CLARKSTON SELECT FUND INSTITUTIONAL CLASS (CIDDX) Exchange: NMFQS

DELISTED - Under normal circumstances, the Fund invests primarily in dividend-paying equity securities of U.S. medium and large market capitalization companies. The Fund's investments in equity securities may include common stock, preferred stock and convertible securities. The Fund may also invest in foreign equity securities through American Depositary Receipts ("ADRs").   The Adviser considers medium and large market capitalization companies to be those 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. As of December 31, 2018, the Russell Midcap® Index included companies with a market capitalization range of between approximately $0.4 billion and $35.7 billion. As of December 31, 2018, the Russell 1000® Index included companies with a market capitalization range of between approximately $0.4 billion and $785.1 billion. The Fund will, however, also invest in equity securities of smaller or larger companies. Because medium and large capitalization companies are defined by reference to indices, the market capitalization of the companies in which the Fund invests may vary with market conditions.   The Fund seeks to achieve long-term capital appreciation while minimizing volatility and risk. To accomplish this goal, the Fund invests in companies that the Adviser believes to be of high quality and believes to be undervalued relative to their expected long-term free cash flows. 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. From time to time, the Fund may focus its investments in companies in one or more economic sectors. Economic sectors include multiple different industries. The Fund will not invest 25% or more of its assets in any one industry.