Emerald Mutual Fund Advisers Trust 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
APPLE INC	COM	037833100	492	2,197	SH		SOLE		2,197	0	0
AMERIS BANCORP	COM	03076K108	3,313	82,321	SH		SOLE		82,321	0	0
ADAMAS PHARMACEUTICALS INC	COM	00548A106	3,115	609,019	SH		SOLE		609,019	0	0
ADDUS HOMECARE CORPORATION	COM	006739106	16,368	206,455	SH		SOLE		206,455	0	0
AMERICAN EAGLE OUTFITTERS INC.	COM	02553E106	20,290	1,250,937	SH		SOLE		1,250,937	0	0
PLAYAGS INC	COM	72814N104	7,409	720,703	SH		SOLE		720,703	0	0
AIMMUNE THERAPEUTICS INC	COM	00900T107	12,301	587,464	SH		SOLE		587,464	0	0
AEROJET ROCKETDYNE HOLDINGS INC	COM	007800105	16,192	320,565	SH		SOLE		320,565	0	0
ALARM.COM HOLDINGS INC	COM	011642105	13,561	290,749	SH		SOLE		290,749	0	0
AMALGAMATED BANK	COM	022663108	367	22,936	SH		SOLE		22,936	0	0
AMERICAN BUSINESS BK LA CALI	COM	02475L105	2,360	69,178	SH		SOLE		69,178	0	0
ALLIED MOTION TECHNOLOGIES	COM	019330109	2,167	61,362	SH		SOLE		61,362	0	0
AMERANT BANCORP INC	COM	023576101	11,186	533,450	SH		SOLE		533,450	0	0
AMERANT BANCORP INC-CL B	COM	023576200	804	51,872	SH		SOLE		51,872	0	0
AMAZON.COM, INC	COM	023135106	524	302	SH		SOLE		302	0	0
APPLIED THERAPEUTICS INC	COM	03828A101	5,850	532,262	SH		SOLE		532,262	0	0
ARENA PHARMACEUTICALS INC	COM	040047607	12,888	281,577	SH		SOLE		281,577	0	0
ARQULE INC	COM	04269E107	9,895	1,380,009	SH		SOLE		1,380,009	0	0
ASSEMBLY BIOSCIENCES INC	COM	045396108	4,057	412,743	SH		SOLE		412,743	0	0
ATRICURE INC	COM	04963C209	10,822	433,912	SH		SOLE		433,912	0	0
AIR TRANSPORT SERVICES GROUP	COM	00922R105	12,606	599,716	SH		SOLE		599,716	0	0
ATLANTIC UNION BANKSHARES CORP	COM	04911A107	8,075	216,796	SH		SOLE		216,796	0	0
AVROBIO INC	COM	05455M100	9,055	641,265	SH		SOLE		641,265	0	0
BAYCOM CORP	COM	07272M107	5,555	244,595	SH		SOLE		244,595	0	0
BIODELIVERY SCIENCES INTERNATIONAL INC	COM	09060J106	8,186	1,944,531	SH		SOLE		1,944,531	0	0
BUSINESS FIRST BANCSHARES INC	COM	12326C105	5,476	224,440	SH		SOLE		224,440	0	0
BIOHAVEN PHARMACEUTICAL HOLDINGS	COM	G11196105	12,708	304,604	SH		SOLE		304,604	0	0
BRYN MAWR BK CORP	COM	117665109	3,417	93,600	SH		SOLE		93,600	0	0
BANK OF COMMERCE HOLDINGS	COM	06424J103	3,452	316,977	SH		SOLE		316,977	0	0
BANK7 CORP	COM	06652N107	9,381	498,975	SH		SOLE		498,975	0	0
BRIDGEWATER BANCSHARES INC	COM	108621103	2,940	246,272	SH		SOLE		246,272	0	0
CADENCE BANCORP	COM	12739A100	30,622	1,745,862	SH		SOLE		1,745,862	0	0
