Emerald Mutual Fund Advisers, Trust

Emerald Mutual Fund Advisers Trust as of Sept. 30, 2013

Portfolio Holdings for Emerald Mutual Fund Advisers Trust

Emerald Mutual Fund Advisers Trust holds 212 positions in its portfolio as reported in the September 2013 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
NPS Pharmaceuticals 3.0 $22M 680k 31.81
MWI Veterinary Supply 2.7 $20M 133k 149.36
Bank of the Ozarks 2.0 $15M 308k 47.94
Alnylam Pharmaceuticals (ALNY) 2.0 $15M 230k 64.01
Spirit Airlines (SAVE) 1.8 $13M 375k 34.27
Sinclair Broadcast 1.7 $12M 369k 33.52
Infoblox 1.7 $12M 289k 41.82
Acadia Healthcare (ACHC) 1.6 $12M 302k 39.43
Trex Company (TREX) 1.6 $12M 240k 49.53
Akorn 1.6 $12M 582k 19.68
SVB Financial (SIVBQ) 1.6 $11M 131k 86.37
Roadrunner Transportation Services Hold. 1.6 $11M 398k 28.24
Middleby Corporation (MIDD) 1.4 $10M 50k 208.90
Diamondback Energy (FANG) 1.4 $10M 241k 42.64
Gulfport Energy Corporation 1.4 $10M 159k 64.34
Multimedia Games 1.4 $9.9M 286k 34.55
Amtrust Financial Services 1.3 $9.6M 245k 39.01
Magnum Hunter Resources Corporation 1.3 $9.3M 1.5M 6.17
Epam Systems (EPAM) 1.3 $9.3M 270k 34.50
Ultimate Software 1.3 $9.3M 63k 147.39
Sarepta Therapeutics (SRPT) 1.2 $8.4M 179k 47.23
Homeaway 1.2 $8.4M 301k 27.96
Lumber Liquidators Holdings (LL) 1.1 $8.0M 75k 106.65
Celldex Therapeutics 1.1 $7.9M 223k 35.43
Rex Energy Corporation 1.1 $7.6M 343k 22.32
Fifth & Pac Cos 1.1 $7.6M 301k 25.13
USG Corporation 1.0 $7.4M 259k 28.58
Lithia Motors (LAD) 1.0 $7.4M 101k 72.96
Insys Therapeutics 1.0 $7.4M 211k 34.99
Red Robin Gourmet Burgers (RRGB) 1.0 $7.3M 103k 71.10
Jazz Pharmaceuticals (JAZZ) 1.0 $7.3M 80k 91.97
Evercore Partners (EVR) 1.0 $7.0M 143k 49.23
Acuity Brands (AYI) 1.0 $7.1M 77k 92.02
Ixia 1.0 $7.0M 446k 15.67
8x8 (EGHT) 1.0 $7.0M 698k 10.07
Qlik Technologies 0.9 $6.9M 201k 34.23
Proofpoint 0.9 $6.7M 210k 32.12
WESCO International (WCC) 0.9 $6.4M 84k 76.53
Tile Shop Hldgs (TTSH) 0.9 $6.4M 218k 29.49
Wesco Aircraft Holdings 0.9 $6.3M 302k 20.93
Synageva Biopharma 0.9 $6.2M 98k 63.39
Intercept Pharmaceuticals In 0.9 $6.3M 91k 69.03
Meritage Homes Corporation (MTH) 0.8 $6.2M 144k 42.95
Cepheid 0.8 $6.1M 156k 39.04
Five Below (FIVE) 0.8 $6.0M 137k 43.72
CoBiz Financial 0.8 $5.9M 615k 9.66
Imperva 0.8 $5.9M 141k 42.02
Rally Software Development 0.8 $5.9M 198k 29.96
Ciena Corporation (CIEN) 0.8 $5.9M 236k 25.01
Penske Automotive (PAG) 0.8 $5.8M 135k 42.73
ISIS Pharmaceuticals 0.8 $5.6M 148k 37.54
Cavium 0.8 $5.5M 133k 41.20
Cambrex Corporation 0.8 $5.4M 410k 13.20
Abaxis 0.7 $5.1M 122k 42.11
Black Diamond 0.7 $5.1M 420k 12.16
Brightcove (BCOV) 0.7 $5.2M 459k 11.25
IPG Photonics Corporation (IPGP) 0.7 $5.1M 90k 56.35
Verastem 0.7 $5.0M 402k 12.45
Jive Software 0.7 $5.0M 397k 12.50
Aegerion Pharmaceuticals 0.7 $4.8M 56k 85.75
Jack in the Box (JACK) 0.7 $4.7M 118k 39.99
H&E Equipment Services (HEES) 0.6 $4.6M 174k 26.56
Saba Software 0.6 $4.6M 450k 10.14
Pacific Premier Ban (PPBI) 0.6 $4.4M 332k 13.42
3D Systems Corporation (DDD) 0.6 $4.2M 79k 53.99
Walker & Dunlop (WD) 0.6 $4.1M 258k 15.91
Guidewire Software (GWRE) 0.6 $4.0M 85k 47.11
