Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers, Trust as of June 30, 2011

Portfolio Holdings for Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers, Trust holds 170 positions in its portfolio as reported in the June 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
IPG Photonics Corporation (IPGP) 2.7 $7.7M 107k 72.72
MWI Veterinary Supply 2.6 $7.6M 94k 80.78
FARO Technologies (FARO) 2.0 $5.8M 133k 43.80
Diamond Foods 1.8 $5.2M 68k 76.34
Signature Bank (SBNY) 1.7 $5.0M 87k 57.20
Ulta Salon, Cosmetics & Fragrance (ULTA) 1.7 $4.8M 75k 64.59
WESCO International (WCC) 1.6 $4.8M 88k 54.09
Triumph (TGI) 1.6 $4.7M 95k 49.80
Fortinet (FTNT) 1.6 $4.6M 168k 27.29
Vitamin Shoppe 1.5 $4.4M 97k 45.76
Esterline Technologies Corporation 1.5 $4.3M 57k 76.41
Tibco Software 1.5 $4.3M 148k 29.02
AboveNet 1.5 $4.3M 61k 70.45
Ultimate Software 1.4 $4.2M 78k 54.43
Bank of the Ozarks 1.4 $4.2M 81k 52.07
Hibbett Sports (HIBB) 1.4 $4.2M 102k 40.70
BJ's Restaurants (BJRI) 1.4 $4.2M 80k 52.35
Basic Energy Services 1.3 $3.7M 117k 31.47
Catalyst Health Solutions 1.2 $3.6M 64k 55.82
Body Central Acquisition Corporation 1.2 $3.6M 152k 23.53
Finish Line 1.2 $3.5M 164k 21.40
Qlik Technologies 1.2 $3.5M 103k 34.07
Gulfport Energy Corporation 1.2 $3.5M 118k 29.69
Middleby Corporation (MIDD) 1.2 $3.5M 37k 94.02
Aruba Networks 1.2 $3.5M 118k 29.55
Kraton Performance Polymers 1.2 $3.5M 89k 39.16
Molina Healthcare (MOH) 1.2 $3.4M 127k 27.12
Healthsouth 1.1 $3.3M 126k 26.25
Allied Nevada Gold 1.1 $3.3M 93k 35.37
Acme Packet 1.1 $3.3M 47k 70.12
SuccessFactors 1.1 $3.1M 107k 29.41
Alkermes 1.0 $3.0M 159k 18.60
Volcano Corporation 1.0 $2.9M 91k 32.30
Hub (HUBG) 1.0 $2.9M 76k 37.66
Salix Pharmaceuticals 1.0 $2.8M 71k 39.83
Stifel Financial (SF) 1.0 $2.8M 78k 35.86
Rackspace Hosting 1.0 $2.8M 66k 42.73
Sagent Pharmaceuticals 1.0 $2.8M 104k 26.98
Pharmasset 0.9 $2.8M 25k 112.23
Texas Capital Bancshares (TCBI) 0.9 $2.7M 106k 25.83
Schweitzer-Mauduit International (MATV) 0.9 $2.6M 46k 56.16
Natus Medical 0.9 $2.6M 173k 15.15
NewMarket Corporation (NEU) 0.9 $2.6M 15k 170.66
RPC (RES) 0.8 $2.5M 101k 24.54
Cavium 0.8 $2.5M 57k 43.60
InterDigital (IDCC) 0.8 $2.4M 59k 40.84
Incyte Corporation (INCY) 0.8 $2.3M 120k 18.94
DuPont Fabros Technology 0.8 $2.3M 91k 25.19
Raven Industries 0.8 $2.2M 40k 55.71
Chart Industries (GTLS) 0.8 $2.2M 41k 53.98
Ii-vi 0.8 $2.2M 85k 25.61
Sourcefire 0.7 $2.1M 72k 29.72
Crocs (CROX) 0.7 $2.1M 82k 25.76
Adtran 0.7 $2.1M 55k 38.72
Merit Medical Systems (MMSI) 0.7 $2.1M 117k 17.97
