Investment Strategy

Seeks to provide long-term appreciation through exposure to domestic equities that we believe have better quality, valuation, momentum, and Shareholder Yield — which combines a company's annual dividend and its annual rate of stock buybacks — across market capitalization ranges. Stocks are strategically-weighted and broadly constrained by market capitalization, sector, and industry. O’Shaughnessy All Cap Core is our most diversified domestic strategy by selection factor, investment style, and market capitalization. The strategy is based on a separately managed account launched on January 2003. Please see the prospectus for the performance of that product.

PERFORMANCE

Class A Performance as of 9/30/2018*

Without sales charges
With maximum sales charges
Russell 3000® Index
-1.2%
-6.4%
0.2%
MTD
5.4%
-0.1%
7.1%
QTD
1-Year
17.2%
11.1%
17.6%
3-Year
17.0%
14.9%
17.1%
5-Year
12.5%
11.3%
13.5%
Since
Inception
8/16/2010
14.6%
13.9%
15.4%

Class C Performance as of 9/30/2018*

Without sales charges
With maximum sales charges
Russell 3000® Index
-1.3%
-2.3%
0.2%
MTD
QTD
5.8%
4.8%
7.1%
1-Year
16.9%
16.1%
17.6%
3-Year
16.2%
16.2%
17.1%
5-Year
11.7%
11.7%
13.5%
Since
Inception
8/16/2010
13.7%
13.7%
15.4%

Class I Performance as of 9/30/2018*

Without sales charges
Russell 3000® Index
-1.2%
0.2%
MTD
QTD
5.5%
7.1%
1-Year
17.5%
17.6%
3-Year
17.2%
17.1%
5-Year
12.8%
13.5%
Since
Inception
8/16/2010
14.8%
15.4%

* Expenses: Net** (A) 0.85%; (C) 1.60%; (I) 0.60%; Gross (A) 2.01%; (C) 2.71%; (I) 1.31%
* All returns greater than one-year are annualized.
** The Adviser is sensitive to expenses and has contractually agreed to waive fees through November 27, 2018.
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. Performance data shown with maximum sales charge reflects the Class A maximum load of 5.25% or the contingent deferred sales charge of 1.00% for the class C shares. Performance data shown without sales charge does not include the load or CDSC. If reflected, the load or fee would reduce the performance quoted. 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.

FUND FACTS

O'Shaughnessy All Cap Core Fund
Inception Date: 8/16/2010
Shares Ticker Symbol Cusip Net Expenses* Gross Expenses Minimums
Class A OFAAX 007989130 0.85% 2.01% $2,500
Class C OFACX 007989122 1.60% 2.71% $2,500
Class I OFAIX 007989114 0.60% 1.31% $10,000

* The Adviser is sensitive to expenses and has contractually agreed to waive fees through November 27, 2018.

Fund distributions and/or dividend payments are scheduled for December each year.
Please call (877) 291-7827 to obtain estimated payment information.


Next scheduled fund distribution or dividend payment: 12/31/18
Estimated net income distribution of $0.057 per share (Class A),
$0.019 per share (Class C),
$0.071 per share (Class I);
no short-term capital gains distribution;
long-term capital gains distribution of $0.729 per share (Class A, C, and I).
(Subject to change. Please note these are unaudited estimates. Cash flows into the funds could change the distribution amounts.)

Past Dividend Payment History:
Declared Date Ex-Date
Reinvestment Date
Payable Date
Class Ticker Income Short-Term Long-Term
12/11/2017 12/12/2017 A OFAAX 0.29786699 0.53187 4.88243
12/11/2017 12/12/2017 C OFACX 0.12178337 0.53187 4.88243
12/11/2017 12/12/2017 I OFAIX 0.36493192 0.53187 4.88243
12/15/2016 12/16/2016 A OFAAX 0.31953733 0.95301
12/15/2016 12/16/2016 C OFACX 0.21989687 0.95301
12/15/2016 12/16/2016 I OFAIX 0.36284228 0.95301
12/7/2015 12/8/2015 A OFAAX 0.08088972 1.16228
12/7/2015 12/8/2015 C OFACX 1.16228
12/7/2015 12/8/2015 I OFAIX 0.11157495 1.16228
12/1/2014 12/2/2014 A OFAAX 0.07132588 2.43284
12/1/2014 12/2/2014 C OFACX 0.02903055 2.43284
12/1/2014 12/2/2014 I OFAIX 0.15259622 2.43284
12/2/2013 12/3/2013 A OFAAX 0.13102206 0.01894 1.23165
Show all dividend payments
 
CHARACTERISTICS

Characteristics as of 9/30/2018
Holdings Based * O'Shaughnessy
All Cap Core Fund
Russell 3000® Index
Price/Earnings Ratio 16.6x 22.4x
Price/Sales Ratio 1.2x 2.1x
1-Year Historical Earnings Growth Rate* 151.3% 52.7%
Weighted Average Market Capitalization $45,962 Mil $207,086 Mil
Median Market Capitalization $15,738 Mil $1,886 Mil
Approximate Number of Holdings 149 3019
 
Returns Based
(Fund statistics based on Class I NAV)
Standard Deviation 11.8% 11.3%
Downside Standard Deviation 6.1% 6%
Sharpe Ratio 1.27 1.37
Beta 1.00 1.00
Information Ratio -0.15
Tracking Error 3.3%
Downside Capture 98.5% 100.0%
Upside Capture 97.0% 100.0%

* The Earnings Growth Rate is not a measure of the fund's future performance.

SECTORS

Sector Distribution* as of 9/30/2018 (%)

O'Shaughnessy All Cap Core Fund
Russell 3000® Index
Difference
Consumer
Discretionary
12.5%
10.5%
2.0%
Consumer
Staples
7.0%
6.0%
1.0%
Energy
7.4%
5.7%
1.7%
Financials
16.3%
13.7%
2.6%
Health
Care
13.6%
14.6%
-1.0%
Industrials
11.9%
10.4%
1.5%
Information
Technology
23.2%
20.7%
2.5%
Materials
3.7%
2.9%
0.8%
Real
Estate
0.7%
3.6%
-2.9%
Telecommunication
Services
3.6%
9.0%
-5.4%
Utilities
0.0%
2.8%
-2.8%

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

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. These risks are greater in emerging markets. 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. Diversification does not guarantee a profit or protect from loss in a declining market.

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