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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 (2016Q1)
Portfolio Summary: 267 holdings with a total value of $1,780,073,000.
#
Name
Shares
Value ($)
%
Options
Notes
151 FCB Financial Holdings Inc 460,661 2,580,000 0.14%
152 AMERICAN FARMLAND ORD 398,185 2,501,000 0.14%
153 FIRST LONG IS CORP 85,800 2,445,000 0.14%
154 PGT INNOVATIONS INC COM 242,540 2,387,000 0.13%
155 ALERUS FINANCIAL CORP 113,100 2,262,000 0.13%
156 INTERCEPT PHARMACEUTICALS INCORPORATED 17,470 2,244,000 0.13%
157 FLUSHING FINL CORP 100,045 2,163,000 0.12%
158 CARDINAL FINL CORP COM 104,914 2,135,000 0.12%
159 WEST TOWN BANK & TRUST 106,242 2,019,000 0.11%
160 FREEDOM BANK OF VIRGINIA 246,394 1,996,000 0.11%
161 Mercantile Bank Corp 87,881 1,970,000 0.11%
162 HIBBETT INC COM 52,760 1,894,000 0.11%
163 HERITAGE FINL CORP WASH COM 103,401 1,817,000 0.10%
164 Baylake Corp 106,400 1,699,000 0.10%
165 MAINSTREET BANK 141,177 1,687,000 0.09%
166 JAMES RIVER GROUP HOLDINGS 50,000 1,613,000 0.09%
167 INVESTAR HLDG CORP 107,712 1,580,000 0.09%
168 OLD LINE BANCSHARES INC COM 87,388 1,576,000 0.09%
169 AMERICAN BUSINESS BK LA CALI 48,907 1,453,000 0.08%
170 HEARTLAND FINL USA INC 44,752 1,378,000 0.08%
171 ATLANTIC COAST FINL CORP 225,594 1,363,000 0.08%
172 SOUTHERN FIRST BANCSHARES IN 46,032 1,124,000 0.06%
173 HEMISPHERE MEDIA GROUP INC CL A 85,000 1,116,000 0.06%
174 OMNICELL INC 39,343 1,096,000 0.06%
175 Royal Bancshares of Pennsylvania, Inc. 481,505 1,026,000 0.06%
176 Seacoast Commerce Banc Holding 62,200 1,011,000 0.06%
177 MAINSOURCE FINANCIAL GP INC 44,420 937,000 0.05%
178 GSV CAP CORP 165,539 927,000 0.05%
179 John Marshall Bank 54,120 909,000 0.05%
180 DIVERSIFIED RSTRNT HLDGS INC COM 444,342 853,000 0.05%
181 PUGET SOUND BANCORP INC 45,000 830,000 0.05%
182 FEDERATED NATL HLDG CO COM 40,000 786,000 0.04%
183 FIRST RESOURCE BANK 119,500 783,000 0.04%
184 HOMESTREET INC COM 37,460 780,000 0.04%
185 FARMERS NATIONAL BANC CORP 86,853 774,000 0.04%
186 INDEPENDENT BK CORP MICH 50,000 728,000 0.04%
187 SUNSHINE BANCORP INC 49,746 723,000 0.04%
188 QCR HOLDINGS INC 30,000 716,000 0.04%
189 INDEPENDENT BK CORP MASS COM 15,250 701,000 0.04%
190 INDEPENDENCE RLTY TR INC COM 92,800 661,000 0.04%
191 MERIDIAN BANCORP INC MD COM 45,870 639,000 0.04%
192 TRIUMPH BANCORP INC 39,610 627,000 0.04%
193 COUNTY BANCORP INC 30,814 619,000 0.03%
194 UNITED INS HLDGS CORP 31,441 604,000 0.03%
195 PERFICIENT INC COM 23,170 503,000 0.03%
196 CYRUSONE INC 10,867 496,000 0.03%
197 EMPLOYERS HOLDINGS INC 16,485 464,000 0.03%
198 CEDAR REALTY TRUST INC COM NEW 64,063 463,000 0.03%
199 CORPORATE OFFICE 17,465 458,000 0.03%
200 SYNAPTICS INC 5,583 445,000 0.02%
Page 4 of 6

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001144204-16-096837, filed 2016.04.28).

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.