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NOTICE TO SHAREHOLDERS AND BROKER-DEALERS:

The Emerald Mutual Funds will make any capital gains or income dividend payments for calendar year 2017 in December.

Important dates for any distributions are as follows:

Record Date: Friday, December 15, 2017

Ex-Date: Monday, December 18, 2017

Payable Date: Tuesday, December 19, 2017

Please check back to this website for updated information as it becomes available.

Strategy

Emerald Growth Fund 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.


Emerald Banking & Finance Fund Objective

The Fund seeks long-term growth through capital appreciation. Income is a secondary objective.

Overview

The Fund invests primarily in the stocks of community banks, insurance companies and other institutions related to the financial services industry.

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.

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.