O'Shaughnessy Tactical Asset Allocation Fund (First Prospectus Summary) | O'Shaughnessy Tactical Asset Allocation Fund

SUMMARY SECTION

Investment Objective

The Fund's investment objective is to seek long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold

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

O'Shaughnessy Funds' Class A shares. More information about these and other

discounts is available from your financial professional and in the "Shareholder

Information" section on page 15 of the Fund's Prospectus and the "Additional

Purchase and Redemption Information" section on page 38 of the Fund's Statement

of Additional Information ("SAI").

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees O'Shaughnessy Tactical Asset Allocation Fund	Class A Shares	Class C Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.25%	none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less)	none	1.00%
Redemption Fee (as a percentage of amount redeemed on shares held for 90 days or less)	2.00%	2.00%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses O'Shaughnessy Tactical Asset Allocation Fund		Class A Shares	Class C Shares
Management Fees		0.85%	0.85%
Distribution (Rule 12b-1) Fees		0.25%	1.00%
Shareholder Servicing Plan Fees		0.25%	0.25%
Other Expenses (includes Shareholder Servicing Plan Fees)	[1]	1.84%	1.84%
Acquired Fund Fees and Expenses		0.18%	0.18%
Total Annual Fund Operating Expenses		3.12%	3.87%
Less: Fee Waiver and Expense Reimbursement	[2]	(1.50%)	(1.50%)
Net Annual Fund Operating Expenses		1.62%	2.37%

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

remain the same (taking into account the Expense Caps only in the first

year). Although your actual costs may be higher or lower, based on these

assumptions, your costs would be:

Expense Example O'Shaughnessy Tactical Asset Allocation Fund (USD $)	Expense Example, By Year, Column Name	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
Class A Shares	Class A shares If you redeem your shares at the end of the period:	681	1,304
Class C Shares	Class C shares If you redeem your shares at the end of the period:	340	1,043

Expense Example, No Redemption O'Shaughnessy Tactical Asset Allocation Fund (USD $)	Expense Example, No Redemption, By Year, Column Name	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
Class A Shares	Class A shares If you do not redeem your shares at the end of the period:	681	1,304
Class C Shares	Class C shares If you do not redeem your shares at the end of the period:	240	1,043

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

annual fund operating expenses or in the Example, affect the Fund's performance.

Principal Investment Strategies of the Fund

Under normal market conditions, the Fund allocates its portfolio, either

directly or through the use of derivatives, in a variety of asset classes,

including, but not limited to, equity securities, fixed income securities,

commodity-linked derivatives, real estate investment trusts ("REITs"), money

market instruments, exchange-traded funds ("ETFs") and currencies in proportions

which reflect the Adviser's judgment of the potential returns and risks of each

asset class. The Adviser employs a proprietary quantitatively-driven approach to

security selection based on research and analysis of market conditions. The

strategy dynamically allocates the Fund's portfolio across asset classes, and

therefore, allocation to particular asset classes may shift quickly and

significantly based on market conditions. In selecting securities, the Adviser

evaluates factors that may include, but are not limited to: valuation, price

trends and economic conditions. Portfolio securities may be sold generally upon

rebalancings of the Fund's allocations. When selling portfolio securities, the

Adviser considers the same factors it uses in evaluating a security for purchase

and generally sells securities when it believes such securities no longer meet

its investment criteria. The Fund may from time to time emphasize investment in

certain sectors of the market.



Equity securities in which the Fund may invest include, but are not limited to,

common and preferred stocks of companies of all market capitalizations,

convertible securities, rights and warrants to purchase common stock and

depositary receipts listed on a U.S. stock exchange, traded through NASDAQ or

otherwise in the U.S. over-the-counter market (collectively, the "U.S. Markets")

