value Committee (the “Committee”) of the Adviser.
Some
of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading
has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is
temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of
time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to
local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine
the value after taking into consideration relevant information reasonably available to the Committee.
In
accordance with U.S. GAAP, the Funds disclose fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques
used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
April 30, 2026 |
| |
(Unaudited) |
Accordingly,
the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities
(Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
|
• |
Level 1 — Unadjusted
quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement
date; |
|
• |
Level 2 — Other
significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced
indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities
that were adjusted in accordance with the Adviser's pricing procedures, etc.); and |
|
• |
Level 3 — Prices,
inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little
or no market activity). |
Investments
are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level
3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value
measurement.
For
details of the investment classifications, refer to the Funds’ Schedules of Investments.
Federal
Income Taxes — It is the Funds’ intention to continue to qualify as regulated investment companies for Federal income
tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986 (the “Code”),
as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.
The
Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether
it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by
a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold
are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provision in the current period. However,
management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors
including, but not limited to, examination by tax authorities (i.e., from commencement of operations, as applicable), on-going analysis
of and changes to tax laws, regulations and interpretations thereof.
As
of and during the six months ended April 30, 2026, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize
interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the
period, the Funds did not incur any interest or penalties.
Withholding
taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s
tax rules and rates. The Funds or their agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously
withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable
laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which
generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statements of Operations,
if applicable, once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s
expense limitation agreement.
Security
Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized
gains and losses on the sale of investment securities are based on the specific identification method. Dividend income and expense are
recorded on the ex-dividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income is recognized on the
accrual basis from settlement date. Certain dividends and expenses from foreign securities will be recorded as soon as the Funds are informed
of the dividend if such information is obtained subsequent to the ex-dividend date.
Investments
in Real Estate Investment Trusts (“REITs”) — Dividend income from REITs is recorded based on the income included
in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual
amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments
or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT
after its fiscal year end, and may differ from the estimated amounts.
Foreign
Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other
assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate
that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising
from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses
on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent
net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses
realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income
and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
April 30, 2026 |
| |
(Unaudited) |
Expenses
— Most expenses of the Trust can be directly attributed to a particular fund. Expenses which cannot be directly attributed
to a particular fund are apportioned among the funds of the Trust based on the number of funds and/or relative net assets.
Cash
and Cash Equivalents — Idle cash may be swept into various time deposit accounts and is classified as cash on the Statements
of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times may exceed United States federally insured
limits. Amounts invested are available on the same business day.
Dividends
and Distributions to Shareholders — Each Fund distributes its net investment income and makes distributions of its net realized
capital gains, if any, at least annually. If you own Fund shares on a Fund’s record date, you will be entitled to receive the distribution.
Deferred
Offering Costs — Offering costs of the Funds, including costs of printing the initial prospectus, legal, and registration
fees, are amortized to expense over a twelve month period. As of April 30, 2026, the Frontier Asset Absolute Return ETF, Frontier Asset
Core Bond ETF, Frontier Asset Opportunistic Credit ETF, Frontier Asset Global Small Cap Equity ETF, Frontier Asset Total International
Equity ETF and Frontier Asset U.S. Large Cap Equity ETF had $8,167, $8,167, $8,167, $8,167, $8,167, and $8,167, respectively, remaining
to be amortized.
Creation
Units — The Funds issue and redeem Shares at Net Asset Value (“NAV”) and only in large blocks of Shares (each
block of Shares for the Funds is a Creation Unit of 10,000 Shares, or multiples thereof). Except when aggregated in Creation Units, Shares
are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain Authorized Participants.
An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement
System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (‘‘DTC’’) participant
and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized
Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares
directly from the Funds. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker and
will be subject to customary brokerage commissions or fees when buying or selling Shares. If a Creation Unit is purchased or redeemed
for cash, a higher transaction fee will be charged.
Segment
Reporting — The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to
Reportable Segment Disclosures (“ASU 2023-07”). Adoption of this standard impacted financial statement disclosures only and
did not affect the Funds’ financial positions or the results of their operations. An operating segment is defined in Topic 280 as
a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating
results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources
to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds’ Principal
Executive Officer and Principal Financial Officer act as the Funds’ CODM. The Funds represent a single operating segment, as the
CODM monitors the operating results of the Funds as a whole and the Funds’ long-term strategic asset allocation is predetermined
in accordance with the Funds’ single investment objective which is executed by the Funds’ portfolio manager. The financial
information in the form of the Funds’ schedules of investments, total returns, expense ratios and changes in net assets (i.e., changes
in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance
versus the Funds’ comparative benchmarks and to make resource allocation decisions for the Funds’ single segment, is consistent
with that presented within the Funds’ financial statements. Segment assets are reflected on the accompanying Statements of Assets
and Liabilities as “Total Assets” and significant segment expenses are listed on the accompanying Statements of Operations.
3.
Transactions with Affiliates:
Certain
officers of the Trust are also employees of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary
of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by
the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.
The
services provided by the CCO and his staff are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s
Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed
by the Board.
4.
Administration, Custodian and Transfer Agent Agreements:
The
Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services
to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes
and the average daily net assets of the Funds. For the period ended April 30, 2026, the admin fees incurred by the Funds were paid by
the Adviser in accordance with the advisory agreement.
