Consolidated ssr-output-EDGAR XBRL File
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
N-CSRS
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT
COMPANIES
Investment
Company Act File Number 811-07102
The
Advisors’ Inner Circle Fund II
(Exact
name of registrant as specified in charter)
SEI
Investments
One
Freedom Valley Drive
Oaks,
PA 19456
(Address
of principal executive offices) (Zip code)
SEI
Investments
One
Freedom Valley Drive
Oaks,
PA 19456
(Name
and address of agent for service)
Registrant’s
telephone number, including area code: (877) 446-3863
Date
of fiscal year end: October 31, 2025
Date
of reporting period: April 30, 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. |
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The Advisors' Inner Circle Fund II
Frontier Asset Absolute Return ETF
Principal Listing Exchange: NYSE Arca
Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 2025. You can find additional information about the Fund at https://funds.frontierasset.com/. 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)
Fund Name | Costs of a $10,000 investmentFootnote Reference* | Costs paid as a percentage of a $10,000 investment |
|---|
Frontier Asset Absolute Return ETF | $22 | 0.60% |
|---|
| Footnote | Description |
Footnote* | Costs shown not annualized. If the Fund had been open for the semi-annual period, costs shown would have been higher for the period ended. |
Key Fund Statistics as of April 30, 2025
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $10,967,563 | 12 | $- | 0% |
|---|
What did the Fund invest in?
Asset WeightingsFootnote Reference*
Value | Value |
|---|
Exchange-Traded Funds | 99.1% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
Holding Name | | | Percentage of
Total Net Assets |
|---|
Vanguard Short-Term Bond ETF | | | 25.7% |
American Beacon Ahl Trend ETF | | | 18.8% |
Harbor Commodity All Weather Strategy ETF | | | 10.8% |
WisdomTree Floating Rate Treasury Fund ETF | | | 10.1% |
JPMorgan Ultra-Short Income ETF | | | 7.9% |
iMGP DBi Managed Futures Strategy ETF | | | 6.2% |
iShares High Yield Systematic Bond ETF | | | 5.1% |
Janus Henderson AAA CLO ETF | | | 4.0% |
iShares U.S. Small-Capital Equity Factor ETF | | | 3.8% |
iShares MSCI USA Momentum Factor ETF | | | 2.5% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-326-3837 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund II
Frontier Asset Core Bond ETF
Principal Listing Exchange: NYSE Arca
Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 2025. You can find additional information about the Fund at https://funds.frontierasset.com/. 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)
Fund Name | Costs of a $10,000 investmentFootnote Reference* | Costs paid as a percentage of a $10,000 investment |
|---|
Frontier Asset Core Bond ETF | $22 | 0.60% |
|---|
| Footnote | Description |
Footnote* | Costs shown not annualized. If the Fund had been open for the semi-annual period, costs shown would have been higher for the period ended. |
Key Fund Statistics as of April 30, 2025
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $42,324,246 | 7 | $41,041 | 4% |
|---|
What did the Fund invest in?
Asset WeightingsFootnote Reference*
Value | Value |
|---|
Exchange-Traded Funds | 99.7% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
Holding Name | | | Percentage of
Total Net Assets |
|---|
Vanguard Intermediate-Term Treasury ETF | | | 25.3% |
TCW Flexible Income ETF | | | 24.1% |
JPMorgan Core Plus Bond ETF | | | 18.6% |
Regan Floating Rate MBS ETF | | | 9.9% |
WisdomTree Floating Rate Treasury Fund ETF | | | 9.8% |
JPMorgan Ultra-Short Income ETF | | | 6.7% |
iShares Investment Grade Systematic Bond ETF | | | 5.3% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-326-3837 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund II
Frontier Asset Opportunistic Credit ETF
Principal Listing Exchange: NYSE Arca
Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 2025. You can find additional information about the Fund at https://funds.frontierasset.com/. 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)
Fund Name | Costs of a $10,000 investmentFootnote Reference* | Costs paid as a percentage of a $10,000 investment |
|---|
Frontier Asset Opportunistic Credit ETF | $22 | 0.60% |
|---|
| Footnote | Description |
Footnote* | Costs shown not annualized. If the Fund had been open for the semi-annual period, costs shown would have been higher for the period ended. |
Key Fund Statistics as of April 30, 2025
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $35,076,594 | 10 | $20,607 | 9% |
|---|
What did the Fund invest in?
Asset WeightingsFootnote Reference*
Value | Value |
|---|
Exchange-Traded Funds | 99.5% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
Holding Name | | | Percentage of
Total Net Assets |
|---|
TCW Flexible Income ETF | | | 25.2% |
Vanguard Intermediate-Term Treasury ETF | | | 17.2% |
iShares Investment Grade Systematic Bond ETF | | | 16.0% |
Franklin Senior Loan ETF | | | 11.1% |
iShares MBS ETF | | | 7.0% |
Vanguard Short-Term Inflation-Protected Securities ETF | | | 6.5% |
PIMCO Multi Sector Bond Active ETF | | | 4.5% |
Schwab US TIPS ETF | | | 4.0% |
Janus Henderson AAA CLO ETF | | | 4.0% |
T Rowe Price Floating Rate ETF | | | 3.9% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-326-3837 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund II
Frontier Asset Global Small Cap Equity ETF
Principal Listing Exchange: NYSE Arca
Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 2025. You can find additional information about the Fund at https://funds.frontierasset.com/. 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)
Fund Name | Costs of a $10,000 investmentFootnote Reference* | Costs paid as a percentage of a $10,000 investment |
|---|
Frontier Asset Global Small Cap Equity ETF | $22 | 0.60% |
|---|
| Footnote | Description |
Footnote* | Costs shown not annualized. If the Fund had been open for the semi-annual period, costs shown would have been higher for the period ended. |
Key Fund Statistics as of April 30, 2025
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $60,778,108 | 6 | $52,715 | 0% |
|---|
What did the Fund invest in?
Asset WeightingsFootnote Reference*
Value | Value |
|---|
Exchange-Traded Funds | 99.6% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
Holding Name | | | Percentage of
Total Net Assets |
|---|
Avantis International Small Capital Value ETF | | | 29.2% |
iShares Core S&P Small-Capital ETF | | | 21.9% |
iShares International Small-Capital Equity Factor ETF | | | 17.2% |
iShares U.S. Small-Capital Equity Factor ETF | | | 16.7% |
Avantis U.S. Small Capital Value ETF | | | 7.6% |
Neuberger Berman Small-Mid Capital ETF, Cl M | | | 7.1% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-326-3837 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund II
Frontier Asset Total International Equity ETF
Principal Listing Exchange: NYSE Arca
Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 2025. You can find additional information about the Fund at https://funds.frontierasset.com/. 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)
Fund Name | Costs of a $10,000 investmentFootnote Reference* | Costs paid as a percentage of a $10,000 investment |
|---|
Frontier Asset Total International Equity ETF | $23 | 0.60% |
|---|
| Footnote | Description |
Footnote* | Costs shown not annualized. If the Fund had been open for the semi-annual period, costs shown would have been higher for the period ended. |
Key Fund Statistics as of April 30, 2025
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $46,729,658 | 7 | $37,786 | 0% |
|---|
What did the Fund invest in?
Asset WeightingsFootnote Reference*
Value | Value |
|---|
Exchange-Traded Funds | 99.8% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
Holding Name | | | Percentage of
Total Net Assets |
|---|
Avantis Emerging Markets Equity ETF | | | 24.1% |
iShares MSCI International Quality Factor ETF | | | 17.2% |
iShares International Equity Factor ETF | | | 15.8% |
iShares Emerging Markets Equity Factor ETF | | | 14.5% |
Vanguard International Dividend Appreciation ETF | | | 12.5% |
Cambria Foreign Shareholder Yield ETF | | | 8.3% |
Franklin International Low Volatility High Dividend Index ETF | | | 7.5% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 866-326-3837 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
The Advisors' Inner Circle Fund II
Frontier Asset U.S. Large Cap Equity ETF
Principal Listing Exchange: NYSE Arca
Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 2025. You can find additional information about the Fund at https://funds.frontierasset.com/. You can also request this information by contacting us at 866-326-383.
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
Fund Name | Costs of a $10,000 investmentFootnote Reference* | Costs paid as a percentage of a $10,000 investment |
|---|
Frontier Asset U.S. Large Cap Equity ETF | $21 | 0.60% |
|---|
| Footnote | Description |
Footnote* | Costs shown not annualized. If the Fund had been open for the semi-annual period, costs shown would have been higher for the period ended. |
Key Fund Statistics as of April 30, 2025
| Total Net Assets | Number of Holdings | Total Advisory Fees Paid | Portfolio Turnover Rate |
|---|
| $41,654,165 | 7 | $25,660 | 0% |
|---|
What did the Fund invest in?
Asset WeightingsFootnote Reference*
Value | Value |
|---|
Exchange-Traded Funds | 99.4% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
Holding Name | | | Percentage of
Total Net Assets |
|---|
T Rowe Price US Equity Research ETF | | | 24.6% |
iShares MSCI USA Quality Factor ETF | | | 19.2% |
JPMorgan Active Value ETF | | | 15.6% |
Vanguard Dividend Appreciation ETF | | | 12.4% |
JPMorgan Active Growth ETF | | | 11.3% |
T Rowe Price Capital Appreciation Equity ETF | | | 11.2% |
GMO US Quality ETF | | | 5.0% |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 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 866-326-383 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
Item
2. Code of Ethics.
Not
applicable for semi-annual report.
Item
3. Audit Committee Financial Expert.
Not
applicable for semi-annual report.
Item
4. Principal Accountant Fees and Services.
Not
applicable for semi-annual report.
Item
5. Audit Committee of Listed Registrants.
Not
applicable to open-end management investment companies.
