O’Shaughnessy
Enhanced Dividend® Fund

Investment Strategy

The strategy screens for what we believe to be market-leading companies as defined by size, momentum, earnings quality, financial strength, and valuation. From these market leaders we select stocks with the highest dividend yields. The strategy is based on a separately managed account launched on May 2003. Please see the prospectus for the performance of that product.

Fund Facts


O’Shaughnessy Enhanced Dividend Fund


FUND FACTS

Inception Date: 8/16/2010
 
 
Shares Ticker Symbol Cusip Net Expenses* Gross Expenses Minimums
Class I OFDIX 00768D764 0.99% 1.40% $10,000

* For the fiscal year ended July 31, 2015, O’Shaughnessy Asset Management, LLC (the “Adviser”) recouped 0.08% of the Fund’s average daily net assets, to bring Total Annual Fund Operating Expenses After Recouped Management Fees to the Fund’s expense cap of 0.99% of average daily net assets. At the fiscal year ended July 31, 2015, the Fund was subject to further recapture of previously waived fees and Fund expenses paid by the Adviser.

Next scheduled fund distribution or dividend payment: 10/30/17

Please call (877) 291-7827 to obtain estimated payment information.

Past Dividend Payment History:
Declared
Date
Ex-Date
Reinvestment
Date Payable Date
Class Ticker Income Capital Gains
Short-Term Long-Term
9/28/17 9/29/17 I OFDIX 0.01533876
8/30/17 8/31/17 I OFDIX 0.03905734
7/28/17 7/31/17 I OFDIX 0.03037541
6/29/17 6/30/17 I OFDIX 0.02364528
5/30/17 5/31/17 I OFDIX 0.06627981
4/27/17 4/28/17 I OFDIX 0.01704790
3/30/17 3/31/17 I OFDIX 0.02349474
2/27/17 2/28/17 I OFDIX 0.01621402
1/31/17 1/30/17 I OFDIX
12/29/16 12/30/16 I OFDIX 0.02426504
11/29/16 11/30/16 I OFDIX 0.03921041
10/28/16 10/31/16 I OFDIX 0.00692598
9/29/16 9/30/16 I OFDIX 0.02206728
8/30/16 8/31/16 I OFDIX 0.03267385
7/28/16 7/29/16 I OFDIX 0.02028967
6/29/16 6/30/16 I OFDIX 0.01938913
5/27/16 5/31/16 I OFDIX 0.05292667
4/28/16 4/29/16 I OFDIX 0.01627754
3/30/16 3/31/16 I OFDIX 0.02457061
2/26/16 2/29/16 I OFDIX 0.02959503
1/28/16 1/29/16 I OFDIX
12/30/15 12/31/15 I OFDIX 0.06373109
11/27/15 11/30/15 I OFDIX 0.04047618
10/29/15 10/30/15 I OFDIX 0.01174088
9/29/15 9/30/15 I OFDIX 0.02892245
8/28/15 8/31/15 I OFDIX 0.03637924
7/30/15 7/31/15 I OFDIX 0.01932747
6/29/15 6/30/15 I OFDIX 0.07450878
5/28/15 5/29/15 I OFDIX 0.06528574
4/29/15 4/30/15 I OFDIX 0.05220336
3/30/15 3/31/15 I OFDIX 0.03107313
2/26/15 2/27/15 I OFDIX 0.02393753
1/29/15 1/30/15 I OFDIX 0.00363185
12/30/14 12/31/14 I OFDIX 0.02904956 0.78233
11/24/14 11/25/14 I OFDIX 0.03356520
10/30/14 10/31/14 I OFDIX 0.02102494
9/29/14 9/30/14 I OFDIX 0.03550658
8/28/14 8/29/14 I OFDIX 0.04957855
7/30/14 7/31/14 I OFDIX 0.04027868
6/27/14 6/30/14 I OFDIX 0.02936681
5/29/14 5/30/14 I OFDIX 0.27717927
4/29/14 4/30/14 I OFDIX 0.07556977
3/28/14 3/31/14 I OFDIX 0.02658980
2/27/14 2/28/14 I OFDIX 0.06239263
1/30/14 1/31/14 I OFDIX 0.00333860
12/30/13 12/31/13 I OFDIX 0.01390490 0.00438
11/27/13 11/29/13 I OFDIX 0.06210662
10/30/13 10/31/13 I OFDIX 0.01706457
9/27/13 9/30/13 I OFDIX 0.01718890
8/29/13 8/30/13 I OFDIX 0.05851861
7/30/13 7/31/13 I OFDIX
6/27/13 6/28/13 I OFDIX 0.04597613
5/30/13 5/31/13 I OFDIX 0.07096411
4/29/13 4/30/13 I OFDIX 0.06225792
3/27/13 3/28/13 I OFDIX 0.01111803
2/27/13 2/28/13 I OFDIX 0.05866682
1/30/13 1/31/13 I OFDIX 0.00633131
12/28/12 12/31/12 I OFDIX
11/29/12 11/30/12 I OFDIX 0.03708994
10/30/12 10/31/12 I OFDIX 0.00904409
9/27/12 9/28/12 I OFDIX 0.02869737
8/30/12 8/31/12 I OFDIX 0.05213798
6/27/12 6/28/12 I OFDIX 0.20067911
3/28/12 3/29/12 I OFDIX 0.04836875
12/5/11 12/6/11 I OFDIX 0.08867321 0.08165
9/28/11 9/29/11 I OFDIX 0.08351187
6/28/11 6/29/11 I OFDIX 0.22172926
12/6/10 12/7/10 I OFDIX 0.08018199 0.00098 0.00000