Brown
Brothers Harriman & Co. acts as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining
the investment policies of the Funds or which securities are to be purchased or sold by the Funds.
Brown
Brothers Harriman & Co. serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement
with the Trust.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
April 30, 2026 |
| |
(Unaudited) |
5.
Investment Advisory Agreement:
The
Adviser has agreed to pay all expenses incurred by the Funds except for the advisory fee, interest, taxes, brokerage commissions and other
expenses incurred in placing or settlement of orders for the purchase and sale of securities and other investment instruments, acquired
fund fees and expenses, non-routine expenses, and distribution and service fees and expenses paid by the Funds under any plan adopted
pursuant to Rule 12b-1 under the 1940 Act, litigation expenses, and other non-routine or extraordinary expenses.
Under
the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Funds at a fee calculated at an
annual rate of 0.60% of each Fund’s average daily net assets.
The
Adviser and the Sub-Adviser have entered into an investment sub-advisory agreement with respect to the Funds (the “Sub-Advisory
Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for trading portfolio securities on behalf
of each Fund, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection
with any rebalancing or reconstitution of each Fund’s portfolio, pre- and post-trade compliance, and monitoring of Fund trading
activity, subject to the oversight of the Adviser and the Board.
For
its services, the Sub-Adviser is entitled to a fee from the Adviser, which fee is calculated daily and paid monthly, at an annual rate
of 0.04% based on the average daily net assets of each Fund up to $1 billion and 0.03% based on the average daily net assets of each Fund
when assets exceed $1 billion, subject to a minimum annual fee of $20,000 for the first ETF, a $15,000 minimum for the second through
fourth ETF and a $10,000 minimum for the fifth and sixth ETF.
6.
Investment Transactions:
For
the six months ended April 30, 2026, the Frontier Asset Absolute Return ETF has no purchases or sales in investment securities other than
long-term U.S. Government and short-term securities. The purchase and sales balances include the effect of securities received or delivered
from processing in-kind creations of $855,460 and in-kind redemptions of $554,426, respectively, and have been properly excluded from
the calculation of portfolio turnover within the Fund’s financial highlights. Realized gains on in-kind redemptions were $55,019.
For
the six months ended April 30, 2026, the Frontier Asset Core Bond ETF has no purchases and sales of $199,734 in investment securities
other than long-term U.S. Government and short-term securities. The purchase and sales balances include the effect of securities received
or delivered from processing in-kind creations of $1,781,311 and in-kind redemptions of $4,548,069, respectively, and have been properly
excluded from the calculation of portfolio turnover within the Fund’s financial highlights. Realized gains on in-kind redemptions
were $78,767.
For
the six months ended April 30, 2026, the Frontier Asset Opportunistic Credit ETF made purchases of $ 1,340,229 and sales of $1,517,165
in investment securities other than long-term U.S. Government and short-term securities. The purchase and sales balances include the effect
of securities received or delivered from processing in-kind creations of $2,564,275 and in-kind redemptions of $3,315,261, respectively,
and have been properly excluded from the calculation of portfolio turnover within the Fund’s financial highlights. Realized gains
on in-kind redemptions were $81,460.
For
the six months ended April 30, 2026, the Frontier Asset Small Cap Equity ETF made purchases of $1,999,523 and sales of $2,420,633 in investment
securities other than long-term U.S. Government and short-term securities. The purchase and sales balances include the effect of securities
received or delivered from processing in-kind creations of $2,893,774 and in-kind redemptions of $11,992,296, respectively, and have been
properly excluded from the calculation of portfolio turnover within the Fund’s financial highlights. Realized gains on in-kind redemptions
were $2,618,013.
For
the six months ended April 30, 2026, the Frontier Asset Total International Equity ETF made purchases of $2,791,024 and sales of $3,187,137
in investment securities other than long-term U.S. Government and short-term securities. The purchase and sales balances include the effect
of securities received or delivered from processing in-kind creations of $9,825,253 and in-kind redemptions of $2,973,953, respectively,
and have been properly excluded from the calculation of portfolio turnover within the Fund’s financial highlights. Realized gains
on in-kind redemptions were $755,160.
For
the six months ended April 30, 2026, the Frontier Asset U.S. Large Cap Equity ETF made purchases of $10,969,325 and sales of $10,864,902
in investment securities other than long-term U.S. Government and short-term securities. The purchase and sales balances include the effect
of securities received or delivered from processing in-kind creations of $22,906,092 and in-kind redemptions of $11,496,595, respectively,
and have been properly excluded from the calculation of portfolio turnover within the Fund’s financial highlights. Realized gains
on in-kind redemptions were $1,232,816.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
April 30, 2026 |
| |
(Unaudited) |
7.
