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To Our Shareholders and Colleagues:

We are pleased to announce that effective January 26, 2007 The Texas Capital Value Funds has become Empiric Funds, Inc. The fund management team and the Fund’s Board of Directors believe that the name “Empiric” better reflects the disciplined, engineered investment approach the Advisor uses to manage the Fund. Additionally, the CUSIPs and Tickers change as follows:


NEW OLD
Fund Complex Empiric Funds, Inc. Texas Capital Value Funds, Inc.
Fund Name Empiric Core Equity Fund Texas Capital Value & Growth Portfolio
Class “A” CUSIP 62827M862 882241102
Class “A” Ticker EMCAX TCVGX
Class “C” CUSIP 62827M854 882241508
Class “C” Ticker EMCCX TCCGX

 

The Empiric Core Equity Fund seeks long-term capital appreciation. The advisor utilizes a backtested multi-variant stock ranking system to rank constituents of the Russell 2500 on a daily basis. The advisor identifies stocks likely to produce "excess" returns, or "alpha" across the Russell 2500 universe. In order to conduct this level of in-depth analysis, Empiric has spent 15 years developing several computer models that employ this systematic process. We’ve found this approach to be particularly effective at capturing contradictory information, identifying shifts in investor preferences, and pinpointing undervalued areas of the market. 

 

Investors in this fund should be aware of the fund’s long-term capital appreciation focus, and that the fund’s approach may cause it to shift within fund listings such as Morningstar. This fund may be suited to investors who are looking for long-term capital appreciation and are familiar with the risks associated with small and mid sized companies such as those in the Russell 2500.


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Mutual fund investing involves risk; principal loss is possible. Investments in smaller companies involve additional risks such as limited liquidity and greater volatility. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. Derivatives involve investment exposure that may exceed the original cost and a small investment in derivatives could have a large potential impact on the performance. Options held may be illiquid and the fund manager may have difficulty closing out a position. The fund regularly makes short sales of securities, which involve additional risk, including the possibility that losses may exceed the original amount invested. However, a mutual fund investor's risk is limited to one's amount of investment in a mutual fund.

 

The Empiric Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company and may be obtained by calling (888) 839-7424, or visiting www.empiricfunds.com. Read it carefully before investing. The Empiric Funds are distributed by Northern Lights Distributors, LLC member FINRA. 2096-NLD-8/30/2013