(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1) is attached hereto.

The Advisors' Inner Circle Fund II

Reaves Infrastructure Fund

Institutional Class Shares - RSRFX

Annual Shareholder Report: July 31, 2026

This annual shareholder report contains important information about Institutional Class Shares of the Reaves Infrastructure Fund (the "Fund") for the period from August 1, 2025 to July 31, 2026. You can find additional information about the Fund at https://reavesam.com/our_services/reaves-infrastructure-fund/. You can also request this information by contacting us at 1-866-342-7058.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Reaves Infrastructure Fund, Institutional Class Shares	$139	1.30%

How did the Fund perform in the last year?

The Fund delivered strong results over the past year, driven by solid growth in earnings and dividends from most portfolio companies. The macroeconomic backdrop was challenging, especially for holdings in the utility sector, as inflation remained above the Federal Reserve’s target level and the 10-year U.S. Treasury yield increased from 3.97% to 4.75%.

Performance lagged the broader market S&P 500 Index but exceeded the infrastructure benchmark largely due to holdings in companies responsible for constructing, connecting, and powering the underlying infrastructure for AI expansion. Companies providing electrical equipment, engineering and construction services, communications infrastructure, optical networking, and power generation were aided by growing investor confidence that hyperscaler capital expenditures and AI infrastructure investment remain in the early stages of a multi-year expansion cycle.

The Fund maintains a disciplined, research-focused strategy, investing in select companies across diverse industries. The largest allocations are typically made to infrastructure-oriented businesses distinguished by high barriers to entry, reliable operations, and a proven capacity for ongoing cash flow growth.

We continue to see improving fundamentals across many companies within the portfolio. Regulated utilities, we believe, are benefiting from accelerating electricity demand driven by data center development, industrial reshoring, and broader electrification trends. This demand is supporting expanding capital investment programs across generation, transmission, and distribution infrastructure, creating opportunities for sustained earnings growth and increasing dividend growth potential. At the same time, independent power producers continue to benefit from increasing demand for reliable electricity, with long-term power agreements improving cash flow visibility, supporting higher returns on existing assets, and reducing earnings volatility.

The Fund remains dedicated to maintaining a portfolio of well-researched, high-quality companies across essential industries—investments that support sustained earnings and dividend growth while providing meaningful defensive attributes for investors.

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

Table Summary
	Reaves Infrastructure Fund, Institutional Class Shares	S&P 500 Index (USD) (TR)^{Footnote Reference*}	MSCI USA Infrastructure (USD) (TR)^{Footnote Reference*}
Jul/16	$10,000	$10,000	$10,000
Jul/17	$10,751	$11,604	$10,127
Jul/18	$11,207	$13,489	$10,310
Jul/19	$12,637	$14,566	$11,670
Jul/20	$12,873	$16,308	$11,750
Jul/21	$14,907	$22,251	$13,362
Jul/22	$14,011	$21,219	$14,376
Jul/23	$13,245	$23,980	$13,426
Jul/24	$14,581	$29,292	$16,131
Jul/25	$18,335	$34,076	$19,505
Jul/26	$20,950	$40,742	$20,711

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.

Footnote	Description
Footnote^*	Total Return (TR) - Reflects no deductions for fees, expenses or taxes.

Average Annual Total Returns as of July 31, 2026

Table Summary
Fund/Index Name	1 Year	5 Years	10 Years
Reaves Infrastructure Fund, Institutional Class Shares	14.26%	7.04%	7.68%
S&P 500 Index (USD) (TR)^{Footnote Reference*}	19.56%	12.86%	15.08%
MSCI USA Infrastructure (USD) (TR)^{Footnote Reference*}	6.19%	9.16%	7.55%

