Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers, Trust as of Sept. 30, 2011

Portfolio Holdings for Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers, Trust holds 159 positions in its portfolio as reported in the September 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
MWI Veterinary Supply 3.0 $6.7M 97k 68.82
InterDigital (IDCC) 2.4 $5.2M 111k 46.58
FARO Technologies (FARO) 2.2 $4.8M 151k 31.55
IPG Photonics Corporation (IPGP) 2.1 $4.7M 108k 43.44
Ulta Salon, Cosmetics & Fragrance (ULTA) 2.1 $4.7M 75k 62.23
Triumph (TGI) 2.1 $4.6M 95k 48.74
Signature Bank (SBNY) 2.0 $4.3M 90k 47.72
Pharmasset 1.8 $4.0M 49k 82.38
Diamond Foods 1.8 $4.0M 51k 79.79
Crocs (CROX) 1.8 $3.9M 167k 23.68
Catalyst Health Solutions 1.7 $3.7M 64k 57.68
Vitamin Shoppe 1.6 $3.6M 97k 37.44
Ultimate Software 1.6 $3.6M 76k 46.71
BJ's Restaurants (BJRI) 1.6 $3.5M 80k 44.11
Hibbett Sports (HIBB) 1.6 $3.5M 102k 33.89
Allied Nevada Gold 1.5 $3.3M 93k 35.82
Finish Line 1.5 $3.3M 164k 19.99
AboveNet 1.5 $3.3M 61k 53.60
Tibco Software 1.4 $3.0M 134k 22.39
WESCO International (WCC) 1.4 $3.0M 88k 33.55
Gulfport Energy Corporation 1.4 $3.0M 123k 24.18
Body Central Acquisition Corporation 1.3 $2.9M 160k 18.16
Schweitzer-Mauduit International (MATV) 1.3 $2.8M 51k 55.86
Aruba Networks 1.3 $2.8M 136k 20.91
Fortinet (FTNT) 1.3 $2.8M 168k 16.80
Tennant Company (TNC) 1.2 $2.7M 77k 35.37
SuccessFactors 1.2 $2.7M 117k 22.99
Middleby Corporation (MIDD) 1.2 $2.6M 37k 70.47
Esterline Technologies Corporation 1.2 $2.6M 50k 51.85
Alkermes (ALKS) 1.1 $2.5M 166k 15.25
Texas Capital Bancshares (TCBI) 1.1 $2.4M 106k 22.84
Sourcefire 1.1 $2.4M 88k 26.76
Chart Industries (GTLS) 1.1 $2.3M 55k 42.19
NewMarket Corporation (NEU) 1.1 $2.3M 15k 151.90
Synchronoss Technologies 1.1 $2.3M 92k 24.90
Salix Pharmaceuticals 1.0 $2.2M 75k 29.61
Quality Systems 1.0 $2.2M 45k 48.51
Rackspace Hosting 0.9 $2.1M 61k 34.15
Qlik Technologies 0.9 $2.1M 96k 21.63
Sagent Pharmaceuticals 0.9 $2.0M 100k 20.24
Acme Packet 0.9 $2.0M 47k 42.59
Raven Industries 0.9 $1.9M 40k 48.19
Robbins & Myers 0.9 $1.9M 55k 34.70
Taleo Corporation 0.9 $1.9M 73k 25.73
Gnc Holdings Inc Cl A 0.8 $1.9M 93k 20.12
Merit Medical Systems (MMSI) 0.8 $1.8M 139k 13.15
Hub (HUBG) 0.8 $1.7M 61k 28.27
Microsemi Corporation 0.8 $1.7M 108k 15.99
Incyte Corporation (INCY) 0.8 $1.7M 120k 13.97
Mid-America Apartment (MAA) 0.8 $1.6M 27k 60.20
RPC (RES) 0.8 $1.6M 101k 16.32
Tanger Factory Outlet Centers (SKT) 0.8 $1.6M 63k 26.02
Fresh Market 0.8 $1.7M 43k 38.17
Bravo Brio Restaurant 0.7 $1.6M 97k 16.65
Basic Energy Services 0.7 $1.6M 112k 14.16
Healthsouth 0.7 $1.6M 107k 14.92
Finisar Corporation 0.7 $1.5M 87k 17.53
Ii-vi 0.7 $1.5M 85k 17.50
Molina Healthcare (MOH) 0.7 $1.4M 93k 15.45
PAREXEL International Corporation 0.6 $1.3M 69k 18.92
Sirona Dental Systems 0.6 $1.3M 31k 42.42
3D Systems Corporation (DDD) 0.6 $1.2M 89k 13.99
Responsys 0.6 $1.3M 116k 10.78
Cavium 0.6 $1.2M 45k 27.00
Tesco Corporation 0.6 $1.2M 105k 11.61
American Railcar Industries 0.5 $1.2M 77k 15.39
Skullcandy 0.5 $1.2M 84k 14.14
Rush Enterprises (RUSHA) 0.5 $1.2M 82k 14.15
Applied Industrial Technologies (AIT) 0.5 $1.2M 43k 27.16
Mitek Systems (MITK) 0.5 $1.2M 127k 9.24
Adtran 0.5 $1.1M 43k 26.47
NPS Pharmaceuticals 0.5 $1.1M 176k 6.51
Roadrunner Transportation Services Hold. 0.5 $1.1M 83k 13.71
DuPont Fabros Technology 0.5 $1.1M 58k 19.68
Kraton Performance Polymers 0.5 $1.1M 71k 16.19
Francescas Hldgs Corp 0.5 $1.1M 54k 21.22
Theravance 0.5 $1.1M 55k 20.15
Bank of the Ozarks 0.5 $1.1M 51k 20.94
