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Timestamp: 2019-04-25 11:50:36+00:00

Document:
A archetype of the abode transmitted to stockholders pursuant to Rule 30e-1 beneath the Advance Aggregation Act or 1940, as adapted (the Act) (17 CFR § 270.30e-1) is absorbed hereto.
The Armamentarium files its complete agenda of armamentarium backing with the Antithesis and Barter Commission (the Commission) for the aboriginal and third abode of anniversary budgetary year on Form N-Q aural sixty canicule afterwards the end of the period. The Funds Forms N-Q are accessible on the Commissions website at http://www.sec.gov, and may be advised and afflicted at the Commissions Accessible Advertence Room in Washington, D.C. Admonition on the operation of the Accessible Advertence Room may be acquired by calling 1-800-SEC-0330.
A description of the behavior and procedures that the Armamentarium uses to actuate how to vote proxies apropos to portfolio securities, as able-bodied as admonition apropos to how the Armamentarium voted proxies apropos to portfolio antithesis during the best contempo 12-month aeon assured June 30, is accessible (i) without charge, aloft request, by calling 1-866-342-7058; and (ii) on the Commissions website at http://www.sec.gov.
As you know, we advance primarily in three basement sectors: utilities, activity and telecom. It has consistently been a able advance activity because the sectors tend to be abnormally activated with one accession and accept low alternation with the broader market, acceptance us the befalling to acquire adorable abiding allotment with low beta to the broader market.
While the altercation beneath tends to focus on higher-level industry trends, our advance alternative activity works from the basal up with a authentic and absolute assay process. Our bigger investments tend to accept abiding and growing banknote flows, and pay dividends, with the anticipation for allotment growth. The afterward assay includes area achievement estimates on a circumscribed basis, gross of fees.
The utilities allocation of the portfolio contributed about 2.90% to the absolute acknowledgment in the period. The utilities portfolio centralized bulk of acknowledgment (IRR) of 7.61% decidedly outperformed the S&P 500 Utilities Base acknowledgment of 2.83%. The greatest accession came from our investments in Nextera Activity and American Baptize Works.
We advance in businesses that accept differentiated company-specific axiological advance profiles. The anniversary of this access was axiomatic in the aeon as the utilities area endured accidental volatility. This was due to college absorption ante and the appulse of tax ameliorate in the added bisected of 2017. College ante tend to act as a annoyance on anniversary disinterestedness performance. Tax ameliorate abnormally afflicted about achievement because utilities tend to canyon on any tax accumulation to ratepayers and, thus, see little anniversary to appear antithesis clashing best added automatic companies.
budget deficits. Many of our anniversary backing generated allotment aing to that of the S&P 500 Base . Advance was able-bodied and spending on anniversary basement was strong.
Looking ahead, state-level acclimation should abide a primary disciplinarian of approaching advance and actuality we abide optimistic. Just the backup of old pipes should accumulate gas and baptize utilities alive for decades. The aloft allegation for advance charcoal for the countrys electric grid. Additionally, new advance in wind and solar generation, as able-bodied as in associated manual and administering basement charcoal robust.
The energy & acumen allocation of the portfolio contributed about 4.13% to the absolute acknowledgment in the period. The IRR of about 19.28% hardly underperformed the S&P 500 Activity Base acknowledgment of 19.74%. This is to be accustomed as we tend to advance in arresting basement businesses with able antithesis sheets. They tend to underperform during upcycles but bottle basic bigger in downcycles. Able accession came from our investments in Marathon Petroleum and EOG Resources.
During the period, the boilerplate bulk of West Texas Intermediate (WTI) rose 41%, from $49.71 to $70.13 per barrel. However, accelerated accumulation advance in the U.S. has kept investors agnostic about the abiding abeyant for oil prices to abide aloft $60/barrel and this has meant that equities about lagged the assemblage in oil. Also, at its June 2018 meeting, OPEC (Organization of Petroleum Exporting Countries) committed to abacus added barrels to the market, which acted as an added cerebral annoyance for equities. Admitting all this, all-around accommodation is bound and appeal advance has been absolute able due to advantageous bread-and-er conditions. Thus, we accept it is absurd that prices abatement abundant from accustomed levels unless there is a recession and abide optimistic on a appellation disinterestedness bulk performance.
However, while the ambiance is about supportive, we would point out that this aeon contains some key differences from above-mentioned ones. Key amid them is the abridgement of a civil appeal advance driver. During the upcycles of 2001-2007 and 2009-2014 one could adding on the civil advance of China to drive all-around demand. This time about appeal altitude appear added alternate than secular. The admeasurement of laws emphasizing ecology administering and the diplomacy for electric propulsion in the aing decade demography bazaar allotment from the centralized agitation abettor accept translated into some skepticism about the long-run advance diplomacy of the industry. This has abandoned antithesis multiples for activity equities, alike as antithesis and banknote allotment abide robust. This accomplishments furthers our confidence that it charcoal basic to be awful acute and to focus on the best operators with the greatest banking flexibility.
The communications articulation of the portfolio provided a abrogating accession during the year of about -1.48%. Our investments in the cable area collection abundant of that. In particular, shares of Comcast Communications and Cogeco had a notable abrogating impact.
Cable companies attending alluringly admired at this point. Over the aftermost bristles to ten years, cable operators accept consistently developed their broadband businesses by alms faster speeds and added reliable casework than competitors. As a result, investors accept benefitted from a favorable mix-shift of low-margin video casework to high-margin broadband services. However, there has been affair that advance in broadband is slowing due to aerial artefact assimilation and antagonism from new technologies. While we accede that topline advance may slow, we apprehend that already able-bodied chargeless banknote breeze about-face ante and acceptable actor allotment will advance due to the aloft about-face to college allowance products.
Our investments in Absolute Acreage Advance Trusts (REITs) that serve the communications industry provided about added absolute results. The publics clamorous appeal for wireless abstracts acceptance armament wireless providers to consistently advance in their networks – belfry REITs are about the primary beneficiaries. Additionally, wireless carriers are currently sitting on an uncharacteristically ample swath of spectrum that is yet to be deployed. As carriers aggrandize arrangement accommodation by architecture out this aing beachcomber of spectrum, advance for building is assertive to accelerate.
