0001144204-11-059911.txt : 20111028
0001144204-11-059911.hdr.sgml : 20111028
20111028101048
ACCESSION NUMBER: 0001144204-11-059911
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20110930
FILED AS OF DATE: 20111028
DATE AS OF CHANGE: 20111028
EFFECTIVENESS DATE: 20111028
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: EMERALD MUTUAL FUND ADVISERS TRUST
CENTRAL INDEX KEY: 0001352895
IRS NUMBER: 202531403
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-11623
FILM NUMBER: 111163631
BUSINESS ADDRESS:
STREET 1: 1703 OREGON PIKE
CITY: LANCASTER
STATE: PA
ZIP: 17601
BUSINESS PHONE: 717 396 1116
MAIL ADDRESS:
STREET 1: 1703 OREGON PIKE
CITY: LANCASTER
STATE: PA
ZIP: 17601
13F-HR
1
v238374_13fhr.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2011
Check here if Amendment [ ]; Amendment Number: ___
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Emerald Mutual Fund Advisers, Trust
Address: 1703 Oregon Pike
Suite 101
Lancaster, PA 17601
Form 13F File Number: 028-05618
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Kenneth G. Mertz II
Title: President
Phone: 717-396-1116
Signature, Place, and Date of Signing:
Kenneth G. Mertz II Lancaster, Pennsylvania October 27, 2011
Report Type (Check only one.):
[x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported
by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
None.
Form 13F SUMMARY PAGE
REPORT SUMMARY:
NUMBER OF OTHER INCLUDED MANAGERS: 0
FORM 13F INFORMATION TABLE ENTRY TOTAL: 271
FORM 13F INFORMATION TABLE VALUE TOTAL: $247,292
(thousands)
List of other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state NONE and omit the column headings
and list entries.]
NO. 13F FILE NUMBER NAME
01 028-12088 FORWARD MANAGEMENT, LLC
EMERALD MUTUAL FUND ADVISERS TRUST PAGE 1
FORM 13F INFORMATION TABLE
AS OF DATE: 09/30/11
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------------------------------------------------------------------------------------------------------------
3-D SYS CORP DEL COM NEW COM 88554D205 1578 112794 SH SOLE 112794 0 0
3-D SYS CORP DEL COM NEW COM 88554D205 1249 89277 SH OTHER 01 0 89277 0
ABOVENET INC COM COM 00374N107 1801 33600 SH SOLE 33600 0 0
ABOVENET INC COM COM 00374N107 1450 27050 SH OTHER 01 0 27050 0
ACME PACKET INC COM COM 004764106 1100 25826 SH SOLE 25826 0 0
ACME PACKET INC COM COM 004764106 880 20673 SH OTHER 01 0 20673 0
ADTRAN INC COM COM 00738A106 789 29804 SH SOLE 29804 0 0
ADTRAN INC COM COM 00738A106 351 13262 SH OTHER 01 0 13262 0
AFFILIATED MANAGERS GROUP INCO COM 008252108 357 4580 SH OTHER 01 0 4580 0
AKORN INC COM COM 009728106 984 126188 SH SOLE 126188 0 0
AKORN INC COM COM 009728106 770 98674 SH OTHER 01 0 98674 0
ALKERMES PLC COM G01767105 1393 91374 SH SOLE 91374 0 0
ALKERMES PLC COM G01767105 1139 74666 SH OTHER 01 0 74666 0
ALLIED NEVADA GOLD CORP COM COM 019344100 1848 51596 SH SOLE 51596 0 0
