Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers, Trust as of March 31, 2012

Portfolio Holdings for Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers, Trust holds 176 positions in its portfolio as reported in the March 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
MWI Veterinary Supply 3.2 $9.9M 113k 88.01
Ulta Salon, Cosmetics & Fragrance (ULTA) 2.3 $7.2M 77k 92.89
WESCO International (WCC) 2.2 $6.7M 103k 65.31
Hibbett Sports (HIBB) 2.2 $6.6M 122k 54.56
Ultimate Software 2.1 $6.6M 90k 73.28
Triumph (TGI) 2.1 $6.5M 103k 62.67
Signature Bank (SBNY) 1.8 $5.6M 89k 63.05
IPG Photonics Corporation (IPGP) 1.8 $5.5M 107k 52.04
Gnc Holdings Inc Cl A 1.7 $5.2M 148k 34.89
Medivation 1.7 $5.1M 68k 74.73
Sourcefire 1.6 $5.0M 103k 48.12
Bank of the Ozarks 1.5 $4.7M 150k 31.25
Salix Pharmaceuticals 1.5 $4.7M 89k 52.50
BJ's Restaurants (BJRI) 1.4 $4.4M 88k 50.35
Molina Healthcare (MOH) 1.4 $4.4M 130k 33.63
Middleby Corporation (MIDD) 1.4 $4.3M 43k 101.18
Vitamin Shoppe 1.4 $4.2M 96k 44.20
Chart Industries (GTLS) 1.4 $4.2M 57k 73.34
Gulfport Energy Corporation 1.3 $4.1M 141k 29.12
Texas Capital Bancshares (TCBI) 1.3 $4.1M 118k 34.62
Catalyst Health Solutions 1.3 $3.9M 62k 63.73
FARO Technologies (FARO) 1.2 $3.7M 64k 58.34
Synchronoss Technologies 1.2 $3.7M 117k 31.92
United Rentals (URI) 1.2 $3.7M 86k 42.88
Mattress Firm Holding 1.2 $3.7M 97k 37.90
Jazz Pharmaceuticals (JAZZ) 1.2 $3.6M 75k 48.47
Tibco Software 1.2 $3.6M 119k 30.49
Allied Nevada Gold 1.1 $3.5M 108k 32.53
3D Systems Corporation (DDD) 1.1 $3.5M 148k 23.54
Qlik Technologies 1.0 $3.2M 99k 31.99
Finish Line 1.0 $3.1M 146k 21.22
Ii-vi 1.0 $3.1M 130k 23.65
Raven Industries 1.0 $3.1M 50k 61.01
Monolithic Power Systems (MPWR) 1.0 $3.0M 152k 19.67
Aeropostale 0.9 $2.8M 131k 21.62
Tenne 0.9 $2.8M 75k 37.15
Greatbatch 0.9 $2.8M 112k 24.52
Microsemi Corporation 0.9 $2.7M 127k 21.45
Robbins & Myers 0.9 $2.7M 52k 52.05
Incyte Corporation (INCY) 0.9 $2.7M 139k 19.30
Quality Systems 0.9 $2.7M 61k 43.73
Finisar Corporation 0.9 $2.6M 132k 20.15
Kraton Performance Polymers 0.9 $2.6M 99k 26.57
Sagent Pharmaceuticals 0.9 $2.6M 148k 17.87
Roadrunner Transportation Services Hold. 0.8 $2.6M 150k 17.35
Carpenter Technology Corporation (CRS) 0.8 $2.6M 49k 52.22
Terex Corporation (TEX) 0.8 $2.6M 114k 22.50
Tennant Company (TNC) 0.8 $2.4M 56k 44.00
Acadia Healthcare (ACHC) 0.8 $2.4M 148k 16.30
Red Robin Gourmet Burgers (RRGB) 0.8 $2.3M 62k 37.19
Select Comfort 0.7 $2.3M 71k 32.39
Rackspace Hosting 0.7 $2.3M 40k 57.80
Hornbeck Offshore Services 0.7 $2.2M 52k 42.04
SVB Financial (SIVBQ) 0.7 $2.2M 34k 64.30
