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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 (2016Q2)
Portfolio Summary: 267 holdings with a total value of $1,782,536,000.
#
Name
Shares
Value ($)
%
Options
Notes
151 NANTHEALTH INC 232,064 2,901,000 0.16%
152 XACTLY CORPORATION 225,554 2,889,000 0.16%
153 First Bus Finl Svcs Inc Wis 119,800 2,812,000 0.16%
154 Paragon Commercial Corp 75,493 2,642,000 0.15%
155 TELENAV INC COM 500,677 2,553,000 0.14%
156 SPARK THERAPEUTICS INCORPORATED 49,916 2,552,000 0.14%
157 FIRST NBC BK HLDG CO 149,550 2,511,000 0.14%
158 AMERICAN CAMPUS CMNTYS INC 45,360 2,398,000 0.13%
159 Mercantile Bank Corp 87,881 2,097,000 0.12%
160 FITBIT INC 171,315 2,093,000 0.12%
161 FREEDOM BANK OF VIRGINIA 246,394 2,070,000 0.12%
162 WEST TOWN BANK & TRUST 106,242 2,045,000 0.11%
163 ALERUS FINANCIAL CORP 113,100 1,991,000 0.11%
164 HIBBETT INC COM 52,760 1,836,000 0.10%
165 NICOLET BANKSHARES INC 48,060 1,830,000 0.10%
166 HERITAGE FINL CORP WASH COM 103,401 1,818,000 0.10%
167 JAMES RIVER GROUP HOLDINGS 50,000 1,698,000 0.10%
168 MAINSTREET BANK 141,177 1,680,000 0.09%
169 INVESTAR HLDG CORP 107,712 1,657,000 0.09%
170 FLUSHING FINL CORP 82,750 1,645,000 0.09%
171 OLD LINE BANCSHARES INC COM 87,388 1,573,000 0.09%
172 CU Bancorp Calif 69,144 1,572,000 0.09%
173 PUGET SOUND BANCORP INC 80,000 1,505,000 0.08%
174 AMERICAN BUSINESS BK LA CALI 53,798 1,471,000 0.08%
175 LAKELAND FINL CORP 31,077 1,461,000 0.08%
176 HERITAGE COMMERCE CORP 138,670 1,460,000 0.08%
177 RENASANT CORP 45,042 1,456,000 0.08%
178 FIRST LONG IS CORP 48,966 1,404,000 0.08%
179 ATLANTIC COAST FINL CORP 225,594 1,349,000 0.08%
180 BLUE BIRD CORP 110,142 1,311,000 0.07%
181 FIRST BK WILLIAMSTOWN NEW JE 188,963 1,311,000 0.07%
182 AMTRUST FINL SVCS INC 50,000 1,225,000 0.07%
183 SOUTHERN FIRST BANCSHARES IN 46,032 1,109,000 0.06%
184 Royal Bancshares of Pennsylvania, Inc. 481,505 1,088,000 0.06%
185 MAINSOURCE FINANCIAL GP INC 44,420 979,000 0.05%
186 Seacoast Commerce Banc Holding 62,200 973,000 0.05%
187 John Marshall Bank 60,120 965,000 0.05%
188 AMERICAN RIVIERA BANK 80,000 864,000 0.05%
189 FIRST RESOURCE BANK 125,475 834,000 0.05%
190 GSV CAP CORP 165,539 831,000 0.05%
191 QCR HOLDINGS INC 30,000 816,000 0.05%
192 UNITY BANCORP INC 62,500 794,000 0.04%
193 First Busey Corp 36,040 771,000 0.04%
194 FARMERS NATIONAL BANC CORP 86,853 764,000 0.04%
195 FEDERATED NATL HLDG CO COM 40,000 762,000 0.04%
196 INDEPENDENCE RLTY TR INC COM 92,800 759,000 0.04%
197 LAKELAND BANCORP INC COM 65,781 749,000 0.04%
198 CARDINAL FINL CORP COM 33,594 737,000 0.04%
199 INDEPENDENT BK CORP MICH 50,000 726,000 0.04%
200 STERLING BANCORP DEL COM 45,843 720,000 0.04%
Page 4 of 6

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001144204-16-114836, filed 2016.07.28).

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.