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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 Growth Fund

Holdings* as of 07/31/2017 (subject to change)

Rank Security Weight
1.LendingTree, Inc.2.90%
2.Installed Building Products, Inc.2.16%
3.Trex Co., Inc.1.81%
4.Apogee Enterprises, Inc.1.71%
5.EPAM Systems, Inc.1.70%
6.Chegg, Inc.1.66%
7.Nutrisystem, Inc.1.60%
8.Puma Biotechnology, Inc.1.55%
9.BofI Holding, Inc.1.53%
10.KLX, Inc.1.51%
11.Proofpoint, Inc.1.45%
12.QTS Realty Trust, Inc.1.45%
13.Sarepta Therapeutics, Inc.1.45%
14.Vonage Holdings Corp.1.44%
15.Nexstar Media Group, Inc.1.33%
16.FCB Financial Holdings, Inc.1.30%
17.GTT Communications, Inc.1.29%
18.Imperva, Inc.1.29%
19.Mercury Systems, Inc.1.28%
20.US Concrete, Inc.1.27%
21.Ciena Corp.1.25%
22.K2M Group Holdings, Inc.1.22%
23.Cavium, Inc.1.22%
24.Veeva Systems, Inc.1.21%
25.Portola Pharmaceuticals, Inc.1.20%
26.Masonite International Corp.1.20%
27.Ollie's Bargain Outlet Holdings, Inc.1.18%
28.8x8, Inc.1.17%
29.Dycom Industries, Inc.1.17%
30.Varonis Systems, Inc.1.16%
31.Lumentum Holdings, Inc.1.15%
32.Tetra Tech, Inc.1.14%
33.Five Below, Inc.1.10%
34.Bank of the Ozarks, Inc.1.06%
35.Microsemi Corp.1.06%
36.IPG Photonics Corp.1.06%
37.GMS, Inc.1.05%
38.Tutor Perini Corp.1.05%
39.Hostess Brands, Inc.1.01%
40.Kennametal Inc1.01%
41.Cogent Communications Holdings, Inc.1.00%
42.Supernus Pharmaceuticals, Inc.1.00%
43.Pacific Premier Bancorp, Inc.0.96%
44.Kratos Defense & Security Solutions, Inc.0.96%
45.Primoris Services Corp.0.94%
46.Clovis Oncology, Inc.0.88%
47.Teladoc, Inc.0.86%
48.Bluebird Bio, Inc.0.86%
49.Take-Two Interactive Software, Inc.0.84%
50.CareTrust REIT, Inc.0.84%
51.National Commerce Corp.0.81%
52.Moelis & Co.0.81%
53.Alarm.com Holdings, Inc.0.81%
54.Insmed, Inc.0.80%
55.Oclaro, Inc.0.78%
56.Guidewire Software, Inc.0.78%
57.Steven Madden, Ltd.0.73%
58.Reata Pharmaceuticals, Inc.0.72%
59.Tennant Co.0.71%
60.Alder Biopharmaceuticals, Inc.0.69%
61.Marcus Corp.0.69%
62.Planet Fitness, Inc.0.69%
63.Callon Petroleum Co.0.68%
64.MicroStrategy, Inc.0.68%
65.Tile Shop Holdings, Inc.0.67%
66.Burlington Stores, Inc.0.66%
67.Health Insurance Innovations, Inc.0.66%
68.Cliffs Natural Resources, Inc.0.65%
69.AtriCure, Inc.0.63%
70.Matthews International Corp.0.61%
71.Opus Bank0.61%
72.Ignyta, Inc.0.58%
73.NeoGenomics, Inc.0.57%
74.Keane Group, Inc.0.57%
75.Customers Bancorp, Inc.0.56%
76.Adamas Pharmaceuticals, Inc.0.55%
77.Inphi Corp.0.55%
78.Sage Therapeutics, Inc.0.55%
79.Spirit Airlines, Inc.0.54%
80.MaxLinear, Inc., Class A0.54%
81.Aimmune Therapeutics, Inc.0.53%
82.TimkenSteel Corp.0.53%
83.Box, Inc.0.50%
84.Jack in the Box, Inc.0.50%
85.Biohaven Pharmaceutical Holding Co., Ltd.0.47%
86.Manitowoc Co., Inc.0.46%
87.Red Robin Gourmet Burgers, Inc.0.45%
88.Applied Optoelectronics, Inc.0.44%
89.G1 Therapeutics, Inc.0.44%
90.Reis, Inc.0.44%
91.PDC Energy, Inc.0.43%
92.Churchill Downs, Inc.0.42%
93.Innospec, Inc.0.41%
94.Internap Corp.0.40%
95.Freshpet, Inc.0.38%
96.Model N, Inc.0.38%
97.Chuy's Holdings, Inc.0.37%
98.HealthStream, Inc.0.36%
99.Solaris Oilfield Infrastructure, Inc.0.36%
100.Ellie Mae, Inc.0.35%
101.Dave & Buster's Entertainment, Inc.0.34%
102.Tilly's, Inc.0.33%
103.KapStone Paper and Packaging Corp.0.33%
104.OSI Systems, Inc.0.31%
105.Cirrus Logic, Inc.0.30%
106.MacroGenics, Inc.0.30%
107.H&E Equipment Services, Inc.0.27%
108.Howard Bancorp, Inc.0.27%
109.Cloudera, Inc.0.27%
110.MACOM Technology Solutions Holdings, Inc.0.27%
111.Penn National Gaming, Inc.0.26%
112.First Choice Bank0.26%
113.ChannelAdvisor Corp.0.26%
114.Quantenna Communications, Inc.0.24%
115.Shenandoah Telecommunications Co.0.23%
116.Meritage Homes Corp.0.21%
117.Neurocrine Biosciences, Inc.0.21%
118.Lindblad Expeditions Holdings, Inc.0.21%
119.National Beverage Corp.0.21%
120.Sequential Brands Group, Inc.0.19%
121.Tabula Rasa HealthCare, Inc.0.19%
122.Leaf Group, Ltd.0.17%
123.NV5 Global, Inc.0.16%
124.Bovie Medical Corp.0.11%
125.NantHealth, Inc.0.09%
126.PetIQ, Inc.0.09%
127.Blue Bird Corp.0.08%
128.Merit Medical Systems, Inc.0.07%
129.MedEquities Realty Trust, Inc.0.07%
130.Air Transport Services Group, Inc.0.04%
131.Yext, Inc.0.04%
132.Obalon Therapeutics, Inc.0.03%
133.Enphase Energy, Inc.0.02%
Short Term & Other Net Assets1.58%