Advisors Capital Small Cap Blend Fund Advisors Capital Small Cap Blend Fund Shares Common Stock Risk General Risks Foreign Risk Growth Investing Risk Limited History of Operations Risk Management Risk Sector Risk Small-Capitalization Companies Risk Underlying Funds Risk Value Investing Risk Advisors Capital Large/Mid Cap Value Fund Advisors Capital Large/Mid Cap Value Fund Shares Large Capitalization Companies Risk Mid-Capitalization Companies Risk Advisors Capital Vanguard Funds Diversified Equity Fund Advisors Capital Vanguard Funds Diversified Equity Fund Shares Emerging Markets Risk Small-and Mid-Capitalization Companies Risk Advisors Capital AF Capital Appreciation Fund Advisors Capital AF Capital Appreciation Fund Shares