Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers, Trust as of June 30, 2012

Portfolio Holdings for Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers, Trust holds 170 positions in its portfolio as reported in the June 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Ultimate Software 4.2 $11M 118k 88.93
Ulta Salon, Cosmetics & Fragrance (ULTA) 3.7 $9.2M 99k 93.38
Catalyst Health Solutions 3.1 $7.7M 83k 93.44
WESCO International (WCC) 3.0 $7.5M 130k 57.55
Middleby Corporation (MIDD) 2.9 $7.1M 71k 99.61
Medivation 2.9 $7.0M 77k 91.39
Signature Bank (SBNY) 2.8 $6.9M 113k 60.97
SVB Financial (SIVBQ) 2.5 $6.1M 105k 58.71
IPC The Hospitalist Company 2.3 $5.8M 127k 45.32
Vitamin Shoppe 2.3 $5.8M 105k 54.93
Salix Pharmaceuticals 2.3 $5.6M 104k 54.44
Jazz Pharmaceuticals (JAZZ) 2.1 $5.1M 113k 45.01
BJ's Restaurants (BJRI) 2.0 $4.9M 130k 38.00
Chart Industries (GTLS) 2.0 $4.9M 71k 68.77
Lindsay Corporation (LNN) 1.9 $4.8M 74k 64.89
United Rentals (URI) 1.6 $4.1M 119k 34.04
MWI Veterinary Supply 1.6 $4.0M 39k 102.76
Allied Nevada Gold 1.5 $3.7M 129k 28.38
Cepheid 1.4 $3.6M 80k 44.64
Kenexa Corporation 1.4 $3.6M 123k 29.03
Texas Capital Bancshares (TCBI) 1.3 $3.2M 80k 40.39
Carpenter Technology Corporation (CRS) 1.3 $3.2M 67k 47.83
Vivus 1.3 $3.1M 109k 28.53
Red Robin Gourmet Burgers (RRGB) 1.2 $3.1M 101k 30.51
Hornbeck Offshore Services 1.2 $2.9M 75k 38.78
FARO Technologies (FARO) 1.1 $2.7M 64k 42.08
Tenne 0.9 $2.3M 87k 26.82
Hibbett Sports (HIBB) 0.9 $2.3M 39k 57.70
Rush Enterprises (RUSHA) 0.9 $2.1M 131k 16.35
Infoblox 0.9 $2.2M 94k 22.93
Triumph (TGI) 0.8 $2.1M 37k 56.28
Exacttarget 0.8 $2.0M 94k 21.86
Sourcefire 0.8 $2.0M 39k 51.41
Apogee Enterprises (APOG) 0.8 $1.9M 118k 16.08
Tanger Factory Outlet Centers (SKT) 0.8 $1.9M 58k 32.04
IPG Photonics Corporation (IPGP) 0.7 $1.8M 42k 43.58
Fortinet (FTNT) 0.7 $1.6M 71k 23.23
Francescas Hldgs Corp 0.7 $1.7M 61k 27.01
Acadia Healthcare (ACHC) 0.7 $1.7M 95k 17.53
Incyte Corporation (INCY) 0.6 $1.6M 69k 22.70
Gnc Holdings Inc Cl A 0.6 $1.6M 40k 39.20
Teavana Hldgs 0.6 $1.5M 111k 13.53
Aruba Networks 0.6 $1.5M 99k 15.05
Brightcove (BCOV) 0.6 $1.5M 96k 15.32
Par Pharmaceutical Companies 0.6 $1.4M 40k 36.13
Raven Industries 0.6 $1.5M 42k 34.79
Crocs (CROX) 0.6 $1.4M 88k 16.14
Align Technology (ALGN) 0.6 $1.4M 41k 33.47
Financial Engines 0.6 $1.3M 63k 21.46
Forum Energy Technolo 0.6 $1.4M 69k 19.69
Acme Packet 0.5 $1.3M 69k 18.65
Finish Line 0.5 $1.3M 60k 20.92
Texas Roadhouse (TXRH) 0.5 $1.3M 69k 18.40
