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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 Growth Fund - Class A

Historical Distributions

Ex-DateRecord DatePayable DateIncome Per ShareDistribution Type
12/18/201512/17/201512/21/2015-Ordinary Income
12/18/201512/17/201512/21/2015$0.46688Long Term Capital Gains
12/18/201512/17/201512/21/2015-Short Term Capital Gains
12/19/201412/18/201412/22/2014$0.83021Long Term Capital Gains
12/19/201412/18/201412/22/2014$0.50980Short Term Capital Gains
12/20/201312/19/201312/23/2013$1.49968Long Term Capital Gains
12/20/201312/19/201312/23/2013$0.10695Short Term Capital Gains
12/20/201212/19/201212/21/2012$1.85100Long Term Capital Gains

Emerald Growth Fund - Class C

Historical Distributions

Ex-DateRecord DatePayable DateIncome Per ShareDistribution Type
12/18/201512/17/201512/21/2015-Ordinary Income
12/18/201512/17/201512/21/2015$0.46688Long Term Capital Gains
12/18/201512/17/201512/21/2015-Short Term Capital Gains
12/19/201412/18/201412/22/2014$0.83021Long Term Capital Gains
12/19/201412/18/201412/22/2014$0.50980Short Term Capital Gains

Emerald Growth Fund - Class Institutional

Historical Distributions

Ex-DateRecord DatePayable DateIncome Per ShareDistribution Type
12/18/201512/17/201512/21/2015-Ordinary Income
12/18/201512/17/201512/21/2015$0.46688Long Term Capital Gains
12/18/201512/17/201512/21/2015-Short Term Capital Gains
12/19/201412/18/201412/22/2014$0.83021Long Term Capital Gains
12/19/201412/18/201412/22/2014$0.50980Short Term Capital Gains

Emerald Growth Fund - Class Investor

Historical Distributions

Ex-DateRecord DatePayable DateIncome Per ShareDistribution Type
12/18/201512/17/201512/21/2015-Ordinary Income
12/18/201512/17/201512/21/2015$0.46688Long Term Capital Gains
12/18/201512/17/201512/21/2015-Short Term Capital Gains
12/19/201412/18/201412/22/2014$0.83021Long Term Capital Gains
12/19/201412/18/201412/22/2014$0.50980Short Term Capital Gains