ALLIED NEVADA GOLD CORP COM COM 019344100 1463 40868 SH OTHER 01 0 40868 0
AMERICAN BUSINESS BK LA CALICO COM 02475L105 407 18921 SH OTHER 01 0 18921 0
AMERICAN CAMPUS CMNTYS INC COM COM 024835100 513 13790 SH OTHER 01 0 13790 0
AMERICAN RAILCAR INDS INC COM COM 02916P103 671 43613 SH SOLE 43613 0 0
AMERICAN RAILCAR INDS INC COM COM 02916P103 519 33760 SH OTHER 01 0 33760 0
APPLIED INDL TECHNLGIES INC CO COM 03820C105 654 24080 SH SOLE 24080 0 0
APPLIED INDL TECHNLGIES INC CO COM 03820C105 508 18710 SH OTHER 01 0 18710 0
ARUBA NETWORKS INC COM COM 043176106 1585 75808 SH SOLE 75808 0 0
ARUBA NETWORKS INC COM COM 043176106 1264 60468 SH OTHER 01 0 60468 0
BANCORP INC DEL COM COM 05969A105 396 55330 SH OTHER 01 0 55330 0
BANK OF MARIN BANCORP COM COM 063425102 722 21866 SH OTHER 01 0 21866 0
BANK OF THE OZARKS INC COM COM 063904106 1064 50820 SH SOLE 50820 0 0
BANK OF THE OZARKS INC COM COM 063904106 2332 111438 SH OTHER 01 0 111438 0
BANKRATE INC COM 06647F102 259 17050 SH OTHER 01 0 17050 0
BASIC ENERGY SVCS INC NEW COM COM 06985P100 908 64120 SH SOLE 64120 0 0
BASIC ENERGY SVCS INC NEW COM COM 06985P100 680 48040 SH OTHER 01 0 48040 0
BERKSHIRE HILLS BANCORP INC CO COM 084680107 196 10630 SH OTHER 01 0 10630 0
BIOSANTE PHARMACEUTICALS INCCO COM 09065V203 270 118382 SH SOLE 118382 0 0
BIOSANTE PHARMACEUTICALS INCCO COM 09065V203 214 94046 SH OTHER 01 0 94046 0
BJ'S RESTAURANT INC COM 09180C106 1909 43282 SH SOLE 43282 0 0
BJ'S RESTAURANT INC COM 09180C106 1596 36179 SH OTHER 01 0 36179 0
BLUEGREEN CORP COM COM 096231105 300 142683 SH SOLE 142683 0 0
BLUEGREEN CORP COM COM 096231105 250 119208 SH OTHER 01 0 119208 0
BODY CENTRAL CORP COM 09689U102 1608 88562 SH SOLE 88562 0 0
BODY CENTRAL CORP COM 09689U102 1298 71500 SH OTHER 01 0 71500 0
BRAVO BRIO RESTAURANT GROUP COM 10567B109 907 54490 SH SOLE 54490 0 0
BRAVO BRIO RESTAURANT GROUP COM 10567B109 711 42714 SH OTHER 01 0 42714 0
BRYN MAWR BK CORP COM COM 117665109 202 12180 SH OTHER 01 0 12180 0
CALIFORNIA UTD BK ENCINO CA CO COM 130781107 741 72300 SH OTHER 01 0 72300 0
CAPITOL FEDERAL FINANCIAL COM 14057J101 239 22635 SH OTHER 01 0 22635 0
CARDINAL FINL CORP COM COM 14149F109 517 60020 SH OTHER 01 0 60020 0
CAROLINA TR BK LINCOLNTON NCCO COM 144200102 120 40000 SH OTHER 01 0 40000 0
CASS INFORMATION SYS INC COM COM 14808P109 822 26483 SH OTHER 01 0 26483 0
CATALYST HEALTH SOLUTIONS INC COM 14888B103 2074 35954 SH SOLE 35954 0 0
CATALYST HEALTH SOLUTIONS INC COM 14888B103 1628 28225 SH OTHER 01 0 28225 0
CAVIUM INC COM COM 14964U108 689 25514 SH SOLE 25514 0 0
CAVIUM INC COM COM 14964U108 536 19849 SH OTHER 01 0 19849 0
EMERALD MUTUAL FUND ADVISERS TRUST PAGE 2
FORM 13F INFORMATION TABLE
AS OF DATE: 09/30/11
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------------------------------------------------------------------------------------------------------------