Item
6. Schedule of Investments.
|
(a) |
The
Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form. |
Item
7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Financial
statements and financial highlights are filed herein.
| THE ADVISORS’ INNER
CIRCLE FUND II |
Frontier
ETFs
APRIL 30,
2025 |
TABLE
OF CONTENTS
| Financial
Statements (Form N-CSRS Item 7) |
|
| Schedules
of Investments |
1 |
| Glossary |
7 |
| Statements
of Assets and Liabilities |
8 |
| Statements
of Operations |
11 |
| Statements
of Changes in Net Assets |
14 |
| Financial
Highlights |
17 |
| Notes
to Financial Statements |
23 |
| Other
Information (Form N-CSRS Items 8-11) |
44 |
| THE ADVISORS’ INNER
CIRCLE FUND II |
Frontier
ETFs
ABSOLUTE RETURN ETF
APRIL 30,
2025 (Unaudited) |
| SCHEDULE
OF INVESTMENTS |
| EXCHANGE-TRADED
FUNDS — 99.1% |
| |
|
Shares
|
|
|
Value
|
|
| American
Beacon Ahl Trend ETF |
|
|
95,040 |
|
|
$ |
2,062,435 |
|
| Avantis
International Small Capital Value ETF |
|
|
3,388 |
|
|
|
245,698 |
|
| Harbor
Commodity All Weather Strategy ETF |
|
|
50,776 |
|
|
|
1,188,666 |
|
| iMGP
DBi Managed Futures Strategy ETF |
|
|
27,016 |
|
|
|
682,424 |
|
| iShares
High Yield Systematic Bond ETF |
|
|
11,968 |
|
|
|
555,076 |
|
| iShares
MSCI USA Momentum Factor ETF |
|
|
1,320 |
|
|
|
276,712 |
|
| iShares
U.S. Small-Capital Equity Factor ETF |
|
|
6,776 |
|
|
|
413,539 |
|
| Janus
Henderson AAA CLO ETF |
|
|
8,712 |
|
|
|
440,304 |
|
| JPMorgan
Ultra-Short Income ETF |
|
|
17,072 |
|
|
|
864,697 |
|
| Vanguard
Dividend Appreciation ETF |
|
|
1,100 |
|
|
|
210,133 |
|
| Vanguard
Short-Term Bond ETF |
|
|
35,772 |
|
|
|
2,818,118 |
|
| WisdomTree
Floating Rate Treasury Fund ETF |
|
|
22,000 |
|
|
|
1,106,380 |
|
| |
|
|
|
|
|
|
10,864,182 |
|
| Total
Exchange-Traded Funds |
| (Cost $11,025,971) |
|
|
|
|
|
|
10,864,182 |
|
| |
|
|
|
|
|
|
|
|
| Total
Investments - 99.1% |
|
|
|
|
|
|
|
|
| (Cost $11,025,971) |
|
|
|
|
|
$ |
10,864,182 |
|
Percentages
are based on Net Assets of $10,967,563.
As
of April 30, 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.
See
“Glossary” for abbreviations.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
Frontier
ETFs
CORE BOND
ETF
APRIL 30,
2025 (Unaudited) |
| SCHEDULE OF INVESTMENTS |
| EXCHANGE-TRADED FUNDS — 99.7% |
| |
|
Shares
|
|
|
Value
|
|
| iShares Investment Grade Systematic Bond ETF |
|
|
49,966 |
|
|
$ |
2,233,480 |
|
| JPMorgan Core Plus Bond ETF |
|
|
167,635 |
|
|
|
7,873,816 |
|
| JPMorgan Ultra-Short Income ETF |
|
|
55,605 |
|
|
|
2,816,393 |
|
| Regan Floating Rate MBS ETF |
|
|
164,008 |
|
|
|
4,179,744 |
|
| TCW Flexible Income ETF |
|
|
260,454 |
|
|
|
10,217,610 |
|
| Vanguard Intermediate-Term Treasury ETF |
|
|
178,616 |
|
|
|
10,711,602 |
|
| WisdomTree Floating Rate Treasury Fund ETF |
|
|
82,834 |
|
|
|
4,165,722 |
|
| |
|
|
|
|
|
|
42,198,367 |
|
| Total Exchange-Traded Funds |
| (Cost $41,563,874) |
|
|
|
|
|
|
42,198,367 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments - 99.7% |
|
|
|
|
|
|
|
|
| (Cost $41,563,874) |
|
|
|
|
|
$ |
42,198,367 |
|
Percentages
are based on Net Assets of $42,324,246.
As
of April 30, 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.
See
“Glossary” for abbreviations.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
Frontier
ETFs
OPPORTUNISTIC
CREDIT ETF
APRIL 30,
2025 (Unaudited) |
| SCHEDULE OF INVESTMENTS |
| EXCHANGE-TRADED FUNDS — 99.5% |
| |
|
Shares
|
|
|
Value
|
|
| Franklin Senior Loan ETF |
|
|
162,608 |
|
|
$ |
3,896,088 |
|
| iShares Investment Grade Systematic Bond ETF |
|
|
125,662 |
|
|
|
5,617,091 |
|
| iShares MBS ETF |
|
|
26,231 |
|
|
|
2,460,206 |
|
| Janus Henderson AAA CLO ETF |
|
|
27,447 |
|
|
|
1,387,171 |
|
| PIMCO Multi Sector Bond Active ETF |
|
|
60,252 |
|
|
|
1,578,000 |
|
| Schwab US TIPS ETF |
|
|
52,798 |
|
|
|
1,416,570 |
|
| T Rowe Price Floating Rate ETF |
|
|
26,974 |
|
|
|
1,371,628 |
|
| TCW Flexible Income ETF |
|
|
225,503 |
|
|
|
8,846,483 |
|
| Vanguard Intermediate-Term Treasury ETF |
|
|
100,856 |
|
|
|
6,048,334 |
|
| Vanguard Short-Term Inflation-Protected Securities
ETF |
|
|
45,679 |
|
|
|
2,293,543 |
|
| |
|
|
|
|
|
|
34,915,114 |
|
| Total Exchange-Traded Funds |
| (Cost $34,424,904) |
|
|
|
|
|
|
34,915,114 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments - 99.5% |
|
|
|
|
|
|
|
|
| (Cost $34,424,904) |
|
|
|
|
|
$ |
34,915,114 |
|
Percentages
are based on Net Assets of $35,076,594.
As
of April 30, 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.
See
“Glossary” for abbreviations.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
Frontier
ETFs
GLOBAL SMALL
CAP EQUITY ETF
APRIL 30,
2025 (Unaudited) |
| SCHEDULE OF INVESTMENTS |
| EXCHANGE-TRADED FUNDS — 99.6% |
| |
|
Shares
|
|
|
Value
|
|
| Avantis International Small Capital Value ETF |
|
|
244,530 |
|
|
$ |
17,733,316 |
|
| Avantis U.S. Small Capital Value ETF |
|
|
55,822 |
|
|
|
4,611,455 |
|
| iShares Core S&P Small-Capital ETF |
|
|
132,639 |
|
|
|
13,281,143 |
|
| iShares International Small-Capital Equity Factor ETF |
|
|
294,918 |
|
|
|
10,466,640 |
|
| iShares U.S. Small-Capital Equity Factor ETF |
|
|
166,231 |
|
|
|
10,145,078 |
|
| Neuberger Berman Small-Mid Capital ETF, Class M
|
|
|
183,768 |
|
|
|
4,285,470 |
|
| |
|
|
|
|
|
|
60,523,102 |
|
| Total Exchange-Traded Funds |
| (Cost $62,386,705) |
|
|
|
|
|
|
60,523,102 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments - 99.6% |
|
|
|
|
|
|
|
|
| (Cost $62,386,705) |
|
|
|
|
|
$ |
60,523,102 |
|
Percentages
are based on Net Assets of $60,778,108.
As
of April 30, 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.
See
“Glossary” for abbreviations.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
Frontier
ETFs
TOTAL INTERNATIONAL
EQUITY ETF
APRIL 30,
2025 (Unaudited) |
| SCHEDULE OF INVESTMENTS |
| EXCHANGE-TRADED FUNDS — 99.8% |
| |
|
Shares
|
|
|
Value
|
|
| Avantis Emerging Markets Equity ETF |
|
|
186,025 |
|
|
$ |
11,256,373 |
|
| Cambria Foreign Shareholder Yield ETF |
|
|
143,150 |
|
|
|
3,863,618 |
|
| Franklin International Low Volatility High Dividend Index ETF |
|
|
109,025 |
|
|
|
3,493,161 |
|
| iShares Emerging Markets Equity Factor ETF |
|
|
144,900 |
|
|
|
6,771,177 |
|
| iShares International Equity Factor ETF |
|
|
229,075 |
|
|
|
7,383,087 |
|
| iShares MSCI International Quality Factor ETF |
|
|
194,775 |
|
|
|
8,032,521 |
|
| Vanguard International Dividend Appreciation ETF
|
|
|
67,725 |
|
|
|
5,841,959 |
|
| |
|
|
|
|
|
|
46,641,896 |
|
| Total Exchange-Traded Funds |
| (Cost $44,034,491) |
|
|
|
|
|
|
46,641,896 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments - 99.8% |
|
|
|
|
|
|
|
|
| (Cost $44,034,491) |
|
|
|
|
|
$ |
46,641,896 |
|
|
Percentages
are based on Net Assets of $46,729,658.
As
of April 30, 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.
