UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07102

The Advisors’ Inner Circle Fund II

(Exact name of registrant as specified in charter)

101 Federal Street

Boston, MA 02110

(Address of principal executive offices) (Zip code)

SEI Corporation

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-877-446-3863

Date of fiscal year end: January 31, 2015

Date of reporting period: October 31, 2014

Item 1. Schedule of Investments

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON GOVERNMENT MONEY MARKET FUND

Description	Face Amount (000)/Shares		Value (000)
U.S. Government Agency Obligations — 67.2%
FFCB
0.200%, 08/03/15 (A)	$	15,000	$	15,010
0.108%, 09/30/15 (A)		5,000		5,000
0.100%, 11/24/14 (A)		20,000		20,000
0.080%, 03/09/15 (A)		9,900		9,899
FHLB
0.108%, 12/09/14 (A)		30,000		30,000
0.050%, 12/10/14 (B)		13,000		12,999
0.094%, 02/11/15		20,000		20,000
0.045%, 11/12/14 (B)		20,000		20,000
0.045%, 12/03/14 (B)		7,100		7,100
FHLMC
1.600%, 11/26/14 (B)		4,633		4,633
0.150%, 08/18/15		4,300		4,295
0.060%, 04/15/15 (B)		10,000		9,997
0.047%, 06/09/15 (B)		10,000		9,991
FNMA
0.167%, 01/20/15 (A)		5,000		5,001
0.118%, 04/01/15 (B)		10,000		9,995
0.115%, 04/15/15 (B)		5,000		4,997
0.055%, 03/03/15		5,000		4,999
0.040%, 11/17/14		20,490		20,490
Total U.S. Government Agency Obligations       (Cost $214,406 (000))				214,406
Cash Equivalents (C) — 32.8%
Fidelity Institutional Government Portfolio, 0.010%		28,000,000		28,000
Federated U.S. Treasury Cash Reserves, Cl I, 0.010%		28,000,000		28,000
Federated Government Obligations Tax-Managed Fund, Cl I, 0.010%		28,000,000		28,000
Federated Treasury Obligations Fund, 0.010%		20,847,710		20,848
Total Cash Equivalents       (Cost $104,848 (000))				104,848
Total Investments — 100.0%       (Cost $319,254 (000)) †			$	319,254

Percentages are based on net assets of $319,275 (000).

(A) Variable Rate Security — The rate reported is the rate in effect at October 31, 2014.

(B) Discount Note — The rate reported is the effective yield at time of purchase.

(C) The rate reported is the 7-day effective yield as of October 31, 2014.

Cl — Class

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

† For Federal tax purposes, the Fund’s aggregate tax cost is equal to book cost.

As of October 31, 2014, all of the Fund’s investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

During the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

During the period ended October 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

HHF-QH-007-1300

1

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON CORE BOND FUND

Description	Face Amount (000)		Value (000)
Corporate Bonds — 52.3%
Advertising — 0.2%
Visant
10.000%, 10/01/17	$	750	$	660
Total Advertising				660
Aerospace & Defense — 1.8%
Erickson
8.250%, 05/01/20		500		472
Honeywell International
5.300%, 03/01/18		1,400		1,570
Rockwell Collins (A)
0.584%, 12/15/16		2,000		2,002
United Technologies
4.500%, 04/15/20		1,000		1,114
Total Aerospace & Defense				5,158
Banks — 5.9%
Bank of America MTN (A)
1.303%, 03/22/18		2,000		2,028
Branch Banking & Trust (A)
0.664%, 12/01/16		2,500		2,510
General Electric Capital MTN
0.833%, 01/08/16 (A)		1,000		1,006
0.507%, 08/07/18 (A)		5,000		4,961
JPMorgan Chase (A)
1.134%, 01/25/18		1,000		1,013
Toronto-Dominion Bank MTN (A)
0.692%, 09/09/16		5,000		5,025
Total Banks				16,543
Building & Construction — 0.7%
Beazer Homes USA
7.250%, 02/01/23		500		497
CRH America
8.125%, 07/15/18		1,300		1,565
Total Building & Construction				2,062
Chemicals — 2.6%
Cornerstone Chemical (B)
9.375%, 03/15/18		500		499
Dow Chemical
4.250%, 11/15/20		1,000		1,075
LyondellBasell Industries
5.000%, 04/15/19		5,000		5,512
Momentive Performance Materials
3.880%, 10/24/21		350		305
Total Chemicals				7,391
Coatings/Paint — 0.2%
Sherwin-Williams
3.125%, 12/15/14		500		502
Total Coatings/Paint				502
Computers & Services — 0.1%
First Data (B)
8.250%, 01/15/21		350		380
Total Computers & Services				380
Electrical Utilities — 1.2%
Georgia Power (A)
0.634%, 08/15/16		2,000		2,000
Gulf Power

Description	Face Amount (000)		Value (000)
Electrical Utilities — (continued)
3.100%, 05/15/22	$	1,250	$	1,274
Total Electrical Utilities				3,274
Energy-Alternate Sources — 0.2%
Linc USA GP (B)
12.500%, 10/31/17		500		510
Total Energy-Alternate Sources				510
Entertainment — 3.8%
Boyd Gaming
9.000%, 07/01/20		500		539
DIRECTV Holdings
5.200%, 03/15/20		1,500		1,677
MTR Gaming Group
11.500%, 08/01/19		499		548
Viacom
5.625%, 09/15/19		1,500		1,706
4.500%, 03/01/21		5,000		5,396
3.875%, 12/15/21		1,000		1,033
Total Entertainment				10,899
Financial Services — 17.1%
American Honda Finance (A)
0.732%, 10/07/16		2,000		2,014
American Honda Finance
3.500%, 03/16/15 (B)		500		506
1.500%, 09/11/17 (B)		2,000		2,010
BP Capital Markets
0.865%, 09/26/18 (A)		3,550		3,572
0.657%, 11/07/16 (A)		2,000		2,006
Daimler Finance North America (A) (B)
0.834%, 01/09/15		2,000		2,002
Ford Motor Credit
3.000%, 06/12/17		3,000		3,093
1.483%, 05/09/16 (A)		2,405		2,435
Goldman Sachs Group (A)
1.433%, 04/30/18		3,000		3,046
Goldman Sachs Group MTN
6.000%, 06/15/20		2,000		2,300
Innovation Ventures
9.500%, 08/15/19		500		493
John Deere Capital MTN
2.800%, 09/18/17		1,350		1,408
1.300%, 03/12/18		1,000		988
Morgan Stanley MTN
5.550%, 04/27/17		970		1,062
1.514%, 04/25/18 (A)		3,000		3,067
Rio Tinto Finance USA
3.500%, 11/02/20		3,000		3,115
Total Capital International (A)
0.803%, 08/10/18		3,108		3,138
Ventas Realty ‡
2.700%, 04/01/20		7,000		6,945
Wachovia (A)
0.504%, 06/15/17		5,000		4,983
Total Financial Services				48,183
Food, Beverage & Tobacco — 1.9%
Alliance One International
9.875%, 07/15/21		500		477
Coca-Cola
3.300%, 09/01/21		1,000		1,049
1.150%, 04/01/18		2,000		1,980

2

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON CORE BOND FUND

Description	Face Amount (000)		Value (000)
Food, Beverage & Tobacco — (continued)
PepsiCo
3.100%, 01/15/15	$	250	$	251
SABMiller Holdings (A) (B)
0.930%, 08/01/18		1,000		1,007
SUPERVALU
6.750%, 06/01/21		500		490
Total Food, Beverage & Tobacco				5,254
Gas & Natural Gas — 2.1%
Enbridge Energy Partners
6.500%, 04/15/18		5,125		5,873
Total Gas & Natural Gas				5,873
Household Products — 0.2%
Armored Autogroup
9.250%, 11/01/18		500		507
Total Household Products				507
Industrials — 0.8%
CHC Helicopter
9.250%, 10/15/20		450		481
General Electric Capital MTN (A)
1.036%, 04/15/20		1,745		1,757
Total Industrials				2,238
Information Technology — 1.4%
Interface Security Systems Holdings
9.250%, 01/15/18		500		509
Jedat
3.500%, 05/15/25		3,341		3,461
Total Information Technology				3,970
Insurance — 2.2%
American International Group
4.875%, 06/01/22		4,500		5,019
MetLife Institutional Funding II (A) (B)
0.602%, 01/06/15		1,300		1,301
Total Insurance				6,320
Manufacturing — 0.2%
ConAgra Foods
1.900%, 01/25/18		500		498
Total Manufacturing				498
Materials — 0.1%
Hexion US Finance
6.625%, 04/15/20		350		350
Total Materials				350
Medical Products & Services — 1.5%
21st Century Oncology
8.875%, 01/15/17		450		458
Covenant Surgical Partners (B)
8.750%, 08/01/19		250		250
Humana
7.200%, 06/15/18		1,425		1,678
Kinetic Concepts
10.500%, 11/01/18		500		551
Lantheus Medical Imaging
9.750%, 05/15/17		750		707

Description	Face Amount (000)		Value (000)
Medical Products & Services — (continued)
Tenet Healthcare
6.000%, 10/01/20	$	500	$	537
Total Medical Products & Services				4,181
Metals & Mining — 1.9%
Freeport-McMoRan
3.550%, 03/01/22		4,500		4,398
2.375%, 03/15/18		1,000		1,005
Total Metals & Mining				5,403
Paper & Paper Products — 0.1%
Verso Paper Holdings
11.750%, 01/15/19		250		215
Total Paper & Paper Products				215
Paper & Related Products — 0.1%
Verso Paper Holdings
11.750%, 01/15/19		350		355
Total Paper & Related Products				355
Petroleum & Fuel Products — 1.9%
Alpha Natural Resources (B)
7.500%, 08/01/20		500		400
Arch Coal (B)
8.000%, 01/15/19		750		487
Devon Energy (A)
0.774%, 12/15/16		2,000		2,008
EXCO Resources
7.500%, 09/15/18		500		441
Gastar Exploration
8.625%, 05/15/18		500		481
Lightstream Resources (B)
8.625%, 02/01/20		500		460
Midstates Petroleum
9.250%, 06/01/21		350		298
Nuverra Environmental Solutions
9.875%, 04/15/18		450		418
Quicksilver Resources (A) (B)
7.000%, 06/21/19		500		453
Total Petroleum & Fuel Products				5,446
Publishing — 0.2%
American Media
11.500%, 12/15/17		500		520
Total Publishing				520
Retail — 0.7%
Quiksilver (B)
7.875%, 08/01/18		500		456
Target
5.375%, 05/01/17		1,000		1,103
Yum! Brands
6.250%, 04/15/16		500		536
Total Retail				2,095
Semi-Conductors & Instruments — 0.2%
Advanced Micro Devices
7.750%, 08/01/20		500		470
Total Semi-Conductors & Instruments				470