Walker & Dunlop (WD) 0.4 $966k 83k 11.62
Ixia 0.4 $923k 120k 7.67
Financial Engines 0.4 $895k 49k 18.10
Teavana Hldgs 0.4 $859k 42k 20.33
Gorman-Rupp Company (GRC) 0.4 $832k 34k 24.69
Cass Information Systems (CASS) 0.4 $822k 27k 31.04
Horizon Ban (HBNC) 0.4 $802k 30k 26.50
G-III Apparel (GIII) 0.4 $784k 34k 22.85
Greatbatch 0.3 $773k 39k 20.02
Akorn 0.3 $770k 99k 7.80
Gevo 0.3 $771k 138k 5.57
Wintrust Financial Corporation (WTFC) 0.3 $747k 29k 25.80
California United Bank 0.3 $741k 72k 10.25
Bank of Marin Ban (BMRC) 0.3 $722k 22k 33.02
Cheniere Energy (LNG) 0.3 $713k 139k 5.15
IBERIABANK Corporation 0.3 $677k 14k 47.07
First of Long Island Corporation (FLIC) 0.3 $684k 30k 22.66
East West Ban (EWBC) 0.3 $644k 43k 14.91
Meadowbrook Insurance 0.3 $625k 70k 8.92
Teche Holding Company 0.3 $613k 21k 29.47
Lakeland Financial Corporation (LKFN) 0.3 $600k 29k 20.64
Whitestone REIT (WSR) 0.3 $583k 52k 11.15
Summit Hotel Properties (INN) 0.3 $588k 83k 7.06
C&j Energy Services 0.3 $580k 35k 16.45
Prosperity Bancshares (PB) 0.2 $551k 17k 32.66
First Financial Bankshares (FFIN) 0.2 $553k 21k 26.15
Cardinal Financial Corporation 0.2 $517k 60k 8.61
Tower 0.2 $538k 24k 22.85
Chefs Whse (CHEF) 0.2 $528k 45k 11.76
American Campus Communities 0.2 $513k 14k 37.20
Hancock Holding Company (HWC) 0.2 $515k 19k 26.81
First Citizens BancShares (FCNCA) 0.2 $484k 3.4k 143.58
Eagle Ban (EGBN) 0.2 $465k 40k 11.76
SVB Financial (SIVBQ) 0.2 $439k 12k 37.02
Urstadt Biddle Properties 0.2 $444k 28k 15.98
ViewPoint Financial 0.2 $419k 37k 11.45
Envestnet (ENV) 0.2 $422k 42k 10.00
American Business Bank (AMBZ) 0.2 $407k 19k 21.51
First Financial Ban (FFBC) 0.2 $398k 29k 13.79
Ban (TBBK) 0.2 $396k 55k 7.16
Independent Bank (INDB) 0.2 $364k 17k 21.73
Volcano Corporation 0.2 $372k 13k 29.63
Affiliated Managers (AMG) 0.2 $357k 4.6k 77.95
Investors Ban 0.2 $360k 29k 12.64
Orrstown Financial Services (ORRF) 0.2 $362k 28k 12.84
Preferred Apartment Communitie 0.2 $355k 62k 5.69
Western Alliance Bancorporation (WAL) 0.1 $320k 58k 5.48
SCBT Financial Corporation 0.1 $314k 13k 24.65
Tompkins Financial Corporation (TMP) 0.1 $305k 8.5k 35.80
Washington Banking Company 0.1 $277k 29k 9.73
Heritage Financial Corporation (HFWA) 0.1 $286k 26k 11.02
Financial Institutions (FISI) 0.1 $262k 18k 14.24
MidSouth Ban 0.1 $263k 24k 10.76
Bankrate 0.1 $259k 17k 15.19
Dime Community Bancshares 0.1 $232k 23k 10.13
National Retail Properties (NNN) 0.1 $234k 8.7k 26.90
Capitol Federal Financial (CFFN) 0.1 $239k 23k 10.56
Citizens Financial Services (CZFS) 0.1 $243k 7.1k 34.03
Community Bank System (CBU) 0.1 $215k 9.5k 22.66
BioSante Pharmaceuticals 0.1 $214k 94k 2.28
Pacific Premier Ban (PPBI) 0.1 $230k 39k 5.91
Tower Ban 0.1 $209k 10k 20.95
Farmers Natl Banc Corp (FMNB) 0.1 $218k 49k 4.48
Berkshire Hills Ban (BHLB) 0.1 $196k 11k 18.44
Natus Medical 0.1 $187k 20k 9.53
Bryn Mawr Bank 0.1 $202k 12k 16.58
Old National Ban (ONB) 0.1 $186k 20k 9.32
Pinnacle Financial Partners (PNFP) 0.1 $180k 17k 10.94
Central Valley Community Ban (CVCY) 0.1 $177k 32k 5.60
Glacier Ban (GBCI) 0.1 $150k 16k 9.39
Sandy Spring Ban (SASR) 0.1 $160k 11k 14.62
Enterprise Financial Services (EFSC) 0.1 $154k 11k 13.56
Evans Bancorp (EVBN) 0.1 $155k 14k 11.03
Flushing Financial Corporation (FFIC) 0.1 $135k 13k 10.80
Oriental Financial 0.1 $140k 15k 9.66
Susquehanna Bancshares 0.1 $138k 25k 5.46
HopFed Ban 0.1 $108k 19k 5.71
Southern National Banc. of Virginia 0.1 $119k 19k 6.25
Carolina Trust Bank 0.1 $120k 40k 3.00
Hersha Hospitality Trust 0.0 $98k 28k 3.47
DUSA Pharmaceuticals 0.0 $91k 24k 3.74