Share Transactions:
| |
|
For
the Six Months Ended April 30, 2026 (Unaudited) |
|
|
Period
Ended October 31, 2025 |
|
| Frontier Asset Absolute
Return ETF |
|
|
|
|
|
|
|
|
| Issued |
|
|
30,000 |
|
|
|
530,000 |
|
| Redeemed |
|
|
(20,000 |
) |
|
|
(100,000 |
) |
| Total Frontier
Asset Absolute Return ETF Shares Transactions |
|
|
10,000 |
|
|
|
430,000 |
|
| |
|
|
|
|
|
|
|
|
| Frontier Asset Core
Bond ETF |
|
|
|
|
|
|
|
|
| Issued |
|
|
70,000 |
|
|
|
2,490,000 |
|
| Redeemed |
|
|
(180,000 |
) |
|
|
(780,000 |
) |
| Total Frontier
Asset Core Bond ETF Shares Transactions |
|
|
(110,000 |
) |
|
|
1,710,000 |
|
| |
|
|
|
|
|
|
|
|
| Frontier Asset Opportunistic
Credit ETF |
|
|
|
|
|
|
|
|
| Issued |
|
|
100,000 |
|
|
|
1,640,000 |
|
| Redeemed |
|
|
(130,000 |
) |
|
|
(310,000 |
) |
| Total Frontier
Asset Opportunistic Credit ETF Shares Transactions |
|
|
(30,000 |
) |
|
|
1,330,000 |
|
| |
|
|
|
|
|
|
|
|
| Frontier Asset Global
Small Cap Equity ETF |
|
|
|
|
|
|
|
|
| Issued |
|
|
90,000 |
|
|
|
2,810,000 |
|
| Redeemed |
|
|
(390,000 |
) |
|
|
(750,000 |
) |
| Total Frontier
Asset Global Small Cap Equity ETF Shares Transactions |
|
|
(300,000 |
) |
|
|
2,060,000 |
|
| |
|
|
|
|
|
|
|
|
| Frontier Asset Total
International Equity ETF |
|
|
|
|
|
|
|
|
| Issued |
|
|
290,000 |
|
|
|
2,190,000 |
|
| Redeemed |
|
|
(100,000 |
) |
|
|
(400,000 |
) |
| Total Frontier
Asset Total International Equity ETF Shares Transactions |
|
|
190,000 |
|
|
|
1,790,000 |
|
| |
|
|
|
|
|
|
|
|
| Frontier Asset U.S.
Large Cap Equity ETF |
|
|
|
|
|
|
|
|
| Issued |
|
|
800,000 |
|
|
|
2,070,000 |
|
| Redeemed |
|
|
(400,000 |
) |
|
|
(80,000 |
) |
| Total Frontier
Asset U.S. Large Cap Equity ETF Shares Transactions |
|
|
400,000 |
|
|
|
1,990,000 |
|
8.
Federal Tax Information:
The
amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax
regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions
for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or
permanent. To the extent these differences are permanent in nature, they are charged or credited to Distributable Earnings (Accumulated
Losses) or Paid-in Capital, as appropriate, in the period that the differences arise.
The
tax character of dividends and distributions paid during the period ended October 31, 2025, were as follows:
| |
|
Ordinary Income |
|
|
Return
of Capital |
|
|
Total |
|
| Frontier Asset Absolute Return ETF |
|
|
|
|
|
|
| 2025 |
|
$ |
169,660 |
|
|
$ |
— |
|
|
$ |
169,660 |
|
| Frontier Asset Core Bond ETF |
|
|
|
|
|
|
|
|
|
|
|
|
| 2025 |
|
|
1,308,266 |
|
|
|
— |
|
|
|
1,308,266 |
|
| Frontier Asset Opportunistic Credit ETF |
|
|
|
|
|
|
|
|
|
|
|
|
| 2025 |
|
|
1,002,933 |
|
|
|
— |
|
|
|
1,002,933 |
|
| Frontier Asset Global Small Cap Equity ETF |
|
|
|
|
|
|
|
|
|
|
|
|
| 2025 |
|
|
441,315 |
|
|
|
39,617 |
|
|
|
480,932 |
|
| Frontier Asset Total International Equity ETF |
|
|
|
|
|
|
|
|
|
|
|
|
| 2025 |
|
|
547,841 |
|
|
|
46,990 |
|
|
|
594,831 |
|
| Frontier Asset U.S. Large Cap Equity ETF |
|
|
|
|
|
|
|
|
|
|
|
|
| 2025 |
|
|
8,332 |
|
|
|
7,074 |
|
|
|
15,406 |
|
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
April 30, 2026 |
| |
(Unaudited) |
As
of October 31, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows:
| |
|
Frontier
Asset Absolute Return ETF |
|
|
Frontier
Asset Core Bond ETF |
|
|
Frontier
Asset Opportunistic Credit ETF |
|
|
Frontier
Asset Global Small Cap Equity ETF |
|
|
Frontier
Asset Total International Equity ETF |
|
|
Frontier
Asset U.S. Large Cap Equity ETF |
|
| Undistributed
Ordinary Income |
|
$ |
22,148 |
|
|
$ |
202,776 |
|
|
$ |
130,594 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
| Capital
Loss Carryforwards |
|
|
(4,645 |
) |
|
|
(2,386 |
) |
|
|
(100,198 |
) |
|
|
(175,130 |
) |
|
|
– |
|
|
|
– |
|
| Unrealized
Appreciation |
|
|
679,671 |
|
|
|
1,013,192 |
|
|
|
1,002,220 |
|
|
|
7,398,346 |
|
|
|
9,613,489 |
|
|
|
5,933,836 |
|
| Other
Temporary Differences |
|
|
– |
|
|
|
(1 |
) |
|
|
1 |
|
|
|
– |
|
|
|
(3 |
) |
|
|
– |
|
| Total
Distributable Earnings |
|
$ |
697,174 |
|
|
$ |
1,213,581 |
|
|
$ |
1,032,617 |
|
|
$ |
7,223,216 |
|
|
$ |
9,613,486 |
|
|
$ |
5,933,836 |
|
For
Federal income tax purposes during the period ended October 31, 2025, capital loss carryforwards may be carried forward and applied against
future capital gains. Losses carried forward are as follows:
| |
|
Short-Term Loss |
|
|
Long-Term Loss |
|
|
Total |
|
| Frontier Asset Absolute Return ETF |
|
$ |
