HERON THERAPEUTICS INC

Ticker: HRTX CUSIP: 427746102 Class: COM

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

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

Q3 2014

Shares 290,180 Value ($000) $2,417 Avg Close $9.31 Range $8.22 - $12.70

Q2 2014

Shares 275,600 Value ($000) $3,395 Avg Close $11.95 Range $10.02 - $15.50

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	290,180	$2,417	$9.31	$8.22 - $12.70
Q2 2014	275,600	$3,395	$11.95	$10.02 - $15.50