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Reaves Utilities and Energy Infrastructure Fund converting share class

TheShadowTheShadow
in Fund Discussions
https://www.sec.gov/Archives/edgar/data/890540/000113542816001730/reaves-497.txt


497
1
reaves-497.txt


THE ADVISORS' INNER CIRCLE FUND II (THE "TRUST")

REAVES UTILITIES AND ENERGY INFRASTRUCTURE FUND (THE "FUND")

SUPPLEMENT DATED SEPTEMBER 15, 2016
TO THE CLASS A SHARES PROSPECTUS AND THE INSTITUTIONAL CLASS SHARES PROSPECTUS,
EACH DATED NOVEMBER 28, 2015 (THE "PROSPECTUSES")
AND THE STATEMENT OF ADDITIONAL INFORMATION, DATED NOVEMBER 28, 2015 (THE "SAI")

This supplement provides new and additional information beyond that contained in
the Prospectuses and SAI, and should be read in conjunction with the
Prospectuses and SAI.

Effective on or about November 30, 2016 (the "Conversion Date"), the Fund will
automatically convert its outstanding Class A Shares to Institutional Class
Shares of the Fund. After the Conversion Date, Class A Shares will no longer be
offered by the Fund, and will be terminated as a separately designated class of
the Fund.

The automatic conversion of the Fund's Class A Shares into Institutional Class
Shares on the Conversion Date is not expected to be a taxable event for federal
income tax purposes or to result in the recognition of gain or loss by
converting shareholders, although shareholders should consult their own tax
advisors.

The fees and expenses of Institutional Class Shares, which are set forth in the
Institutional Class Shares Prospectus, do not include the 4.75% maximum sales
charge (load) imposed on purchases of Class A Shares or the 0.25% distribution
and service (12b-1) fee payable with respect to Class A Shares.

Additionally, effective as of the Conversion Date, the minimum initial
investment for Institutional Class Shares will be $1,000, and all references to
"$1,000,000" in the Institutional Class Shares Prospectus are hereby deleted and
replaced with "$1,000."


PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

WHR-SK-012-0100



Comments

  • 00BY
    I like the Reaves CEF UTG. But utilities are an inflated bunch these days
  • Edmond
    edited September 2016
    It looks like the institutional class carries an E/R of 1.31% (per M*); its TTM yield is 1.26%. So the E/R gobbles up over half of the income? Yikes!

    Seems like a lot of money to pay when buying some combo of XLU and T/VZ/BCE would get the job done.

    And yes, utes look pricey here. But then most asset classes look pricey fundamentally and "toppy" on the charts...
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