Semi-Annual Report

SEMI-ANNUAL REPORT HANCOCK HORIZON FAMILY OF FUNDS JULY 31, 2019 Burkenroad Small Cap Fund Louisiana Tax-Free Income Fund Diversified Income Fund Microcap Fund Diversified International Fund Mississippi Tax-Free Income Fund Dynamic Asset Allocation Fund Quantitative Long/Short Fund International Small Cap Fund U.S. Small Cap Fund The Advisors’ Inner Circle Fund II Beginning on March 29, 2019, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary, or, if you are a direct investor, by calling 1-800-990-2434. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-990-2434. Your election to receive reports in paper will apply to all funds held with your financial intermediary if you invest through a financial intermediary or all Hancock Horizon Funds if you invest directly with the Funds. Hancock Horizon Family of Funds July 31, 2019 Table of Contents Disclosure of Fund Expenses ................................... 2 Financial Statements Schedules of Investments ...................................... 4 Statements of Assets and Liabilities ............................... 35 Statements of Operations ...................................... 39 Statements of Changes in Net Assets .............................. 42 Financial Highlights .......................................... 46 Notes to Financial Statements ................................... 66 Board Considerations in Approving and Re-Approving the Advisory and Sub-Advisory Agreements ................................... 88 The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT within sixty days after the end of the period. The Funds’ Forms N-Q and Form N-PORT reports are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. A description of the policies and procedures that The Advisors’ Inner Circle Fund II uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-990-2434; and (ii) on the Commission’s website at http://www.sec.gov. 1 Disclosure of Fund Expenses (Unaudited) All mutual funds have operating expenses. As a You can use this information, together with the shareholder of a mutual fund, your investment is actual amount you invested in the Fund, to estimate affected by these ongoing costs, which include the expenses your Fund incurred over that period. (among others) costs for portfolio management, Simply divide your actual account value by $1,000 to administrative services, 12b-1 fees, and shareholder arrive at a ratio (for example, an $8,600 account reports like this one. It is important for you to value divided by $1,000 = 8.6), then multiply that understand the impact of these costs on your ratio by the number shown for your Fund under the investment returns. “Expenses Paid During Period” column. Operating expenses such as these are deducted from a • Hypothetical 5% return — This section helps mutual fund’s gross income and directly reduce its you compare your Fund’s costs with those of other final investment return. These expenses are expressed mutual funds. It assumes that the Fund had an as a percentage of a mutual fund’s average net assets; annual 5% return before expenses during the year, this percentage is known as a mutual fund’s expense but that the expense ratio (Column 3) is unchanged. ratio. This example is useful in making comparisons The following examples use the expense ratio and are because the Securities and Exchange Commission intended to help you understand the ongoing costs requires all mutual funds to make this 5% (in dollars) of investing in your Fund and to compare calculation. You can assess your Fund’s comparative these costs with those of other mutual funds. The cost by comparing the hypothetical result for your examples are based on an investment of $1,000 made Fund in the “Expenses Paid During Period” column at the beginning of the period and held for the entire with those that appear in the same charts in the period from February 1, 2019 to July 31, 2019. shareholder reports for other mutual funds. The table on the next page illustrates your Fund’s Note: Because the hypothetical return is set at 5% for costs in two ways: comparison purposes — NOT your Fund’s actual return — the account values shown do not apply to • Actual Fund return — This section helps you your specific investment. Expenses shown in the table to estimate the actual expenses that your Fund are meant to highlight your ongoing costs only and incurred over the period. The “Expenses Paid During do not reflect any transactional costs, such as sales Period” column shows the actual dollar expense cost charges (loads), redemption fees, or exchange fees. If incurred by a $1,000 investment in the Fund, and the these transactional costs were included, your cost “Ending Account Value” number is derived from would have been higher. deducting that expense cost from the Fund’s gross investment return. 2 July 31, 2019 (Unaudited) Beginning Ending Expenses Beginning Ending Expenses Account Account Annualized Paid Account Account Annualized Paid Value Value Expense During Value Value Expense During 2/1/2019 7/31/2019 Ratios Period* 2/1/2019 7/31/2019 Ratios Period* Burkenroad Small Cap Fund Louisiana Tax-Free Income Fund Actual Fund Return Actual Fund Return Institutional Class ....... $1,000.00 $1,013.30 1.10% $5.49 Institutional Class ....... $1,000.00 $1,044.80 0.75% $3.80 Investor Class .......... 1,000.00 1,012.30 1.30% 6.49 Investor Class .......... 1,000.00 1,044.10 0.90% 4.56 Class D ............... 1,000.00 1,010.70 1.60% 7.98 Hypothetical 5% Return Hypothetical 5% Return Institutional Class ....... $1,000.00 $1,021.08 0.75% $3.76 Institutional Class ....... $1,000.00 $1,019.34 1.10% $5.51 Investor Class .......... 1,000.00 1,020.33 0.90% 4.51 Investor Class .......... 1,000.00 1,018.35 1.30% 6.51 Class D ............... 1,000.00 1,016.86 1.60% 8.00 Microcap Fund Actual Fund Return Diversified Income Fund Institutional Class ....... $1,000.00 $1,018.80 1.43% $7.16 Actual Fund Return Investor Class .......... 1,000.00 1,017.70 1.68% 8.40 Institutional Class ....... $1,000.00 $1,050.70 0.90% $4.58 Hypothetical 5% Return Investor Class .......... 1,000.00 1,049.70 1.15% 5.84 Institutional Class ....... $1,000.00 $1,017.70 1.43% $7.15 Hypothetical 5% Return Investor Class .......... 1,000.00 1,016.46 1.68% 8.40 Institutional Class ....... $1,000.00 $1,020.33 0.90% $4.51 Investor Class .......... 1,000.00 1,019.09 1.15% 5.76 Mississippi Tax-Free Income Fund Actual Fund Return Diversified International Fund Institutional Class ....... $1,000.00 $1,052.00 0.75% $3.82 Actual Fund Return Investor Class .......... 1,000.00 1,050.80 0.85% 4.32 Institutional Class ....... $1,000.00 $1,031.50 1.29% $6.50 Hypothetical 5% Return Investor Class .......... 1,000.00 1,030.50 1.44% 7.25 Institutional Class ....... $1,000.00 $1,021.08 0.75% $3.76 Hypothetical 5% Return Investor Class .......... 1,000.00 1,020.58 0.85% 4.26 Institutional Class ....... $1,000.00 $1,018.40 1.29% $6.46 Investor Class .......... 1,000.00 1,017.65 1.44% 7.20 Quantitative Long/Short Fund Actual Fund Return Dynamic Asset Allocation Fund Institutional Class ....... $1,000.00 $1,032.00 1.08% $5.44 Actual Fund Return Investor Class .......... 1,000.00 1,032.20 1.33% 6.70 Institutional Class ....... $1,000.00 $1,034.80 1.40% $7.06 Hypothetical 5% Return Investor Class .......... 1,000.00 1,034.10 1.65% 8.32 Institutional Class ....... $1,000.00 $1,019.44 1.08% $5.41 Hypothetical 5% Return Investor Class .......... 1,000.00 1,018.20 1.33% 6.66 Institutional Class ....... $1,000.00 $1,017.85 1.40% $7.00 Investor Class .......... 1,000.00 1,016.61 1.65% 8.25 U.S. Small Cap Fund Actual Fund Return International Small Cap Fund Institutional Class ....... $1,000.00 $1,009.20 1.10% $5.48 Actual Fund Return Investor Class .........

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