Key Fund Statistics as of July 31, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$36,995,187	34	$82,244	44%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Short-Term Investment	1.1%
Gas	2.2%
Communication Services	3.5%
Independent Power and Renewable Electricity Producers	5.0%
Information Technology	5.0%
Telecommunication Services	6.7%
Real Estate	11.4%
Energy	12.8%
Multi-Utilities	15.5%
Industrials	16.3%
Electric Utilities	21.0%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Quanta Services			5.8%
DT Midstream			5.7%
Talen Energy			5.0%
Entergy			4.6%
Constellation Energy			4.4%
Equinix			4.1%
IDACORP			4.1%
NiSource			4.0%
T-Mobile US			3.5%
Johnson Controls International			3.4%

Footnote	Description
Footnote^(A)	Short-Term Investments, if any, are not shown in the top ten holdings.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

1-866-342-7058
https://reavesam.com/our_services/reaves-infrastructure-fund/

Householding

Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-342-7058 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

The Advisors' Inner Circle Fund II

Reaves Infrastructure Fund / Institutional Class Shares - RSRFX

Annual Shareholder Report: July 31, 2026

RSRFX-AR-2026

The Registrant (also referred to as the “Trust”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

(a)(1) The Registrant’s board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The Registrant’s audit committee financial expert is Robert Mulhall. Mr. Mulhall is considered to be “independent”, as that term is defined in Form N-CSR Item 3(a)(2).

Fees billed by Ernst & Young LLP (“E&Y”) relate to The Advisors’ Inner Circle Fund II (the “Trust”).

E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

(e)(1) The Trust’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee’s responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor’s methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed by E&Y applicable to non-audit services pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) were as follows:

(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended July 31^st were $0 and $0 for 2026 and 2025, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant’s principal accountant to either the Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant’s Board of Trustees. Included in the Audit Committee’s pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR § 240.3b-4.

(a) The Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.

As of July 31, 2026, all of the Fund’s investments were classified as Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

The Advisors’ Inner Circle Fund II (the “Trust”) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated July 24, 1992. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 24 funds. The financial statements herein are those of the Reaves Infrastructure Fund (the “Fund”). The financial statements of the remaining funds of the Trust are presented separately. The Fund is diversified and its investment objective is to seek total return from income and capital growth. The assets of the Fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Fund. The Fund is an investment company and therefore applies the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board (“FASB”) in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

Use of Estimates — The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ official closing price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser.

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been delisted from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

In accordance with U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).

Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Federal Income Taxes — It is the Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and to distribute all of its taxable income. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Fund did not record any tax provision in the current year. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the year ended July 31, 2026, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended July 31, 2026, the Fund did not incur any interest or penalties relating to unrecognized tax benefits.

Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund or its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statement of Operations, if applicable, once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.

Security Transactions and Investment Income — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.

Investments in Real Estate Investment Trusts (“REITs”) — With respect to the Fund, dividend income is recorded based on the income included in distributions received from REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of any estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from estimated amounts.

Expenses — Most expenses of the Trust can be directly attributed to a particular fund. Expenses that cannot be directly attributed to a fund are apportioned among the funds of the Trust based on the number of funds and/ or relative net assets.

Dividends and Distributions to Shareholders — The Fund seeks to declare quarterly dividends at fixed rates approved by the Board. To the extent that the amount of the Fund’s net investment income and short-term capital gains is less than the approved fixed rate, some of its dividends may be paid from net capital gains or as a return of shareholder capital. To the extent the amount of the Fund’s net investment income and short-term capital gains exceeds the approved fixed rate, the Fund may pay additional dividends. An additional distribution of net capital gains realized by the Fund, if any, may be made annually; provided, however, that no more than one distribution of net capital gains shall be made with respect to any one taxable year of the Fund (other than a permitted, supplemental distribution which does not exceed 10% of the aggregate amount distributed for such taxable year).

Segment Reporting — An operating segment is defined in Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is predetermined in accordance with the Fund’s single investment objective which is executed by the Fund’s portfolio manager. The financial information in the form of the Fund’s schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the accompanying Statement of Operations.

Certain officers and trustees of the Trust are also officers of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers and trustees are paid no fees by the Trust for serving as officers and trustees of the Trust.

