Clarkston Partners Fund

The Fund seeks long-term capital appreciation by investing primarily in equity securities of U.S. small- and medium-capitalization (“SMID”) 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
Founders Class (NAV)1.05%3.64%17.21%9.44%11.86%1.02%0.85%
Russell 2500 Index1.55%5.27%24.68%12.72%13.14%--
Institutional Class (NAV)1.05%3.57%16.99%9.27%11.69%1.16%1.00%
Russell 2500 Index1.55%5.27%24.68%12.72%13.14%--
Expense Ratio*
as of 09/30/20171 Month3 Month1 YearYTDSince Inception1GrossNet
Founders Class (NAV)2.65%4.47%12.86%8.30%11.81%1.02%0.85%
Russell 2500 Index4.54%4.74%17.79%11.00%12.87%--
Institutional Class (NAV)2.66%4.48%12.75%8.14%11.63%1.16%1.00%
Russell 2500 Index4.54%4.74%17.79%11.00%12.87%--
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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 for each class of the Clarkston Partners Fund 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 shareholder service fees, brokerage expenses, interest expenses, acquired fund fees and expenses, taxes and extraordinary expenses, to an annual rate of 0.85% of the Fund's average daily net assets for each of the Founders Class shares and the Institutional Class shares. This agreement is in effect through January 31, 2018.

1Fund inception date of September 15, 2015. Since Inception and returns greater than one year are annualized.

The Fund primarily invests in companies with a market capitalization below that of the largest company based on market capitalization in the Russell 2500 Index. The Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500 Index is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500 Index is constructed to provide a comprehensive and unbiased barometer for the small to mid-cap segment. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

One cannot invest directly in an index.

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
The Western Union Co.6.02%
Willis Towers Watson PLC5.75%
LPL Financial Holdings Inc.5.53%
Legg Mason Inc.5.14%
Brown Brown Inc.4.95%
Broadridge Financial Solutions Inc.4.23%
John Wiley Sons Inc.3.85%
C.H. Robinson Worldwide Inc.3.68%
Hillenbrand Inc.3.50%
Stericycle Inc.3.09%
Matthews International Corp.3.05%
Actuant Corp.2.89%
Landstar System Inc.2.87%
Cintas Corp.2.17%
McCormick Co. Inc.2.15%
Post Holdings Inc.2.08%
Waters Corp.2.04%
Markel Corp.1.82%
Fastenal Co.1.79%
IHS Markit Ltd.1.73%
Graco Inc.1.08%
Equifax Inc.0.83%
Cash and Equivalents29.76%

Distributions

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STCG - Short Term Capital Gains.
LTCG - Long Term Capital Gains.
ORD - Ordinary Income.