Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers, Trust as of Dec. 31, 2011

Portfolio Holdings for Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers, Trust holds 176 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
FARO Technologies (FARO) 2.5 $7.8M 169k 46.00
MWI Veterinary Supply 2.3 $7.1M 107k 66.44
Triumph (TGI) 1.9 $5.9M 101k 58.45
Kodiak Oil & Gas 1.9 $5.8M 613k 9.50
Signature Bank (SBNY) 1.8 $5.5M 92k 59.98
Ultimate Software 1.7 $5.4M 82k 65.12
Hibbett Sports (HIBB) 1.7 $5.1M 114k 45.18
Ulta Salon, Cosmetics & Fragrance (ULTA) 1.7 $5.1M 79k 64.92
WESCO International (WCC) 1.7 $5.1M 96k 53.01
Body Central Acquisition Corporation 1.5 $4.7M 187k 24.96
Bank of the Ozarks 1.5 $4.5M 152k 29.63
Texas Roadhouse (TXRH) 1.4 $4.3M 290k 14.90
Vitamin Shoppe 1.4 $4.3M 108k 39.88
Shuffle Master 1.4 $4.2M 360k 11.72
Akorn 1.4 $4.2M 378k 11.12
Fortinet (FTNT) 1.3 $4.1M 188k 21.81
Salix Pharmaceuticals 1.3 $4.1M 85k 47.85
Gulfport Energy Corporation 1.3 $4.0M 137k 29.46
Schweitzer-Mauduit International (MATV) 1.2 $3.8M 58k 66.47
BJ's Restaurants (BJRI) 1.2 $3.8M 84k 45.32
Finish Line 1.2 $3.8M 197k 19.29
AboveNet 1.2 $3.8M 58k 65.01
Magnum Hunter Resources Corporation 1.2 $3.8M 705k 5.39
Catalyst Health Solutions 1.2 $3.7M 71k 52.01
Middleby Corporation (MIDD) 1.2 $3.7M 40k 94.03
Crocs (CROX) 1.2 $3.7M 248k 14.77
Texas Capital Bancshares (TCBI) 1.1 $3.5M 116k 30.60
Tennant Company (TNC) 1.1 $3.5M 89k 38.88
Gnc Holdings Inc Cl A 1.1 $3.5M 120k 28.96
Robbins & Myers 1.1 $3.4M 69k 48.55
Medivation 1.1 $3.3M 72k 46.12
Taleo Corporation 1.1 $3.3M 85k 38.69
IPG Photonics Corporation (IPGP) 1.0 $3.2M 94k 33.86
Sourcefire 1.0 $3.2M 98k 32.39
InterDigital (IDCC) 1.0 $3.1M 72k 43.58
Allied Nevada Gold 1.0 $3.1M 103k 30.28
Synchronoss Technologies 1.0 $3.1M 103k 30.21
Tibco Software 1.0 $3.1M 129k 23.91
Roadrunner Transportation Services Hold. 1.0 $3.1M 216k 14.13
Walker & Dunlop (WD) 1.0 $3.0M 238k 12.56
Rackspace Hosting 1.0 $2.9M 69k 43.02
Raven Industries 0.9 $2.8M 45k 61.90
Acme Packet 0.9 $2.8M 91k 30.90
Ii-vi 0.9 $2.8M 151k 18.36
Qlik Technologies 0.9 $2.7M 113k 24.20
Cost Plus 0.9 $2.7M 279k 9.75
Aruba Networks 0.9 $2.7M 147k 18.52
Jazz Pharmaceuticals 0.9 $2.7M 70k 38.64
Sagent Pharmaceuticals 0.9 $2.7M 129k 21.00
3D Systems Corporation (DDD) 0.8 $2.6M 182k 14.40
ZOLL Medical Corporation 0.8 $2.5M 39k 63.16
Quality Systems 0.8 $2.4M 64k 36.98
Molina Healthcare (MOH) 0.8 $2.3M 104k 22.33
ShoreTel 0.8 $2.3M 360k 6.38
Tanger Factory Outlet Centers (SKT) 0.7 $2.3M 77k 29.31
Hub (HUBG) 0.7 $2.2M 68k 32.43
