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Emerald Growth Fund

Performance Holdings Distributions

Fund Details

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 Index1 and seeks companies with perceived leadership positions and competitive advantages in niche markets.
  • The portfolio is diversified across industry sectors and focuses on companies that do not receive significant coverage from other institutional investors.
  • The Fund utilizes a fundamental approach to choosing securities: the research staff of Emerald conducts research analysis that includes its proprietary 10-step research process, assessing factors such as each company’s specific competitive advantages, management strengths/weaknesses, growth drivers and risks, as well as financial and valuation models.
  • The team seeks to control volatility by diversifying the Fund's portfolio among subgroups within each industry sector and seeks to minimize risk by unequally weighting the percentage ownership of portfolio companies through a comprehensive on-going risk assessment process.

Performance

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained at www.teamemeraldfunds.com.

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained at www.teamemeraldfunds.com.

Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 4.75%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

A Contingent Deferred Sales Charge (CDSC) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

The performance shown for periods prior to March 16, 2012, reflects the performance of the Forward Growth Fund, a series of Forward Funds (as a result of a prior reorganization of the Forward Growth Fund into the Emerald Growth Fund).

1Inception Dates - Class A: 10/01/1992, Class C: 07/01/2000, Class Institutional: 10/21/2008, Class Investor: 05/02/2011
Overall Morningstar Rating TM
Institutional share class of 522 Small Growth Funds as of March 31, 2026 (FGROX). Derived from weighted average of the performance figures associated with its 3, 5 and 10-year Morningstar Rating metrics, based on risk adjusted returns.

Morningstar Small Cap Growth Peer Ranking

as of 03/31/2026
1-Year 3-Year 5-Year 10-Year
FGROX Percentile Ranking 1 4 3 6
# of Funds in Peer Group 1,077 998 937 763

Daily Data

July 9, 2026
Ticker
HSPGX
CUSIP
74933W122
Inception Date
10/01/1992
Minimum Investment
$2,000
NAV
$35.52
NAV Change
$0.86
Expense Ratio as of 08/31/2025 *
Gross Expense Ratio
1.04%
Net Expense Ratio
1.02%
Ticker
HSPCX
CUSIP
74938Y404
Inception Date
07/01/2000
Minimum Investment
$2,000
NAV
$21.62
NAV Change
$0.52
Expense Ratio as of 08/31/2025 *
Gross Expense Ratio
1.70%
Net Expense Ratio
1.68%
Ticker
FGROX
CUSIP
74938Y503
Inception Date
10/20/2008
Minimum Investment
$1,000,000
NAV
$39.80
NAV Change
$0.96
Expense Ratio as of 08/31/2025 *
Gross Expense Ratio
0.80%
Net Expense Ratio
0.78%
Ticker
FFGRX
CUSIP
74938Y602
Inception Date
05/02/2011
Minimum Investment
$2,000
NAV
$34.98
NAV Change
$0.84
Expense Ratio as of 08/31/2025 *
Gross Expense Ratio
1.15%
Net Expense Ratio
1.13%
* The Fund's investment advisor is contractually obligated to waive a portion of its fees and reimburse other expenses until August 31, 2026, in amounts necessary to limit the Fund's operating expenses (exclusive of brokerage costs, interest, taxes, dividends, acquire fund fees and expenses, and extraordinary expense) for Class A, Class C, Institutional and Investor shares to an annual rate (as a percentage of the Fund’s average daily net assets) of 1.29%, 1.94%, 0.99% and 1.34%, respectively per Form N-1A dated 7/24/25: The Advisor may not discontinue this waiver prior to August 31, 2026, without the approval of the Fund’s Board of Trustees.

Fund Materials

Growth Fund Facts
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Annual Financial Statements and Other Information
View
Statutory Prospectus
View

Top 10 Holdings

As of 05/31/2026, subject to change**
# Security Weight
1F/m Emerald Life Sciences Innovation ETF5.25%
2Bloom Energy Corp.3.47%
3Credo Technology Group Holding Ltd.2.41%
4Guardant Health Inc.1.95%
5Mercury Systems Inc.1.85%
6Modine Manufacturing Co.1.82%
7Semtech Corp.1.76%
8Sterling Infrastructure Inc.1.70%
9TTM Technologies Inc.1.64%
10VSE Corporation1.58%
Total as a % of Net Assets23.43%
23.43% Top 10 Total
Download Full Holdings
** Portfolio holdings as of month-end are posted on the 21st day of the next succeeding month (or, if the 21st day is not a business day, then on the next business day). Holdings are subject to change and are not a recommendation to buy or sell any security.

Distributions

Class Ex-Date Record Date Payable Date STCG LTCG Income Total

Portfolio Management

Joseph W. Garner
Director of Research, Emerald Advisers, LLC
Portfolio Manager for Emerald Growth Fund
Read Bio
Kenneth G. Mertz, II C.F.A.
CIO / President, Emerald Advisers, LLC
Portfolio Manager for Emerald Growth Fund and Emerald Finance and Banking Innovation Fund
Read Bio
Stacey L. Sears
Senior Vice President, Emerald Advisers, LLC
Portfolio Manager for Emerald Growth Fund
Read Bio

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©2012-2026 Emerald Mutual Funds. All rights reserved.
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1 The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Index is not actively managed and does not reflect any deduction of fees, expenses or taxes. An investor may not invest directly into the Index.