4,645 |
|
|
$ |
— |
|
|
$ |
4,645 |
|
| Frontier Asset Core Bond ETF |
|
|
2,386 |
|
|
|
— |
|
|
|
2,386 |
|
| Frontier Asset Opportunistic Credit ETF |
|
|
100,198 |
|
|
|
— |
|
|
|
100,198 |
|
| Frontier Asset Global Small Cap Equity ETF |
|
|
175,130 |
|
|
|
— |
|
|
|
175,130 |
|
The
Federal tax cost and aggregate gross unrealized appreciation and depreciation for investments held by the Funds at April 30, 2026, were
as follows:
| |
|
Federal Tax Cost |
|
|
Aggregate
Gross Unrealized Appreciation |
|
|
Aggregate
Gross Unrealized Depreciation |
|
|
Net
Unrealized Appreciation |
|
| Frontier Asset Absolute Return ETF |
|
$ |
11,188,659 |
|
|
$ |
1,532,441 |
|
|
$ |
(3,276 |
) |
|
$ |
1,529,165 |
|
| Frontier Asset Core Bond ETF |
|
|
39,903,153 |
|
|
|
496,087 |
|
|
|
(8,755 |
) |
|
|
487,332 |
|
| Frontier Asset Opportunistic Credit ETF |
|
|
32,435,223 |
|
|
|
519,060 |
|
|
|
— |
|
|
|
519,060 |
|
| Frontier Asset Global Small Cap Equity ETF |
|
|
45,830,074 |
|
|
|
13,223,838 |
|
|
|
— |
|
|
|
13,223,838 |
|
| Frontier Asset Total International Equity ETF |
|
|
52,983,310 |
|
|
|
16,426,083 |
|
|
|
— |
|
|
|
16,426,083 |
|
| Frontier Asset U.S. Large Cap Equity ETF |
|
|
63,156,783 |
|
|
|
8,009,654 |
|
|
|
— |
|
|
|
8,009,654 |
|
9.
Concentration of Risks:
As
with all exchange traded funds, there is no guarantee that the Funds will achieve their investment objectives. You could lose money by
investing in the Funds. A Fund share is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation
(“FDIC”) or any government agency. The principal risk factors affecting shareholders’ investments in the Funds are set
forth below.
ACTIVE
MANAGEMENT RISK (All Funds) — The Funds are subject to the risk that the Adviser’s judgments about the attractiveness, value,
or potential appreciation of the Funds’ investments may prove to be incorrect. If the investments selected and strategies employed
by the Funds fail to produce the intended results, the Funds could underperform in comparison to their benchmark index or other funds
with similar objectives and investment strategies.
ASSET-BACKED
SECURITIES RISK (Absolute Return ETF, Core Bond ETF, Opportunistic Credit ETF) — Asset-backed securities are securities backed by
non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may
be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Payment
of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities,
and asset-backed securities may not have the benefit of any security interest in the related assets.
BANK
LOANS RISK (Absolute Return ETF, Opportunistic Credit ETF) — Investments in bank loans (through both assignments and participations)
are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in high
yield bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Funds
hold a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal
and interest on the loan may be subject to the credit risk of that financial institution. It is possible that collateral securing a loan,
if any, may be insufficient or unavailable to the Funds, and that the Funds’ rights to collateral may be limited by bankruptcy or
insolvency laws. Bank loans may not be considered “securities,” and purchasers, such as the Funds, therefore may not be entitled
to rely on the anti-fraud protections of the federal securities laws.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
April 30, 2026 |
| |
(Unaudited) |
COLLATERALIZED
LOAN OBLIGATIONS (“CLOs”) RISK (Absolute Return ETF, Opportunistic Credit ETF) — Collateralized loan obligations are
generally subject to credit, interest rate, prepayment and extension, valuation and liquidity risks, which are described elsewhere in
this section. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn.
CLOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not
be adequate to make interest of other payments, (ii) the collateral may decline in value or default, (iii) the Funds may invest in obligations
that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment
and produce disputes with the issuer or unexpected investment results.
COLLATERALIZED
MORTGAGE OBLIGATIONS (“CMOs”) RISK (Absolute Return ETF) — CMOs exhibit similar risks to those of mortgage-backed securities
but also present certain special risks. CMOs are created by dividing the principal and interest payments collected on a pool of mortgages
into several revenue streams (“tranches”) with different priority rights to portions of the underlying mortgage payments.
