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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 (2016Q3)
Portfolio Summary: 283 holdings with a total value of $1,964,630,000.
#
Name
Shares
Value ($)
%
Options
Notes
51 EVERI HLDGS INC 192,434 475,000 0.02%
52 GRAY TELEVISION INC COM 47,222 489,000 0.02%
53 CEDAR REALTY TRUST INC COM NEW 68,095 490,000 0.02%
54 DUCOMMUN INC DEL COM 21,750 497,000 0.03%
55 PERFICIENT INC COM 24,805 500,000 0.03%
56 SUSSEX BANCORP 30,890 504,000 0.03%
57 FIRST MERCHANTS CORP COM 19,036 509,000 0.03%
58 EMCOR GROUP INC 8,679 517,000 0.03%
59 APPTIO INC 24,280 527,000 0.03%
60 Mercer International 62,195 527,000 0.03%
61 CORPORATE OFFICE 18,646 529,000 0.03%
62 VERITEX HLDGS INC 30,517 531,000 0.03%
63 UNITED INS HLDGS CORP 31,441 534,000 0.03%
64 VIAD CORP 14,591 538,000 0.03%
65 BANC OF CALIFORNIA INC COM 32,662 570,000 0.03%
66 NMI HLDGS INC CL A 75,340 574,000 0.03%
67 COUNTY BANCORP INC 30,814 617,000 0.03%
68 CNB FINANCIAL CORP (PA) COM 30,402 643,000 0.03%
69 WATERSTONE FINL INC MD 40,000 680,000 0.03%
70 UNITED BANKSHARES INC WEST VA COM 18,300 689,000 0.04%
71 E L F BEAUTY INC 25,250 710,000 0.04%
72 MERIDIAN BANCORP INC MD COM 45,870 714,000 0.04%
73 FIRST NBC BK HLDG CO 76,520 722,000 0.04%
74 BANKUNITED INC 23,945 723,000 0.04%
75 CIVISTA BANCSHARES INC 51,319 728,000 0.04%
76 SUNSHINE BANCORP INC 49,746 735,000 0.04%
77 ARRIS INTL INC 26,033 738,000 0.04%
78 NUTANIX INC 20,000 740,000 0.04%
79 FEDERATED NATL HLDG CO COM 40,000 748,000 0.04%
80 TRIUMPH BANCORP INC 39,610 786,000 0.04%
81 MidWestOne Finl Group Inc NE 25,908 787,000 0.04%
82 STERLING BANCORP DEL COM 45,843 802,000 0.04%
83 First Busey Corp 36,040 815,000 0.04%
84 INDEPENDENT BK CORP MASS COM 15,250 825,000 0.04%
85 GSV CAP CORP 175,979 831,000 0.04%
86 INDEPENDENCE RLTY TR INC COM 92,800 835,000 0.04%
87 INDEPENDENT BK CORP MICH 50,000 842,000 0.04%
88 FIRST RESOURCE BANK 125,475 878,000 0.04%
89 UNITY BANCORP INC 68,750 881,000 0.04%
90 LAKELAND BANCORP INC COM 65,781 924,000 0.05%
91 AMERICAN RIVIERA BANK 80,000 930,000 0.05%
92 FARMERS NATIONAL BANC CORP 86,853 936,000 0.05%
93 QCR HOLDINGS INC 30,000 952,000 0.05%
94 Seacoast Commerce Banc Holding 62,200 996,000 0.05%
95 John Marshall Bank 60,120 1,031,000 0.05%
96 KINSALE CAP GROUP INC COM 47,570 1,047,000 0.05%
97 FVCBANKCORP INC 63,620 1,085,000 0.06%
98 MAINSOURCE FINANCIAL GP INC 44,420 1,108,000 0.06%
99 Royal Bancshares of Pennsylvania, Inc. 481,505 1,136,000 0.06%
100 MECHANICS BANK RICHMOND CA 43 1,206,000 0.06%
Page 2 of 6

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001144204-16-129841, filed 2016.10.27).

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.