CENTRAL VALLEY CMNTY BANCORPCO COM 155685100 177 31580 SH OTHER 01 0 31580 0
CHART INDS INC COM PAR $0.01 COM 16115Q308 1300 30810 SH SOLE 30810 0 0
CHART INDS INC COM PAR $0.01 COM 16115Q308 1036 24570 SH OTHER 01 0 24570 0
CHEFS' WAREHOUSE HOLDINGS COM 163086101 298 25340 SH SOLE 25340 0 0
CHEFS' WAREHOUSE HOLDINGS COM 163086101 230 19590 SH OTHER 01 0 19590 0
CHENIERE ENERGY INC COM NEW COM 16411R208 397 77022 SH SOLE 77022 0 0
CHENIERE ENERGY INC COM NEW COM 16411R208 317 61466 SH OTHER 01 0 61466 0
CITIZENS FINL SVCS INC COM COM 174615104 243 7140 SH OTHER 01 0 7140 0
COMMUNITY BK SYS INC COM COM 203607106 215 9490 SH OTHER 01 0 9490 0
COST PLUS INC CALIF COM COM 221485105 878 139366 SH SOLE 139366 0 0
COST PLUS INC CALIF COM COM 221485105 694 110171 SH OTHER 01 0 110171 0
CROCS INC COM COM 227046109 2197 92762 SH SOLE 92762 0 0
CROCS INC COM COM 227046109 1752 73971 SH OTHER 01 0 73971 0
C&J ENERGY SERVICES INC COM 12467B304 409 24870 SH SOLE 24870 0 0
C&J ENERGY SERVICES INC COM 12467B304 170 10364 SH OTHER 01 0 10364 0
DIAMOND FOODS INC COM 252603105 2274 28499 SH SOLE 28499 0 0
DIAMOND FOODS INC COM 252603105 1767 22148 SH OTHER 01 0 22148 0
DIME CMNTY BANCORP INC COM COM 253922108 232 22900 SH OTHER 01 0 22900 0
DUPONT FABROS TECHNOLOGY INCCO COM 26613Q106 615 31244 SH SOLE 31244 0 0
DUPONT FABROS TECHNOLOGY INCCO COM 26613Q106 520 26390 SH OTHER 01 0 26390 0
DUSA PHARMACEUTICALS INC COM COM 266898105 51 13650 SH SOLE 13650 0 0
DUSA PHARMACEUTICALS INC COM COM 266898105 39 10554 SH OTHER 01 0 10554 0
EAGLE BANCORP INC MD COM COM 268948106 465 39542 SH OTHER 01 0 39542 0
EAST WEST BANCORP INC COM COM 27579R104 644 43200 SH OTHER 01 0 43200 0
ENTERPRISE FINL SVCS CORP COM COM 293712105 154 11356 SH OTHER 01 0 11356 0
ENVESTNET INC COM 29404K106 422 42220 SH OTHER 01 0 42220 0
ESTERLINE TECHNOLOGIES CORP CO COM 297425100 1459 28140 SH SOLE 28140 0 0
ESTERLINE TECHNOLOGIES CORP CO COM 297425100 1134 21874 SH OTHER 01 0 21874 0
EVANS BANCORP INC COM NEW COM 29911Q208 155 14050 SH OTHER 01 0 14050 0
FARMERS NATL BANC CORP COM COM 309627107 218 48710 SH OTHER 01 0 48710 0
FARO TECHNOLOGIES INC COM COM 311642102 2673 84719 SH SOLE 84719 0 0
FARO TECHNOLOGIES INC COM COM 311642102 2079 65883 SH OTHER 01 0 65883 0
FINANCIAL ENGINES INC COM COM 317485100 475 26245 SH SOLE 26245 0 0
FINANCIAL ENGINES INC COM COM 317485100 420 23202 SH OTHER 01 0 23202 0
FINANCIAL INSTNS INC COM COM 317585404 262 18400 SH OTHER 01 0 18400 0
FINISAR CORP COM COM 31787A507 857 48880 SH SOLE 48880 0 0
FINISAR CORP COM COM 31787A507 666 37980 SH OTHER 01 0 37980 0
FINISH LINE INC CL A COM 317923100 1823 91180 SH SOLE 91180 0 0
FINISH LINE INC CL A COM 317923100 1456 72840 SH OTHER 01 0 72840 0
FIRST CALIFORNIA FINANCIAL GCO COM 319395109 389 129000 SH OTHER 01 0 129000 0
FIRST CTZNS BANCSHARES NC CL A COM 31946M103 484 3371 SH OTHER 01 0 3371 0
