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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 08/31/2017 (subject to change)

Rank Security Weight
1.MGM Resorts International2.52%
2.SBA Communications Corp., REIT2.05%
3.Broadcom, Ltd.2.04%
4.IPG Photonics Corp.2.01%
5.Berry Global Group, Inc.1.95%
6.Royal Caribbean Cruises, Ltd.1.90%
7.ServiceNow, Inc.1.89%
8.Acadia Healthcare Co., Inc.1.88%
9.Affiliated Managers Group, Inc.1.82%
10.Eagle Materials, Inc.1.74%
11.The Kroger Co.1.73%
12.Catalent, Inc.1.71%
13.Fortinet, Inc.1.70%
14.Cinemark Holdings, Inc.1.64%
15.Six Flags Entertainment Corp.1.62%
16.Xylem, Inc.1.61%
17.Quanta Services, Inc.1.61%
18.Masco Corp.1.57%
19.Crown Holdings, Inc.1.56%
20.Cavium, Inc.1.52%
21.Rockwell Collins, Inc.1.50%
22.International Paper Co.1.49%
23.First Data Corp.1.48%
24.Alliance Data Systems Corp.1.46%
25.ON Semiconductor Corp.1.44%
26.Energizer Holdings, Inc.1.41%
27.Sinclair Broadcast Group, Inc.1.39%
28.Toll Brothers, Inc.1.33%
29.Range Resources Corp.1.33%
30.Jazz Pharmaceuticals PLC1.32%
31.S&P Global, Inc.1.29%
32.Diamondback Energy, Inc.1.29%
33.Wynn Resorts, Ltd.1.27%
34.Burlington Stores, Inc.1.26%
35.PTC, Inc.1.21%
36.Vulcan Materials Co.1.20%
37.Palo Alto Networks, Inc.1.19%
38.DENTSPLY SIRONA, Inc.1.16%
39.Activision Blizzard, Inc.1.12%
40.Equinix, Inc., REIT1.09%
41.Delphi Automotive PLC1.06%
42.Proofpoint, Inc.1.06%
43.Bank of the Ozarks, Inc.1.04%
44.Analog Devices, Inc.1.03%
45.Take-Two Interactive Software, Inc.1.03%
46.Steel Dynamics, Inc.1.02%
47.BorgWarner, Inc.1.02%
48.Veeva Systems, Inc.1.01%
49.Parker-Hannifin Corp.1.00%
50.Clovis Oncology, Inc.0.99%
51.Skyworks Solutions, Inc.0.99%
52.Dycom Industries, Inc.0.98%
53.Fortive Corp.0.98%
54.Sarepta Therapeutics, Inc.0.95%
55.Micron Technology, Inc.0.94%
56.Alnylam Pharmaceuticals, Inc.0.93%
57.Five Below, Inc.0.88%
58.Intuit, Inc.0.87%
59.Lazard, Ltd.0.86%
60.Parsley Energy, Inc.0.84%
61.Edwards Lifesciences Corp.0.84%
62.Puma Biotechnology, Inc.0.80%
63.PDC Energy, Inc.0.80%
64.Ionis Pharmaceuticals, Inc.0.75%
65.Kennametal, Inc.0.74%
66.Wabtec Corp.0.73%
67.Korn/Ferry International0.71%
68.Southwest Airlines Co.0.68%
69.Abbott Laboratories0.64%
70.CubeSmart, REIT0.63%
71.Zoetis, Inc.0.62%
72.AutoZone, Inc.0.60%
73.Middleby Corp.0.59%
74.Bluebird Bio, Inc.0.59%
75.Coherent, Inc.0.58%
76.SVB Financial Group0.58%
77.CoStar Group, Inc.0.55%
78.Incyte Corp.0.53%
79.Intrexon Corp.0.53%
80.Mid-America Apartment Communities, Inc., REIT0.53%
81.VeriFone Systems, Inc.0.48%
82.Oasis Petroleum, Inc.0.47%
83.United Rentals, Inc.0.45%
84.Hasbro, Inc.0.35%
85.Spirit Airlines, Inc.0.34%
86.Ulta Beauty, Inc.0.32%
87.Dollar General Corp.0.27%
88.Tableau Software, Inc.0.25%
89.Match Group, Inc.0.21%
Short Term & Other Net Assets2.06%