background image

NOTICE TO SHAREHOLDERS AND BROKER-DEALERS:

The Emerald Mutual Funds are making NO year-end capital gains or income dividend payments for calendar year 2016.

About Emerald Mutual Funds

Emerald Mutual Fund Advisers Trust, an S.E.C. Registered Investment Advisor, is the investment advisor to the Fund and fully-owned subsidiary of Emerald Advisers, Inc. also an S.E.C. Registered Investment Advisor. Located in Leola, Pennsylvania, Emerald Advisers has been providing investment advisory services to institutional investors and the general public since 1992. At Emerald, we firmly believe that the key to our investment success is to try and understand the companies we follow better than anyone else. It's a disciplined, fundamental, bottom-up research approach that we call "The Emerald Advantage".