# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0001398344-26-000359
**Filing Date:** 2026-1
**Character Count:** 197829
**Document Hash:** 9563e8a6483e2cdd8f96d13a88f5c851
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-000359.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001398344-26-000359

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund II
- **CENTRAL INDEX KEY:** 0000890540

**ORGANIZATION NAME:**
- **EIN:** 233040006
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07102
- **FILM NUMBER:** 26519662

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 6106761000

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Advisors Inner Circle Fund II
- **DATE OF NAME CHANGE:** 20041029

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARBOR FUND
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### Frontier Asset Absolute Return ETF (Series ID: S000089433)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000255966 | Frontier Asset Absolute Return ETF | FARX            |

### Frontier Asset Core Bond ETF (Series ID: S000089434)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255967 | Frontier Asset Core Bond ETF | FCBD            |

### Frontier Asset Global Small Cap Equity ETF (Series ID: S000089435)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000255968 | Frontier Asset Global Small Cap Equity ETF | FGSM            |

### Frontier Asset Opportunistic Credit ETF (Series ID: S000089436)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000255969 | Frontier Asset Opportunistic Credit ETF | FOPC            |

### Frontier Asset Total International Equity ETF (Series ID: S000089437)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000255970 | Frontier Asset Total International Equity ETF | FINT            |

### Frontier Asset U.S. Large Cap Equity ETF (Series ID: S000089438)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000255971 | Frontier Asset U.S. Large Cap Equity ETF | FLCE            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**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, 2025**

**Date of reporting period: October 31, 2025**

**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.

**# The Advisors' Inner Circle Fund II
![Image](i5a586cc05e9a5d5ad23a83cb.jpg)

## Frontier Asset Absolute Return ETF

#### Ticker: FARX

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Frontier Asset Absolute Return ETF (the "Fund") for the period from December 19, 2024 (commencement of operations) to October 31, 2025. 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Frontier Asset Absolute Return ETF | $54 | 0.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

## How did the Fund perform in the period?
For the 10-month period ended October 31, 2025 (the "reporting period"), the Fund increased 9.16%, while the HFR (HFRX) Global Hedge Fund Index (the "Secondary Index") increased 6.58%. The Fund's primary index, the Morningstar Developed Markets All Cap Target Market Exposure Index advanced by 19.90%. However, the secondary index better represents the risks associated with the Fund's strategy.

What factors affected the Fund's performance?

During the reporting period, the highest returns within the Fund came from the Avantis International Small Cap Value ETF, which returned 40.06% and the iShares MSCI USA Momentum Factor ETF, which returned 23.72%. The worst performers were the Janus Henderson AAA CLO ETF and the JPMorgan Ultra-Short Income ETF, which returned 4.30% and 4.19%, respectively. The Fund's outperformance relative to the secondary index was driven by exposure to international small value equities, U.S. momentum stocks, commodities, and managed futures strategies, while short duration fixed income generally hindered relative performance.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i17dee58639ba2ab0b7b8f4ff.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Frontier Asset Absolute Return ETF | Morningstar Developed Markets All Cap Target Market Exposure (USD) (NR)<sup>Footnote Reference\*</sup> | HFR (HFRX) Global Hedge Fund Index (USD) (TR)<sup>Footnote Reference†</sup> |
| Dec/24 | $10000 | $10000 | $10000 |
| Dec/24 | $10076 | $10039 | $10020 |
| Jan/25 | $10268 | $10392 | $10120 |
| Feb/25 | $10168 | $10292 | $10149 |
| Mar/25 | $10183 | $9846 | $10073 |
| Apr/25 | $10026 | $9933 | $10030 |
| May/25 | $10110 | $10515 | $10147 |
| Jun/25 | $10292 | $10967 | $10259 |
| Jul/25 | $10284 | $11112 | $10318 |
| Aug/25 | $10470 | $11429 | $10433 |
| Sep/25 | $10765 | $11776 | $10586 |
| Oct/25 | $10916 | $11990 | $10658 |

---

Since its inception on December 19, 2024. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 866-326-3837 or visit https://funds.frontierasset.com/absolute-return-etf for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | |
|:---|:---|
| <u>Fund/Index Name</u> | <u>Cumulative Since Inception</u> |
| Frontier Asset Absolute Return ETF | 9.16% |
| Morningstar Developed Markets All Cap Target Market Exposure (USD) (NR)<sup>Footnote Reference\*</sup> | 19.90% |
| HFR (HFRX) Global Hedge Fund Index (USD) (TR)<sup>Footnote Reference†</sup> | 6.58% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $11556602<sub>12</sub> | $57025 | 3% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i90d00add61e8c08d38d55d23.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 99.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Vanguard Short-Term Bond ETF | 24.0% |
| American Beacon AHL Trend ETF | 19.8% |
| Harbor Commodity All Weather Strategy ETF | 14.6% |
| WisdomTree Floating Rate Treasury Fund ETF | 9.4% |
| iMGP DBi Managed Futures Strategy ETF | 6.7% |
| iShares High Yield Systematic Bond ETF | 4.9% |
| JPMorgan Ultra-Short Income ETF | 4.7% |
| iShares U.S. Small-Capital Equity Factor ETF | 4.4% |
| Janus Henderson AAA CLO ETF | 3.7% |
| iShares MSCI USA Momentum Factor ETF | 2.8% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i8d572298eb165e929d3c04ad.jpg)

* 866-326-3837 

* https://funds.frontierasset.com/absolute-return-etf 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 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 Absolute Return ETF - FARX

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025

## FARX-AR-2025
![Image](i5a586cc05e9a5d5ad23a83cb.jpg)

# The Advisors' Inner Circle Fund II
![Image](i5a586cc05e9a5d5ad23a83cb.jpg)

## Frontier Asset Core Bond ETF

#### Ticker: FCBD

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Frontier Asset Core Bond ETF (the "Fund") for the period from December 19, 2024 (commencement of operations) to October 31, 2025. 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Frontier Asset Core Bond ETF | $54 | 0.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

## How did the Fund perform in the period?
For the 10-month period ended October 31, 2025 (the "reporting period"), the Fund increased 5.93%, while the Morningstar US Core Bond Index (the "Primary Index") increased 6.97%.

What factors affected the Fund's performance?

During the reporting period, the highest returns within the Fund came from the iShares Investment Grade Systematic ETF, which returned 7.55% and the TCW Flexible Income ETF, which returned 7.50%. The worst performers were the WisdomTree Floating Rate Treasury ETF and the JPMorgan Ultra-Short Income ETF, which returned 3.52% and 4.19%, respectively. The Fund's underperformance relative to the primary index was driven by exposure to shorter duration fixed income funds.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i0e9101f872f831cf7e3c1165.jpg)

---

| | | |
|:---|:---|:---|
| | Frontier Asset Core Bond ETF | Morningstar US Core Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Dec/24 | $10000 | $10000 |
| Dec/24 | $10024 | $10019 |
| Jan/25 | $10084 | $10075 |
| Feb/25 | $10212 | $10251 |
| Mar/25 | $10232 | $10297 |
| Apr/25 | $10289 | $10339 |
| May/25 | $10272 | $10261 |
| Jun/25 | $10380 | $10418 |
| Jul/25 | $10380 | $10392 |
| Aug/25 | $10486 | $10516 |
| Sep/25 | $10540 | $10630 |
| Oct/25 | $10593 | $10697 |

---

Since its inception on December 19, 2024. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 866-326-3837 or visit https://funds.frontierasset.com/core-bond-etf for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | |
|:---|:---|
| <u>Fund/Index Name</u> | <u>Cumulative Since Inception</u> |
| Frontier Asset Core Bond ETF | 5.93% |
| Morningstar US Core Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | 6.97% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $43987649<sub>7</sub> | $235151 | 5% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i90d00add61e8c08d38d55d23.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 99.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Vanguard Intermediate-Term Treasury ETF | 25.2% |
| TCW Flexible Income ETF | 24.3% |
| JPMorgan Core Plus Bond ETF | 18.7% |
| Regan Floating Rate MBS ETF | 9.8% |
| WisdomTree Floating Rate Treasury Fund ETF | 9.8% |
| JPMorgan Ultra-Short Income ETF | 6.4% |
| iShares Investment Grade Systematic Bond ETF | 5.4% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i8d572298eb165e929d3c04ad.jpg)

* 866-326-3837 

* https://funds.frontierasset.com/core-bond-etf 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 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 - FCBD

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025

## FCBD-AR-2025
![Image](i5a586cc05e9a5d5ad23a83cb.jpg)

# The Advisors' Inner Circle Fund II
![Image](i5a586cc05e9a5d5ad23a83cb.jpg)

## Frontier Asset Opportunistic Credit ETF

#### Ticker: FOPC

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Frontier Asset Opportunistic Credit ETF (the "Fund") for the period from December 19, 2024 (commencement of operations) to October 31, 2025. 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Frontier Asset Opportunistic Credit ETF | $54 | 0.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

## How did the Fund perform in the period?
For the 10-month period ended October 31, 2025 (the "reporting period"), the Fund increased 6.35%, while the Morningstar US Core Plus Bond Index (the "Primary Index") increased 7.00%.

