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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 05/31/2017 (subject to change)

Rank Security Weight
1.Meta Financial Group Inc2.91%
2.LendingTree, Inc.2.28%
3.Home BancShares, Inc.2.27%
4.Eagle Bancorp, Inc.2.11%
5.SVB Financial Group1.98%
6.Ameris Bancorp1.97%
7.National Commerce Corp.1.97%
8.East West Bancorp, Inc.1.96%
9.Centerstate Banks Inc1.96%
10.First Foundation, Inc.1.95%
11.ServisFirst Bancshares, Inc.1.93%
12.Bank of the Ozarks, Inc.1.93%
13.FCB Financial Holdings, Inc., Class A1.93%
14.Pacific Premier Bancorp, Inc.1.90%
15.Sterling Bancorp1.89%
16.Western Alliance Bancorp1.88%
17.Customers Bancorp, Inc.1.80%
18.Pinnacle Financial Partners, Inc.1.77%
19.Texas Capital Bancshares, Inc.1.71%
20.Bridge Bancorp, Inc.1.65%
21.WSFS Financial Corp.1.65%
22.Franklin Financial Network, Inc.1.61%
23.Bofl Holding, Inc.1.57%
24.First Bank1.51%
25.Equity Bancshares, Inc., Class A1.50%
26.Republic First Bancorp Inc1.46%
27.Guaranty Bancshares Inc/tx1.44%
28.WashingtonFirst Bankshares, Inc.1.43%
29.Stonegate Bank1.29%
30.Malvern Bancorp, Inc.1.25%
31.Live Oak Bancshares Inc1.23%
32.Old Line Bancshares, Inc.1.22%
33.Investar Holding Corp.1.22%
34.People's Utah Bancorp1.20%
35.MidWestOne Financial Group, Inc.1.15%
36.Howard Bancorp, Inc.1.10%
37.Oceanfirst Financial Corp1.07%
38.Hamilton Lane, Inc., Class A1.04%
39.Pacific Mercantile Bancorp1.02%
40.Bank Of Commerce Holdings1.02%
41.1st Source Corp1.00%
42.Cadence Bancorp1.00%
43.Guaranty Bancorp0.99%
44.Health Insurance Innovations, Inc., Class A0.97%
45.QCR Holdings, Inc.0.90%
46.ConnectOne Bancorp, Inc.0.85%
47.Paragon Commercial Corp0.85%
48.First Choice Bank0.83%
49.Simmons First National Corp., Class A0.74%
50.Moelis & Co., Class A0.72%
51.Freedom Bank of Virginia0.70%
52.Professional Holding Corp0.70%
53.CNB Financial Corp.0.69%
54.City Office Reit Inc0.68%
55.Puget Sound Bancorp Inc0.62%
56.Stewardship Financial Corp0.61%
57.First Business Financial Services, Inc.0.60%
58.Mercantile Bank Corp0.60%
59.Kingstone Cos., Inc.0.60%
60.Unity Bancorp Inc0.59%
61.West Town Bank & Trust0.59%
62.United Community Banks, Inc.0.58%
63.Q2 Holdings Inc0.56%
64.Heritage Financial Corp.0.54%
65.Gold Coast Bank/ny0.54%
66.Southern First Bancshares, Inc.0.54%
67.MedEquities Realty Trust, Inc., REIT0.53%
68.Nicolet Bankshares Inc0.53%
69.Civista Bancshares Inc0.53%
70.LegacyTexas Financial Group, Inc.0.52%
71.Smartfinancial Inc0.52%
72.Flushing Financial Corp.0.51%
73.Sunshine Bancorp, Inc.0.50%
74.American Business Bank0.50%
75.Capstar Financial Holdings Inc0.50%
76.Carolina Financial Corp0.49%
77.James River Group Holdings Ltd.0.44%
78.Lakeland Financial Corp0.44%
79.Heritage Commerce Corp0.41%
80.Renasant Corp.0.40%
81.Midland States Bancorp Inc0.39%
82.Kinsale Capital Group, Inc.0.38%
83.Atlantic Coast Financial Corp.0.37%
84.First of Long Island Corp.0.35%
85.Veritex Holdings Inc0.35%
86.Access National Corp0.34%
87.Seacoast Commerce Banc Holdings0.33%
88.Mainsource Financial Group Inc0.32%
89.FVC Bankcorp, Inc.0.31%
90.American Riviera Bank0.29%
91.1st Constitution Bancorp0.29%
92.John Marshall Bank0.28%
93.Lakeland Bancorp Inc0.27%
94.Farmers National Banc Corp.0.26%
95.Green Bancorp Inc0.26%
96.First Resource Bank0.25%
97.First Busey Corp0.23%
98.Independent Bank Corporation0.22%
99.Mechanics Bank0.22%
100.Independent Bank Corp.0.20%
101.Triumph Bancorp, Inc.0.20%
102.Independence Realty Trust, Inc., REIT0.20%
103.County Bancorp, Inc.0.20%
104.Independent Bank Group, Inc.0.19%
105.Sussex Bancorp0.19%
106.NMI Holdings, Inc., Class A0.17%
107.First Financial Bankshares Inc0.17%
108.Waterstone Financial Inc0.17%
109.Meridian Bancorp, Inc.0.16%
110.Federated National Holdings Co.0.14%
111.United Insurance Holdings Corp.0.11%
112.Home Federal Bancorp, Inc.0.11%
113.Mid Penn Bancorp Inc0.09%
114.Home Bancorp, Inc.0.09%
115.German American Bancorp Inc0.08%
116.Commerce Union Bancshares Inc0.08%
117.Southern National Bancorp of Virginia, Inc.0.08%
118.National Capital Bank Of Washi0.07%
119.HopFed Bancorp, Inc.0.05%
120.Oak Valley Bancorp0.00%
Short Term & Other Net Assets0.40%