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NOTICE TO SHAREHOLDERS AND BROKER-DEALERS:

The Emerald Growth Fund has made a year-end capital gains distribution.
Record Date: 12/18/2012
Ex Date: 12/19/2012
Payable Date: 12/22/2012
Short-Term Dividend: $0.50980 per share
Long-Term Dividend: $0.83021 per share
The Emerald Banking & Finance Fund and the Emerald Insights Fund did not make a capital gains distribution in 2014.

About Emerald Funds

Managing money since 1992, Emerald is an institutional asset management firm specializing in equity and high grade fixed income portfolio management. The Emerald family of advisors includes Emerald Advisers, Inc., Emerald Mutual Fund Advisers Trust and Emerald Fixed Income Advisers, LLC. Headquartered in Leola, Pennsylvania, our award-winning team of research analysts adheres to an intense fundamental research process which includes approximately 2,000 company visits a year. This proprietary process is noted for uncovering early investment opportunities that after passing rigorous review are included in a variety of unique growth oriented separate account and mutual fund equity portfolios. In addition, short, mid and long-term fixed income separate account strategies are available which utilize a combination of proprietary quantitative models and fundamental analysis yielding portfolios of high quality liquid securities.

Daily Updates as of 03/02/2015