META FINANCIAL GROUP, INC	COM	59100U108	12,008	368,230	SH		SOLE		368,230	0	0
CBTX INC	COM	12481V104	4,883	175,146	SH		SOLE		175,146	0	0
COASTAL FINANCIAL CORP	COM	19046P209	2,949	195,152	SH		SOLE		195,152	0	0
CNB FINL CORP PA	COM	126128107	4,791	166,927	SH		SOLE		166,927	0	0
COGENT COMMUNICATIONS HOLDINGS	COM	19239V302	17,311	314,175	SH		SOLE		314,175	0	0
CROSSFIRST BANKSHARES INC	COM	22766M109	9,340	652,892	SH		SOLE		652,892	0	0
CENTRIC FINANCIAL CORPORATION	COM	15641J101	941	97,000	SH		SOLE		97,000	0	0
CHURCHILL DOWNS INC	COM	171484108	37,544	304,111	SH		SOLE		304,111	0	0
CHEGG INC	COM	163092109	50,539	1,687,431	SH		SOLE		1,687,431	0	0
CHUY'S HOLDINGS INC	COM	171604101	8,869	358,196	SH		SOLE		358,196	0	0
CIENA CORP	COM	171779309	39,477	1,006,293	SH		SOLE		1,006,293	0	0
CIVISTA BANCSHARES INC	COM	178867107	2,582	118,810	SH		SOLE		118,810	0	0
COMMUNITY HERITAGE FINANCIAL INC	COM	20370L103	537	26,842	SH		SOLE		26,842	0	0
CANNAE HOLDINGS	COM	13765N107	4,844	176,340	SH		SOLE		176,340	0	0
CATALYST PHARMACEUTICAL PARTNERS	COM	14888U101	5,752	1,083,284	SH		SOLE		1,083,284	0	0
CARPENTER TECHNOLOGY CORP	COM	144285103	10,058	194,703	SH		SOLE		194,703	0	0
CENTERSTATE BANKS CORP	COM	15201P109	4,168	173,767	SH		SOLE		173,767	0	0
CURO GROUP HOLD	COM	23131L107	8,728	657,262	SH		SOLE		657,262	0	0
DELEK US HLDGS INC	COM	24665A103	6,691	184,313	SH		SOLE		184,313	0	0
DICERNA PHARMACEUTICALS INC	COM	253031108	11,179	778,516	SH		SOLE		778,516	0	0
EBIX INC	COM	278715206	6,179	146,760	SH		SOLE		146,760	0	0
EHEALTH INC	COM	28238P109	13,258	198,501	SH		SOLE		198,501	0	0
ELOXX PHARMACEUTICALS INC	COM	29014R103	657	145,425	SH		SOLE		145,425	0	0
ESQUIRE FINANCIAL HOLDINGS	COM	29667J101	8,725	351,830	SH		SOLE		351,830	0	0
EVERQUOTE INC	COM	30041R108	2,316	108,540	SH		SOLE		108,540	0	0
EVO PAYMENTS INC CLASS A	COM	26927E104	7,686	273,312	SH		SOLE		273,312	0	0
EVERI HOLDINGS INC	COM	30034T103	12,305	1,454,440	SH		SOLE		1,454,440	0	0
FIRST CHOICE BANCORP	COM	31948P104	2,612	122,502	SH		SOLE		122,502	0	0
FIVE BELOW	COM	33829M101	43,745	346,905	SH		SOLE		346,905	0	0
FIRST MID BANCSHARES INC	COM	320866106	4,641	134,051	SH		SOLE		134,051	0	0
FOCUS FINANCIAL PARTNERS	COM	34417P100	5,795	243,486	SH		SOLE		243,486	0	0
FRESHPET INC	COM	358039105	39,110	785,816	SH		SOLE		785,816	0	0
FS BANCORP INC	COM	30263Y104	3,486	66,405	SH		SOLE		66,405	0	0
FORESCOUT TECHNOLOGIES INC	COM	34553D101	35,028	923,731	SH		SOLE		923,731	0	0
