# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0002048251-25-003630
**Filing Date:** 2025-12
**Character Count:** 19288
**Document Hash:** f661df7cd484aaf1e92f2ca84a07dac3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-003630.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0002048251-25-003630

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**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:** 251608478

**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 <br> October 31, 2025 <br> (Unaudited)

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  | **SCHEDULE OF INVESTMENTS**  |
| **COMMON STOCK**<sup>**<sup>†</sup><sup>†</sup>**</sup> **— 99.7%** | **COMMON STOCK**<sup>**<sup>†</sup><sup>†</sup>**</sup> **— 99.7%** | **COMMON STOCK**<sup>**<sup>†</sup><sup>†</sup>**</sup> **— 99.7%** |
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 6.5%** | **COMMUNICATION SERVICES — 6.5%** |  |
| &nbsp;&nbsp;&nbsp;AT&T  | 31700 | $784575 |
| &nbsp;&nbsp;&nbsp;T-Mobile US  | 7223 | 1517191 |
|  |  | 2301766 |
| **ELECTRIC UTILITIES — 29.7%** | **ELECTRIC UTILITIES — 29.7%** |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy  | 10500 | 701610 |
| &nbsp;&nbsp;&nbsp;Constellation Energy  | 4836 | 1823172 |
| &nbsp;&nbsp;&nbsp;Entergy  | 15814 | 1519567 |
| &nbsp;&nbsp;&nbsp;IDACORP | 10524 | 1357807 |
| &nbsp;&nbsp;&nbsp;NextEra Energy  | 12566 | 1022872 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital  | 12504 | 1106854 |
| &nbsp;&nbsp;&nbsp;PPL  | 33568 | 1225903 |
| &nbsp;&nbsp;&nbsp;TXNM Energy  | 12000 | 681600 |
| &nbsp;&nbsp;&nbsp;Xcel Energy  | 14100 | 1144497 |
|  |  | 10583882 |
| **ENERGY — 15.6%** | **ENERGY — 15.6%** |  |
| &nbsp;&nbsp;&nbsp;Cameco  | 12800 | 1308288 |
| &nbsp;&nbsp;&nbsp;Centrus Energy, Cl A \* | 2998 | 1101645 |
| &nbsp;&nbsp;&nbsp;DT Midstream  | 15221 | 1666548 |
| &nbsp;&nbsp;&nbsp;EQT  | 12300 | 659034 |
| &nbsp;&nbsp;&nbsp;Williams Companies  | 14500 | 839115 |
|  |  | 5574630 |
| **GAS UTILITIES — 3.5%** | **GAS UTILITIES — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy  | 7293 | 1252354 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 6.5%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 6.5%** |  |
| &nbsp;&nbsp;&nbsp;Talen Energy \* | 5750 | 2298735 |
| **INDUSTRIALS — 7.9%** | **INDUSTRIALS — 7.9%** |  |
| &nbsp;&nbsp;&nbsp;Dycom Industries \* | 1394 | 401179 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International  | 7341 | 839737 |
| &nbsp;&nbsp;&nbsp;Quanta Services  | 3490 | 1567464 |
|  |  | 2808380 |
| **INFORMATION TECHNOLOGY — 2.5%** | **INFORMATION TECHNOLOGY — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;Corning  | 10000 | 890800 |
| **MATERIALS — 5.5%** | **MATERIALS — 5.5%** |  |
| &nbsp;&nbsp;&nbsp;Linde  | 2527 | 1057044 |
| &nbsp;&nbsp;&nbsp;MP Materials \* | 14497 | 914616 |
|  |  | 1971660 |
| **MULTI-UTILITIES — 13.0%** | **MULTI-UTILITIES — 13.0%** |  |
| &nbsp;&nbsp;&nbsp;Ameren  | 10250 | 1045705 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy  | 23500 | 898640 |

---

**1**

THE ADVISORS' INNER CIRCLE FUND II REAVES INFRASTRUCTURE FUND <br> October 31, 2025 <br> (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCK**<sup>**<sup>†</sup><sup>†</sup>**</sup> **— continued** | **COMMON STOCK**<sup>**<sup>†</sup><sup>†</sup>**</sup> **— continued** | **COMMON STOCK**<sup>**<sup>†</sup><sup>†</sup>**</sup> **— continued** |
|  | **Shares** | **Value** |
| **MULTI-UTILITIES — continued** | **MULTI-UTILITIES — continued** |  |
| &nbsp;&nbsp;&nbsp;NiSource  | 35366 | $1489262 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group  | 15101 | 1216537 |
|  |  | 4650144 |
| **REAL ESTATE — 9.0%** | **REAL ESTATE — 9.0%** |  |
| &nbsp;&nbsp;&nbsp;Crown Castle <sup>†</sup> | 13750 | 1240525 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust <sup>†</sup> | 4200 | 715722 |
| &nbsp;&nbsp;&nbsp;Equinix <sup>†</sup> | 1500 | 1269015 |
|  |  | 3225262 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $23,461,660)  |  | 35557613 |
| **SHORT-TERM INVESTMENT(A) — 0.5%** | **SHORT-TERM INVESTMENT(A) — 0.5%** | **SHORT-TERM INVESTMENT(A) — 0.5%** |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust Treasury II Fund, Cl F, 3.920%  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $168,901)  | 168901 | 168901 |
| TOTAL INVESTMENTS— 100.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $23,630,561) |  | $35726514 |