See
“Glossary” for abbreviations.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
Frontier
ETFs
U.S. LARGE
CAP EQUITY ETF
APRIL 30,
2025 (Unaudited) |
| SCHEDULE OF INVESTMENTS |
| EXCHANGE-TRADED FUNDS — 99.4% |
| |
|
Shares
|
|
|
Value
|
|
| GMO US Quality ETF |
|
|
68,034 |
|
|
$ |
2,091,365 |
|
| iShares MSCI USA Quality Factor ETF |
|
|
47,328 |
|
|
|
8,015,944 |
|
| JPMorgan Active Growth ETF |
|
|
62,640 |
|
|
|
4,693,615 |
|
| JPMorgan Active Value ETF |
|
|
105,444 |
|
|
|
6,497,459 |
|
| T Rowe Price Capital Appreciation Equity ETF |
|
|
145,638 |
|
|
|
4,663,329 |
|
| T Rowe Price US Equity Research ETF |
|
|
293,364 |
|
|
|
10,241,337 |
|
| Vanguard Dividend Appreciation ETF |
|
|
27,144 |
|
|
|
5,185,318 |
|
| |
|
|
|
|
|
|
41,388,367 |
|
| Total Exchange-Traded Funds |
| (Cost $43,981,660) |
|
|
|
|
|
|
41,388,367 |
|
| |
|
|
|
|
|
|
|
|
| Total Investments - 99.4% |
|
|
|
|
|
|
|
|
| (Cost $43,981,660) |
|
|
|
|
|
$ |
41,388,367 |
|
|
Percentages
are based on Net Assets of $41,654,165.
As
of April 30, 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.
See
“Glossary” for abbreviations.
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER
CIRCLE FUND II |
Frontier
ETFs
APRIL 30,
2025 (Unaudited) |
GLOSSARY
(abbreviations which may be used in the preceding Schedules of Investments):
| CLO
— Collateralized Loan Obligation |
| ETF —
Exchange-Traded Fund |
| MBS —
Mortgage-Backed Security |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
Frontier ETFs |
| |
APRIL 30, 2025 |
| |
(Unaudited) |
STATEMENTS OF ASSETS AND LIABILITIES
| |
|
Frontier Asset
Absolute Return
ETF |
|
|
Frontier Asset Core
Bond ETF |
|
| Assets: |
|
|
|
|
|
|
|
|
| Investments, at Value (Cost $11,025,971 and $41,563,874)
|
|
$ |
10,864,182 |
|
|
$ |
42,198,367 |
|
| Cash |
|
|
108,671 |
|
|
|
145,917 |
|
| Receivable from Investment Advisor |
|
|
18,906 |
|
|
|
15,073 |
|
| Receivable for Capital Shares Sold |
|
|
25 |
|
|
|
25 |
|
| Other Prepaid Expenses |
|
|
5,945 |
|
|
|
8,651 |
|
| Total Assets |
|
|
10,997,729 |
|
|
|
42,368,033 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Audit Fees Payable |
|
|
11,178 |
|
|
|
11,161 |
|
| Custody Fees Payable |
|
|
4,092 |
|
|
|
3,974 |
|
| Printing Fees Payable |
|
|
2,833 |
|
|
|
6,731 |
|
| Legal Fees Payable |
|
|
2,791 |
|
|
|
6,737 |
|
| Payable for Trustees fees |
|
|
2,424 |
|
|
|
3,347 |
|
| Chief Compliance Officer Fees Payable |
|
|
258 |
|
|
|
– |
|
| Other Accrued Expenses and Other Payables |
|
|
6,590 |
|
|
|
11,837 |
|
| Total Liabilities |
|
|
30,166 |
|
|
|
43,787 |
|
| Commitments and
Contingencies† |
|
|
|
|
|
|
|
|
| Net Assets |
|
$ |
10,967,563 |
|
|
$ |
42,324,246 |
|
| Net Assets Consist of: |
|
|
|
|
|
|
|
|
| Paid-in Capital |
|
$ |
11,076,875 |
|
|
$ |
41,383,835 |
|
| Total Distributable Earnings/(Loss) |
|
|
(109,312 |
) |
|
|
940,411 |
|
| Net Assets |
|
$ |
10,967,563 |
|
|
$ |
42,324,246 |
|
| Shares: |
|
|
|
|
|
|
|
|
| Net Assets |
|
$ |
10,967,563 |
|
|
$ |
42,324,246 |
|
| Outstanding Shares of beneficial interest (unlimited authorization
— no par value) |
|
|
440,001 |
|
|
|
1,660,001 |
|
| Net Asset Value, Offering and Redemption Price Per Share |
|
$ |
24.93 |
|
|
$ |
25.50 |
|
|
† |
See Note 5 in the Notes to Financial Statements. |
The accompanying notes are an integral part of
the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
Frontier ETFs |
| |
APRIL 30, 2025 |
| |
(Unaudited) |
STATEMENTS OF ASSETS AND LIABILITIES
| |
|
Frontier Asset
Opportunistic
Credit
ETF |
|
|
Frontier Asset
Global Small Cap
Equity ETF |
|
| Assets: |
|
|
|
|
|
|
|
|
| Investments, at Value (Cost $34,424,904 and $62,386,705)
|
|
$ |
34,915,114 |
|
|
$ |
60,523,102 |
|
| Cash |
|
|
179,009 |
|
|
|
283,946 |
|
| Receivable from Investment Advisor |
|
|
15,306 |
|
|
|
16,963 |
|
| Receivable for Capital Shares Sold |
|
|
25 |
|
|
|
25 |
|
| Other Prepaid Expenses |
|
|
5,818 |
|
|
|
5,818 |
|
| Total Assets |
|
|
35,115,272 |
|
|
|
60,829,854 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Audit Fees Payable |
|
|
11,168 |
|
|
|
11,162 |
|
| Printing Fees Payable |
|
|
5,505 |
|
|
|
8,716 |
|
| Legal Fees Payable |
|
|
5,480 |
|
|
|
8,662 |
|
| Custody Fees Payable |
|
|
3,983 |
|
|
|
4,219 |
|
| Payable for Trustees fees |
|
|
3,116 |
|
|
|
5,238 |
|
| Chief Compliance Officer Fees Payable |
|
|
189 |
|
|
|
440 |
|
| Other Accrued Expenses and Other Payables |
|
|
9,237 |
|
|
|
13,309 |
|
| Total Liabilities |
|
|
38,678 |
|
|
|
51,746 |
|
| Commitments and
Contingencies† |
|
|
|
|
|
|
|
|
| Net Assets |
|
$ |
35,076,594 |
|
|
$ |
60,778,108 |
|
| Net Assets Consist of: |
|
|
|
|
|
|
|
|
| Paid-in Capital |
|
$ |
34,517,191 |
|
|
$ |
62,752,204 |
|
| Total Distributable Earnings/(Loss) |
|
|
559,403 |
|
|
|
(1,974,096 |
) |
| Net Assets |
|
$ |
35,076,594 |
|
|
$ |
60,778,108 |
|
| Shares: |
|
|
|
|
|
|
|
|
| Net Assets |
|
$ |
35,076,594 |
|
|
$ |
60,778,108 |
|
| Outstanding Shares of beneficial interest (unlimited authorization
— no par value) |
|
|
1,380,001 |
|
|
|
2,470,001 |
|
| Net Asset Value, Offering and Redemption Price Per Share |
|
$ |
25.42 |
|
|
$ |
24.61 |
|
|
† |
See Note 5 in the Notes to Financial Statements. |
The accompanying notes are
an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
Frontier ETFs |
| |
APRIL 30, 2025 |
| |
(Unaudited) |
STATEMENTS OF ASSETS AND
LIABILITIES
| |
|
Frontier Asset
Total International
Equity ETF |
|
|
Frontier Asset U.S.
