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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

Objective

The Fund seeks long-term capital appreciation.

Overview

Under normal conditions, the Fund will invest at least 80% of its total assets in common stocks of domestic small capitalization companies, focusing on companies that Emerald Mutual Fund Advisers Trust ("Emerald" or the "Adviser") believes possess a consistent track record of strong financial productivity.

The Fund emphasizes a "value" investment style, investing in companies that appear underpriced according to certain financial measurements of their worth or business prospects. The Adviser defines small capitalization companies as those with a market capitalization between, and including, the smallest and largest companies contained in the Russell 2000 Value® Index at the time of purchase.

The Fund may invest up to 20% of total assets in American Depository Receipts (ADRs) of small capitalization companies. ADRs are certificates evidencing ownership of shares of a foreign-based issuer held in trust by a bank or similar financial institution. They are alternatives to the direct purchase of the underlying securities in their national markets and currencies.

The Fund will invest in ADRs that meet the same investment criteria as other small capitalization companies in the Fund.

The Fund may invest up to 20% of total assets in Real Estate Investment Trusts ("REIT"s). A REIT is a pooled investment vehicle that purchases primarily income-producing real estate or real estate related interests.

The Fund will invest in REITs with a market capitalization between, and including, the smallest and largest companies contained in the Russell 2000 Value® Index at the time of purchase. The Fund will invest in REITs that meet the same investment criteria as other small capitalization companies in the Fund.

Fund Details as of 09/30/2017
Class Ticker CUSIP Inception
Date
Minimum
Investments
Class A ELASX 31761R682 06/29/2015 $2,000
Class C ELCSX 31761R674 06/29/2015 $2,000
Institutional LSRYX 31761R666 10/15/2012 $1,000,000
Investor LSRIX 31761R658 10/15/2012 $2,000
Expense Ratios as of 08/31/2016
Class Ticker Gross Net
Class A ELASX 2.12% 1.36%
Class C ELCSX 2.77% 2.01%
Institutional LSRYX 1.77% 1.01%
Investor LSRIX 2.02% 1.26%