Characteristics


Characteristics as of 9/30/17

O'Shaughnessy
Enhanced Dividend
MSCI AC World Index


Holdings Based*




Price/Earnings Ratio
13.9×
19.1×


Price/Sales Ratio
0.9×
1.6×


Weighted Average Market Capitalization
$70,155 mil
$121,637 mil


Median Market Capitalization
$39,368 mil
$10,634 mil


Foreign Exposure
44.1
47.8%


Approximate Number of Holdings
75
2,491







Returns Based (Fund statistics based on Class I NAV)

Standard Deviation
13.7%
12.6%


Downside Standard Deviation
8.7%
7.6%


Sharpe Ratio
0.51
0.82


Beta 0.97 1.00  
Information Ratio -0.54  
Tracking Error
6.1%

 
 
Downside Capture
109.8%
100.0%
 
 
Upside Capture
90.5%
100.0%
 
 

Current Sector Weightings


Sector Distribution* as of 9/30/17 (%)


* Sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

Performance


Fund Yield as of 9/30/17

Shares 30-Day SEC Yield Distribution Yield
Class I 2.54% 1.64%

The unsubsidized 30-day SEC yield — which excludes fee waivers contractually agreed upon through November 27, 2017 — would be 1.37%. Distribution yield is calculated by dividing the sum of all distributions paid over the previous 12 months by the net asset value at the end of the period.

Performance as of 9/30/17*

Month
to Date
Most Recent Quarter 1-Year 3-Years 5-Years Since
Inception

(8/16/10)
 
O’Shaughnessy
Enhanced Dividend Fund (I)
4.17% 6.69% 16.97% 1.56% 5.69% 6.77%
MSCI AC World Index 1.93% 5.18% 18.65% 7.43% 10.20% 10.08%  
Expenses: Net** (I) 0.99%; Gross (I) 1.40%
 

* All returns greater than one-year are annualized.

** For the fiscal year ended July 31, 2015, O’Shaughnessy Asset Management, LLC (the “Adviser”) recouped 0.08% of the Fund’s average daily net assets, to bring Total Annual Fund Operating Expenses After Recouped Management Fees to the Fund’s expense cap of 0.99% of average daily net assets. At the fiscal year ended July 31, 2015, the Fund was subject to further recapture of previously waived fees and Fund expenses paid by the Adviser.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 291-7827. To discourage mutual fund timers the Fund imposes a 2.00% redemption fee on shares held for less than 90 days. Performance data does not reflect the redemption fee. If it had, returns would be reduced. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.


Mutual fund investing involves risk. Principal loss is possible.

 

Principal Risks of Investing in the Fund:
The Fund invests in foreign securities which involve political, economic and currency risks, greater volatility and differences in accounting methods. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. 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. 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.



The O'Shaughnessy Funds are distributed by Quasar Distributors, LLC.