Clarkston Fund

The Fund seeks long-term capital appreciation by investing primarily in equity securities of U.S. large-capitalization companies.

The Fund seeks to achieve long-term capital appreciation while minimizing volatility and risk. To accomplish this goal, the Fund invests in companies that Clarkston Capital Partners, the Adviser to the Fund, believes to be of high quality and believes to be undervalued relative to their future growth potential. The Adviser refers to this investment philosophy as Quality/Value.

The Adviser defines high quality companies as those that meet certain financial, business and management criteria, which may vary over time. These criteria include favorable profitability metrics, sustainable competitive advantages and capable management teams.

The Fund is “non-diversified,” which means that it may invest a significant portion of its assets in a relatively small number of issuers.

Performance

Expense Ratio*
as of 10/31/20171 Month3 Month1 YearYTDSince Inception1GrossNet
Institutional Class (NAV)1.57%2.28%13.15%8.08%10.82%1.48%0.70%
Russell 1000 Index2.29%4.80%23.67%16.78%17.19%--
Expense Ratio*
as of 09/30/20171 Month3 Month1 YearYTDSince Inception1GrossNet
Institutional Class (NAV)1.42%2.14%10.13%6.41%10.32%1.48%0.70%
Russell 1000 Index2.13%4.48%18.54%14.17%16.47%--
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Performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. The expense ratios are as of the prospectus dated January 28, 2017.

*Clarkston Capital Partners, LLC (the "Adviser") has contractually agreed to limit the amount of the Fund's Total Annual Fund Operating Expenses, exclusive of brokerage expenses, interest expenses, acquired fund fees and expenses, taxes and extraordinary expenses, to an annual rate of 0.70% of the Fund's average daily net assets for the Institutional Class shares. This agreement is in effect through January 31, 2018.

1Fund inception date of 04/01/2016. Since Inception and returns greater than one year are annualized.

One cannot invest directly in an index.

The Russell 1000® Index is a market capitalization weighted index that measures the performance of the large-capitalization sector of the U.S. stock market and includes the 1,000 largest stocks in the Russell 3000 Index, which consists of the 3,000 largest U.S. public companies.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.

Holdings

as of 09/30/2017, subject to change

Security Weight
General Electric Co.6.58%
The Western Union Co.4.96%
The Procter Gamble Co.4.95%
Sysco Corp.4.59%
Johnson Johnson4.42%
Microsoft Corp.4.05%
American Express Co.4.00%
International Business Machines Corp.3.95%
Diageo PLC3.82%
PepsiCo Inc.3.79%
Cisco Systems Inc.3.55%
Willis Towers Watson PLC3.41%
Capital One Financial Corp.2.88%
The Charles Schwab Corp.2.68%
C.H. Robinson Worldwide Inc.2.59%
Emerson Electric Co.2.56%
Anheuser-Busch InBev SANV2.52%
Wal-Mart Stores Inc.2.47%
United Parcel Service Inc.2.45%
US Bancorp2.10%
Anthem Inc.1.94%
Mondelez International Inc.1.87%
Medtronic PLC1.85%
MasterCard Inc.1.68%
The Walt Disney Co.1.17%
McKesson Corp.1.04%
Markel Corp.1.00%
AmerisourceBergen Corp.0.98%
Cash and Equivalents16.15%

Distributions

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STCG - Short Term Capital Gains.
LTCG - Long Term Capital Gains.
ORD - Ordinary Income.
Future dates are subject to change.