Large Cap
Equity
ETF |
|
| Assets: |
|
|
|
|
|
|
|
|
| Investments, at Value (Cost $44,034,491 and $43,981,660)
|
|
$ |
46,641,896 |
|
|
$ |
41,388,367 |
|
| Cash |
|
|
110,117 |
|
|
|
285,007 |
|
| Receivable from Investment Advisor |
|
|
16,491 |
|
|
|
15,831 |
|
| Receivable for Capital Shares Sold |
|
|
25 |
|
|
|
25 |
|
| Other Prepaid Expenses |
|
|
5,818 |
|
|
|
5,829 |
|
| Total Assets |
|
|
46,774,347 |
|
|
|
41,695,059 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Audit Fees Payable |
|
|
11,164 |
|
|
|
11,167 |
|
| Printing Fees Payable |
|
|
6,989 |
|
|
|
6,030 |
|
| Legal Fees Payable |
|
|
6,967 |
|
|
|
5,999 |
|
| Custody Fees Payable |
|
|
4,332 |
|
|
|
4,034 |
|
| Payable for Trustees fees |
|
|
4,114 |
|
|
|
3,778 |
|
| Chief Compliance Officer Fees Payable |
|
|
184 |
|
|
|
229 |
|
| Other Accrued Expenses and Other Payables |
|
|
10,939 |
|
|
|
9,657 |
|
| Total Liabilities |
|
|
44,689 |
|
|
|
40,894 |
|
| Commitments and
Contingencies† |
|
|
|
|
|
|
|
|
| Net Assets |
|
$ |
46,729,658 |
|
|
$ |
41,654,165 |
|
| Net Assets Consist of: |
|
|
|
|
|
|
|
|
| Paid-in Capital |
|
$ |
44,084,663 |
|
|
$ |
44,274,858 |
|
| Total Distributable Earnings/(Loss) |
|
|
2,644,995 |
|
|
|
(2,620,693 |
) |
| Net Assets |
|
$ |
46,729,658 |
|
|
$ |
41,654,165 |
|
| Shares: |
|
|
|
|
|
|
|
|
| Net Assets |
|
$ |
46,729,658 |
|
|
$ |
41,654,165 |
|
| Outstanding Shares of beneficial interest (unlimited authorization
— no par value) |
|
|
1,750,001 |
|
|
|
1,740,001 |
|
| Net Asset Value, Offering and Redemption Price Per Share |
|
$ |
26.70 |
|
|
$ |
23.94 |
|
|
† |
See Note 5 in the Notes to Financial Statements. |
The accompanying notes are an integral
part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
frontier ETFs |
| |
For the Period Ended |
| |
APRIL 30, 2025
(Unaudited) |
STATEMENTS OF OPERATIONS
| |
|
Frontier Asset
Absolute Return
ETF(1) |
|
|
Frontier Asset
Core Bond ETF(1) |
|
| Investment Income: |
|
|
|
|
|
|
|
|
| Dividends |
|
$ |
102,759 |
|
|
$ |
737,197 |
|
| Interest |
|
|
1,081 |
|
|
|
3,797 |
|
| Total Investment Income |
|
|
103,840 |
|
|
|
740,994 |
|
| Expenses: |
|
|
|
|
|
|
|
|
| Administration Fees |
|
|
25,315 |
|
|
|
25,315 |
|
| Investment Advisory Fees |
|
|
23,266 |
|
|
|
103,412 |
|
| Trustees' Fees |
|
|
3,018 |
|
|
|
6,977 |
|
| Chief Compliance Officer Fees |
|
|
643 |
|
|
|
1,762 |
|
| Audit Fees |
|
|
11,183 |
|
|
|
11,185 |
|
| Custodian Fees |
|
|
6,434 |
|
|
|
6,480 |
|
| Registration and Filing Fees |
|
|
5,487 |
|
|
|
7,036 |
|
| Offering Costs |
|
|
3,620 |
|
|
|
4,219 |
|
| Printing Fees |
|
|
2,992 |
|
|
|
7,471 |
|
| Legal Fees |
|
|
2,898 |
|
|
|
7,233 |
|
| Other Expenses |
|
|
4,352 |
|
|
|
10,008 |
|
| Total Expenses |
|
|
89,208 |
|
|
|
191,098 |
|
| Less: |
|
|
|
|
|
|
|
|
| Waiver of Investment Advisory Fees |
|
|
(23,266 |
) |
|
|
(62,371 |
) |
| Reimbursement from Adviser |
|
|
(17,360 |
) |
|
|
– |
|
| Waiver of Administration Fees |
|
|
(25,315 |
) |
|
|
(25,315 |
) |
| Net Expenses |
|
|
23,267 |
|
|
|
103,412 |
|
| Net Investment Income |
|
|
80,573 |
|
|
|
637,582 |
|
| Net Realized Gain (Loss) on: |
|
|
|
|
|
|
|
|
| Investments |
|
|
33,032 |
|
|
|
84,496 |
|
| Net Realized Gain |
|
|
33,032 |
|
|
|
84,496 |
|
| Net Change in Unrealized Appreciation (Depreciation)
on: |
|
|
|
|
|
|
|
|
| Investments(2) |
|
|
(161,789 |
) |
|
|
634,493 |
|
| Net Change in Unrealized
Appreciation (Depreciation) |
|
|
(161,789 |
) |
|
|
634,493 |
|
| Net Realized and Unrealized
Gain (Loss) |
|
|
(128,757 |
) |
|
|
718,989 |
|
| Net Increase (Decrease)
in Net Assets Resulting from Operations |
|
$ |
(48,184 |
) |
|
$ |
1,356,571 |
|
| (1) |
Commenced operations on December 19, 2024. |
| (2) |
Includes realized gains (losses) as a result of in-kind
redemptions. (See Note 6 in Notes to Financial Statements.) |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
frontier ETFs |
| |
For the Period Ended |
| |
APRIL 30, 2025
(Unaudited) |
STATEMENTS
OF OPERATIONS
| |
|
Frontier Asset
Opportunistic
Credit
ETF(1) |
|
|
Frontier Asset
Global Small Cap
Equity ETF(1) |
|
| Investment Income: |
|
|
|
|
|
|
|
|
| Dividends |
|
$ |
490,530 |
|
|
$ |
92,074 |
|
| Interest |
|
|
2,267 |
|
|
|
2,682 |
|
| Total Investment Income |
|
|
492,797 |
|
|
|
94,756 |
|
| Expenses: |
|
|
|
|
|
|
|
|
| Investment Advisory Fees |
|
|
75,179 |
|
|
|
121,701 |
|
| Administration Fees |
|
|
25,315 |
|
|
|
25,315 |
|
| Trustees' Fees |
|
|
5,600 |
|
|
|
8,053 |
|
| Chief Compliance Officer Fees |
|
|
1,380 |
|
|
|
2,175 |
|
| Audit Fees |
|
|
11,184 |
|
|
|
11,185 |
|
| Registration and Filing Fees |
|
|
6,669 |
|
|
|
7,894 |
|
| Custodian Fees |
|
|
6,450 |
|
|
|
6,756 |
|
| Printing Fees |
|
|
5,999 |
|
|
|
9,433 |
|
| Legal Fees |
|
|
5,811 |
|
|
|
9,144 |
|
| Offering Costs |
|
|
4,008 |
|
|
|
3,981 |
|
| Other Expenses |
|
|
7,471 |
|
|
|
10,365 |
|
| Total Expenses |
|
|
155,066 |
|
|
|
216,002 |
|
| Less: |
|
|
|
|
|
|
|
|
| Waiver of Investment Advisory Fees |
|
|
(54,572 |
) |
|
|
(68,986 |
) |
| Waiver of Administration Fees |
|
|
(25,315 |
) |
|
|
(25,315 |
) |
| Net Expenses |
|
|
75,179 |
|
|
|
121,701 |
|
| Net Investment Income(Loss) |
|
|
417,618 |
|
|
|
(26,945 |
) |
| Net Realized Gain (Loss) on: |
|
|
|
|
|
|
|
|
| Investments |
|
|
(62,207 |
) |
|
|
(73,972 |
) |
| Net Realized Loss |
|
|
(62,207 |
) |
|
|
(73,972 |
) |
| Net Change in Unrealized Appreciation (Depreciation)
on: |
|
|
|
|
|
|
|
|
| Investments(2) |
|
|
490,210 |
|
|
|
(1,863,603 |
) |
| Net Change in Unrealized
Appreciation (Depreciation) |
|
|
490,210 |
|
|
|
(1,863,603 |
) |
| Net Realized and Unrealized
Gain (Loss) |
|
|
428,003 |
|
|
|
(1,937,575 |
) |
| Net Increase (Decrease)
in Net Assets Resulting from Operations |
|
$ |
845,621 |
|
|
$ |
(1,964,520 |
) |
| (1) |
Commenced operations on December 19, 2024. |
| (2) |
Includes realized gains (losses) as a result of in-kind
redemptions. (See Note 6 in Notes to Financial Statements.) |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
frontier ETFs |
| |
For the Period Ended |
| |
APRIL 30, 2025
(Unaudited) |
STATEMENTS
OF OPERATIONS
| |
|
Frontier Asset
Total
International
Equity ETF(1) |
|
|
Frontier Asset
U.S. Large Cap
Equity ETF(1) |
|
| Investment Income: |
|
|
|
|
|
|
|
|
| Dividends |
|
$ |
54,912 |
|
|
$ |
66,869 |
|
| Interest |
|
|
1,249 |
|
|
|
2,518 |
|
| Total Investment Income |
|
|
56,161 |
|
|
|
69,387 |
|
| Expenses: |
|
|
|
|
|
|
|
|
| Investment Advisory Fees |
|
|
98,982 |
|
|
|
81,682 |
|
| Administration Fees |
|
|
25,315 |
|
|
|
25,315 |
|
| Trustees' Fees |
|
|
6,821 |
|
|
|
5,924 |
|
| Chief Compliance Officer Fees |
|
|
1,776 |
|
|
|
1,504 |
|
| Audit Fees |
|
|
11,185 |
|
|
|
11,185 |
|
| Printing Fees |
|
|
7,648 |
|
|
|
6,558 |
|
| Legal Fees |
|
|
7,409 |
|
|
|
6,353 |
|
| Registration and Filing Fees |
|
|
7,178 |
|
|
|
7,067 |
|
| Custodian Fees |
|
|
6,539 |
|
|
|
6,422 |
|
| Offering Costs |
|
|
3,974 |
|
|
|
3,853 |
|
| Other Expenses |
|
|
8,666 |
|
|
|
7,156 |
|
| Total Expenses |
|
|
185,493 |
|
|
|
163,019 |
|
| Less: |
|
|
|
|
|
|
|
|
| Waiver of Investment Advisory Fees |
|
|
(61,196 |
) |
|
|
(56,022 |
) |
| Waiver of Administration Fees |
|
|
(25,315 |
) |
|
|
(25,315 |
) |
| Net Expenses |
|
|
98,982 |
|
|
|
81,682 |
|
| Net Investment Loss |
|
|
(42,821 |
) |
|
|
(12,295 |
) |
| Net Realized Gain (Loss) on: |
|
|
|
|
|
|
|
|
| Investments |
|
|
80,411 |
|
|
|
(9,549 |
) |
| Net Realized Gain (Loss)
|
|
|
80,411 |
|
|
|
(9,549 |
) |
| Net Change in Unrealized Appreciation (Depreciation)
on: |
|
|
|
|
|
|
|
|
| Investments(2) |
|
|
2,607,405 |
|
|
|
(2,593,293 |
) |
| Net Change in Unrealized
Appreciation (Depreciation) |
|
|
2,607,405 |
|
|
|
(2,593,293 |
) |
| Net Realized and Unrealized
Gain (Loss) |
|
|
2,687,816 |
|
|
|
(2,602,842 |
) |
| Net Increase (Decrease)
in Net Assets Resulting from Operations |
|
$ |
2,644,995 |
|
|
$ |
(2,615,137 |
) |
| (1) |
Commenced operations on December 19, 2024. |
| (2) |
Includes realized gains (losses) as a result of in-kind
redemptions. (See Note 6 in Notes to Financial Statements.) |
The
accompanying notes are an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
frontier ETFs |
| |
(Unaudited) |
| |
|
STATEMENTS OF CHANGES IN
NET ASSETS
| |
|
Frontier Asset
Absolute Return ETF |
|
|
Frontier Asset Core
Bond ETF |
|
| |
|
Period Ended,
April 30, 2025(1) |
|
|
Period Ended,
April 30, 2025(1) |
|
| Operations: |
|
|
|
|
|
|
|
|
| Net Investment Income |
|
$ |
80,573 |
|
|
$ |
637,582 |
|
| Net Realized Gain |
|
|
33,032 |
|
|
|
84,496 |
|
| Net Change in Unrealized Appreciation (Depreciation)
|
|
|
(161,789 |
) |
|
|
634,493 |
|
| Net Increase (Decrease) in Net Assets Resulting
From Operations |
|
|
(48,184 |
) |
|
|
1,356,571 |
|
| Distributions: |
|
|
(61,128 |
) |
|
|
(416,160 |
) |
| Total Distributions |
|
|
(61,128 |
) |
|
|
(416,160 |
) |
| Capital Share Transactions: |
|
|
|
|
|
|
|
|
| Shares |
|
|
|
|
|
|
|
|
| Issued |
|
|
13,337,102 |
|
|
|
59,512,630 |
|
| Redeemed |
|
|
(2,260,227 |
) |
|
|
(18,128,795 |
) |
| Net Shares Transactions |
|
|
11,076,875 |
|
|
|
41,383,835 |
|
| Net Increase in Net Assets From Capital Share Transactions
|
|
|
11,076,875 |
|
|
|
41,383,835 |
|
| Total Increase in Net Assets |
|
|
10,967,563 |
|
|
|
42,324,246 |
|
| Net Assets: |
|
|
|
|
|
|
|
|
| Beginning of Period |
|
|
– |
|
|
|
– |
|
| End of Period |
|
$ |
10,967,563 |
|
|
$ |
42,324,246 |
|
| (1) |
Commenced operations on December 19, 2024. |
Amount designated as “—” is $0.
