Dark
Light
System
Security
MERCHANTS BANCSHARES COM
MERCHANTS BANCSHARES COM. Institutional holdings reported to the SEC.

Institutional Holders (2015Q4)
Portfolio Summary: 65 Institutional holders with a total value of $76,013,766.
#
Manager Name
Shares
Value ($)
%
Options
Notes
1 AMERIPRISE FINANCIAL INC 271,336 8,544,000 11.24%
2 BlackRock Institutional Trust Company, N.A. 239,794 7,551,000 9.93%
3 DIMENSIONAL FUND ADVISORS LP 228,694 7,202,000 9.47%
4 CASTINE CAPITAL MANAGEMENT, LLC 149,137 4,696,000 6.18%
5 VANGUARD GROUP INC 145,750 4,590,000 6.04%
6 MANUFACTURERS LIFE INSURANCE COMPANY, THE 137,147 4,319,000 5.68%
7 BlackRock Fund Advisors 133,728 4,211,000 5.54%
8 AMICA MUTUAL INSURANCE CO 116,166 3,658,000 4.81%
9 STATE STREET CORP 81,126 2,553,000 3.36%
10 AMICA PENSION FUND BOARD OF TRUSTEES 73,114 2,302,000 3.03%
11 NORTHERN TRUST CORP 66,668 2,100,000 2.76%
12 LSV ASSET MANAGEMENT 62,753 1,976,000 2.60%
13 CRAWFORD INVESTMENT COUNSEL INC 59,578 1,876,000 2.47%
14 GEODE CAPITAL MANAGEMENT, LLC 58,625 1,846,000 2.43%
15 Clean Yield Group 57,144 1,614,000 2.12%
16 RENAISSANCE TECHNOLOGIES LLC 49,800 1,568,000 2.06%
17 BRIDGEWAY CAPITAL MANAGEMENT, LLC 44,050 1,387,000 1.82%
18 BANC FUNDS CO LLC 41,901 1,319,000 1.74%
19 Harvest Capital Strategies LLC 40,992 1,291,000 1.70%
20 PRENTISS SMITH & CO INC 39,210 1,235,000 1.62%
21 Bank of New York Mellon Corp 30,280 953,000 1.25%
22 CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM 24,100 759,000 1.00%
23 Invesco Ltd. 20,665 651,000 0.86%
24 TIAA CREF INVESTMENT MANAGEMENT LLC 20,104 633,000 0.83%
25 BlackRock Investment Management, LLC 18,178 572,000 0.75%
26 PARAMETRIC PORTFOLIO ASSOCIATES LLC 14,957 471,000 0.62%
27 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 13,596 429,000 0.56%
28 Amica Retiree Medical Trust 11,393 359,000 0.47%
29 STRS OHIO 10,700 336,000 0.44%
30 TRUST CO OF VERMONT 10,233 322,000 0.42%
31 WEDGE CAPITAL MANAGEMENT L L P/NC 10,100 318,000 0.42%
32 FMR LLC 10,000 315,000 0.41%
33 Hanson & Doremus Investment Management 9,372 295,000 0.39%
34 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 9,219 290,000 0.38%
35 MORGAN STANLEY 8,789 277,000 0.36%
36 DEUTSCHE BANK AG\ 8,714 272,000 0.36%
37 SALZHAUER MICHAEL 8,360 263,000 0.35%
38 CORNERSTONE CAPITAL MANAGEMENT HOLDINGS LLC. 7,851 247,000 0.32%
39 Community Bank, N.A. 7,750 244,000 0.32%
40 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 7,674 242,000 0.32%
41 RHUMBLINE ADVISERS 7,437 234,000 0.31%
42 TEACHERS ADVISORS, LLC 7,144 225,000 0.30%
43 PRUDENTIAL FINANCIAL INC 6,577 207,000 0.27%
44 FIRST MANHATTAN CO. LLC. 6,000 188,000 0.25%
45 NEW YORK STATE COMMON RETIREMENT FUND 4,500 142,000 0.19%
46 Nationwide Fund Advisors 3,802 120,000 0.16%
47 UBS Group AG 3,224 101,000 0.13%
48 AMERICAN INTERNATIONAL GROUP, INC. 2,913 92,000 0.12%
49 Brandywine Global Investment Management, LLC 2,810 89,000 0.12%
50 BLACKROCK ADVISORS LLC 2,675 84,000 0.11%
Page 1 of 2

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.