# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0002048251-26-005342
**Filing Date:** 2026-6
**Character Count:** 20049
**Document Hash:** 495cb154b324b088198edb4a1371458c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-005342.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0002048251-26-005342

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07102
- **FILM NUMBER:** 261124053

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

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

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

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

## Series and Classes Contracts Data

### REAVES INFRASTRUCTURE FUND (Series ID: S000006467)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000017675 | INSTITUTIONAL CLASS SHARES | RSRFX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **REAVES INFRASTRUCTURE FUND** |
|  | **April 30, 2026** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK<sup>††</sup> — 99.9%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 7573 | $1480522 |
| **ELECTRIC UTILITIES — 22.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy | 10500 | 771015 |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 4836 | 1513668 |
| &nbsp;&nbsp;&nbsp;Entergy | 15814 | 1864628 |
| &nbsp;&nbsp;&nbsp;IDACORP | 10524 | 1554816 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 12566 | 1229960 |
| &nbsp;&nbsp;&nbsp;PPL | 24568 | 919826 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 14100 | 1169595 |
|  |  | 9023508 |
| **ENERGY — 13.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cameco | 12300 | 1513392 |
| &nbsp;&nbsp;&nbsp;Centrus Energy, Cl A \* | 2998 | 632458 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 15221 | 2252556 |
| &nbsp;&nbsp;&nbsp;Williams Cos. | 14500 | 1106495 |
|  |  | 5504901 |
| **GAS — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 3100 | 852345 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Talen Energy \* | 5540 | 2063207 |
| &nbsp;&nbsp;&nbsp;Vistra | 3700 | 584008 |
|  |  | 2647215 |
| **INDUSTRIALS — 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Dycom Industries \* | 1394 | 577256 |
| &nbsp;&nbsp;&nbsp;GE Vernova | 580 | 628407 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International | 7341 | 1072006 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 3490 | 2539917 |
| &nbsp;&nbsp;&nbsp;TIC Solutions \* | 67659 | 618403 |
|  |  | 5435989 |
| **INFORMATION TECHNOLOGY — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Coherent \* | 2000 | 639420 |
| &nbsp;&nbsp;&nbsp;Corning | 7750 | 1272860 |
|  |  | 1912280 |
| **MATERIALS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;MP Materials \* | 14497 | 957382 |
| **MULTI-UTILITIES — 14.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ameren | 10250 | 1164913 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 23500 | 1025775 |
| &nbsp;&nbsp;&nbsp;NiSource | 33366 | 1610910 |

---

**1**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **REAVES INFRASTRUCTURE FUND** |
|  | **April 30, 2026** |
|  | **(Unaudited)** |

---

**COMMON STOCK<sup>††</sup> — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MULTI-UTILITIES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Sempra | 12500 | $1189000 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 9350 | 1102739 |
|  |  | 6093337 |
| **REAL ESTATE — 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Crown Castle † | 8750 | 776825 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust † | 4200 | 843948 |
| &nbsp;&nbsp;&nbsp;Equinix † | 1500 | 1624245 |
| &nbsp;&nbsp;&nbsp;Iron Mountain † | 8700 | 1096113 |
|  |  | 4341131 |
| **TELECOMMUNICATION SERVICES — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 4543 | 784621 |
| &nbsp;&nbsp;&nbsp;F5 \* | 2200 | 712580 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings \* | 980 | 884274 |
|  |  | 2381475 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $24,609,089) |  | 40630085 |
| **SHORT-TERM INVESTMENT(A) — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust Treasury II Fund, Cl F, 3.570% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $122,454) | 122454 | 122454 |
| TOTAL INVESTMENTS— 100.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $24,731,543) |  | $40752539 |

---

*Percentages are based on Net Assets of $40,667,954.*

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

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Real Estate Investment Trust* 

*††* *Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.*

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *The rate reported is the 7-day effective yield as of April 30, 2026.* 

*Cl — Class*

*WHR-QH-001-4400*

**2**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE FUND II

- **b. Investment Company Act file number:** 811-07102

- **c. CIK number of Registrant:** 0000890540

- **d. LEI of Registrant:** 549300OEHDTB2ALCAX69

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Reaves Infrastructure Fund

- **b. EDGAR series identifier (if any):** S000006467

- **c. LEI of Series:** 5493001NU07FTGFWK120

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2026-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $40795857.39

**Total Liabilities:** $127903.01

**Net Assets:** $40667954.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017675 | 11.75%               | -4.56%               | 11.06%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $760866.67               | $3581723.56                                |
| Month 2  | $36128.00                | $-1814830.05                               |
| Month 3  | $596184.80               | $3395078.59                                |