The accompanying notes are an integral part of
the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
frontier ETFs |
| |
(Unaudited) |
| |
|
STATEMENTS OF CHANGES IN
NET ASSETS
| |
|
Frontier Asset
Opportunistic
Credit
ETF |
|
|
Frontier Asset
Global Small Cap
Equity ETF |
|
| |
|
Period Ended,
April 30, 2025(1) |
|
|
Period Ended,
April 30, 2025(1) |
|
| Operations: |
|
|
|
|
|
|
|
|
| Net Investment Income/Loss |
|
$ |
417,618 |
|
|
$ |
(26,945 |
) |
| Net Realized Loss |
|
|
(62,207 |
) |
|
|
(73,972 |
) |
| Net Change in Unrealized Appreciation (Depreciation)
|
|
|
490,210 |
|
|
|
(1,863,603 |
) |
| Net Increase (Decrease) in Net Assets Resulting
From Operations |
|
|
845,621 |
|
|
|
(1,964,520 |
) |
| Distributions: |
|
|
(286,218 |
) |
|
|
(9,576 |
) |
| Total Distributions |
|
|
(286,218 |
) |
|
|
(9,576 |
) |
| Capital Share Transactions: |
|
|
|
|
|
|
|
|
| Shares |
|
|
|
|
|
|
|
|
| Issued |
|
|
40,029,525 |
|
|
|
66,881,664 |
|
| Redeemed |
|
|
(5,512,334 |
) |
|
|
(4,129,460 |
) |
| Net Shares Transactions |
|
|
34,517,191 |
|
|
|
62,752,204 |
|
| Net Increase in Net Assets From Capital Share Transactions
|
|
|
34,517,191 |
|
|
|
62,752,204 |
|
| Total Increase in Net Assets |
|
|
35,076,594 |
|
|
|
60,778,108 |
|
| Net Assets: |
|
|
|
|
|
|
|
|
| Beginning of Period |
|
|
– |
|
|
|
– |
|
| End of Period |
|
$ |
35,076,594 |
|
|
$ |
60,778,108 |
|
| (1) |
Commenced operations on December 19, 2024. |
Amount designated as “—” is $0.
The accompanying notes are
an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
frontier ETFs |
| |
(Unaudited) |
| |
|
STATEMENTS OF CHANGES IN
NET ASSETS
| |
|
Frontier Asset Total
International
Equity
ETF |
|
|
Frontier Asset U.S.
Large Cap
Equity
ETF |
|
| |
|
Period Ended,
April 30, 2025(1) |
|
|
Period Ended,
April 30, 2025(1) |
|
| Operations: |
|
|
|
|
|
|
|
|
| Net Investment Loss |
|
$ |
(42,821 |
) |
|
$ |
(12,295 |
) |
| Net Realized Gain (Loss) |
|
|
80,411 |
|
|
|
(9,549 |
) |
| Net Change in Unrealized Appreciation (Depreciation)
|
|
|
2,607,405 |
|
|
|
(2,593,293 |
) |
| Net Increase (Decrease) in Net Assets Resulting
From Operations |
|
|
2,644,995 |
|
|
|
(2,615,137 |
) |
| Distributions: |
|
|
– |
|
|
|
(5,556 |
) |
| Total Distributions |
|
|
– |
|
|
|
(5,556 |
) |
| Capital Share Transactions: |
|
|
|
|
|
|
|
|
| Shares |
|
|
|
|
|
|
|
|
| Issued |
|
|
49,452,028 |
|
|
|
45,008,036 |
|
| Redeemed |
|
|
(5,367,365 |
) |
|
|
(733,178 |
) |
| Net Shares Transactions |
|
|
44,084,663 |
|
|
|
44,274,858 |
|
| Net Increase in Net Assets From Capital Share Transactions
|
|
|
44,084,663 |
|
|
|
44,274,858 |
|
| Total Increase in Net Assets |
|
|
46,729,658 |
|
|
|
41,654,165 |
|
| Net Assets: |
|
|
|
|
|
|
|
|
| Beginning of Period |
|
|
– |
|
|
|
– |
|
| End of Period |
|
$ |
46,729,658 |
|
|
$ |
41,654,165 |
|
| (1) |
Commenced operations on December 19, 2024. |
Amount designated as “—” is $0.
The accompanying notes are
an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
frontier ETFs |
| |
absolute return etf |
| |
(Unaudited) |
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding
Throughout the Period
| |
|
Period
Ended
April
30, 2025(1) |
|
| Net Asset Value, Beginning of Period |
|
$ |
25.00 |
|
| Income from Investment Operations: |
|
|
|
|
| Net Investment Income* |
|
|
0.19 |
|
| Net Realized and Unrealized Loss |
|
|
(0.12 |
) |
| Total from Investment Operations |
|
|
0.07 |
|
| Dividends and Distributions: |
|
|
|
|
| Net Investment Income |
|
|
(0.14 |
) |
| Total Dividends and Distributions |
|
|
(0.14 |
) |
| Net Asset Value, End of Period |
|
$ |
24.93 |
|
| Total Return† |
|
|
0.26 |
% |
| Ratios and Supplemental Data |
|
|
|
|
| Net Assets, End of Period (Thousands) |
|
$ |
10,968 |
|
| Ratio of Expenses to Average Net Assets(2)
|
|
|
0.60 |
%†† |
| Ratio of Expenses to Average Net Assets
(Excluding Waivers, Fees Paid Indirectly and Recaptured Fees)(2) |
|
|
2.30 |
%†† |
| Ratio of Net Investment Income to Average
Net Assets (3) |
|
|
2.08 |
%†† |
| Portfolio Turnover Rate |
|
|
0 |
%‡ |
| * |
Per share data calculated using average shares method. |
| † |
Total return is for the period indicated and has not been annualized. Returns shown
do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† |
Annualized. |
| ‡ |
Portfolio turnover is for the period indicated and has not been annualized. Excludes effect of securities
received or delivered from processing in-kind creations or redemptions. |
| (1) |
Commenced operations on December 19, 2024. |
| (2) |
The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it
invests. Such expenses are not included in the calculation of this ratio. |
| (3) |
Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying
funds in which the fund invests. |
| |
Amounts designated as “—” are either not applicable, $0 or have been rounded to $0. |
The accompanying notes are
an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
frontier ETFs |
| |
CORE BOND ETF |
| |
(Unaudited) |
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding
Throughout the Period
| |
|
Period Ended
April 30, 2025(1) |
|
| Net Asset Value, Beginning of Period |
|
$ |
25.00 |
|
| Income from Investment Operations: |
|
|
|
|
| Net Investment Income* |
|
|
0.35 |
|
| Net Realized and Unrealized Gain |
|
|
0.37 |
|
| Total from Investment Operations |
|
|
0.72 |
|
| Dividends and Distributions: |
|
|
|
|
| Net Investment Income |
|
|
(0.22 |
) |
| Total Dividends and Distributions |
|
|
(0.22 |
) |
| Net Asset Value, End of Period |
|
$ |
25.50 |
|
| Total Return† |
|
|
2.89 |
% |
| Ratios and Supplemental Data |
|
|
|
|
| Net Assets, End of Period (Thousands) |
|
$ |
42,324 |
|
| Ratio
of Expenses to Average Net Assets(2) |
|
|
0.60 |
%†† |
| Ratio
of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees)(2) |
|
|
1.11 |
%†† |
| Ratio
of Net Investment Income to Average Net Assets (3) |
|
|
3.70 |
%†† |
| Portfolio Turnover Rate |
|
|
4 |
%‡ |
| * |
Per share data calculated using average shares method. |
| † |
Total return is for the period indicated and has not been annualized. Returns shown
do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† |
Annualized. |
| ‡ |
Portfolio turnover is for the period indicated and has not been annualized. Excludes effect of securities
received or delivered from processing in-kind creations or redemptions. |
| (1) |
Commenced operations on December 19, 2024. |
| (2) |
The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it
invests. Such expenses are not included in the calculation of this ratio. |
| (3) |
Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying
funds in which the fund invests. |
| |
Amounts designated as “—” are either not applicable, $0 or have been rounded to $0. |
The accompanying notes are
an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
frontier ETFs |
| |
OPPORTUNISTIC CREDIT ETF |
| |
(Unaudited) |
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding
Throughout the Period
| |
|
Period
Ended
April
30, 2025(1) |
|
| Net Asset Value, Beginning of Period |
|
$ |
25.00 |
|
| Income from Investment Operations: |
|
|
|
|
| Net Investment Income* |
|
|
0.31 |
|
| Net Realized and Unrealized Gain |
|
|
0.31 |
|
| Total from Investment Operations |
|
|
0.62 |
|
| Dividends and Distributions: |
|
|
|
|
| Net Investment Income |
|
|
(0.20 |
) |
| Total Dividends and Distributions |
|
|
(0.20 |
) |
| Net Asset Value, End of Period |
|
$ |
25.42 |
|
| Total Return† |
|
|
2.48 |
% |
| Ratios and Supplemental Data |
|
|
|
|
| Net Assets, End of Period (Thousands) |
|
$ |
35,077 |
|
| Ratio
of Expenses to Average Net Assets(2) |
|
|
0.60 |
%†† |
| Ratio
of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees)(2) |
|
|
1.24 |
%†† |
| Ratio
of Net Investment Income to Average Net Assets (3) |
|
|
3.33 |
%†† |
| Portfolio Turnover Rate |
|
|
9 |
%‡ |
| * |
Per share data calculated using average shares method. |
| † |
Total return is for the period indicated and has not been annualized. Returns shown
do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† |
Annualized. |
| ‡ |
Portfolio turnover is for the period indicated and has not been annualized. Excludes effect of securities
received or delivered from processing in-kind creations or redemptions. |
| (1) |
Commenced operations on December 19, 2024. |
| (2) |
The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it
invests. Such expenses are not included in the calculation of this ratio. |
| (3) |
Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying
funds in which the fund invests. |
| |
Amounts designated as “—” are either not applicable, $0 or have been rounded to $0. |
The accompanying notes are
an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
frontier ETFs |
| |
GLOBAL SMALL CAP EQUITY ETF |
| |
(Unaudited) |
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding
Throughout the Period
| |
|
Period
Ended
April
30, 2025(1) |
|
| Net Asset Value, Beginning of Period |
|
$ |
25.00 |
|
| Income from Investment Operations: |
|
|
|
|
| Net Investment Loss* |
|
|
(0.01 |
) |
| Net Realized and Unrealized Loss |
|
|
(0.38 |
) |
| Total from Investment Operations |
|
|
(0.39 |
) |
| Net Asset Value, End of Period |
|
$ |
24.61 |
|
| Total Return† |
|
|
(1.54 |
)% |