Chart Industries (GTLS) 0.7 $2.1M 40k 54.07
Greatbatch 0.7 $2.1M 96k 22.10
NewMarket Corporation (NEU) 0.7 $2.1M 11k 198.05
Cheniere Energy (LNG) 0.7 $2.1M 242k 8.69
Merit Medical Systems (MMSI) 0.7 $2.1M 156k 13.38
Finisar Corporation 0.7 $2.1M 123k 16.75
Microsemi Corporation 0.7 $2.0M 121k 16.75
Incyte Corporation (INCY) 0.7 $2.0M 132k 15.01
Newpark Resources (NR) 0.6 $2.0M 206k 9.50
American Railcar Industries 0.6 $1.9M 81k 23.92
Rush Enterprises (RUSHA) 0.6 $1.9M 93k 20.93
Fresh Market 0.6 $1.9M 48k 39.88
Bravo Brio Restaurant 0.6 $1.9M 110k 17.15
Monolithic Power Systems (MPWR) 0.6 $1.8M 121k 15.08
NPS Pharmaceuticals 0.6 $1.8M 277k 6.59
Tesco Corporation 0.6 $1.7M 136k 12.64
PAREXEL International Corporation 0.5 $1.6M 78k 20.73
Achillion Pharmaceuticals 0.5 $1.6M 209k 7.62
Kraton Performance Polymers 0.5 $1.6M 79k 20.30
Inhibitex 0.5 $1.6M 146k 10.94
C&j Energy Services 0.5 $1.6M 76k 20.92
Ixia 0.5 $1.6M 148k 10.51
Hornbeck Offshore Services 0.5 $1.5M 50k 31.01
Francescas Hldgs Corp 0.5 $1.5M 86k 17.30
Wet Seal 0.5 $1.5M 458k 3.26
Financial Engines 0.5 $1.4M 64k 22.32
Cavium 0.5 $1.4M 51k 28.43
Mattress Firm Holding 0.5 $1.4M 62k 23.18
Theravance 0.4 $1.4M 62k 22.09
Gorman-Rupp Company (GRC) 0.4 $1.3M 48k 27.14
Inphi Corporation 0.4 $1.3M 106k 11.96
Neonode 0.4 $1.3M 264k 4.75
Lindsay Corporation (LNN) 0.4 $1.2M 22k 54.89
Teavana Hldgs 0.4 $1.2M 62k 18.77
Aeropostale 0.4 $1.1M 75k 15.24
Rex Energy Corporation 0.4 $1.1M 76k 14.76
DUSA Pharmaceuticals 0.4 $1.1M 252k 4.38
Skullcandy 0.4 $1.1M 88k 12.51
Adtran 0.3 $1.1M 36k 30.15
Cass Information Systems (CASS) 0.3 $1.1M 29k 36.39
NutriSystem 0.3 $1.0M 80k 12.93
Sirona Dental Systems 0.3 $972k 22k 44.03
Mid-America Apartment (MAA) 0.3 $940k 15k 62.48
Mitek Systems (MITK) 0.3 $942k 130k 7.24
Chefs Whse (CHEF) 0.3 $901k 50k 17.87
East West Ban (EWBC) 0.3 $853k 43k 19.75
Sequenom 0.3 $855k 192k 4.45
Gevo 0.3 $852k 135k 6.29
Acadia Healthcare (ACHC) 0.3 $817k 82k 9.97
First of Long Island Corporation (FLIC) 0.3 $795k 30k 26.33
Horizon Ban (HBNC) 0.3 $787k 45k 17.34
Bank of Marin Ban (BMRC) 0.2 $784k 21k 37.57
Alkermes (ALKS) 0.2 $775k 45k 17.38
Applied Industrial Technologies (AIT) 0.2 $731k 21k 35.20
Lakeland Financial Corporation (LKFN) 0.2 $752k 29k 25.87
Teche Holding Company 0.2 $728k 21k 35.00
California United Bank 0.2 $727k 72k 10.06
First Financial Bankshares (FFIN) 0.2 $707k 21k 33.43
Eagle Ban (EGBN) 0.2 $720k 50k 14.53
Prosperity Bancshares (PB) 0.2 $681k 17k 40.37
IBERIABANK Corporation 0.2 $684k 14k 49.27
Cardinal Financial Corporation 0.2 $645k 60k 10.75