What factors affected the Fund's performance?

During the reporting period, the highest returns within the Fund came from the iShares MBS ETF, which returned 7.65% and the iShares Investment Grade Systematic ETF, which returned 7.55%. The PIMCO Multisector Bond Active ETF also performed well, but was not held for the entire reporting period. The worst performers were the Janus Henderson AAA CLO ETF and the Vanguard Short-Term Inflation Protected Securities ETF, which returned 4.30% and 5.75%, respectively. The Franklin Senior Loan ETF and the T. Rowe Price Floating Rate ETF also detracted from relative results, but were not held for the entire reporting period. The Fund's underperformance relative to the primary index was driven by exposure to shorter duration and floating rate fixed income funds.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i0bb0b1fb451e8ffe8c53f09b.jpg)

---

| | | |
|:---|:---|:---|
| | Frontier Asset Opportunistic Credit ETF | Morningstar US Core Plus Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Dec/24 | $10000 | $10000 |
| Dec/24 | $10030 | $10020 |
| Jan/25 | $10094 | $10079 |
| Feb/25 | $10210 | $10290 |
| Mar/25 | $10220 | $10290 |
| Apr/25 | $10248 | $10330 |
| May/25 | $10268 | $10264 |
| Jun/25 | $10390 | $10421 |
| Jul/25 | $10390 | $10399 |
| Aug/25 | $10516 | $10522 |
| Sep/25 | $10586 | $10635 |
| Oct/25 | $10635 | $10700 |

---

Since its inception on December 19, 2024. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 866-326-3837 or visit https://funds.frontierasset.com/opportunistic-credit-etf for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | |
|:---|:---|
| <u>Fund/Index Name</u> | <u>Cumulative Since Inception</u> |
| Frontier Asset Opportunistic Credit ETF | 6.35% |
| Morningstar US Core Plus Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | 7.00% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $34338422<sub>9</sub> | $177101 | 25% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i96fcb7eb06565756af93032c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 99.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| TCW Flexible Income ETF | 25.4% |
| Vanguard Intermediate-Term Treasury ETF | 16.9% |
| iShares Investment Grade Systematic Bond ETF | 16.3% |
| JPMorgan Core Plus Bond ETF | 15.2% |
| iShares MBS ETF | 7.0% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 6.4% |
| PIMCO Multi Sector Bond Active ETF | 4.8% |
| Schwab US TIPS ETF | 4.0% |
| Janus Henderson AAA CLO ETF | 3.9% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i8d572298eb165e929d3c04ad.jpg)

* 866-326-3837 

* https://funds.frontierasset.com/opportunistic-credit-etf 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 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 - FOPC

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025

## FOPC-AR-2025
![Image](i5a586cc05e9a5d5ad23a83cb.jpg)

# The Advisors' Inner Circle Fund II
![Image](i5a586cc05e9a5d5ad23a83cb.jpg)

## Frontier Asset Global Small Cap Equity ETF

#### Ticker: FGSM

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Frontier Asset Global Small Cap Equity ETF (the "Fund") for the period from December 19, 2024 (commencement of operations) to October 31, 2025. 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Frontier Asset Global Small Cap Equity ETF | $57 | 0.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

## How did the Fund perform in the period?
For the 10-month period ended October 31, 2025 (the "reporting period"), the Fund increased 18.03%, while the Morningstar Developed Markets Small Cap Index (the "Secondary Index") increased 14.39%. The Fund's primary index, the Morningstar Developed Markets All Cap Target Market Exposure Index advanced by 19.90%. However, the secondary index better represents both the exposure to small capitalization stocks and the risks associated therewith.

What factors affected the Fund's performance?

During the reporting period, the highest returns within the Fund came from the Avantis International Small Cap Value ETF, which returned 40.06% and the iShares MSCI International Small Cap Multi-Factor ETF, which returned 29.06%. The worst performers were the Neuberger Berman Small-Mid ETF and the Avantis US Small Cap Value ETF, which returned –0.86% and 2.68%, respectively. The Fund's outperformance relative to the secondary index was driven by exposure to non-U.S. equities in general, and value equities specifically, while U.S. equities generally hindered both absolute and relative performance.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i46726f20f29770090161785b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Frontier Asset Global Small Cap Equity ETF | Morningstar Developed Markets All Cap Target Market Exposure (USD) (NR)<sup>Footnote Reference\*</sup> | Morningstar Developed Markets Small Cap (USD) (NR)<sup>Footnote Reference\*</sup> |
| Dec/24 | $10000 | $10000 | $10000 |
| Dec/24 | $10084 | $10039 | $10068 |
| Jan/25 | $10348 | $10392 | $10437 |
| Feb/25 | $10076 | $10292 | $10126 |
| Mar/25 | $9838 | $9846 | $9688 |
| Apr/25 | $9846 | $9933 | $9649 |
| May/25 | $10434 | $10515 | $10170 |
| Jun/25 | $10874 | $10967 | $10623 |
| Jul/25 | $10982 | $11112 | $10782 |
| Aug/25 | $11656 | $11429 | $11281 |
| Sep/25 | $11867 | $11776 | $11441 |
| Oct/25 | $11803 | $11990 | $11439 |

---

Since its inception on December 19, 2024. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 866-326-3837 or visit https://funds.frontierasset.com/global-small-cap-equity-etf for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | |
|:---|:---|
| <u>Fund/Index Name</u> | <u>Cumulative Since Inception</u> |
| Frontier Asset Global Small Cap Equity ETF | 18.03% |
| Morningstar Developed Markets All Cap Target Market Exposure (USD) (NR)<sup>Footnote Reference\*</sup> | 19.90% |
| Morningstar Developed Markets Small Cap (USD) (NR)<sup>Footnote Reference\*</sup> | 14.39% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $60283584<sub>6</sub> | $303048 | 5% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ie93d4d57bf44430bec397c9a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 99.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Avantis International Small Capital Value ETF | 29.9% |
| iShares U.S. Small-Capital Equity Factor ETF | 23.1% |
| iShares Core S&P Small-Capital ETF | 22.0% |
| iShares International Small-Capital Equity Factor ETF | 10.7% |
| Avantis U.S. Small Capital Value ETF | 7.7% |
| Neuberger Berman Small-Mid Capital ETF | 6.5% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i8d572298eb165e929d3c04ad.jpg)

* 866-326-3837 

* https://funds.frontierasset.com/global-small-cap-equity-etf 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 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 - FGSM

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025

## FGSM-AR-2025
![Image](i5a586cc05e9a5d5ad23a83cb.jpg)

# The Advisors' Inner Circle Fund II
![Image](i5a586cc05e9a5d5ad23a83cb.jpg)

## Frontier Asset Total International Equity ETF

#### Ticker: FINT

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Frontier Asset Total International Equity ETF (the "Fund") for the period from December 19, 2024 (commencement of operations) to October 31, 2025. 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Frontier Asset Total International Equity ETF | $59 | 0.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

## How did the Fund perform in the period?
For the 10-month period ended October 31, 2025 (the "reporting period"), the Fund increased 25.42%, while the Morningstar Global Markets ex US Index (the "Primary Index") increased 28.31%.

What factors affected the Fund's performance?

