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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 Banking & Finance Fund

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

Rank Security Weight
1.LendingTree, Inc.3.01%
2.Eagle Bancorp, Inc.2.15%
3.Meta Financial Group, Inc.2.11%
4.First Foundation, Inc.2.06%
5.National Commerce Corp.1.97%
6.Ameris Bancorp1.94%
7.Western Alliance Bancorp1.93%
8.SVB Financial Group1.93%
9.ServisFirst Bancshares, Inc.1.91%
10.East West Bancorp, Inc.1.90%
11.CenterState Banks, Inc.1.90%
12.Sterling Bancorp1.90%
13.Pacific Premier Bancorp, Inc.1.87%
14.FCB Financial Holdings, Inc.1.85%
15.BofI Holding, Inc.1.83%
16.Pinnacle Financial Partners, Inc.1.75%
17.Texas Capital Bancshares, Inc.1.71%
18.Equity Bancshares, Inc.1.62%
19.WSFS Financial Corp.1.57%
20.First Bank1.55%
21.Bridge Bancorp, Inc.1.50%
22.Republic First Bancorp, Inc.1.37%
23.Franklin Financial Network, Inc.1.33%
24.Malvern Bancorp, Inc.1.32%
25.Guaranty Bancshares, Inc.1.25%
26.People's Utah Bancorp1.22%
27.Live Oak Bancshares, Inc.1.18%
28.Investar Holding Corp.1.18%
29.Health Insurance Innovations, Inc.1.14%
30.Old Line Bancshares, Inc.1.13%
31.MidWestOne Financial Group, Inc.1.07%
32.Howard Bancorp, Inc.1.07%
33.Customers Bancorp, Inc.1.07%
34.Bank of the Ozarks, Inc.1.03%
35.OceanFirst Financial Corp.1.02%
36.Home BancShares, Inc.1.02%
37.1st Source Corp.1.01%
38.Bancorp, Inc.1.00%
39.Esquire Financial Holdings, Inc.0.99%
40.Byline Bancorp, Inc.0.99%
41.Cadence BanCorp0.98%
42.Guaranty Bancorp0.97%
43.Pacific Mercantile Bancorp0.97%
44.Carolina Financial Corp.0.94%
45.FB Financial Corp.0.93%
46.Bank of Commerce Holdings0.90%
47.Sussex Bancorp0.90%
48.TriState Capital Holdings, Inc.0.89%
49.QCR Holdings, Inc.0.88%
50.Paragon Commercial Corp.0.82%
51.Triumph Bancorp, Inc.0.81%
52.CNB Financial Corp.0.81%
53.Puget Sound Bancorp, Inc.0.80%
54.First Choice Bank0.78%
55.Community Healthcare Trust, Inc.0.77%
56.RBB Bancorp0.72%
57.Freedom Bank of Virginia0.69%
58.Professional Holding Corp.0.66%
59.City Office REIT, Inc.0.65%
60.Unity Bancorp, Inc.0.64%
61.Kingstone Cos., Inc.0.63%
62.Stewardship Financial Corp.0.59%
63.United Community Banks, Inc.0.58%
64.Heritage Financial Corp.0.58%
65.Mercantile Bank Corp.0.57%
66.West Town Bank & Trust0.55%
67.Southern First Bancshares, Inc.0.54%
68.Nicolet Bankshares, Inc.0.53%
69.LegacyTexas Financial Group, Inc.0.53%
70.Q2 Holdings, Inc.0.52%
71.SmartFinancial, Inc.0.51%
72.Civista Bancshares, Inc.0.51%
73.MedEquities Realty Trust, Inc.0.51%
74.Sunshine Bancorp, Inc.0.49%
75.Flushing Financial Corp.0.48%
76.Gold Coast Bank0.47%
77.American Business Bank0.47%
78.Capstar Financial Holdings, Inc.0.45%
79.Lakeland Financial Corp.0.44%
80.James River Group Holdings, Ltd.0.41%
81.Heritage Commerce Corp.0.40%
82.Kinsale Capital Group, Inc.0.38%
83.Atlantic Coast Financial Corp.0.37%
84.Seacoast Commerce Banc Holdings0.36%
85.First Merchants Corp.0.34%
86.First of Long Island Corp.0.34%
87.Midland States Bancorp, Inc.0.33%
88.Veritex Holdings, Inc.0.33%
89.MainSource Financial Group, Inc.0.32%
90.Access National Corp.0.30%
91.Green Bancorp, Inc.0.28%
92.FVCBankcorp, Inc.0.28%
93.American Riviera Bank0.28%
94.John Marshall Bancorp, Inc.0.28%
95.1st Constitution Bancorp0.27%
96.Lakeland Bancorp, Inc.0.26%
97.Farmers National Banc Corp.0.25%
98.First Resource Bank0.23%
99.Independent Bank Corp./Rockland MA0.22%
100.First Business Financial Services, Inc.0.22%
101.Independent Bank Corp.0.22%
102.First Busey Corp.0.22%
103.Independent Bank Group, Inc.0.20%
104.Independence Realty Trust, Inc.0.19%
105.Mechanics Bank0.19%
106.County Bancorp, Inc.0.18%
107.NMI Holdings, Inc.0.18%
108.First Financial Bankshares, Inc.0.18%
109.Meridian Bancorp, Inc.0.17%
110.Waterstone Financial, Inc.0.15%
111.Federated National Holding Co.0.13%
112.United Insurance Holdings Corp.0.10%
113.Home Federal Bancorp, Inc.0.10%
114.Moelis & Co.0.10%
115.Home Bancorp, Inc.0.10%
116.German American Bancorp Inc0.09%
117.Commerce Union Bancshares, Inc.0.09%
118.Southern National Bancorp of Virginia, Inc.0.07%
119.National Capital Bank of Washington0.07%
120.HopFed Bancorp, Inc.0.05%
121.Oak Valley Bancorp0.00%
Short Term & Other Net Assets2.96%