FIRST FINL BANCORP COM COM 320209109 398 28866 SH OTHER 01 0 28866 0
FIRST FINL BANCSHARES INC COM COM 32020R109 553 21150 SH OTHER 01 0 21150 0
FIRST LONG IS CORP COM COM 320734106 684 30190 SH OTHER 01 0 30190 0
FLUSHING FINL CORP COM COM 343873105 135 12500 SH OTHER 01 0 12500 0
FORTINET INC COM 34959E109 1573 93620 SH SOLE 93620 0 0
FORTINET INC COM 34959E109 1252 74520 SH OTHER 01 0 74520 0
FRANCESCAS HLDGS CORP COM COM 351793104 647 30484 SH SOLE 30484 0 0
FRANCESCAS HLDGS CORP COM COM 351793104 502 23687 SH OTHER 01 0 23687 0
FRESH MARKET INC COM 35804H106 921 24130 SH SOLE 24130 0 0
FRESH MARKET INC COM 35804H106 731 19161 SH OTHER 01 0 19161 0
EMERALD MUTUAL FUND ADVISERS TRUST PAGE 3
FORM 13F INFORMATION TABLE
AS OF DATE: 09/30/11
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------------------------------------------------------------------------------------------------------------
GEVO INC COM 374396109 429 77014 SH SOLE 77014 0 0
GEVO INC COM 374396109 342 61398 SH OTHER 01 0 61398 0
GLACIER BANCORP INC NEW COM COM 37637Q105 150 15970 SH OTHER 01 0 15970 0
GNC HOLDINGS INC COM 36191G107 990 49206 SH SOLE 49206 0 0
GNC HOLDINGS INC COM 36191G107 872 43363 SH OTHER 01 0 43363 0
GORMAN RUPP CO COM COM 383082104 468 18954 SH SOLE 18954 0 0
GORMAN RUPP CO COM COM 383082104 364 14737 SH OTHER 01 0 14737 0
GREATBATCH INC COM COM 39153L106 436 21778 SH SOLE 21778 0 0
GREATBATCH INC COM COM 39153L106 337 16844 SH OTHER 01 0 16844 0
GULFPORT ENERGY CORP COM NEW COM 402635304 1649 68210 SH SOLE 68210 0 0
GULFPORT ENERGY CORP COM NEW COM 402635304 1315 54400 SH OTHER 01 0 54400 0
G-III APPAREL GROUP LTD COM COM 36237H101 441 19302 SH SOLE 19302 0 0
G-III APPAREL GROUP LTD COM COM 36237H101 343 15004 SH OTHER 01 0 15004 0
HANCOCK HLDG CO COM COM 410120109 515 19206 SH OTHER 01 0 19206 0
HEALTHSOUTH CORP COM 421924309 895 59968 SH SOLE 59968 0 0
HEALTHSOUTH CORP COM 421924309 696 46610 SH OTHER 01 0 46610 0
HERITAGE FINL CORP WASH COM COM 42722X106 286 25950 SH OTHER 01 0 25950 0
HERSHA HOSPITALITY TR PRIORITY COM 427825104 98 28255 SH OTHER 01 0 28255 0
HIBBETT SPORTS INC COM COM 428567101 1931 56976 SH SOLE 56976 0 0
HIBBETT SPORTS INC COM COM 428567101 1529 45114 SH OTHER 01 0 45114 0
HOPFED BANCORP INC COM COM 439734104 108 18904 SH OTHER 01 0 18904 0
HORIZON BANCORP IND COM COM 440407104 802 30266 SH OTHER 01 0 30266 0
HUB GROUP INC CL A COM 443320106 965 34131 SH SOLE 34131 0 0
HUB GROUP INC CL A COM 443320106 767 27123 SH OTHER 01 0 27123 0
IBERIABANK CORP COM COM 450828108 677 14384 SH OTHER 01 0 14384 0
II-VI INC COM COM 902104108 1855 105972 SH SOLE 105972 0 0
II-VI INC COM COM 902104108 1489 85100 SH OTHER 01 0 85100 0
INCYTE PHARMACEUTICALS INC COM COM 45337C102 939 67210 SH SOLE 67210 0 0
INCYTE PHARMACEUTICALS INC COM COM 45337C102 743 53200 SH OTHER 01 0 53200 0