3

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON CORE BOND FUND

Description	Face Amount (000)		Value (000)
Telephones & Telecommunication — 1.9%
AT&T
5.800%, 02/15/19	$	2,800	$	3,207
Avaya (B)
9.000%, 04/01/19		500		513
Cequel Communications Holdings I (B)
6.375%, 09/15/20		500		521
Cincinnati Bell
8.375%, 10/15/20		125		134
Frontier Communications
8.750%, 04/15/22		350		404
GTE
6.840%, 04/15/18		445		517
Total Telephones & Telecommunication				5,296
Transportation Services — 1.1%
CSX
3.700%, 10/30/20		2,000		2,116
PACCAR Financial MTN (A)
0.833%, 12/06/18		1,000		1,006
Total Transportation Services				3,122
Total Corporate Bonds (Cost $146,145 (000))				147,675
Municipal Bonds — 17.7%
Arkansas State, Development Finance Authority, RB
5.210%, 04/01/23		1,020		1,122
Birmingham Water Works Board, Ser A, RB
3.875%, 01/01/32		2,000		2,037
Borough of North Slope Alaska, GO
5.126%, 06/30/20		1,000		1,143
City & County of San Francisco, California, GO
4.600%, 06/15/20		1,000		1,107
City of Austin Texas, RB
5.086%, 11/15/25		500		569
City of Cape Coral, Florida, RB
6.369%, 10/01/24		1,500		1,635
City of Dallas, Texas, GO
4.589%, 02/15/21		1,000		1,129
4.489%, 02/15/20		500		561
4.389%, 02/15/19		500		559
City of Dallas, Texas, GO
4.660%, 02/15/24		1,000		1,111
City of Lafayette, Louisiana, Ser A, RB, AGM
7.230%, 03/01/34		1,000		1,133
City of New Orleans Louisiana, GO
2.123%, 09/01/17		2,190		2,201
City of New York, New York, Sub-Ser G-2, GO
3.500%, 03/01/16		1,500		1,555
Clark County School District Finance, RB,
5.200%, 06/01/26		2,000		2,079
County of Cumberland North Carolina, RB
6.100%, 11/01/25		1,000		1,166

Description	Face Amount (000)		Value (000)
Municipal Bonds — (continued)
County of Guilford, North Carolina, GO
4.641%, 08/01/22	$	1,000	$	1,141
County of Pierce, Washington, GO
4.700%, 08/01/21		1,085		1,195
County of St. Louis, Missouri, RB
5.200%, 12/01/28		2,000		2,198
East Baton Rouge, Louisiana, Sewerage Commission, RB
3.543%, 02/01/16		1,000		1,027
Florida State Board of Education, Lottery Revenue, RB
5.541%, 07/01/21		1,000		1,130
5.391%, 07/01/20		400		451
Florida State Board of Education, Ser G, GO
4.650%, 06/01/20		1,500		1,634
JEA, Florida Bulk Power Supply System, RB
4.900%, 10/01/20		1,000		1,108
Jefferson & Madison Counties, Idaho, Joint School District No. 251 Rigby, GO,
5.250%, 09/01/26		1,830		1,953
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, AGM
6.080%, 12/15/25		2,500		2,837
Macomb Interceptor Drain District, Michigan, GO
4.250%, 05/01/21		1,500		1,558
Metropolitan Transportation Authority, RB
4.546%, 11/15/17		1,000		1,089
Pennsylvania State, GO
4.450%, 02/15/20		1,500		1,648
Rollins College, RB, AGM
5.750%, 12/01/20		1,500		1,640
State of California, GO
5.250%, 08/01/38		1,000		1,113
State of Louisiana, Ser B, GO
2.000%, 05/15/20		6,000		5,998
State of Louisiana, Ser D, GO
2.269%, 07/15/20		1,000		1,011
State of Mississippi, GO
1.351%, 11/01/17		1,000		1,005
State of Rhode Island, GO
4.663%, 04/01/21		1,000		1,101
Total Municipal Bonds (Cost $46,761 (000))				49,944
U.S. Government Mortgage-Backed Obligations — 9.4%
FHLMC
5.50%, 08/01/21		114		121
5.50%, 10/01/36		127		141
5.00%, 10/01/16		41		43
5.00%, 04/01/22		134		145
5.00%, 04/01/23		57		62
4.50%, 05/01/24		135		144

4

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON CORE BOND FUND

Description	Face Amount (000)		Value (000)
FHLMC — (continued)
3.00%, 12/01/26	$	3,674	$	3,815
FNMA
6.50%, 01/01/32		45		52
6.00%, 08/01/35		265		302
6.00%, 05/01/36		100		113
6.00%, 07/01/36		29		32
5.50%, 06/01/25		277		309
5.50%, 10/01/34		80		90
5.50%, 01/01/36		37		41
5.50%, 02/01/36		92		103
5.50%, 04/01/36		73		81
5.00%, 10/01/18		60		63
5.00%, 12/01/18		59		62
5.00%, 11/01/21		97		104
5.00%, 05/01/38		249		276
4.50%, 07/01/18		86		91
4.50%, 07/01/24		389		421
4.00%, 04/01/31		1,527		1,639
4.00%, 09/01/31		2,673		2,868
3.50%, 09/01/25		1,187		1,256
3.50%, 06/01/26		1,827		1,933
3.50%, 12/01/31		2,747		2,886
3.50%, 02/01/32		3,671		3,858
3.50%, 12/01/41		2,870		2,975
3.00%, 10/01/21		413		431
GNMA
7.50%, 12/20/29		1		2
6.50%, 03/15/31		6		7
6.50%, 07/15/31		301		346
6.00%, 05/15/28		1		1
6.00%, 09/15/34		193		218
6.00%, 11/15/34		37		42
6.00%, 12/15/34		70		81
5.50%, 01/15/36		384		430
5.50%, 04/15/36		220		246
5.00%, 09/15/17		43		46
5.00%, 12/15/17		45		47
5.00%, 10/15/18		7		7
5.00%, 11/15/18		5		6
5.00%, 01/15/19		126		135
5.00%, 03/15/33		13		14
5.00%, 04/15/33		5		6
5.00%, 06/15/33		30		33
5.00%, 04/15/38		263		290
4.50%, 02/15/20		168		177
Total U.S. Government Mortgage-Backed Obligations (Cost $25,375 (000))				26,591
Registered Investment Companies — 8.1%
Open-End Funds — 8.1%
BlackRock High Yield Portfolio, Institutional Class		701,880		5,784
Federated Ultrashort Bond Fund		1,853,755		16,980
Total Open-End Funds				22,764
Total Registered Investment Companies (Cost $22,791 (000))				22,764
U.S. Government Agency Obligations — 7.9%
FFCB
5.54%, 11/07/16		1,500		1,647
4.45%, 06/01/15		2,500		2,558

Description	Face Amount (000)/Shares		Value (000)
FHLB
5.00%, 12/09/16	$	1,000	$	1,088
2.75%, 03/13/15		1,750		1,767
FHLMC
5.25%, 04/18/16		1,000		1,070
FNMA
5.00%, 02/13/17		500		548
2.63%, 09/06/24		5,000		4,980
2.50%, 04/25/31		3,098		3,086
2.00%, 06/25/30		3,890		3,932
2.00%, 08/25/36		1,549		1,539
Total U.S. Government Agency Obligations (Cost $21,748 (000))				22,215
Commercial Paper (B) — 2.8%
Fortis Funding, 0.42% , 04/14/2015		8,000		7,990
Total Commercial Paper (Cost $7,984 (000))				7,990
Asset-Backed Security (A) — 1.1%
Ford Credit Floorplan Master Owner Trust
0.53%, 01/15/18 (A)		3,000		3,003
Total Asset-Backed Security (Cost $3,000 (000))				3,003
Cash Equivalent (C) — 0.4%
Federated Prime Obligations Fund, Cl I, 0.030%		1,085,413		1,085
Total Cash Equivalent (Cost $1,085 (000))				1,085
Total Investments — 99.7% (Cost $274,889 (000)) †			$	281,267

Percentages are based on net assets of $282,168 (000).

‡ Real Estate Investment Trust

(A) Variable Rate Security — The rate reported is the rate in effect at October 31, 2014.

(B) 144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2014, the value of these securities amounted to $19,745 (000s), representing 7.0% of the net assets.

(C) The rate reported is the 7-day effective yield as of October 31, 2014.

AGM — Assured Guaranty Municipal

Cl — Class

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GO — General Obligation

GNMA — Government National Mortgage Association

MTN — Medium Term Note

RB — Revenue Bond

Ser — Series

† At October 31, 2014, the tax basis cost of the Fund’s investments was $274,889 (000), and the unrealized appreciation and depreciation were $7,915 (000) and ($1,537) (000), respectively.

5

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON CORE BOND FUND

The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund’s investments carried at value ($ 000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	147,675	$	—	$	147,675
Municipal Bonds		—		49,944		—		49,944
U.S. Government Mortgage-Backed Obligations		—		26,591		—		26,591
Registered Investment Companies		22,764		—		—		22,764
U.S. Government Agency Obligations		—		22,215		—		22,215
Commercial Paper		—		7,990		—		7,990
Asset-Backed Security		—		3,003		—		3,003
Cash Equivalent		1,085		—		—		1,085
Total Investments in Securities	$	23,849	$	257,418	$	—	$	281,267

Amounts designated as “—” are either $0 or have been rounded to $0.

During the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

During the period ended October 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

HHF-QH-006-1300

6

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON VALUE FUND

Description	Shares		Value (000)
Common Stock — 92.3%
Aerospace & Defense — 4.6%
Alliant Techsystems		20,000	$	2,339
Northrop Grumman		24,000		3,311
Raytheon		30,000		3,117
Total Aerospace & Defense				8,767
Banks — 10.2%
BB&T		76,000		2,879
Capital One Financial		33,000		2,731
Morgan Stanley		65,000		2,272
PNC Financial Services Group		35,000		3,024
Regions Financial		290,000		2,880
SunTrust Banks		75,000		2,935
Wells Fargo		52,000		2,761
Total Banks				19,482
Chemicals — 3.0%
Dow Chemical		58,000		2,865
Eastman Chemical		35,000		2,827
Total Chemicals				5,692
Computers & Services — 6.3%
Corning		150,000		3,065
Hewlett-Packard		80,000		2,870
Ingram Micro, Cl A *		108,000		2,899
Seagate Technology		52,000		3,267
Total Computers & Services				12,101
Containers & Packaging — 1.6%
Ball		48,000		3,093
Total Containers & Packaging				3,093
Drug Retail — 1.5%
CVS Health		33,000		2,832
Total Drug Retail				2,832
Educational Services — 3.4%
Apollo Education Group, Cl A *		107,000		3,067
DeVry Education Group		70,000		3,389
Total Educational Services				6,456
Electrical Utilities — 6.5%
Great Plains Energy		110,000		2,962
NRG Energy		97,000		2,908
Pinnacle West Capital		52,000		3,197
Public Service Enterprise		80,000		3,305
Total Electrical Utilities				12,372
Electronic Components & Equipment — 1.5%
Arrow Electronics *		49,000		2,786
Total Electronic Components & Equipment				2,786
Engineering Services — 1.6%
AECOM Technology *		95,000		3,092
Total Engineering Services				3,092

Description	Shares		Value (000)
Entertainment — 1.5%
Walt Disney		32,000	$	2,924
Total Entertainment				2,924
Financial Services — 4.3%
Ameriprise Financial		23,000		2,902
Discover Financial Services		41,000		2,615
NASDAQ OMX Group		63,000		2,725
Total Financial Services				8,242
Insurance — 14.4%
ACE		25,000		2,732
Allstate		44,000		2,853
American Financial Group		49,000		2,932
Everest Re Group		16,000		2,730
HCC Insurance Holdings		60,000		3,131
Lincoln National		51,000		2,793
Reinsurance Group of America, Cl A		33,000		2,780
Torchmark		54,000		2,860
Travelers		17,000		1,714
Unum Group		86,000		2,878
Total Insurance				27,403
Machinery — 1.4%
Crane		43,000		2,681
Total Machinery				2,681
Managed Health Care — 3.3%
Aetna		35,000		2,888
UnitedHealth Group		35,000		3,325
Total Managed Health Care				6,213
Manufacturing — 1.4%
SPX		28,000		2,654
Total Manufacturing				2,654
Medical Products & Services — 1.5%
Universal Health Services, Cl B		28,000		2,904
Total Medical Products & Services				2,904
Metals & Mining — 2.9%
Reliance Steel & Aluminum		38,000		2,564
Steel Dynamics		128,000		2,946
Total Metals & Mining				5,510
Paper & Paper Products — 1.5%
International Paper		58,000		2,936
Total Paper & Paper Products				2,936
Petroleum & Fuel Products — 5.5%
Chevron		22,000		2,639
Marathon Oil		81,000		2,867
National Oilwell Varco		33,000		2,397
Occidental Petroleum		30,000		2,668
Total Petroleum & Fuel Products				10,571

