Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers, Trust as of March 31, 2011

Portfolio Holdings for Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers, Trust holds 178 positions in its portfolio as reported in the March 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
MWI Veterinary Supply 2.5 $7.6M 94k 80.68
IPG Photonics Corporation (IPGP) 2.5 $7.5M 130k 57.68
WESCO International (WCC) 1.8 $5.5M 88k 62.50
FARO Technologies (FARO) 1.8 $5.4M 134k 40.00
3D Systems Corporation (DDD) 1.7 $5.0M 104k 48.53
Ii-vi 1.6 $4.8M 96k 49.75
Ultimate Software 1.5 $4.6M 78k 58.74
Aruba Networks 1.5 $4.5M 133k 33.84
Whiting Petroleum Corporation 1.5 $4.4M 60k 73.46
Acme Packet 1.5 $4.4M 62k 70.97
Tibco Software 1.4 $4.3M 157k 27.26
Gulfport Energy Corporation 1.4 $4.3M 119k 36.13
Rackspace Hosting 1.4 $4.2M 97k 42.86
SuccessFactors 1.4 $4.2M 107k 39.08
Cavium Networks 1.3 $4.0M 89k 44.92
AboveNet 1.3 $4.0M 61k 64.86
Kraton Performance Polymers 1.3 $3.9M 102k 38.25
Fortinet (FTNT) 1.2 $3.7M 85k 44.16
Bank of the Ozarks 1.2 $3.7M 85k 43.72
Hibbett Sports (HIBB) 1.2 $3.7M 103k 35.81
Riverbed Technology 1.2 $3.7M 97k 37.64
Ulta Salon, Cosmetics & Fragrance (ULTA) 1.2 $3.6M 75k 48.14
Esterline Technologies Corporation 1.2 $3.6M 51k 70.70
Triumph (TGI) 1.2 $3.6M 41k 88.44
Body Central Acquisition Corporation 1.2 $3.5M 150k 23.23
Middleby Corporation (MIDD) 1.1 $3.4M 37k 93.13
Warna 1.1 $3.4M 59k 57.20
Diamond Foods 1.1 $3.4M 60k 55.80
Signature Bank (SBNY) 1.1 $3.3M 59k 56.41
RPC (RES) 1.1 $3.3M 130k 25.32
Allied Nevada Gold 1.1 $3.3M 93k 35.49
NetLogic Microsystems 1.1 $3.3M 78k 42.02
Bio-Reference Laboratories 1.1 $3.3M 145k 22.43
Molina Healthcare (MOH) 1.1 $3.2M 80k 40.01
BJ's Restaurants (BJRI) 1.0 $3.1M 80k 39.32
Stifel Financial (SF) 1.0 $3.1M 64k 47.88
NewMarket Corporation (NEU) 1.0 $3.0M 19k 158.18
IBERIABANK Corporation 1.0 $2.9M 48k 60.10
Rovi Corporation 0.9 $2.9M 53k 53.64
Actuant Corporation 0.9 $2.8M 96k 28.99
DuPont Fabros Technology 0.9 $2.8M 115k 24.25
G-III Apparel (GIII) 0.9 $2.7M 71k 37.57
InterDigital (IDCC) 0.9 $2.6M 55k 47.70
Horsehead Holding 0.9 $2.6M 152k 17.05
Raven Industries 0.8 $2.5M 40k 61.43
Pharmasset 0.8 $2.4M 31k 78.69
Qlik Technologies 0.8 $2.4M 92k 26.00
Microsemi Corporation 0.8 $2.4M 114k 20.71
Schweitzer-Mauduit International (MATV) 0.8 $2.4M 47k 50.62
Stillwater Mining Company 0.8 $2.3M 102k 22.93
Volcano Corporation 0.8 $2.3M 91k 25.60
BioMimetic Therapeutics 0.8 $2.3M 175k 13.11
Tutor Perini Corporation (TPC) 0.7 $2.2M 91k 24.37
Vitamin Shoppe 0.7 $2.2M 64k 33.82
Finish Line 0.7 $2.1M 107k 19.84
Catalyst Health Solutions 0.7 $2.0M 36k 55.91