Aruba Networks 0.5 $3.9M 234k 16.64
CalAmp 0.5 $3.9M 223k 17.61
Chuys Hldgs (CHUY) 0.5 $3.9M 109k 35.89
Portola Pharmaceuticals 0.5 $3.9M 146k 26.75
Christopher & Banks Corporation (CBKCQ) 0.5 $3.9M 536k 7.21
Summit Hotel Properties (INN) 0.5 $3.7M 401k 9.19
Customers Ban (CUBI) 0.5 $3.7M 230k 16.10
Nanostring Technologies (NSTGQ) 0.5 $3.7M 334k 11.00
Inphi Corporation 0.5 $3.6M 271k 13.43
Omnicell (OMCL) 0.5 $3.5M 149k 23.68
Thoratec Corporation 0.5 $3.5M 93k 37.29
FARO Technologies (FARO) 0.5 $3.5M 82k 42.17
Standard Pacific 0.5 $3.3M 412k 7.91
BJ's Restaurants (BJRI) 0.5 $3.2M 113k 28.67
Intrexon 0.5 $3.2M 136k 23.69
Glimcher Realty Trust 0.4 $3.2M 327k 9.75
Cornerstone Ondemand 0.4 $3.2M 62k 51.43
Taylor Morrison Hom (TMHC) 0.4 $3.2M 140k 22.65
Apogee Enterprises (APOG) 0.4 $3.1M 106k 29.63
Carmike Cinemas 0.4 $3.0M 135k 22.08
Restoration Hardware Hldgs I 0.4 $2.9M 47k 63.36
BioScrip 0.4 $2.8M 321k 8.78
Blackhawk Network Hldgs Inc cl a 0.4 $2.9M 119k 24.03
Select Comfort 0.4 $2.8M 116k 23.93
Infinity Pharmaceuticals (INFIQ) 0.4 $2.8M 158k 17.43
Financial Engines 0.4 $2.8M 47k 59.43
Cyan 0.4 $2.8M 277k 10.05
Everbank Finl 0.4 $2.6M 172k 14.98
Tillys (TLYS) 0.4 $2.6M 177k 14.51
Texas Capital Bancshares (TCBI) 0.3 $2.4M 52k 45.89
Francescas Hldgs Corp 0.3 $2.4M 127k 18.62
PDF Solutions (PDFS) 0.3 $2.2M 102k 21.23
Sanchez Energy Corp C ommon stocks 0.3 $2.2M 84k 26.41
Bind Therapeutics 0.3 $2.1M 152k 14.12
Chart Industries (GTLS) 0.3 $2.1M 17k 123.05
Gigamon 0.3 $2.0M 51k 38.63
Retailmenot 0.3 $1.9M 55k 35.56
Greatbatch 0.3 $1.9M 55k 34.02
Independent Bank (IBTX) 0.3 $1.9M 53k 36.00
Regulus Therapeutics 0.2 $1.8M 190k 9.43
Channeladvisor 0.2 $1.8M 50k 36.63
Control4 0.2 $1.8M 106k 17.32
BofI Holding 0.2 $1.7M 27k 64.81
Gsv Cap Corp 0.2 $1.7M 115k 14.82
PacWest Ban 0.2 $1.7M 49k 34.28
First Nbc Bank Holding 0.2 $1.7M 70k 24.39
Connectone Ban 0.2 $1.6M 45k 35.11
Signature Bank (SBNY) 0.2 $1.5M 17k 91.55
Home BancShares (HOMB) 0.2 $1.5M 51k 30.37
Howard Ban 0.2 $1.5M 178k 8.66
Goodrich Petroleum Corporation 0.2 $1.4M 59k 24.29
Eagle Ban (EGBN) 0.2 $1.4M 48k 28.29
Cu Bancorp Calif 0.2 $1.4M 77k 18.24
Uni-Pixel 0.2 $1.3M 73k 17.72
Neonode 0.2 $1.3M 201k 6.42
Diversified Restaurant Holdi 0.2 $1.3M 197k 6.56
Applied Optoelectronics (AAOI) 0.2 $1.3M 131k 10.00
First Financial Bankshares (FFIN) 0.2 $1.2M 21k 58.87
Horizon Ban (HBNC) 0.2 $1.2M 54k 23.35
Flagstar Ban 0.2 $1.2M 83k 14.75
First Financial 0.2 $1.2M 22k 55.16
Microsemi Corporation 0.2 $1.2M 48k 24.24
California Republic Ban 0.1 $1.1M 51k 22.00
Liposcience 0.1 $1.1M 221k 5.00
First of Long Island Corporation (FLIC) 0.1 $1.0M 26k 38.85
Ameris Ban (ABCB) 0.1 $998k 54k 18.37
Old Line Bancshares 0.1 $990k 74k 13.43
Diamond Resorts International 0.1 $1.0M 54k 18.82
Bankunited (BKU) 0.1 $913k 29k 31.18
Organovo Holdings 0.1 $950k 165k 5.77
Lakeland Financial Corporation (LKFN) 0.1 $900k 28k 32.65
United Ins Hldgs (ACIC) 0.1 $867k 98k 8.83
Cass Information Systems (CASS) 0.1 $802k 15k 53.39
Elmira Savings Bank 0.1 $798k 33k 24.27
Sterling Finl Corp Wash 0.1 $781k 27k 28.65
First Business Financial Services (FBIZ) 0.1 $820k 25k 32.64