As market conditions change, however, particularly during periods of rapid or unanticipated changes in interest rates, the ability of
a CMO tranche to provide the anticipated investment characteristics and performance may be significantly reduced. These changes may result
in volatility in the market value, and in some instances reduced liquidity, of the CMO tranche.
COMMERCIAL
MORTGAGE-BACKED SECURITIES RISK (Absolute Return ETF, Core Bond ETF, Opportunistic Credit ETF) — Commercial mortgage-backed securities
include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing
in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These
risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments,
and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater
price volatility than other types of mortgage- or asset-backed securities.
COMMERCIAL
PAPER RISK (Absolute Return ETF, Core Bond ETF, Opportunistic Credit ETF) — Commercial paper is a short-term obligation with a maturity
generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current
operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected
by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise
when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized
to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper
depends primarily on the cash collections received from such an issuer’s underlying asset portfolio and the issuer’s ability
to issue new asset-backed commercial paper.
COMMODITIES
RISK (Absolute Return ETF) — Commodities include, among other things, energy products, agricultural products, metals and oil. The
value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in
interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes,
tariffs and international economic, political and regulatory developments. The prices of energy, metals, oil, and agriculture sector commodities
may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies.
CONVERTIBLE
SECURITIES RISK (Absolute Return ETF, Opportunistic Credit ETF) — The value of a convertible security is influenced by changes in
interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing
of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying
common stock because of the conversion or exercise feature.
CORPORATE
FIXED INCOME SECURITIES RISK (Absolute Return ETF, Core Bond ETF, Opportunistic Credit ETF) — Corporate fixed-income securities
are fixed-income securities issued by public and private businesses. Corporate fixed-income securities respond to economic developments,
especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate
fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon
maturity. Interruptions or delays of these payments could adversely affect the market value of the security.
CREDIT
RISK (Absolute Return ETF, Core Bond ETF, Opportunistic Credit ETF) — The risk that the issuer of a security or the counterparty
to a contract will default or otherwise become unable to honor a financial obligation.
CURRENCY
RISK (Absolute Return ETF) — The Funds may have exposure to foreign currencies. Foreign currencies may decline in value relative
to the U.S. dollar, resulting in the dollar value of an investment in the Funds being adversely affected. Currency exchange rates may
fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments
or central banks, or by the imposition of currency controls or other political developments in the United States or abroad. Currency exchange
rates may fluctuate in response to factors extrinsic to that country’s economy, which makes the forecasting of currency market movements
extremely difficult.
DEPOSITARY
RECEIPTS RISK (Global Small Cap Equity ETF, Total International Equity ETF) — Depositary receipts, such as ADRs, GDRs and EDRs,
are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established
market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among
other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments.
DERIVATIVES
RISK (Absolute Return ETF) — An underlying ETF’s use of futures contracts and swaps is subject to market risk, leverage risk,
correlation risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly
and unpredictably.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
April 30, 2026 |
| |
(Unaudited) |
Leverage
risk is the risk that since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative
may result in an immediate and substantial loss or gain for the underlying ETF. Correlation risk is the risk that changes in the value
of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Liquidity risk is the risk that certain
securities may be difficult or impossible to sell at the time and the price that the underlying ETF would like. Swaps are also subject
to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become
unable to honor a financial obligation. Valuation risk is the risk that a security may be difficult to value. Each of these risks could
cause an underlying ETF in which the Fund invests to lose more than the principal amount invested in a derivative instrument, which in
turn could cause losses for the Fund.
EMERGING
MARKETS SECURITIES RISK (Absolute Return ETF, Global Small Cap Equity ETF, Total International Equity ETF) — Investments in emerging
markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign
securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid
and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with
smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment;
and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register
the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory
taxation, seizure, nationalization or creation of government monopolies.
EQUITY
RISK (Absolute Return ETF, Global Small Cap Equity ETF, Total International Equity ETF, U.S. Large Cap Equity ETF) — Since it purchases
equity securities, the Funds are subject to the risk that stock prices may fall over short or extended periods of time. Historically,
the equity market has moved in cycles, and the value of the Funds’ securities may fluctuate from day to day. Individual companies
may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued
by such companies may suffer a decline in response. A variety of factors can lead to volatility in local, regional, or global markets,
including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism,
social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn or recessions. These factors contribute to
price volatility, which is the principal risk of investing in the Funds.
ETF
RISKS (All Funds) — The Funds are ETFs and, as a result of this structure, they are exposed to the following risks:
CASH
TRANSACTIONS RISK — Like other ETFs, the Funds sell and redeem their shares only in large blocks called Creation Units and only
to “Authorized Participants.” Unlike many other ETFs, however, the Funds expect to effect its creations and redemptions at
least partially for cash, rather than in-kind securities. Thus, an investment in the Funds may be less tax-efficient than an investment
in other ETFs as the Funds may recognize a capital gain that it could have avoided by making redemptions in-kind. As a result, the Funds
may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption proceeds at least partially in
cash rather than through in-kind delivery of portfolio securities may require the Funds to dispose of or sell portfolio investments to
obtain the cash needed to distribute redemption proceeds at an inopportune time.