7

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON VALUE FUND

Description	Shares		Value (000)
Petroleum Refining — 1.4%
Marathon Petroleum		30,000	$	2,727
Total Petroleum Refining				2,727
Printing & Publishing — 1.5%
Xerox		220,000		2,922
Total Printing & Publishing				2,922
Retail — 4.1%
Foot Locker		53,000		2,968
GameStop, Cl A		50,000		2,138
Macy’s		47,000		2,718
Total Retail				7,824
Semi-Conductors & Instruments — 1.5%
Intel		82,000		2,789
Total Semi-Conductors & Instruments				2,789
Telephones & Telecommunication — 1.5%
AT&T		80,000		2,787
Total Telephones & Telecommunication				2,787
Travel Services — 1.6%
Carnival		75,000		3,011
Total Travel Services				3,011
Waste Management Services — 2.8%
Archer-Daniels-Midland		56,000		2,632
Ingredion		34,000		2,626
Total Waste Management Services				5,258
Total Common Stock (Cost $133,981 (000))				176,029
Registered Investment Companies — 5.5%
Exchange Traded Funds — 5.5%
Energy Select Sector SPDR Fund		70,000		6,119
Industrial Select Sector SPDR Fund		80,000		4,418
Total Exchange Traded Funds				10,537
Total Registered Investment Companies (Cost $10,100 (000))				10,537
Cash Equivalent (A) — 2.2%
Federated Prime Obligations Fund, Cl I, 0.030%		4,210,447		4,210
Total Cash Equivalent (Cost $4,210 (000))				4,210
Total Investments — 100.0% (Cost $148,291 (000)) †			$	190,776

Percentages are based on net assets of $190,931 (000).

* Non-income producing security.

(A) The rate reported is the 7-day effective yield as of October 31, 2014.

Cl — Class

SPDR — Standard & Poor’s Depositary Receipts

† At October 31, 2014, the tax basis cost of the Fund’s investments was $148,291 (000), and the unrealized appreciation and depreciation were $42,912 (000) and $(427) (000), respectively.

As of October 31, 2014, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

During the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

During the period ended October 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

HHF-QH-001-1300

8

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON GROWTH FUND

Description	Shares		Value (000)
Common Stock — 93.5%
Airlines — 1.5%
Southwest Airlines		60,000	$	2,069
Total Airlines				2,069
Automotive — 5.0%
AutoZone *		4,000		2,214
Gentex		72,000		2,357
O’Reilly Automotive *		14,000		2,463
Total Automotive				7,034
Banks — 5.8%
Huntington Bancshares		220,000		2,180
KeyCorp		145,000		1,914
Signature Bank NY *		16,000		1,938
US Bancorp		51,000		2,173
Total Banks				8,205
Broadcasting, Newspapers and Advertising — 1.4%
Scripps Networks Interactive, Cl A		25,000		1,931
Total Broadcasting, Newspapers and Advertising				1,931
Cable/Media — 1.4%
Comcast, Cl A		36,000		1,993
Total Cable/Media				1,993
Chemicals — 2.7%
LyondellBasell Industries, Cl A		20,000		1,833
PPG Industries		10,000		2,037
Total Chemicals				3,870
Commercial Services — 1.6%
Robert Half International		41,000		2,246
Total Commercial Services				2,246
Computer Software — 3.0%
Cadence Design Systems *		120,000		2,154
PTC *		55,000		2,098
Total Computer Software				4,252
Computers & Services — 6.0%
Alliance Data Systems *		8,000		2,267
Apple		21,000		2,268
F5 Networks *		16,000		1,968
Western Digital		20,000		1,967
Total Computers & Services				8,470
Data Processing & Outsourced Services — 1.6%
Fiserv *		33,000		2,293
Total Data Processing & Outsourced Services				2,293
E-Commerce — 1.5%
Expedia		25,000		2,124
Total E-Commerce				2,124
Entertainment — 6.3%
Electronic Arts *		60,000		2,458
Live Nation Entertainment *		90,000		2,340
Time Warner		25,000		1,987

Description	Shares		Value (000)
Entertainment — (continued)
Twenty-First Century Fox, Cl A		60,000	$	2,069
Total Entertainment				8,854
Financial Services — 6.0%
American Express		23,000		2,069
BlackRock, Cl A		7,000		2,388
Franklin Resources		36,000		2,002
Invesco		50,000		2,023
Total Financial Services				8,482
Food, Beverage & Tobacco — 2.9%
Constellation Brands, Cl A *		23,000		2,106
Philip Morris International		22,000		1,958
Total Food, Beverage & Tobacco				4,064
Home Improvement Retail — 1.2%
Home Depot		18,000		1,755
Total Home Improvement Retail				1,755
Hotels & Lodging — 1.4%
Wyndham Worldwide		26,000		2,019
Total Hotels & Lodging				2,019
Hotels, Resorts & Cruise Lines — 1.5%
Marriott International, Cl A		29,000		2,197
Total Hotels, Resorts & Cruise Lines				2,197
Household Products — 1.6%
Snap-on		17,000		2,246
Total Household Products				2,246
Industrials — 3.1%
Carlisle		25,000		2,222
Textron		52,000		2,160
Total Industrials				4,382
Information Technology — 2.8%
Oracle		50,000		1,952
VeriSign *		35,000		2,092
Total Information Technology				4,044
Insurance Brokers — 3.0%
Aon		25,000		2,150
Marsh & McLennan		38,000		2,066
Total Insurance Brokers				4,216
Machinery — 1.2%
Dover		21,000		1,668
Total Machinery				1,668
Manufacturing — 1.4%
Rockwell Automation		18,000		2,022
Total Manufacturing				2,022
Medical Products & Services — 8.9%
Becton Dickinson and		15,000		1,930
Cigna		23,000		2,290
Gilead Sciences *		20,000		2,240

9

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON GROWTH FUND

Description	Shares		Value (000)
Medical Products & Services — (continued)
Medtronic		30,000	$	2,045
Thermo Fisher Scientific		17,000		1,999
Zimmer Holdings		19,000		2,113
Total Medical Products & Services				12,617
Paper & Paper Products — 1.6%
Packaging Corp of America		31,000		2,234
Total Paper & Paper Products				2,234
Petroleum & Fuel Products — 1.3%
Schlumberger		19,000		1,874
Total Petroleum & Fuel Products				1,874
Pharmaceuticals — 3.1%
Actavis *		9,000		2,185
Mylan *		40,000		2,142
Total Pharmaceuticals				4,327
Printing & Publishing — 1.7%
Deluxe		39,000		2,371
Total Printing & Publishing				2,371
Retail — 6.8%
Brinker International		31,000		1,663
Hanesbrands		17,000		1,795
Signet Jewelers		18,000		2,160
United Rentals *		18,000		1,981
VF		30,000		2,031
Total Retail				9,630
Semi-Conductors & Instruments — 4.6%
Micron Technology *		65,000		2,151
Skyworks Solutions		38,000		2,213
TE Connectivity		35,000		2,140
Total Semi-Conductors & Instruments				6,504
Transportation Services — 1.6%
Norfolk Southern		20,000		2,213
Total Transportation Services				2,213
Total Common Stock (Cost $103,056 (000))				132,206
Registered Investment Companies — 5.2%
Exchange Traded Funds — 5.2%
Energy Select Sector SPDR Fund		20,000		1,749
Financial Select Sector SPDR Fund		160,000		3,814
Technology Select Sector SPDR Fund		46,000		1,865
Total Exchange Traded Funds				7,428
Total Registered Investment Companies (Cost $7,157 (000))				7,428
Cash Equivalent (A) — 1.2%
Federated Prime Obligations Fund, Cl I, 0.030%		1,747,410		1,747
Total Cash Equivalent (Cost $1,747 (000))				1,747
Total Investments — 99.9% (Cost $111,960 (000)) †			$	141,381

Percentages are based on net assets of $141,452 (000).

* Non-Income producing security.

(A) The rate reported is the 7-day effective yield as of October 31, 2014.

Cl — Class

SPDR — Standard & Poor’s Depository Receipts

† At October 31, 2014, the tax basis cost of the Fund’s investments was $111,960 (000), and the unrealized appreciation and depreciation were $29,500 (000) and $(79) (000), respectively.

As of October 31, 2014, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

During the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

During the period ended October 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

HHF-QH-004-1300

10

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON BURKENROAD SMALL CAP FUND

Description	Shares		Value (000)
Common Stock — 92.7%
Advertising Agencies — 1.0%
Lamar Advertising, Cl A		160,000	$	8,264
Total Advertising Agencies				8,264
Aerospace & Defense — 1.0%
HEICO		160,000		8,678
Total Aerospace & Defense				8,678
Airlines — 1.5%
Spirit Airlines *		165,000		12,063
Total Airlines				12,063
Automotive — 2.3%
Asbury Automotive Group *		140,000		9,806
CST Brands		250,000		9,562
Total Automotive				19,368
Banks — 9.8%
EverBank Financial		450,000		8,617
First Financial Bankshares		290,000		9,216
International Bancshares		340,000		9,646
Prosperity Bancshares		140,000		8,455
Renasant		290,000		8,743
Southside Bancshares		310,000		10,410
Synovus Financial		350,000		8,876
Trustmark		350,000		8,516
United Community Banks		520,000		9,376
Total Banks				81,855
Broadcasting, Newspapers and Advertising — 0.9%
Gray Television *		850,000		7,854
Total Broadcasting, Newspapers and Advertising				7,854
Chemicals — 1.0%
Axiall		200,000		8,060
Total Chemicals				8,060
Computer Software — 3.5%
Ebix		600,000		8,850
Manhattan Associates *		290,000		11,632
SolarWinds *		190,000		9,034
Total Computer Software				29,516
Computers & Services — 3.5%
ARRIS Group *		350,000		10,507
Cardtronics *		280,000		10,749
Sykes Enterprises *		390,000		8,401
Total Computers & Services				29,657
Electrical Utilities — 3.1%
Cleco		160,000		8,601
El Paso Electric		220,000		8,325
TECO Energy		470,000		9,217
Total Electrical Utilities				26,143
Electronic Components & Equipment — 2.1%
FARO Technologies *		180,000		10,080

Description	Shares		Value (000)
Electronic Components & Equipment — (continued)
Tech Data *		130,000	$	7,764
Total Electronic Components & Equipment				17,844
Engineering Services — 1.0%
Dycom Industries *		275,000		8,632
Total Engineering Services				8,632
Entertainment — 2.1%
Carmike Cinemas *		270,000		8,654
Six Flags Entertainment		230,000		9,269
Total Entertainment				17,923
Financial Services — 1.2%
Cash America International		200,000		9,830
Total Financial Services				9,830
Food, Beverage & Tobacco — 5.8%
Cal-Maine Foods		140,000		12,291
Flowers Foods		430,000		8,170
Fresh Del Monte Produce		250,000		8,027
National Beverage *		460,000		11,555
Sanderson Farms		100,000		8,398
Total Food, Beverage & Tobacco				48,441
Gas & Natural Gas — 1.1%
Atmos Energy		165,000		8,745
Total Gas & Natural Gas				8,745
Hotels & Lodging — 2.7%
Interval Leisure Group		156,000		3,282
La Quinta Holdings *		420,000		8,572
Marriott Vacations Worldwide		150,000		10,416
Total Hotels & Lodging				22,270
Insurance — 6.7%
American National Insurance		80,000		9,127
Amerisafe		220,000		9,174
HCC Insurance Holdings		170,000		8,872
HCI Group		210,000		10,676
Infinity Property & Casualty		130,000		9,491
Primerica		180,000		9,207
Total Insurance				56,547
Machinery — 1.9%
Alamo Group		170,000		7,283
Sun Hydraulics		215,000		8,559
Total Machinery				15,842
Medical Products & Services — 6.5%
Computer Programs & Systems		140,000		8,817
Cyberonics *		150,000		7,875
Greatbatch *		190,000		9,536
HealthSouth		230,000		9,276
MedAssets *		370,000		8,014
US Physical Therapy		250,000		10,788
Total Medical Products & Services				54,306
Paper & Paper Products — 3.3%
Graphic Packaging Holding *		750,000		9,097
Neenah Paper		165,000		10,067

