O'Shaughnessy Enhanced Dividend Fund (Second Prospectus Summary) | O'Shaughnessy Enhanced Dividend Fund

O'Shaughnessy Enhanced Dividend Fund

Investment Objective

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

income.

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.

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees	O'Shaughnessy Enhanced Dividend Fund Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	none
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption price, whichever is less)	none
Redemption Fee (as a percentage of amount redeemed on shares held for 90 days or less)	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 Enhanced Dividend Fund Class I
Management Fees		0.65%
Distribution (Rule 12b-1) Fees		none
Shareholder Servicing Plan Fees		0.25%
Other Expenses (includes Shareholder Servicing Plan Fees)		3.92%
Total Annual Fund Operating Expenses	[1]	4.57%
Less: Fee Waiver and Expense Reimbursement	[2]	(3.57%)
Net Annual Fund Operating Expenses		1.00%

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 Cap only in the

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

assumptions, your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
O'Shaughnessy Enhanced Dividend Fund Class I	102	1,057	2,020	4,463

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 38.75% of the average value of its portfolio.

Principal Investment Strategies of the Fund

Under normal market conditions, the Fund invests at least 80% of its net assets

(including any borrowings for investment purposes) in dividend-producing

securities. Such securities primarily include common stocks and other equity

securities of medium to large capitalization companies listed on U.S. exchanges,

which includes depositary receipts of foreign based companies (i.e., American

Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), and Global

Depositary Receipts ("GDRs"), etc.) whose common stock is not itself listed on a

U.S. exchange. The Fund may also invest up to 25% of its total assets in equity

securities of small capitalization companies which the Adviser defines by

reference to those companies within the capitalization range of the Russell

2000® Index (which consists of companies with capitalizations from approximately

$14.5 million up to approximately $3.1 billion as of July 31, 2011). The Adviser

screens securities using a factor-based model that seeks to identify market

leading companies by analysis of a number of factors including, but not limited

to, above-average annual sales, cash flow, market capitalization and volume. The

Adviser may eliminate or substitute factors at its discretion. From this group

of securities, the Adviser then employs a proprietary quantitatively-driven

approach to security selection based on research and analysis of historical data

(for example, companies' past dividend yields and dividend yield rankings) to

identify those securities with high dividend yields. Finally, the Adviser

employs an "enhanced" strategy by overweighting those securities that it

believes have the highest dividend yields. 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 a portion or

all 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 REITs and

foreign real estate companies. The Fund may invest up to 10% of its total assets

in other investment companies, including ETFs. The Fund may purchase and sell

certain derivative instruments, such as futures contracts and currency-related

transactions involving futures contracts and forward contracts, for various

portfolio management purposes, including to earn income, to facilitate portfolio

management 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. The values of income-producing equity securities may or may not

     fluctuate in tandem with overall changes in the stock markets. 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.



·    Small- and Medium-Sized Companies 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.



·    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 AFFE.

[2] 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 0.99% of average daily net assets of the Fund's Class I shares (the "Expense Cap"). The Expense Cap will remain in effect through at least November 28, 2012, and may be terminated only by 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 Cap.