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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 05/31/2017 (subject to change)

Rank Security Weight
1.Ilg Inc2.59%
2.Zagg Inc2.31%
3.Microsemi Corp.2.11%
4.Viad Corp.2.07%
5.Cubic Corp1.96%
6.Rudolph Technologies, Inc.1.95%
7.Builders Firstsource Inc1.90%
8.ARRIS International PLC1.85%
9.Vonage Holdings Corp.1.83%
10.Generac Holdings, Inc.1.83%
11.Gray Television, Inc.1.78%
12.Xcerra Corp.1.75%
13.Mitel Networks Corp1.67%
14.Perficient, Inc.1.65%
15.Franklin Financial Network, Inc.1.64%
16.Carriage Services, Inc.1.61%
17.Xperi Corp1.61%
18.Icf International Inc1.60%
19.Meta Financial Group Inc1.51%
20.MDC Partners, Inc., Class A1.51%
21.Koppers Holdings Inc1.39%
22.Tutor Perini Corp.1.37%
23.Tristate Capital Holdings Inc1.34%
24.Rexford Industrial Realty, Inc., REIT1.30%
25.Mammoth Energy Services Inc1.30%
26.CyrusOne, Inc., REIT1.30%
27.The GEO Group, Inc., REIT1.30%
28.PolyOne Corp.1.30%
29.Us Concrete Inc1.22%
30.Taylor Morrison Home Corp., Class A1.21%
31.DuPont Fabros Technology, Inc., REIT1.18%
32.Live Oak Bancshares Inc1.18%
33.Midland States Bancorp Inc1.17%
34.CoreCivic, Inc., REIT1.15%
35.Virtu Financial, Inc., Class A1.15%
36.Fs Bancorp Inc1.11%
37.Western New England Bancorp1.11%
38.Employers Holdings, Inc.1.10%
39.Coresite Realty Corp1.10%
40.Clifton Bancorp Inc1.08%
41.Four Corners Property Trust, Inc., REIT1.07%
42.Investar Holding Corp.1.06%
43.Bankwell Financial Group Inc1.05%
44.EMCOR Group, Inc.1.05%
45.Summit Financial Group Inc1.05%
46.Entegra Financial Corp1.04%
47.Jones Energy, Inc., Class A1.02%
48.Presidio Inc1.02%
49.Oceanfirst Financial Corp1.02%
50.State Bank Financial Corp1.01%
51.Trico Bancshares1.00%
52.Cass Information Systems, Inc.0.99%
53.People's Utah Bancorp0.99%
54.Monmouth Real Estate Investment Corp., REIT0.99%
55.Great Western Bancorp, Inc.0.98%
56.Wesbanco Inc0.97%
57.Invacare Corp.0.97%
58.Preferred Bank0.96%
59.First Financial Bancorp0.96%
60.Universal Forest Products Inc0.96%
61.Banc Of California Inc0.95%
62.CNB Financial Corp.0.95%
63.Enterprise Financial Services0.95%
64.InfraREIT, Inc., REIT0.94%
65.Src Energy Inc0.93%
66.Customers Bancorp, Inc.0.92%
67.Everi Holdings Inc0.88%
68.Moelis & Co., Class A0.85%
69.QTS Realty Trust, Inc., REIT, Class A0.85%
70.Blue Bird Corp0.84%
71.Northeast Bancorp0.80%
72.CorEnergy Infrastructure Trust, Inc., REIT0.79%
73.Homestreet Inc0.78%
74.Allegiance Bancshares Inc0.76%
75.Penske Automotive Group Inc0.70%
76.Mercer International Inc0.68%
77.Northrim Bancorp Inc0.56%
78.Ehealth Inc0.55%
79.Superior Energy Services, Inc.0.55%
80.Timberland Bancorp, Inc.0.52%
81.Pcsb Financial Corp0.51%
82.First Merchants Corp.0.50%
83.Getty Realty Corp., REIT0.49%
84.Rmr Group Inc/the0.47%
Short Term & Other Net Assets1.03%