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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 09/30/2017

FundCumulativeAnnualizedExpense Ratio
 1 MoYTDSince
Inception1
1 YR3 YR5 YR10 YRSince
Inception1
Gross2Net2
ELASX Class A
NAV7.22%9.57%89.60%25.86%12.42%N/AN/A13.77%2.12%1.36%
MOP2.16%4.35%80.57%19.92%10.60%N/AN/A12.66%N/AN/A
ELCSX Class C
NAV7.13%9.02%83.44%25.04%11.66%N/AN/A13.02%2.77%2.01%
CDSC6.13%8.02%83.44%24.04%11.66%N/AN/A13.02%N/AN/A
LSRYX Class Institutional
NAV7.17%9.78%92.77%26.20%12.79%N/AN/A14.15%1.77%1.01%
Benchmark37.08%5.68%87.95%20.55%12.12%N/AN/A13.57%N/AN/A
LSRIX Class Investor
NAV7.16%9.64%90.89%25.95%12.57%N/AN/A13.93%2.02%1.26%
Benchmark37.08%5.68%87.95%20.55%12.12%N/AN/A13.57%N/AN/A