American Railcar Industries 0.7 $2.1M 89k 23.45
G-III Apparel (GIII) 0.7 $2.1M 61k 34.49
IntraLinks Holdings 0.7 $2.1M 119k 17.28
Responsys 0.7 $2.1M 116k 17.73
Gnc Holdings Inc Cl A 0.7 $2.0M 93k 21.81
Quality Systems 0.7 $2.0M 22k 87.29
Mid-America Apartment (MAA) 0.6 $1.8M 27k 67.49
Synchronoss Technologies 0.6 $1.8M 57k 31.74
Bio-Reference Laboratories 0.6 $1.8M 88k 20.90
Microsemi Corporation 0.6 $1.8M 88k 20.51
Bravo Brio Restaurant 0.6 $1.8M 73k 24.44
3D Systems Corporation (DDD) 0.6 $1.8M 89k 19.71
Masimo Corporation (MASI) 0.6 $1.7M 57k 29.68
Fresh Market 0.6 $1.7M 43k 38.67
ViaSat (VSAT) 0.6 $1.6M 38k 43.26
Nordson Corporation (NDSN) 0.6 $1.6M 30k 54.84
NPS Pharmaceuticals 0.6 $1.7M 176k 9.45
PAREXEL International Corporation 0.6 $1.6M 69k 23.55
Sirona Dental Systems 0.6 $1.6M 31k 53.13
NetLogic Microsystems 0.6 $1.6M 40k 40.42
LogMeIn 0.6 $1.6M 42k 38.59
Rush Enterprises (RUSHA) 0.5 $1.6M 82k 19.03
Tennant Company (TNC) 0.5 $1.6M 40k 39.93
Tesco Corporation 0.5 $1.5M 80k 19.42
Dice Holdings 0.5 $1.5M 113k 13.52
Inphi Corporation 0.5 $1.5M 89k 17.41
Ultra Clean Holdings (UCTT) 0.5 $1.5M 168k 9.08
Taleo Corporation 0.5 $1.5M 40k 37.02
Warna 0.5 $1.5M 28k 52.23
Rovi Corporation 0.5 $1.4M 24k 57.38
Gevo 0.5 $1.3M 85k 15.74
Roadrunner Transportation Services Hold. 0.5 $1.3M 86k 15.07
Palomar Medical Technologies 0.4 $1.3M 113k 11.28
Riverbed Technology 0.4 $1.3M 32k 39.58
Theravance 0.4 $1.2M 55k 22.21
Air Transport Services (ATSG) 0.4 $1.1M 164k 6.85
Walker & Dunlop (WD) 0.4 $1.1M 83k 13.31
Robbins & Myers 0.4 $1.1M 21k 52.89
IBERIABANK Corporation 0.4 $1.0M 18k 57.66
Cheniere Energy (LNG) 0.3 $1.0M 112k 9.16
Cass Information Systems (CASS) 0.3 $1000k 27k 37.76
Ixia 0.3 $951k 74k 12.80
Wintrust Financial Corporation (WTFC) 0.3 $932k 29k 32.19
Ban (TBBK) 0.3 $890k 85k 10.45
Summit Hotel Properties (INN) 0.3 $913k 81k 11.34
East West Ban (EWBC) 0.3 $873k 43k 20.21
Stillwater Mining Company 0.3 $865k 39k 22.01
First of Long Island Corporation (FLIC) 0.3 $842k 30k 27.89
Applied Industrial Technologies (AIT) 0.3 $811k 23k 35.59
Meadowbrook Insurance 0.3 $793k 80k 9.91
Envestnet (ENV) 0.3 $770k 52k 14.84
Bank of Marin Ban (BMRC) 0.3 $773k 22k 35.35
Orrstown Financial Services (ORRF) 0.3 $783k 30k 26.30
Prosperity Bancshares (PB) 0.2 $739k 17k 43.81
First Financial Bankshares (FFIN) 0.2 $729k 21k 34.47
Teche Holding Company 0.2 $724k 21k 34.81
SVB Financial (SIVBQ) 0.2 $708k 12k 59.71
California United Bank 0.2 $702k 57k 12.25
Cardinal Financial Corporation 0.2 $657k 60k 10.95
