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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 Growth Fund

Objective

The Fund seeks long-term growth through capital appreciation.

Overview

The Fund invests in companies of any size and favors smaller-sized companies with market capitalizations that are equal to or less than the largest company in the Russell 2000 Index and seeks companies with perceived leadership positions and competitive advantages in niche markets.

Fund Details as of 09/30/2017
Class Ticker CUSIP Inception
Date
Minimum
Investments
Class A HSPGX 317609287 10/01/1992 $2,000
Class C HSPCX 317609279 07/01/2000 $2,000
Institutional FGROX 317609253 10/21/2008 $1,000,000
Investor FFGRX 317609261 05/02/2011 $2,000
Expense Ratios as of 08/31/2016
Class Ticker Gross Net
Class A HSPGX 1.16% 1.16%
Class C HSPCX 1.82% 1.82%
Institutional FGROX 0.86% 0.86%
Investor FFGRX 1.23% 1.23%