Investment Strategy

Seeks to provide long-term appreciation by creating a portfolio of undervalued, domestic, small cap equities with market capitalizations between $200 million and $2 billion. The strategy seeks stocks that meet our quality and momentum criteria and have attractive valuation characteristics. Stocks are conviction-weighted and broadly constrained by sector and industry. The strategy is based on a separately managed account launched in March 2004. Please see the prospectus for the performance of that product.

PERFORMANCE

Performance as of 9/30/2018*

O'Shaughnessy Small Cap Value Fund (I)
Russell 2000® Value Index
-2.8%
-2.5%
MTD
QTD
0.7%
1.6%
1-Year
10.8%
9.3%
Since
Inception
2/26/2016
17.8%
20.4%

* Expenses:
* All returns greater than one-year are annualized.
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 shown without sales charge does not include the load or CDSC. 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.

FUND FACTS

O'Shaughnessy Small Cap Value Fund
Inception Date: 2/26/2016
Shares Ticker Symbol Cusip Net Expenses* Gross Expenses Minimums
Class I OFSIX 00770X436 0.99% 4.80% $10,000

* The Adviser is sensitive to expenses and has contractually agreed to waive fees through November 27, 2018.

Fund distributions and/or dividend payments are scheduled for December each year.
Please call (877) 291-7827 to obtain estimated payment information.


Next scheduled fund distribution or dividend payment: 12/11/18
Estimated net income distribution of $0.051 per share (Class I); no short-term capital gains distribution; long-term capital gains distribution of $0.404 per share (Class I).
(Subject to change. Please note these are unaudited estimates. Cash flows into the funds could change the distribution amounts.)

Past Dividend Payment History:
Declared Date Ex-Date
Reinvestment Date
Payable Date
Class Ticker Income Short-Term Long-Term
11/12/2017 12/12/2017 I OFSIX 0.10212176 0.61745
12/29/2016 12/30/2016 I OFSIX 0.01330000
12/15/2016 12/16/2016 I OFSIX 0.13230000
 
CHARACTERISTICS

Characteristics as of 9/30/2018
For definitions of our characteristics, please visit our glossary page.
Holdings Based * O'Shaughnessy
Small Cap Value Fund
Russell 2000® Value Index
Price/Earnings Ratio 13.9x 18x
Price/Sales Ratio 0.7x 1.1x
1-Year Historical Earnings Growth Rate* 211% 33.5%
Weighted Average Market Capitalization $1,797 Mil $2,148 Mil
Median Market Capitalization $1,425 Mil $815 Mil
Approximate Number of Holdings 136 1387
 
Returns Based
(Fund statistics based on Class I NAV)
Standard Deviation 13.7% 12.7%
Downside Standard Deviation 5.3% 4.8%
Sharpe Ratio 1.26 1.54
Beta 1.03 1.00
Information Ratio -0.64
Tracking Error 3.7%
Downside Capture 96.6% 100.0%
Upside Capture 89.8% 100.0%

* The Earnings Growth Rate is not a measure of the fund's future performance.

SECTORS

Sector Distribution* as of 9/30/2018 (%)

O'Shaughnessy Small Cap Value Fund
Russell 2000® Value Index
Difference
Consumer
Discretionary
15.8%
9.5%
6.3%
Consumer
Staples
6.2%
2.5%
3.7%
Energy
9.6%
7.5%
2.1%
Financials
16.9%
28.2%
-11.3%
Health
Care
6.5%
5.0%
1.5%
Industrials
18.7%
12.1%
6.6%
Information
Technology
11.9%
10.3%
1.6%
Materials
9.3%
4.4%
4.9%
Real
Estate
2.7%
11.5%
-8.8%
Telecommunication
Services
2.3%
3.0%
-0.7%
Utilities
0.0%
6.0%
-6.0%

* 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:
Foreign investments involve additional risks, including greater volatility and political, economic, and currency risks and differences in accounting methods. Emerging markets countries involve greater risks, such as immature economic structures, national policies restricting investments by foreigners, and different legal systems. Such risks may be magnified with respect to securities of issuers in frontier emerging markets. Small capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. The Fund may experience higher fees and is subject to additional risks due to investments in other investment companies (including ETFs).

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