| Ratios and Supplemental Data |
|
|
|
|
| Net Assets, End of Period (Thousands) |
|
$ |
60,778 |
|
| Ratio
of Expenses to Average Net Assets(2) |
|
|
0.60 |
%†† |
| Ratio
of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees)(2) |
|
|
1.06 |
%†† |
| Ratio
of Net Investment Loss to Average Net Assets (3) |
|
|
(0.13 |
)%†† |
| Portfolio Turnover Rate |
|
|
0 |
%‡ |
| * |
Per share data calculated using average shares method. |
| † |
Total return is for the period indicated and has not been annualized. Returns shown
do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† |
Annualized. |
| ‡ |
Portfolio turnover is for the period indicated and has not been annualized. Excludes effect of securities
received or delivered from processing in-kind creations or redemptions. |
| (1) |
Commenced operations on December 19, 2024. |
| (2) |
The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it
invests. Such expenses are not included in the calculation of this ratio. |
| (3) |
Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying
funds in which the fund invests. |
| |
Amounts designated as “—” are either not applicable, $0 or have been rounded to $0. |
The accompanying notes are
an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
frontier ETFs |
| |
TOTAL INTERNATIONAL EQUITY ETF |
| |
(Unaudited) |
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding
Throughout the Period
| |
|
Period
Ended
April
30, 2025(1) |
|
| Net Asset Value, Beginning of Period |
|
$ |
25.00 |
|
| Income from Investment Operations: |
|
|
|
|
| Net Investment Loss* |
|
|
(0.02 |
) |
| Net Realized and Unrealized Gain |
|
|
1.72 |
|
| Total from Investment Operations |
|
|
1.70 |
|
| Net Asset Value, End of Period |
|
$ |
26.70 |
|
| Total Return† |
|
|
6.80 |
% |
| Ratios and Supplemental Data |
|
|
|
|
| Net Assets, End of Period (Thousands) |
|
$ |
46,730 |
|
| Ratio
of Expenses to Average Net Assets(2) |
|
|
0.60 |
%†† |
| Ratio
of Expenses to Average Net Assets (Excluding Waivers, Fees Paid Indirectly and Recaptured Fees)(2) |
|
|
1.12 |
%†† |
| Ratio
of Net Investment Loss to Average Net Assets (3) |
|
|
(0.26 |
)%†† |
| Portfolio Turnover Rate |
|
|
0 |
%‡ |
| * |
Per share data calculated using average shares method. |
| † |
Total return is for the period indicated and has not been annualized. Returns shown
do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† |
Annualized. |
| ‡ |
Portfolio turnover is for the period indicated and has not been annualized. Excludes effect of securities
received or delivered from processing in-kind creations or redemptions. |
| (1) |
Commenced operations on December 19, 2024. |
| (2) |
The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it
invests. Such expenses are not included in the calculation of this ratio. |
| (3) |
Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying
funds in which the fund invests. |
| |
Amounts designated as “—” are either not applicable, $0 or have been rounded to $0. |
The accompanying notes are
an integral part of the financial statements.
| THE ADVISORS’ INNER CIRCLE FUND II |
frontier ETFs |
| |
U.S LARGE CAP EQUITY ETF |
| |
(Unaudited) |
FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios
For a Share Outstanding
Throughout the Period
| |
|
Period
Ended
April
30, 2025(1) |
|
| Net Asset Value, Beginning of Period |
|
$ |
25.00 |
|
| Income from Investment Operations: |
|
|
|
|
| Net Investment Loss* |
|
|
(0.01 |
) |
| Net Realized and Unrealized Loss |
|
|
(1.05 |
) |
| Total from Investment Operations |
|
|
(1.06 |
) |
| Net Asset Value, End of Period |
|
$ |
23.94 |
|
| Total Return† |
|
|
(4.23 |
)% |
| Ratios and Supplemental Data |
|
|
|
|
| Net Assets, End of Period (Thousands) |
|
$ |
41,654 |
|
| Ratio of Expenses to Average Net Assets(2)
|
|
|
0.60 |
%†† |
| Ratio of Expenses to Average Net Assets
(Excluding Waivers, Fees Paid Indirectly and Recaptured Fees)(2) |
|
|
1.20 |
%†† |
| Ratio of Net Investment Loss to Average
Net Assets (3) |
|
|
(0.09 |
)%†† |
| Portfolio Turnover Rate |
|
|
0 |
%‡ |
| * |
Per share data calculated using average shares method. |
| † |
Total return is for the period indicated and has not been annualized. Returns shown
do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| †† |
Annualized. |
| ‡ |
Portfolio turnover is for the period indicated and has not been annualized. Excludes effect of securities
received or delivered from processing in-kind creations or redemptions. |
| (1) |
Commenced operations on December 19, 2024. |
| (2) |
The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it
invests. Such expenses are not included in the calculation of this ratio. |
| (3) |
Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying
funds in which the fund invests. |
| |
Amounts designated as “—” are either not applicable, $0 or have been rounded to $0. |
The accompanying notes are
an integral part of the financial statements.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
NOTES
TO FINANCIAL STATEMENTS
1.
Organization:
The
Advisors’ Inner Circle Fund II (the “Trust”) is organized as a Massachusetts statutory trust under a Declaration of
Trust dated July 24, 1992. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended,
as an open-end management investment company with 24 funds. The financial statements herein are those of the Frontier Asset Absolute Return
ETF, Frontier Asset Core Bond ETF, Frontier Asset Opportunistic Credit ETF, Frontier Asset Global Small Cap Equity ETF, Frontier Asset
Total International Equity ETF and Frontier Asset U.S. Large Cap Equity ETF (each a “Fund” and collectively the “Funds”).
The investment objective of the Frontier Asset Absolute Return ETF, Frontier Asset Global Small Cap Equity ETF, Frontier Asset Total International
Equity ETF and Frontier Asset U.S. Large Cap Equity ETF is to seek to achieve long-term total return. The investment objective of the
Frontier Asset Core Bond ETF and Frontier Asset Opportunistic Credit ETF is to seek to provide high income consistent with the preservation
of capital. Frontier Asset Management, LLC (the “Adviser”) serves as the investment adviser to the Funds. Exchange Traded
Concepts, LLC (the “Sub-Adviser”) serves as the sub-adviser to the Funds. The Funds are each classified as a diversified investment
company under the 1940 Act. The Funds commenced operation on December 19, 2024. The financial statements of the remaining funds of the
Trust are presented separately. The assets of each Fund are segregated, and a shareholder’s interest is limited to the fund in which
shares are held. Shares of the Funds are listed and traded on the NYSE Arca, Inc. (the "Exchange"). Market prices for shares of
the Funds may be different from their net asset value (“NAV”). The Funds issue and redeem shares on a continuous basis to
certain institutional investors (typically market makers or other broker-dealers) at NAV only in large blocks of shares, called “Creation
Units”. Transactions for the Funds are generally conducted in exchange for the deposit or delivery of cash. Once created, shares
trade in a secondary market at market prices that change throughout the day in share amounts less than a Creation Unit.
2.
Significant Accounting Policies:
The
accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”)
and are presented in U.S. dollars which is the functional currency of the Funds. The Funds are investment companies 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
fair value of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences
could be material.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
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 on valuation date (or at approximately 4:00 pm ET if a security’s
primary exchange is normally open at that time), 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.
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 the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of
their 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). 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:
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
|
● |
Level
1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has 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 pricing procedures approved by the Board, etc.); and |
|
● |
Level
3 — Prices, inputs or exotic 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 a regulated investment company 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 periods. The Funds did not record any tax provision in the current periods. 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.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
As
of and during the period ended April 30, 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
periods, 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
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 Statements 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 of the amounts actually received or paid.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Expenses
— Expenses that are directly related to the Funds are charged to the Funds. Other operating expenses of the Trust are prorated
to the funds based on the number of funds and/or relative daily net assets.
