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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 06/30/2017

FundCumulativeAnnualizedExpense Ratio
 3 MoYTDSince
Inception1
1 YR3 YR5 YR10 YRSince
Inception1
Gross2Net2
ELASX Class A
NAV1.50%1.63%75.85%25.19%6.45%N/AN/A12.74%2.12%1.36%
MOP-3.33%-3.22%67.48%19.22%4.74%N/AN/A11.58%N/AN/A
ELCSX Class C
NAV1.26%1.26%70.38%24.42%5.72%N/AN/A11.99%2.77%2.01%
CDSC0.26%0.26%70.38%23.42%5.72%N/AN/A11.99%N/AN/A
LSRYX Class Institutional
NAV1.55%1.74%78.66%25.69%6.80%N/AN/A13.12%1.77%1.01%
Benchmark30.67%0.54%78.82%24.86%7.02%N/AN/A13.14%N/AN/A
LSRIX Class Investor
NAV1.50%1.69%77.05%25.39%6.61%N/AN/A12.90%2.02%1.26%
Benchmark30.67%0.54%78.82%24.86%7.02%N/AN/A13.14%N/AN/A