Clarkston Select Fund

The Fund seeks long-term capital appreciation and current income by investing primarily in dividend paying equity securities of U.S. medium- and 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 dividend component of the Fund’s strategy consists of seeking companies that have a history of paying dividends and increasing dividends.

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*
Cumulative as of 08/31/20171 Month3 MonthYTDSince Inception1GrossNet
Institutional Class (NAV)0.00%1.66%4.23%4.23%1.28%0.70%
Russell 1000 Index0.31%3.01%9.58%9.58%--
Expense Ratio*
Cumulative as of 06/30/20171 Month3 MonthYTDSince Inception1GrossNet
Institutional Class (NAV)0.08%-0.50%2.61%2.61%1.28%0.70%
Russell 1000 Index0.70%3.06%7.12%7.12%--
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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 .

*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 0.55% 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 01/31/2017

The Fund primarily invests in companies with market capitalizations within the range of companies included in the Russell Midcap® Index or within the range of companies included in the Russell 1000® Index at the time of initial purchase. The Russell Midcap® Index is a market capitalization weighted index that measures the performance of the mid-capitalization sector of the U.S. equity market and includes approximately 800 of the smallest issuers in the Russell 1000 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.

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 06/30/2017, subject to change

Security Weight
General Electric Co.6.12%
The Procter & Gamble Co.5.76%
PepsiCo, Inc.4.91%
Microsoft Corp.4.88%
The Western Union Co.4.86%
Sysco Corp.4.75%
Johnson & Johnson4.00%
Cisco Systems, Inc.3.99%
Paychex, Inc.3.93%
International Business Machines Corp.3.63%
United Parcel Service, Inc.3.45%
Anheuser-Busch InBev SA3.44%
American Express Co.3.18%
Pfizer, Inc.3.17%
Capital One Financial Corp.2.96%
Diageo PLC2.83%
Emerson Electric Co.2.82%
Fastenal Co.2.47%
US Bancorp2.45%
C.H. Robinson Worldwide, Inc.2.43%
Wal-Mart Stores, Inc.2.14%
Broadridge Financial Solutions, Inc.2.14%
T Rowe Price Group, Inc.2.10%
3M Co.0.98%

Distributions

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