Ardea Biosciences 0.7 $2.1M 97k 21.77
Body Central Acquisition Corporation 0.7 $2.1M 72k 29.02
Rush Enterprises (RUSHA) 0.7 $2.0M 96k 21.21
Liz Claiborne 0.6 $2.0M 148k 13.36
Fortinet (FTNT) 0.6 $2.0M 71k 27.66
Skullcandy 0.6 $2.0M 124k 15.83
Cavium 0.6 $1.9M 62k 30.94
Francescas Hldgs Corp 0.6 $1.9M 61k 31.62
Crocs (CROX) 0.6 $1.8M 88k 20.92
Par Pharmaceutical Companies 0.6 $1.8M 48k 38.74
Rexnord 0.6 $1.8M 86k 21.10
Fresh Market 0.6 $1.8M 37k 47.96
InterDigital (IDCC) 0.6 $1.7M 50k 34.86
Cost Plus 0.6 $1.7M 94k 17.90
Inphi Corporation 0.5 $1.6M 116k 14.18
Spirit Airlines (SAVE) 0.5 $1.6M 81k 20.07
PAREXEL International Corporation 0.5 $1.6M 59k 26.97
Aruba Networks 0.5 $1.6M 72k 22.28
Mitek Systems (MITK) 0.5 $1.6M 138k 11.60
Clean Energy Fuels (CLNE) 0.5 $1.6M 73k 21.29
Lindsay Corporation (LNN) 0.5 $1.6M 23k 66.30
Teavana Hldgs 0.5 $1.6M 80k 19.73
Tanger Factory Outlet Centers (SKT) 0.5 $1.5M 51k 29.74
Gorman-Rupp Company (GRC) 0.5 $1.5M 51k 29.18
Financial Engines 0.5 $1.5M 65k 22.36
Brightcove (BCOV) 0.4 $1.3M 54k 24.80
Gevo 0.4 $1.3M 143k 9.19
Jive Software 0.4 $1.3M 48k 27.15
Tesco Corporation 0.4 $1.3M 90k 14.19
Exacttarget 0.4 $1.3M 48k 25.99
Chefs Whse (CHEF) 0.4 $1.2M 53k 23.13
Us Silica Hldgs (SLCA) 0.4 $1.2M 58k 20.93
Merit Medical Systems (MMSI) 0.4 $1.2M 98k 12.42
Bravo Brio Restaurant 0.4 $1.2M 61k 19.96
Rex Energy Corporation 0.4 $1.2M 111k 10.68
Cass Information Systems (CASS) 0.4 $1.2M 29k 39.96
Texas Roadhouse (TXRH) 0.4 $1.2M 69k 16.64
IPC The Hospitalist Company 0.4 $1.1M 30k 36.90
Black Diamond 0.4 $1.1M 119k 9.26
Acme Packet 0.3 $1.1M 39k 27.52
Verastem 0.3 $1.1M 98k 10.93
Cheniere Energy (LNG) 0.3 $1.1M 70k 14.98
Vivus 0.3 $958k 43k 22.35
Nanometrics Incorporated 0.3 $887k 48k 18.52
Bazaarvoice 0.3 $890k 45k 19.86
Zagg 0.3 $870k 82k 10.63
Ixia 0.3 $822k 66k 12.50
Eagle Ban (EGBN) 0.3 $829k 50k 16.73
Horizon Ban (HBNC) 0.3 $840k 45k 18.50
California United Bank 0.3 $838k 77k 10.85
First of Long Island Corporation (FLIC) 0.3 $800k 30k 26.50
Saba Software 0.3 $792k 81k 9.81
Prosperity Bancshares (PB) 0.2 $773k 17k 45.82
Idenix Pharmaceuticals 0.2 $758k 78k 9.78
Lakeland Financial Corporation (LKFN) 0.2 $757k 29k 26.05
Teche Holding Company 0.2 $770k 20k 37.75
First Financial Bankshares (FFIN) 0.2 $745k 21k 35.22
Bank of Marin Ban (BMRC) 0.2 $715k 19k 38.02
Cardinal Financial Corporation 0.2 $678k 60k 11.30
East West Ban (EWBC) 0.2 $634k 27k 23.10
Sinclair Broadcast 0.2 $651k 59k 11.06
Wintrust Financial Corporation (WTFC) 0.2 $645k 18k 35.79
Whitestone REIT (WSR) 0.2 $652k 50k 13.04
First Citizens BancShares (FCNCA) 0.2 $616k 3.4k 182.74