Sagent Pharmaceuticals 0.5 $1.3M 70k 18.08
Rexnord 0.5 $1.3M 64k 20.03
Terex Corporation (TEX) 0.5 $1.2M 69k 17.83
Akorn 0.5 $1.2M 76k 15.77
Monolithic Power Systems (MPWR) 0.5 $1.2M 61k 19.85
3D Systems Corporation (DDD) 0.5 $1.2M 36k 34.14
Qlik Technologies 0.5 $1.2M 54k 22.12
Horizon Ban (HBNC) 0.5 $1.2M 45k 26.30
Cavium 0.5 $1.2M 43k 28.01
Verastem 0.5 $1.2M 120k 9.69
Roadrunner Transportation Services Hold. 0.5 $1.1M 67k 16.90
Spirit Airlines (SAVE) 0.5 $1.1M 59k 19.46
Aeropostale 0.5 $1.1M 62k 17.83
Idenix Pharmaceuticals 0.5 $1.1M 109k 10.28
Bravo Brio Restaurant 0.4 $1.1M 61k 17.84
Mattress Firm Holding 0.4 $1.1M 36k 30.31
Nanometrics Incorporated 0.4 $1.0M 67k 15.35
Greatbatch 0.4 $919k 41k 22.72
Cass Information Systems (CASS) 0.4 $923k 23k 40.25
Microsemi Corporation 0.3 $872k 47k 18.49
First of Long Island Corporation (FLIC) 0.3 $875k 30k 28.98
Fifth & Pac Cos 0.3 $834k 78k 10.73
Synchronoss Technologies 0.3 $812k 44k 18.47
California United Bank 0.3 $811k 77k 10.50
Select Comfort 0.3 $779k 37k 20.92
Gulfport Energy Corporation 0.3 $803k 39k 20.62
Ixia 0.3 $790k 66k 12.02
Eagle Ban (EGBN) 0.3 $780k 50k 15.74
Lakeland Financial Corporation (LKFN) 0.3 $780k 29k 26.84
Zagg 0.3 $798k 73k 10.91
Teche Holding Company 0.3 $798k 20k 39.12
Jive Software 0.3 $788k 38k 20.99
Ii-vi 0.3 $765k 46k 16.66
Rex Energy Corporation 0.3 $763k 68k 11.21
PhotoMedex 0.3 $758k 62k 12.14
Cardinal Financial Corporation 0.3 $737k 60k 12.28
First Financial Bankshares (FFIN) 0.3 $731k 21k 34.56
Saba Software 0.3 $749k 81k 9.28
Prosperity Bancshares (PB) 0.3 $709k 17k 42.03
Black Diamond 0.3 $725k 77k 9.45
Cheniere Energy (LNG) 0.3 $701k 48k 14.74
Bank of Marin Ban (BMRC) 0.3 $696k 19k 37.01
Ares Coml Real Estate (ACRE) 0.3 $699k 40k 17.48
Whitestone REIT (WSR) 0.3 $675k 50k 13.50
East West Ban (EWBC) 0.3 $644k 27k 23.47
Wintrust Financial Corporation (WTFC) 0.3 $640k 18k 35.52
Robbins & Myers 0.3 $648k 16k 41.80
Skullcandy 0.3 $631k 45k 14.15
Bazaarvoice 0.3 $643k 35k 18.20
Tillys (TLYS) 0.3 $652k 41k 16.06
Finisar Corporation 0.2 $611k 41k 14.95
Carmike Cinemas 0.2 $606k 41k 14.66
Body Central Acquisition Corporation 0.2 $606k 67k 9.01
First Citizens BancShares (FCNCA) 0.2 $562k 3.4k 166.72
ViewPoint Financial 0.2 $572k 37k 15.63
Sinclair Broadcast 0.2 $533k 59k 9.06
Western Alliance Bancorporation (WAL) 0.2 $547k 58k 9.37
American Business Bank (AMBZ) 0.2 $541k 21k 26.24
Farmers Natl Banc Corp (FMNB) 0.2 $522k 84k 6.23
Affiliated Managers (AMG) 0.2 $501k 4.6k 109.39
