The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained at www.emeraldmutualfunds.com.
Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 4.75%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.
A Contingent Deferred Sales Charge (CDSC) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.
1Inception Dates - Class A: 06/29/2015, Class C: 06/29/2015, Class Institutional: 10/15/2012, Class Investor: 10/15/2012
2The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
As of June 26, 2015 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 Investment Trust. The performance shown for periods prior to June 26, 2015 reflects the performance of the Predecessor Fund's Institutional Class and Investor Class shares. The Predecessor Fund did not offer Class A or Class C shares. The performance shown for Class A and Class C shares prior to June 26, 2015 reflect the historical performance of the Predecessor Funds Institutional and Investor shares, calculated using the fees and expenses of Class A and Class C Shares, respectively.
*Portfolio holdings as of month-end are posted on the 21st day of the next succeeding month (or, if the 21st day is not a business day, then on the next business day).
The Fund seeks long-term capital appreciation.
Under normal conditions, the Fund will invest at least 80% of its total assets in common stocks of domestic small capitalization companies, focusing on companies that Emerald Mutual Fund Advisers Trust ("Emerald" or the "Adviser") believes possess a consistent track record of strong financial productivity.
The Fund emphasizes a "value" investment style, investing in companies that appear underpriced according to certain financial measurements of their worth or business prospects. The Adviser defines small capitalization companies as those with a market capitalization between, and including, the smallest and largest companies contained in the Russell 2000 Value® Index at the time of purchase.
The Fund may invest up to 20% of total assets in American Depository Receipts (ADRs) of small capitalization companies. ADRs are certificates evidencing ownership of shares of a foreign-based issuer held in trust by a bank or similar financial institution. They are alternatives to the direct purchase of the underlying securities in their national markets and currencies.
The Fund will invest in ADRs that meet the same investment criteria as other small capitalization companies in the Fund.
The Fund may invest up to 20% of total assets in Real Estate Investment Trusts ("REIT"s). A REIT is a pooled investment vehicle that purchases primarily income-producing real estate or real estate related interests.
The Fund will invest in REITs with a market capitalization between, and including, the smallest and largest companies contained in the Russell 2000 Value® Index at the time of purchase. The Fund will invest in REITs that meet the same investment criteria as other small capitalization companies in the Fund.
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P.O. Box 8556
Denver, CO 80201
1290 Broadway, Suite 1100
Denver, CO 80203
Emerald Mutual Funds: (855) 828-9909
Emerald Broker Services: (800) 722-4123