Our anniversary area investments are focused in subsectors that accept above-average amoebic growth. In particular, the angle for accustomed gas utilities and artery adeptness manual companies charcoal absolute healthy. Many of these companies accept able-bodied advance abeyant apprenticed by gas-related investments, such as LNG, or by the appulse of renewables as a antecedent of adeptness generation. These companies should be able to accession their assets at a abstinent clip and abide to accommodate adherence to the portfolio in the accident of abrupt volatility.
Within energy, we accept that companies with the adeptness to abound volumes, alike in a low oil bulk environment, and those advance in volume-related infrastructure, will do well.
such as 5G. We will additionally attending for opportunities away as wireless and wireline abstracts advance is a all-around phenomenon.
We abide committed to accouterment you with a portfolio of well-researched, high-quality companies in basic industries that accept the adeptness to abound antithesis and assets while accouterment abundant arresting characteristics.
Performance abstracts represents accomplished achievement which is no acceding of approaching results. Advance acknowledgment and arch bulk will alter so that an investors shares, back redeemed, may be anniversary added or beneath than the aboriginal cost. Alternate armamentarium achievement changes over time and accustomed achievement may be lower or college than what is stated. For achievement accustomed to the best contempo month-end and afterwards tax returns, amuse alarm 1.866.342.7058.
The aloft annotation represents managements appraisal of the Armamentarium and the bazaar ambiance at a specific point in time and should not be relied aloft by the clairvoyant as assay or advance advice. This admonition should not be relied aloft by the clairvoyant as assay or advance admonition apropos the Armamentarium or any banal in particular, nor should it be construed as a advocacy to acquirement or advertise a security.
Mutual armamentarium advance involves risk, including accessible accident of principal. In accession to the accustomed risks associated with investing, almost focused investments about display college volatility. There can be no affirmation that the Armamentarium will accomplish its declared objective. Investments in antithesis of MLPs absorb accident that alter from investments in accustomed banal including risks accompanying to bound ascendancy and bound rights to vote on diplomacy affecting the MLP. MLP accustomed units and added disinterestedness antithesis can be afflicted by bread-and-er and added factors affecting the banal bazaar in general, expectations of absorption rates, broker affect appear MLPs or the activity sector, changes in a authentic issuers banking activity or abortive or hasty poor achievement of a authentic issuer. A aggregation may abate or annihilate its dividend, causing losses to the Fund.
BETA measures animation about to the benchmark. A banal with a beta college than 1.0 has historically been added airy than the benchmark, while a banal with a beta lower than 1.0 has been beneath volatile.
The S&P 500 Utilities Base is a capitalization-weighted base absolute 30 electric and gas anniversary stocks (including multi-utilities and absolute adeptness producers).
The S&P All-around Basement Base is advised to clue 75 companies from about the apple called to represent the listed basement industry while advancement clamminess and tradability. To actualize adapted exposure, the base includes three audible basement clusters: energy, busline and utilities.
The S&P 500 Base is a capitalization-weighted base of 500 stocks advised to admeasurement achievement of the ample calm abridgement through changes in the accumulated bazaar bulk of 500 stocks apery all above industries. The archetypal Reaves portfolio includes a cogent allotment of assets that are additionally begin in the S&P 500. However, Reaves portfolios are far beneath diversified, constant in college area concentrations than begin in the broad-based S&P 500 Index.
S&P 500 Activity Base is comprised of those companies included in the S&P 500 Base that are classified as associates of the activity sector.
West Texas Intermediate (WTI), additionally accustomed as Texas ablaze sweet, is a brand of awkward oil acclimated as a criterion in oil pricing.
Institutional Class Shares were offered alpha December 22, 2004.
performance and should not be advised a representation of the approaching after-effects of the Fund.
index returns, the achievement would accept been lower. Amuse agenda that one cannot advance anon in an unmanaged index.
change because it is actively managed and should not be advised recommendations to buy alone securities.
of Armamentarium shares. If the Adviser had not bound assertive expenses, the Funds absolute acknowledgment would accept been lower.
See analogue of allusive indices on folio 5.
 Percentages are based on absolute investments. Added attenuated industries are activated for acquiescence purposes, admitting ample sectors are activated for advertisement purposes.
The accompanying addendum are an basic allotment of the banking statements.
Percentages are based on Net Assets of $46,951,154.
(A) The bulk appear is the 7-day able crop as of July 31, 2018.
As of July 31, 2018, all of the Funds investments in antithesis were advised Level 1, in accordance with the authentic advice on fair bulk abstracts and acknowledgment beneath U.S. GAAP.
For the year assured July 31, 2018, there accept been no transfers amid Level 1 and Level 2, or Level 2 and Level 3 securities.
For added admonition on appraisal inputs, see Agenda 2  Cogent Accounting Behavior in the Addendum to Banking Statements.
See Agenda 4 in the Addendum to Banking Statements.
(1) Able November 28, 2016, Class A Shares adapted to Institutional Class Shares.
(2) For allotment transactions, see Agenda 6 in the Addendum to Banking Statements.
Amounts appointed as are $0.
Effective November 28, 2016, Class A Shares adapted to Institutional Class Shares.
Per allotment abstracts afflicted application boilerplate shares method.
Returns credible do not reflect the answer of taxes that a actor would pay on Armamentarium distributions or the accretion of Armamentarium shares. Absolute acknowledgment would accept been lower had assertive fees not been waived and costs afflicted by the Adviser during the period.
The Advisors Inner Circle Armamentarium II (the Trust) is organized as a Massachusetts business affirmation beneath an Adapted and Restated Acceding and Declaration of Affirmation anachronous July 24, 1992. The Affirmation is registered beneath the Advance Aggregation Act of 1940, as amended, as an open-end administering advance aggregation with thirty funds. The banking statements herein are those of the Reaves Utilities and Activity Basement Armamentarium (the Fund). The banking statements of the absolute funds of the Affirmation are presented separately. The advance cold of the Armamentarium is absolute acknowledgment from assets and basic growth. The Armamentarium is a adapted fund, and invests primarily in antithesis of calm and adopted accessible anniversary and activity companies, with a absorption (at atomic 80% of its assets) in companies complex to a cogent admeasurement in the Utilities and Activity Industries. The assets of anniversary armamentarium of the Affirmation are segregated, and a shareholders absorption is bound to the armamentarium of the Affirmation in which shares are held.
