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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 08/31/2017 (subject to change)

Rank Security Weight
1.ZAGG, Inc.3.41%
2.Viad Corp.2.52%
3.ILG, Inc.2.49%
4.CoreSite Realty Corp.2.31%
5.CyrusOne, Inc.2.24%
6.Builders FirstSource, Inc.2.21%
7.Vonage Holdings Corp.2.15%
8.Microsemi Corp.2.12%
9.Gray Television, Inc.2.07%
10.Xperi Corp.2.01%
11.Mitel Networks Corp.1.87%
12.MDC Partners, Inc.1.82%
13.ARRIS International PLC1.80%
14.Cubic Corp.1.78%
15.Rudolph Technologies, Inc.1.77%
16.Perficient, Inc.1.71%
17.ICF International, Inc.1.60%
18.PolyOne Corp.1.52%
19.Koppers Holdings, Inc.1.47%
20.Tower Semiconductor, Ltd.1.46%
21.US Concrete, Inc.1.44%
22.Community Healthcare Trust, Inc., REIT1.44%
23.Rexford Industrial Realty, Inc., REIT1.40%
24.Tutor Perini Corp.1.35%
25.Franklin Financial Network, Inc.1.34%
26.Photronics, Inc.1.33%
27.Invacare Corp.1.26%
28.FS Bancorp, Inc.1.23%
29.Meta Financial Group, Inc.1.21%
30.Penske Automotive Group, Inc.1.19%
31.Dycom Industries, Inc.1.17%
32.STORE Capital Corp.1.16%
33.Employers Holdings, Inc.1.13%
34.Bankwell Financial Group, Inc.1.12%
35.Plymouth Industrial REIT, Inc.1.09%
36.Western New England Bancorp, Inc.1.09%
37.Monmouth Real Estate Investment Corp., REIT1.08%
38.Four Corners Property Trust, Inc., REIT1.08%
39.InfraREIT, Inc., REIT1.07%
40.CNB Financial Corp.1.07%
41.Live Oak Bancshares, Inc.1.06%
42.State Bank Financial Corp.1.05%
43.Investar Holding Corp.1.05%
44.SRC Energy, Inc.1.04%
45.People's Utah Bancorp1.04%
46.Summit Financial Group, Inc.1.04%
47.Apogee Enterprises, Inc.1.03%
48.Taylor Morrison Home Corp.1.03%
49.Clifton Bancorp, Inc.1.03%
50.Preferred Bank1.02%
51.TriCo Bancshares1.00%
52.PennyMac Financial Services, Inc.1.00%
53.Everi Holdings, Inc.0.99%
54.Entegra Financial Corp.0.99%
55.OceanFirst Financial Corp.0.94%
56.Universal Forest Products, Inc.0.93%
57.Moelis & Co.0.93%
58.Great Western Bancorp, Inc.0.91%
59.Presidio, Inc.0.90%
60.First Financial Bancorp0.90%
61.PDC Energy, Inc.0.88%
62.Northeast Bancorp0.87%
63.QTS Realty Trust, Inc., REIT0.86%
64.Blue Bird Corp.0.82%
65.Standard AVB Financial Corp.0.80%
66.ESSA Bancorp, Inc.0.76%
67.CorEnergy Infrastructure Trust, Inc., REIT0.72%
68.HomeStreet, Inc.0.72%
69.eHealth, Inc.0.71%
70.Allegiance Bancshares, Inc.0.65%
71.Mercer International, Inc.0.63%
72.Timberland Bancorp, Inc.0.63%
73.Kosmos Energy, Ltd.0.61%
74.Northrim BanCorp, Inc.0.55%
75.First Savings Financial Group, Inc.0.55%
76.Kirkland Lake Gold, Ltd.0.53%
77.Getty Realty Corp., REIT0.53%
78.PCSB Financial Corp.0.51%
79.Pattern Energy Group, Inc.0.49%
80.Urban Edge Properties0.49%
81.First Merchants Corp.0.48%
82.Pennsylvania Real Estate Investment Trust0.48%
Short Term & Other Net Assets1.27%