During the reporting period, the highest returns within the Fund came from the iShares Emerging Markets Equity Factor ETF, which returned 30.48% and the Avantis Emerging Markets Equity ETF, which returned 32.95%. The worst performers were the Vanguard International Dividend ETF and the Franklin International Low Volatility High Dividend ETF, which returned 13.74% and 20.15%, respectively. Dividend focused, quality, and low volatility exposures hurt relative performance. A slight underweight to emerging markets contributed to the underperformance.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i660ff7ed8af76139be17cf75.jpg)

---

| | | |
|:---|:---|:---|
| | Frontier Asset Total International Equity ETF | Morningstar Global Markets ex US (USD) (NR)<sup>Footnote Reference\*</sup> |
| Dec/24 | $10000 | $10000 |
| Dec/24 | $10008 | $10045 |
| Jan/25 | $10252 | $10391 |
| Feb/25 | $10388 | $10494 |
| Mar/25 | $10488 | $10489 |
| Apr/25 | $10680 | $10875 |
| May/25 | $11208 | $11395 |
| Jun/25 | $11663 | $11795 |
| Jul/25 | $11561 | $11783 |
| Aug/25 | $11970 | $12203 |
| Sep/25 | $12344 | $12603 |
| Oct/25 | $12542 | $12831 |

---

Since its inception on December 19, 2024. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 866-326-3837 or visit https://funds.frontierasset.com/total-intl-equity-etf for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | |
|:---|:---|
| <u>Fund/Index Name</u> | <u>Cumulative Since Inception</u> |
| Frontier Asset Total International Equity ETF | 25.42% |
| Morningstar Global Markets ex US (USD) (NR)<sup>Footnote Reference\*</sup> | 28.31% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $55491992<sub>8</sub> | $256821 | 5% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ie93d4d57bf44430bec397c9a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 99.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Avantis Emerging Markets Equity ETF | 21.1% |
| iShares MSCI International Quality Factor ETF | 16.0% |
| iShares Emerging Markets Equity Factor ETF | 15.5% |
| iShares International Equity Factor ETF | 15.4% |
| Vanguard International Dividend Appreciation ETF | 11.2% |
| Cambria Foreign Shareholder Yield ETF | 8.2% |
| Franklin International Low Volatility High Dividend Index ETF | 7.2% |
| First Eagle Overseas Equity ETF | 5.1% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i8d572298eb165e929d3c04ad.jpg)

* 866-326-3837 

* https://funds.frontierasset.com/total-intl-equity-etf 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 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 - FINT

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025

## FINT-AR-2025
![Image](i5a586cc05e9a5d5ad23a83cb.jpg)

# The Advisors' Inner Circle Fund II
![Image](i5a586cc05e9a5d5ad23a83cb.jpg)

## Frontier Asset U.S. Large Cap Equity ETF

#### Ticker: FLCE

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about the Frontier Asset U.S. Large Cap Equity ETF (the "Fund") for the period from December 19, 2024 (commencement of operations) to October 31, 2025. 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Frontier Asset U.S. Large Cap Equity ETF | $56 | 0.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

## How did the Fund perform in the period?
For the 10-month period ended October 31, 2025 (the "reporting period"), the Fund increased 14.04%, while the Morningstar US Large Index (the "Primary Index") increased 19.97%.

What factors affected the Fund's performance?

During the reporting period, the highest returns within the Fund came from the JPMorgan Active Growth ETF, which returned 18.94% and the T. Rowe Price Capital Appreciation Equity ETF, which returned 16.33%. The worst performers were the iShares MSCI USA Quality Factor ETF and the JPMorgan Active Value ETF, which returned 10.95% and 10.73%, respectively. As the U.S. stock market's performance was driven primarily by the largest technology companies, exposure to the quality, value, and dividend factors all hurt relative performance.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i08d4fe020665f798bcdac3c8.jpg)

---

| | | |
|:---|:---|:---|
| | Frontier Asset U.S. Large Cap Equity ETF | Morningstar US Large (USD) (TR)<sup>Footnote Reference\*</sup> |
| Dec/24 | $10000 | $10000 |
| Dec/24 | $10033 | $10008 |
| Jan/25 | $10361 | $10289 |
| Feb/25 | $10225 | $10133 |
| Mar/25 | $9681 | $9500 |
| Apr/25 | $9577 | $9480 |
| May/25 | $10041 | $10115 |
| Jun/25 | $10502 | $10676 |
| Jul/25 | $10662 | $10937 |
| Aug/25 | $10874 | $11153 |
| Sep/25 | $11212 | $11637 |
| Oct/25 | $11404 | $11997 |

---

Since its inception on December 19, 2024. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 866-326-3837 or visit https://funds.frontierasset.com/us-large-cap-equity-etf for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of October 31, 2025

---

| | |
|:---|:---|
| <u>Fund/Index Name</u> | <u>Cumulative Since Inception</u> |
| Frontier Asset U.S. Large Cap Equity ETF | 14.04% |
| Morningstar US Large (USD) (TR)<sup>Footnote Reference\*</sup> | 19.97% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | |
|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $56708098<sub>7</sub> | $237068 | 0% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i3d29567a322b242c7733618d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Exchange-Traded Funds | 99.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| T Rowe Price US Equity Research ETF | 25.4% |
| iShares MSCI USA Quality Factor ETF | 18.7% |
| JPMorgan Active Value ETF | 14.7% |
| JPMorgan Active Growth ETF | 12.2% |
| Vanguard Dividend Appreciation ETF | 11.9% |
| T Rowe Price Capital Appreciation Equity ETF | 11.3% |
| GMO US Quality ETF | 5.1% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i8d572298eb165e929d3c04ad.jpg)

* 866-326-3837 

* https://funds.frontierasset.com/us-large-cap-equity-etf 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 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 - FLCE

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: October 31, 2025

## FLCE-AR-2025
![Image](i5a586cc05e9a5d5ad23a83cb.jpg)**

b) Not applicable.

**Item 2. Code of Ethics.**

The Registrant (also referred to as the "Trust") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The Registrant's audit committee financial expert is Robert Mulhall. Mr. Mulhall is considered to be "independent", as that term is defined in Form N-CSR Item 3(a)(2).

**Item 4. Principal Accountant Fees and Services.**

Fees billed by PricewaterhouseCoopers LLP ("PwC") related to the Trust.

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $129220 |  |  | $152569 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Fees billed by Ernst & Young LLP ("E&Y") related to the Trust.

E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $160620 |  |  |  |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit fees include amounts related to the audit of the Trust's annual financial statements and services
 normally provided by the accountant in connection with statutory and regulatory filings.

(e)(1) The Trust's Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

&nbsp;&nbsp;&nbsp;&nbsp;(1) require specific pre-approval;

&nbsp;&nbsp;&nbsp;&nbsp;(2) are included within the list of services that have received the general pre-approval of the Audit Committee
 pursuant to the Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;(3) have been previously pre-approved in connection with the independent auditor's annual engagement letter
 for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such
 services are consistent with SEC's rules and whether the provision of such services would impair the auditor's independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee's responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor's methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

---

| | | |
|:---|:---|:---|
| | **FYE October 31, 2025** | **FYE October 31, 2024** |
| Audit-Related Fees | None | None |
| Tax Fees | None | None |
| All Other Fees | None | None |

---

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (E&Y):

---

| | | |
|:---|:---|:---|
| | **FYE October 31, 2025** | **FYE October 31, 2024** |
| Audit-Related Fees | None | None |
| Tax Fees | None | None |
| All Other Fees | None | None |

---

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant's principal accountant to either the Registrant's investment adviser or to any entity controlling, controlled by, or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant's Board of Trustees. Included in the Audit Committee's pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a "foreign issuer", as defined in 17 CFR § 240.3b-4.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments**

(a) The Schedule of Investments is included as part of the Financial Statements and Other Information filed under
 Item 7 of this form.

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Financial Statements and Financial Highlights are filed herein.