LIMITED
AUTHORIZED PARTICIPANTS, MARKET MAKERS AND LIQUIDITY PROVIDERS RISK — Because the Funds are an ETF, only a limited number of institutional
investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Funds. In addition,
there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events
occur, Fund shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) Authorized
Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants
step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their
business activities and no other entities step forward to perform their functions.
TRADING
RISK — Shares of the Funds may trade on the Exchange above or below their NAV. The NAV of shares of the Funds will fluctuate with
changes in the market value of the Funds’ holdings. In addition, although the Funds’ shares are currently listed on the Exchange,
there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted
due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Funds inadvisable.
FIXED-INCOME
SECURITIES RISK (Absolute Return ETF, Core Bond ETF, Opportunistic Credit ETF) — The prices of the Funds’ fixed-income securities
respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual
issuers, including governments and their agencies. Generally, the Funds’ fixed-income securities will decrease in value if interest
rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making
capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed-income markets.
FOREIGN
COMPANY RISK (Absolute Return ETF, Global Small Cap Equity ETF, Total International Equity ETF, U.S. Large Cap Equity ETF) — Investing
in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets
and their issuers. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”)
and foreign companies are generally not subject to the same level of regulatory controls imposed on U.S. issuers. Income from foreign
securities owned by the Funds may be reduced by a withholding tax at the source, which tax would reduce income received from the securities
comprising the Funds’ portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers and foreign
markets and securities may be less liquid. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign
countries may require the Funds to sell such investments at inopportune times, which could result in losses to the Funds.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
April 30, 2026 |
| |
(Unaudited) |
FOREIGN
CURRENCY RISK (Absolute Return ETF, Global Small Cap Equity ETF, Total International Equity ETF) — As a result of the Funds’
investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Funds will be subject to currency risk.
Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of
an investment in the Funds would be adversely affected.
FOREIGN
GOVERNMENT AGENCIES RISK (Absolute Return ETF, Opportunistic Credit ETF) — Bonds issued by government agencies, subdivisions or
instrumentalities of foreign governments are generally backed only by the general creditworthiness and reputation of the entity issuing
the bonds and may not be backed by the full faith and credit of the foreign government. Moreover, a foreign government that explicitly
provides its full faith and credit to a particular entity may be, due to changed circumstances, unable or unwilling to provide that support.
A foreign government agency’s operations and financial condition are influenced by the foreign government’s economic and other
policies.
GROWTH
INVESTMENT STYLE RISK (Global Small Cap Equity ETF, Total International Equity ETF, U.S. Large Cap Equity ETF) — An investment in
growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have
little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile
in the event of earnings disappointments or other financial difficulties experienced by the issuer.
HIGH
YIELD BOND RISK (Absolute Return ETF, Opportunistic Credit ETF) — High yield, or “junk,” bonds are debt securities rated
below investment grade. High yield bonds are speculative, involve greater risks of default, downgrade, or price declines and are more
volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong,
are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies
with higher credit ratings.
INFLATION
LINKED SECURITIES RISK (Absolute Return ETF, Opportunistic Credit ETF) — Inflation linked securities, including TIPS, are fixed
income securities for which the principal and/or interest income paid is linked to inflation rates. The relationship between an inflation
linked security and its associated inflation index affects both the sum the Funds are paid when the security matures and the amount of
interest that the security pays the Funds. With inflation (a rise in the index), the principal of the security increases. With deflation
(a drop in the index), the principal of the security decreases. Inflation protected securities pay interest at a fixed rate. Because the
rate is applied to the adjusted principal, however, interest payments can vary in amount from one period to the next. If inflation occurs,
the interest payment increases. In the event of deflation, the interest payment decreases. At the maturity of a security, the Funds receive
the adjusted principal or the original principal, whichever is greater.
INFLATION
PROTECTED SECURITIES RISK (Core Bond ETF) — Inflation protected securities, including TIPS, are fixed income securities for which
the principal and/or interest income paid is linked to inflation rates. The relationship between an inflation protected security and its
associated inflation index affects both the sum the Funds are paid when the security matures and the amount of interest that the security
pays the Funds. With inflation (a rise in the index), the principal of the security increases. With deflation (a drop in the index), the
principal of the security decreases. Inflation protected securities pay interest at a fixed rate. Because the rate is applied to the adjusted
principal, however, interest payments can vary in amount from one period to the next. If inflation occurs, the interest payment increases.
In the event of deflation, the interest payment decreases. At the maturity of a security, the Funds receive the adjusted principal or
the original principal, whichever is greater.
INTEREST
RATE RISK (Absolute Return ETF, Core Bond ETF, Opportunistic Credit ETF) — The risk that a change in interest rates will cause a
fall in the value of fixed-income securities, including U.S. Government securities, in which the Funds invest. Generally the value of
the Funds’ fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates
may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Funds.
INVESTING
IN THE UNITED STATES RISK (Core Bond ETF, Opportunistic Credit ETF, U.S. Large Cap Equity ETF) — The Funds focus their investments
in the United States. As a result, the Funds may be more susceptible to economic, political, regulatory or other events or conditions
affecting issuers within the United States, and may be subject to greater price volatility and risk of loss, than a fund holding more
geographically diverse investments.