11

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON BURKENROAD SMALL CAP FUND

Description	Shares		Value (000)
Paper & Paper Products — (continued)
Schweitzer-Mauduit International		200,000	$	8,612
Total Paper & Paper Products				27,776
Petroleum & Fuel Products — 10.6%
Basic Energy Services *		450,000		5,805
Clayton Williams Energy *		70,000		5,820
Contango Oil & Gas *		210,000		7,680
Diamondback Energy *		120,000		8,213
Exterran Holdings		210,000		8,259
Matador Resources *		360,000		8,737
Newpark Resources *		720,000		8,229
RPC		400,000		6,560
SEACOR Holdings *		100,000		8,245
Stone Energy *		240,000		5,880
Tesco		450,000		8,568
Ultra Petroleum *		320,000		7,296
Total Petroleum & Fuel Products				89,292
Petroleum Refining — 1.2%
Western Refining		220,000		10,030
Total Petroleum Refining				10,030
Real Estate Investment Trusts — 2.0%
EastGroup Properties		130,000		8,952
St. Joe *		390,000		7,468
Total Real Estate Investment Trusts				16,420
Retail — 7.6%
Brinker International		180,000		9,655
H&E Equipment Services		240,000		8,974
Hibbett Sports *		190,000		8,624
MarineMax *		450,000		8,627
Pool		150,000		8,955
Popeyes Louisiana Kitchen *		210,000		9,734
Ruth’s Hospitality Group		760,000		9,249
Total Retail				63,818
Semi-Conductors & Instruments — 3.9%
Benchmark Electronics *		350,000		8,302
Cirrus Logic *		380,000		7,334
Diodes *		330,000		8,524
Freescale Semiconductor *		445,000		8,851
Total Semi-Conductors & Instruments				33,011
Telecommunication Services — 0.5%
Premiere Global Services *		422,000		4,418
Total Telecommunication Services				4,418
Transportation Services — 3.3%
Ryder System		95,000		8,405
Saia *		210,000		10,294
Trinity Industries		260,000		9,285
Total Transportation Services				27,984
Waste Management Services — 0.9%
Darling Ingredients *		440,000		7,744
Total Waste Management Services				7,744

Description	Shares		Value (000)
Web Hosting/Design — 0.7%
Web.com Group *		290,000	$	5,954
Total Web Hosting/Design				5,954
Total Common Stock (Cost $629,663 (000))				778,285
Registered Investment Companies — 4.2%
Exchange Traded Funds — 4.2%
Energy Select Sector SPDR Fund		175,009		15,299
iShares Russell 2000 ETF		175,177		20,419
Total Exchange Traded Funds				35,718
Total Registered Investment Companies (Cost $35,259 (000))				35,718
Cash Equivalent (A) — 2.5%
Federated Prime Obligations Fund, Cl I, 0.030%		20,778,038		20,778
Total Cash Equivalent (Cost $20,778 (000))				20,778
Total Investments — 99.4% (Cost $685,700 (000)) †			$	834,781

Percentages are based on net assets of $839,668 (000).

* Non-income producing security.

(A) The rate reported is the 7-day effective yield as of October 31, 2014.

Cl — Class

ETF — Exchange Traded Fund

SPDR — Standard & Poor’s Depository Receipts

† At October 31, 2014, the tax basis cost of the Fund’s investments was $685,700 (000), and the unrealized appreciation and depreciation were $165,817 (000) and $(16,736) (000), respectively.

As of October 31, 2014, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with authoritative guidance under U.S. GAAP.

During the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

During the period ended October 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

HHF-QH-002-1300

12

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON U.S. SMALL CAP FUND

Description	Shares		Value (000)
Common Stock — 99.4%
Automotive — 3.6%
Dana Holding		6,740	$	138
Gentex		5,250		172
Total Automotive				310
Banks — 7.2%
BancFirst		2,410		157
City Holding		3,620		163
Signature Bank NY *		1,270		154
Susquehanna Bancshares		14,995		147
Total Banks				621
Casinos & Gaming — 1.9%
Boyd Gaming *		14,450		167
Total Casinos & Gaming				167
Chemicals — 1.6%
Olin		5,645		137
Total Chemicals				137
Computers & Services — 6.5%
ARRIS Group *		4,935		148
Global Payments		2,110		170
Synaptics *		1,800		123
Ubiquiti Networks		3,330		119
Total Computers & Services				560
Consumer Products — 1.7%
Deckers Outdoor *		1,645		144
Total Consumer Products				144
Data Processing & Outsourced Services — 3.7%
Exponent		2,085		166
On Assignment *		5,250		153
Total Data Processing & Outsourced Services				319
Drugs — 1.8%
Prestige Brands Holdings *		4,425		157
Total Drugs				157
Electrical Components & Equipment — 1.9%
Littelfuse		1,665		163
Total Electrical Components & Equipment				163
Electrical Utilities — 3.7%
Dynegy *		4,805		146
Pinnacle West Capital		2,759		170
Total Electrical Utilities				316
Financial Services — 5.7%
Encore Capital Group *		3,460		158
Legg Mason		3,120		162
Portfolio Recovery Associates *		2,720		172
Total Financial Services				492

Description	Shares		Value (000)
Forest Products — 1.9%
Louisiana-Pacific *		10,890	$	159
Total Forest Products				159
Gas & Natural Gas — 1.9%
UGI		4,325		163
Total Gas & Natural Gas				163
Insurance — 14.9%
American Equity Investment Life Holding		6,210		160
Amerisafe		4,110		171
AmTrust Financial Services		3,465		156
CNO Financial Group		8,630		156
Hanover Insurance Group		2,430		163
PartnerRe		1,367		158
Primerica		3,030		155
Reinsurance Group of America, Cl A		1,840		155
Total Insurance				1,274
Machinery — 3.3%
Alamo Group		3,140		135
Woodward		2,955		151
Total Machinery				286
Manufacturing — 1.8%
EnerSys		2,395		150
Total Manufacturing				150
Medical Products & Services — 4.4%
Repligen *		7,860		198
United Therapeutics *		1,340		175
Total Medical Products & Services				373
Metal Fabricating — 1.8%
Worthington Industries		3,950		152
Total Metal Fabricating				152
Office Furniture & Fixtures — 3.5%
Anixter International		1,720		147
United Stationers		3,765		157
Total Office Furniture & Fixtures				304
Petroleum & Fuel Products — 6.6%
Carrizo Oil & Gas *		2,525		131
Clayton Williams Energy *		1,345		112
Kodiak Oil & Gas *		9,815		106
Patterson-UTI Energy		4,580		105
Stone Energy *		4,535		111
Total Petroleum & Fuel Products				565
Petroleum Refining — 1.5%
Green Plains		3,650		125
Total Petroleum Refining				125
Printing & Publishing — 1.8%
Deluxe		2,590		158
Total Printing & Publishing				158

13

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON U.S. SMALL CAP FUND

Description	Shares		Value (000)
Retail — 7.3%
Brown Shoe		5,175	$	138
Outerwall *		2,530		160
Papa John’s International		3,875		181
Smith & Wesson Holding *		14,120		143
Total Retail				622
Semi-Conductors & Instruments — 5.8%
Ambarella *		4,410		195
FEI		1,815		153
OmniVision Technologies *		5,715		153
Total Semi-Conductors & Instruments				501
Telephones & Telecommunication — 2.0%
IDT, Cl B		10,340		170
Total Telephones & Telecommunication				170
Waste Management Services — 1.6%
Darling Ingredients *		7,985		141
Total Waste Management Services				141
Total Common Stock (Cost $8,592 (000))				8,529
Cash Equivalent (A)— 0.5%
Federated Prime Obligations Fund, Cl I, 0.030%		41,869		42
Total Cash Equivalent (Cost $42 (000))				42
Total Investments — 99.9% (Cost $8,634 (000)) †			$	8,571

Percentages are based on net assets of $8,577 (000).

* Non-income producing security.

(A) The rate reported is the 7-day effective yield as of October 31, 2014.

Cl — Class

† At October 31, 2014, the tax basis cost of the Fund’s investments was $8,634 (000), and the unrealized appreciation and depreciation were $468 (000) and $(531) (000), respectively.

As of October 31, 2014, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

During the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

During the period ended October 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

HHF-QH-012-0200

14

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON QUANTITATIVE LONG/SHORT FUND

Description	Shares		Value (000)
Common Stock — 78.2%
Aerospace & Defense — 2.3%
General Dynamics (1)		4,660	$	652
Huntington Ingalls Industries		4,460		472
Northrop Grumman (1)		4,960		684
Total Aerospace & Defense				1,808
Agriculture — 0.6%
CF Industries Holdings		1,900		494
Total Agriculture				494
Airlines — 1.5%
Southwest Airlines (1)		33,480		1,154
Total Airlines				1,154
Automotive — 0.9%
O’Reilly Automotive *		3,750		660
Total Automotive				660
Banks — 2.9%
East West Bancorp (1)		16,300		599
Pinnacle Financial Partners		12,500		490
Wells Fargo (1)		11,700		621
Wintrust Financial (1)		11,100		514
Total Banks				2,224
Building & Construction — 0.8%
American Woodmark *		14,500		593
Total Building & Construction				593
Cable/Media — 2.3%
Cablevision Systems, Cl A (1)		32,500		605
Comcast, Cl A (1)		9,900		548
Time Warner Cable (1)		4,350		640
Total Cable/Media				1,793
Commercial Services — 1.6%
Regis		37,000		628
Waste Connections		11,800		589
Total Commercial Services				1,217
Computers & Services — 7.4%
Apple (1)		5,810		628
Broadridge Financial Solutions		13,000		571
Cisco Systems		18,560		454
DST Systems		6,000		578
EMC		18,000		517
Fidelity National Information Services (1)		10,910		637
Hewlett-Packard (1)		19,700		707
Ingram Micro, Cl A *,(1)		21,540		578
Microsoft		11,400		535
NetApp		11,200		480
Total Computers & Services				5,685
Containers & Packaging — 0.8%
Ball (1)		9,320		600
Total Containers & Packaging				600

