Advisors' Inner Circle Fund II NPORT-P Reaves Infrastructure Fund (Apr 2024 report)

THE ADVISORS’ INNER CIRCLE FUND II REAVES INFRASTRUCTURE FUND APRIL 30, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS COMMON STOCK — 100.0%
	Shares		Value
COMMUNICATION SERVICES — 18.5%
Cogent Communications Holdings		16,839	$	1,080,727
Comcast, Cl A		23,876		909,914
Frontier Communications Parent *		32,450		750,893
Rogers Communications, Cl B		25,312		948,441
T-Mobile US		7,573		1,243,259
				4,933,234
ELECTRIC UTILITIES — 25.4%
Constellation Energy		11,350		2,110,419
IDACORP		10,524		997,465
NextEra Energy		12,566		841,545
PG&E		53,111		908,729
PNM Resources		21,500		796,790
Southern		15,200		1,117,200
				6,772,148
ENERGY — 4.6%
DT Midstream		19,621		1,220,426
GAS UTILITIES — 4.1%
Atmos Energy		9,293		1,095,645
INDUSTRIALS — 15.3%
Canadian Pacific Kansas City		14,124		1,107,745
Old Dominion Freight Line		4,280		777,719
Quanta Services		3,490		902,374
Union Pacific		5,392		1,278,767
				4,066,605
MATERIALS — 5.2%
Linde		3,127		1,378,882
MULTI-UTILITIES — 19.4%
CenterPoint Energy		33,249		968,876
CMS Energy		15,323		928,727
NiSource		45,366		1,263,897
Public Service Enterprise Group		15,101		1,043,177
Sempra		13,442		962,850
				5,167,527
REAL ESTATE — 7.5%
Equinix †		1,500		1,066,665

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THE ADVISORS’ INNER CIRCLE FUND II REAVES INFRASTRUCTURE FUND APRIL 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
REAL ESTATE — continued
SBA Communications, Cl A †		5,082	$	945,862
				2,012,527
TOTAL COMMON STOCK
(Cost $22,245,729)				26,646,994
SHORT-TERM INVESTMENT (A) — 0.1%
SEI Daily Income Trust Treasury II Fund, Cl F, 5.280%
(Cost $19,880)		19,880		19,880
TOTAL INVESTMENTS— 100.1%
(Cost $22,265,609)			$	26,666,874

  Percentages are based on Net Assets of $26,631,757.

* Non-income producing security.

† Real Estate Investment Trust

(A) The rate reported is the 7-day effective yield as of April 30, 2024.

Cl — Class

WHR-QH-001-4000

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