Fund Facts

FUND FACTS O’Shaughnessy Small-Mid Cap Growth Fund Inception Date: 8/16/2010         Shares Ticker Symbol Cusip Net Expenses* Gross Expenses Minimums Class A OFMAX 00768D756 1.44% 20.78% $2,500 Class I OFMIX 00768D749 1.19% 20.53% $1,000,000 Next scheduled fund distribution or dividend payment: 12/6/12 Please call (877) 291-7827 to obtain estimated payment information. Past Dividend Payment History:     * The Adviser is sensitive to expenses and has contractually agreed to waive fees through November 28, 2012.

Performance

Performance as of 12/31/11 (%) Expenses: Net* (A) 1.44%; (I) 1.19%; Gross (A) 20.78%; (I) 20.53% * The Adviser is sensitive to expenses and has contractually agreed to waive fees through November 28, 2012. 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%. 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.

Characteristics

Characteristics as of 12/31/11 O'Shaughnessy Small-Mid Cap Growth Fund Russell 2500® Growth Index Holdings Based Price/Earnings Ratio 16.7× 17.4× Price/Sales Ratio 1.0× 1.3× 1-Year Historical Earnings Growth Rate* 149.5% 90.8% Weighted Average Market Capitalization $4,137 mil $2,826 mil Median Market Capitalization $2,176 mil $722 mil ADR/ADS 3.6% 0.0% Approximate Number of Holdings 201 1,435 * The Earnings Growth Rate is not a measure of the fund’s future performance.

Current Sector Weightings

Sector Distribution* as of 12/31/11 (%) * Sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

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.