Description	Shares		Value (000)
Diversified Support Services — 0.8%
Cintas (1)		8,400	$	615
Total Diversified Support Services				615
Drug Retail — 0.8%
CVS Health		7,090		609
Total Drug Retail				609
Drugs — 1.4%
Prestige Brands Holdings *		16,710		592
Sagent Pharmaceuticals *		16,540		523
Total Drugs				1,115
Electrical Utilities — 3.0%
CMS Energy		17,100		559
Entergy		6,500		546
UIL Holdings		14,000		576
Vectren (1)		13,700		616
Total Electrical Utilities				2,297
Entertainment & Gaming — 0.8%
Take-Two Interactive Software *		24,000		635
Total Entertainment & Gaming				635
Financial Services — 0.4%
American Express		3,200		288
Total Financial Services				288
Food, Beverage & Tobacco — 2.6%
Cal-Maine Foods (1)		7,400		650
Kroger		12,260		683
Tyson Foods, Cl A		16,100		649
Total Food, Beverage & Tobacco				1,982
Gas & Natural Gas — 1.4%
AGL Resources (1)		10,180		549
UGI (1)		14,235		536
Total Gas & Natural Gas				1,085
Health Care Facilities — 0.8%
LifePoint Hospitals * (1)		9,250		648
Total Health Care Facilities				648
Hotels & Lodging — 0.3%
Marcus		15,000		257
Total Hotels & Lodging				257
Household Products — 1.5%
Newell Rubbermaid		17,000		567
Stanley Black & Decker		6,010		563
Total Household Products				1,130
Information Technology — 0.6%
Oracle (1)		11,160		436
Total Information Technology				436
Insurance — 7.1%
Alleghany *		1,300		577
Allstate (1)		9,310		604

15

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON QUANTITATIVE LONG/SHORT FUND

Description	Shares		Value (000)
Insurance — (continued)
Aspen Insurance Holdings		13,500	$	589
Everest Re Group		3,830		653
Reinsurance Group of America, Cl A (1)		7,200		607
RenaissanceRe Holdings		5,800		599
Travelers (1)		5,870		592
WR Berkley (1)		12,500		644
XL Group, Cl A		18,500		627
Total Insurance				5,492
Managed Health Care — 2.1%
Aetna (1)		3,597		297
Humana (1)		4,450		618
UnitedHealth Group (1)		7,100		674
Total Managed Health Care				1,589
Medical Products & Services — 11.3%
Becton Dickinson and (1)		4,900		631
Charles River Laboratories International *		10,600		670
Cigna (1)		6,370		634
Cooper		3,200		524
CR Bard (1)		3,980		653
DaVita HealthCare Partners * (1)		7,980		623
ICU Medical * (1)		8,000		567
Laboratory Corp of America Holdings *		5,100		557
Medtronic (1)		9,600		654
Stryker (1)		5,400		473
Teleflex		5,400		616
Universal Health Services, Cl B		5,800		602
VCA *		16,200		738
WellPoint (1)		6,290		797
Total Medical Products & Services				8,739
Paper & Paper Products — 1.6%
International Paper		10,800		547
Packaging Corp of America		10,100		728
Total Paper & Paper Products				1,275
Petroleum & Fuel Products — 0.7%
National Oilwell Varco (1)		7,000		508
Total Petroleum & Fuel Products				508
Petroleum Refining — 2.0%
HollyFrontier		12,600		572
Marathon Petroleum		5,260		478
Tesoro		7,380		527
Total Petroleum Refining				1,577
Pharmaceuticals — 2.0%
Abbott Laboratories		13,250		578
Johnson & Johnson (1)		5,500		593
Merck		6,100		353
Total Pharmaceuticals				1,524
Real Estate Investment Trust — 3.9%
Acadia Realty Trust		19,620		612
Equity Residential		9,080		632

Description	Shares		Value (000)
Real Estate Investment Trust — (continued)
National Retail Properties (1)		16,300	$	622
Taubman Centers		7,170		545
Weingarten Realty Investors		17,140		621
Total Real Estate Investment Trust				3,032
Retail — 6.8%
Bed Bath & Beyond *		8,700		586
Big Lots (1)		12,130		554
Buckle		12,200		602
DineEquity		6,800		605
GameStop, Cl A (1)		14,140		605
Kohl’s		9,000		488
Ross Stores		7,200		581
Skechers U.S.A., Cl A *(1)		12,900		706
Zumiez *		14,420		481
Total Retail				5,208
Semi-Conductors & Instruments — 1.6%
Broadcom, Cl A (1)		13,890		581
Intel (1)		18,900		643
Total Semi-Conductors & Instruments				1,224
Systems Software — 0.6%
Symantec		19,400		481
Total Systems Software				481
Telephones & Telecommunication — 1.6%
CenturyLink		13,800		572
Frontier Communications		100,600		658
Total Telephones & Telecommunication				1,230
Transportation Services — 0.6%
Caterpillar (1)		4,330		439
Total Transportation Services				439
Waste Management Services — 0.8%
Archer-Daniels-Midland (1)		13,000		611
Total Waste Management Services				611
Total Common Stock (Cost $51,408 (000))				60,254
Cash Equivalents (A) — 31.5%
AIM Short-Term Investment Money Market, 0.020%		8,105,581		8,106
Federated Prime Obligations Fund, Cl I, 0.030%		8,175,243		8,175
SEI Daily Income Prime Obligation Fund, Cl A, 0.010%		8,037,015		8,037
Total Cash Equivalents (Cost $24,318 (000))				24,318
Total Investments — 109.7% (Cost $75,726 (000)) †			$	84,572

Percentages are based on net assets of $77,083 (000).

16

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON QUANTITATIVE LONG/SHORT FUND

Description	Shares			Value (000)
Common Stock — (9.0)%
Aerospace & Defense — (0.2)%
KEYW Holding *		(8,060	)	$	(82	)
Wesco Aircraft Holdings *		(4,730	)		(84	)
Total Aerospace & Defense					(166	)
Agriculture — (0.3)%
American Vanguard		(8,190	)		(94	)
Rentech Nitrogen Partners		(7,890	)		(96	)
Total Agriculture					(190	)
Automotive — (0.3)%
Monro Muffler Brake		(1,700	)		(91	)
Thor Industries		(1,630	)		(86	)
Total Automotive					(177	)
Banks — (0.1)%
Home BancShares		(2,800	)		(89	)
Total Banks					(89	)
Beauty Products — (0.1)%
Elizabeth Arden *		(5,270	)		(87	)
Total Beauty Products					(87	)
Broadcasting, Newspapers and Advertising — (0.1)%
Cumulus Media, Cl A *		(22,520	)		(87	)
Total Broadcasting, Newspapers and Advertising					(87	)
Building & Construction — (0.4)%
Armstrong World Industries *		(1,810	)		(87	)
Builders FirstSource *		(15,290	)		(91	)
MDC Holdings		(3,150	)		(77	)
Meritage Homes *		(2,210	)		(81	)
Total Building & Construction					(336	)
Chemicals — (0.2)%
HB Fuller		(2,060	)		(87	)
OMNOVA Solutions *		(14,420	)		(101	)
Total Chemicals					(188	)
Computer Software — (0.1)%
Interactive Intelligence Group *		(1,930	)		(93	)
Total Computer Software					(93	)
Computers & Services — (0.1)%
Ciena *		(5,180	)		(87	)
Total Computers & Services					(87	)
Drugs — (0.1)%
Theravance		(5,000	)		(80	)
Total Drugs					(80	)
E-Commerce — (0.1)%
RetailMeNot *		(4,250	)		(90	)
Total E-Commerce					(90	)
Engineering Services — (0.1)%
Orion Marine Group *		(8,900	)		(98	)
Total Engineering Services					(98	)
Entertainment — (0.1)%
SFX Entertainment *		(16,470	)		(85	)
Total Entertainment					(85	)
Financial Services — (0.3)%
Virtus Investment Partners		(500	)		(90	)
WisdomTree Investments		(7,510	)		(111	)
Total Financial Services					(201	)
Food, Beverage & Tobacco — (0.1)%
Chefs’ Warehouse *		(5,050	)		(90	)
Total Food, Beverage & Tobacco					(90	)
Gas & Natural Gas — (0.2)%
Crestwood Midstream Partners		(3,930	)		(78	)

Description	Shares			Value (000)
Gas & Natural Gas — (0.2)% (continued)
Genesis Energy		(1,720	)	$	(83	)
Total Gas & Natural Gas					(161	)
Household Products — (0.1)%
iRobot *		(2,420	)		(86	)
Total Household Products					(86	)
Insurance Brokers — (0.1)%
eHealth *		(4,010	)		(100	)
Total Insurance Brokers					(100	)
Machinery — (0.3)%
Colfax *		(1,610	)		(87	)
Proto Labs *		(1,390	)		(91	)
Total Machinery					(178	)
Medical Products & Services — (0.6)%
BioScrip *		(14,170	)		(91	)
Cerus *		(20,180	)		(84	)
Emergent Biosolutions *		(3,840	)		(87	)
GenMark Diagnostics *		(8,850	)		(101	)
Halozyme Therapeutics *		(9,020	)		(87	)
Total Medical Products & Services					(450	)
Metals & Mining — (0.4)%
Allegheny Technologies		(2,640	)		(87	)
Carpenter Technology		(1,720	)		(86	)
Haynes International		(1,900	)		(88	)
Stillwater Mining *		(6,290	)		(83	)
Total Metals & Mining					(344	)
Petroleum & Fuel Products — (1.5)%
Antero Resources *		(1,720	)		(90	)
Callon Petroleum *		(13,980	)		(92	)
EV Energy Partners		(2,740	)		(89	)
Gulfport Energy *		(1,760	)		(88	)
Legacy Reserves		(3,780	)		(82	)
Magnum Hunter Resources *		(19,790	)		(92	)
Memorial Production Partners		(3,930	)		(82	)
Mid-Con Energy Partners		(3,780	)		(74	)
Noble Energy		(1,480	)		(85	)
Oasis Petroleum *		(2,850	)		(85	)
PDC Energy *		(2,090	)		(91	)
Ring Energy *		(5,650	)		(97	)
USA Compression Partners		(3,450	)		(79	)
Total Petroleum & Fuel Products					(1,126	)
Petroleum Refining — (0.1)%
Calumet Specialty Products Partners		(2,990	)		(80	)
Total Petroleum Refining					(80	)
Real Estate Investment Trusts — (0.2)%
Campus Crest Communities		(12,800	)		(81	)
Newcastle Investment		(3,495	)		(84	)
Total Real Estate Investment Trusts					(165	)
Retail — (1.1)%
Beacon Roofing Supply *		(3,150	)		(87	)
Biglari Holdings *		(255	)		(89	)
Cabela’s *		(1,710	)		(82	)
Callaway Golf		(10,790	)		(85	)
Chuy’s Holdings *		(2,760	)		(82	)
Conn’s *		(2,630	)		(82	)
Fastenal		(1,960	)		(86	)
Kate Spade *		(3,160	)		(86	)
Noodles, Cl A *		(3,940	)		(90	)
Titan Machinery *		(5,940	)		(82	)
Total Retail					(851	)
Semi-Conductors & Instruments — (0.5)%
Entropic Communications *		(36,230	)		(91	)

17

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON QUANTITATIVE LONG/SHORT FUND

Description	Shares			Value (000)
Semi-Conductors & Instruments — (0.5)% (continued)
Integrated Silicon Solution		(6,630	)	$	(90	)
Nanometrics *		(5,830	)		(79	)
Veeco Instruments *		(2,600	)		(93	)
Total Semi-Conductors & Instruments					(353	)
Shipping — (0.1)%
Navios Maritime Acquisition *		(31,210	)		(99	)
Total Shipping					(99	)
Telecommunication Services — (0.4)%
ChannelAdvisor *		(6,070	)		(84	)
CoStar Group *		(560	)		(90	)
Perficient *		(5,710	)		(95	)
Total Telecommunication Services					(269	)
Transportation Services — (0.5)%
Astec Industries		(2,315	)		(88	)
Genesee & Wyoming, Cl A *		(900	)		(86	)
Roadrunner Transportation Systems *		(3,730	)		(77	)
UTi Worldwide *		(7,750	)		(85	)
Total Transportation Services					(336	)
Utilities — (0.1)%
Powell Industries		(1,930	)		(88	)
Total Utilities					(88	)
Wireless Telecommunication Services — (0.1)%
Sprint*		(13,800	)		(82	)
Total Wireless Telecommunication Services					(82	)
Total Common Stock (Proceeds $(6,747 (000)))					(6,912	)
Total Securities sold short —(9.0)% (Proceeds $(6,747 (000))) @				$	(6,912	)

Percentages are based on Net Assets of $77,083.

