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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 Insights Fund

Performance Data as of 03/31/2017

FundCumulativeAnnualizedExpense Ratio
 3 MoYTDSince
Inception1
1 YR3 YR5 YR10 YRSince
Inception1
Gross2Net2
EFCAX Class A
NAV6.85%6.85%12.30%16.13%N/AN/AN/A4.45%2.03%1.36%
MOP1.81%1.81%6.95%10.64%N/AN/AN/A2.56%N/AN/A
Benchmark36.89%6.89%24.19%14.07%N/AN/AN/A8.47%N/AN/A
EFCCX Class C
NAV6.78%6.78%10.20%15.39%N/AN/AN/A3.71%2.68%2.01%
CDSC5.78%5.78%10.20%14.39%N/AN/AN/A3.71%N/AN/A
Benchmark36.89%6.89%24.19%14.07%N/AN/AN/A8.47%N/AN/A
EFCIX Class Institutional
NAV7.00%7.00%13.10%16.60%N/AN/AN/A4.73%1.73%1.06%
Benchmark36.89%6.89%24.19%14.07%N/AN/AN/A8.47%N/AN/A
EFCNX Class Investor
NAV6.87%6.87%12.00%16.18%N/AN/AN/A4.35%2.08%1.41%
Benchmark36.89%6.89%24.19%14.07%N/AN/AN/A8.47%N/AN/A