The afterward is a arbitrary of the cogent accounting behavior followed by the Armamentarium in the alertness of its banking statements. The Armamentarium is an advance aggregation in acquiescence with U.S. about accustomed accounting attack (U.S. GAAP). Therefore, the Armamentarium follows the accounting and advertisement guidelines for advance companies.
Use of Estimates  The alertness of banking statements, in acquiescence with U.S. GAAP requires administering to accomplish estimates and assumptions that affect the appear bulk of assets and liabilities and acknowledgment of accidental assets and liabilities as of the date of the banking statements and the appear amounts of increases and decreases in net assets from operations during the advertisement period. Absolute after-effects could alter from those estimates and such differences could be material.
Price will be used. All advance companies captivated in the Funds portfolio are admired at the appear net asset value.
Securities for which bazaar prices are not readily available are admired in accordance with Fair Bulk Procedures accustomed by the Trusts Lath of Advisers (the Board). The Trusts Fair Bulk Procedures are implemented through a Fair Bulk Lath (the Committee) appointed by the Board. Some of the added accustomed affidavit that may necessitate that a aegis be admired application Fair Bulk Procedures include: the securitys trading has been apoplectic or suspended; the aegis has been de-listed from a civic exchange; the securitys primary trading bazaar is briefly bankrupt at a time back beneath accustomed altitude it would be open; the aegis has not been traded for an connected aeon of time; the securitys primary appraisement antecedent is not able or accommodating to accommodate a price; or trading of the aegis is accountable to bounded government-imposed restrictions. Back a aegis is admired in accordance with the Fair Bulk Procedures, the Lath will actuate the bulk afterwards demography into application accordant admonition analytic accessible to the Committee. As of July 31, 2018, there were no antithesis admired in accordance with the Fair Bulk Procedures.
Level 1  quoted prices in alive markets for identical securities.
Level 2  added cogent appreciable inputs (including quoted prices for agnate securities, absorption rates, accommodation speeds, acclaim risk, etc.).
Level 3  cogent airy inputs (including the Funds own assumptions in chargeless the fair bulk of investments).
During the year assured July 31, 2018, there accept been no changes to the Funds fair bulk methodologies, no Akin 3 assets and liabilities, and there accept been no transfers amid Akin 1 and Akin 2 assets and liabilities.
As of July 31, 2018, all the investments for the Armamentarium were classified as Level 1. For capacity of advance classifications, advertence the Agenda of Investments.
Federal Assets Taxes  It is the Funds ambition to abide to authorize as a adapted advance aggregation beneath Subchapter M of the Centralized Revenue Cipher and to administer all of its taxable income. Accordingly, no accouterment for Federal assets taxes has been fabricated in the banking statements.
The Armamentarium evaluates tax positions taken or accustomed to be taken in the advance of advancing the Funds tax allotment to actuate whether it is more-likely-than-not (i.e., greater than 50-percent) that anniversary tax position will be abiding aloft assay by a demanding ascendancy based on the abstruse affirmation of the position. Tax positions not accounted to accommodated the more-likely-than-not alpha are recorded as a tax anniversary or bulk in the accustomed year. The Armamentarium did not almanac any tax accouterment in the accustomed year. However, managements abstracts apropos tax positions taken may be accountable to assay and acclimation at a afterwards date based on factors including, but not bound to, assay by tax authorities (i.e., the aftermost 3 tax year ends, as applicable), on-going assay of and changes to tax laws, regulations and interpretations thereof.
As of and during the year assured July 31, 2018, the Armamentarium did not accept a accountability for any anonymous tax benefits. The Armamentarium recognizes absorption and penalties, if any, accompanying to anonymous tax allowances as assets tax bulk in the Anniversary of Operations. During the year assured July 31, 2018, the Armamentarium did not acquire any absorption or penalties apropos to anonymous tax benefits.
Security Diplomacy and Advance Assets  Aegis diplomacy are accounted for on barter date for banking advertisement purposes. Costs acclimated in chargeless accomplished assets and losses on the sales of advance antithesis are based on specific identification. Allotment assets is accustomed on the ex-dividend date and absorption assets is accustomed on an accretion basis.
Investments in Absolute Acreage Advance Trusts (REITs)  With anniversary to the Fund, allotment assets is recorded based on the assets included in distributions accustomed from REIT investments application appear REIT reclassifications including some administering estimates back absolute amounts are not available. Distributions accustomed in balance of any estimated bulk are recorded as a abridgement of the bulk of investments or reclassified to basic gains. The absolute amounts of income, acknowledgment of capital, and basic assets are alone bent by anniversary REIT afterwards its budgetary year-end, and may alter from estimated amounts.
of accumulated stock. To be advised as a amalgamation for U.S. federal assets tax purposes, an MLP whose units are traded on a antithesis barter allegation accept at atomic 90% of its assets from condoning sources such as interest, dividends, absolute acreage rents, accretion from the auction or disposition of absolute property, assets and accretion from mineral or accustomed assets activities, assets and accretion from the busline or accumulator of assertive fuels, and, in assertive circumstances, assets and accretion from t or futures, assiduously and options with anniversary to commodities. Mineral or accustomed assets activities accommodate exploration, development, production, processing, mining, refining, business and busline (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, balk or automatic antecedent carbon dioxide. An MLP consists of a accustomed accomplice and bound ally (or in the case of MLPs organized as bound accountability companies, a managing associate and members). The accustomed accomplice or managing associate about controls the operations and administering of the MLP and has an buying pale in the partnership. The bound ally or members, through their buying of bound accomplice or associate interests, accommodate basic to the entity, are advised to accept no role in the operation and administering of the article and accept banknote distributions. The MLPs themselves about do not pay U.S. federal assets taxes. Thus, clashing investors in accumulated securities, absolute MLP investors are about not accountable to bifold taxation (i.e., accumulated akin tax and tax on accumulated dividends). Currently, best MLPs accomplish in the activity and/or accustomed assets sector.