* Non-income producing security.

(1) All or a portion of this security has been held in a segregated account as collateral for securities sold short.

(A) The rate reported is the 7-day effective yield as of October 31, 2014.

Cl — Class

† At October 31, 2014, the tax basis cost of the Fund’s investments, excluding securities sold short, was $75,726 (000), and the unrealized appreciation and depreciation were $8,960 (000) and $(114) (000), respectively.

@ At October 31, 2014, the tax basis proceeds of the Fund’s securities sold short was $6,747 (000), and the unrealized appreciation and depreciation were $143 (000) and $(308) (000), respectively.

The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund’s investments carried at value ($ 000):

Investments in Securities	Level 1			Level 2		Level 3		Total
Common Stock	$	60,254		$	—	$	—	$	60,254
Cash Equivalents		24,318			—		—		24,318
Total Investments in Securities	$	84,572		$	—	$	—	$	84,572
Securities Sold Short	Level 1			Level 2		Level 3		Total
Common Stock	$	(6,912	)	$	—	$	—	$	(6,912	)
Total Securities Sold Short	$	(6,912	)	$	—	$	—	$	(6,912	)

During the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

During the period ended October 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

HHF-QH-005-1300

18

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON DIVERSIFIED INTERNATIONAL FUND

Description	Shares		Value (000)
Common Stock — 97.0%
Australia — 1.6%
BHP Billiton ADR		137,465	$	8,171
Total Australia				8,171
Austria — 4.7%
Conwert Immobilien Invest		389,721		4,316
Erste Group Bank		262,984		6,692
Schoeller-Bleckmann Oilfield Equipment		108,810		9,385
Voestalpine		109,829		4,397
Total Austria				24,790
Bermuda — 2.9%
Everest Re Group		87,864		14,994
Total Bermuda				14,994
Brazil — 2.5%
Banco Bradesco ADR		424,399		6,357
Banco do Brasil		609,400		6,888
Total Brazil				13,245
Canada — 0.9%
Rogers Communications, Cl B		121,876		4,589
Total Canada				4,589
China — 8.5%
Anhui Conch Cement, Cl H		2,260,500		7,404
China Oilfield Services, Cl H		4,931,200		10,288
China Shipping Container Lines, Cl H *		17,516,000		4,992
Industrial & Commercial Bank of China, Cl H		8,786,000		5,812
Mindray Medical International ADR		268,809		7,833
Weichai Power, Cl H		2,244,400		8,609
Total China				44,938
Colombia — 1.3%
Bancolombia ADR		123,294		6,975
Total Colombia				6,975
Czech Republic — 1.0%
Komercni Banka		25,509		5,463
Total Czech Republic				5,463
France — 2.8%
Societe Generale		155,832		7,500
Sodexo		74,685		7,193
Total France				14,693
Hong Kong — 1.9%
Orient Overseas International		1,772,700		10,092
Total Hong Kong				10,092
India — 4.9%
ICICI Bank ADR		457,121		25,763
Total India				25,763

Description	Shares		Value (000)
Indonesia — 0.9%
Indofood Sukses Makmur		8,368,400	$	4,726
Total Indonesia				4,726
Ireland — 6.7%
ICON *		325,949		17,148
Shire		272,224		18,131
Total Ireland				35,279
Japan — 8.4%
Denso		348,600		15,575
Hitachi		1,247,000		9,556
Nippon Steel & Sumitomo Metal		2,792,000		7,223
Secom		194,200		11,695
Total Japan				44,049
Netherlands — 4.5%
Core Laboratories		122,939		17,154
Royal Dutch Shell, Cl A		183,736		6,558
Total Netherlands				23,712
Norway — 6.3%
DNB		854,553		15,684
Norsk Hydro		1,480,062		8,274
StatoilHydro ADR		391,861		8,993
Total Norway				32,951
Panama — 2.2%
Carnival		283,675		11,390
Total Panama				11,390
Singapore — 2.7%
DBS Group Holdings		595,000		8,553
United Industrial		2,214,900		5,755
Total Singapore				14,308
South Korea — 4.2%
Hyundai Mobis		35,741		8,360
POSCO		26,118		7,478
Samsung Electronics		5,541		6,450
Total South Korea				22,288
Spain — 2.5%
Amadeus IT Holding, Cl A		358,983		13,178
Total Spain				13,178
Sweden — 1.9%
Getinge, Cl B		440,739		10,214
Total Sweden				10,214
Switzerland — 8.0%
Credit Suisse Group ADR		254,353		6,776
Novartis ADR		148,009		13,719
Roche Holding		51,613		15,214
Transocean		223,147		6,656
Total Switzerland				42,365

19

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON DIVERSIFIED INTERNATIONAL FUND

Description	Shares		Value (000)
Taiwan — 2.5%
Advanced Semiconductor Engineering		10,986,000	$	13,129
Total Taiwan				13,129
Turkey — 2.9%
Akbank		2,243,018		8,112
Turkiye Garanti Bankasi		1,886,308		7,375
Total Turkey				15,487
United Kingdom — 10.3%
ARM Holdings ADR		466,078		19,907
Diageo		432,236		12,711
HSBC Holdings		609,297		6,234
Rio Tinto ADR		198,404		9,517
Subsea 7		558,690		6,012
Total United Kingdom				54,381
Total Common Stock (Cost $449,617 (000))				511,170
Cash Equivalents (A) — 2.5%
Dreyfus Government Cash Management, 0.000%		352,471		352
Federated Prime Obligations Fund, Cl I, 0.030%		12,532,005		12,532
Total Cash Equivalents (Cost $12,884 (000))				12,884
Registered Investment Company — 0.3%
Exchange Traded Fund — 0.3%
iShares MSCI United Kingdom ETF		74,019		1,407
Total Exchange Traded Fund				1,407
Total Registered Investment Company (Cost $1,148 (000))				1,407
Total Investments — 99.8% (Cost $463,649 (000)) †			$	525,461

Percentages are based on net assets of $526,560 (000).

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

MSCI — Morgan Stanley Capital International

† At October 31, 2014, the tax basis cost of the Fund’s investments was $463,649 (000), and the unrealized appreciation and depreciation were $77,810 (000) and $(15,998) (000), respectively.

As of October 31, 2014, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

During the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

During the period ended October 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

HHF-QH-003-1300

20

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON LOUISIANA TAX-FREE INCOME FUND

Description	Face Amount (000)		Value (000)
Municipal Bonds — 95.7%
Alabama — 3.3%
Birmingham Water Works Board, Ser A, RB
Callable 01/01/22 @ 100
3.875%, 01/01/32	$	335	$	341
Total Alabama				341
Louisiana — 91.7%
Central Community School System, GO
Callable 03/01/24 @ 100
4.000%, 03/01/30		150		159
Callable 03/01/24 @ 100
4.000%, 03/01/31		250		263
City of Baton Rouge, Ser A-2, RB, AGM
Callable 08/01/18 @ 100
4.250%, 08/01/32		100		104
Desoto Parish School Board, RB
Callable 05/01/22 @ 100
3.500%, 05/01/32		370		375
Callable 05/01/22 @ 100
3.375%, 05/01/29		255		261
Iberia Parishwide School District, GO
Callable 03/01/24 @ 100
3.750%, 03/01/33		525		548
Lafayette, Consolidated Government, RB
Callable 11/01/20 @ 100
4.750%, 11/01/35		200		216
Lafayette, Parish Law Enforcement District, GO
Callable 03/01/22 @ 100
3.250%, 03/01/32		280		283
Louisiana State, Gas & Fuels Tax Project, Ser B, RB
Callable 05/01/20 @ 100
5.000%, 05/01/37		165		185
Louisiana State, Transportation, Ser A, RB
4.500%, 08/15/43		350		370
Louisiana State, University & Agricultural & Mechanical College, Auxiliary, Ser A, RB
Callable 07/01/20 @ 100
5.000%, 07/01/35		100		108
Louisiana, Local Government Environmental Facilities & Community Development Authority, RB
3.600%, 10/01/29		350		355
Louisiana, Local Government Environmental Facilities & Community Development Authority, BRCC Facilities Corp. Project, RB
Callable 12/01/21 @ 100
4.125%, 12/01/32		750		792

Description	Face Amount (000)		Value (000)
Louisiana — (continued)
Louisiana, Local Government Environmental Facilities & Community Development Authority, East Ascension Consolidation Project, RB, AMBAC
Callable 06/01/17 @ 100
4.500%, 12/01/47	$	150	$	151
Louisiana, Local Government Environmental Facilities & Community Development Authority, Jefferson Parish Project, Ser A, RB
Callable 04/01/19 @ 100
5.375%, 04/01/31		100		110
Louisiana, Local Government Environmental Facilities & Community Development Authority, Livingston Parish Courthouse Project, RB, AGM
Callable 09/01/21 @ 100
4.625%, 09/01/41		300		313
Louisiana, Local Government Environmental Facilities & Community Development Authority, Nicholls State University Student Project, RB, AGM
Callable 10/01/20 @ 100
5.000%, 10/01/41		325		344
Louisiana, Local Government Environmental Facilities & Community Development Authority, RB, AGM
Callable 09/01/22 @ 100
4.000%, 09/01/37		500		509
Louisiana, Local Government Environmental Facilities & Community Development Authority, Southeastern Louisiana University Project, Ser A, RB, AGM
Callable 10/01/20 @ 100
5.000%, 10/01/40		610		660
Louisiana, Local Government Environmental Facilities & Community Development Authority, Woman’s Hospital Foundation Project, Ser B, RB
Callable 10/01/15 @ 100
6.000%, 10/01/40		125		129
Louisiana, Local Government Environmental Facilities & Community Development Authority, Youngsville Project, RB, AGM
Callable 07/01/21 @ 100
4.900%, 07/01/41		175		188
Louisiana, Public Facilities Authority, Franciscan Missionaries Project, RB
Callable 07/01/19 @ 100
6.750%, 07/01/39		200		234

21

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON LOUISIANA TAX-FREE INCOME FUND

Description	Face Amount (000)		Value (000)
Louisiana — (continued)
Louisiana, Public Facilities Authority, Nineteenth Judicial District Court Project, RB, NATL-RE
Callable 06/01/17 @ 100
5.500%, 06/01/41	$	25	$	27
Louisiana, Public Facilities Authority, University of New Orleans Research & Technology Project, RB, NATL-RE
Callable 09/01/16 @ 100
5.250%, 03/01/37		100		109
Parish of Ascension Louisiana, RB, AGM
Callable 04/01/18 @ 100
3.250%, 04/01/35		565		554
Plaquemines Parish, Ser A, RB
Callable 03/01/20 @ 101
4.550%, 03/01/28		115		123
St. Charles Parish School District No. 1, GO
Callable 03/01/22 @ 100
3.000%, 03/01/30		300		292
St. Martin Parish, School District Project, GO, AGM
Callable 03/01/21 @ 100
5.000%, 03/01/31		100		111
St. Tammany Parish Hospital Service District No. 2, GO
Callable 03/01/22 @ 100
3.125%, 03/01/32		260		261
St. Tammany Parish Road District No. 14, GO
Callable 04/01/24 @ 100
3.750%, 04/01/34		275		286
Tangipahoa Parish, Water District Project, RB, AMBAC
Callable 04/01/17 @ 100
4.375%, 04/01/47		350		355
Terrebonne Parish, Hospital Service District No. 1 Project, General Medical Center Project, RB
Callable 04/01/20 @ 100
5.000%, 04/01/28		150		165
Terrebonne Parish, Sales & Use Tax Project, Ser ST, RB, AGM
Callable 04/01/21 @ 100
5.250%, 04/01/36		100		111
Town of Livingston Louisiana, RB
Callable 08/01/21 @ 100
5.300%, 08/01/41		250		269
Zachary Community School District No. 1, GO
Callable 03/01/22 @ 100
3.500%, 03/01/32		200		205
Total Louisiana				9,525
Virgin Islands — 0.7%
Virgin Islands, Public Finance Authority, Capital Project, Ser A-1, RB
Callable 10/01/19 @ 100
5.000%, 10/01/39		70		74
Total Virgin Islands			$	74
Total Municipal Bonds (Cost $9,437 (000))				9,940

Description	Shares		Value (000)
Cash Equivalent (A) — 3.5%
SEI Tax Exempt Trust - Institutional Tax Free Portfolio, Cl A, 0.020%		360,755		361
Total Cash Equivalent (Cost $361 (000))				361
Total Investments — 99.2% (Cost $9,798 (000))			$	10,301

Percentages are based on net assets of $10,387 (000).