or a foreign stock exchange or traded in the worldwide over-the-counter market

(collectively, "Non-U.S. Markets"). Fixed income securities in which the Fund

may invest include, but are not limited to, those of governments, government

agencies, inflation-protected securities, asset-backed securities,

municipalities and companies across a wide range of industries and market

capitalizations. Such fixed-income securities may be of any maturity, duration

or quality, including those that are rated below investment grade (i.e., "junk

bonds"). The Fund may invest up to 100% of its total assets in the securities of

foreign issuers, including those in emerging markets, and may invest up to 25%

of its total assets in REITs or foreign real estate companies. The Fund may

invest up to 100% of its total assets in other investment companies, including

ETFs. Investment companies or ETFs that invest predominantly in a particular

asset class are considered an investment in that asset class for the purposes of

the Fund's allocation. The Fund may purchase and sell certain derivative

instruments, such as futures contracts, options, swaps and currency-related

transactions involving futures contracts and forward contracts, for various

portfolio management purposes, including, but not limited to, reducing

transaction costs, increasing overall liquidity of the Fund, gaining exposure to

outside markets not ordinarily available, and to mitigate risks. In general

terms, a derivative instrument is one whose value depends on (or is derived

from) the value of an underlying asset, interest rate or index. The Fund may

invest up to 100% of its total assets in derivative instruments subject to the

provisions of the Investment Company Act of 1940, as amended (the "1940

Act"). The Adviser expects that the Fund's investment strategy may result in a

portfolio turnover rate in excess of 100% on an annual basis. The Fund may also

utilize leverage as part of the portfolio management process and may engage in

short sale transactions with respect to 25% of the Fund's total assets. The Fund

may hold money market instruments, cash and cash equivalents in an amount of up

to 100% of the portfolio depending on the state of the market and the output of

the quantitative selection screen.



The Fund is non-diversified, which means that it can invest a greater percentage

of its assets in any one issuer than a diversified fund. Investing in fewer

issuers makes a fund more susceptible to financial, economic or market events

impacting such issuers and may cause the Fund's share price to be more volatile

than the share price of a diversified fund.

Principal Risks of Investing in the Fund

Losing all or a portion of your investment is a risk of investing in the

Fund. The following principal risks could affect the value of your investment:



o  Market Risk and Equity Risks. Market risk is the possibility that the market

   value of securities owned by the Fund will decline. Investments in common

   stocks and other equity securities generally are affected by changes in the

   stock markets, which fluctuate substantially over time, sometimes suddenly and

   sharply. The values of convertible securities tend to decline as interest

   rates rise and, because of the conversion feature, tend to vary with

   fluctuations in the market value of the underlying equity security.



o  Management Risk. The Fund is subject to management risk because it is an

   actively managed portfolio. The Adviser's management practices and investment

   strategies might not work to meet the Fund's investment objective.



o  Tactical Asset Allocation Risk. The selection of the Fund assets, and the

   tactical allocation of the Fund assets among the various market segments, may

   cause the Fund to underperform other funds with a similar investment objective

   that do not employ a tactical asset allocation strategy. The Adviser will make

   extensive use of trading models to make tactical decisions of when to buy or

   sell securities. These models could fail to produce correct trading signals

   and thus adversely impact the Fund's returns. Because the risks and returns of

   different asset classes can vary widely over any given time period, the Fund's

   performance could suffer if a particular asset class does not perform as

   expected.



o  Small- and Medium-Sized Company Risk. Small- and medium-sized companies often

   have less predictable earnings, more limited product lines, markets,

   distribution channels or financial resources and the management of such

   companies may be dependent upon one or few key people. The market movements of

   equity securities of small- and medium-sized companies may be more abrupt and

   volatile than the market movements of equity securities of larger, more

   established companies or the stock market in general and small-sized companies

   in particular, are generally less liquid than the equity securities of larger

   companies.



o  Sector Risk. To the extent the Fund invests a significant portion of its

   assets in the securities of companies in the same sector of the market, the

   Fund is more susceptible to economic, political, regulatory and other

   occurrences influencing those sectors.



o  Foreign Securities Risk. The risks of investing in the securities of foreign

   issuers, including emerging market issuers and depositary receipts, can

   include fluctuations in foreign currencies, foreign currency exchange

   controls, political and economic instability, differences in securities

   regulation and trading, and foreign taxation issues. These risks are greater

   in emerging markets.



o  Foreign Currency Risk. Currency movements may negatively impact value even

   when there is no change in value of the security in the issuer's home

   country. Currency management strategies, including forward currency contracts,

   may substantially change the Fund's exposure to currency exchange rates and

   could result in losses to the Fund if currencies do not perform as the Adviser

   expects.



o  Emerging Market Risk. There is an increased risk of price volatility

   associated with emerging market countries, which may be magnified by currency

   fluctuations relative to the U.S. dollar.



