# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0001752724-25-160760
**Filing Date:** 2025-6
**Character Count:** 18206
**Document Hash:** 553fda6a46b9274b887cbf536c997cbc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160760.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-160760

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250731

**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:** 251082545

**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, 2025** |
|  | **(Unaudited)** |

---

**SCHEDULE OF INVESTMENTS** 

**COMMON STOCK†† — 99.6%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMUNICATION SERVICES — 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T | 38700 | $1071990 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings | 16839 | 915200 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 24876 | 850759 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent \* | 9940 | 360325 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 5673 | 1400947 |
|  |  | 4599221 |
| **ELECTRIC UTILITIES — 29.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 4836 | 1080556 |
| &nbsp;&nbsp;&nbsp;Entergy | 15814 | 1315250 |
| &nbsp;&nbsp;&nbsp;IDACORP | 10524 | 1242779 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 12566 | 840414 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital | 12504 | 1190131 |
| &nbsp;&nbsp;&nbsp;PPL | 33568 | 1225232 |
| &nbsp;&nbsp;&nbsp;TXNM Energy | 24500 | 1303400 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 14100 | 996870 |
|  |  | 9194632 |
| **ENERGY — 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cameco | 12800 | 577920 |
| &nbsp;&nbsp;&nbsp;Centrus Energy, Cl A \* | 3448 | 238912 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 15221 | 1479481 |
| &nbsp;&nbsp;&nbsp;EQT | 12300 | 608112 |
|  |  | 2904425 |
| **GAS UTILITIES — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 7293 | 1171475 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Talen Energy \* | 5750 | 1236710 |
| **INDUSTRIALS — 13.7%** |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Dycom Industries \* | 5132 | 859867 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International | 7341.0 | 615910 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 6030.0 | 924278 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 3490.0 | 1021488 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 3892.0 | 839349 |
|  |  | 4260892 |
| **MATERIALS — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Linde | 2527.0 | 1145312 |
| <br>**MULTI-UTILITIES — 14.3%** |  |  |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy | 22000.0 | 853160 |
| &nbsp;&nbsp;&nbsp;NiSource | 35366.0 | 1383164 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 15101.0 | 1207023 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **REAVES INFRASTRUCTURE FUND** |
|  | **April 30, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK†† — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MULTI-UTILITIES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Sempra | 13442 | $998338 |
|  |  | 4441685 |
| **REAL ESTATE — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust † | 4200 | 674268 |
| &nbsp;&nbsp;&nbsp;Equinix † | 1500 | 1291125 |
|  |  | 1965393 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $23,713,800) |  | 30919745 |
| **SHORT-TERM INVESTMENT (A) — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SEI Daily Income Trust Treasury II Fund, Cl F, 4.210% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $147,040) | 147040 | 147040 |
| **TOTAL INVESTMENTS— 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $23,860,840) |  | $31066785 |

---

---

| | |
|:---|:---|
|  | *Percentages are based on Net Assets of $31,035,137.* |
| *\** | *Non-income producing security.* |
| *†* | *Real Estate Investment Trust* |
| *††* | *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 April 30, 2025.* |

---

 *Cl — Class*

 

*WHR-QH-001-4200*

## 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:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $31139144.36

**Total Liabilities:** $104007.26

**Net Assets:** $31035137.10

**Cash Not Reported:** $185.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017675 | 0.39%                | -2.33%               | 0.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $268663.64               | $-115470.95                                |
| Month 2  | $71174.06                | $-850708.77                                |
| Month 3  | $310078.26               | $-195835.11                                |

