Emancipation Management LLC

Q3 2015 13F Holdings Report, Stock Holdings

Signature - Title: Charles Frumberg - Managing Member
Location: New York, NY
Holdings as of: 30 Sep 2015
Value $: $87,033,000
Num holdings: 45
Filing time: 16 Nov 2015, 15:51:46 UTC
Form type: 13F-HR
Description: All US holdings of this investor are reported in this report. Top holdings included CECO, TRNS, NVGS, EML, and IDSY.
Previous filing: Q2 2015 - 08 Sep 2015
Next filing: Q4 2015 - 12 Feb 2016
SEC: View on sec.gov

Sym	Weight	Trade Impact	Company	Class	Share Change	Activity	Value Change $	Value $	* Price $	Shares	Principal

Filing 2015 Q3 compared to 2015 Q2 by default. Changes are calculated vs the previous SEC filing.

Compare Q3 2015 to

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Charles Frumberg	Managing Member	New York, New York	16 Nov 2015

This 13F Report is an aggregate filing for Emancipation Management LLC ("Emancipation") and Circle N Advisors, LLC ("Circle N"), both of which are under common control of Mr. Charles Frumberg. On June 26, 2015, Circle N acquired substantially all of the business assets of NSB Advisors LLC ("NSB"). Holdings formerly reported by NSB are now being reported on this 13F report by Emancipation.