![](fp0096590_01.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

---

**October 31, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 7 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 9 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 11 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 17 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 23 |
| Report of Independent Registered Public Accounting Firm | 35 |
| Notice to Shareholders (Unaudited) | 36 |
| Other Information (Form N-CSR Items 8-11) (Unaudited) | 37 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |
|  | **ABSOLUTE RETURN ETF** |

---

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **EXCHANGE-TRADED FUNDS — 99.6%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Commodity — 21.3%** | | |
| &nbsp;&nbsp;&nbsp;Harbor Commodity All Weather Strategy ETF <sup>(1)</sup> | 63752 | $1684328 |
| &nbsp;&nbsp;&nbsp;iMGP DBi Managed Futures Strategy ETF | 27384 | 776884 |
|  |  | 2461212 |
| **Equity — 29.0%** |  |  |
| &nbsp;&nbsp;&nbsp;American Beacon AHL Trend ETF <sup>(1)</sup> | 91073 | 2293674 |
| &nbsp;&nbsp;&nbsp;iShares MSCI USA Momentum Factor ETF | 1290 | 327944 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Small-Capital Equity Factor ETF | 6820 | 505976 |
| &nbsp;&nbsp;&nbsp;Vanguard Dividend Appreciation ETF | 1075 | 233339 |
|  |  | 3360933 |
| **Fixed Income — 46.7%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares High Yield Systematic Bond ETF | 11975 | 569172 |
| &nbsp;&nbsp;&nbsp;Janus Henderson AAA CLO ETF | 8514 | 432000 |
| &nbsp;&nbsp;&nbsp;JPMorgan Ultra-Short Income ETF | 10590 | 537654 |
| &nbsp;&nbsp;&nbsp;Vanguard Short-Term Bond ETF <sup>(1)</sup> | 35146 | 2775128 |
| &nbsp;&nbsp;&nbsp;WisdomTree Floating Rate Treasury Fund ETF | 21500 | 1080805 |
|  |  | 5394759 |
| **International — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Avantis International Small Capital Value ETF | 3311 | 295374 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,832,607) |  | 11512278 |
| **Total Investments - 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,832,607) |  | $11512278 |

---

*Percentages are based on Net Assets of $11,556,602.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Represents greater than 10% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.SEC.gov.* 

CLO — Collateralized Loan Obligation

ETF — Exchange-Traded Fund

As of October 31, 2025, 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** |

---

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **EXCHANGE-TRADED FUNDS — 99.6%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Fixed Income — 99.6%** | | |
| &nbsp;&nbsp;&nbsp;iShares Investment Grade Systematic Bond ETF | 51471 | $2365865 |
| &nbsp;&nbsp;&nbsp;JPMorgan Core Plus Bond ETF <sup>(1)</sup> | 172685 | 8228440 |
| &nbsp;&nbsp;&nbsp;JPMorgan Ultra-Short Income ETF | 55741 | 2829971 |
| &nbsp;&nbsp;&nbsp;Regan Floating Rate MBS ETF | 168948 | 4326758 |
| &nbsp;&nbsp;&nbsp;TCW Flexible Income ETF <sup>(1)</sup> | 268299 | 10691715 |
| &nbsp;&nbsp;&nbsp;Vanguard Intermediate-Term Treasury ETF <sup>(1)</sup> | 183996 | 11072879 |
| &nbsp;&nbsp;&nbsp;WisdomTree Floating Rate Treasury Fund ETF | 85329 | 4289489 |
|  |  | 43805117 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $42,791,925) |  | 43805117 |
| **Total Investments - 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $42,791,925) |  | $43805117 |

---

*Percentages are based on Net Assets of $43,987,649.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Represents greater than 10% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.SEC.gov.* 

ETF — Exchange-Traded Fund

MBS — Mortgage-Backed Security

As of October 31, 2025, 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** |

---

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **EXCHANGE-TRADED FUNDS — 99.9%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Fixed Income — 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Investment Grade Systematic Bond ETF <sup>(1)</sup> | 121399 | $5580105 |
| &nbsp;&nbsp;&nbsp;iShares MBS ETF | 25216 | 2409389 |
| &nbsp;&nbsp;&nbsp;Janus Henderson AAA CLO ETF | 26569 | 1348111 |
| &nbsp;&nbsp;&nbsp;JPMorgan Core Plus Bond ETF <sup>(1)</sup> | 109872 | 5235401 |
| &nbsp;&nbsp;&nbsp;PIMCO Multi Sector Bond Active ETF | 61264 | 1646777 |
| &nbsp;&nbsp;&nbsp;Schwab US TIPS ETF | 51018 | 1375445 |
| &nbsp;&nbsp;&nbsp;TCW Flexible Income ETF <sup>(1)</sup> | 218578 | 8710333 |
| &nbsp;&nbsp;&nbsp;Vanguard Intermediate-Term Treasury ETF <sup>(1)</sup> | 96338 | 5797621 |
| &nbsp;&nbsp;&nbsp;Vanguard Short-Term Inflation-Protected Securities ETF | 43678 | 2185647 |
|  |  | 34288829 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,286,609) |  | 34288829 |
| **Total Investments - 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,286,609) |  | $34288829 |

---

*Percentages are based on Net Assets of $34,338,422.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Represents greater than 10% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.SEC.gov.* 

CLO — Collateralized Loan Obligation

ETF — Exchange-Traded Fund

MBS — Mortgage-Backed Security

TIPS — Treasury Inflation Protected Security

As of October 31, 2025, 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** |

---

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **EXCHANGE-TRADED FUNDS — 99.8%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Equity — 59.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Avantis U.S. Small Capital Value ETF | 47278 | $4623788 |
| &nbsp;&nbsp;&nbsp;iShares Core S&P Small-Capital ETF <sup>(1)</sup> | 112370 | 13237186 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Small-Capital Equity Factor ETF <sup>(1)</sup> | 188097 | 13954917 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Small-Mid Capital ETF | 154886 | 3892285 |
|  |  | 35708176 |
| **International — 40.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Avantis International Small Capital Value ETF <sup>(1)</sup> | 201877 | 18009447 |
| &nbsp;&nbsp;&nbsp;iShares International Small-Capital Equity Factor ETF <sup>(1)</sup> | 158517 | 6445983 |
|  |  | 24455430 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $52,765,260) |  | 60163606 |
| **Total Investments - 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $52,765,260) |  | $60163606 |

---

*Percentages are based on Net Assets of $60,283,584.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Represents greater than 10% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.SEC.gov.* 

ETF — Exchange-Traded Fund

S&P — Standard & Poor's

As of October 31, 2025, 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** |

---

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **EXCHANGE-TRADED FUNDS — 99.8%** | | |
|  |<br>**Shares** |<br>**Value** |
| **International — 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Avantis Emerging Markets Equity ETF <sup>(1)</sup> | 151153 | $11718892 |
| &nbsp;&nbsp;&nbsp;Cambria Foreign Shareholder Yield ETF | 146728 | 4541232 |
| &nbsp;&nbsp;&nbsp;First Eagle Overseas Equity ETF \* | 61113 | 2839615 |
| &nbsp;&nbsp;&nbsp;Franklin International Low Volatility High Dividend Index ETF | 112065 | 3972704 |
| &nbsp;&nbsp;&nbsp;iShares Emerging Markets Equity Factor ETF <sup>(1)</sup> | 146747 | 8621386 |
| &nbsp;&nbsp;&nbsp;iShares International Equity Factor ETF <sup>(1)</sup> | 235201 | 8544852 |
| &nbsp;&nbsp;&nbsp;iShares MSCI International Quality Factor ETF <sup>(1)</sup> | 199927 | 8904749 |
| &nbsp;&nbsp;&nbsp;Vanguard International Dividend Appreciation ETF <sup>(1)</sup> | 69822 | 6235105 |
|  |  | 55378535 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,765,046) |  | 55378535 |
| **Total Investments - 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,765,046) |  | $55378535 |

---

*Percentages are based on Net Assets of $55,491,992.*

*\** *Non-income producing security.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Represents greater than 10% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.SEC.gov.* 

ETF — Exchange-Traded Fund

As of October 31, 2025, 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** |