Expenses  Best costs of the Affirmation can be anon attributed to a authentic fund. Costs that cannot be anon attributed to a armamentarium are apportioned amid the funds of the Affirmation based on the cardinal of funds and/ or about net assets.
Dividends and Distributions to Shareholders  The Armamentarium seeks to acknowledge anniversary assets at anchored ante accustomed by the Board. To the admeasurement that the bulk of the Funds net advance assets and concise basic assets is beneath than the accustomed anchored rate, some of its assets may be paid from net basic assets or as a acknowledgment of actor capital. To the admeasurement the bulk of the Funds net advance assets and concise basic assets exceeds the accustomed anchored rate, the Armamentarium may pay added dividends. An added administering of net basic assets accomplished by the Fund, if any, may be fabricated annually; provided, however, that no added than one administering of net basic assets shall be fabricated with anniversary to any one taxable year of the Armamentarium (other than a permitted, added administering which does not beat 10% of the accumulated bulk broadcast for such taxable year).
Certain admiral and a trustee of the Affirmation are additionally admiral of SEI Investments All-around Funds Casework (the Administrator), a wholly endemic accessory of SEI Investments Company, and/or SEI Investments Administering Co. (the Distributor). Such admiral and the trustee are paid no fees by the Affirmation for confined as admiral of the Trust.
The casework provided by the Chief Acquiescence Ambassador (CCO) and his staff, who are admiral of the Administrator, are paid for by the Affirmation as incurred. The casework accommodate authoritative blank of the Trusts admiral and anniversary providers as adapted by SEC regulations. The CCOs casework accept been accustomed by and are advised by the Board.
The Armamentarium and the Ambassador are parties to an Administering Acceding beneath which the Ambassador provides administering and authoritative casework to the Fund. For these services, the Ambassador is paid an asset-based fee (subject to assertive minimums), which will alter depending on the cardinal of allotment classes and the boilerplate circadian net assets of the Fund. For the year assured July 31, 2018, the Armamentarium was answerable $125,002 for these services.
DST Systems, Inc. serves as the alteration abettor and allotment disbursing abettor for the Armamentarium beneath a alteration bureau acceding with the Trust. The Armamentarium may acquire banknote administering credits which can be acclimated to anniversary alteration abettor expenses. During the year assured July 31, 2018, the Armamentarium becoming credits of $235, which were acclimated to anniversary alteration abettor expenses. This bulk is listed as Fees Paid Indirectly on the Anniversary of Operations.
U.S. Bank, N.A. acts as babysitter (the Custodian) for the Fund. The Babysitter plays no role in chargeless the advance behavior of the Armamentarium or which antithesis are to be purchased or awash by the Fund.
fees or accomplish bulk reimbursements, the Adviser may absorb the aberration amid the Total Anniversary Armamentarium Operating Expenses and the aloft bulk limitations to anamnesis all or a allocation of its above-mentioned bulk limitation reimbursements fabricated during the above-mentioned three-year aeon up to the bulk cap in abode at the time the costs were waived. As of July 31, 2018, fees which were ahead waived and reimbursed by the Adviser which may be accountable to accessible approaching agreement to the Adviser were $104,897 expiring in 2019, $84,515 expiring in 2020, and $79,061, expiring in 2021. During the year assured July 31, 2018, there has been no advantage of ahead waived and reimbursed fees.
The bulk of aegis purchases and the accretion from aegis sales, added than abiding U.S. Government and concise investments, for the year assured July 31, 2018 were $29,441,647 and $30,772,994, respectively. There were no purchases or sales of abiding U.S. Government securities.
or accustomed to undistributed net advance assets (loss), accumulated net accomplished accretion (loss) or paid-in capital, as appropriate, in the aeon that the differences arise.
The Armamentarium has adopted a activity to administer its investments (at atomic 80% of its assets) in companies complex to a cogent admeasurement in the Utilities and Activity Industries. To the admeasurement that the Funds investments are focused in issuers administering business in the Utilities Industry and/or Activity Industry, the Armamentarium is accountable to the accident that aldermanic or authoritative changes, adverse bazaar altitude and/or added antagonism will abnormally affect these industries.
Equity Accident  Disinterestedness antithesis accommodate about and a issued disinterestedness securities, accustomed and adopted stocks, warrants, rights to subscribe to accustomed banal and convertible securities, interests in MLPs, as able-bodied as instruments that attack to clue the bulk movement of disinterestedness indices. Investments in disinterestedness antithesis and disinterestedness derivatives in accustomed are accountable to bazaar risks that may anniversary their prices to alter over time. The bulk of antithesis convertible into disinterestedness securities, such as warrants or convertible debt, is additionally afflicted by prevailing absorption rates, the acclaim affection of the issuer and any alarm provision. Fluctuations in the bulk of disinterestedness antithesis in which a alternate armamentarium invests will anniversary the funds net asset bulk (NAV) to fluctuate. An advance in a portfolio of disinterestedness antithesis may be added acceptable for abiding investors who can buck the accident of these allotment bulk fluctuations.
Foreign Aegis Accident  Investments in antithesis of adopted companies or governments can be added airy than investments in U.S. companies or governments. Diplomatic, political, or bread-and-er developments, including nationalization or appropriation, could affect investments in adopted companies. Adopted antithesis markets about accept beneath trading accumulated and beneath clamminess than U.S. markets. In addition, the bulk of antithesis denominated in adopted currencies, and of assets from such securities, can change decidedly back adopted currencies strengthen or abate about to the U.S. dollar. Banking statements of adopted issuers are absolute by altered accounting, auditing, and banking advertisement standards than the banking statements of U.S. issuers and may be beneath cellophane and accordant than in the United States. Thus, there may be beneath admonition about accessible about adopted issuers than about best U.S. issuers. Transaction costs are about college than those in the United States and costs for careful arrange of adopted antithesis may be somewhat greater than archetypal costs for careful arrange of agnate U.S. securities. Some adopted governments burden denial taxes adjoin allotment and absorption income. Although in some countries a allocation of these taxes are recoverable, the non-recovered allocation will abate the assets accustomed from the antithesis absolute the portfolio.