---

---

| | |
|:---|:---|
|  | *Percentages are based on Net Assets of $35,669,985.* |
| *\** | *Non-income producing security.* |
| *<sup>†</sup>* | *Real Estate Investment Trust* |
| *<sup>†</sup><sup>†</sup>* | *Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.* |
| *(A)* | *The rate reported is the 7-day effective yield as of October 31, 2025.* |

---

 

*Cl — Class* 

*WHR-QH-001-4300* 

**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:** 2025-10-31

**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:** $35779613.10

**Total Liabilities:** $109628.57

**Net Assets:** $35669984.53

**Cash Not Reported:** $184.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017675 | 0.00%                | 5.28%                | -0.87%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $132519.43               | $-116972.77                                |
| Month 2  | $135.68                  | $1881171.43                                |
| Month 3  | $-701385.41              | $221286.40                                 |

### 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      | $1269015.00   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.                                 | QUANTA SERVICES INC COMMON STOCK                      | CUSIP: N/A<br>LEI: SHVRXXEACT60MMH07S24       | Long             | EC               |  | US        |      3490 | NS      | $1567463.70   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                                  | NEXTERA ENERGY INC COMMON STOCK                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |     12566 | NS      | $1022872.40   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST, INC.                            | DIGITAL REALTY TRUST INC REIT                         | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |      4200 | NS      | $715722.00    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                                     | T-MOBILE US INC COMMON STOCK                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               |  | US        |      7223 | NS      | $1517191.15   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                                      | XCEL ENERGY INC COMMON STOCK                          | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               |  | US        |     14100 | NS      | $1144497.00   | 3.21%             |  |  |  | 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      | $839736.99    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORATION CAMECO                                    | CAMECO CORP COMMON STOCK                              | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               |  | US        |     12800 | NS      | $1308288.00   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP                                     | MP MATERIALS CORP COMMON STOCK                        | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               |  | US        |     14497 | NS      | $914615.73    | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy, Inc.                                     | TXNM ENERGY INC COMMON STOCK                          | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               |  | US        |     12000 | NS      | $681600.00    | 1.91%             |  |  |  | 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      | $1101645.08   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORPORATION                              | ATMOS ENERGY CORP COMMON STOCK                        | CUSIP: N/A<br>LEI: QVLWEGTD2S8GJMO8D383       | Long             | EC               |  | US        |      7293 | NS      | $1252353.96   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                                     | TALEN ENERGY CORP COMMON STOCK                        | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               |  | US        |      5750 | NS      | $2298735.00   | 6.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DT MIDSTREAM, INC.                                    | DT MIDSTREAM INC COMMON STOCK                         | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               |  | US        |     15221 | NS      | $1666547.29   | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORPORATION                                   | ENTERGY CORP COMMON STOCK                             | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               |  | US        |     15814 | NS      | $1519567.26   | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DYCOM INDUSTRIES, INC.                                | DYCOM INDUSTRIES INC COMMON STOCK                     | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               |  | US        |      1394 | NS      | $401179.26    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                            | ALLIANT ENERGY CORP COMMON STOCK                      | CUSIP: N/A<br>LEI: 5493009ML300G373MZ12       | Long             | EC               |  | US        |     10500 | NS      | $701610.00    | 1.97%             |  |  |  | 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        |    168901 | PA      | $168901.27    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP, INC.                                         | IDACORP INC COMMON STOCK                              | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               |  | US        |     10524 | NS      | $1357806.48   | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE WEST CAPITAL CORPORATION                     | PINNACLE WEST CAPITAL COMMON STOCK                    | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               |  | US        |     12504 | NS      | $1106854.08   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                          | LINDE PLC COMMON STOCK                                | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               |  | US        |      2527 | NS      | $1057044.10   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORPORATION                                       | EQT CORP COMMON STOCK                                 | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               |  | US        |     12300 | NS      | $659034.00    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED          | PUBLIC SERVICE ENTERPRISE GP COMMON STOCK             | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               |  | US        |     15101 | NS      | $1216536.56   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION                                    | AMEREN CORPORATION COMMON STOCK                       | CUSIP: N/A<br>LEI: XRZQ5S7HYJFPHJ78L959       | Long             | EC               |  | US        |     10250 | NS      | $1045705.00   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC.                                     | CROWN CASTLE INC REIT                                 | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |     13750 | NS      | $1240525.00   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.                     | CONSTELLATION ENERGY COMMON STOCK                     | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               |  | US        |      4836 | NS      | $1823172.00   | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORPORATION                                       | PPL CORP COMMON STOCK                                 | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               |  | US        |     33568 | NS      | $1225903.36   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WILLIAMS COMPANIES, INC.                          | WILLIAMS COS INC COMMON STOCK                         | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               |  | US        |     14500 | NS      | $839115.00    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CORNING INCORPORATED                                  | CORNING INC COMMON STOCK                              | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               |  | US        |     10000 | NS      | $890800.00    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                             | AT&T INC COMMON STOCK                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |     31700 | NS      | $784575.00    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY, INC.                              | CENTERPOINT ENERGY INC COMMON STOCK                   | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               |  | US        |     23500 | NS      | $898640.00    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC.                                         | NISOURCE INC COMMON STOCK                             | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               |  | US        |     35366 | NS      | $1489262.26   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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