Sourcefire 0.7 $2.0M 73k 27.50
Natus Medical 0.7 $2.0M 118k 16.80
Monro Muffler Brake (MNRO) 0.7 $1.9M 59k 32.96
Quality Systems 0.6 $1.9M 23k 83.31
Walker & Dunlop (WD) 0.6 $1.9M 158k 12.15
Masimo Corporation (MASI) 0.6 $1.9M 58k 33.09
Inphi Corporation 0.6 $1.9M 89k 21.01
Dice Holdings 0.6 $1.8M 122k 15.11
ExlService Holdings (EXLS) 0.6 $1.8M 87k 21.15
Universal Display Corporation (OLED) 0.6 $1.8M 32k 55.02
PAREXEL International Corporation 0.6 $1.7M 70k 24.89
Texas Capital Bancshares (TCBI) 0.6 $1.7M 67k 25.99
Nordson Corporation (NDSN) 0.6 $1.7M 30k 57.55
Ultra Clean Holdings (UCTT) 0.6 $1.7M 169k 10.34
GSI Commerce 0.6 $1.7M 58k 29.26
VeriFone Systems 0.6 $1.7M 31k 54.92
Robbins & Myers 0.6 $1.7M 36k 45.97
ViaSat (VSAT) 0.5 $1.6M 41k 39.86
Hub (HUBG) 0.5 $1.6M 45k 36.21
Taleo Corporation 0.5 $1.6M 46k 35.64
Ebix (EBIXQ) 0.5 $1.6M 69k 23.66
Salix Pharmaceuticals 0.5 $1.6M 46k 35.03
Synchronoss Technologies 0.5 $1.6M 46k 34.73
Kforce (KFRC) 0.5 $1.5M 83k 18.30
IntraLinks Holdings 0.5 $1.5M 58k 26.75
Regeneron Pharmaceuticals (REGN) 0.5 $1.5M 33k 44.91
Adtran 0.5 $1.5M 35k 42.43
Crocs (CROX) 0.5 $1.5M 82k 17.84
Rudolph Technologies 0.5 $1.5M 135k 10.94
Rush Enterprises (RUSHA) 0.5 $1.5M 74k 19.81
Texas Roadhouse (TXRH) 0.5 $1.5M 86k 16.99
Graham Corporation (GHM) 0.5 $1.4M 60k 23.93
Air Transport Services (ATSG) 0.5 $1.4M 168k 8.46
Jazz Pharmaceuticals 0.5 $1.4M 42k 31.83
LogMeIn 0.5 $1.4M 32k 42.18
Gevo 0.4 $1.3M 66k 19.71
Cass Information Systems (CASS) 0.4 $1.3M 32k 39.30
Palomar Medical Technologies 0.4 $1.3M 85k 14.84
Wintrust Financial Corporation (WTFC) 0.4 $1.2M 33k 36.76
Prosperity Bancshares (PB) 0.4 $1.1M 26k 42.76
MIPS Technologies 0.3 $1.1M 100k 10.48
Healthsouth 0.3 $1.0M 41k 24.99
Epocrates 0.3 $1.0M 51k 19.80
Fresh Market 0.3 $991k 26k 37.75
ValueVision Media 0.3 $955k 150k 6.36
Bank of Marin Ban (BMRC) 0.3 $947k 25k 37.30
Danvers Ban (DNBK) 0.3 $873k 41k 21.43
First of Long Island Corporation (FLIC) 0.3 $873k 32k 27.76
Orrstown Financial Services (ORRF) 0.3 $859k 31k 28.00
Meadowbrook Insurance 0.3 $828k 80k 10.35
Magnum Hunter Resources Corporation 0.3 $806k 94k 8.57
East West Ban (EWBC) 0.3 $773k 35k 21.95
Western Alliance Bancorporation (WAL) 0.3 $789k 96k 8.22
Teche Holding Company 0.2 $757k 21k 36.39
Neophotonics Corp 0.2 $749k 66k 11.32
First Financial Bankshares (FFIN) 0.2 $724k 14k 51.35
First Citizens BancShares (FCNCA) 0.2 $676k 3.4k 200.53
SVB Financial (SIVBQ) 0.2 $675k 12k 56.92
Cardinal Financial Corporation 0.2 $700k 60k 11.66
Lakeland Financial Corporation (LKFN) 0.2 $682k 30k 22.69
Envestnet (ENV) 0.2 $697k 52k 13.43
Summit Hotel Properties (INN) 0.2 $688k 69k 9.94