INVESTMENT
IN OTHER INVESTMENT COMPANIES RISK (All Funds) — Because the Funds invest in other investment companies, such as ETFs, the Funds
will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment
companies. As a shareholder of another investment company, the Funds rely on that investment company to achieve their investment objectives.
If the investment company fails to achieve its objective, the value of the Funds’ investment could decline, which could adversely
affect the Funds’ performance. By investing in another investment company, Fund shareholders indirectly bear the Funds’ proportionate
share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear
in connection with the Funds’ own operations. The Funds do not intend to invest in other investment companies unless the Adviser
believes that the potential benefits of the investment justify the payment of any additional fees or expenses. Federal securities laws
impose limitations on the Funds’ ability to invest in other investment companies.
LARGE
CAPITALIZATION RISK (Total International Equity ETF, U.S. Large Cap Equity ETF) — If valuations of large capitalization companies
appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks
of small and medium-sized companies. The risk that larger, more established companies may be unable to respond quickly to new competitive
challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of
successful smaller companies.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
April 30, 2026 |
| |
(Unaudited) |
LARGE
CAPITALIZATION COMPANY RISK (Absolute Return ETF) — The large capitalization companies in which the Fund may invest may lag the
performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller
capitalization companies and may not respond as quickly to market changes and opportunities.
LIQUIDITY
RISK (Absolute Return ETF, Core Bond ETF, Opportunistic Credit ETF, Global Small Cap Equity ETF, Total International Equity ETF) —
Certain securities may be difficult or impossible to sell at the time and the price that the Funds would like. The Funds may have to accept
a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a
negative effect on Funds management or performance.
MID-CAPITALIZATION
COMPANY RISK (Global Small Cap Equity ETF, Total International Equity ETF, U.S. Large Cap Equity ETF) — The risk that mid-capitalization
companies in which the Funds may invest may have greater price volatility, lower trading volume and be more vulnerable to adverse business
or economic events than larger, more established companies. In addition, mid-capitalization companies may have narrow product lines, smaller
shares of their product or service markets and fewer financial resources than large capitalization companies.
MONEY
MARKET INSTRUMENTS RISK (Absolute Return ETF, Core Bond ETF, Opportunistic Credit ETF) — The value of money market instruments may
be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is
not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float
their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share).
An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed
and it is possible for the Funds to lose money by investing in these and other types of money market funds. The regulations governing
money market funds were recently amended in July, 2023, and their implementation and interpretation, as well as enforcement, may affect
the manner of operation, performance and/or yield of money market funds.
MORTGAGE-BACKED
SECURITIES RISK (Opportunistic Credit ETF) — Mortgage-backed securities are affected by, among other things, interest rate changes
and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying
borrowers will be unable to meet their obligations. “To-be-announced” transactions (“TBA Transactions”) involve
the additional risk that the value of the mortgage-backed securities to be purchased declines prior to settlement date or the counterparty
does not deliver the securities as promised.
MUNICIPAL
SECURITIES RISK (Absolute Return ETF, Opportunistic Credit ETF) — Municipal securities, like other fixed income securities, rise
and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality.
Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest
rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors,
there are concerns about the issuer’s current or future ability to make principal or interest payments.
NON-U.S.
GOVERNMENT SECURITIES RISK (Absolute Return ETF, Opportunistic Credit ETF) — Foreign sovereign debt securities are subject to the
risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal
and/or interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national
economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in
debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign
debt may be collected in whole or in part.
PREFERRED
STOCK RISK (Absolute Return ETF, Global Small Cap Equity ETF, Total International Equity ETF) — Preferred stocks in which the Funds
may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall
over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of
a liquidation are generally subordinate to the rights associated with a company’s debt securities.
PREPAYMENT
AND EXTENSION RISK (Absolute Return ETF, Core Bond ETF, Opportunistic Credit ETF) — When interest rates fall, issuers of high interest
debt obligations may pay off the debts earlier than expected (prepayment risk), and the Funds may have to reinvest the proceeds at lower
yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk),
thus keeping the Funds’ assets tied up in lower interest debt obligations.
REITs
RISK (Absolute Return ETF, U.S. Large Cap Equity ETF) — REITs are pooled investment vehicles that own, and usually operate, income-producing
real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property
values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from
casualty or condemnation. REITs typically incur fees that are separate from those of the Funds. Accordingly, the Funds’ investments
in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’
operating expenses, in addition to paying Funds expenses. REIT operating expenses are not reflected in the fee table and example in the
prospectus.
RESIDENTIAL
MORTGAGE-BACKED SECURITIES RISK (Absolute Return ETF, Core Bond ETF, Opportunistic Credit ETF) — Mortgage-backed securities are
fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes
in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment
of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life
of a mortgage-backed security. Rising interest rates tend to discourage re-financings, with the result that the average life and volatility
of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities
may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower
interest rates.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
April 30, 2026 |
| |
(Unaudited) |
SMALL-
AND MID-CAPITALIZATION COMPANY RISK (Absolute Return ETF, Global Small Cap Equity ETF) — The small- and mid-capitalization companies
in which the Funds may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In
particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies
tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore,
small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed
on an exchange.
U.S.