### 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      | $1291125.00   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                         | NEXTERA ENERGY INC COMMON STOCK                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |     12566 | NS      | $840414.08    | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORPORATION                     | ATMOS ENERGY CORP COMMON STOCK                        | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               |  | US        |      7293 | NS      | $1171474.59   | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                       | SEMPRA COMMON STOCK                                   | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               |  | US        |     13442 | NS      | $998337.34    | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST, INC.                   | DIGITAL REALTY TRUST INC REIT                         | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |      4200 | NS      | $674268.00    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US, INC.                            | T-MOBILE US INC COMMON STOCK                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               |  | US        |      5673 | NS      | $1400947.35   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                             | XCEL ENERGY INC COMMON STOCK                          | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               |  | US        |     14100 | NS      | $996870.00    | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PLC           | JOHNSON CONTROLS INTERNATION COMMON STOCK             | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               |  | US        |      7341 | NS      | $615909.90    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORATION CAMECO                           | CAMECO CORP COMMON STOCK                              | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               |  | US        |     12800 | NS      | $577920.00    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.                        | QUANTA SERVICES INC COMMON STOCK                      | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               |  | US        |      3490 | NS      | $1021488.10   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORPORATION                          | COMCAST CORP-CLASS A COMMON STOCK                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               |  | US        |     24876 | NS      | $850759.20    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy, Inc.                            | TXNM ENERGY INC COMMON STOCK                          | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               |  | US        |     24500 | NS      | $1303400.00   | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRUS ENERGY CORP.                         | CENTRUS ENERGY CORP-CLASS A COMMON STOCK              | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               |  | US        |      3448 | NS      | $238911.92    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                            | TALEN ENERGY CORP COMMON STOCK                        | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               |  | US        |      5750 | NS      | $1236710.00   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| DT MIDSTREAM, INC.                           | DT MIDSTREAM INC COMMON STOCK                         | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               |  | US        |     15221 | NS      | $1479481.20   | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORPORATION                          | ENTERGY CORP COMMON STOCK                             | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               |  | US        |     15814 | NS      | $1315250.38   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DYCOM INDUSTRIES, INC.                       | DYCOM INDUSTRIES INC COMMON STOCK                     | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               |  | US        |      5132 | NS      | $859866.60    | 2.77%             |  |  |  | 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        |    147040 | PA      | $147040.02    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP, INC.                                | IDACORP INC COMMON STOCK                              | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               |  | US        |     10524 | NS      | $1242779.16   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE WEST CAPITAL CORPORATION            | PINNACLE WEST CAPITAL COMMON STOCK                    | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               |  | US        |     12504 | NS      | $1190130.72   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER COMMUNICATIONS PARENT, INC.         | FRONTIER COMMUNICATIONS PARE COMMON STOCK             | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               |  | US        |      9940 | NS      | $360325.00    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                 | LINDE PLC COMMON STOCK                                | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               |  | US        |      2527 | NS      | $1145312.21   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORPORATION                              | EQT CORP COMMON STOCK                                 | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               |  | US        |     12300 | NS      | $608112.00    | 1.96%             |  |  |  | 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      | $1207022.93   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE, INC.              | OLD DOMINION FREIGHT LINE COMMON STOCK                | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               |  | US        |      6030 | NS      | $924278.40    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.            | CONSTELLATION ENERGY COMMON STOCK                     | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               |  | US        |      4836 | NS      | $1080555.84   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORPORATION                              | PPL CORP COMMON STOCK                                 | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               |  | US        |     33568 | NS      | $1225232.00   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| COGENT COMMUNICATIONS HOLDINGS, INC.         | COGENT COMMUNICATIONS HOLDIN COMMON STOCK             | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               |  | US        |     16839 | NS      | $915199.65    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                    | AT&T INC COMMON STOCK                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |     38700 | NS      | $1071990.00   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORPORATION                    | UNION PACIFIC CORP COMMON STOCK                       | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               |  | US        |      3892 | NS      | $839348.72    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY, INC.                     | CENTERPOINT ENERGY INC COMMON STOCK                   | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               |  | US        |     22000 | NS      | $853160.00    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC.                                | NISOURCE INC COMMON STOCK                             | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               |  | US        |     35366 | NS      | $1383164.26   | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-04-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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