INDEPENDENT BK CORP MASS COM COM 453836108 364 16750 SH OTHER 01 0 16750 0
INTERDIGITAL INC PA COM 45867G101 2920 62684 SH SOLE 62684 0 0
INTERDIGITAL INC PA COM 45867G101 2264 48612 SH OTHER 01 0 48612 0
INVESTORS BANCORP INC COM COM 46146P102 360 28473 SH OTHER 01 0 28473 0
IPG PHOTONICS CORP COM 44980X109 2621 60343 SH SOLE 60343 0 0
IPG PHOTONICS CORP COM 44980X109 2065 47528 SH OTHER 01 0 47528 0
IXIA COM COM 45071R109 525 68471 SH SOLE 68471 0 0
IXIA COM COM 45071R109 398 51877 SH OTHER 01 0 51877 0
KODIAK OIL & GAS CORP COM COM 50015Q100 1616 310230 SH SOLE 310230 0 0
KODIAK OIL & GAS CORP COM COM 50015Q100 1285 246555 SH OTHER 01 0 246555 0
KRATON PERFORMANCE POLYMERS CO COM 50077C106 675 41702 SH SOLE 41702 0 0
KRATON PERFORMANCE POLYMERS CO COM 50077C106 471 29116 SH OTHER 01 0 29116 0
LAKELAND FINL CORP COM COM 511656100 600 29063 SH OTHER 01 0 29063 0
MAGNUM HUNTER RES CORP DEL COM COM 55973B102 1130 341312 SH SOLE 341312 0 0
MAGNUM HUNTER RES CORP DEL COM COM 55973B102 738 222831 SH OTHER 01 0 222831 0
MEADOWBROOK INS GROUP INC COM COM 58319P108 625 70093 SH OTHER 01 0 70093 0
MERIT MED SYS INC COM COM 589889104 1029 78280 SH SOLE 78280 0 0
MERIT MED SYS INC COM COM 589889104 803 61136 SH OTHER 01 0 61136 0
MICROSEMI CORP COM COM 595137100 974 60921 SH SOLE 60921 0 0
MICROSEMI CORP COM COM 595137100 754 47155 SH OTHER 01 0 47155 0
MIDDLEBY CORP COM COM 596278101 1502 21314 SH SOLE 21314 0 0
MIDDLEBY CORP COM COM 596278101 1104 15672 SH OTHER 01 0 15672 0
EMERALD MUTUAL FUND ADVISERS TRUST PAGE 4
FORM 13F INFORMATION TABLE
AS OF DATE: 09/30/11
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------------------------------------------------------------------------------------------------------------
MIDSOUTH BANCORP INC COM COM 598039105 263 24433 SH OTHER 01 0 24433 0
MID-AMER APT CMNTYS INC COM COM 59522J103 711 11810 SH SOLE 11810 0 0
MID-AMER APT CMNTYS INC COM COM 59522J103 927 15400 SH OTHER 01 0 15400 0
MITEK SYS INC COM NEW COM 606710200 554 59940 SH SOLE 59940 0 0
MITEK SYS INC COM NEW COM 606710200 620 66994 SH OTHER 01 0 66994 0
MOLINA HEALTHCARE INC COM COM 60855R100 812 52564 SH SOLE 52564 0 0
MOLINA HEALTHCARE INC COM COM 60855R100 631 40876 SH OTHER 01 0 40876 0
MWI VETERINARY SUPPLY INC COM COM 55402X105 3764 54694 SH SOLE 54694 0 0
MWI VETERINARY SUPPLY INC COM COM 55402X105 2925 42497 SH OTHER 01 0 42497 0
NATIONAL RETAIL PROPERTIES INC COM 637417106 234 8700 SH OTHER 01 0 8700 0
NATUS MEDICAL INC DEL COM COM 639050103 187 19630 SH SOLE 19630 0 0
NEWMARKET CORP COM COM 651587107 1288 8479 SH SOLE 8479 0 0
NEWMARKET CORP COM COM 651587107 1022 6732 SH OTHER 01 0 6732 0
NPS PHARMACEUTICALS INC COM COM 62936P103 637 97837 SH SOLE 97837 0 0
NPS PHARMACEUTICALS INC COM COM 62936P103 510 78388 SH OTHER 01 0 78388 0
OLD NATL BANCORP IND COM COM 680033107 186 19950 SH OTHER 01 0 19950 0