FVCBANKCORP INC	COM	36120Q101	2,977	169,547	SH		SOLE		169,547	0	0
GREEN DOT CORP	COM	39304D102	3,358	132,988	SH		SOLE		132,988	0	0
GLU MOBILE INC	COM	379890106	12,440	2,492,987	SH		SOLE		2,492,987	0	0
GUARANTY BANCSHARES INC	COM	400764106	6,118	200,000	SH		SOLE		200,000	0	0
ALPHABET INC CLA A	COM	02079K305	387	317	SH		SOLE		317	0	0
CHART INDS INC	COM	16115Q308	20,847	334,300	SH		SOLE		334,300	0	0
HAEMONETICS CORPORATION	COM	405024100	22,576	178,977	SH		SOLE		178,977	0	0
HEALTH CATALYST INC	COM	42225T107	542	17,116	SH		SOLE		17,116	0	0
H&E EQUIPMENT SERVICES INC	COM	404030108	3,695	128,042	SH		SOLE		128,042	0	0
HERITAGE FINL CORP WASH	COM	42722X106	1,417	52,558	SH		SOLE		52,558	0	0
HARSCO CORP	COM	415864107	9,411	496,358	SH		SOLE		496,358	0	0
HERITAGE COMMERCE CORP	COM	426927109	2,490	211,862	SH		SOLE		211,862	0	0
HYRECAR INC	COM	44916T107	469	187,471	SH		SOLE		187,471	0	0
HORIZON THERAPEUTICS PLC	COM	G46188101	32,234	1,183,779	SH		SOLE		1,183,779	0	0
INTERCEPT PHARMACEUTICAL	COM	45845P108	8,619	129,878	SH		SOLE		129,878	0	0
INTRICON CORP	COM	46121H109	3,257	167,531	SH		SOLE		167,531	0	0
INNOVATIVE INDUSTRIAL PROPER	COM	45781V101	6,912	74,831	SH		SOLE		74,831	0	0
INDUSTRIAL LOGISTICS PROPERTIES	COM	456237106	4,105	193,199	SH		SOLE		193,199	0	0
INTERNATIONAL MONEY EXPRESS INC	COM	46005L101	1,517	110,410	SH		SOLE		110,410	0	0
INSMED INC	COM	457669307	16,087	911,936	SH		SOLE		911,936	0	0
INVESTAR HOLDIN	COM	46134L105	2,494	104,770	SH		SOLE		104,770	0	0
INTEGER HOLDINGS CORP	COM	45826H109	26,790	354,552	SH		SOLE		354,552	0	0
JACK IN THE BOX INC	COM	466367109	28,611	313,993	SH		SOLE		313,993	0	0
JAMES RIVER GROUP HOLDINGS	COM	G5005R107	1,570	30,648	SH		SOLE		30,648	0	0
AKERNA CORP	COM	00973W102	442	74,567	SH		SOLE		74,567	0	0
KINGSTONE INC	COM	496719105	809	94,901	SH		SOLE		94,901	0	0
KIRKLAND LAKE GOLD LTD	COM	49741E100	6,334	141,390	SH		SOLE		141,390	0	0
KNOLL INC	COM	498904200	4,825	190,337	SH		SOLE		190,337	0	0
KINSALE CAPITAL GROUP INC	COM	49714P108	1,896	18,353	SH		SOLE		18,353	0	0
KARYOPHARM THERAPEUTICS INC	COM	48576U106	13,785	1,432,932	SH		SOLE		1,432,932	0	0
KRATOS DEFENSE AND SECURITY	COM	50077B207	35,891	1,930,167	SH		SOLE		1,930,167	0	0
LEAF GROUP LTD	COM	52177G102	2,279	542,546	SH		SOLE		542,546	0	0
LUMENTUM HOLDINGS INC	COM	55024U109	10,747	200,660	SH		SOLE		200,660	0	0
LIVANOVA PLC	COM	G5509L101	11,441	155,047	SH		SOLE		155,047	0	0
LIVE OAK BANCSHARES INC	COM	53803X105	1,948	107,636	SH		SOLE		107,636	0	0
