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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 Small Cap Value Fund

Performance Data as of 03/31/2017

FundCumulativeAnnualizedExpense Ratio
 3 MoYTDSince
Inception1
1 YR3 YR5 YR10 YRSince
Inception1
Gross2Net2
ELASX Class A
NAV0.13%0.13%73.26%22.59%6.45%N/AN/A13.12%2.12%1.36%
MOP-4.65%-4.65%65.01%16.78%4.75%N/AN/A11.89%N/AN/A
ELCSX Class C
NAV0.00%0.00%68.26%21.83%5.75%N/AN/A12.38%2.77%2.01%
CDSC-1.00%-1.00%68.26%20.83%5.75%N/AN/A12.38%N/AN/A
LSRYX Class Institutional
NAV0.19%0.19%75.93%23.11%6.82%N/AN/A13.51%1.77%1.01%
Benchmark3-0.13%-0.13%77.63%29.37%7.62%N/AN/A13.76%N/AN/A
LSRIX Class Investor
NAV0.19%0.19%74.44%22.87%6.60%N/AN/A13.29%2.02%1.26%
Benchmark3-0.13%-0.13%77.63%29.37%7.62%N/AN/A13.76%N/AN/A