The services provided by the Chief Compliance Officer (“CCO”) and his staff, who are employees of the Administrator, are paid for by the Trust, as incurred. The services include regulatory oversight of the Trust’s advisers and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

The Fund and the Administrator are parties to an administration agreement under which the Administrator provides management and administrative services to the Fund. For these services, the Administrator is paid an asset-based fee (subject to certain minimums), which will vary depending on the number of share classes and the average daily net assets of the Fund. For the year ended July 31, 2026, the Fund was charged $124,658 for these services.

SS&C Global Investor & Distribution Solutions, Inc., serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust. The Fund may earn cash management credits which can be used to offset transfer agent expenses. During the year ended July 31, 2026, the Fund earned credits of $135, which were used to offset transfer agent expenses. This amount is listed as “Fees Paid Indirectly” on the Statement of Operations.

U.S. Bank, N.A. acts as custodian (the “Custodian”) for the Fund. The Custodian plays no role in determining the investment policies of the Fund or which securities are to be purchased or sold by the Fund.

Under the terms of an investment advisory agreement, Reaves Asset Management (the “Adviser”) provides investment advisory services to the Fund at a fee, which is calculated daily and paid monthly at an annual rate of 0.75% of the Fund’s average daily net assets. The Adviser has voluntarily agreed to waive a portion of its advisory fees and to assume expenses, if necessary, in order to keep the Fund’s total annual operating expenses from exceeding 1.30% of the Institutional Class Share average daily net assets. The Adviser may discontinue the expense limitation at any time. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Adviser may retain the difference between the “Total Annual Fund Operating Expenses” and the aforementioned expense limitations to recapture all or a portion of its prior fee waivers or expense reimbursements made during the preceding three-year period up to the expense cap in place at the time the expenses were waived. As of July 31, 2026, fees which were previously waived and reimbursed by the Adviser which may be subject to possible future recapture by the Adviser were $243,705 expiring in 2027, $226,181 expiring in 2028, and $193,468 expiring in 2029. During the year ended July 31, 2026, the Fund did not recoup any previously waived fees.

The cost of security purchases and the proceeds from security sales, other than long-term U.S. Government and short-term investments, for the year ended July 31, 2026 were $16,198,090, and $18,537,028, respectively. There were no purchases or sales of long-term U.S. Government securities.

The amount and character of income and capital gain distributions, if any, to be paid are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the differences arise. The permanent differences primarily consist of reclassification of long term capital gain distribution on REITs.

There are no permanent differences that are credited or charged to distributable earnings and paid-in capital as of July 31, 2026.

The tax character of dividends and distributions declared during the fiscal years ended July 31, 2026 and 2025 was as follows:

As of July 31, 2026, the components of Distributable Earnings on a tax basis were as follows:

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to wash sales, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Fund at July 31, 2026 were as follows:

The Fund did not pay any federal or state and local income taxes. The Fund paid income taxes in foreign jurisdictions for the year ended July 31, 2026. Cash paid for income taxes, net of refunds received, were as follows:

The Fund has adopted a policy to concentrate its investments (invest at least 25% of its assets) in companies involved to a significant extent in the Utilities and/or Energy Industries. The Fund considers a company to be involved to a significant extent in the Utilities and/or the Energy Industry, as applicable, if at least 50% of its assets, gross income or profits are committed to or derived from Utilities or Energy. While the Fund primarily invests in equity securities of large and mid capitalization companies, it may also invest in securities of small capitalization companies.

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. The principal risk factors affecting shareholders’ investments in the Fund are set forth below.

Equity Risk – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. Many factors can adversely affect a security’s performance, including both general financial market conditions and factors related to a specific company, industry or geographic region. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

Infrastructure Company Risk – Infrastructure companies are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation or unsettled capital markets, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies, service interruption due to environmental, operational or other mishaps, and other factors. Additionally, infrastructure entities may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; nationalization; and general changes in market sentiment towards infrastructure assets.