First Citizens BancShares (FCNCA) 0.2 $590k 3.4k 175.02
Whitestone REIT (WSR) 0.2 $595k 50k 11.90
SVB Financial (SIVBQ) 0.2 $566k 12k 47.73
Meadowbrook Insurance 0.2 $543k 51k 10.68
American Campus Communities 0.2 $549k 13k 41.94
Saba Software 0.2 $518k 66k 7.90
First Financial Ban (FFBC) 0.2 $480k 29k 16.63
Wintrust Financial Corporation (WTFC) 0.2 $505k 18k 28.02
Urstadt Biddle Properties 0.2 $502k 28k 18.07
Independent Bank (INDB) 0.1 $457k 17k 27.28
ViewPoint Financial 0.1 $476k 37k 13.01
Affiliated Managers (AMG) 0.1 $439k 4.6k 95.85
American Business Bank (AMBZ) 0.1 $435k 19k 22.99
Healthsouth 0.1 $390k 22k 17.65
Investors Ban 0.1 $384k 29k 13.49
SCBT Financial Corporation 0.1 $370k 13k 29.04
Western Alliance Bancorporation (WAL) 0.1 $364k 58k 6.23
Diamond Foods 0.1 $364k 11k 32.24
Hancock Holding Company (HWC) 0.1 $365k 11k 31.97
First California Financial 0.1 $372k 114k 3.26
Bankrate 0.1 $367k 17k 21.52
Washington Banking Company 0.1 $339k 29k 11.91
Tompkins Financial Corporation (TMP) 0.1 $328k 8.5k 38.50
Heritage Financial Corporation (HFWA) 0.1 $326k 26k 12.56
Summit Hotel Properties (INN) 0.1 $331k 35k 9.44
Financial Institutions (FISI) 0.1 $297k 18k 16.14
Tower 0.1 $302k 15k 20.20
Bluegreen Corporation 0.1 $306k 109k 2.81
MidSouth Ban 0.1 $313k 24k 13.02
Farmers Natl Banc Corp (FMNB) 0.1 $295k 60k 4.96
Ban (TBBK) 0.1 $292k 40k 7.24
Community Bank System (CBU) 0.1 $264k 9.5k 27.82
Dime Community Bancshares 0.1 $262k 21k 12.60
Pinnacle Financial Partners (PNFP) 0.1 $266k 17k 16.16
Old National Ban (ONB) 0.1 $232k 20k 11.63
Pacific Premier Ban (PPBI) 0.1 $247k 39k 6.35
Bryn Mawr Bank 0.1 $237k 12k 19.46
Capitol Federal Financial (CFFN) 0.1 $261k 23k 11.53
Citizens Financial Services (CZFS) 0.1 $246k 7.1k 34.45
Jive Software 0.1 $241k 15k 16.02
Axis Capital Holdings (AXS) 0.1 $219k 6.8k 32.02
Susquehanna Bancshares 0.1 $212k 25k 8.39
Orrstown Financial Services (ORRF) 0.1 $213k 26k 8.26
Oriental Financial 0.1 $176k 15k 12.14
PrivateBan 0.1 $171k 16k 11.00
Sandy Spring Ban (SASR) 0.1 $192k 11k 17.55
Southern National Banc. of Virginia 0.1 $190k 31k 6.09
Central Valley Community Ban 0.1 $171k 32k 5.41
Flushing Financial Corporation (FFIC) 0.1 $158k 13k 12.64
Enterprise Financial Services (EFSC) 0.1 $168k 11k 14.79
Evans Bancorp (EVBN) 0.1 $167k 14k 11.89
Preferred Apartment Communitie 0.1 $154k 26k 6.04
Glacier Ban (GBCI) 0.0 $138k 12k 12.02
Hersha Hospitality Trust 0.0 $104k 21k 4.89
Virginia Commerce Ban 0.0 $84k 11k 7.69
HopFed Ban 0.0 $103k 16k 6.44
Carolina Trust Bank 0.0 $93k 40k 2.32
Guaranty Ban 0.0 $44k 30k 1.47