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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
151 SIGMA DESIGNS INC COM 411,324 3,204,000 0.16%
152 First Bus Finl Svcs Inc Wis 119,800 2,815,000 0.14%
153 PARAGON COML CORP 75,493 2,739,000 0.14%
154 INVESTAR HLDG CORP 157,712 2,421,000 0.12%
155 WEST TOWN BANK & TRUST 106,242 2,390,000 0.12%
156 Mercantile Bank Corp 87,881 2,360,000 0.12%
157 FREEDOM BANK OF VIRGINIA 246,394 2,255,000 0.11%
158 CAPSTAR FINL HLDGS INC COM 125,000 2,115,000 0.11%
159 HIBBETT INC COM 52,760 2,105,000 0.11%
160 TELENAV INC COM 362,244 2,076,000 0.11%
161 FLUSHING FINL CORP 82,750 1,963,000 0.10%
162 ALERUS FINANCIAL CORP 109,340 1,863,000 0.09%
163 HERITAGE FINL CORP WASH COM 103,401 1,856,000 0.09%
164 NICOLET BANKSHARES INC 48,060 1,843,000 0.09%
165 JAMES RIVER GROUP HOLDINGS 50,000 1,810,000 0.09%
166 GOLD COAST BANK NY 169,868 1,784,000 0.09%
167 MainStreet Bancshares, Inc. 141,177 1,779,000 0.09%
168 OLD LINE BANCSHARES INC COM 87,388 1,724,000 0.09%
169 LAKELAND FINL CORP COM 46,616 1,651,000 0.08%
170 BLUE BIRD CORP 110,142 1,609,000 0.08%
171 PUGET SOUND BANCORP INC 89,430 1,587,000 0.08%
172 FIRST BK WILLIAMSTOWN NEW JE 188,963 1,584,000 0.08%
173 CU BANCORP CALIF 69,144 1,577,000 0.08%
174 AMERICAN BUSINESS BK LA CALI 53,798 1,533,000 0.08%
175 Heritage Commerce Corp 138,670 1,517,000 0.08%
176 RENASANT CORP 45,042 1,515,000 0.08%
177 PRIVATEBANCORP INC 32,250 1,481,000 0.08%
178 YADKIN FINANCIAL 55,594 1,462,000 0.07%
179 ATLANTIC COAST FINANCIAL CORP 225,594 1,428,000 0.07%
180 American Campus Communities 28,070 1,428,000 0.07%
181 FIRST LONG IS CORP 38,966 1,292,000 0.07%
182 GREAT WESTERN BANCORP INC COM 38,516 1,283,000 0.07%
183 SOUTHERN FIRST 46,032 1,270,000 0.06%
184 MECHANICS BANK RICHMOND CA 43 1,206,000 0.06%
185 Royal Bancshares of Pennsylvania, Inc. 481,505 1,136,000 0.06%
186 MAINSOURCE FINANCIAL GP INC 44,420 1,108,000 0.06%
187 FVCBANKCORP INC 63,620 1,085,000 0.06%
188 KINSALE CAP GROUP INC COM 47,570 1,047,000 0.05%
189 JOHN MARSHALL BANK 60,120 1,031,000 0.05%
190 Seacoast Commerce Banc Holding 62,200 996,000 0.05%
191 QCR HOLDINGS INC 30,000 952,000 0.05%
192 FARMERS NATIONAL BANC CORP 86,853 936,000 0.05%
193 AMERICAN RIVIERA BANK 80,000 930,000 0.05%
194 LAKELAND BANCORP INC COM 65,781 924,000 0.05%
195 UNITY BANCORP INC 68,750 881,000 0.04%
196 FIRST RESOURCE BANK 125,475 878,000 0.04%
197 INDEPENDENT BK CORP MICH 50,000 842,000 0.04%
198 INDEPENDENCE REALTY 92,800 835,000 0.04%
199 GSV CAP CORP 175,979 831,000 0.04%
200 INDEPENDENT BK CORP MASS COM 15,250 825,000 0.04%
Page 4 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.