Cash
— 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 — The Funds distribute substantially all of their net investment income annually. Distributions
from net realized capital gains, if any, are declared and paid annually. All distributions are recorded on ex-dividend date.
Offering
Costs — Offering costs, including costs of printing initial prospectus, legal and registration fees, are amortized over twelve-months
from inception of the Funds. During the period ended April, 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 incurred offering costs of $3,620, $4,219, $4,008, $3,981, $3,974 and $3,853, respectively.
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.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
4.
Administration, Distribution, 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 Fund. For the period ended April 30, 2025, the Funds paid and reimbursed $25,315, for these services.
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.
5.
Investment Advisory Agreement & Investment Sub-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.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
6.
Investment Transactions:
For
the period ended April 30, 2025, the Frontier Asset Absolute Return ETF made purchases of $13,232,101 and sales of $2,239,162 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 $2,239,162, 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 $33,032.
For
the period ended April 30, 2025, the Frontier Asset Core Bond ETF made purchases of $61,628,411 and sales of $20,149,033 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 $59,315,121 and in-kind redemptions of $18,029,352, 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 $87,129.
For
the period ended April 30, 2025, the Frontier Asset Opportunistic Credit ETF made purchases of $43,218,487 and sales of $8,731,376 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 $39,861,168 and in-kind redemptions of $5,489,514, 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 $13,184.
For
the period ended April 30, 2025, the Frontier Asset Small Cap Equity ETF made purchases of $66,570,896 and sales of $4,110,219 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 $66,570,896 and in-kind redemptions of $4,110,219, respectively, and have been
properly excluded from the calculation of portfolio turnover within the Fund’s financial highlights. Realized losses on in-kind
redemptions were $73,972.
For
the period ended April 30, 2025, the Frontier Asset Total International Equity ETF made purchases of $49,309,795 and sales of $5,355,716
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 $49,309,795 and in-kind redemptions of $5,355,716, 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 $80,411.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
For
the period ended April 30, 2025, the Frontier Asset U.S. Large Cap Equity ETF made purchases of $44,720,043 and sales of $728,833 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 $44,720,043 and in-kind redemptions of $728,833, respectively, and have been
properly excluded from the calculation of portfolio turnover within the Fund’s financial highlights. Realized losses on in-kind
redemptions were $9,549.
7.
Share Transactions:
| |
|
Period
Ended
April 30, 2025 (Unaudited) |
|
| Frontier Asset Absolute Return ETF |
|
|
|
|
| Issued |
|
|
530,001 |
|
| Redeemed |
|
|
(90,000 |
) |
| Total Frontier Asset Absolute Return
ETF Shares Transactions |
|
|
440,001 |
|
| Frontier Asset Core Bond ETF |
|
|
|
|
| Issued |
|
|
2,380,001 |
|
| Redeemed |
|
|
(720,000 |
) |
| Total Frontier Asset Core Bond
ETF Shares Transactions |
|
|
1,660,001 |
|
| Frontier Asset Opportunistic Credit
ETF |
|
|
|
|
| Issued |
|
|
1,600,001 |
|
| Redeemed |
|
|
(220,000 |
) |
| Total Frontier Asset Opportunistic
Credit ETF Shares Transactions |
|
|
1,380,001 |
|
| Frontier Asset Global Small Cap Equity
ETF |
|
|
|
|
| Issued |
|
|
2,640,001 |
|
| Redeemed |
|
|
(170,000 |
) |
| Total Frontier Asset Global Small
Cap Equity ETF Shares Transactions |
|
|
2,470,001 |
|
| Frontier Asset Total International
Equity ETF |
|
|
|
|
| Issued |
|
|
1,960,001 |
|
| Redeemed |
|
|
(210,000 |
) |
| Total Frontier Asset Total International
Equity ETF Shares Transactions |
|
|
1,750,001 |
|
| Frontier Asset U.S. Large Cap Equity
ETF |
|
|
|
|
| Issued |
|
|
1,770,001 |
|
| Redeemed |
|
|
(30,000 |
) |
| Total Frontier Asset U.S. Large
Cap Equity ETF Shares Transactions |
|
|
1,740,001 |
|
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
8.
Federal Tax Information:
The
amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax
regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions
for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or
permanent.
To
the extent these differences are permanent in nature, they are charged or credited to Distributable Earnings (Accumulated Losses) or Paid-in
Capital, as appropriate, in the period that the differences arise.
The
Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at April 30, 2025,
were as follows:
| |
|
Federal Tax
Cost |
|
|
Aggregate
Gross
Unrealized Appreciation |
|
|
Aggregate
Gross
Unrealized Depreciation |
|
|
Net
Unrealized Appreciation (Depreciation) |
|
| Frontier
Asset Absolute Return ETF |
|
$ |
11,025,971 |
|
|
$ |
154,121 |
|
|
$ |
(315,910 |
) |
|
$ |
(161,789 |
) |
| Frontier
Asset Core Bond ETF |
|
|
41,563,874 |
|
|
|
648,575 |
|
|
|
(14,082 |
) |
|
|
634,493 |
|
| Frontier
Asset Opportunistic Credit ETF |
|
|
34,424,904 |
|
|
|
555,747 |
|
|
|
(65,537 |
) |
|
|
490,210 |
|
| Frontier
Asset Global Small Cap Equity ETF |
|
|
62,386,705 |
|
|
|
2,782,159 |
|
|
|
(4,645,762 |
) |
|
|
(1,863,603 |
) |
| Frontier
Asset Total International Equity ETF |
|
|
44,034,491 |
|
|
|
2,607,405 |
|
|
|
— |
|
|
|
2,607,405 |
|
| Frontier
Asset U.S. Large Cap Equity ETF |
|
|
43,981,660 |
|
|
|
— |
|
|
|
(2,593,293 |
) |
|
|
(2,593,293 |
) |
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 its benchmark index or other
funds with similar objectives and investment strategies.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Asset-Backed
Securities Risk (Absolute Return ETF, Core Bond ETF and 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 and 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 and Opportunistic Credit ETF) – Collateralized
loan obligations are generally subject to credit, interest rate, prepayment and extension, valuation and liquidity risks, which are described
elsewhere in this section. These securities also are subject to risk of default on the underlying asset, particularly during periods of
economic downturn. CLOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities
will not be adequate to make interest of other payments, (ii) the collateral may decline in value or default, (iii) the Funds may invest
in obligations that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the
time of investment and produce disputes with the issuer or unexpected investment results.
Collateralized
Mortgage Obligations (“CMOs”) Risk (Absolute Return ETF) – CMOs exhibit similar risks to those of
mortgage-backed securities but also present certain special risks. CMOs are created by dividing the principal and interest payments collected
on a pool of mortgages into several revenue streams (“tranches”) with different priority rights to portions of the underlying
mortgage payments. As market conditions change, however, particularly during periods of rapid or unanticipated changes in interest rates,
the ability of a CMO tranche to provide the anticipated investment characteristics and performance may be significantly reduced. These
changes may result in volatility in the market value, and in some instances reduced liquidity, of the CMO tranche.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Commercial
Mortgage-Backed Securities Risk (Absolute Return ETF, Core Bond ETF and 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 and 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 and 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.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Corporate
Fixed Income Securities Risk (Absolute Return ETF, Core Bond ETF and Opportunistic Credit ETF) – Corporate fixed-income
securities are fixed-income securities issued by public and private businesses. Corporate fixed-income securities respond to economic
developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual
issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to
repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security.
Credit
Risk (Absolute Return ETF, Core Bond ETF and 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 Fund 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 Fund 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 and 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.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Emerging
Markets Securities Risk (Absolute Return ETF, Global Small Cap Equity ETF and 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 and 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 an ETF 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 its shares only in large blocks called Creation Units
and only to “Authorized Participants.” Unlike many other ETFs, however, the Funds expect to effect their 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 they 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.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Limited
Authorized Participants, Market Makers and Liquidity Providers Risk – Because the Funds are an ETF, only a limited number
of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from
the Funds. In addition, there may be a limited number of market makers and/ or liquidity providers in the marketplace. To the extent either
of the following events occur, Fund shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting:
(i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized
Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Trading
Risk – Shares of the Funds may trade on the Exchange above or below their NAV. The NAV of shares of the Funds will fluctuate
with changes in the market value of the Funds’ holdings. In addition, although the Funds’ shares are currently listed on the
Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may
be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Funds inadvisable.
Fixed
Income Securities Risk (Absolute Return ETF, Core Bond ETF and 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 and U.S. Large Cap Equity ETF) –
Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those
markets and their issuers. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the
“SEC”) and foreign companies are generally not subject to the same level of regulatory controls imposed on U.S. issuers. Income
from foreign securities owned by the Funds may be reduced by a withholding tax at the source, which tax would reduce income received from
the securities comprising the Funds’ portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers
and foreign markets and securities may be less liquid. In addition, periodic U.S. Government restrictions on investments in issuers from
certain foreign countries may require the Funds to sell such investments at inopportune times, which could result in losses to the Funds.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Foreign
Currency Risk (Absolute Return ETF, Global Small Cap Equity ETF and 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 and 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 and 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 and 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 and 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.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Inflation
Protected Securities Risk (Core Bond ETF and Opportunistic Credit 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 and 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 and U.S. Large Cap Equity ETF) – The Funds
focus their investments in the United States. As a result, the Funds may be more susceptible to economic, political, regulatory or other
events or conditions affecting issuers within the United States, and may be subject to greater price volatility and risk of loss, than
a fund holding more geographically diverse investments.
Investment
in Other Investment Companies Risk (All Funds) – Because the Funds invest in other investment companies, such
as ETFs, the Funds will be subject to substantially the same risks as those associated with the direct ownership of the securities held
by such other investment companies. As a shareholder of another investment company, the Funds rely on that investment company to achieve
its investment objective. 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.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Large
Capitalization Company Risk (Absolute Return ETF, Total International Equity ETF and U.S. Large Cap Equity ETF) – The
large capitalization companies in which the Funds 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 and 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 Fund management or performance.