Hub (HUBG) 0.2 $587k 16k 36.03
American Campus Communities 0.2 $585k 13k 44.69
ViewPoint Financial 0.2 $563k 37k 15.39
Affiliated Managers (AMG) 0.2 $512k 4.6k 111.79
First Financial Ban (FFBC) 0.2 $499k 29k 17.29
Western Alliance Bancorporation (WAL) 0.2 $495k 58k 8.48
IBERIABANK Corporation 0.2 $503k 9.4k 53.49
Independent Bank (INDB) 0.2 $481k 17k 28.72
Farmers Natl Banc Corp (FMNB) 0.2 $484k 75k 6.49
Community Bank System (CBU) 0.1 $475k 17k 28.81
Urstadt Biddle Properties 0.1 $467k 24k 19.72
American Business Bank (AMBZ) 0.1 $469k 21k 22.74
Investors Ban 0.1 $428k 29k 15.03
Bankrate 0.1 $422k 17k 24.75
Washington Banking Company 0.1 $393k 29k 13.81
Hancock Holding Company (HWC) 0.1 $405k 11k 35.48
Meadowbrook Insurance 0.1 $381k 41k 9.33
Ban (TBBK) 0.1 $368k 37k 10.05
Capitol Federal Financial (CFFN) 0.1 $359k 30k 11.88
Tompkins Financial Corporation (TMP) 0.1 $341k 8.5k 40.02
Heritage Financial Corporation (HFWA) 0.1 $341k 25k 13.61
First California Financial 0.1 $324k 56k 5.84
Financial Institutions (FISI) 0.1 $298k 18k 16.20
BPZ Resources 0.1 $300k 74k 4.03
Pinnacle Financial Partners (PNFP) 0.1 $302k 17k 18.35
Pacific Premier Ban (PPBI) 0.1 $311k 39k 7.99
MidSouth Ban 0.1 $313k 23k 13.59
Old National Ban (ONB) 0.1 $262k 20k 13.13
Dime Community Bancshares 0.1 $289k 20k 14.60
Tower 0.1 $271k 12k 22.42
Peoples Ban (PEBO) 0.1 $263k 15k 17.53
National Retail Properties (NNN) 0.1 $290k 11k 27.18
Bryn Mawr Bank 0.1 $273k 12k 22.41
PrivateBan 0.1 $236k 16k 15.18
Susquehanna Bancshares 0.1 $250k 25k 9.89
WisdomTree Investments (WT) 0.1 $250k 30k 8.39
Citizens Financial Services (CZFS) 0.1 $257k 7.1k 35.99
Cheviot Finl 0.1 $254k 30k 8.47
Mid-America Apartment (MAA) 0.1 $222k 3.3k 67.07
Axis Capital Holdings (AXS) 0.1 $227k 6.8k 33.19
Raymond James Financial (RJF) 0.1 $219k 6.0k 36.50
Stifel Financial (SF) 0.1 $206k 5.4k 37.93
UMB Financial Corporation (UMBF) 0.1 $213k 4.8k 44.75
Evans Bancorp (EVBN) 0.1 $200k 14k 14.23
Southern National Banc. of Virginia 0.1 $211k 31k 6.77
Central Valley Community Ban 0.1 $229k 32k 7.25
Oriental Financial 0.1 $175k 15k 12.07
Glacier Ban (GBCI) 0.1 $172k 12k 14.98
Sandy Spring Ban (SASR) 0.1 $199k 11k 18.19
Provident New York Ban 0.1 $142k 17k 8.44
Flushing Financial Corporation (FFIC) 0.1 $168k 13k 13.44
Hersha Hospitality Trust 0.0 $116k 21k 5.46
Enterprise Financial Services (EFSC) 0.0 $133k 11k 11.71
HopFed Ban 0.0 $134k 16k 8.37
Virginia Commerce Ban 0.0 $96k 11k 8.78
Guaranty Ban 0.0 $101k 51k 1.99
Orrstown Financial Services (ORRF) 0.0 $92k 11k 8.77
Carolina Trust Bank 0.0 $92k 40k 2.30