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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 Insights Fund

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

Rank Security Weight
1.Mgm Resorts International2.52%
2.Berry Global Group2.08%
3.Broadcom Ltd.2.03%
4.SBA Communications Corp., Class A, REIT2.03%
5.Nvidia Corp1.97%
6.Wabtec Corp.1.96%
7.Affiliated Managers Group, Inc.1.89%
8.Kroger Co/the1.87%
9.Cinemark Holdings Inc1.82%
10.Dycom Industries Inc1.79%
11.ServiceNow, Inc.1.78%
12.Skyworks Solutions, Inc.1.75%
13.Acadia Healthcare Co., Inc.1.73%
14.Vulcan Materials Co1.69%
15.Six Flags Entertainment Corp1.69%
16.Masco Corp.1.66%
17.ON Semiconductor Corp.1.62%
18.Cavium, Inc.1.58%
19.S&p Global Inc1.56%
20.Alliance Data Systems Corp.1.56%
21.Ulta Beauty Inc1.48%
22.Royal Caribbean Cruises Ltd.1.48%
23.Catalent Inc1.47%
24.Crown Holdings Inc1.47%
25.IPG Photonics Corp.1.38%
26.Diamondback Energy, Inc.1.37%
27.Snap-on Inc1.36%
28.Spirit Airlines, Inc.1.36%
29.Proofpoint, Inc.1.33%
30.Veeva Systems, Inc., Class A1.29%
31.Sinclair Broadcast Group, Inc., Class A1.28%
32.Fortinet, Inc.1.27%
33.Autozone Inc1.26%
34.Thor Industries Inc1.25%
35.Ptc Inc1.24%
36.Wynn Resorts Ltd1.22%
37.Axalta Coating Systems Ltd.1.19%
38.Alnylam Pharmaceuticals, Inc.1.18%
39.Southwest Airlines Co.1.17%
40.Foot Locker, Inc.1.14%
41.Toll Brothers Inc1.10%
42.Incyte Corp. Ltd.1.10%
43.Bank of the Ozarks, Inc.1.10%
44.Equinix, Inc., REIT1.08%
45.Delphi Automotive Plc1.01%
46.Rice Energy Inc0.98%
47.Middleby Corp.0.97%
48.Five Below, Inc.0.95%
49.National Beverage Corp0.94%
50.Dick's Sporting Goods Inc0.94%
51.Lazard Ltd., Class A0.93%
52.BorgWarner, Inc.0.92%
53.SVB Financial Group0.91%
54.Intuit, Inc.0.90%
55.Verifone Systems Inc0.89%
56.Hain Celestial Group, Inc.0.88%
57.Palo Alto Networks, Inc.0.79%
58.Integer Holdings Corp0.79%
59.Kate Spade & Co0.79%
60.Activision Blizzard Inc0.76%
61.Burlington Stores, Inc.0.75%
62.Pioneer Natural Resources Co0.74%
63.Steel Dynamics Inc0.73%
64.Sarepta Therapeutics, Inc.0.73%
65.Korn/Ferry International0.71%
66.Puma Biotechnology Inc0.66%
67.CubeSmart, REIT0.66%
68.West Pharmaceutical Services I0.63%
69.PacWest Bancorp0.63%
70.Monster Beverage Corp.0.61%
71.Pdc Energy Inc0.61%
72.Mid-America Apartment Communities, Inc., REIT0.60%
73.Clovis Oncology Inc0.60%
74.Abbott Laboratories0.60%
75.Electronic Arts Inc0.60%
76.Brunswick Corp.0.60%
77.Us Silica Holdings Inc0.58%
78.Edwards Lifesciences Corp0.57%
79.Micron Technology Inc0.55%
80.Kennametal Inc0.52%
81.Dentsply Sirona Inc0.51%
82.Patterson-uti Energy Inc0.49%
83.Eagle Materials, Inc.0.48%
84.Ross Stores, Inc.0.48%
85.O'reilly Automotive Inc0.46%
86.Zimmer Biomet Holdings Inc0.40%
87.Bluebird Bio, Inc.0.40%
88.Citrix Systems Inc0.39%
89.Intrexon Corp.0.38%
90.ARRIS International PLC0.37%
91.SM Energy Co.0.26%
Short Term & Other Net Assets1.20%