O'Shaughnessy All Cap Core Fund (First Prospectus Summary) | O'Shaughnessy All Cap Core Fund

O'Shaughnessy All Cap Core Fund

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 the

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 27 of the Fund's Prospectus and the "Additional

Purchase and Redemption Information" section on page 37 of the Fund's Statement

of Additional Information ("SAI").

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees O'Shaughnessy All Cap Core Fund	Class A	Class C
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 All Cap Core Fund		Class A	Class C
Management Fees		0.55%	0.55%
Distribution (Rule 12b-1) Fees		0.25%	1.00%
Shareholder Servicing Plan Fees		0.25%	0.25%
Other Expenses (includes Shareholder Servicing Plan Fees)		1.95%	1.81%
Total Annual Fund Operating Expenses	[1]	2.75%	3.36%
Less: Fee Waiver and Expense Reimbursement	[2]	(1.50%)	(1.36%)
Net Annual Fund Operating Expenses		1.25%	2.00%

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 contractual 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 All Cap Core Fund (USD $)	Expense Example, By Year, Column Name	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Class A	Class A shares If you redeem your shares at the end of the period:	646	1,199	1,777	3,339
Class C	Class C shares If you redeem your shares at the end of the period:	303	907	1,633	3,557

Expense Example, No Redemption O'Shaughnessy All Cap Core Fund (USD $)	Expense Example, No Redemption, By Year, Column Name	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
Class A	Class A shares If you do not redeem your shares at the end of the period:	646	1,199	1,777	3,339
Class C	Class C shares If you do not redeem your shares at the end of the period:	203	907	1,633	3,557

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. During the most recent fiscal year, the Fund's portfolio turnover

rate was 44.27% of the average value of its portfolio.

Principal Investment Strategies of the Fund

Under normal market conditions, the Fund invests primarily in a diversified

portfolio of common stocks and other equity securities of companies of all

sizes. The Adviser employs a proprietary quantitatively-driven approach to

security selection based on research and analysis of historical data. The

Adviser screens securities for attractive growth and value characteristics using

a factor-based model. In selecting value securities, the Adviser evaluates

factors that may include, but are not limited to: market capitalization, sales

over the previous twelve months, trading volume and cash flow. In selecting

growth securities, the Adviser evaluates factors that may include, but are not

limited to: market capitalization, trading volume, valuation metrics, earnings

and price momentum over time. The Adviser may eliminate or substitute factors at

its discretion. Portfolio securities may be sold generally upon periodic

rebalancings of the Fund's portfolio. 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.



The Fund invests primarily in common stocks and other equity securities,

including preferred stocks, convertible securities, rights and warrants to

purchase common stock and depositary receipts. The Fund may invest up to 50% of

its total assets in the securities of foreign issuers, including those in

emerging markets, and may invest up to 10% of its total assets in real estate

investment trusts ("REITs") or foreign real estate companies. The Fund may

invest up to 10% of its total assets in other investment companies, including

exchange-traded funds ("ETFs"). The Fund may purchase and sell certain

derivative instruments, such as options, futures contracts and options on

futures contracts, for various portfolio management purposes 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 Adviser expects that the Fund's investment strategy may result in a

portfolio turnover rate in excess of 100% on an annual basis.

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:



·  Market Risk and Equity Risk. 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. Securities' prices of small- and medium-sized companies often

   fluctuate more and may fall more than the securities' prices of larger-sized,

   more established companies. 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.



·  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.



·  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.



·  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.



·  REITs and Foreign Real Estate Company 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.



·  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.



·  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.



·  Portfolio Turnover Risk. 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.



·  Newer Fund Risk. The Fund is newer with limited 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.

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] Total Annual Fund Operating Expenses for the Fund do not correlate to the Ratio of Expenses to Average Net Assets Before Expense Reimbursement in the Financial Highlights section of the statutory prospectus, which reflects the operating expenses of the Fund and does not include the 0.01% attributed to acquired fund fees and expenses ("AFFE").

[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 AFFE, interest, taxes and extraordinary expenses) do not exceed 1.24% of average daily net assets of the Fund's Class A shares and 1.99% 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 28, 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.