Fund Facts

FUND FACTS O’Shaughnessy Enhanced Dividend Fund Inception Date: 8/16/2010     Shares Ticker Symbol Cusip Net Expenses* Gross Expenses Minimums Class A OFDAX 00768D780 1.24% 24.43% $2,500 Class C OFDCX 00768D772 1.99% 25.18% $2,500 Class I OFDIX 00768D764 0.99% 24.18% $1,000,000 Next scheduled fund distribution: 12/6/11 — estimated short-term gain of $0.080 per share Next scheduled fund dividend payment: 12/6/11 — estimated payment of $0.071 per share (Class A); $0.061 per share (Class C); $0.074 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 Enhanced Dividend MSCI AC World Index Russell 1000® Value Index Holdings Based* Price/Earnings Ratio (forward earnings) 9.1× 10.5× 10.2× Price/Sales Ratio 0.8× 0.9× 1.2× Weighted Average Market Capitalization $45,431 mil $53,628 mil $65,976 mil Median Market Capitalization $18,698 mil $4,035 mil $4,070 mil ADR/ADS 61.3% 0.1% 0.0% Approximate Number of Holdings 79 2,457 653

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) 24.43%; (C) 25.18%; (I) 24.18% * 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. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. 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.