# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0002048251-25-000647
**Filing Date:** 2025-9
**Character Count:** 14810
**Document Hash:** 646dcfea35b04d6d0724a535e235abd8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-000647.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0002048251-25-000647

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**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:** 251353031

**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           |

## 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:** 2025-07-31

**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:** $34587420.65

**Total Liabilities:** $118377.12

**Net Assets:** $34469043.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017675 | 3.05%                | 2.96%                | 5.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $328261.08               | $688470.23                                 |
| Month 2  | $56913.90                | $885783.85                                 |
| Month 3  | $392931.38               | $1195360.86                                |

### 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      | $1177755.00   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                         | NEXTERA ENERGY INC COMMON STOCK                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               |  | US        |     12566 | NS      | $892939.96    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORPORATION                     | ATMOS ENERGY CORP COMMON STOCK                        | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               |  | US        |      7293 | NS      | $1137124.56   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST, INC.                   | DIGITAL REALTY TRUST INC REIT                         | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |      4200 | NS      | $741048.00    | 2.15%             |  |  |  | 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      | $1722035.43   | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc.                             | XCEL ENERGY INC COMMON STOCK                          | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               |  | US        |     14100 | NS      | $1035504.00   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PLC           | JOHNSON CONTROLS INTERNATION COMMON STOCK             | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               |  | US        |      7341 | NS      | $770805.00    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORATION CAMECO                           | CAMECO CORP COMMON STOCK                              | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               |  | US        |     12800 | NS      | $959104.00    | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT ENERGY CORPORATION                   | ALLIANT ENERGY CORP COMMON STOCK                      | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               |  | US        |     10500 | NS      | $682605.00    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP                            | MP MATERIALS CORP COMMON STOCK                        | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               |  | US        |     14497 | NS      | $891565.50    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES, INC.                        | QUANTA SERVICES INC COMMON STOCK                      | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               |  | US        |      3490 | NS      | $1417393.70   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy, Inc.                            | TXNM ENERGY INC COMMON STOCK                          | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               |  | US        |     12000 | NS      | $681480.00    | 1.98%             |  |  |  | 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      | $742699.20    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                            | TALEN ENERGY CORP COMMON STOCK                        | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               |  | US        |      5750 | NS      | $2171027.50   | 6.30%             |  |  |  | No            |                  1 | On Loan: No      |
| DT MIDSTREAM, INC.                           | DT MIDSTREAM INC COMMON STOCK                         | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               |  | US        |     15221 | NS      | $1563653.33   | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORPORATION                          | ENTERGY CORP COMMON STOCK                             | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               |  | US        |     15814 | NS      | $1430060.02   | 4.15%             |  |  |  | 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        |     47150 | PA      | $47150.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP, INC.                                | IDACORP INC COMMON STOCK                              | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               |  | US        |     10524 | NS      | $1318972.92   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE WEST CAPITAL CORPORATION            | PINNACLE WEST CAPITAL COMMON STOCK                    | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               |  | US        |     12504 | NS      | $1133112.48   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PUBLIC LIMITED COMPANY                 | LINDE PLC COMMON STOCK                                | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               |  | US        |      2527 | NS      | $1163077.02   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORPORATION                              | EQT CORP COMMON STOCK                                 | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               |  | US        |     12300 | NS      | $661125.00    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMUNICATIONS CORPORATION               | SBA COMMUNICATIONS CORP REIT                          | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |      4100 | NS      | $921352.00    | 2.67%             |  |  |  | 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      | $1355918.79   | 3.93%             |  |  |  | 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      | $899977.50    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.            | CONSTELLATION ENERGY COMMON STOCK                     | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               |  | US        |      4836 | NS      | $1682154.24   | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORPORATION                              | PPL CORP COMMON STOCK                                 | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               |  | US        |     33568 | NS      | $1198041.92   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION                           | AMEREN CORPORATION COMMON STOCK                       | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               |  | US        |     10250 | NS      | $1036582.50   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COGENT COMMUNICATIONS HOLDINGS, INC.         | COGENT COMMUNICATIONS HOLDIN COMMON STOCK             | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               |  | US        |     15154 | NS      | $690870.86    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC.                                    | AT&T INC COMMON STOCK                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               |  | US        |     31700 | NS      | $868897.00    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORPORATION                    | UNION PACIFIC CORP COMMON STOCK                       | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               |  | US        |      2942 | NS      | $653035.74    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY, INC.                     | CENTERPOINT ENERGY INC COMMON STOCK                   | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               |  | US        |     23500 | NS      | $912270.00    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMMUNICATIONS, INC.                 | CHARTER COMMUNICATIONS INC-A COMMON STOCK             | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               |  | US        |      1776 | NS      | $478383.36    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC.                                | NISOURCE INC COMMON STOCK                             | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               |  | US        |     35366 | NS      | $1501286.70   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

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