Industry Focus Risk – To the extent that the Fund’s investments are focused in issuers conducting business in the Utilities Industry and/or the Energy Industry, the Fund is subject to the risk that legislative or regulatory changes, adverse market conditions and/or increased competition will negatively affect these industries. Fluctuations in the value of securities of companies in the Utilities Industry and/or the Energy Industry depend to a large extent on the price and supply of energy fuels. Many utility companies historically have been subject to risks of increases in fuel, power and other operating costs, high interest costs on borrowings needed for capital improvement programs and costs associated with compliance with and changes in environmental and other governmental regulations.

REITs Risk – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

Focused Portfolio Risk – Although the Fund is diversified, its investment strategy often results in a relatively focused portfolio of stocks of companies that the Adviser believes hold the most total return potential. As a result, poor performance or adverse economic events affecting one or more of these companies could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.

Small and Medium Capitalization Company Risk – The small- and medium-sized companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and medium-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

Foreign Security Risk – Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may occur separately from and in response to events that do not otherwise affect the value of the security in the issuer’s home country. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

At July 31, 2026, 24% of Institutional Class Shares outstanding were held by one record shareholder owning 10% or greater of the aggregate total shares outstanding. This shareholder is comprised of individual shareholders and omnibus accounts that were held on behalf of various individual shareholders.

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

In this reporting period, the Fund adopted FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements.

We have audited the accompanying statement of assets and liabilities of Reaves Infrastructure Fund (the “Fund”) (one of the series constituting The Advisors’ Inner Circle Fund II (the “Trust”)), including the schedule of investments, as of July 31, 2026, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting The Advisors’ Inner Circle Fund II) at July 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Reaves Asset Management investment companies since 2005.

For shareholders who do not have a July 31, 2026 taxable year end, this notice is for informational purposes only. For shareholders with a July 31, 2026 taxable year end, please consult your tax adviser as to the pertinence of this notice. For the fiscal year ended July 31, 2026, the Fund is designating the following items with regard to distributions paid during the year.

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2026. Complete information will be computed and reported in conjunction with your 2026 Form 1099-DIV.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information must be preceded or accompanied by a current prospectus for the Portfolio described.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

		FYE July 31, 2026			FYE July 31, 2025
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees⁽¹⁾	$27,841	None	None	$26,770	None	None
(b)	Audit-Related Fees	None	None	None	None	None	None
(c)	Tax Fees	None	None	None	None	None	None
(d)	All Other Fees	None	None	None	None	None	None

	FYE July 31, 2026	FYE July 31, 2025
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None

	Shares		Value
COMMUNICATION SERVICES — 3.5%
T-Mobile US		7,573	$	1,307,933

ELECTRIC UTILITIES — 21.0%
Alliant Energy		10,500		743,190
Constellation Energy		6,186		1,625,371
Entergy		15,814		1,701,903
IDACORP		10,524		1,503,985
NextEra Energy		12,566		1,092,237
Xcel Energy		14,100		1,102,620
				7,769,306
ENERGY — 12.8%
Cameco		12,300		1,062,474
Centrus Energy, Cl A *		2,998		530,436
DT Midstream		15,221		2,100,498
Williams Cos.		14,500		1,037,330
				4,730,738
GAS — 2.2%
Cheniere Energy		3,100		817,067

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 5.0%
Talen Energy *		5,540		1,850,914

INDUSTRIALS — 16.3%
Canadian Pacific Kansas City		10,334		918,589
Dycom Industries *		1,394		559,092
GE Vernova		580		574,368
Johnson Controls International		8,641		1,267,289
Old Dominion Freight Line		2,500		530,350
Quanta Services		3,240		2,162,246
				6,011,934
INFORMATION TECHNOLOGY — 5.0%
Coherent *		2,550		670,369
Corning		8,650		1,195,863
				1,866,232
MULTI-UTILITIES — 15.5%
Ameren		10,250		1,123,503
CenterPoint Energy		23,500		987,940
NiSource		33,366		1,482,451
Sempra		12,500		1,106,875
WEC Energy Group		9,350		1,023,077
				5,723,846