---

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS<br> EXCHANGE-TRADED FUNDS — 99.5%** | | |
|  |<br>**Shares** |<br>**Value** |
| **Equity — 99.5%** |  |  |
| &nbsp;&nbsp;&nbsp;GMO US Quality ETF | 77809 | $2908500 |
| &nbsp;&nbsp;&nbsp;iShares MSCI USA Quality Factor ETF <sup>(1)</sup> | 54128 | 10625326 |
| &nbsp;&nbsp;&nbsp;JPMorgan Active Growth ETF <sup>(1)</sup> | 71640 | 6906096 |
| &nbsp;&nbsp;&nbsp;JPMorgan Active Value ETF <sup>(1)</sup> | 120594 | 8363194 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Capital Appreciation Equity ETF <sup>(1)</sup> | 166563 | 6430998 |
| &nbsp;&nbsp;&nbsp;T Rowe Price US Equity Research ETF <sup>(1)</sup> | 335514 | 14423747 |
| &nbsp;&nbsp;&nbsp;Vanguard Dividend Appreciation ETF <sup>(1)</sup> | 31044 | 6738411 |
|  |  | 56396272 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,462,436) |  | 56396272 |
| **Total Investments - 99.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,462,436) |  | $56396272 |

---

*Percentages are based on Net Assets of $56,708,098.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Represents greater than 10% of the Fund's total investments. For further financial information, please go to the Securities Exchange Commission's website at https://www.SEC.gov.* 

ETF — Exchange-Traded Fund

As of October 31, 2025, 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** |

---

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES** | | | |
|  |<br>**Frontier Asset<br> Absolute Return**<br>**ETF** |<br>**Frontier Asset Core**<br>**Bond ETF** |<br>**Frontier Asset<br> Opportunistic**<br>**Credit ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $10,832,607, $42,791,925 and $33,286,609) | $11512278 | $43805117 | $34288829 |
| &nbsp;&nbsp;&nbsp;Cash | 50067 | 202128 | 66700 |
| &nbsp;&nbsp;&nbsp;Other Prepaid Expenses | 127 | 2365 | – |
| **Total Assets** | 11562472 | 44009610 | 34355529 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Investment Adviser | 5868 | 21950 | 17099 |
| &nbsp;&nbsp;&nbsp;Other Accrued Expenses and Other Payables | 2 | 11 | 8 |
| **Total Liabilities** | 5870 | 21961 | 17107 |
| **Net Assets** | $11556602 | $43987649 | $34338422 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $10859428 | $42774068 | $33305805 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 697174 | 1213581 | 1032617 |
| **Net Assets** | $11556602 | $43987649 | $34338422 |
| **Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $11556602 | $43987649 | $34338422 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 430000 | 1710000 | 1330000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $26.88 | $25.72 | $25.82 |

---

 

*Amounts designated as "–" are $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** |

---

**October 31, 2025**

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Frontier Asset<br> Global Small Cap**<br>**Equity ETF** | **Frontier Asset<br> Total International**<br>**Equity ETF** | **Frontier Asset U.S.<br> Large Cap Equity**<br>**ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $52,765,260, $45,765,046 and $50,462,436) | $60163606 | $55378535 | $56396272 |
| &nbsp;&nbsp;&nbsp;Cash | 151078 | 141583 | 340135 |
| &nbsp;&nbsp;&nbsp;Other Prepaid Expenses | – | – | 11 |
| **Total Assets** | 60314684 | 55520118 | 56736418 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Investment Adviser | 31086 | 28114 | 28310 |
| &nbsp;&nbsp;&nbsp;Other Accrued Expenses and Other Payables | 14 | 12 | 10 |
| **Total Liabilities** | 31100 | 28126 | 28320 |
| **Net Assets** | $60283584 | $55491992 | $56708098 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $53060368 | $45878506 | $50774262 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 7223216 | 9613486 | 5933836 |
| **Net Assets** | $60283584 | $55491992 | $56708098 |
| **Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $60283584 | $55491992 | $56708098 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of beneficial interest (unlimited authorization — no par value) | 2060000 | 1790000 | 1990000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $29.26 | $31.00 | $28.50 |

---

 

*Amounts designated as "–" are $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** |
|  | **FOR THE PERIOD ENDED** |

---

**October 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **STATEMENTS OF OPERATIONS** | | | |
|  |<br>**Frontier Asset**<br>**Absolute Return**<br>**ETF<sup>(1)</sup>** |<br>**Frontier Asset**<br>**Core Bond ETF<sup>(1)</sup>** |<br>**Frontier Asset**<br>**Opportunistic**<br>**Credit ETF<sup>(1)</sup>** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $246074 | $1733965 | $1304279 |
| &nbsp;&nbsp;&nbsp;Interest | 2635 | 9873 | 6358 |
| **Total Investment Income** | 248709 | 1743838 | 1310637 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 57025 | 235151 | 177101 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 3 | 11 | 8 |
| **Total Expenses** | 57028 | 235162 | 177109 |
| **Net Expenses** | 57028 | 235162 | 177109 |
| **Net Investment Income** | 191681 | 1508676 | 1133528 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 33002 | 121423 | (54925) |
| **Net Realized Gain (Loss)** | 33002 | 121423 | (54925) |
| **Net Change in Unrealized Appreciation on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(2)</sup> | 679671 | 1013192 | 1002220 |
| **Net Change in Unrealized Appreciation** | 679671 | 1013192 | 1002220 |
| **Net Realized and Unrealized Gain** | 712673 | 1134615 | 947295 |
| **Net Increase in Net Assets Resulting from Operations** | $904354 | $2643291 | $2080823 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *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 PERIOD ENDED** |

---

**October 31, 2025**

**STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Frontier Asset**<br>**Global Small Cap**<br>**Equity ETF<sup>(1)</sup>** | **Frontier**<br>**Asset Total**<br>**International**<br>**Equity ETF<sup>(1)</sup>** |<br>**Frontier Asset**<br>**U.S. Large Cap**<br>**Equity ETF<sup>(1)</sup>** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $737758 | $796760 | $237054 |
| &nbsp;&nbsp;&nbsp;Interest | 6619 | 5764 | 8345 |
| **Total Investment Income** | 744377 | 802524 | 245399 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 303048 | 256821 | 237068 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 14 | 12 | 10 |
| **Total Expenses** | 303062 | 256833 | 237078 |
| **Net Expenses** | 303062 | 256833 | 237078 |
| **Net Investment Income** | 441315 | 545691 | 8321 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1111246 | 673723 | 121457 |
| **Net Realized Gain** | 1111246 | 673723 | 121457 |
| **Net Change in Unrealized Appreciation on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(2)</sup> | 7398346 | 9613489 | 5933836 |
| **Net Change in Unrealized Appreciation** | 7398346 | 9613489 | 5933836 |
| **Net Realized and Unrealized Gain** | 8509592 | 10287212 | 6055293 |
| **Net Increase in Net Assets Resulting from Operations** | $8950907 | $10832903 | $6063614 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *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** |

---

**ABSOLUTE RETURN ETF**

---

| | |
|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | |
|  |<br>**Frontier Asset**<br>**Absolute Return ETF** |
|  | Period Ended, |
|  | October 31, 2025<sup>(1)</sup> |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $191681 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 33002 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 679671 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 904354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributions:** | (169660) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (169660) |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 13337102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2515194) |
| &nbsp;&nbsp;&nbsp;**Net Shares Transactions** | 10821908 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets From Capital Share Transactions** | 10821908 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 11556602 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | – |
| &nbsp;&nbsp;&nbsp;End of Period | $11556602 |

---

 

*Amounts designated as "—" are $0.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

---

**CORE BOND ETF**

---

| | |
|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | |
|  |<br>**Frontier Asset Core**<br>**Bond ETF** |
|  | Period Ended, |
|  | October 31, 2025<sup>(1)</sup> |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1508676 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 121423 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 1013192 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 2643291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributions:** | (1308266) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (1308266) |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 62330776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (19678152) |
| &nbsp;&nbsp;&nbsp;**Net Shares Transactions** | 42652624 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets From Capital Share Transactions** | 42652624 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 43987649 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | – |
| &nbsp;&nbsp;&nbsp;End of Period | $43987649 |

---

 

*Amounts designated as "—" are $0.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