LIVONGO HEALTH INC	COM	539183103	1,292	74,110	SH		SOLE		74,110	0	0
MERCHANTS BANCORP IN	COM	58844R108	7,191	434,759	SH		SOLE		434,759	0	0
MOELIS & CO	COM	60786M105	16,509	502,561	SH		SOLE		502,561	0	0
METROPOLITAN BANK HOLDING CO	COM	591774104	9,017	229,276	SH		SOLE		229,276	0	0
MECHANICS BANK RICHMOND CA	COM	583614102	1,632	53	SH		SOLE		53	0	0
THE MARCUS CORP	COM	566330106	9,226	249,281	SH		SOLE		249,281	0	0
MONEYGRAM INTERNATIONAL	COM	60935Y208	2,485	624,263	SH		SOLE		624,263	0	0
MALVERN BANCORP INC	COM	561409103	5,722	262,103	SH		SOLE		262,103	0	0
MERIT MED SYS INC	COM	589889104	11,802	387,450	SH		SOLE		387,450	0	0
MONMOUTH REAL ESTATE INV	COM	609720107	9,492	658,702	SH		SOLE		658,702	0	0
MODEL N INC	COM	607525102	18,090	651,669	SH		SOLE		651,669	0	0
MERCURY SYSTEMS INC	COM	589378108	30,419	374,752	SH		SOLE		374,752	0	0
MIRATI THERAPEUTICS INC	COM	60468T105	9,978	128,071	SH		SOLE		128,071	0	0
MICROSOFT CORP	COM	594918104	618	4,444	SH		SOLE		4,444	0	0
MERITAGE CORP	COM	59001A102	24,984	355,142	SH		SOLE		355,142	0	0
NOODLES AND COMPANY	COM	65540B105	5,336	942,759	SH		SOLE		942,759	0	0
NEOGENOMICS INC	COM	64049M209	34,005	1,778,530	SH		SOLE		1,778,530	0	0
NEW RELIC INC	COM	64829B100	3,992	64,970	SH		SOLE		64,970	0	0
NEW FORTRESS ENERGY LLC	COM	644393100	14,002	776,616	SH		SOLE		776,616	0	0
NMI HOLDINGS INC	COM	629209305	1,346	51,270	SH		SOLE		51,270	0	0
INSPERITY INC	COM	45778Q107	20,603	208,917	SH		SOLE		208,917	0	0
BANK OF NT BUTTERFIELD AND SON LTD	COM	G0772R208	6,794	229,213	SH		SOLE		229,213	0	0
NV5 GLOBAL INC	COM	62945V109	17,683	259,011	SH		SOLE		259,011	0	0
ORIGIN BANCORP INC	COM	68621T102	5,085	150,710	SH		SOLE		150,710	0	0
OCEANFIRST FINANCIAL CORP	COM	675234108	16,746	709,589	SH		SOLE		709,589	0	0
ONCOCYTE CORP	COM	68235C107	5,103	2,430,180	SH		SOLE		2,430,180	0	0
OLLIE'S BARGAIN OUTLET HOLDINGS	COM	681116109	20,218	344,779	SH		SOLE		344,779	0	0
ONEMAIN HOLDINGS INC	COM	68268W103	3,655	99,650	SH		SOLE		99,650	0	0
OPUS BANK	COM	684000102	598	27,451	SH		SOLE		27,451	0	0
OSI SYSTEMS INC	COM	671044105	220	2,163	SH		SOLE		2,163	0	0
PROFESSIONAL HOLDING CORP	COM	743139107	4,985	279,177	SH		SOLE		279,177	0	0
PROOFPOINT INC	COM	743424103	15,427	119,539	SH		SOLE		119,539	0	0
THE CHILDREN'S PLACE INC	COM	168905107	20,921	271,740	SH		SOLE		271,740	0	0
PALOMAR HOLDINGS INC	COM	69753M105	831	21,080	SH		SOLE		21,080	0	0
PLANET FITNESS INC	COM	72703H101	34,672	599,142	SH		SOLE		599,142	0	0
