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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.

Portfolio Management Team

Kenneth G. Mertz II, C.F.A.

CIO / President, Emerald Advisers, Inc.

Portfolio Manager for Emerald Growth Fund and Banking and Finance Fund

Kenneth G. Mertz IIMr. Mertz is Chief Investment Officer and President of Emerald Advisers, Inc.; past Trustee and Vice President of the Emerald Mutual Funds; Chief Investment Officer, PA State Employees' Retirement System (1985-1992); Member, Association of Investment Management Research (CFA Institute); past Trustee, PA State University Endowment Council (1998-2004); past Member, Pennsylvania State University Research Foundation; Trustee, Evangelical Lutheran Church in America Board of Pensions (Present); and past Chair, President, & Director of Central Pennsylvania Investment Managers. Mr. Mertz has been quoted in The Wall Street Journal, USA Today and has served as speaker at various investment seminars and programs across the country. He has been a guest on CNBC's Mutual Fund Investor and has been interviewed several times on CNBC. Mr. Mertz graduated from Millersville University with a B.A. in Economics.

Joseph W. Garner

Portfolio Manager for Emerald Growth Fund

Joseph W. GarnerMr. Garner is Director of Research and a member of the Small Cap Portfolio Management team. He is also a Manager of the Emerald Growth Fund. Mr. Garner's research efforts are focused on small and mid-sized firms in the Business Services, Capital Goods, Consumer, Financial Services, and Technology sectors. In 1997, he was named as a "Home-Run Hitter" by Institutional Investor magazine and has appeared on Bloomberg Television and CNBC. He also has been quoted in Fortune, Bloomberg Business News, USA Today, Dow Jones News Service, Standard & Poor's, MarketWatch, Investor's Business Daily, Wall Street Journal and other media. Mr. Garner served as President of the Millersville University Foundation and previously served as Chair of the Board's Investment Committee. Prior to joining Emerald in 1994, Mr. Garner was the Program Manager of the PA Economic Development Financing Authority (PEDFA) and an Economic Development Analyst with the PA Department of Commerce's Office of Technology Development. Mr. Garner received an MBA from the Katz Graduate School of Business, University of Pittsburgh and graduated magna cum laude with a B.A. in Economics from Millersville University

Stacey L. Sears

Senior Vice President and Portfolio Manager, Emerald Advisers, Inc.

Portfolio Manager for Emerald Growth Fund

Stacey L. SearsMs. Sears is Senior Vice President and a member of the Small Cap Portfolio Management team. She is also a Manager of the Emerald Growth Fund. Additionally, Ms. Sears maintains research coverage of the Retail, Apparel, Consumer Goods and Consumer Technology companies. She has been quoted in Fortune, Money, the Dow Jones News Service and various regional newspapers. Ms. Sears received a B.S. in Business Administration from Millersville University and an MBA from Villanova University.

Steven E. Russell, Esq.

Analyst, Emerald Advisers, Inc.

Portfolio Manager for Emerald Small Cap Value Fund and Banking and Finance Fund

Steven E. Russell, Esq.Mr. Russell is a Senior Research Analyst for Emerald Advisers and also a Manager of the Emerald Banking & Finance Fund. Prior to joining Emerald in 2005, Mr. Russell founded Greenwood Advisers, LLC, a registered investment adviser. Previously, he served as Managing Director of iNetworks, LLC a private equity firm located in Western Pennsylvania. Prior to joining iNetworks, LLC, Mr. Russell served as Senior Vice President and Portfolio Manager of Emerald Advisers, Inc., where he served as Manager of the Emerald Technology Fund and co-manager of the Emerald Select Banking Fund. He was also a Principal and Founding Partner of Emerald Venture Capital. Mr. Russell served as Senior Private Equity Analyst for the Pennsylvania Public School Employees' Retirement System (PSERS), where he administered PSERS' $1.2 billion commitment of private investments including leveraged buyouts, distressed investments, mezzanine and growth equities. From 1996 to 1997, he administered PSERS' $400 million Developmental Fund and $100 million Absolute Return Program. Mr. Russell serves on the Board of Arbitrators for the National Association of Securities Dealers and has appeared on CNBC, Bloomberg Television and other investment oriented programs. He has been quoted in various international media including The Wall Street Journal, Smart Money Magazine, Bloomberg Business News, Dow Jones News Service and Market Watch. Mr. Russell received both his JD and MBA degrees from Temple University and a B.A. degree in Banking and Finance from Morehouse College. Mr. Russell is licensed to practice law in the State of New Jersey and has passed the Series 8 and Series 63 exam.

Ori Elan

Analyst, Emerald Advisers, Inc.

Portfolio Manager for Emerald Small Cap Value Fund

Steven E. Russell, Esq.Mr. Elan has served as the portfolio manager of the Fund since its inception, and was portfolio manager of the Predecessor Fund since the Predecessor Fund’s inception in 2012. Previously Mr. Elan was Managing Director and Portfolio Manager of Elessar Investment Management. Mr. Elan was hired in 2004 as an equity analyst on the small cap value team at National City Bank. Prior to joining National City Bank, Mr. Elan was a financial analyst and chemical engineer at Air Products and Chemicals, Inc. Mr. Elan received a B.S. degree in chemical engineering from the City College of New York in 1991 and an MBA from the Tepper School of Business at Carnegie Mellon University in 2003.