	Shares		Value
REAL ESTATE — 11.4%
American Tower, Cl A †		4,800	$	832,128
Digital Realty Trust †		4,200		791,784
Equinix †		1,500		1,528,920
Iron Mountain †		8,700		1,064,184
				4,217,016
TELECOMMUNICATION SERVICES — 6.7%
Comcast, Cl A		33,000		790,680
F5 *		2,200		885,654
Lumentum Holdings *		1,130		806,752
				2,483,086

TOTAL COMMON STOCK
(Cost $24,168,610)				36,778,072

SHORT-TERM INVESTMENT(A) — 1.1%

SEI Daily Income Trust Treasury II Fund, Cl F, 3.600%
(Cost $412,717)		412,717		412,717

TOTAL INVESTMENTS— 100.5%
(Cost $24,581,327)			$	37,190,789

Assets:
Investments at Value (Cost $24,581,327)	$	37,190,789
Dividends Receivable		16,142
Receivable for Capital Shares Sold		106
Prepaid Expenses		10,835
Total Assets		37,217,872
Liabilities:
Payable for Capital Shares Redeemed		100,000
Professional Fees Payable		45,770
Payable due to Adviser		16,534
Transfer Agent Fees Payable		14,383
Payable due to Administrator		10,587
Payable due to Trustees		7,660
Chief Compliance Officer Fees Payable		3,343
Other Accrued Expenses		24,408

Total Liabilities		222,685

Commitments and Contingencies^†

Net Assets	$	36,995,187
Net Assets Consist of:
Paid-in Capital	$	22,342,342
Total Distributable Earnings		14,652,845
Net Assets	$	36,995,187
Net Asset Value, Offering and Redemption Price Per Share (unlimited authorization – no par value) Institutional Class Shares ($36,995,187 ÷ 3,152,406)	$	11.74

Financial Statements (Form N-CSR Item 7)
Schedule of Investments	1
Statement of Assets and Liabilities	3
Statement of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	7
Report of Independent Registered Public Accounting Firm	18
Notice to Shareholders (Unaudited)	19
Other Information (Form N-CSR Items 8-11) (Unaudited)	20

THE ADVISORS’ INNER CIRCLE FUND II	REAVES INFRASTRUCTURE FUND
	JULY 31, 2026

THE ADVISORS’ INNER CIRCLE FUND II	REAVES INFRASTRUCTURE FUND
	FOR THE YEAR ENDED
	JULY 31, 2026

Investment Income:
Dividend Income	$	612,495
Interest Income		6,932
Less: Foreign Taxes Withheld		(630	)

Total Investment Income		618,797

Expenses:
Investment Advisory Fees		275,712
Administration Fees		124,658
Transfer Agent Fees		82,613
Professional Fees		80,502
Trustees' Fees		27,716
Registration Fees		25,812
Printing Fees		18,634
Chief Compliance Officer Fees		9,485
Custodian Fees		4,300
Insurance and Other Expenses		22,082

Total Expenses		671,514
Less:
Waiver of Investment Advisory Fees		(193,468	)
Fees Paid Indirectly⁽¹⁾		(135	)

Net Expenses		477,911

Net Investment Income		140,886

Net Realized Gain on Investments		2,030,728
Net Change in Unrealized Appreciation on Investments		2,633,902

Net Realized and Unrealized Gain on Investments		4,664,630

Net Increase in Net Assets Resulting from Operations	$	4,805,516

	Year Ended July 31, 2026			Year Ended July 31, 2025
Operations:
Net Investment Income	$	140,886		$	208,591
Net Realized Gain		2,030,728			4,222,317
Net Change in Unrealized Appreciation		2,633,902			2,792,447
Net Increase in Net Assets Resulting from Operations		4,805,516			7,223,355

Distributions:		(3,590,278	)		(434,720	)
Capital Share Transactions:
Issued		391,824			143,226
Reinvestment of Distributions		3,307,109			398,444
Redeemed		(2,388,979	)		(1,701,405	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		1,309,954			(1,159,735	)
Total Increase in Net Assets		2,525,192			5,628,900
Net Assets:
Beginning of Year		34,469,995			28,841,095
End of Year	$	36,995,187		$	34,469,995
Share Transactions:
Issued		32,173			13,272
Reinvestment of Distributions		318,907			39,485
Redeemed		(204,478	)		(164,711	)
Net Increase (Decrease) in Shares Outstanding From Share Transactions:		146,602			(111,954	)

