O'Shaughnessy Global Equity Fund (Second Prospectus Summary) | O'Shaughnessy Global Equity Fund

O'Shaughnessy Global Equity 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.

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees	O'Shaughnessy Global Equity Fund Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	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 Global Equity 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)	[1]	21.29%
Acquired Fund Fees and Expenses	[2]	0.02%
Total Annual Fund Operating Expenses		21.96%
Less: Fee Waiver and Expense Reimbursement	[3]	(20.75%)
Net Annual Fund Operating Expenses		1.21%

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
O'Shaughnessy Global Equity Fund Class I	123	3,941

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 invests primarily in a diversified

portfolio of common stocks and other equity securities of issuers throughout the

world, including the United States. The Fund will generally invest at least 80%

of its net assets (including any borrowings for investment purposes) in equity

securities. The Fund may invest in companies of any size. 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. Under normal

market conditions, the Fund invests in securities of issuers from at least three

different countries (including the United States), with at least 40% of the

Fund's net assets invested in foreign securities. Foreign securities are

determined to be "foreign" on the basis of an issuer's domicile or location of

headquarters (as determined by the Adviser's data sources). The Fund may invest

up to 20% of its total assets in the securities of issuers determined by the

Adviser to be in developing or emerging market countries. 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 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 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 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.



·    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.



·    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.



·    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.

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] Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.

[3] 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 1.19% 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 and paid expenses from the Fund for three years from the date they were waived or paid, subject to the Expense Cap.