Preferred Apartment Communitie 0.2 $700k 70k 10.01
American Campus Communities 0.2 $648k 20k 32.99
DiamondRock Hospitality Company (DRH) 0.2 $616k 55k 11.16
Hancock Holding Company (HWC) 0.2 $631k 19k 32.85
Horizon Ban (HBNC) 0.2 $591k 22k 27.32
FirstMerit Corporation 0.2 $548k 32k 17.08
Urstadt Biddle Properties 0.2 $528k 28k 19.01
Columbia Banking System (COLB) 0.2 $540k 28k 19.17
Affiliated Managers (AMG) 0.2 $501k 4.6k 109.39
First Financial Ban (FFBC) 0.2 $482k 29k 16.70
Tower 0.2 $483k 20k 24.02
ViewPoint Financial 0.2 $476k 37k 13.01
Eagle Ban (EGBN) 0.2 $465k 33k 14.04
Raymond James Financial (RJF) 0.1 $457k 12k 38.21
Independent Bank (INDB) 0.1 $452k 17k 26.99
Ixia 0.1 $442k 28k 15.85
Bravo Brio Restaurant 0.1 $461k 26k 17.72
Bankunited (BKU) 0.1 $442k 15k 28.74
SCBT Financial Corporation 0.1 $424k 13k 33.28
VIST Financial 0.1 $421k 49k 8.65
Washington Banking Company 0.1 $401k 29k 14.09
Washington Federal (WAFD) 0.1 $380k 22k 17.32
Tompkins Financial Corporation (TMP) 0.1 $354k 8.5k 41.55
Susquehanna Bancshares 0.1 $356k 38k 9.35
Heritage Financial Corporation (HFWA) 0.1 $368k 26k 14.18
California United Bank 0.1 $350k 27k 12.91
Financial Institutions (FISI) 0.1 $322k 18k 17.50
Dime Community Bancshares 0.1 $338k 23k 14.76
First Niagara Financial 0.1 $317k 23k 13.59
First California Financial 0.1 $341k 91k 3.75
Hersha Hospitality Trust 0.1 $309k 52k 5.95
Greenhill & Co 0.1 $299k 4.5k 65.86
KBW 0.1 $289k 11k 26.18
Sandy Spring Ban (SASR) 0.1 $314k 17k 18.49
Southwest Ban 0.1 $300k 21k 14.18
Pinnacle Financial Partners (PNFP) 0.1 $272k 17k 16.52
Capitol Federal Financial (CFFN) 0.1 $255k 23k 11.27
Tower Ban 0.1 $267k 12k 22.29
Citizens Financial Services (CZFS) 0.1 $265k 7.1k 37.48
Community Bank System (CBU) 0.1 $230k 9.5k 24.24
Oriental Financial 0.1 $225k 18k 12.56
National Retail Properties (NNN) 0.1 $227k 8.7k 26.09
Whitestone REIT (WSR) 0.1 $253k 18k 14.33
Bryn Mawr Bank 0.1 $251k 12k 20.61
American Business Bank (AMBZ) 0.1 $245k 11k 22.99
Jefferies 0.1 $223k 8.9k 24.94
Berkshire Hills Ban (BHLB) 0.1 $221k 11k 20.79
MidSouth Ban 0.1 $211k 15k 14.49
Evans Bancorp (EVBN) 0.1 $198k 14k 14.09
Flushing Financial Corporation (FFIC) 0.1 $186k 13k 14.88
F.N.B. Corporation (FNB) 0.1 $184k 18k 10.51
HopFed Ban 0.1 $171k 19k 9.23
Pacific Premier Ban (PPBI) 0.1 $187k 28k 6.80
Park Sterling Bk Charlott 0.1 $173k 36k 4.85
First Horizon National Corporation (FHN) 0.1 $137k 12k 11.18
Enterprise Financial Services (EFSC) 0.1 $160k 11k 14.09
Ameris Ban (ABCB) 0.1 $143k 14k 10.13
Southern National Banc. of Virginia 0.0 $99k 14k 7.14
Carolina Trust Bank 0.0 $89k 28k 3.17
1st United Ban 0.0 $74k 11k 7.01