Fund Facts

FUND FACTS O’Shaughnessy All Cap Core Fund Inception Date: 8/16/2010   Shares Ticker Symbol Cusip Net Expenses* Gross Expenses Minimums Class A OFAAX 007989130 1.24% 24.46% $2,500 Class C OFACX 007989122 1.99% 25.21% $2,500 Class I OFAIX 007989114 0.99% 24.21% $1,000,000 Next scheduled fund distribution: 12/6/11 — estimated short-term gain of $0.057 per share Next scheduled fund dividend payment: 12/6/11 — estimated payment of $0.032 per share (Class A); $0.007 per share (Class C); $0.037 per share (Class I) Past Dividend Payment History:     * The Adviser is sensitive to expenses and has contractually agreed to waive fees through November 28, 2012.

Characteristics

Characteristics as of 9/30/11 O'Shaughnessy All Cap Core Fund Russell 3000® Index S&P 500 Index Holdings Based Price/Earnings Ratio (forward earnings) 10.7× 11.6× 11.4× Price/Sales Ratio 0.6× 1.1× 1.1× 1-Year Historical Earnings Growth Rate* 63.7% 73.9% 67.4% Weighted Average Market Capitalization $64,758 mil $71,344 mil $86,915 mil Median Market Capitalization $7,936 mil $801 mil $9,783 mil ADR/ADS 1.5% 0.0% 0.0% Approximate Number of Holdings 197 2,938 500 * The Earnings Growth Rate is not a measure of the fund’s future performance.

Current Sector Weightings

Sector Distribution* as of 9/30/11 (%) * Sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

Performance

Performance as of 9/30/11 (%) Expenses: Net* (A) 1.24%; (C) 1.99%; (I) 0.99%; Gross (A) 24.46%; (C) 25.21%; (I) 24.21% * The Adviser is sensitive to expenses and has contractually agreed to waive fees through November 30, 2011. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 291-7827. Performance data shown reflects the Class A maximum sales charge of 5.25% or the contingent deferred sales charge of 1.00% for the class C shares. If reflected, the load or fee would reduce the performance quoted. To discourage mutual fund timers the Fund imposes a 2.00% redemption fee on shares held for less than 90 days. Performance data does not reflect the redemption fee. If it had, returns would be reduced. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Mutual fund investing involves risk. Principal loss is possible.

Principal Risks of Investing in the Fund:
The Fund invests in foreign securities which involve political, economic and currency risks, greater volatility and differences in accounting methods. REITs and foreign real estate companies may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. Risks of derivatives include the possible imperfect correlation between the value of the instruments and the underlying assets; risks of default by the other party to the transaction; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the instruments may not be liquid.

The O'Shaughnessy Funds are distributed by Quasar Distributors, LLC.