### Schedule of Portfolio Investments

| Name                                                  | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EQUINIX, INC.                                         | EQUINIX INC REIT                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |      1500 | NS      | $1624245.00   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.                                 | QUANTA SERVICES INC COMMON STOCK                      | CUSIP: N/A<br>LEI: SHVRXXEACT60MMH07S24       | Long             | EC               |  | US        |      3490 | NS      | $2539917.30   | 6.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY, INC.                                 | CHENIERE ENERGY INC COMMON STOCK                      | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               |  | US        |      3100 | NS      | $852345.00    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                                  | NEXTERA ENERGY INC COMMON STOCK                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |     12566 | NS      | $1229960.08   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMENTUM HOLDINGS INC.                                | LUMENTUM HOLDINGS INC COMMON STOCK                    | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               |  | US        |       980 | NS      | $884273.60    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                                | SEMPRA COMMON STOCK                                   | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               |  | US        |     12500 | NS      | $1189000.00   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST, INC.                            | DIGITAL REALTY TRUST INC REIT                         | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |      4200 | NS      | $843948.00    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                                     | T-MOBILE US INC COMMON STOCK                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               |  | US        |      7573 | NS      | $1480521.50   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| F5, INC.                                              | F5 INC COMMON STOCK                                   | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               |  | US        |      2200 | NS      | $712580.00    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                                      | XCEL ENERGY INC COMMON STOCK                          | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               |  | US        |     14100 | NS      | $1169595.00   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp.                                        | COHERENT CORP COMMON STOCK                            | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               |  | US        |      2000 | NS      | $639420.00    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PUBLIC LIMITED COMPANY | JOHNSON CONTROLS INTERNATION COMMON STOCK             | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               |  | US        |      7341 | NS      | $1072006.23   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INCORPORATED                            | IRON MOUNTAIN INC REIT                                | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |      8700 | NS      | $1096113.00   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMECO CORPORATION                                    | CAMECO CORP COMMON STOCK                              | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               |  | US        |     12300 | NS      | $1513392.00   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP                                     | MP MATERIALS CORP COMMON STOCK                        | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               |  | US        |     14497 | NS      | $957381.88    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRUS ENERGY CORP.                                  | CENTRUS ENERGY CORP-CLASS A COMMON STOCK              | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               |  | US        |      2998 | NS      | $632458.08    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                                     | TALEN ENERGY CORP COMMON STOCK                        | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               |  | US        |      5540 | NS      | $2063206.80   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DT MIDSTREAM, INC.                                    | DT MIDSTREAM INC COMMON STOCK                         | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               |  | US        |     15221 | NS      | $2252555.79   | 5.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORPORATION                                   | ENTERGY CORP COMMON STOCK                             | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               |  | US        |     15814 | NS      | $1864628.74   | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DYCOM INDUSTRIES, INC.                                | DYCOM INDUSTRIES INC COMMON STOCK                     | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               |  | US        |      1394 | NS      | $577255.40    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP.                                          | Vistra Corp. COMMON STOCK                             | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               |  | US        |      3700 | NS      | $584008.00    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                            | ALLIANT ENERGY CORP COMMON STOCK                      | CUSIP: N/A<br>LEI: 5493009ML300G373MZ12       | Long             | EC               |  | US        |     10500 | NS      | $771015.00    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC ENERGY GROUP INC.                                 | WEC ENERGY GROUP INC COMMON STOCK                     | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               |  | US        |      9350 | NS      | $1102739.00   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                   | SEI DAILY INCOME TRUST TREASURY II MONEY MARKET (#37) | CUSIP: 783965619<br>LEI: N/A                  | Long             | STIV             |  | US        |    122454 | PA      | $122454.33    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP, INC.                                         | IDACORP INC COMMON STOCK                              | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               |  | US        |     10524 | NS      | $1554815.76   | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TIC SOLUTIONS, INC.                                   | TIC SOLUTIONS INC COMMON STOCK                        | CUSIP: 00510N102<br>LEI: N/A                  | Long             | EC               |  | US        |     67659 | NS      | $618403.26    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION                                    | AMEREN CORPORATION COMMON STOCK                       | CUSIP: N/A<br>LEI: XRZQ5S7HYJFPHJ78L959       | Long             | EC               |  | US        |     10250 | NS      | $1164912.50   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC.                                       | GE VERNOVA INC COMMON STOCK                           | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               |  | US        |       580 | NS      | $628406.80    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC.                                     | CROWN CASTLE INC REIT                                 | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |      8750 | NS      | $776825.00    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.                     | CONSTELLATION ENERGY COMMON STOCK                     | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               |  | US        |      4836 | NS      | $1513668.00   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORPORATION                                       | PPL CORP COMMON STOCK                                 | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               |  | US        |     24568 | NS      | $919825.92    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WILLIAMS COMPANIES, INC.                          | WILLIAMS COS INC COMMON STOCK                         | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               |  | US        |     14500 | NS      | $1106495.00   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CORNING INCORPORATED                                  | CORNING INC COMMON STOCK                              | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               |  | US        |      7750 | NS      | $1272860.00   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY, INC.                              | CENTERPOINT ENERGY INC COMMON STOCK                   | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               |  | US        |     23500 | NS      | $1025775.00   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS, INC.                                 | ARISTA NETWORKS INC COMMON STOCK                      | CUSIP: N/A<br>LEI: 635400H1WKBLOQERUU95       | Long             | EC               |  | US        |      4543 | NS      | $784621.53    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC.                                         | NISOURCE INC COMMON STOCK                             | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               |  | US        |     33366 | NS      | $1610910.48   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** THE ADVISORS' INNER CIRCLE FUND II

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** Treasurer, Controller and Chief Financial Officer