HANCOCK HORIZON BURKENROAD FUND (First Prospectus Summary) | HANCOCK HORIZON BURKENROAD FUND

BURKENROAD FUND

INVESTMENT OBJECTIVE

The Burkenroad Fund (the "Fund" or "Burkenroad Fund") seeks long-term capital
appreciation.

FUND FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold
Class A Shares of the Fund. You may qualify for sales charge discounts if you
and your family invest, or agree to invest in the future, at least $50,000 in
Class A Shares of the Hancock Horizon Funds. More information about these and
other discounts is available from your financial professional and in the
section "Sales Charges" on page 55 of the prospectus.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

Shareholder Fees (USD $)		HANCOCK HORIZON BURKENROAD FUND CLASS A SHARES
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	[1]	5.25%
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)		none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price)		none
Redemption Fee (as a percentage of amount redeemed, if applicable)		none
Exchange Fee		none

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)

Annual Fund Operating Expenses		HANCOCK HORIZON BURKENROAD FUND CLASS A SHARES
Management Fees		0.95%
Shareholder Servicing Fees		0.25%
Other Operating Expenses		0.33%
Total Other Expenses		0.58%
Acquired Fund Fees and Expenses		0.01%
Total Annual Fund Operating Expenses	[1]	1.54%
Less Fee Reductions and/or Expense Reimbursements		(0.13%)
Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements	[1][2]	1.41%

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods.  The
Example also assumes that your investment has a 5% return each year and that
the Fund's operating expenses (including one year of capped expenses in each
period) remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
HANCOCK HORIZON BURKENROAD FUND CLASS A SHARES	661	974	1,309	2,253

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
total annual fund operating expenses or in the example, affect the Fund's
performance. During its most recent fiscal year, the Fund's portfolio turnover
rate was 23% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGY

The Fund seeks capital appreciation by investing primarily (at least 80% of its
net assets) in common stocks and other equity securities. The Fund focuses on
stocks of companies with small capitalizations (less than $2 billion) located
or doing business in Alabama, Florida, Georgia, Louisiana, Mississippi and
Texas. The Adviser intends to utilize Tulane University's Burkenroad Reports as
a primary source of investment research, but also employs its own fundamental
research and quantitative analysis in its investment decision making.  The
BURKENROAD REPORTS (the "Reports") is an educational program on investment
research in which selected students at Tulane University's A.B. Freeman School
of Business participate. The program is designed to teach the students how to
produce objective investment research by studying publicly-held companies
located in the Deep South.  The Reports focus on companies that traditionally
have not been followed by Wall Street analysts. The Reports are based on
publicly available reports, company visits and meetings with top management.

The Adviser independently verifies the information contained within the Reports
and considers, but does not rely exclusively on, the Reports in making
investment decisions for the Fund. The Fund will regularly invest in companies
other than those covered by the Burkenroad Reports, and may not own shares of
all of the companies covered by the Reports. The Fund and Horizon Advisers are
NOT affiliated with Tulane University or the A.B. Freeman School of Business.
Hancock Bank licenses the name "Burkenroad" from Tulane University.  Neither
Tulane University, the A.B. Freeman School of Business nor the students, faculty and
staff of Tulane University have any involvement in the investment decisions,
management or operations of the Fund.

In selecting securities, the Adviser primarily considers sales and expense
trends, market position, historic and expected earnings and dividends. The
Adviser will diversify the Fund's securities across industry sectors. The
Adviser continually monitors the Fund's portfolio and may sell a security when
it achieves a designated price target, there is a fundamental change in the
security's prospects or better investment opportunities become available.

PRINCIPAL RISKS

As with all mutual funds, a shareholder is subject to the risk that his or her
investment could lose money. A FUND SHARE IS NOT A BANK DEPOSIT AND IT IS NOT
INSURED OR GUARANTEED BY THE FDIC OR ANY GOVERNMENT AGENCY. The principal risk
factors affecting shareholders' investments in the Fund are set forth below.