PLYMOUTH INDUSTRIAL REIT INC	COM	729640102	325	17,744	SH		SOLE		17,744	0	0
CPI CARD GROUP INC	COM	12634H200	90	34,921	SH		SOLE		34,921	0	0
PINNACLE FINL PARTNERS INC	COM	72346Q104	15,499	273,113	SH		SOLE		273,113	0	0
PACIFIC PREMIER BANCORP	COM	69478X105	22,954	735,944	SH		SOLE		735,944	0	0
PQ GROUP HOLDINGS INC	COM	73943T103	11,555	724,931	SH		SOLE		724,931	0	0
PERFICIENT INC	COM	71375U101	5,088	131,873	SH		SOLE		131,873	0	0
PLURALSIGHT INC	COM	72941B106	20,859	1,241,990	SH		SOLE		1,241,990	0	0
PERSONALIS INC	COM	71535D106	3,756	255,913	SH		SOLE		255,913	0	0
PTC THERAPEUTICS INC	COM	69366J200	12,291	363,412	SH		SOLE		363,412	0	0
PORTOLA PHARMACEUTICALS INC	COM	737010108	12,578	468,984	SH		SOLE		468,984	0	0
PEOPLE'S UTAH BANCORP	COM	712706209	3,657	129,277	SH		SOLE		129,277	0	0
QUINSTREET INC	COM	74874Q100	1,405	111,560	SH		SOLE		111,560	0	0
Q2 HOLDINGS INC	COM	74736L109	14,184	179,839	SH		SOLE		179,839	0	0
RADIUS HEALTH INC	COM	750469207	19,626	762,173	SH		SOLE		762,173	0	0
REPLIMUNE GROUP INC	COM	76029N106	10,194	733,404	SH		SOLE		733,404	0	0
REATA PHARMACEUTICALS INC	COM	75615P103	21,463	267,321	SH		SOLE		267,321	0	0
REPAY HOLDINGS CORP CL A	COM	76029L100	2,463	184,790	SH		SOLE		184,790	0	0
RAPID7 INC	COM	753422104	31,395	691,672	SH		SOLE		691,672	0	0
SAILPOINT TECHNOLOGIES HOLDINGS	COM	78781P105	9,812	524,994	SH		SOLE		524,994	0	0
BOSTON BEER COMPANY, INC CLASS A	COM	100557107	4,399	12,082	SH		SOLE		12,082	0	0
SPIRIT AIRLS INC	COM	848577102	5,997	165,211	SH		SOLE		165,211	0	0
STERLING BANCORP INC	COM	85917W102	7,564	774,949	SH		SOLE		774,949	0	0
SEACOAST COMMERCE BANK	COM	81171B108	4,623	254,684	SH		SOLE		254,684	0	0
SEAWORLD ENTERTAINMENT	COM	81282V100	27,937	1,061,441	SH		SOLE		1,061,441	0	0
SERVISFIRST BANCSHARES INC	COM	81768T108	8,080	243,750	SH		SOLE		243,750	0	0
SOUTHERN FIRST BANCSHARES	COM	842873101	2,831	71,032	SH		SOLE		71,032	0	0
SHENANDOAH TELECOMMUNICATION	COM	82312B106	3,919	123,355	SH		SOLE		123,355	0	0
MADDEN STEVEN LTD	COM	556269108	27,525	769,074	SH		SOLE		769,074	0	0
SIMPLY GOOD FOODS CO	COM	82900L102	37,511	1,293,945	SH		SOLE		1,293,945	0	0
1ST SOURCE CORP	COM	336901103	3,229	70,605	SH		SOLE		70,605	0	0
STAG INDUSTRIALS INC	COM	85254J102	2,201	74,650	SH		SOLE		74,650	0	0
SPIRIT OF TEXAS BANCSHARES	COM	84861D103	6,618	307,100	SH		SOLE		307,100	0	0
SVMK INC	COM	78489X103	14,927	872,945	SH		SOLE		872,945	0	0