---

**OPPORTUNISTIC CREDIT ETF**

---

| | |
|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | |
|  |<br>**Frontier Asset**<br>**Opportunistic**<br>**Credit ETF** |
|  | Period Ended, |
|  | October 31, 2025<sup>(1)</sup> |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1133528 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (54925) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 1002220 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 2080823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributions:** | (1002933) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (1002933) |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares |  |
| &nbsp;&nbsp;&nbsp;Issued | 41066785 |
| &nbsp;&nbsp;&nbsp;Redeemed | (7806253) |
| &nbsp;&nbsp;&nbsp;**Net Shares Transactions** | 33260532 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets From Capital Share Transactions** | 33260532 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 34338422 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | – |
| &nbsp;&nbsp;&nbsp;End of Period | $34338422 |

---

 

*Amounts designated as "—" are $0.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

---

**GLOBAL SMALL CAP EQUITY ETF**

---

| | |
|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | |
|  |<br>**Frontier Asset**<br>**Global Small Cap**<br>**Equity ETF** |
|  | Period Ended, |
|  | October 31, 2025<sup>(1)</sup> |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $441315 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 1111246 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 7398346 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 8950907 |
| &nbsp;&nbsp;&nbsp;**Distributions:** | (441315) |
| &nbsp;&nbsp;&nbsp;**Return of Capital:** | (39617) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (480932) |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 71150444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (19336835) |
| &nbsp;&nbsp;&nbsp;**Net Shares Transactions** | 51813609 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets From Capital Share Transactions** | 51813609 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 60283584 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | – |
| &nbsp;&nbsp;&nbsp;End of Period | $60283584 |

---

 

*Amounts designated as "—" are $0.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

---

**TOTAL INTERNATIONAL EQUITY ETF**

---

| | |
|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | |
|  |<br>**Frontier Asset Total**<br>**International Equity**<br>**ETF** |
|  | Period Ended, |
|  | October 31, 2025<sup>(1)</sup> |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $545691 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 673723 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 9613489 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 10832903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributions:** | (547841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Return of Capital:** | (46990) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (594831) |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 56052877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (10798957) |
| &nbsp;&nbsp;&nbsp;**Net Shares Transactions** | 45253920 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets From Capital Share Transactions** | 45253920 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 55491992 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | – |
| &nbsp;&nbsp;&nbsp;End of Period | $55491992 |

---

 

*Amounts designated as "—" are $0.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

*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**

---

| | |
|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | |
|  |<br>**Frontier Asset U.S.**<br>**Large Cap Equity**<br>**ETF** |
|  | Period Ended, |
|  | October 31, 2025<sup>(1)</sup> |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $8321 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 121457 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 5933836 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting From Operations** | 6063614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributions:** | (8332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Return of Capital:** | (7074) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (15406) |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 52675430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2015540) |
| &nbsp;&nbsp;&nbsp;**Net Shares Transactions** | 50659890 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets From Capital Share Transactions** | 50659890 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 56708098 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | – |
| &nbsp;&nbsp;&nbsp;End of Period | $56708098 |

---

 

*Amounts designated as "—" are $0.*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

*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**

---

| | |
|:---|:---|
|  | **Period**<br>**Ended**<br>**October 31, 2025**<sup>(1)</sup>** |
| Net Asset Value, Beginning of Period | $25.00 |
| Income from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.45 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | 1.82 |
| Total from Investment Operations | 2.27 |
| Dividends and Distributions: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.39 |
| Total Dividends and Distributions | (0.39 |
| Net Asset Value, End of Period | $26.88 |
| **Total Return†** | 9.16 |
| **Ratios and Supplemental Data** |  |
| Net Assets, End of Period (Thousands) | $11557 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup> | 0.60 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers)<sup>(2)</sup> | 0.60 |
| Ratio of Net Investment Income to Average Net Assets <sup>(3)</sup> | 2.03 |
| Portfolio Turnover Rate | 3 |

---

 

*\** *Per share data calculated using average shares method.*

&nbsp;&nbsp;&nbsp;&nbsp;*†* *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.* 

*††* *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Portfolio turnover is for the period indicated and has not been annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* 

*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**

---

| | |
|:---|:---|
|  | **Period**<br>**Ended**<br>**October 31, 2025**<sup>(1)</sup>** |
| Net Asset Value, Beginning of Period | $25.00 |
| Income from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.86 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | 0.61 |
| Total from Investment Operations | 1.47 |
| Dividends and Distributions: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.75 |
| Total Dividends and Distributions | (0.75 |
| Net Asset Value, End of Period | $25.72 |
| **Total Return†** | 5.93 |
| **Ratios and Supplemental Data** |  |
| Net Assets, End of Period (Thousands) | $43988 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup> | 0.60 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers)<sup>(2)</sup> | 0.60 |
| Ratio of Net Investment Income to Average Net Assets <sup>(3)</sup> | 3.87 |
| Portfolio Turnover Rate | 5 |

---

 

*\** *Per share data calculated using average shares method.*

&nbsp;&nbsp;&nbsp;&nbsp;*†* *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.* 

*††* *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Portfolio turnover is for the period indicated and has not been annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* 

*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**

---

| | |
|:---|:---|
|  | **Period**<br>**Ended**<br>**October 31, 2025**<sup>(1)</sup>** |
| Net Asset Value, Beginning of Period | $25.00 |
| Income from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.85 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | 0.72 |
| Total from Investment Operations | 1.57 |
| Dividends and Distributions: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.75 |
| Total Dividends and Distributions | (0.75 |
| Net Asset Value, End of Period | $25.82 |
| **Total Return†** | 6.35 |
| **Ratios and Supplemental Data** |  |
| Net Assets, End of Period (Thousands) | $34338 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup> | 0.60 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers)<sup>(2)</sup> | 0.60 |
| Ratio of Net Investment Income to Average Net Assets <sup>(3)</sup> | 3.86 |
| Portfolio Turnover Rate | 25 |

---

 

*\** *Per share data calculated using average shares method.*

&nbsp;&nbsp;&nbsp;&nbsp;*†* *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.* 

*††* *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Portfolio turnover is for the period indicated and has not been annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* 

*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**

---

| | |
|:---|:---|
|  | **Period**<br>**Ended**<br>**October 31, 2025**<sup>(1)</sup>** |
| Net Asset Value, Beginning of Period | $25.00 |
| Income from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.20 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | 4.29 |
| Total from Investment Operations | 4.49 |
| Dividends and Distributions: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.21) |
| Return of Capital | (0.02 |
| Total Dividends and Distributions | (0.23 |
| Net Asset Value, End of Period | $29.26 |
| **Total Return†** | 18.03 |
| **Ratios and Supplemental Data** |  |
| Net Assets, End of Period (Thousands) | $60284 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup> | 0.60 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers)<sup>(2)</sup> | 0.60 |
| Ratio of Net Investment Income to Average Net Assets <sup>(3)</sup> | 0.88 |
| Portfolio Turnover Rate | 5 |

---

 

*\** *Per share data calculated using average shares method.*

&nbsp;&nbsp;&nbsp;&nbsp;*†* *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.* 

*††* *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Portfolio turnover is for the period indicated and has not been annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* 

*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**

---

| | |
|:---|:---|
|  | **Period**<br>**Ended**<br>**October 31, 2025**<sup>(1)</sup>** |
| Net Asset Value, Beginning of Period | $25.00 |
| Income from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.31 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | 6.02 |
| Total from Investment Operations | 6.33 |
| Dividends and Distributions: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.30) |
| &nbsp;&nbsp;&nbsp;Return of Capital | (0.03 |
| Total Dividends and Distributions | (0.33 |
| Net Asset Value, End of Period | $31.00 |
| **Total Return†** | 25.42 |
| **Ratios and Supplemental Data** |  |
| Net Assets, End of Period (Thousands) | $55492 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup> | 0.60 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers)<sup>(2)</sup> | 0.60 |
| Ratio of Net Investment Income to Average Net Assets <sup>(3)</sup> | 1.28 |
| Portfolio Turnover Rate | 5 |

---

 

\* *Per share data calculated using average shares method.*

&nbsp;&nbsp;&nbsp;&nbsp;*†* *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.* 

*††* *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Portfolio turnover is for the period indicated and has not been annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.* 

