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Institutional Investment Manager
EMERALD MUTUAL FUND ADVISERS TRUST
EMERALD MUTUAL FUND ADVISERS TRUST (CIK: 0001352895) incorporated in Delaware, located at 3175 Oregon Pike, Leola, PA. Institutional holdings reported to the SEC.

Institutional Holdings (2015Q1)
Portfolio Summary: 219 holdings with a total value of $1,220,308,000.
#
Name
Shares
Value ($)
%
Options
Notes
201 MACKINAC FINL CORP 36,429 404,000 0.03%
202 FIRST BK WILLIAMSTOWN NEW JE 65,100 404,000 0.03%
203 RENASANT CORP 12,860 394,000 0.03%
204 SOUTHERN FIRST BANCSHARES IN 20,936 377,000 0.03%
205 MOELIS & CO 12,280 366,000 0.03%
206 Guaranty Bancorp Del 22,506 361,000 0.03%
207 IONIS PHARMACEUTICAL 5,978 359,000 0.03%
208 HOME FED BANCORP INC LA NEW 18,520 359,000 0.03%
209 SUSSEX BANCORP 30,890 354,000 0.03%
210 Southern Missouri Bancorp Inc 17,164 330,000 0.03%
211 BRIDGE CAP HLDGS 11,750 318,000 0.03%
212 PEOPLES FINL CORP MISS 33,413 312,000 0.03%
213 COUNTY BANCORP INC 15,000 299,000 0.02%
214 COMMUNITY NATL BKGREAT NECK NEW YORKCOM 13,800 277,000 0.02%
215 FLUSHING FINL CORP 12,500 252,000 0.02%
216 HOME BANCORP INC 11,680 252,000 0.02%
217 ORBCOMM INCORPORATED 38,580 242,000 0.02%
218 SOUTHERN NATL BANCORP OF VA COM 20,598 236,000 0.02%
219 HOPFED BANCORP INC 16,003 208,000 0.02%
Page 5 of 5

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001144204-15-025900, filed 2015.04.29).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.