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.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. Click the link to obtain the Prospectus, which contains this and other information, or call (855) 828-9909. Read the Prospectus carefully before investing.

The Emerald Small Cap Value Fund (the "Fund") was organized as a successor to the Elessar Small Cap Value Fund (the "Predecessor Fund"), a series of Elessar Funds Investment Trust. The Predecessor Fund was reorganized with and into the Fund on or about June 26, 2015.

Past performance is not a guarantee of future results.

ALPS Distributors, Inc. is not affiliated with The Emerald Mutual Funds.

The Emerald Mutual Funds are distributed by ALPS Distributors, Inc.

©2012-2017 Emerald Mutual Funds. All rights reserved.