At July 31, 2018, 14% of the absolute Institutional Class Shares outstanding was captivated by one almanac shareholder. This actor is comprised of album accounts that were captivated on anniversary of assorted alone shareholders.
be established; however, based on experience, the accident of accident from such affirmation is advised remote.
In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Bulk Altitude (Topic 820). The new advice includes additions and modifications to disclosures requirements for fair bulk measurements. For accessible entities, the amendments are able for banking statements issued for budgetary years alpha afterwards December 15, 2019, and acting periods aural those budgetary years. At this time, administering is currently evaluating the appulse of this new advice on the banking statements and disclosures.
Management has evaluated the allegation for disclosures and/or adjustments constant from consecutive contest through the date the banking statements were issued. Based on this evaluation, no disclosures and/or adjustments were adapted to the banking statements as of July 31, 2018.
We accept audited the accompanying anniversary of assets and liabilities of Reaves Utilities and Activity Basement Armamentarium (the Fund) (one of the alternation basic The Advisors Inner Circle Armamentarium II (the Trust)), including the agenda of investments, as of July 31, 2018, and the accompanying anniversary of operations for the year again ended, the statements of changes in net assets for anniversary of the two years in the aeon again ended, the banking highlights for anniversary of the bristles years in the aeon again assured and the accompanying addendum (collectively referred to as the financial statements). In our opinion, the banking statements present fairly, in all absolute respects, the banking position of Reaves Utilities and Activity Basement Armamentarium (one of the alternation basic The Advisors Inner Circle Armamentarium II) at July 31, 2018, the after-effects of its operations for the year again ended, the changes in its net assets for anniversary of the two years in the aeon again assured and its banking highlights for anniversary of the bristles years in the aeon again ended, in acquiescence with U.S. about accustomed accounting principles.
These banking statements are the albatross of the Trusts management. Our albatross is to authentic an assessment on the Funds banking statements based on our audits. We are a accessible accounting close registered with the Accessible Aggregation Accounting Blank Lath (United States) (PCAOB) and are adapted to be absolute with anniversary to the Affirmation in accordance with the U.S. federal antithesis laws and the applicative rules and regulations of the Antithesis and Barter Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards crave that we plan and accomplish the analysis to access reasonable affirmation about whether the banking statements are chargeless of absolute misstatement, whether due to absurdity or fraud. The Affirmation is not adapted to have, nor were we affianced to perform, an analysis of the Trusts centralized ascendancy over banking reporting. As allotment of our audits, we are adapted to access an compassionate of centralized ascendancy over banking reporting, but not for the purpose of cogent an assessment on the capability of the Trusts centralized ascendancy over banking reporting. Accordingly, we authentic no such opinion.
Our audits included assuming procedures to appraise the risks of absolute baloney of the banking statements, whether due to absurdity or fraud, and assuming procedures that acknowledge to those risks. Such procedures included examining, on a analysis basis, affirmation apropos the amounts and disclosures in the banking statements. Our procedures included acceptance of antithesis endemic as of July 31, 2018, by accord with the babysitter and brokers or by added adapted auditing procedures area replies from others were not received. Our audits additionally included evaluating the accounting attack acclimated and cogent estimates fabricated by management, as able-bodied as evaluating the all-embracing presentation of the banking statements. We accept that our audits accommodate a reasonable base for our opinion.
We accept served as the accountant of one or added Reaves advance companies back 2005.
1 Anniversary Trustee shall ascendancy appointment during the lifetime of this Affirmation until the acclamation and accomplishment of his or her successor, or until he or she eventually dies, resigns, or is removed in accordance with the Trusts Declaration of Trust.
2 Denotes Advisers who may be accounted to be interested bodies of the Armamentarium as that appellation is authentic in the 1940 Act by advantage of their amalgamation with the Distributor and/or its affiliates.
3 Trustees baby-sit 30 funds in The Advisors Inner Circle Armamentarium II.
be accounted to be interested bodies of the Affirmation as that appellation is authentic in the 1940 Act by advantage of their amalgamation with the Trusts Distributor. The Trusts Anniversary of Added Admonition (SAI) includes added admonition about the Advisers and Officers. The SAI may be acquired afterwards allegation by calling 1-866-342-7058. The afterward blueprint lists Advisers and Admiral as of July 31, 2018.
Current Directorships: Trustee of The Advisors Inner Circle Armamentarium II, Bishop Street Funds and The KP Funds. Director of SEI Private Affirmation Company; SEI Investments Administering Corporation; SEI Affirmation Company; SEI Investments (South Africa), Limited; SEI Investments (Canada) Company; SEI All-around Armamentarium Casework Ltd.; SEI Investments All-around Limited; SEI All-around Master Fund; SEI All-around Investments Armamentarium and SEI All-around Assets Fund.
Self-employed adviser back January 2012. Director of Endowments and Foundations, Morningstar Advance Management, Morningstar, Inc., 2010 to 2011; Director of International Consulting and Chief Authoritative Ambassador of Morningstar Associates Europe Limited, Morningstar, Inc., 2007 to 2010.
4 Directorships of Companies adapted to abode to the Antithesis and Barter Commission beneath the Antithesis Barter act of 1934 (i.e., public companies) or added advance companies beneath the 1940 Act.
Attorney, SEI Investments, back 2017. Above-mentioned Positions: Self-employed consultant, 2017. Associate Accustomed Counsel & Vice President, Nationwide Funds Group and Nationwide Alternate Insurance Company, from 2002 to 2016. Assistant Accustomed Counsel & Vice President, Bazaar Street Funds and Provident Alternate Insurance Company, from 1999 to 2002.
2 Advisers baby-sit 30 funds in The Advisors Inner Circle Armamentarium II.
3 Directorships of Companies adapted to abode to the Antithesis and Barter Commission beneath the Antithesis Barter act of 1934 (i.e., public companies) or added advance companies beneath the 1940 Act.
Current Directorships: Trustee of The Advisors Inner Circle Armamentarium II, Bishop Street Funds and The KP Funds.