ORIENTAL FINL GROUP INC COM COM 68618W100 140 14500 SH OTHER 01 0 14500 0
ORRSTOWN FINL SVCS INC COM COM 687380105 362 28190 SH OTHER 01 0 28190 0
PACIFIC PREMIER BANCORP COM COM 69478X105 230 38910 SH OTHER 01 0 38910 0
PAREXEL INTL CORP COM COM 699462107 765 40425 SH SOLE 40425 0 0
PAREXEL INTL CORP COM COM 699462107 544 28724 SH OTHER 01 0 28724 0
PHARMASSET INC COM COM 71715N106 2255 27372 SH SOLE 27372 0 0
PHARMASSET INC COM COM 71715N106 1791 21744 SH OTHER 01 0 21744 0
PINNACLE FINL PARTNERS INC COM COM 72346Q104 180 16460 SH OTHER 01 0 16460 0
PREFERRED APARTMENT COMMUNITIE COM 74039L103 355 62356 SH OTHER 01 0 62356 0
PROSPERITY BANCSHARES INC COM COM 743606105 551 16870 SH OTHER 01 0 16870 0
QLIK TECHNOLOGIES INC COM 74733T105 1170 54099 SH SOLE 54099 0 0
QLIK TECHNOLOGIES INC COM 74733T105 915 42290 SH OTHER 01 0 42290 0
QUALITY SYS INC COM COM 747582104 1206 24860 SH SOLE 24860 0 0
QUALITY SYS INC COM COM 747582104 968 19960 SH OTHER 01 0 19960 0
RACKSPACE HOSTING INC COM COM 750086100 1254 36720 SH SOLE 36720 0 0
RACKSPACE HOSTING INC COM COM 750086100 822 24090 SH OTHER 01 0 24090 0
RAVEN INDS INC COM COM 754212108 1057 21935 SH SOLE 21935 0 0
RAVEN INDS INC COM COM 754212108 847 17582 SH OTHER 01 0 17582 0
RESPONSYS INC COM 761248103 647 59999 SH SOLE 59999 0 0
RESPONSYS INC COM 761248103 606 56184 SH OTHER 01 0 56184 0
ROADRUNNER TRNSN SVCS HLDG ICO COM 76973Q105 1468 107004 SH SOLE 107004 0 0
ROADRUNNER TRNSN SVCS HLDG ICO COM 76973Q105 1141 83198 SH OTHER 01 0 83198 0
ROBBINS & MYERS INC COM COM 770196103 1069 30808 SH SOLE 30808 0 0
ROBBINS & MYERS INC COM COM 770196103 844 24314 SH OTHER 01 0 24314 0
RPC INC COM COM 749660106 911 55834 SH SOLE 55834 0 0
RPC INC COM COM 749660106 730 44712 SH OTHER 01 0 44712 0
RUSH ENTERPISES INC CL A COM 781846209 644 45509 SH SOLE 45509 0 0
RUSH ENTERPISES INC CL A COM 781846209 512 36149 SH OTHER 01 0 36149 0
SAGENT PHARMACEUTICALS INC COM 786692103 1126 55622 SH SOLE 55622 0 0
SAGENT PHARMACEUTICALS INC COM 786692103 901 44521 SH OTHER 01 0 44521 0
SALIX PHARMACEUTICALS LTD COM COM 795435106 1254 42351 SH SOLE 42351 0 0
SALIX PHARMACEUTICALS LTD COM COM 795435106 974 32921 SH OTHER 01 0 32921 0
SANDY SPRING BANCORP INC CMT-C COM 800363103 160 10943 SH OTHER 01 0 10943 0
SCBT FINANCIAL CORPOERATION COM 78401V102 314 12740 SH OTHER 01 0 12740 0
SCHWEITZER-MAUDUIT INTL INC CO COM 808541106 1606 28750 SH SOLE 28750 0 0
EMERALD MUTUAL FUND ADVISERS TRUST PAGE 5
FORM 13F INFORMATION TABLE
AS OF DATE: 09/30/11
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------------------------------------------------------------------------------------------------------------
SCHWEITZER-MAUDUIT INTL INC CO COM 808541106 1240 22200 SH OTHER 01 0 22200 0
SHORETEL INC COM COM 825211105 899 180481 SH SOLE 180481 0 0
SHORETEL INC COM COM 825211105 711 142845 SH OTHER 01 0 142845 0