DEL TACO RESTAURANTS INC	COM	245496104	8,877	868,159	SH		SOLE		868,159	0	0
THE BANCORP INC	COM	05969A105	9,092	918,342	SH		SOLE		918,342	0	0
TRIUMPH BANCORP	COM	89679E300	10,311	323,315	SH		SOLE		323,315	0	0
TELADOC HEALTH INC	COM	87918A105	23,167	342,099	SH		SOLE		342,099	0	0
TENABLE HOLDING	COM	88025T102	12,489	558,060	SH		SOLE		558,060	0	0
TILLY'S INC-CLASS A SHRS	COM	886885102	6,217	658,610	SH		SOLE		658,610	0	0
TRANSMEDICS GROUP INC	COM	89377M109	4,667	196,510	SH		SOLE		196,510	0	0
TAYLOR MORRISON HOME CORP	COM	87724P106	5,394	207,950	SH		SOLE		207,950	0	0
TANDEM DIABETES CARE INC	COM	875372203	31,987	542,330	SH		SOLE		542,330	0	0
TRINET GROUP IN	COM	896288107	32,626	524,624	SH		SOLE		524,624	0	0
TUTOR PERINI CORPORATION	COM	901109108	9,721	678,353	SH		SOLE		678,353	0	0
LENDINGTREE INC	COM	52603B107	32,131	103,506	SH		SOLE		103,506	0	0
TREX INC	COM	89531P105	58,489	643,227	SH		SOLE		643,227	0	0
TABULA RASA HEALTHCARE INC	COM	873379101	17,910	326,001	SH		SOLE		326,001	0	0
TRISTATE CAPITAL HOLDINGS	COM	89678F100	295	14,044	SH		SOLE		14,044	0	0
TETRA TECH INC	COM	88162G103	33,762	389,142	SH		SOLE		389,142	0	0
TETRA TECHNOLOGIES	COM	88162F105	54	27,076	SH		SOLE		27,076	0	0
TWIST BIOSCIENCE CORP	COM	90184D100	12,515	524,093	SH		SOLE		524,093	0	0
UNIVERSITY BANCORP INC	COM	914090105	2,058	250,000	SH		SOLE		250,000	0	0
UNITY BANCORP INC	COM	913290102	3,738	168,750	SH		SOLE		168,750	0	0
URBAN OUTFITTERS INC	COM	917047102	10,019	356,692	SH		SOLE		356,692	0	0
USA TECHNOLOGIES INC	COM	90328S500	8,322	1,135,296	SH		SOLE		1,135,296	0	0
VISA INC-CLASS A	COM	92826C839	208	1,207	SH		SOLE		1,207	0	0
VERITEX HOLDINGS INC	COM	923451108	3,288	135,517	SH		SOLE		135,517	0	0
VERICEL CORP	COM	92346J108	10,876	718,359	SH		SOLE		718,359	0	0
VOCERAMUNICATIONS INC	COM	92857F107	16,968	688,366	SH		SOLE		688,366	0	0
VONAGE HOLDINGS CORP	COM	92886T201	29,756	2,633,249	SH		SOLE		2,633,249	0	0
VIAVI SOLUTIONS INC	COM	925550105	11,629	830,316	SH		SOLE		830,316	0	0
VIPER ENERGY PA	COM	92763M105	9,121	329,627	SH		SOLE		329,627	0	0
VAREX IMAGING CORPORATION	COM	92214X106	8,613	301,771	SH		SOLE		301,771	0	0
VARONIS SYSTEMS INC	COM	922280102	27,855	465,964	SH		SOLE		465,964	0	0
BOINGO WIRELESS INC	COM	09739C102	4,810	433,301	SH		SOLE		433,301	0	0
EXICURE INC	COM	30205M101	1,265	500,000	SH		SOLE		500,000	0	0
YETI HOLDINGS INC	COM	98585X104	16,781	599,308	SH		SOLE		599,308	0	0
ZOGENIX INC	COM	98978L204	13,220	330,169	SH		SOLE		330,169	0	0