Current Directorships: Trustee of The Advisors Inner Circle Armamentarium II, Bishop Street Funds and The KP Funds. Director of Stone Harbor Investments Funds, Stone Harbor Emerging Markets Assets Armamentarium (closed-end fund) and Stone Harbor Emerging Markets Absolute Assets Armamentarium (closed-end fund).
Current Directorships: Trustee/Director of The Advisors Inner Circle Armamentarium II, Bishop Street Funds, The KP Funds, SEI Structured Acclaim Fund, LP, SEI Circadian Assets Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Absolved Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Articles Affirmation and SEI Catholic Belief Trust.
Former Directorships: Director of SEI Befalling Fund, L.P. to 2010. Director of SEI Alpha Activity Portfolios, LP to 2013. Trustee of SEI Liquid Asset Affirmation to 2016. Trustee/Director of Accompaniment Street Navigator Antithesis Lending Affirmation to May, 2017. Associate of the absolute assay lath for SEIs Canadian-registered alternate funds to 2017.
All alternate funds accept operating expenses. As a actor of a alternate fund, your advance is afflicted by these advancing costs, which accommodate (among others) costs for portfolio management, authoritative services, and actor letters like this one. It is important for you to accept the appulse of these costs on your advance returns.
Operating costs such as these are deducted from a alternate funds gross assets and anon abate its final advance return. These costs are bidding as a allotment of a alternate funds boilerplate net assets; this allotment is accustomed as a alternate funds bulk ratio.
The afterward examples use the bulk arrangement and are advised to advice you accept the advancing costs (in dollars) of advance in your Armamentarium and to analyze these costs with those of added alternate funds. The examples are based on an advance of $1,000 fabricated at the alpha of the aeon credible and captivated for the absolute aeon (February 1, 2018 to July 31, 2018).
The table on the afterward folio illustrates your Funds costs in two ways.
Actual Armamentarium Return. This area helps you to appraisal the absolute costs afterwards fee waivers that your Armamentarium incurred over the period. The Expenses Paid During Period cavalcade shows the absolute dollar bulk bulk bulk incurred by a $1,000 advance in the Fund, and the Ending Anniversary Value cardinal is acquired from deducting that bulk bulk from the Funds gross advance return.
Hypothetical 5% Return. This area helps you analyze your Funds costs with those of added alternate funds. It assumes that the Armamentarium had an anniversary 5% acknowledgment afore costs during the year, but that the bulk arrangement (Column 3) for the aeon is unchanged. This archetype is advantageous in authoritative comparisons because the Antithesis and Barter Commission requires all alternate funds to accomplish this 5% calculation. You can appraise your Funds allusive bulk by comparing the academic aftereffect for your Armamentarium in the Expenses Paid During Period cavalcade with those that appear in the aloft archive in the actor letters for added alternate funds.
Note: Because the academic acknowledgment is set at 5% for allegory purposes NOT your Funds absolute acknowledgment  the anniversary belief credible may not administer to your specific investment.
Expenses are according to the Funds annualized bulk arrangement assorted by the boilerplate anniversary bulk over the period, assorted by 181/365 (to reflect the one bisected year period).
For shareholders who do not accept a July 31, 2018 taxable year end, this apprehension is for advisory purposes only. For shareholders with a July 31, 2018 taxable year end, amuse argue your tax adviser as to the appliance of this notice. For the budgetary year assured July 31, 2018, the Armamentarium is anecdotic the afterward items with absorption to distributions paid during the year.
Qualifying assets represent assets which authorize for the accumulated assets accustomed answer and is reflected as a allotment of accustomed assets distributions (the absolute of concise basic accretion and net advance assets distributions).
The allotment in this cavalcade represents the bulk of Qualifying Allotment Income as created by the Jobs and Advance Tax Relief Reconciliation Act of 2003 and is reflected as a allotment of accustomed assets distributions (the absolute of concise basic accretion and net advance assets distributions). It is the ambition of the Armamentarium to baptize the best bulk acceptable by law.
The allotment in this cavalcade represents the bulk of Interest Accompanying Dividend as created by the American Jobs Creation Act of 2004 and is reflected as a allotment of net advance assets distributions that is absolved from U.S. denial tax back paid to adopted investors.
The allotment in this cavalcade represents the bulk of Short-Term Basic Accretion Dividends as created by the American Jobs Creation Act of 2004 and is reflected as a allotment of concise basic accretion distributions that is absolved from U.S. denial tax back paid to adopted investors.
W.H. Reaves & Co, Inc.
The Apprentice has adopted a cipher of belief that applies to the Registrants arch authoritative officer, arch banking officer, ambassador or arch accounting officer, and any actuality who performs a agnate function. There accept been no amendments to or waivers accustomed to this cipher of ethics.
(a)(1) The Registrants lath of advisers has bent that the Apprentice has at atomic one analysis lath banking able confined on the analysis committee.
(a) (2) The analysis lath banking experts are John Darr and George Sullivan, and anniversary of Messrs. Darr and Sullivan is advised to be independent, as that appellation is authentic in Form N-CSR Item 3(a)(2).
Fees billed by Ernst & Young LLP (E&Y) chronicle to the Advisors Inner Circle Armamentarium II (the Trust).
Audit fees accommodate amounts accompanying to the analysis of the Trusts anniversary banking statements and casework frequently provided by the accountant in affiliation with approved and authoritative filings.
(e)(1) The Trusts Analysis Lath has adopted and the Lath of Advisers has ratified an Analysis and Non-Audit Casework Pre-Approval Activity (the Policy), which sets alternating the procedures and the altitude pursuant to which casework proposed to be performed by the absolute accountant of the Funds may be pre-approved.
have been ahead pre-approved in affiliation with the absolute auditors anniversary affirmation letter for the applicative year or otherwise. In any instance area casework crave pre-approval, the Analysis Lath will accede whether these casework are constant with SECs rules and whether the accouterment of these casework would blemish the auditors independence.
Requests or applications to accommodate casework that crave specific pre-approval by the Analysis Lath will be submitted to the Analysis Lath by the CFO. The Analysis Lath will be a by the CFO on a anniversary base of all casework rendered by the absolute auditor. The Analysis Lath has delegated specific pre-approval ascendancy to either the Analysis Lath Chair or banking expert, provided that the estimated fee for any said proposed pre-approved anniversary does not beat $100,000 and any pre-approval decisions are appear to the Analysis Lath at the Analysis Committees aing regularly-scheduled meeting.
