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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 09/30/2017

FundCumulativeAnnualizedExpense Ratio
 1 MoYTDSince
Inception1
1 YR3 YR5 YR10 YRSince
Inception1
Gross2Net2
EFCAX Class A
NAV4.06%14.56%20.40%15.22%6.21%N/AN/A6.04%2.03%1.36%
MOP-0.91%9.16%14.67%9.75%4.50%N/AN/A4.42%N/AN/A
Benchmark32.83%17.29%36.26%17.82%9.96%N/AN/A10.27%N/AN/A
EFCCX Class C
NAV3.98%14.05%17.70%14.38%5.48%N/AN/A5.29%2.68%2.01%
CDSC2.98%13.05%17.70%13.38%5.48%N/AN/A5.29%N/AN/A
Benchmark32.83%17.29%36.26%17.82%9.96%N/AN/A10.27%N/AN/A
EFCIX Class Institutional
NAV4.12%14.85%21.40%15.51%6.50%N/AN/A6.32%1.73%1.06%
Benchmark32.83%17.29%36.26%17.82%9.96%N/AN/A10.27%N/AN/A
EFCNX Class Investor
NAV3.99%14.50%20.00%15.16%6.12%N/AN/A5.93%2.08%1.41%
Benchmark32.83%17.29%36.26%17.82%9.96%N/AN/A10.27%N/AN/A