| 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% | ||||||||
| AT&T | 38,700 | $ | 1,071,990 | |||||
| Cogent Communications Holdings | 16,839 | 915,200 | ||||||
| Comcast, Cl A | 24,876 | 850,759 | ||||||
| Frontier Communications Parent * | 9,940 | 360,325 | ||||||
| T-Mobile US | 5,673 | 1,400,947 | ||||||
| 4,599,221 | ||||||||
| ELECTRIC UTILITIES — 29.6% | ||||||||
| Constellation Energy | 4,836 | 1,080,556 | ||||||
| Entergy | 15,814 | 1,315,250 | ||||||
| IDACORP | 10,524 | 1,242,779 | ||||||
| NextEra Energy | 12,566 | 840,414 | ||||||
| Pinnacle West Capital | 12,504 | 1,190,131 | ||||||
| PPL | 33,568 | 1,225,232 | ||||||
| TXNM Energy | 24,500 | 1,303,400 | ||||||
| Xcel Energy | 14,100 | 996,870 | ||||||
| 9,194,632 | ||||||||
| ENERGY — 9.4% | ||||||||
| Cameco | 12,800 | 577,920 | ||||||
| Centrus Energy, Cl A * | 3,448 | 238,912 | ||||||
| DT Midstream | 15,221 | 1,479,481 | ||||||
| EQT | 12,300 | 608,112 | ||||||
| 2,904,425 | ||||||||
| GAS UTILITIES — 3.8% | ||||||||
| Atmos Energy | 7,293 | 1,171,475 | ||||||
| INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 4.0% | ||||||||
| Talen Energy * | 5,750 | 1,236,710 | ||||||
| INDUSTRIALS — 13.7% | ||||||||
| Dycom Industries * | 5,132 | 859,867 | ||||||
| Johnson Controls International | 7,341 | 615,910 | ||||||
| Old Dominion Freight Line | 6,030 | 924,278 | ||||||
| Quanta Services | 3,490 | 1,021,488 | ||||||
| Union Pacific | 3,892 | 839,349 | ||||||
| 4,260,892 | ||||||||
| MATERIALS — 3.7% | ||||||||
| Linde | 2,527 | 1,145,312 | ||||||
MULTI-UTILITIES — 14.3% | ||||||||
| CenterPoint Energy | 22,000 | 853,160 | ||||||
| NiSource | 35,366 | 1,383,164 | ||||||
| Public Service Enterprise Group | 15,101 | 1,207,023 |
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| THE ADVISORS’ INNER CIRCLE FUND II | REAVES INFRASTRUCTURE FUND |
| April 30, 2025 | |
| (Unaudited) |
COMMON STOCK†† — continued
| Shares | Value | |||||||
| MULTI-UTILITIES — continued | ||||||||
| Sempra | 13,442 | $ | 998,338 | |||||
| 4,441,685 | ||||||||
| REAL ESTATE — 6.3% | ||||||||
| Digital Realty Trust † | 4,200 | 674,268 | ||||||
| Equinix † | 1,500 | 1,291,125 | ||||||
| 1,965,393 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $23,713,800) | 30,919,745 | |||||||
| SHORT-TERM INVESTMENT (A) — 0.5% | ||||||||
| SEI Daily Income Trust Treasury II Fund, Cl F, 4.210% | ||||||||
| (Cost $147,040) | 147,040 | 147,040 | ||||||
| TOTAL INVESTMENTS— 100.1% | ||||||||
| (Cost $23,860,840) | $ | 31,066,785 | ||||||
| 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
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