ANNUAL REPORT HANCOCK HORIZON FAMILY OF FUNDS JANUARY 31, 2020 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 The Advisors’ Inner Circle Fund II Beginning on January 1, 2021, 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 January 31, 2020 Table of Contents Shareholder Letter .......................................... 2 Economic Overview and Investment Outlook ....................... 4 The Hancock Horizon Funds Investment Philosophy ................. 23 Management’s Discussion of Fund Performance .................... 24 Disclosure of Fund Expenses .................................. 52 Financial Statements Schedules of Investments ..................................... 54 Statements of Assets and Liabilities .............................. 80 Statements of Operations ..................................... 83 Statements of Changes in Net Assets ............................. 86 Financial Highlights ......................................... 90 Notes to Financial Statements .................................. 108 Report of Independent Registered Public Accounting Firm ............. 130 Trustees and Officers of The Advisors’ Inner Circle Fund II ............. 134 Notice to Shareholders ...................................... 140 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 relat- ing 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 Shareholder Letter Dear Shareholder, Morningstar. The Fund’s rating was achieved relative to What a year! After a disappointing 2018 where nearly all 193 long-short equity funds in this category. asset classes finished the year in negative territory, 2019 saw Fund Manager Updates markets come roaring back. The over 30% return achieved In the May 31, 2019 prospectus update we announced in U.S. large cap stocks in 2019 was significantly boosted by that Nathan Grant, CFA would be added as a fund the deep hole the stock market began the year in and manager to the Hancock Horizon Diversified Income rebounded from. Taken together the roughly 12% Fund, and Bryan McCaulley, CFA would be added as a compound annual return over 2018-2019 is still well above fund manager to the Hancock Horizon Dynamic Asset average and in our view qualifies as strong 2-year Allocation Fund. Nathan Grant joined Horizon Advisers performance. Large Cap Growth was the winner of the horse in 2009 and has over 20 years of experience in race again in 2019, outpacing Large Cap Core and Large analyzing, trading, and investing across a wide variety of Cap Value by substantial margins, extending the lead fixed income asset classes. He is also the co-manager of gained in recent years. Also continuing recent trends, Large the Hancock Horizon Louisiana and Mississippi Cap Core returns significantly exceeded those of Mid Cap Tax-Free Funds. Bryan joined Horizon Advisers in 2010 and Small Cap stocks, constituting one of the more and is the sector analyst for Communication Services. anomalous characteristics of the last decade, in which small He also develops and implements strategies for company risk was not rewarded with superior performance. individual and institutional portfolios using quantitative We hope strong equity returns continue in 2020. statistical analysis and has experience in performance Fee Reductions and Class C closures analytics, database management, and proxy voting. As On June 1, 2019 we announced expense reductions on of January 2020, Anthony Slovick is no longer employed several funds and the closure of all of our C share by Horizon Advisers and was removed as a fund classes. A summary of the management fee reductions manager from the Hancock Horizon Microcap Fund. are below. We would like to take this opportunity to thank you for New Previous Management Management Basis Point your investment in the Hancock Horizon Funds. We Management Fee Changes Fee % Fee % Change % Change appreciate your support and confidence in our Hancock Horizon Burkenroad Small Cap Fund 0.79 0.93 -0.14 -15% management team, and we look forward to serving your Hancock Horizon Diversified future investment needs. International Fund 0.80 0.94 -0.14 -15% Hancock Horizon International Sincerely, Small Cap Fund 0.80 1.10 -0.30 -27% Hancock Horizon Microcap Fund 0.80 1.00 -0.20 -20% Four Star Fund David Lundgren, CFA As of January 31, 2020 the Hancock Horizon Quantitative Chief Investment Officer Long/Short Fund received an overall 4-star rating from 2 January 31, 2020 Disclosures Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance quoted. For performance data current to the most recent month end, please visit www.hancockhorizonfunds.com Mutual fund investing involves risk including loss of principal. Smaller companies typically exhibit higher volatility. Products of companies in which Funds invest may be subject to severe competition and rapid obsolescence. Hancock Horizon Funds are advised by Horizon Advisers, a registered investment adviser and a wholly owned subsidiary of Hancock Whitney Bank. Hancock Horizon Funds are distributed by SEI Investments Distribution Co., Oaks, PA, 19456, which is not affiliated with Hancock Whitney Bank or any of its affiliates. This information must be preceded or accompanied by a current prospectus for the Hancock Horizon Funds. Please read the prospectus carefully before investing. To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risks, charges, expenses and performance before investing. About Morningstar ᮊ 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is not guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund’s load adjusted return for the same period, and then adjusting this excess return for risk. The top 10 percent of funds in each category receive 5 stars, the next 22.5 percent receive 4 stars, the next 35 percent receive 3 stars, the next 22.5 percent receive 2 stars and the bottom 10 percent receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) Morningstar Rating metrics. As of 1/31/2020, the Hancock Horizon Quantitative Long/Short Fund received an overall Morningstar Rating of 4 stars for the Institutional and Investor Classes and was rated against 193 Long-Short Equity Funds over a three year period, 144 over a five-year period, and 40 over a 10 year period and received 3, 3 and 5 stars for the Institutional Class and 3, 3 and 4 stars for the Investor Class. 3 Economic Overview and Investment Outlook 2019 — The Year in Review Concerns over trade negotiations have led to a significant surge in imports KEY THEMES — 2019 from other countries. • Trade negotiations were likely the biggest issue Year over Year Change in Imports to the U.S. (November, 2019) confronting markets and global growth in 2019.