GOVERNMENT SECURITIES RISK (Absolute Return ETF, Core Bond ETF, Opportunistic Credit ETF) — Although U.S. Government securities
are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations
issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to
borrow from the U.S. Treasury or by the agency’s own resources.
VALUATION
RISK (All Funds) — The risk that a security may be difficult to value. The Funds may value certain securities at a price higher
or lower than the price at which they can be sold. This risk may be especially pronounced for investments that are illiquid or may become
illiquid.
VALUE
INVESTMENT STYLE RISK (Global Small Cap Equity ETF, Total International Equity ETF, U.S. Large Cap Equity ETF) — An investment in
value stocks presents the risk that the stocks may never reach what the Adviser or a sub-adviser believes are their full market values,
either because the market fails to recognize what the Adviser or a sub-adviser considers to be the companies’ true business values
or because the Adviser or sub-adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.
10.
Other:
At
April 30, 2026, all shares issued by the Funds were in Creation Unit aggregations to Authorized Participants through primary market transactions
(e.g., transactions directly with the Fund). However, the individual shares that make up those Creation Units are traded on the Exchange
(e.g., secondary market transactions). Some of those individual shares have been bought and sold by persons that are not Authorized Participants.
Each Authorized Participant has entered into an agreement with the Funds’ Distributor.
11.
Recent Accounting Pronouncement:
The
Funds adopted FASB Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax
Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency,
bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of ASU 2023-09 impacted
financial statement disclosures only and did not affect any Funds’ financial position or the results of their operations.
12.
Subsequent Events:
The
Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial
statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
FRONTIER
ETFs |
| |
April 30, 2026 |
| |
(Unaudited) |
OTHER
INFORMATION (FORM N-CSRS ITEMS 8-11)
Item
8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not
applicable.
Item
9. Proxy Disclosures for Open-End Management Investment Companies.
There
were no matters submitted to a vote of shareholders during the period covered by this report.
Item
10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
No
remuneration was paid by the company during the period covered by the report to any Trustees on the company’s Board of Trustees.
The Adviser pays the Trustee fees under a unitary management fee structure. More information about Trustee compensation can be found in
the fund’s Statement of Additional Information (the “SAI”) under “Trustees and Officers of the Trust”.
Item
11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not
applicable.
Frontier
ETFs
c/o
SEI Investments Distribution Co.
One
Freedom Valley Drive
Oaks, Pennsylvania
19456
1-877-776-3629
Investment
Adviser:
Frontier
Asset Management, LLC
50
East Loucks Street, Suite 201
Sheridan,
Wyoming 82801
Investment
Sub-Adviser:
Exchange
Traded Concepts, LLC
10900
Hefner Pointe Drive, Suite 400
Oklahoma
City, Oklahoma 73120
Administrator:
SEI
Investments Global Funds Services
One
Freedom Valley Drive
Oaks,
Pennsylvania 19456
Distributor:
SEI
Investments Distribution Co.
One
Freedom Valley Drive
Oaks,
Pennsylvania 19456
Legal
Counsel:
Morgan,
Lewis & Bockius LLP
2222
Market Street
Philadelphia,
Pennsylvania 19103
Independent
Registered Public Accounting Firm:
Ernst
& Young LLP
One
Commerce Square
2005
Market Street, Suite 700
Philadelphia,
Pennsylvania 19103
This
information must be preceded or accompanied by a current prospectus for the Fund described. Investors should read it carefully before
investing or sending money.
FRT-SA-001-0200
Item
8. Changes in and Disagreements with Accountants for Open-End Management
Investment Companies.
Included
under Item 7.
Item
9. Proxy Disclosures for Open-End Management Investment Companies.
Included
under Item 7.
Item
10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included
under Item 7.
Item
11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included
under Item 7.
Item
12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not
applicable to open-end management investment companies.
Item
13. Portfolio Managers of Closed-End Management Investment Companies.
Not
applicable to open-end management investment companies.
Item
14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not
applicable to open-end management investment companies.
Item
15. Submission of Matters to a Vote of Security Holders.
There
have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during
the period covered by this report.
Item
16. Controls and Procedures.
(a)
The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the
Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date
within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (17
CFR § 240.13a-15(b) or § 240.15d-15(b)).
(b)
There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17
CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant's internal control over financial reporting.
Item
17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not
applicable to open-end management investment companies.
Item
18. Recovery of Erroneously Awarded Compensation.
(a)
Not applicable.
(b)
Not applicable.
Item
19. Exhibits.
(a)(1) Not
applicable.
(a)(2) Not
applicable.
(a)(3) A
separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule
30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.
(a)(4) Not
applicable.
(a)(5) Not
applicable.
(b)
Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany
this filing as exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) |
The Advisors’ Inner Circle Fund II |
|
| By (Signature and Title) |
/s/ Michael Beattie |
|
| |
Michael Beattie |
|
| |
Principal Executive Officer |
|
Date:
July 6, 2026
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by
the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By (Signature and Title) |
/s/ Michael Beattie |
|
| |
Michael Beattie |
|
| |
Principal Executive Officer |
|
Date:
July 6, 2026
| By (Signature and Title) |
/s/ Andrew Metzger |
|
| |
Andrew Metzger |
|
| |
Principal Financial Officer |
|
Date:
July 6, 2026