o  REITs and Foreign Real Estate Companies Risk. Investing in REITs and foreign

   real estate companies makes the Fund more susceptible to risks associated with

   the ownership of real estate and with the real estate industry in general and

   may involve duplication of management fees and other expenses. 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.



o  Investment Company Risk. When the Fund invests in an ETF or mutual fund, it

   will bear additional expenses based on its pro rata share of the ETF's or

   mutual Fund's operating expenses, including the potential duplication of

   management fees. The risk of owning an ETF or mutual fund generally reflects

   the risks of owning the underlying securities the ETF or mutual fund

   holds. The Fund also will incur brokerage costs when it purchases ETFs.



o  Derivative Transactions Risk. 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.



o  Portfolio Turnover Risk. The Fund's tactical investment process is expected to

   result in a high portfolio turnover rate. A high portfolio turnover rate (100%

   or more) has the potential to result in the realization and distribution to

   shareholders of higher capital gains, which may subject you to a higher tax

   liability. High portfolio turnover also necessarily results in greater

   transaction costs which may reduce Fund performance.



o  New Fund Risk. The Fund is new with no operating history and there can be no

   assurance that the Fund will grow to or maintain an economically viable size,

   in which case the Board may determine to liquidate the Fund.



o  Non-Diversification Risk. The Fund has the ability to take larger positions in

   a smaller number of issuers than a diversified fund and the Fund's share price

   may therefore be more volatile than the share price of a diversified fund.



o  Commodity Risk. The Fund may invest in commodity-linked derivatives, which

   may be subject to significant fluctuations in value resulting from various

   factors, including changes in overall market movements, commodity index

   volatility, interest rate changes and other factors affecting a particular

   industry or commodity.



o  Fixed Income Risks. The following risks are associated with the Fund's

   investment in fixed income securities.



   o  Prepayment and Extension Risk. The risk that the securities may be paid off

      earlier or later than expected. Either situation could cause securities to

      pay lower-than-market rates of interest, which could hurt the Fund's yield

      or share price.



   o  Interest Rate Risk. Interest rate risk refers to the risk that bond prices

      generally fall as interest rates rise; conversely, bond prices generally

      rise as interest rates fall.



   o  Credit Risk. Credit risk is the risk of loss on an investment due to the

      deterioration of an issuer's financial health. Such a deterioration of

      financial health may result in a reduction of the credit rating of the

      issuer's securities and may lead to the issuer's inability to honor its

      contractual obligations including making timely payment of interest and

      principal.



   o  High-Yield Securities Risk. Fixed income securities that are rated below

      investment grade (i.e., "junk bonds") are subject to additional risk

      factors due to the speculative nature of these securities, such as

      increased possibility of default liquidation of the security, and changes

      in value based on public perception of the issuer.



o  Leverage and Short Sales Risk. Leverage can increase the investment returns of

   the Fund if the securities purchased increase in value in an amount exceeding

   the cost of the borrowing. However, if the securities decrease in value, the

   Fund will suffer a greater loss than would have resulted without the use of

   leverage. A short sale is the sale by the Fund of a security which it does not

   own in anticipation of purchasing the same security in the future at a lower

   price to close the short position. A short sale will be successful if the

   price of the shorted security decreases. However, if the underlying security

   goes up in price during the period in which the short position is outstanding,

   the Fund will realize a loss. The risk on a short sale is unlimited because

   the Fund must buy the shorted security at the higher price to complete the

   transaction. Therefore, short sales may be subject to greater risks than

   investments in long positions.

Performance

When the Fund has been in operation for a full calendar year, performance

information will be shown here. Updated performance information is available

on the Fund's website at www.osam.com or by calling the Fund toll-free at

1-877-291-7827.

[1] Other expenses are based on estimated customary Fund expenses for the current fiscal year.

[2] O'Shaughnessy Asset Management, LLC (the "Adviser") has contractually agreed to waive all or a portion of its management fees and pay expenses of the Fund to ensure that Net Annual Fund Operating Expenses (excluding acquired fund fees and expenses ("AFFE"), interest, taxes and extraordinary expenses) do not exceed 1.44% of average daily net assets of the Fund's Class A shares and 2.19% of average daily net assets of the Fund's Class C shares (the "Expense Caps"). The Expense Caps will remain in effect through at least November 30, 2012, and may be terminated only by the Trust's Board of Trustees (the "Board"). The Adviser may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Caps.