Whitestone REIT (WSR) 0.2 $665k 52k 12.72
Preferred Apartment Communitie 0.2 $676k 74k 9.09
First Citizens BancShares (FCNCA) 0.2 $631k 3.4k 187.18
Lakeland Financial Corporation (LKFN) 0.2 $647k 29k 22.26
Hancock Holding Company (HWC) 0.2 $595k 19k 30.98
Horizon Ban (HBNC) 0.2 $582k 22k 26.90
FirstMerit Corporation 0.2 $530k 32k 16.52
Eagle Ban (EGBN) 0.2 $526k 40k 13.30
Pandora Media 0.2 $537k 28k 18.93
First Financial Ban (FFBC) 0.2 $482k 29k 16.70
American Campus Communities 0.2 $490k 14k 35.53
Urstadt Biddle Properties 0.2 $503k 28k 18.11
ViewPoint Financial 0.2 $505k 37k 13.80
Affiliated Managers (AMG) 0.2 $465k 4.6k 101.53
Tower 0.2 $479k 20k 23.82
Independent Bank (INDB) 0.1 $440k 17k 26.27
Western Alliance Bancorporation (WAL) 0.1 $415k 58k 7.11
DiamondRock Hospitality Company (DRH) 0.1 $401k 37k 10.72
SCBT Financial Corporation 0.1 $365k 13k 28.65
Washington Banking Company 0.1 $376k 29k 13.21
Raymond James Financial (RJF) 0.1 $385k 12k 32.19
Fusion-io 0.1 $375k 13k 30.08
Heritage Financial Corporation (HFWA) 0.1 $336k 26k 12.95
Dime Community Bancshares 0.1 $333k 23k 14.54
Tompkins Financial Corporation (TMP) 0.1 $334k 8.5k 39.20
Susquehanna Bancshares 0.1 $305k 38k 8.01
Sandy Spring Ban (SASR) 0.1 $306k 17k 18.02
First California Financial 0.1 $325k 91k 3.57
American Business Bank (AMBZ) 0.1 $308k 13k 23.55
Bankunited (BKU) 0.1 $309k 12k 26.50
Financial Institutions (FISI) 0.1 $302k 18k 16.41
VIST Financial 0.1 $298k 43k 7.02
Bankrate 0.1 $283k 17k 16.60
Pinnacle Financial Partners (PNFP) 0.1 $256k 17k 15.55
Bryn Mawr Bank 0.1 $247k 12k 20.28
Capitol Federal Financial (CFFN) 0.1 $266k 23k 11.75
Tower Ban 0.1 $273k 10k 27.37
Citizens Financial Services (CZFS) 0.1 $258k 7.1k 36.13
Community Bank System (CBU) 0.1 $235k 9.5k 24.76
Berkshire Hills Ban (BHLB) 0.1 $238k 11k 22.39
Old National Ban (ONB) 0.1 $215k 20k 10.78
Southwest Ban 0.1 $207k 21k 9.79
National Retail Properties (NNN) 0.1 $213k 8.7k 24.48
MidSouth Ban 0.1 $199k 15k 13.66
Evans Bancorp (EVBN) 0.1 $192k 14k 13.67
Flushing Financial Corporation (FFIC) 0.1 $163k 13k 13.04
Oriental Financial 0.1 $187k 15k 12.90
BioMimetic Therapeutics 0.1 $179k 35k 5.14
Pacific Premier Ban (PPBI) 0.1 $176k 28k 6.40
Hersha Hospitality Trust 0.1 $157k 28k 5.56
Enterprise Financial Services (EFSC) 0.1 $154k 11k 13.56
HopFed Ban 0.1 $147k 19k 7.93
Central Valley Community Ban (CVCY) 0.0 $102k 15k 6.64
Southern National Banc. of Virginia 0.0 $94k 14k 6.78
Carolina Trust Bank 0.0 $83k 28k 2.96
1st United Ban 0.0 $66k 11k 6.26