Since it purchases equity securities, the Fund is subject to the risk that
stock prices will fall over short or extended periods of time. Historically,
the equity market has moved in cycles, and the value of the Fund's securities
may fluctuate from day to day. Individual companies may report poor results or
be negatively affected by industry and/or economic trends and developments. The
prices of securities issued by such companies may suffer a decline in response.
These factors contribute to price volatility, which is a principal risk of
investing in the Fund.

The smaller capitalization companies that the Fund invests in may be more
vulnerable to adverse business or economic events than larger, more established
companies. In particular, these small companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product
lines, markets and financial resources, and may depend upon a relatively small
management group. Therefore, small capitalization stocks may be more volatile
than those of larger companies. These securities may be traded over the counter
or listed on an exchange. The Fund is also subject to the risk that the
Adviser's particular investment style, which focuses on small capitalization
stocks, may underperform other segments of the equity market or the equity
market as a whole.

The Fund's concentration of investments in securities of companies located or
doing business in Alabama, Louisiana, Mississippi, Florida, Georgia and Texas
subjects the Fund to economic conditions and government policies within those
states.  As a result, the Fund will be more susceptible to factors that
adversely affect companies located or doing business in those states than a
mutual fund that does not have as great a concentration in those states.

PERFORMANCE INFORMATION

The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund by showing changes in the Fund's Class
A Shares' performance from year to year and by showing how the Fund's Class A
Shares' average annual total returns for 1 and 5 years and since inception
compare with those of a broad measure of market performance. Of course, the
Fund's past performance (before and after taxes) does not necessarily indicate
how the Fund will perform in the future. Updated performance information is
available on the Fund's website at www.hancockhorizonfunds.com.

BEST QUARTER     WORST QUARTER
20.95%           (23.73)%
(06/30/03)       (12/31/08)

The performance information shown above is based on a calendar year. The Fund's
performance from 1/1/11 to 3/31/11 was 10.78%.

After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor's tax situation and
may differ from those shown.  After-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements such as
401(k) plans or individual retirement accounts.

AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2010

Average Annual Total Returns HANCOCK HORIZON BURKENROAD FUND	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
CLASS A SHARES	Fund Returns Before Taxes (reflects a Maximum Sales Charge of 5.25%)	14.72%	6.44%	10.37%	Dec. 31, 2001
CLASS A SHARES After Taxes on Distributions	Fund Returns After Taxes on Distributions	14.53%	6.30%	10.26%	Dec. 31, 2001
CLASS A SHARES After Taxes on Distributions and Sales	Fund Returns After Taxes on Distributions and Sale of Fund Shares	9.82%	5.54%	9.20%	Dec. 31, 2001
Russell 2000 (R) Index	Russell 2000(R) Index (reflects no deduction for fees, expenses, or taxes)	26.85%	4.47%	6.77%	Dec. 31, 2001
Lipper (R) Small-Cap Value Funds Classification	Lipper(R) Small-Cap Value Funds Classification	26.02%	3.93%	7.66%	Dec. 31, 2001

[1] Class A Shares purchased in amounts of $1,000,000 or more without a front-end sales charge may be subject to a contingent deferred sales charge if redeemed within 18 months of purchase

[1] The Total Annual Operating Expenses in this fee table, before and after fee reductions and/or expense reimbursements, include fees and expenses incurred indirectly by the Fund as a result of investment in shares of other investment companies (each, an "acquired fund") and do not correlate to the expense ratio in the Fund's Financial Highlights, which reflects only the direct operating expenses incurred by the Fund.

[2] Horizon Advisers (the "Adviser") has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses after Fee Reductions and/or Expense Reimbursements (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.40% of the Fund's Class A Shares average daily net assets until May 31, 2012. If at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses and 1.40% to recapture all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this agreement was in place. This Agreement may be terminated by: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on May 31, 2012.