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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

Objective

The Fund seeks long-term growth through capital appreciation.

Overview

Under normal conditions, the Fund typically invests in equity securities, including common stocks, preferred stocks, and securities convertible into common or preferred stocks.

The Fund utilizes a fundamental approach to choosing securities: the Adviser's research staff conducts company-specific research analysis to identify companies whose earnings growth rate exceeds that of their peer group. Companies with perceived leadership positions and competitive advantages in niche markets that do not receive significant coverage from other institutional investors are favored.

The Fund can invest in companies from a wide range of industries and of various sizes. This includes mid-size companies, which are defined by the Adviser as those having a market capitalization equal to or less than that of the largest companies in the Russell MidCap® Growth Index.

Fund Details as of 07/31/2017
Class Ticker CUSIP Inception
Date
Minimum
Investments
Class A EFCAX 31761R831 08/01/2014 $2,500
Class C EFCCX 31761R823 08/01/2014 $2,500
Institutional EFCIX 31761R815 08/01/2014 $100,000
Investor EFCNX 31761R799 08/01/2014 $2,500
Expense Ratios as of 08/31/2016
Class Ticker Gross Net
Class A EFCAX 2.03% 1.36%
Class C EFCCX 2.68% 2.01%
Institutional EFCIX 1.73% 1.06%
Investor EFCNX 2.08% 1.41%