(A) The rate reported is the 7-day effective yield as of October 31, 2014.

AGM — Assured Guaranty Municipal

AMBAC — American Municipal Bond Assurance Corporation

Cl — Class

GO — General Obligation

GNMA — Government National Mortgage Association

NATL-RE — National Public Finance Guarantee Corporation

RB — Revenue Bond

Ser — Series

† At October 31, 2014, the tax basis cost of the Fund’s investments was $9,798 (000), and the unrealized appreciation and depreciation were $520 (000) and $(17) (000), respectively.

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	9,940	$	—	$	9,940
Cash Equivalent		361		—		—		361
Total Investments in Securities	$	361	$	9,940	$	—	$	10,301

During the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

During the period ended October 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

HHF-QH-009-0800

22

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON MISSISSIPPI TAX-FREE INCOME FUND

Description	Face Amount (000)		Value (000)
Municipal Bonds — 97.2%
District of Columbia — 0.5%
Washington Convention & Sports Authority, Ser A, RB, AMBAC
Callable 10/01/16 @ 100
4.500%, 10/01/30	$	110	$	113
Total District of Columbia				113
Mississippi — 94.1%
Canton Public School District, RB
Callable 09/01/20 @ 100
4.750%, 09/01/30		700		750
Clinton Public School District, GO
Callable 10/01/21 @ 100
2.750%, 10/01/28		200		211
Gulfport Mississippi, Memorial Hospital at Gulfport Project, Ser A, RB
Callable 12/04/14 @ 100
5.750%, 07/01/31		400		401
Jackson, State University Educational Building Project, Ser A-1, RB
Callable 03/01/20 @ 100
5.000%, 03/01/34		1,145		1,268
Mississippi, Development Bank, Biloxi Project, Ser A, RB, AMBAC
Callable 11/01/16 @ 100
4.650%, 11/01/27		940		992
Mississippi, Development Bank, Columbus Infrastructure Building Project, RB, AGM
Callable 12/01/20 @ 100
4.500%, 12/01/30		100		113
Mississippi, Development Bank, Department of Corrections Project, Ser D, RB
5.000%, 08/01/19		200		231
Mississippi, Development Bank, Flowood Refunding Project, RB
Callable 11/01/21 @ 100
4.125%, 11/01/31		950		1,028
Mississippi, Development Bank, Harrison County Coliseum Project, Ser A, RB
5.250%, 01/01/24		200		237
Mississippi, Development Bank, Hinds Community College Project, RB, AGM
Callable 10/01/19 @ 100
5.375%, 10/01/33		50		56
Mississippi, Development Bank, Hinds Community College Project, RB, AGM
Callable 04/01/21 @ 100
5.125%, 04/01/41		400		440
Mississippi, Development Bank, Home Ownership Mortgage, Ser A, RB, GNMA FNMA FHLMC
Callable 06/01/20 @ 100
4.550%, 12/01/31		35		37

Description	Face Amount (000)		Value (000)
Mississippi — (continued)
Mississippi, Development Bank, Jackson Public School District Project, RB
Callable 04/01/23 @ 100
5.000%, 04/01/28	$	575	$	645
Mississippi, Development Bank, Jackson Water & Sewer Project, RB, AGM
Callable 09/01/22 @ 100
3.500%, 09/01/34		1,200		1,195
Mississippi, Development Bank, Jones County Junior College Project, Ser Junior COLLEGE, RB, AGM
Callable 03/01/19 @ 100
5.125%, 03/01/39		250		273
Callable 03/01/19 @ 100
5.000%, 03/01/33		75		82
Mississippi, Development Bank, Jones County Rest Home Project, RB, AGM
Callable 04/01/21 @ 100
5.500%, 04/01/30		385		437
Callable 04/01/21 @ 100
5.250%, 04/01/27		305		341
Callable 04/01/21 @ 100
5.125%, 04/01/26		50		56
Mississippi, Development Bank, Lowndes County Industrial Development Project, RB, AGM
Callable 07/01/17 @ 100
5.000%, 07/01/17		450		502
Mississippi, Development Bank, Magnolia Regional Health Center Project, Ser A, RB
5.500%, 10/01/21		900		1,030
Mississippi, Development Bank, Marshall County Industrial Development Authority, RB
Callable 01/01/22 @ 100
3.000%, 01/01/28		1,900		1,847
Mississippi, Development Bank, Pearl Capital Improvement Project, RB, AGM
Callable 12/01/21 @ 100
4.000%, 12/01/31		500		524
Mississippi, Development Bank, Pearl River Community College Project, RB, AGM
Callable 09/01/22 @ 100
3.375%, 09/01/36		900		854
Mississippi, Development Bank, Ser A, RB
5.250%, 01/01/34		1,200		1,534
Mississippi, Development Bank, Tax Increment Financing Project, RB
Callable 05/01/19 @ 100
4.500%, 05/01/24		120		129
Mississippi, Development Bank, Water & Sewer Project, RB, AGM
Callable 03/01/22 @ 100
3.500%, 03/01/32		400		407

23

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON MISSISSIPPI TAX-FREE INCOME FUND

Description	Face Amount (000)/Shares		Value (000)
Mississippi — (continued)
Mississippi, Development Bank, Water & Sewer Project, RB, AGM
Callable 07/01/20 @ 100
5.250%, 07/01/30	$	230	$	259
Mississippi, State University Educational Building, RB
Callable 08/01/21 @ 100
5.000%, 08/01/41		705		774
Oxford, School District, School Improvement Project, GO
Callable 04/01/21 @ 100
4.500%, 04/01/31		500		554
State of Mississippi, Capital Improvement Project, Ser A, GO
Callable 10/01/21 @ 100
4.000%, 10/01/36		900		950
Callable 10/01/21 @ 100
3.750%, 10/01/31		910		954
University of Mississippi Educational Building, Medical Center Educational Building, Ser A, RB
Callable 06/01/22 @ 100
4.000%, 06/01/41		1,750		1,769
University of Mississippi Educational Building, Student Housing Construction Project, Ser I, RB
Callable 10/01/16 @ 100
3.900%, 10/01/31		350		355
Total Mississippi				21,235
Virgin Islands — 2.6%
Virgin Islands, Public Finance Authority, Capital Project, Ser A-1, RB
Callable 10/01/19 @ 100
5.000%, 10/01/39		350		370
Virgin Islands, Public Finance Authority, Matching Fund Loan Project, Ser A, RB
Callable 10/01/20 @ 100
5.000%, 10/01/29		100		110
Virgin Islands, Public Finance Authority, Matching Fund Loan Project, Sub-Ser B, RB
Callable 10/01/20 @ 100
5.250%, 10/01/29		100		112
Total Virgin Islands				592
Total Municipal Bonds (Cost $20,917 (000))				21,940
Cash Equivalents (A) — 1.8%
SEI Tax Exempt Trust - Institutional Tax Free Portfolio, Cl A, 0.020%		404,856		405
Total Cash Equivalents (Cost $405 (000))				405
Total Investments — 99.0% (Cost $21,322 (000)) †			$	22,345

Percentages are based on net assets of $22,565 (000).

(A) The rate reported is the 7-day effective yield as of October 31, 2014.

AGM — Assured Guaranty Municipal

AMBAC — American Municipal Bond Assurance Corporation

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

GO — General Obligation

RB — Revenue Bond

Ser — Series

† At October 31, 2014, the tax basis cost of the Fund’s investments was $21,322 (000), and the unrealized appreciation and depreciation were $1,095 (000) and $(72) (000), respectively.

The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	21,940	$	—	$	21,940
Cash Equivalents		405		—		—		405
Total Investments in Securities	$	405	$	21,940	$	—	$	22,345

Amounts designated as “—” are either $0 or have been rounded to $0.

During the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

During the period ended October 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

HHF-QH-010-0800

24

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON DIVERSIFIED INCOME FUND

Description	Shares/ Face Amount (000)		Value (000)
Registered Investment Companies — 36.7%
Exchange Traded Funds — 28.2%
Alerian MLP ETF		364,264	$	6,768
Market Vectors Preferred ETF		77,148		1,589
PowerShares Preferred Portfolio ETF		158,308		2,311
SPDR Wells Fargo Preferred Stock ETF		47,515		2,099
Yorkville High Income MLP ETF		380,610		6,406
Total Exchange Traded Fund				19,173
Open-End Funds — 8.5%
BlackRock Funds II - Floating Rate Income Portfolio		323,085		3,344
BlackRock High Yield Portfolio, Institutional Class		291,457		2,401
Total Open-End Fund				5,745
Total Registered Investment Companies (Cost $23,759 (000))				24,918
Corporate Bonds — 32.7%
Advertising — 1.0%
Visant
10.000%, 10/01/17	$	750		660
Total Advertising				660
Aerospace & Defense — 0.7%
Erickson
8.250%, 05/01/20		500		472
Total Aerospace & Defense				472
Automotive — 1.6%
American Axle & Manufacturing
6.625%, 10/15/22		500		534
Goodyear Tire & Rubber
6.500%, 03/01/21		500		535
Total Automotive				1,069
Building & Construction — 1.6%
Beazer Homes USA
7.250%, 02/01/23		500		498
Cemex Finance (A)
9.375%, 10/12/22		500		576
Total Building & Construction				1,074
Casinos & Gambling — 0.8%
Boyd Gaming (A)
9.000%, 07/01/20		500		540
Total Casinos & Gambling				540
Chemicals — 1.4%
Cornerstone Chemical (A)
9.375%, 03/15/18		500		499
Momentive Performance Materials
3.880%, 10/24/21		500		435
Total Chemicals				934
Computers & Services — 0.8%
First Data (A)

Description	Face Amount (000)		Value (000)
Computers & Services — (continued)
8.250%, 01/15/21	$	500	$	543
Total Computers & Services				543
Energy-Alternate Sources — 0.8%
Linc USA (A)
12.500%, 10/31/17		500		510
Total Energy-Alternate Sources				510
Entertainment — 0.8%
MTR Gaming Group
11.500%, 08/01/19		500		549
Total Entertainment				549
Financial Services — 0.7%
Innovation Ventures
9.500%, 08/15/19		500		493
Total Financial Services				493
Food, Beverage & Tobacco — 1.4%
Alliance One International
9.875%, 07/15/21		500		477
SUPERVALU
6.750%, 06/01/21		500		490
Total Food, Beverage & Tobacco				967
Gas & Natural Gas — 0.8%
Teekay
8.500%, 01/15/20		500		555
Total Gas & Natural Gas				555
Health Care Services — 0.8%
IASIS Healthcare
8.375%, 05/15/19		500		528
Total Health Care Services				528
Household Products — 0.7%
Armored Autogroup
9.250%, 11/01/18		500		507
Total Household Products				507
Industrials — 1.4%
CHC Helicopter
9.250%, 10/15/20		450		482
General Electric Capital (B) (C)
5.250%, 12/31/49		500		501
Total Industrials				983
Information Technology — 0.8%
Interface Security Systems Holdings
9.250%, 01/15/18		500		509
Total Information Technology				509
Materials — 0.7%
Hexion US Finance
6.625%, 04/15/20		500		500
Total Materials				500