*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**

---

| | |
|:---|:---|
|  | **Period**<br>**Ended**<br>**October 31, 2025**<sup>(1)</sup>** |
| Net Asset Value, Beginning of Period | $25.00 |
| Income from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* |  |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | 3.51 |
| Total from Investment Operations | 3.51 |
| Dividends and Distributions: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.01) |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |
| Total Dividends and Distributions | (0.01 |
| Net Asset Value, End of Period | $28.50 |
| **Total Return†** | 14.04 |
| **Ratios and Supplemental Data** |  |
| Net Assets, End of Period (Thousands) | $56708 |
| Ratio of Expenses to Average Net Assets<sup>(2)</sup> | 0.60 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers)<sup>(2)</sup> | 0.60 |
| Ratio of Net Investment Income to Average Net Assets <sup>(3)</sup> | 0.02 |
| Portfolio Turnover Rate |  |

---

 

*\** *Per share data calculated using average shares method.*

&nbsp;&nbsp;&nbsp;&nbsp;*†* *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.* 

*††* *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Portfolio turnover is for the period indicated and has not been annualized.* 

---

| | |
|:---|:---|
| *^* | *Less than $0.005.* |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Commenced operations on December 19, 2024.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(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.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(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** |

---

**October 31, 2025**

**NOTES TO FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**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 23 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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** |

---

**October 31, 2025**

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 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 period ended October 31, 2025, 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.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

---

**October 31, 2025**

***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 October 31, 2025, 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 $6,568, $6,248, $6,393, $6,412, $6,416, and $6,500, 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*** — In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its 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 management of the Funds' Adviser acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with each Fund's single investment objective which is executed by each Fund's portfolio managers. The financial information in the form of each Fund's schedule 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 each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 October 31, 2025, 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** |

---

**October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Investment Transactions:** 

For the period ended October 31, 2025, the Frontier Asset Absolute Return ETF made purchases of $424,087 and sales of $363,012 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 $13,232,101 and in-kind redemptions of $2,493,570, 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 $37,647.

For the period ended October 31, 2025, the Frontier Asset Core Bond ETF made purchases of $2,313,290 and sales of $2,197,662 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 $62,116,577 and in-kind redemptions of $19,561,702, 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 $123,809.

For the period ended October 31, 2025, the Frontier Asset Opportunistic Credit ETF made purchases of $8,788,213 and sales of $8,578,637 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 $40,896,878 and in-kind redemptions of $7,764,921, 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 $45,273.

For the period ended October 31, 2025, the Frontier Asset Small Cap Equity ETF made purchases of $3,038,041 and sales of $2,951,509 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 $70,822,136 and in-kind redemptions of $19,254,653, 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 $1,286,376.

For the period ended October 31, 2025, the Frontier Asset Total International Equity ETF made purchases of $2,575,537 and sales of $2,820,975 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 $55,895,406 and in-kind redemptions of $10,558,646, 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 $671,575.

For the period ended October 31, 2025, the Frontier Asset U.S. Large Cap Equity 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 $52,344,897 and in-kind redemptions of $2,003,918, 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 $121,457.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

---

 **October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Share Transactions:** 

---

| | |
|:---|:---|
|  | **Period Ended**<br>**October 31,**<br>**2025** |
| **Frontier Asset Absolute Return ETF** |  |
| &nbsp;&nbsp;&nbsp;Issued | 530000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (100000) |
| Total Frontier Asset Absolute Return ETF Shares Transactions | 430000 |
| **Frontier Asset Core Bond ETF** |  |
| &nbsp;&nbsp;&nbsp;Issued | 2490000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (780000) |
| Total Frontier Asset Core Bond ETF Shares Transactions | 1710000 |
| **Frontier Asset Opportunistic Credit ETF** |  |
| &nbsp;&nbsp;&nbsp;Issued | 1640000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (310000) |
| Total Frontier Asset Opportunistic Credit ETF Shares Transactions | 1330000 |
| **Frontier Asset Global Small Cap Equity ETF** |  |
| &nbsp;&nbsp;&nbsp;Issued | 2810000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (750000) |
| Total Frontier Asset Global Small Cap Equity ETF Shares Transactions | 2060000 |
| **Frontier Asset Total International Equity ETF** |  |
| &nbsp;&nbsp;&nbsp;Issued | 2190000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (400000) |
| Total Frontier Asset Total International Equity ETF Shares Transactions | 1790000 |
| **Frontier Asset U.S. Large Cap Equity ETF** |  |
| &nbsp;&nbsp;&nbsp;Issued | 2070000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (80000) |
| Total Frontier Asset U.S. Large Cap Equity ETF Shares Transactions | 1990000 |

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&nbsp;&nbsp;&nbsp;&nbsp;**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.

At October 31, 2025, the Funds reclassified the following permanent amounts between distributable earnings (accumulated losses) and paid-in capital. The reclassifications are primarily related to in-kind redemptions, and non-deductible excise tax paid.

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| | | |
|:---|:---|:---|
|  | **Distributable Earnings (Accumulated Losses)** | **Paid-in Capital** |
| **Frontier Asset Absolute Return ETF** | $(37520) | $37520 |
| **Frontier Asset Core Bond ETF** | (121444) | 121444 |
| **Frontier Asset Opportunistic Credit ETF** | (45273) | 45273 |
| **Frontier Asset Global Small Cap Equity ETF** | (1286376) | 1286376 |
| **Frontier Asset Total International Equity ETF** | (671576) | 671576 |
| **Frontier Asset U.S. Large Cap Equity ETF** | (121446) | 121446 |

---

These reclassifications have no impact on net assets or net asset value per share.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

---

**October 31, 2025**

The tax character of dividends and distributions paid during the period ended October 31, 2025, were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Return of<br> Capital** | **Total** |
| **Frontier Asset Absolute Return ETF** | | | |
| 2025 | $169660 | $— | $169660 |
| **Frontier Asset Core Bond ETF** |  |  |  |
| 2025 | 1308266 |  | 1308266 |
| **Frontier Asset Opportunistic Credit ETF** |  |  |  |
| 2025 | 1002933 |  | 1002933 |
| **Frontier Asset Global Small Cap Equity ETF** |  |  |  |
| 2025 | 441315 | 39617 | 480932 |
| **Frontier Asset Total International Equity ETF** |  |  |  |
| 2025 | 547841 | 46990 | 594831 |
| **Frontier Asset U.S. Large Cap Equity ETF** |  |  |  |
| 2025 | 8332 | 7074 | 15406 |

---

As of October 31, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $22148 | $202776 | $130594 | $– | $– | $– |
| Capital Loss Carryforwards | (4645) | (2386) | (100198) | (175130) |  |  |
| Unrealized Appreciation | 679671 | 1013192 | 1002220 | 7398346 | 9613489 | 5933836 |
| Other Temporary Differences | – | (1) | 1 | – | (3) | – |
| Total Distributable Earnings | $697174 | $1213581 | $1032617 | $7223216 | $9613486 | $5933836 |

---

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 <br> Loss** | **Long-Term <br> Loss** | **Total** |
| **Frontier Asset Absolute Return ETF** | $4645 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $4645 |
| **Frontier Asset Core Bond ETF** | 2386 |  | 2386 |
| **Frontier Asset Opportunistic Credit ETF** | 100198 |  | 100198 |
| **Frontier Asset Global Small Cap Equity ETF** | 175130 |  | 175130 |

---

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for investments held by the Funds at October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br> Tax Cost** | **Aggregate<br> Gross<br> Unrealized<br> Appreciation** | **Aggregate<br> Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| Frontier Asset Absolute Return ETF | $10832607 | $683311 | $(3640) | $679671 |
| Frontier Asset Core Bond ETF | 42791925 | 1029229 | (16037) | 1013192 |
| Frontier Asset Opportunistic Credit ETF | 33286609 | 1002220 |  | 1002220 |
| Frontier Asset Global Small Cap Equity ETF | 52765260 | 7473445 | (75099) | 7398346 |
| Frontier Asset Total International Equity ETF | 45765046 | 9613489 |  | 9613489 |
| Frontier Asset U.S. Large Cap Equity ETF | 50462436 | 5933836 |  | 5933836 |

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&nbsp;&nbsp;&nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

---

**October 31, 2025**

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.

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.

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.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

---

**October 31, 2025**

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. 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. 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.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

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**October 31, 2025**

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.

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.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

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**October 31, 2025**

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.

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.