HEALTH INSURANCE Common equity Innovations shares 0.1 $762k 64k 11.95
Tree 0.1 $711k 27k 26.25
Investors Ban 0.1 $750k 34k 21.91
Meta Financial (CASH) 0.1 $734k 19k 38.01
Camco Financial (CAFI) 0.1 $706k 175k 4.03
American Business Bank (AMBZ) 0.1 $732k 25k 28.78
East West Ban (EWBC) 0.1 $630k 20k 31.95
Prosperity Bancshares (PB) 0.1 $646k 11k 61.82
Heritage Oaks Ban 0.1 $682k 107k 6.40
Farmers Natl Banc Corp (FMNB) 0.1 $659k 105k 6.31
Tristate Capital Hldgs 0.1 $637k 50k 12.88
Silvercrest Asset Mgmt Groupcl (SAMG) 0.1 $682k 50k 13.64
Chemical Financial Corporation 0.1 $558k 20k 27.90
Independent Bank (INDB) 0.1 $544k 15k 35.67
Shore Bancshares (SHBI) 0.1 $574k 65k 8.79
Bridge Ban 0.1 $613k 29k 21.51
Capitol Federal Financial (CFFN) 0.1 $599k 48k 12.42
First PacTrust Ban 0.1 $575k 42k 13.82
CapitalSource 0.1 $529k 45k 11.88
Provident New York Ban 0.1 $532k 49k 10.90
Republic Bancorp, Inc. KY (RBCAA) 0.1 $513k 19k 27.55
United Community Financial 0.1 $486k 125k 3.89
Bryn Mawr Bank 0.1 $493k 18k 26.95
Independent Bank Corporation (IBCP) 0.1 $500k 50k 10.00
Northeast Bancorp 0.1 $522k 52k 10.00
Western Alliance Bancorporation (WAL) 0.1 $429k 23k 18.93
Access National Corporation 0.1 $428k 30k 14.25
Pinnacle Financial Partners (PNFP) 0.1 $431k 15k 29.81
Urstadt Biddle Properties 0.1 $441k 22k 19.88
Meridian Interstate Ban 0.1 $453k 21k 21.80
Foundation Medicine 0.1 $450k 11k 39.65
Washington Banking Company 0.1 $342k 24k 14.05
Cardinal Financial Corporation 0.1 $382k 23k 16.53
Renasant (RNST) 0.1 $349k 13k 27.14
Tompkins Financial Corporation (TMP) 0.1 $348k 7.5k 46.28
Peoples Ban (PEBO) 0.1 $334k 16k 20.87
Campus Crest Communities 0.1 $378k 35k 10.79
Monarch Financial Holdings 0.1 $372k 32k 11.72
Teche Holding Company 0.1 $357k 7.8k 45.72
Citizens Financial Services (CZFS) 0.1 $356k 7.6k 47.02
Central Valley Community Ban 0.1 $351k 35k 10.15
First Internet Bancorp (INBK) 0.1 $349k 13k 26.70
Cubesmart (CUBE) 0.1 $379k 21k 17.85
Capit Bk Fin A 0.1 $340k 16k 21.92
Physicians Realty Trust 0.1 $339k 28k 12.10
American Campus Communities 0.0 $298k 8.7k 34.17
DiamondRock Hospitality Company (DRH) 0.0 $296k 28k 10.66
Susquehanna Bancshares 0.0 $279k 22k 12.52
Guaranty Ban 0.0 $308k 23k 13.69
Atlas Financial Holdings (AFHIF) 0.0 $324k 32k 10.24
Hilltop Holdings (HTH) 0.0 $195k 11k 18.54
Hersha Hospitality Trust 0.0 $248k 44k 5.59
Flushing Financial Corporation (FFIC) 0.0 $231k 13k 18.48
Saul Centers (BFS) 0.0 $234k 5.1k 46.25
Bridge Capital Holdings 0.0 $183k 11k 17.02
Center Ban 0.0 $252k 18k 14.23
Heritage Financial Corporation (HFWA) 0.0 $230k 15k 15.49
Home Ban (HBCP) 0.0 $211k 12k 18.07
MidSouth Ban 0.0 $196k 13k 15.47
Orrstown Financial Services (ORRF) 0.0 $181k 10k 17.42
Hingham Institution for Savings (HIFS) 0.0 $231k 3.3k 70.00
Southern National Banc. of Virginia 0.0 $198k 21k 9.61
Virginia Heritage Bank 0.0 $190k 12k 15.97
Cortland Ban 0.0 $188k 20k 9.43
Armada Hoffler Pptys (AHH) 0.0 $198k 20k 9.90
HopFed Ban 0.0 $179k 16k 11.19
Whitestone REIT (WSR) 0.0 $151k 10k 14.73
Park Sterling Bk Charlott 0.0 $141k 22k 6.39
Xenith Bankshares 0.0 $148k 25k 6.00