Mid-Capitalization
Companies Risk (Global Small Cap Equity ETF, Total International Equity ETF and 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 and 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.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Municipal
Securities Risk (Absolute Return ETF and 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.
Non-U.S.
Government Securities Risk (Absolute Return ETF and 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 and 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.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Prepayment
and Extension Risk (Absolute Return ETF, Core Bond ETF and 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 and 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 Fund expenses. REIT operating expenses are not reflected in the fee
table and example in this prospectus.
Residential
Mortgage-Backed Securities Risk (Absolute Return ETF, Core Bond ETF and 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-Capitalization
Companies Risk (Global Small Cap Equity ETF) – The risk that, compared to mid- and large- capitalization companies,
small-capitalization companies in which the Fund may invest may be less stable and more susceptible to adverse developments, and their
securities may be more volatile and less liquid.
Small-
and Mid-Capitalization Company Risk (Absolute Return ETF) – The small- and mid-capitalization companies in which
the Fund 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.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
U.S.
Government Securities Risk (Absolute Return ETF, Core Bond ETF and 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 and U.S. Large Cap Equity ETF) – An
investment in value stocks presents the risk that the stocks may never reach what the Adviser or a sub-adviser believes are their full
market values, either because the market fails to recognize what the Adviser or a sub-adviser considers to be the companies’ true
business values or because the Adviser or sub-adviser misjudged those values. In addition, value stocks may fall out of favor with investors
and underperform growth stocks during given periods.
10.
Other:
At
April 30, 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 Funds). However, the individual shares that make up those Creation Units are traded on the Exchange
(e.g., secondary market transactions). Some of those individual shares have been bought and sold by persons that are not Authorized Participants.
Each Authorized Participant has entered into an agreement with the Funds’ Distributor.
11.
Recent Accounting Pronouncement:
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 each Fund’s
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 predetermined 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.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
12.
Subsequent Events:
The
Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial
statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Other
Information (Form N-CSRS Items 8-11)
Item
8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not
applicable.
Item
9. Proxy Disclosures for Open-End Management Investment Companies.
There
were no matters submitted to a vote of shareholders during the period covered by this report.
Item
10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included
within the Statement(s) of Operations of the financial statements filed under Item 7.
Item
11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Pursuant
to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ advisory and sub-advisory agreements
(the “Agreements”) must be approved: (i) by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of
a majority of the members of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner
Circle Fund II (the “Trust”) who are not parties to the Agreements or “interested persons” of any party thereto,
as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such
approval.
A
Board meeting was held on November 19–20, 2024 to decide whether to approve the Agreements for initial two-year terms. In preparation
for the meeting, the Trustees requested that the Adviser and the Sub-Adviser furnish information necessary to evaluate the terms of the
Agreements. The Trustees used this information, as well as other information that the Adviser, the Sub-Adviser and other service providers
of the Funds presented or submitted to the Board at the meeting, to help them decide whether to approve the Agreements for initial two-year
terms.
Specifically,
the Board requested and received written materials from the Adviser, the Sub-Adviser and other service providers of the Funds regarding:
(i) the nature, extent and quality of the services to be provided by the Adviser and the Sub-Adviser; (ii) the Adviser’s and the
Sub-Adviser’s investment management personnel; (iii) the Adviser’s and the Sub-Adviser’s operations and financial condition;
(iv) the Adviser’s and the Sub-Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies;
(v) the Funds’ proposed advisory fees to be paid to the Adviser and the Sub-Adviser and overall fees and operating expenses compared
with peer groups of funds; (vi) the Adviser’s and the Sub-Adviser’s compliance programs, including a description of material
compliance matters and material compliance violations; (vii) the Adviser’s and the Sub-Adviser’s policies on and compliance
procedures for personal securities transactions; (viii) the Adviser’s and the Sub-Adviser’s investment experience; (ix) the
Adviser’s rationale for introducing the Funds as well as the Funds’ proposed objectives and strategies; and (x) the Adviser’s
rationale for recommending the Sub-Adviser.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Representatives
from the Adviser and the Sub-Adviser, along with other Fund service providers, presented additional information and participated in question
and answer sessions at the meeting to help the Trustees evaluate the Adviser’s and the Sub-Adviser’s services, fees and other
aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive session outside the
presence of Fund management, the Adviser and the Sub-Adviser.
At
the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the
Adviser, the Sub-Adviser and other service providers of the Funds, approved the Agreements. In considering the approval of the Agreements,
the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services
to be provided by the Adviser and the Sub-Adviser; and (ii) the fees to be paid to the Adviser and the Sub-Adviser, as discussed in further
detail below.
Nature,
Extent and Quality of Services to be Provided by the Adviser and the Sub-Adviser
In
considering the nature, extent and quality of the services to be provided by the Adviser and the Sub-Adviser, the Board reviewed the portfolio
management services to be provided by the Adviser and the Sub-Adviser to the Funds, including the quality and continuity of the Adviser’s
and the Sub-Adviser’s portfolio management personnel, the resources of the Adviser and the Sub-Adviser, and the Adviser’s
and the Sub-Adviser’s compliance histories and compliance programs. The Trustees reviewed the terms of the proposed Agreements.
The Trustees also reviewed the Adviser’s and the Sub-Adviser’s proposed investment and risk management approaches for the
Funds. The Trustees considered that the Adviser would supervise and monitor the performance of the Sub-Adviser. The most recent investment
adviser registration forms (“Form ADV”) for the Adviser and the Sub-Adviser were available to the Board, as were the responses
of the Adviser and the Sub-Adviser to a detailed series of questions which included, among other things, information about the investment
advisory services to be provided by the Adviser and the Sub-Adviser to the Funds.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
The
Trustees also considered other services to be provided to the Funds by the Adviser and the Sub-Adviser such as selecting broker-dealers
for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with
various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those
discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services
to be provided to the Funds by the Adviser and the Sub-Adviser would be satisfactory.
Costs
of Advisory Services
In
considering the advisory fees payable by the Funds to the Adviser, as well as the fees payable by the Adviser to the Sub-Adviser, the
Trustees reviewed, among other things, a report of the proposed advisory fees to be paid to the Adviser and the Sub-Adviser. The Trustees
also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and gross expense ratios and advisory
fees to those paid by peer groups of funds as classified by Lipper, an independent provider of investment company data. The Trustees reviewed
pro forma fee and expense information. The Trustees also considered that the Adviser, not the Funds, would pay the Sub-Adviser pursuant
to the sub-advisory agreement and that the fees payable to the Sub-Adviser would reflect an arms-length negotiation between the Adviser
and the Sub-Adviser. The Trustees evaluated both the fee that would be payable under the sub-advisory agreement and the portion of the
fee under the advisory agreement that would be retained by the Adviser. The Board concluded, within the context of its full deliberations,
that the advisory fees were reasonable in light of the nature and quality of the services expected to be rendered by the Adviser and the
Sub-Adviser.
Investment
Performance, Profitability and Economies of Scale
Because
the Funds were new and had not commenced operations, they did not yet have an investment performance record and it was not possible to
determine the profitability that the Adviser or the Sub-Adviser might achieve with respect to the Funds or the extent to which economies
of scale would be realized by the Adviser or the Sub-Adviser as the assets of the Funds grow. Accordingly, the Trustees did not make any
conclusions regarding the Funds’ investment performance, the Adviser’s or the Sub-Adviser’s profitability, or the extent
to which economies of scale would be realized by the Adviser or the Sub-Adviser as the assets of the Funds grow, but will do so during
future considerations of the Agreements.
| THE ADVISORS’
INNER CIRCLE FUND II |
frontier
ETFs
APRIL 30, 2025
(Unaudited) |
Approval
of the Agreements
Based
on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed
relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance
of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreements, including the fees to
be paid thereunder, were fair and reasonable and agreed to approve the Agreements for initial terms of two years. In its deliberations,
the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect
thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the
factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto)
and information.
(This
page intentionally left blank)
(This
page intentionally left blank)
Frontier
ETFs:
c/o
SEI Investments Distribution Co.
One
Freedom Valley Drive
Oaks,
PA 19456
Investment
Adviser:
Frontier
Asset Management, LLC
50
East Loucks Street, Suite 201
Sheridan,
WY 82801
Sub-Adviser:
Exchange
Traded Concepts, LLC
10900
Hefner Pointe Drive, Suite 400
Oklahoma
City, OK 73120
Administrator:
SEI
Investments Global Funds Services
One
Freedom Valley Drive
Oaks,
PA 19456
Distributor:
SEI
Investments Distribution Co.
One
Freedom Valley Drive
Oaks,
PA 19456
Legal
Counsel:
Morgan,
Lewis & Bockius LLP
2222
Market Street
Philadelphia,
PA 19103
Independent
Registered Public Accounting Firm:
Ernst
& Young LLP
One
Commerce Square
2005
Market Street, Suite 700
Philadelphia,
PA 19103
This
information must be preceded or accompanied by a current prospectus for the
Fund
described.
FRT-SA-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)
Not applicable.
(a)(2)
Not applicable.
(a)(3)
A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule
30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.
(a)(4)
Not applicable.
(a)(5)
Not applicable.
(b)
Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) |
The Advisors’ Inner Circle Fund II |
|
| |
|
|
| By (Signature and Title) |
/s/ Michael
Beattie |
|
| |
Michael Beattie |
|
| |
Principal Executive Officer |
|
| |
|
|
| Date: July 7, 2025 |
|
|
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by
the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By (Signature and Title) |
/s/ Michael
Beattie |
|
| |
Michael Beattie |
|
| |
Principal Executive Officer |
|
| |
|
|
| Date: July 7, 2025 |
|
|
| By (Signature and Title) |
/s/ Andrew
Metzger |
|
| |
Andrew Metzger |
|
| |
Principal Financial Officer |
|
| |
|
|
| Date: July 7, 2025 |
|
|
