Smith Group Large Cap Focused Growth Funds

Investment Objective

The Smith Group Large Cap Core Growth Funds (the "Fund") seek long-term capital appreciation.

Investment Approach

When selecting investments for the Fund, Smith Group applies an engineering approach that seeks to leverage technology and fundamental research to identify companies with undiscovered growth potential. We utilize research to create a risk controlled portfolio of companies that we believe may deliver attractive and consistent return patterns.

The security selection process for the Fund consists of three steps. Beginning with a universe of large capitalization stocks, Smith Group's investment team first employs a series of quantitative risk control and valuation screens designed to eliminate those stocks that are highly volatile or are more likely to underperform the market. Stocks that pass the initial screens are then evaluated in attempt to identify stocks with the highest probability of producing an earnings growth rate that exceeds investor expectations. The first two screening steps produce a list of eligible companies that are subjected to traditional fundamental analysis to further understand each company's business prospects, earnings potential, strength of management and competitive positioning. The investment team uses the results of this analysis to construct the portfolio for the Fund.

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Performance as of 06/30/2017

QTR YTD 1 Year 3 Year 5 Year 10 Year Since Inception*
Smith Group Large Cap Core Growth Fund (Inst) 2.07% 8.06% 15.92% 7.98% 13.83% 5.35% 5.19%
Smith Group Large Cap Core Growth Fund (Inv) 1.95% 7.92% 15.70% 7.77% - - 8.67%
Russell 1000 Growth Total Return 4.67% 13.99% 20.42% 11.11% 15.30% 8.91% 8.63%
S&P 500 TR 3.09% 9.34% 17.90% 9.61% 14.63% 7.18% 6.91%

*Institutional Class Inception date: 6/1/2007
*Investor Class Inception date: 2/24/2014

Institutional Expenses: Gross: 1.11%  Net: 0.79%
Investor Expenses: Gross: 1.40%  Net: 1.04%

The Advisor has contractually agreed to waive fees and reimburse expenses through January 27, 2018.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 877-764-8465.
Returns for periods greater than one year are average annualized total returns.

The performance figures for the Fund's Institutional Share Class prior to February 22, 2014 represent the performance of the Smith Group Large Cap Core Growth Fund a series of Scotia Institutional Funds (Formerly, "DundeeWealth Funds"), the "Predecessor Fund" which has the same portfolio managers as the Fund and has substantially similar investment strategies as the Fund.

Top 5 Holdings as of 8/31/17

Holding % of Net Assets
Take-Two Interactive Software, Inc. 3.3
Arista Networks, Inc. 3.1
Cadence Design Systems, Inc. 2.9
Adobe Systems, Inc. 2.8
Bank of New York Mellon Corp. 2.7

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Fund holdings and sector allocations are subject to change at any time.

S&P 500 Index is a stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ. The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index.