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)		1.49%
Total Annual Fund Operating Expenses		2.14%
Less: Fee Waiver and Expense Reimbursement	[1]	(1.15%)
Net Annual Fund Operating Expenses		0.99%

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	101	559	1,044	2,382

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 72.95%
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
$11.9 million up to approximately $3.6 billion as of July 31, 2012). 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, as well
   as tax compliance risks, 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.

Performance

The following performance information provides some indication of the risks of
investing in the Fund. The bar chart shows the Fund's Class I shares' annual
return for one year. The table shows how the Fund's average annual returns for
1-year and since inception compare with those of broad measures of market
performance. The Fund's past performance, before and after taxes, does not
necessarily indicate how it will perform in the future. Updated performance
information is available by calling 1-877-291-7827 or by visiting
www.osfunds.com.

Calendar Year Total Return as of December 31

The Fund's year-to-date return as of September 30, 2012 was 6.90%.

During the period of time shown in the bar chart, the Fund's highest quarterly
return was 8.75% for the quarter ended March 31, 2011, and the lowest quarterly
return was -14.08% for the quarter ended September 30, 2011.

Average Annual Total Returns (for the period ended December 31, 2011)

Average Annual Total Returns O'Shaughnessy Enhanced Dividend Fund	Label	1 Year	Since Inception	Inception Date
Class I	Return Before Taxes	2.32%	9.36%	Aug. 16, 2010
Class I After Taxes on Distributions	Return After Taxes on Distributions	2.04%	9.05%	Aug. 16, 2010
Class I After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	2.76%	8.26%	Aug. 16, 2010
MSCI All Country World Index	MSCI All Country World Index (reflects no deduction for fees expenses, or taxes)	(7.35%)	5.78%	Aug. 16, 2010
Russell 1000 Value® Index	Russell 1000 Value® Index (reflects no deduction for fees, expenses, or taxes)	0.39%	11.92%	Aug. 16, 2010

The after-tax returns were calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor's tax situation and
may differ from those shown, and after-tax returns are not relevant to investors
who hold shares of the Fund through tax-deferred arrangements, such as 401(k)
plans or individual retirement accounts ("IRAs"). In addition, the "Return after
Taxes on Distributions and Sale of Fund Shares" is higher than other return
figures when a capital loss occurs upon the redemption of Fund shares.

[1] 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 27, 2013, 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.