ARTISAN PARTNERS ASSET MGMT

Ticker: APAM CUSIP: 04316A108 Class: Common Stock

EMERALD MUTUAL FUND ADVISERS TRUST's Holding History (CIK: 0001352895)

Note: Option positions (PUT/CALL) are excluded.

Q2 2014

Shares 10,284 Value ($000) $583 Avg Close $19.78 Range $17.96 - $22.57

Q1 2014

Shares 10,284 Value ($000) $661 Avg Close $21.74 Range $19.05 - $23.81

Q4 2013

Shares 10,284 Value ($000) $659 Avg Close $19.70 Range $16.86 - $21.88

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	10,284	$583	$19.78	$17.96 - $22.57
Q1 2014	10,284	$661	$21.74	$19.05 - $23.81
Q4 2013	10,284	$659	$19.70	$16.86 - $21.88