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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 07/31/2017 (subject to change)

Rank Security Weight
1.MGM Resorts International2.58%
2.Acadia Healthcare Co., Inc.2.18%
3.Broadcom, Ltd.2.05%
4.Kroger Co.1.99%
5.Berry Global Group, Inc.1.99%
6.Dycom Industries, Inc.1.99%
7.Affiliated Managers Group, Inc.1.89%
8.SBA Communications Corp.1.88%
9.ServiceNow, Inc.1.84%
10.IPG Photonics Corp.1.79%
11.Cinemark Holdings, Inc.1.78%
12.Royal Caribbean Cruises, Ltd.1.77%
13.S&P Global, Inc.1.73%
14.Sinclair Broadcast Group, Inc.1.70%
15.Skyworks Solutions, Inc.1.69%
16.Fortinet, Inc.1.69%
17.Six Flags Entertainment Corp.1.68%
18.Masco Corp.1.67%
19.Crown Holdings, Inc.1.62%
20.Alliance Data Systems Corp.1.60%
21.Rockwell Collins, Inc.1.52%
22.Catalent, Inc.1.47%
23.Diamondback Energy, Inc.1.40%
24.Wabtec Corp.1.38%
25.Toll Brothers, Inc.1.35%
26.Cavium, Inc.1.32%
27.ON Semiconductor Corp.1.29%
28.DENTSPLY SIRONA, Inc.1.27%
29.Energizer Holdings, Inc.1.26%
30.PTC, Inc.1.22%
31.Palo Alto Networks, Inc.1.22%
32.Vulcan Materials Co.1.21%
33.Wynn Resorts, Ltd.1.21%
34.Axalta Coating Systems, Ltd.1.18%
35.Range Resources Corp.1.18%
36.Incyte Corp.1.14%
37.Veeva Systems, Inc.1.11%
38.Clovis Oncology, Inc.1.09%
39.Burlington Stores, Inc.1.08%
40.Bank of the Ozarks, Inc.1.08%
41.Equinix, Inc.1.07%
42.Steel Dynamics, Inc.1.07%
43.Activision Blizzard, Inc.1.06%
44.First Data Corp.1.05%
45.BorgWarner, Inc.1.05%
46.Jazz Pharmaceuticals PLC1.04%
47.National Beverage Corp.1.03%
48.Eagle Materials, Inc.1.03%
49.Delphi Automotive PLC1.02%
50.AutoZone, Inc.1.02%
51.Parsley Energy, Inc.1.01%
52.International Paper Co.1.00%
53.Proofpoint, Inc.0.97%
54.Middleby Corp.0.96%
55.Lazard, Ltd.0.96%
56.VeriFone Systems, Inc.0.93%
57.Sarepta Therapeutics, Inc.0.93%
58.Alnylam Pharmaceuticals, Inc.0.92%
59.Five Below, Inc.0.91%
60.Intuit, Inc.0.86%
61.Take-Two Interactive Software, Inc.0.86%
62.Puma Biotechnology, Inc.0.85%
63.Micron Technology, Inc.0.82%
64.Edwards Lifesciences Corp.0.82%
65.PDC Energy, Inc.0.77%
66.Xylem, Inc.0.76%
67.Korn/Ferry International0.73%
68.Southwest Airlines Co.0.72%
69.Western Digital Corp.0.71%
70.Spirit Airlines, Inc.0.65%
71.CubeSmart0.64%
72.Abbott Laboratories0.63%
73.Ulta Beauty, Inc.0.63%
74.Monster Beverage Corp.0.62%
75.Quanta Services, Inc.0.62%
76.SVB Financial Group0.61%
77.Intrexon Corp.0.60%
78.Integer Holdings Corp.0.55%
79.CoStar Group, Inc.0.54%
80.Mid-America Apartment Communities, Inc.0.53%
81.Oasis Petroleum, Inc.0.50%
82.Kennametal Inc0.49%
83.Coherent, Inc.0.48%
84.Bluebird Bio, Inc.0.45%
85.SM Energy Co.0.41%
86.Citrix Systems, Inc.0.38%
87.ARRIS International PLC0.38%
88.Patterson-UTI Energy, Inc.0.28%
89.Analog Devices, Inc.0.25%
Short Term & Other Net Assets0.74%