background image

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 Growth Fund

Holdings* as of 05/31/2017 (subject to change)

Rank Security Weight
1.LendingTree, Inc.2.13%
2.Installed Building Products, Inc.2.07%
3.Veeva Systems, Inc., Class A1.97%
4.Microsemi Corp.1.84%
5.Apogee Enterprises, Inc.1.82%
6.EPAM Systems, Inc.1.73%
7.Bank of the Ozarks, Inc.1.65%
8.Trex Co., Inc.1.58%
9.Vonage Holdings Corp.1.57%
10.8x8, Inc.1.56%
11.Proofpoint, Inc.1.53%
12.Chegg, Inc.1.50%
13.Cavium, Inc.1.50%
14.Take-two Interactive Software1.48%
15.MicroStrategy, Inc., Class A1.47%
16.GTT Communications, Inc.1.42%
17.NutriSystem, Inc.1.41%
18.Lumentum Holdings, Inc.1.41%
19.Spirit Airlines, Inc.1.37%
20.Imperva, Inc.1.29%
21.Bofl Holding, Inc.1.27%
22.Mercury Systems Inc1.21%
23.Nexstar Broadcasting Group, Inc., Class A1.21%
24.Klx Inc1.20%
25.K2M Group Holdings, Inc.1.19%
26.Masonite International Corp1.19%
27.Varonis Systems Inc1.18%
28.Tetra Tech Inc1.15%
29.QTS Realty Trust, Inc., REIT, Class A1.14%
30.Dycom Industries Inc1.13%
31.Ollie's Bargain Outlet Holding1.13%
32.Sarepta Therapeutics, Inc.1.13%
33.Us Concrete Inc1.11%
34.Ciena Corp.1.11%
35.Coherent Inc1.10%
36.Five Below, Inc.1.10%
37.Kennametal Inc1.10%
38.Tutor Perini Corp.1.07%
39.Puma Biotechnology Inc1.06%
40.FCB Financial Holdings, Inc., Class A1.02%
41.IPG Photonics Corp.1.01%
42.Kratos Defense & Security Solu1.00%
43.Cogent Communications Holdings0.99%
44.Gms Inc0.95%
45.Guidewire Software, Inc.0.94%
46.Primoris Services Corp0.91%
47.Pacific Premier Bancorp, Inc.0.91%
48.Insmed, Inc.0.89%
49.CareTrust REIT, Inc., REIT0.88%
50.Tile Shop Holdings Inc0.87%
51.Marcus Corp.0.87%
52.Teladoc, Inc.0.84%
53.Macom Technology Solutions Holdings Inc0.80%
54.Jack in the Box, Inc.0.78%
55.Burlington Stores, Inc.0.77%
56.Applied Optoelectronics, Inc.0.76%
57.Hostess Brands Inc0.75%
58.Oclaro Inc0.74%
59.Steven Madden Ltd.0.72%
60.Moelis & Co., Class A0.72%
61.Alarm.com Holdings, Inc.0.72%
62.Callon Petroleum Co0.71%
63.Planet Fitness, Inc., Class A0.69%
64.Tennant Co.0.68%
65.Matthews International Corp., Class A0.62%
66.Us Silica Holdings Inc0.61%
67.Xactly Corp0.59%
68.AtriCure, Inc.0.56%
69.Customers Bancorp, Inc.0.55%
70.National Commerce Corp.0.52%
71.Albany Molecular Research Inc0.52%
72.Adamas Pharmaceuticals, Inc.0.51%
73.Sage Therapeutics Inc0.49%
74.Pdc Energy Inc0.48%
75.Timkensteel Corp0.46%
76.Ellie Mae Inc0.45%
77.Keane Group Inc0.45%
78.MaxLinear, Inc., Class A0.44%
79.Chuy's Holdings, Inc.0.44%
80.Alder Biopharmaceuticals Inc0.44%
81.Integer Holdings Corp0.44%
82.Innospec Inc0.44%
83.Aimmune Therapeutics Inc0.43%
84.Health Insurance Innovations, Inc., Class A0.43%
85.Reata Pharmaceuticals, Inc., Class A0.43%
86.Bluebird Bio, Inc.0.43%
87.Portola Pharmaceuticals, Inc.0.42%
88.Cliffs Natural Resources Inc0.42%
89.Inphi Corp.0.42%
90.Reis, Inc.0.40%
91.Churchill Downs Inc0.40%
92.Ignyta Inc0.39%
93.Model N, Inc.0.39%
94.Dave & Buster's Entertainment, Inc.0.38%
95.Tilly's, Inc., Class A0.37%
96.Neogenomics Inc0.36%
97.Freshpet Inc0.35%
98.G1 Therapeutics Inc0.35%
99.Manitowoc Co Inc/the0.35%
100.Cirrus Logic Inc0.34%
101.MacroGenics, Inc.0.34%
102.Solaris Oilfield Infrastructur0.33%
103.Biohaven Pharmaceutical Holdin0.33%
104.Supernus Pharmaceuticals Inc0.33%
105.Exelixis Inc0.32%
106.MuleSoft, Inc., Class A0.31%
107.Clovis Oncology Inc0.30%
108.ChannelAdvisor Corp.0.29%
109.Cloudera Inc0.28%
110.First Choice Bank0.27%
111.Howard Bancorp, Inc.0.27%
112.Penn National Gaming Inc0.26%
113.Quantenna Communications, Inc.0.24%
114.American Eagle Outfitters, Inc.0.24%
115.Axogen Inc0.24%
116.Kate Spade & Co0.23%
117.Meritage Homes Corp0.22%
118.National Beverage Corp0.21%
119.Opus Bank0.20%
120.Neurocrine Biosciences, Inc.0.20%
121.Sequential Brands Group, Inc.0.20%
122.Red Robin Gourmet Burgers, Inc.0.17%
123.Tabula Rasa Healthcare Inc0.16%
124.Kona Grill Inc0.15%
125.Nv5 Global Inc0.15%
126.Bovie Medical Corp0.10%
127.Leaf Group Ltd0.09%
128.Knoll, Inc.0.09%
129.Blue Bird Corp0.08%
130.Nanthealth Inc0.07%
131.MedEquities Realty Trust, Inc., REIT0.07%
132.Camping World Holdings, Inc., Class A0.05%
133.Yext Inc0.04%
134.Obalon Therapeutics Inc0.03%
135.Enphase Energy Inc0.02%
Short Term & Other Net Assets2.05%