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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 Small Cap Value Fund

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

Rank Security Weight
1.ILG, Inc.2.35%
2.Viad Corp.2.30%
3.ZAGG, Inc.2.15%
4.Microsemi Corp.2.06%
5.Gray Television, Inc.2.02%
6.Builders FirstSource, Inc.2.00%
7.CyrusOne, Inc.1.99%
8.CoreSite Realty Corp.1.99%
9.Cubic Corp.1.86%
10.Rudolph Technologies, Inc.1.86%
11.Mitel Networks Corp.1.84%
12.TriState Capital Holdings, Inc.1.75%
13.Xperi Corp.1.71%
14.ARRIS International PLC1.70%
15.MDC Partners, Inc.1.66%
16.Perficient, Inc.1.65%
17.Vonage Holdings Corp.1.61%
18.PolyOne Corp.1.45%
19.ICF International, Inc.1.41%
20.Invacare Corp.1.37%
21.Franklin Financial Network, Inc.1.34%
22.US Concrete, Inc.1.32%
23.Community Healthcare Trust, Inc.1.29%
24.Tutor Perini Corp.1.29%
25.Koppers Holdings, Inc.1.28%
26.Rexford Industrial Realty, Inc.1.25%
27.Dycom Industries, Inc.1.23%
28.Tower Semiconductor, Ltd.1.19%
29.GEO Group, Inc.1.17%
30.Meta Financial Group, Inc.1.16%
31.Penske Automotive Group, Inc.1.15%
32.Live Oak Bancshares, Inc.1.12%
33.Employers Holdings, Inc.1.10%
34.CNB Financial Corp.1.09%
35.Taylor Morrison Home Corp.1.09%
36.SRC Energy, Inc.1.06%
37.FS Bancorp, Inc.1.05%
38.Clifton Bancorp, Inc.1.02%
39.Bankwell Financial Group, Inc.1.02%
40.Western New England Bancorp, Inc.1.02%
41.Investar Holding Corp.1.01%
42.Four Corners Property Trust, Inc.1.01%
43.State Bank Financial Corp.1.01%
44.STORE Capital Corp.1.00%
45.InfraREIT, Inc.1.00%
46.Preferred Bank1.00%
47.PDC Energy, Inc.1.00%
48.Photronics, Inc.0.99%
49.Plymouth Industrial REIT, Inc.0.99%
50.People's Utah Bancorp0.99%
51.Midland States Bancorp, Inc.0.98%
52.TriCo Bancshares0.98%
53.Summit Financial Group, Inc.0.97%
54.Mammoth Energy Services, Inc.0.96%
55.PennyMac Financial Services, Inc.0.96%
56.Monmouth Real Estate Investment Corp.0.96%
57.OceanFirst Financial Corp.0.96%
58.Great Western Bancorp, Inc.0.93%
59.Entegra Financial Corp.0.93%
60.WesBanco, Inc.0.92%
61.Moelis & Co.0.91%
62.First Financial Bancorp0.91%
63.Everi Holdings, Inc.0.90%
64.Universal Forest Products, Inc.0.84%
65.Presidio, Inc.0.83%
66.Northeast Bancorp0.81%
67.QTS Realty Trust, Inc.0.80%
68.Standard Avb Financial Corp.0.77%
69.Blue Bird Corp.0.75%
70.CorEnergy Infrastructure Trust, Inc.0.74%
71.Jones Energy, Inc.0.70%
72.HomeStreet, Inc.0.70%
73.ESSA Bancorp, Inc.0.70%
74.Allegiance Bancshares, Inc.0.68%
75.Mercer International, Inc.0.59%
76.Timberland Bancorp, Inc.0.57%
77.Kosmos Energy, Ltd.0.54%
78.First Savings Financial Group, Inc.0.52%
79.Superior Energy Services, Inc.0.52%
80.Northrim BanCorp, Inc.0.50%
81.PCSB Financial Corp.0.49%
82.eHealth, Inc.0.47%
83.Getty Realty Corp.0.47%
84.First Merchants Corp.0.46%
85.RMR Group, Inc.0.43%
Short Term & Other Net Assets3.88%