Independent Bank (INDB) 0.2 $489k 17k 29.19
First Financial Ban (FFBC) 0.2 $461k 29k 15.97
Urstadt Biddle Properties 0.2 $438k 22k 19.75
Investors Ban 0.2 $430k 29k 15.10
Susquehanna Bancshares 0.2 $421k 41k 10.29
Washington Banking Company 0.2 $396k 29k 13.91
Home BancShares (HOMB) 0.2 $402k 13k 30.55
Amtrust Financial Services 0.1 $365k 12k 29.72
American Campus Communities 0.1 $372k 8.3k 44.98
Heritage Financial Corporation (HFWA) 0.1 $367k 25k 14.65
First California Financial 0.1 $382k 56k 6.88
Heritage Oaks Ban 0.1 $378k 68k 5.57
CoBiz Financial 0.1 $376k 60k 6.27
Capitol Federal Financial (CFFN) 0.1 $359k 30k 11.88
Ban (TBBK) 0.1 $345k 37k 9.42
Hancock Holding Company (HWC) 0.1 $348k 11k 30.48
Inphi Corporation 0.1 $353k 37k 9.48
Financial Institutions (FISI) 0.1 $311k 18k 16.90
Tompkins Financial Corporation (TMP) 0.1 $321k 8.5k 37.68
Peoples Ban (PEBO) 0.1 $330k 15k 22.00
Pinnacle Financial Partners (PNFP) 0.1 $321k 17k 19.50
Pacific Premier Ban (PPBI) 0.1 $327k 39k 8.40
Bankrate 0.1 $314k 17k 18.42
National Retail Properties (NNN) 0.1 $302k 11k 28.30
MidSouth Ban 0.1 $266k 19k 14.09
Citizens Financial Services (CZFS) 0.1 $284k 7.2k 39.38
Old National Ban (ONB) 0.1 $240k 20k 12.03
UMB Financial Corporation (UMBF) 0.1 $244k 4.8k 51.26
Bryn Mawr Bank 0.1 $257k 12k 21.10
Southern National Banc. of Virginia 0.1 $236k 31k 7.57
Northeast Bancorp 0.1 $254k 30k 8.47
Mid-America Apartment (MAA) 0.1 $226k 3.3k 68.28
Axis Capital Holdings (AXS) 0.1 $223k 6.8k 32.60
Wet Seal 0.1 $228k 72k 3.15
Community Bank System (CBU) 0.1 $212k 7.8k 27.18
PrivateBan 0.1 $230k 16k 14.79
Evans Bancorp (EVBN) 0.1 $232k 14k 16.51
Central Valley Community Ban 0.1 $218k 32k 6.90
Gevo 0.1 $229k 46k 4.97
Citizens Republic Bancorp In 0.1 $233k 14k 17.13
Sandy Spring Ban (SASR) 0.1 $197k 11k 18.00
Center Ban 0.1 $199k 18k 11.24
Territorial Ban (TBNK) 0.1 $201k 8.8k 22.76
Campus Crest Communities 0.1 $205k 20k 10.39
Flushing Financial Corporation (FFIC) 0.1 $170k 13k 13.60
Virginia Commerce Ban 0.1 $183k 22k 8.42
Glacier Ban (GBCI) 0.1 $177k 12k 15.42
Guaranty Ban 0.1 $183k 88k 2.09
Martha Stewart Living Omnimedia 0.1 $142k 42k 3.39
Hersha Hospitality Trust 0.1 $112k 21k 5.27
Provident New York Ban 0.1 $128k 17k 7.61
Lakeland Ban (LBAI) 0.1 $123k 12k 10.54
Enterprise Financial Services (EFSC) 0.1 $124k 11k 10.92
HopFed Ban 0.1 $115k 16k 7.19
Carolina Trust Bank 0.1 $120k 40k 3.00
Cheviot Finl 0.1 $128k 15k 8.53
Orrstown Financial Services (ORRF) 0.0 $84k 11k 8.01