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 08/31/2017 (subject to change)

Rank Security Weight
1.LendingTree, Inc.3.05%
2.Installed Building Products, Inc.2.32%
3.Trex Co., Inc.1.84%
4.Chegg, Inc.1.77%
5.Vonage Holdings Corp.1.63%
6.EPAM Systems, Inc.1.62%
7.Proofpoint, Inc.1.57%
8.Nutrisystem, Inc.1.56%
9.Sarepta Therapeutics, Inc.1.52%
10.Puma Biotechnology, Inc.1.51%
11.QTS Realty Trust, Inc., REIT1.47%
12.BofI Holding, Inc.1.46%
13.Mercury Systems, Inc.1.42%
14.KLX, Inc.1.40%
15.GTT Communications, Inc.1.35%
16.US Concrete, Inc.1.30%
17.Imperva, Inc.1.28%
18.Supernus Pharmaceuticals, Inc.1.26%
19.Cavium, Inc.1.25%
20.8x8, Inc.1.24%
21.Apogee Enterprises, Inc.1.23%
22.IPG Photonics Corp.1.23%
23.Varonis Systems, Inc.1.22%
24.FCB Financial Holdings, Inc.1.21%
25.K2M Group Holdings, Inc.1.18%
26.Kratos Defense & Security Solutions, Inc.1.17%
27.Pacific Premier Bancorp, Inc.1.15%
28.Bluebird Bio, Inc.1.14%
29.GMS, Inc.1.13%
30.Five Below, Inc.1.08%
31.Clovis Oncology, Inc.1.08%
32.Bank of the Ozarks, Inc.1.06%
33.Ciena Corp.1.05%
34.Take-Two Interactive Software, Inc.1.04%
35.Tutor Perini Corp.1.03%
36.Microsemi Corp.1.03%
37.Primoris Services Corp.1.03%
38.Cogent Communications Holdings, Inc.1.03%
39.Tetra Tech, Inc.1.03%
40.Portola Pharmaceuticals, Inc.1.02%
41.Lumentum Holdings, Inc.0.98%
42.Kennametal, Inc.0.96%
43.Nexstar Media Group, Inc.0.96%
44.Alarm.com Holdings, Inc.0.96%
45.Dycom Industries, Inc.0.94%
46.Ollie's Bargain Outlet Holdings, Inc.0.93%
47.CareTrust REIT, Inc.0.89%
48.Hostess Brands, Inc.0.89%
49.Teladoc, Inc.0.89%
50.Veeva Systems, Inc.0.83%
51.Health Insurance Innovations, Inc.0.83%
52.Guidewire Software, Inc.0.82%
53.Meritage Homes Corp.0.82%
54.National Commerce Corp.0.81%
55.Moelis & Co.0.78%
56.Planet Fitness, Inc.0.77%
57.Box, Inc.0.77%
58.Steven Madden, Ltd.0.75%
59.Reata Pharmaceuticals, Inc.0.75%
60.Cliffs Natural Resources, Inc.0.71%
61.Ignyta, Inc.0.70%
62.Tile Shop Holdings, Inc.0.70%
63.Adamas Pharmaceuticals, Inc.0.67%
64.Burlington Stores, Inc.0.66%
65.Manitowoc Co., Inc.0.66%
66.Opus Bank0.65%
67.Biohaven Pharmaceutical Holding Co., Ltd.0.64%
68.Alder Biopharmaceuticals, Inc.0.63%
69.Marcus Corp.0.63%
70.NeoGenomics, Inc.0.61%
71.Masonite International Corp.0.61%
72.AtriCure, Inc.0.60%
73.G1 Therapeutics, Inc.0.59%
74.Tennant Co.0.57%
75.Matthews International Corp.0.57%
76.Freshpet, Inc.0.56%
77.Inphi Corp.0.55%
78.Aimmune Therapeutics, Inc.0.54%
79.Customers Bancorp, Inc.0.53%
80.OSI Systems, Inc.0.52%
81.Callon Petroleum Co.0.52%
82.Merit Medical Systems, Inc.0.50%
83.Jack in the Box, Inc.0.50%
84.Red Robin Gourmet Burgers, Inc.0.48%
85.Oclaro, Inc.0.48%
86.Internap Corp.0.48%
87.H&E Equipment Services, Inc.0.46%
88.MaxLinear, Inc.0.45%
89.Churchill Downs, Inc.0.45%
90.KapStone Paper and Packaging Corp.0.44%
91.Q2 Holdings, Inc.0.44%
92.Solaris Oilfield Infrastructure, Inc.0.39%
93.TimkenSteel Corp.0.39%
94.Model N, Inc.0.39%
95.Live Oak Bancshares, Inc.0.39%
96.Tilly's, Inc.0.37%
97.Innospec, Inc.0.36%
98.HealthStream, Inc.0.36%
99.PDC Energy, Inc.0.36%
100.Spirit Airlines, Inc.0.36%
101.Reis, Inc.0.35%
102.MacroGenics, Inc.0.35%
103.Insmed, Inc.0.32%
104.Dave & Buster's Entertainment, Inc.0.32%
105.Monolithic Power Systems, Inc.0.30%
106.Cloudera, Inc.0.30%
107.Quantenna Communications, Inc.0.30%
108.Chuy's Holdings, Inc.0.30%
109.Monmouth Real Estate Investment Corp., REIT0.30%
110.Penn National Gaming, Inc.0.29%
111.Cirrus Logic, Inc.0.29%
112.ChannelAdvisor Corp.0.29%
113.Sage Therapeutics, Inc.0.28%
114.Tabula Rasa HealthCare, Inc.0.27%
115.Howard Bancorp, Inc.0.27%
116.Applied Optoelectronics, Inc.0.27%
117.First Choice Bank0.27%
118.Shenandoah Telecommunications Co.0.27%
119.Atlas Air Worldwide Holdings, Inc.0.25%
120.Carpenter Technology Corp.0.25%
121.Air Transport Services Group, Inc.0.24%
122.Lindblad Expeditions Holdings, Inc.0.23%
123.NV5 Global, Inc.0.19%
124.Leaf Group, Ltd.0.19%
125.Sequential Brands Group, Inc.0.18%
126.Bovie Medical Corp.0.11%
127.PetIQ, Inc.0.09%
128.Blue Bird Corp.0.08%
129.MedEquities Realty Trust, Inc., REIT0.06%
130.NantHealth, Inc.0.06%
131.CNB Financial Corp.0.06%
132.Obalon Therapeutics, Inc.0.05%
133.Yext, Inc.0.04%
134.Enphase Energy, Inc.0.02%
Short Term & Other Net Assets0.80%