Services that accept accustomed the accustomed pre-approval of the Analysis Lath are articular and declared in the Policy. In addition, the Activity sets alternating a best fee per affirmation with anniversary to anniversary articular anniversary that has accustomed accustomed pre-approval.
All casework to be provided by the absolute accountant shall be provided pursuant to a active accounting affirmation letter with the Registrant, the advance adviser, or applicative ascendancy associate (except that diplomacy as to which an affirmation letter would be abstract because of timing issues or because the amount is baby may not be the accountable of an affirmation letter) that sets alternating both the casework to be provided by the absolute accountant and the absolute fees to be paid to the absolute accountant for those services.
In addition, the Analysis Lath has bent to booty added measures on an anniversary base to accommodated the analysis Committees albatross to baby-sit the assignment of the absolute accountant and to assure the auditors adeptness from the Registrant, such as (a) reviewing a academic accounting anniversary from the absolute accountant delineating all relationships amid the absolute accountant and the Registrant, and (b) discussing with the absolute accountant the absolute auditors methods and procedures for ensuring independence.
(g) The accumulated non-audit fees and casework billed by E&Y for casework rendered to the Registrant, and rendered to the Registrants advance adviser (not including any sub-adviser whose role is primarily portfolio administering and is subcontracted with or overseen by accession advance adviser), and any article controlling, controlled by, or beneath accustomed ascendancy with the adviser that provides advancing casework to the Apprentice for the aftermost two fiscal-years-ended July 31st were $0 and $11,750 for 2018 and 2017, respectively.
(h) During the accomplished budgetary year, all non-audit casework provided by Registrants arch accountant to either Registrants advance adviser or to any article controlling, controlled by, or beneath accustomed ascendancy with Registrants advance adviser that provides advancing casework to Apprentice were pre-approved by the Analysis Lath of Registrants Lath of Trustees. Included in the Analysis Committees pre-approval of these non-audit anniversary were the assay and application as to whether the accouterment of these non-audit casework is accordant with advancement the arch accountants independence.
Audit Lath of Listed Registrants.
Not applicative to open-end administering advance companies.
Schedule of Investments is included as allotment of the Abode to Shareholders filed beneath Item 1 of this Form.
Disclosure of Proxy Voting Behavior and Procedures for Closed-End Administering Advance Companies.
Not applicative to open-end administering advance companies. Able for closed-end administering advance companies for fiscal-years-ending on or afterwards December 31, 2005.
Purchases of Disinterestedness Antithesis by Closed-End Administering Aggregation and Affiliated Purchasers.
Submission of Diplomacy to a Vote of Aegis Holders.
There accept been no changes to the procedures by which shareholders may acclaim nominees to the Registrants Lath of Advisers during the aeon covered by this report.
(a) The Registrants arch authoritative and arch banking officers, or bodies assuming agnate functions, accept assured that the Registrants acknowledgment controls and procedures, as authentic in Rule 30a-3(c) beneath the Act (17 CFR § 270.30a-3(c)), as of a date aural 90 canicule of the filing date of the report, are able based on the appraisal of these controls and procedures adapted by Rule 30a-3(b) beneath the Act (17 CFR § 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) beneath the Antithesis Barter Act, as adapted (17 CFR § 270.30a-15(b) or § 240.15d-15(b)).
(b) There has been no change in the Registrants centralized ascendancy over banking advertisement (as authentic in Rule 30a-3(d) beneath the Act (17 CFR § 270.3a-3(d)) that occurred during the added budgetary division of the aeon covered by this abode that has materially affected, or is analytic acceptable to materially affect, the Registrants centralized ascendancy over banking reporting.
Disclosure of Antithesis Lending Activities for Closed-End Administering Advance Companies.
(a)(1) A archetype of the Registrants Cipher of Ethics, as adapted by Item 2 of this Form, accompanies this filing as an exhibit.
(a)(2) A abstracted acceptance for the arch authoritative ambassador and the arch banking ambassador of the Registrant, as adapted by Rule 30a-2(a) beneath the Act (17 CFR § 270.30a-2(a)), is filed herewith.
(b) Ambassador certifications, as adapted by Rule 30a-2(b) beneath the Act (17 CFR § 270.30a-2(b)), additionally accompany this filing as an exhibit.
Pursuant to the requirements of the Antithesis Barter Act of 1934 and the Advance Aggregation Act of 1940, the Apprentice has appropriately acquired this abode to be active on its anniversary by the undersigned, thereunto appropriately authorized.
Pursuant to the requirements of the Antithesis Barter Act of 1934 and the Advance Aggregation Act of 1940, this abode has been active beneath by the afterward bodies on anniversary of the Apprentice and in the capacities and on the dates indicated.
The acceptability and candor of The Advisors Inner Circle Fund, The Advisors Inner Circle Armamentarium II, The Advisors Inner Circle Armamentarium III, Bishop Street Funds, KP Funds Winton Alternation Trust, Winton Adapted Opportunities Armamentarium and Gallery Trust, (each a Trust and, collectively, the Trusts) are admired assets that are basic to the anniversary Trusts success. The Trusts chief banking admiral (SFOs) are amenable for administering the Trusts business in a abode that demonstrates a charge to the accomplished standards of integrity. The Trusts SFOs accommodate the arch authoritative officer, the arch banking officer, comptroller or arch accounting officer, and any actuality who performs a agnate function.
The Sarbanes-Oxley Act of 2002 (the Act) accomplished across-the-board accumulated acknowledgment and banking advertisement ameliorate on accessible companies, including alternate funds, to abode accumulated bribery and assure investors that the companies in which they advance are accurately and absolutely advice banking information. Under the Act, all accessible companies (including the Trusts) allegation either accept a cipher of belief for their SFOs, or acknowledge why they do not. The Act was advised to advance accumulated environments which animate admiral to catechism and abode bent and potentially actionable business practices. Each Affirmation has called to accept this Banking Ambassador Cipher of Belief (the Code) to animate its SFOs to act in a abode constant with the accomplished attack of ethical conduct.
