MONARCH FINANCIAL HOLDINGS I

CUSIP: 60907Q100 Class: COM

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

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

Q3 2013
Shares 31,740 Value ($000) $372 Avg Close — Range —
Q2 2013
Shares 31,740 Value ($000) $344 Avg Close — Range —