	Institutional Class Shares
	Year Ended July 31, 2026			Year Ended July 31, 2025			Year Ended July 31, 2024			Year Ended July 31, 2023			Year Ended July 31, 2022
Net Asset Value, Beginning of Year	$	11.47		$	9.25		$	8.67		$	10.30		$	11.56
Income from Operations:
Net Investment Income⁽¹⁾		0.05			0.07			0.09			0.11			0.03
Net Realized and Unrealized Gain (Loss)		1.42			2.29			0.75			(0.68	)		(0.68	)
Total from Investment Operations		1.47			2.36			0.84			(0.57	)		(0.65	)
Dividends and Distributions:
Net Investment Income		(0.05	)		(0.06	)		(0.12	)		(0.06	)		(0.05	)
Capital Gains		(1.15	)		(0.08	)		(0.14	)		(1.00	)		(0.56	)
Total Dividends and Distributions		(1.20	)		(0.14	)		(0.26	)		(1.06	)		(0.61	)
Net Asset Value, End of Year	$	11.74		$	11.47		$	9.25		$	8.67		$	10.30
Total Return †		14.26	%		25.74	%		10.09	%		(5.47	)%		(6.01	)%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)	$	36,995		$	34,470		$	28,841		$	29,569		$	50,032
Ratio of Expenses to Average Net Assets (including waivers, reimbursements and fees paid indirectly)		1.30	%		1.30	%		1.20	%		0.99	%		1.10	%
Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements and fees paid indirectly)		1.83	%		2.01	%		2.08	%		1.84	%		1.42	%
Ratio of Net Investment Income to Average Net Assets		0.38	%		0.65	%		1.07	%		1.20	%		0.26	%
Portfolio Turnover Rate		44	%		48	%		45	%		54	%		46	%

	Ordinary Income		Long-Term Capital Gain		Total
2026	$	472,303	$	3,117,975	$	3,590,278
2025		241,734		192,986		434,720

Undistributed Ordinary Income	$	828,976
Undistributed Long-Term Capital Gains		1,214,403
Net Unrealized Appreciation		12,609,462
Other Temporary Differences		4
Total Distributable Earnings	$	14,652,845

Federal Tax Cost				Aggregate Gross Unrealized Appreciation				Aggregate Gross Unrealized Depreciation				Net Unrealized Appreciation
$	24,581,327			$	12,705,814			$	(96,352	)		$	12,609,462

Income Taxes by Foreign Jurisdiction:
Canada	$	630
Other^*		—
Total Income Taxes Paid, Net of Refunds	$	630

THE ADVISORS’ INNER CIRCLE FUND II	REAVES INFRASTRUCTURE FUND JULY 31, 2026 (Unaudited)

Return of Capital				Long-Term Capital Distributions				Ordinary Income Distributions				Total Distributions				Qualifying for Corporate Dividends Received Deduction (1)				Qualifying Dividend Income (2)				Qualifying Business Income (3)				Interest Related Dividend (4)				Short-Term Capital Gains Dividends (5)
	0.00	%			86.84	%			13.16	%			100.00	%			92.57	%			92.91	%			8.46	%			0.00	%			100.00	%

(Registrant)	The Advisors’ Inner Circle Fund II

By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie
	Principal Executive Officer
Date: October 2, 2026

By (Signature and Title)	/s/ Andrew Metzger
	Andrew Metzger
	Principal Financial Officer
Date: October 2, 2026

The Advisors' Inner Circle Fund II

Reaves Infrastructure Fund

Institutional Class Shares - RSRFX

Annual Shareholder Report: July 31, 2026

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of July 31, 2026

Key Fund Statistics as of July 31, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

Asset/Sector Weightings^{Footnote Reference*}