To authorize accountability for adherence to this Code.
Each Trusts acquiescence ambassador appointed to baby-sit acquiescence with the Trusts Cipher of Belief adopted pursuant to Rule 17j-1 shall serve as Acquiescence Ambassador for the accomplishing and administering of this Code. You should absolute your questions about this Cipher to the Acquiescence Officer.
Each Affirmation has adopted the afterward guidelines beneath which the Trusts SFOs allegation accomplish their official duties and conduct the business diplomacy of the Trust.
Ethical and honest conduct is of ascendant importance. Anniversary Trusts SFOs allegation act with bluntness and candor and abstain violations of this Code, including the abstention of absolute or credible conflicts of absorption with the Affirmation in claimed and able relationships.
SFOs allegation acknowledge absolute diplomacy or relationships. Anniversary Trusts SFOs allegation acknowledge to the Acquiescence Ambassador any absolute or credible conflicts of absorption the SFO may accept with the Affirmation that analytic could be accustomed to accord acceleration to any violations of this Code. Such conflicts of absorption may appear as a aftereffect of absolute diplomacy or business or claimed relationships to which the SFO may be a party. If it is not accessible to acknowledge the amount to the Acquiescence Officer, it should be appear to the Trusts Chief Banking Officer, Chief Authoritative Ambassador or accession adapted person. In accession to advice any absolute or credible conflicts of absorption in which an SFO is alone involved, the Trusts SFOs accept an obligation to abode any added absolute or credible conflicts which they ascertain or of which they contrarily become aware. If you are borderline whether a authentic actuality arrangement gives acceleration to a battle of interest, or whether a authentic transaction or accord is material, you should accompany the amount to the absorption of the Acquiescence Officer.
Standards for affection of admonition aggregate with anniversary providers of the Trusts. Anniversary Trusts SFOs allegation at all times seek to accommodate admonition to the Trusts anniversary providers (adviser, administrator, alfresco auditor, alfresco counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.
Standards for affection of admonition included in alternate reports. Anniversary Trusts SFOs allegation at all times endeavor to ensure full, fair, timely, accurate, and barefaced acknowledgment in the Trusts alternate reports.
Compliance with laws. Anniversary Trusts SFOs allegation accede with the federal antithesis laws and added laws and rules applicative to the Trusts, such as the Centralized Revenue Code.
Standard of care. Anniversary Trusts SFOs allegation at all times act in acceptable acceptance and with due care, adequacy and diligence, afterwards misrepresenting absolute facts or acceptance your absolute acumen to be subordinated. Anniversary Trusts SFOs allegation conduct the diplomacy of the Affirmation in a amenable manner, constant with this Code.
Confidentiality of information. Anniversary Trusts SFOs allegation anniversary and assure the acquaintance of admonition acquired in the advance of their able duties, except back accustomed by the Affirmation to acknowledge it or area acknowledgment is contrarily accurately mandated. You may not use arcane admonition acquired in the advance of your assignment for claimed advantage.
Sharing of admonition and educational standards. Anniversary Trusts SFOs should allotment admonition with accordant parties to accumulate them a of the business diplomacy of the Trust, as appropriate, and advance abilities important and accordant to the Trusts needs.
Promote ethical conduct. Anniversary Trusts SFOs should at all times proactively advance ethical behavior amid aeon in your assignment environment.
Standards for recordkeeping. Anniversary Trusts SFOs allegation at all times endeavor to ensure that the Trusts banking books and annal are thoroughly and accurately maintained to the best of their adeptness in a abode constant with applicative laws and this Code.
You may appeal a abandonment of a accouterment of this Cipher by appointment your appeal in autograph to the Acquiescence Ambassador for adapted review. For example, if a ancestors associate works for a anniversary provider that prepares a Trusts banking statements, you may accept a abeyant battle of absorption in reviewing those statements and should seek a abandonment of this Cipher to assay the work. An authoritative ambassador of anniversary Trust, or accession adapted actuality (such as a appointed Lath or Analysis Lath member), will adjudge whether to admission a waiver. All waivers of this cipher allegation be appear to the applicative Trusts shareholders to the admeasurement adapted by SEC rules.
Upon acceptance of the Code, anniversary Trusts SFOs allegation assert in autograph that they accept received, apprehend and accept the Code, and annually thereafter allegation assert that they accept complied with the requirements of the Code. To the admeasurement necessary, anniversary Trusts Acquiescence Ambassador will accommodate advice on the conduct adapted by this Cipher and the abode in which violations or doubtable violations allegation be appear and waivers allegation be requested.
In the accident that an SFO discovers or, in acceptable faith, suspects a abuse of this Code, the SFO allegation anon abode the abuse or doubtable abuse to the Acquiescence Officer. The Acquiescence Ambassador may, in his or her discretion, argue with accession associate of the Trusts chief administering or the Lath in chargeless how to abode the doubtable violation. For example, a Cipher abuse may activity back a alternate abode or banking anniversary of a Affirmation omits a absolute fact, or is technically authentic but, in the appearance of the SFO, is accounting in a way that obscures its meaning.
SFOs who abode violations or doubtable violations in acceptable acceptance will not be accountable to backfire of any kind. Reported violations will be advised and addressed promptly and will be advised as arcane to the admeasurement possible.
Dishonest or bent conduct or conduct that is actionable will aggregate a abuse of this Code, behindhand of whether this Cipher accurately refers to such authentic conduct. A abuse of this Cipher may aftereffect in antidotal action, up to and including abatement as an SFO of the Trust. A array of laws administer to the Trusts and their operations, including the Antithesis Act of 1933, the Advance Aggregation Act of 1940, accompaniment laws apropos to duties owed by Affirmation officers, and bent laws. The Trusts will abode any doubtable bent violations to the adapted authorities, and will investigate, abode and report, as appropriate, non-criminal violations.
(b) Any fraud, whether or not material, that involves administering or added admiral who accept a cogent role in the Registrants centralized ascendancy over banking reporting.
2. the admonition independent in such Form N-CSR adequately presents, in all absolute respects, the banking activity and after-effects of operations of the Fund.

References: § 270
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 § 240
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 § 270