Investment Strategy

Seeks to provide long-term appreciation through exposure to a portfolio of domestic, aggressive growth equities with market capitalizations between $200 million and $10 billion. The strategy seeks stocks that meet our quality and valuation criteria and have what we believe to be exceptional momentum. Qualifying stocks are conviction-weighted and limited by broad sector and industry constraints. The strategy is based on a separately managed account launched on November 1996. Please see the prospectus for the performance of that product.

PERFORMANCE

Performance as of 9/30/2018*

O'Shaughnessy Small-Mid Cap Growth Fund (I)
Russell 2500® Growth Index
-2.2%
-1.5%
MTD
QTD
5.0%
7.2%
1-Year
18.8%
23.1%
3-Year
15.9%
18.0%
5-Year
11.0%
12.9%
Since
Inception
8/16/2010
13.7%
15.9%

* Expenses: Net** (I) 1.19%; Gross (I) 1.84%
* All returns greater than one-year are annualized.
** The Adviser is sensitive to expenses and has contractually agreed to waive fees through November 27, 2019.
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 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 Small-Mid Cap Growth Fund
Inception Date: 8/16/2010
Shares Ticker Symbol Cusip Net Expenses* Gross Expenses Minimums
Class I OFMIX 00768D749 1.19% 1.83% $10,000

* The Adviser is sensitive to expenses and has contractually agreed to waive fees through November 27, 2019.

Fund distributions and/or dividend payments are scheduled for December each year.
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 Short-Term Long-Term
12/10/2018 12/11/2018 I OFMIX 2.54217
12/11/2017 12/12/2017 I OFMIX 0.04324599 1.41361
12/15/2016 12/16/2016 I OFMIX 0.04443839
12/7/2015 12/8/2015 I OFMIX 0.05121527 0.88085
12/1/2014 12/2/2014 I OFMIX 1.94860
12/2/2013 12/3/2013 I OFMIX 2.39520
12/28/2012 12/31/2012 I OFMIX 0.00681562
12/3/2012 12/4/2012 I OFMIX 0.04815331
12/5/2011 12/6/2011 I OFMIX
12/6/2010 12/7/2010 I OFMIX 0.12807
 
CHARACTERISTICS

Characteristics as of 9/30/2018
For definitions of our characteristics, please visit our glossary page.
Holdings Based * O'Shaughnessy
Small-Mid Cap Growth Fund
Russell 2500® Growth Index
Price/Earnings Ratio 26.9x 27.3x
Price/Sales Ratio 1.8x 2.2x
1-Year Historical Earnings Growth Rate* 198.7% 51.9%
Weighted Average Market Capitalization $6,606 Mil $5,774 Mil
Median Market Capitalization $3,566 Mil $1,345 Mil
Approximate Number of Holdings 187 1501
 
Returns Based
(Fund statistics based on Class I NAV)
Standard Deviation 14.3% 15.0%
Downside Standard Deviation 8.4% 8.4%
Sharpe Ratio 0.98 1.12
Beta 0.90 1.00
Information Ratio -0.53
Tracking Error 4.9%
Downside Capture 92.1% 100.0%
Upside Capture 85.4% 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 Small-Mid Cap Growth Fund
Russell 2500® Growth Index
Difference
Consumer
Discretionary
15.4%
15.3%
0.1%
Consumer
Staples
3.5%
2.0%
1.5%
Energy
3.0%
1.6%
1.4%
Financials
7.5%
6.9%
0.6%
Health
Care
18.2%
22.9%
-4.7%
Industrials
16.7%
16.9%
-0.2%
Information
Technology
21.7%
23.8%
-2.1%
Materials
6.1%
4.6%
1.5%
Real
Estate
1.5%
2.5%
-1.0%
Telecommunication
Services
6.4%
3.3%
3.1%
Utilities
0.0%
0.2%
-0.2%

* 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.

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