NEW ADVISER RISK (All Funds) — The Adviser has not previously served as an adviser to a registered investment company. As a result, investors do not have a track record of managing an ETF from which to judge the Adviser, and the Adviser may not achieve the intended result in managing the Funds.

NEW FUND RISK (All Funds) — Because the Funds are new, investors in the Funds bear the risk that the Funds may not be successful in implementing their investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Funds being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

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**October 31, 2025**

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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Other:** 

At October 31, 2025, 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.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Recent Accounting Pronouncement:** 

In December 2023, the FASB issued 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. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

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**October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**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.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

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**October 31, 2025**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of The Advisors' Inner Circle Fund II and the Shareholders of 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

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of 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 (collectively referred to as the "Funds") (six of the funds constituting The Advisors' Inner Circle Fund II (the "Trust")), including the schedules of investments, as of October 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for the period from December 19, 2024 (commencement of operations) through October 31, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting The Advisors' Inner Circle Fund II) at October 31, 2025, the results of their operations, the changes in their net assets and their financial highlights for the period from December 19, 2024 (commencement of operations) through October 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](fp0096590_02.jpg)

We have served as the auditor of one or more Frontier Asset Management, LLC investment companies since 2025.

Philadelphia, Pennsylvania

December 22, 2025

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

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**October 31, 2025**

**(Unaudited)**

**NOTICE TO SHAREHOLDERS**

For shareholders that do not have a October 31, 2025 tax year end, this notice is for informational purposes only. For shareholders with a October 31, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2025, the Funds are designating the following items with regard to distributions paid during the year.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Return**<br> **Of**<br> **Capital** | **Long-Term**<br> **Capital Gain**<br> **Distributions** | **Ordinary**<br> **Income**<br> **Distributions** | **Total**<br> **Distributions** | **Qualifying** <br> **for Corporate** <br> **Dividend** <br> **Received**<br> **Deduction <sup>(1)</sup>** | <br> **Qualifying** <br> **Dividend**<br> **Income <sup>(2)</sup>** |
| Frontier Asset Absolute Return ETF | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% |
| Frontier Asset Core Bond ETF | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% |
| Frontier Asset Opportunistic Credit ETF | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% |
| Frontier Asset Global Small Cap Equity ETF | 8.98% | 0.00% | 91.02% | 100.00% | 0.00% | 0.00% |
| Frontier Asset Total International Equity ETF | 8.58% | 0.00% | 91.42% | 100.00% | 0.00% | 0.00% |
| Frontier Asset U.S. Large Cap Equity ETF | 45.92% | 0.00% | 54.08% | 100.00% | 0.00% | 0.00% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S.**<br> **Government**<br> **Interest <sup>(3)</sup>** | **Qualified**<br> **Interest**<br> **Income <sup>(4)</sup>** | **Qualified**<br> **Short-Term**<br> **Capital Gain <sup>(5)</sup>** | **Qualifying**<br> **Business**<br> **Income <sup>(6)</sup>** |
| Frontier Asset Absolute Return ETF | 0.00% | 0.00% | 0.00% | 0.00% |
| Frontier Asset Core Bond ETF | 0.00% | 0.00% | 0.00% | 0.00% |
| Frontier Asset Opportunistic Credit ETF | 0.00% | 0.00% | 0.00% | 0.00% |
| Frontier Asset Global Small Cap Equity ETF | 0.00% | 0.00% | 0.00% | 0.00% |
| Frontier Asset Total International Equity ETF | 0.00% | 0.00% | 100.00% | 0.00% |
| Frontier Asset U.S. Large Cap Equity ETF | 0.00% | 0.00% | 0.00% | 0.00% |

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The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended October 31, 2025, the amount of foreign source income and foreign tax credit are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Qualifying dividends represent dividends
 which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total
 of short term capital gain and net investment income distributions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The percentage in this column represents

 reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).
 It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "U.S. Government Interest"
 represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This
 amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state
 income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements
 were not satisfied to permit exemption of these amounts from state income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The percentage in this column represents
 the amount of "Interest Related Dividends" and is reflected as a percentage of ordinary income distribution. Interest related
 dividends are exempt from U.S. withholding tax when paid to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The percentage in this column represents
 the amount of "Short Term Capital Gain Dividends" and is reflected as a percentage of short term capital gain distribution
 that is exempt from U.S. withholding tax when paid to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The percentage in this column represents
 the amount of "Qualifying Foreign Taxes" as a percentage of ordinary distributions during the fiscal year ended December 31,
 2025. Your allocable share of the foreign tax credit will be reported on form 1099-DIV.

The information reported herein may differ from the information and distributions taxable to the shareholder for the calendar year ending December 31, 2025. Complete information will be computed and reported with your 2025 Form 1099-DIV.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **FRONTIER ETFs** |

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**October 31, 2025**

**(Unaudited)**

**OTHER INFORMATION (FORM N-CSR 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-AR-001-0100

 **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 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) Code of Ethics attached hereto.](fp0096590-1_ex99code.htm)

(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.](fp0096590-1_ex99cert.htm)

(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.](fp0096590-1_ex99906cert.htm)

**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: January 8, 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: January 8, 2026 |  |
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |
| Date: January 8, 2026 |  |

---

## Ex-99.Code

**THE ADVISORS' INNER CIRCLE FUND**

**THE ADVISORS' INNER CIRCLE FUND II**

**THE ADVISORS' INNER CIRCLE FUND III**

**BISHOP STREET FUNDS**

**GALLERY TRUST**

**FROST FAMILY OF FUNDS**

**CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**

**SYMMETRY PANORAMIC TRUST**

**WILSHIRE PRIVATE ASSETS MASTER FUND**

**WILSHIRE PRIVATE ASSETS FUND**

**FINANCIAL OFFICER CODE OF ETHICS**

I. Introduction

The reputation and integrity of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Gallery Trust, Frost Family of Funds, Catholic Responsible Investments Funds, Symmetry Panoramic Trust, Wilshire Private Assets Master Fund and Wilshire Private Assets Fund (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

II. Purposes of the Code

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To assist each Trust's SFOs in recognizing and avoiding
conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be
expected to give rise to such a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit
to, the SEC and in other public communications made by the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To promote compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To establish accountability for adherence to this Code.

III. Questions about this Code

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

IV. Conduct Guidelines

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with honesty
and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in
personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must disclose
to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected
to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions or business or
personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, it should
be disclosed to the Trust's Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition to disclosing
any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts' SFOs have an obligation to report
any other actual or apparent conflicts which they discover or of which they otherwise become aware. If you are unsure whether a particular
fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is "material," you
should bring the matter to the attention of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Standards for quality of information shared with service providers of the Trusts.** Each Trust's SFOs must at all times seek to provide information to the Trust's service providers
(adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely,
and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Standards for quality of information included in periodic reports.** Each Trust's SFOs must
at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and
other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due care,
competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust's
SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
of information acquired in the course of their professional duties, except when authorized by the Trust to disclose it or where disclosure
is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Sharing of information and educational standards.** Each Trust's SFOs should share information
with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant
to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Promote ethical conduct.** Each Trust's SFOs should at all times proactively promote ethical
behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standards for recordkeeping.** Each Trust's SFOs must at all times endeavor to ensure that
the Trust's financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent
with applicable laws and this Code.

V. Waivers of this Code

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders to the extent required by SEC rules.

VI. Affirmation of the Code

Upon adoption of the Code, each Trust's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

VII. Reporting Violations

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO <u>must</u> immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his or her discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

VIII. Violations of the Code

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

Dated: September 2025

## Ex-99.Cert

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Michael Beattie, certify that:

1. I have reviewed this report on Form N-CSR of The Advisors' Inner Circle Fund II (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Date: January 8, 2026 |
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Andrew Metzger, certify that:

1. I have reviewed this report on Form N-CSR of The Advisors' Inner Circle Fund II (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| |
|:---|
| Date: January 8, 2026 |
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Michael Beattie, the Principal Executive Officer of The Advisors' Inner Circle Fund II (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Fund.

Dated: January 8, 2026

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Andrew Metzger, the Principal Financial Officer of The Advisors' Inner Circle Fund II (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Fund.

Dated: January 8, 2026

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---