Disclosure

© 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Overall Morningstar rating out of 522 Small Growth Funds as of March 31, 2026. The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Emerald Growth Fund was rated against the following numbers of Small Growth Funds over the following time periods: 522 funds in the last three years, 500 funds in the last five years, and 399 funds in the last ten years. With respect to these Small Growth Funds, the Emerald Growth Fund received a Morningstar RatingTM of 5 stars for the three-year, 5 stars for the five-year, and 4 stars for the 10-year periods, respectively as of March 31, 2026. Morningstar classifies funds into categories based on similar investment objective and strategy. Morningstar percentile rankings are based on a fund’s total return compared to its Morningstar Category of open-end mutual funds. The highest percentile rank is 1 and the lowest percentile rank is 100. The fund’s rankings may have been lower were it not for fee waivers in effect during the ranking periods. Rankings are relative to a peer group and do not necessarily mean the fund had high or positive total returns. Morningstar updates its fund rankings daily. Past performance does not guarantee future results.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. Click the link to obtain the Prospectus, which contains this and other information, or call (855) 828-9909. Read the Prospectus carefully before investing. Investing involves risk, including the loss of principal

Diversification does not eliminate the risk of experiencing investment loss.

Past performance is not a guarantee of future results.

The Emerald Mutual Funds are subject to several risk factors which are explained by selecting the Disclosure link.

The Emerald Finance and Banking Innovation Fund is distributed by ALPS Distributors, Inc. Emerald Mutual Fund Advisers Trust is the investment advisor to the Emerald Finance and Banking Innovation Fund. ALPS Distributors, Inc. is not affiliated with Emerald Mutual Fund Advisers Trust.

The Emerald Growth Fund is distributed by Quasar Distributors, LLC. Emerald Mutual Funds Advisers Trust is the investment adviser to the Emerald Growth Fund. Quasar Distributors, LLC is not affiliated with Emerald Mutual Fund Advisers Trust.

©2012-2026 Emerald Mutual Funds. All rights reserved.

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Steven E. Russell, Esq.
Senior Research Analyst, Emerald Advisers, LLC
Portfolio Manager for the Emerald Finance and Banking Innovation Fund
Mr. Russell is a Co-Manager of the Emerald Finance & Banking Innovation 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, 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 Financial Industry Regulatory Authority (FINRA), 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 BA 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 NASD Series 63 exam.
Stacey L. Sears
Senior Vice President, Emerald Advisers, LLC
Portfolio Manager for Emerald Growth Fund
Ms. Sears is Senior Vice President and a senior member of the Small Cap Portfolio Management team. She is also a Portfolio Manager of the Emerald Growth Fund and the F/m Emerald Life Sciences Innovation ETF. She works directly with the research team, interacting with team members across economic sectors and helping guide the day-to-day portfolio management decision-making process. Ms. Sears is also responsible for portfolio risk monitoring, portfolio attribution analysis, as well as Emerald’s portfolio management-related client communications. From a research perspective, Ms. Sears maintains research coverage of the Retail, Apparel, Restaurant, Consumer Goods and Consumer Technology companies. She has appeared on CNBC, Yahoo! Finance, Schwab TV, and InvestmentNews IN the Nasdaq and has been quoted in Fortune, Money, the Dow Jones News Service and other media. Ms. Sears received a BS in Business Administration from Millersville University and an MBA from Villanova University.
Joseph W. Garner
Director of Research, Emerald Advisers, LLC
Portfolio Manager for Emerald Growth Fund
Mr. Garner is Director of Research and a member of the Small Cap Growth Portfolio Management team. He is also a Portfolio Manager of the Emerald Growth Fund and the F/m Emerald Life Sciences Innovation ETF. Mr. Garner’s research efforts are primarily focused on small and mid-sized firms in the Consumer Discretionary, Consumer Staples, Industrials, and Technology sectors. He 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 previously served as President of the Millersville University Foundation and Chair of the Investment Committee. He currently serves on the Advisory Council for the Lombardo College of Business at Millersville University. 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 BA in Economics from Millersville University.
Kenneth G. Mertz, II C.F.A.
CIO / President, Emerald Advisers, LLC
Portfolio Manager for Emerald Growth Fund and Emerald Finance and Banking Innovation Fund
Mr. Mertz is Chief Investment Officer and President of Emerald Advisers, LLC and a member of the Small Cap Portfolio Management team. He is also a Co-Manager of the Emerald Finance & Banking Innovation Fund and a Portfolio Manager of the Emerald Growth Fund and the F/m Emerald Life Sciences Innovation ETF. Portfolio Manager, Emerald Financial Services Private Equity Fund I, LP.; past Trustee and Vice President of the Emerald Mutual Funds; Chief Investment Officer, PA State Employees’ Retirement System (1985-1992); Member, CFA Institute; past Member, Pennsylvania State University Research Foundation; past Trustee, Evangelical Lutheran Church in America Board of Pensions; past Trustee, Pennsylvania State University Endowment Council (1998-2004); and past Chair, President, & Director of Central Pennsylvania Investment Managers. He was formerly Chairman of the Diakon Board and Chairman of the Diakon Lutheran Fund, its endowment arm. Mr. Mertz has been quoted in The Wall Street Journal and in 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 and Bloomberg TV. Mr. Mertz graduated from Millersville University with a BA in Economics. Mr. Mertz is a CFA charterholder.