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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.

Emerald Banking & Finance Fund

Objective

The Fund seeks long-term growth through capital appreciation. Income is a secondary objective.

Overview

The Fund invests primarily in the stocks of community banks, insurance companies and other institutions related to the financial services industry.

Fund Details as of 05/31/2017
Class Ticker CUSIP Inception
Date
Minimum
Investments
Class A HSSAX 317609246 02/18/1997 $2,000
Class C HSSCX 317609238 07/01/2000 $2,000
Institutional HSSIX 317609212 03/19/2012 $1,000,000
Investor FFBFX 317609220 03/16/2010 $2,000
Expense Ratios as of 08/31/2016
Class Ticker Gross Net
Class A HSSAX 1.49% 1.49%
Class C HSSCX 2.14% 2.14%
Institutional HSSIX 1.19% 1.19%
Investor FFBFX 1.54% 1.54%