25

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON DIVERSIFIED INCOME FUND

Description	Face Amount (000)		Value (000)
Medical Products & Services — 3.7%
21st Century Oncology
8.875%, 01/15/17	$	450	$	458
Covenant Surgical Partners (A)
8.750%, 08/01/19		250		250
Kinetic Concepts
10.500%, 11/01/18		500		551
Lantheus Medical Imaging
9.750%, 05/15/17		750		707
Tenet Healthcare
6.000%, 10/01/20		500		537
Total Medical Products & Services				2,503
Metals & Mining — 0.8%
United States Steel
7.500%, 03/15/22		500		548
Total Metals & Mining				548
Paper & Paper Products — 0.3%
Verso Paper Holdings
11.750%, 01/15/19		250		214
Total Paper & Paper Products				214
Paper & Related Products — 0.7%
Verso Paper Holdings
11.750%, 01/15/19		500		508
Total Paper & Related Products				508
Petroleum & Fuel Products — 5.3%
Alpha Natural Resources (A)
7.500%, 08/01/20		500		400
Arch Coal (A)
8.000%, 01/15/19		750		487
EXCO Resources
7.500%, 09/15/18		500		441
Gastar Exploration
8.625%, 05/15/18		500		481
Lightstream Resources (A)
8.625%, 02/01/20		500		460
Midstates Petroleum
9.250%, 06/01/21		500		425
Nuverra Environmental Solutions
9.875%, 04/15/18		500		465
Quicksilver Resources (A),(B)
7.000%, 06/21/19		500		453
Total Petroleum & Fuel Products				3,612
Publishing — 0.8%
American Media
11.500%, 12/15/17		500		520
Total Publishing				520
Retail — 0.7%
Quiksilver (A)
7.875%, 08/01/18		500		456
Total Retail				456
Semi-Conductors & Instruments — 0.7%
Advanced Micro Devices

Description	Face Amount (000)/Shares		Value (000)
Semi-Conductors & Instruments — (continued)
7.750%, 08/01/20	$	500	$	470
Total Semi-Conductors & Instruments				470
Telephones & Telecommunication — 2.9%
Avaya (A)
9.000%, 04/01/19		500		512
Cequel Communications Holdings I (A)
6.375%, 09/15/20		500		521
Cincinnati Bell
8.750%, 03/15/18		218		226
8.375%, 10/15/20		125		134
Frontier Communications
8.750%, 04/15/22		495		572
Total Telephones & Telecommunication				1,965
Total Corporate Bonds (Cost $22,913 (000))				22,189
Preferred Stock — 15.0%
Banks — 2.1%
First Niagara Financial Group 8.625%(B) (C)		17,000		474
JPMorgan Chase 6.700%(C)		16,000		412
Wells Fargo 6.625%(B) (C)		20,000		561
Total Banks				1,447
Energy — 0.7%
Vanguard Natural Resources Exploration and Production 0.000%*		20,000		475
Total Energy				475
Financial Services — 3.4%
Ally Financial 8.500%(B) (C)		19,000		503
Goldman Sachs Group 5.500%(B) (C)		20,000		479
Morgan Stanley 6.875%(B) (C)		20,000		530
PPL Capital Funding 5.900%, 04/30/2073		22,900		558
State Street 5.900%(B) (C)		10,000		261
Total Financial Services				2,331
Insurance — 4.7%
Aegon 6.375%(C)		22,170		566
Allstate 5.625%(C)		20,000		500
American Financial Group 5.750%, 08/25/2042		23,010		570
Amtrust Financial Services 6.750%(C)		20,000		476
Hartford Financial Services Group 7.875%, 04/15/2042(B)		18,240		552
Maiden Holdings North America 8.000%, 03/27/2042		19,000		503
Total Insurance				3,167
Pipelines — 0.8%
NuStar Logistics 7.625%, 01/15/2043(B)		19,490		519
Total Pipelines				519
Real Estate Investment Trusts — 1.4%
DDR 6.250%(C)		20,000		499

26

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON DIVERSIFIED INCOME FUND

Description	Shares		Value (000)
Real Estate Investment Trusts — (continued)
Digital Realty Trust 5.875% (C)		20,000	$	458
Total Real Estate Investment Trust				957
Telephones & Telecommunication — 1.2%
Qwest 6.125%, 06/01/2053		33,141		808
Total Telephones & Telecommunication				808
Transportation Services — 0.7%
Costamare 7.625%(C)		20,000		498
Total Transportation Services				498
Total Preferred Stock (Cost $10,192 (000))				10,202
Common Stock — 14.0%
Advertising Agencies — 0.1%
Harte-Hanks		8,885		58
Total Advertising Agencies				58
Aerospace & Defense — 0.1%
Lockheed Martin		450		86
Total Aerospace & Defense				86
Banks — 1.0%
City Holding		1,720		77
First Financial Bancorp		4,204		74
National Penn Bancshares		7,020		72
NBT Bancorp		3,055		78
New York Community Bancorp		4,733		76
Northwest Bancshares		5,960		76
People’s United Financial		5,108		75
United Bankshares		2,444		84
Valley National Bancorp		7,081		71
Total Banks				683
Computers & Services — 0.1%
Comtech Telecommunications		2,369		90
Total Computers & Services				90
Correctional Institutions — 0.3%
Corrections Corp of America		4,876		179
Total Correctional Institutions				179
E-Commerce — 0.1%
PetMed Express		5,610		74
Total E-Commerce				74
Electrical Utilities — 1.6%
Ameren		1,835		78
Avista		2,545		90
Consolidated Edison		1,350		85
Duke Energy		1,040		85
Entergy		1,083		91
Exelon		2,155		79
FirstEnergy		2,220		83
Hawaiian Electric Industries		3,090		87
Pinnacle West Capital		1,375		84
PPL		2,275		80
Public Service Enterprise		1,950		81
Southern		1,570		73

Description	Shares		Value (000)
Electrical Utilities — (continued)
UIL Holdings		2,060	$	85
Total Electrical Utilities				1,081
Entertainment — 0.1%
Meredith		1,577		82
Total Entertainment				82
Environmental Services — 0.1%
Waste Management		1,740		85
Total Environmental Services				85
Financial Services — 0.6%
Calamos Asset Management, Cl A		5,933		81
Redwood Trust		9,616		181
Starwood Property Trust		7,461		168
Total Financial Services				430
Food, Beverage & Tobacco — 0.4%
Altria Group		1,978		96
Lorillard		1,400		86
Universal		1,343		60
Total Food, Beverage & Tobacco				242
Gas & Natural Gas — 0.1%
Laclede Group		1,665		85
Total Gas & Natural Gas				85
Home Furnishings — 0.1%
Leggett & Platt		2,405		95
Total Home Furnishings				95
Hotels & Lodging — 0.3%
Ryman Hospitality Properties		3,681		182
Total Hotels & Lodging				182
Insurance — 0.1%
Safety Insurance Group		1,349		84
Total Insurance				84
Leasing & Renting — 0.1%
Rent-A-Center, Cl A		2,725		84
Total Leasing & Renting				84
Petroleum & Fuel Products — 0.4%
Chevron		640		77
Diamond Offshore Drilling		1,557		58
Ensco, Cl A		1,424		58
Transocean		1,712		51
Total Petroleum & Fuel Products				244
Petroleum Refining — 0.1%
ConocoPhillips		1,069		77
Total Petroleum Refining				77
Pharmaceuticals — 0.2%
Eli Lilly		1,293		86

27

Schedule of Investments October 31, 2014 (Unaudited)

HANCOCK HORIZON DIVERSIFIED INCOME FUND

Description	Shares		Value (000)
Pharmaceuticals — (continued)
Pfizer		2,350	$	70
Total Pharmaceuticals				156
Real Estate Investment Trusts — 7.2%
American Realty Capital Properties		13,803		122
BioMed Realty Trust		8,212		178
Brandywine Realty Trust		11,614		179
Corporate Office Properties Trust		6,417		175
DCT Industrial Trust		22,975		197
Duke Realty		9,858		187
EPR Properties		3,180		178
Equity Commonwealth		6,687		179
Franklin Street Properties		14,889		178
Geo Group		4,747		190
HCP		4,144		182
Health Care		2,727		194
Healthcare Realty Trust		7,215		191
Highwoods Properties		4,225		181
Home Properties		2,887		186
Hospitality Properties Trust		6,058		179
Lexington Realty Trust		16,483		181
Liberty Property Trust		4,878		170
Mack-Cali Realty		8,633		162
Medical Properties Trust		13,427		181
Monmouth Real Estate Investment, Cl A		16,838		189
National Retail Properties		4,933		188
Omega Healthcare Investors		4,975		190
Piedmont Office Realty Trust, Cl A		9,301		181
Realty Income		4,077		188
Senior Housing Properties Trust		8,144		184
Washington Real Estate Investment Trust		6,566		185
Total Real Estate Investment Trusts				4,875
Retail — 0.5%
Big 5 Sporting Goods		7,280		90
Buckle		1,648		81
Mattel		2,360		74
Staples		6,090		77
Total Retail				322
Telephones & Telecommunication — 0.4%
AT&T		2,105		73
CenturyLink		2,235		93
Verizon Communications		1,550		78
Total Telephones & Telecommunication				244
Total Common Stock (Cost $8,526 (000))				9,538
Cash Equivalent (D) — 1.0%
Federated Prime Obligations Fund, Cl I, 0.030%		656,087		656
Total Cash Equivalent (Cost $656 (000))				656
Total Investments — 99.4% (Cost $66,046 (000)) †			$	67,503

Percentages are based on net assets of $67,939 (000).

* Non-income producing security.

(A) 144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On October 31, 2014, the value of these securities amounted to $6,207 (000s), representing 9.2% of the net assets.

(B) Variable Rate Security – The rate reported is the rate in effect at October 31, 2014.

(C) Perpetual Maturity

(D) The rate reported is the 7-day effective yield as of October 31, 2014.

Cl — Class

ETF — Exchange Traded Fund

MLP — Master Limited Partnership

SPDR — Standard & Poor’s Depository Receipts

† At October 31, 2014, the tax basis cost of the Fund’s investments was $66,047 (000), and the unrealized appreciation and depreciation were $3,360 (000) and $(1,904) (000), respectively.

The following is a summary of the inputs used as of October 31, 2014, in valuing the Fund’s investments carried at value ($ Thousands):

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	24,918	$	—	$	—	$	24,918
Corporate Bonds		—		22,189		—		22,189
Preferred Stock		9,727		475		—		10,202
Common Stock		9,538		—		—		9,538
Cash Equivalent		656		—		—		656
Total Investments in Securities	$	44,839	$	22,664	$	—	$	67,503

Amounts designated as “—” are either $0 or have been rounded to $0.

During the period ended October 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

During the period ended October 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

HHF-QH-011-0500

28

Item 2. Controls and Procedures

(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 Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

SIGNATURES

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.

(Registrant)	The Advisors’ Inner Circle Fund II
By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie
	President

Date: December 23, 2014

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.

By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie
	President

Date: December 23, 2014

By (Signature and Title)	/s/ Rami Abdel-Rahman
	Rami Abdel-Rahman
	Treasurer, Controller & Chief Financial Officer

Date: December 23, 2014