SHUFFLE MASTER INC COM COM 825549108 1426 169595 SH SOLE 169595 0 0
SHUFFLE MASTER INC COM COM 825549108 867 103123 SH OTHER 01 0 103123 0
SIGNATURE BK NEW YORK N Y COM COM 82669G104 1536 32186 SH SOLE 32186 0 0
SIGNATURE BK NEW YORK N Y COM COM 82669G104 2762 57884 SH OTHER 01 0 57884 0
SIRONA DENTAL SYSTEMS INC COM COM 82966C103 705 16620 SH SOLE 16620 0 0
SIRONA DENTAL SYSTEMS INC COM COM 82966C103 589 13880 SH OTHER 01 0 13880 0
SKULLCANDY INC COM 83083J104 665 47034 SH SOLE 47034 0 0
SKULLCANDY INC COM 83083J104 518 36637 SH OTHER 01 0 36637 0
SOURCEFIRE INC COM COM 83616T108 1321 49364 SH SOLE 49364 0 0
SOURCEFIRE INC COM COM 83616T108 1032 38553 SH OTHER 01 0 38553 0
SOUTHERN NATL BANCORP OF VA CO COM 843395104 119 19033 SH OTHER 01 0 19033 0
SUCCESSFACTORS INC COM 864596101 1504 65408 SH SOLE 65408 0 0
SUCCESSFACTORS INC COM 864596101 1184 51521 SH OTHER 01 0 51521 0
SUMMIT HOTEL PROPERTIES INC COM 866082100 588 83228 SH SOLE 83228 0 0
SUMMIT HOTEL PROPERTIES INC COM 866082100 890 126073 SH OTHER 01 0 126073 0
SUSQUEHANNA BANCSHARES INC COM COM 869099101 138 25276 SH OTHER 01 0 25276 0
SVB FINL GROUP COM COM 78486Q101 439 11858 SH OTHER 01 0 11858 0
SYNCHRONOSS TECHNOLOGIES INCCO COM 87157B103 1295 52006 SH SOLE 52006 0 0
SYNCHRONOSS TECHNOLOGIES INCCO COM 87157B103 1007 40440 SH OTHER 01 0 40440 0
TALEO CORP COM 87424N104 1059 41164 SH SOLE 41164 0 0
TALEO CORP COM 87424N104 828 32192 SH OTHER 01 0 32192 0
TANGER FACTORY OUTLET CTRS COM COM 875465106 818 31440 SH SOLE 31440 0 0
TANGER FACTORY OUTLET CTRS COM COM 875465106 824 31680 SH OTHER 01 0 31680 0
TEAVANA HOLDINGS INC COM 87819P102 484 23809 SH SOLE 23809 0 0
TEAVANA HOLDINGS INC COM 87819P102 375 18418 SH OTHER 01 0 18418 0
TECHE HLDG CO COM COM 878330109 613 20800 SH OTHER 01 0 20800 0
TENNANT CO COM COM 880345103 1537 43456 SH SOLE 43456 0 0
TENNANT CO COM COM 880345103 1190 33638 SH OTHER 01 0 33638 0
TESCO CORP COM COM 88157K101 696 59966 SH SOLE 59966 0 0
TESCO CORP COM COM 88157K101 522 44992 SH OTHER 01 0 44992 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 842 36862 SH SOLE 36862 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 1580 69139 SH OTHER 01 0 69139 0
TEXAS ROADHOUSE INC CL A COM 882681109 1926 145724 SH SOLE 145724 0 0
TEXAS ROADHOUSE INC CL A COM 882681109 1525 115337 SH OTHER 01 0 115337 0
THERAVANCE INC COM COM 88338T104 625 31020 SH SOLE 31020 0 0
THERAVANCE INC COM COM 88338T104 490 24350 SH OTHER 01 0 24350 0
TIBCO SOFTWARE INC COM COM 88632Q103 1691 75522 SH SOLE 75522 0 0
TIBCO SOFTWARE INC COM COM 88632Q103 1316 58756 SH OTHER 01 0 58756 0
TOMPKINS TRUSTCO INC COM COM 890110109 305 8520 SH OTHER 01 0 8520 0
TOWER BANCORP INC COM COM 891709107 209 9976 SH OTHER 01 0 9976 0
TOWER GROUP INC COM COM 891777104 538 23540 SH OTHER 01 0 23540 0
TRIUMPH GROUP INC NEW COM COM 896818101 2575 52832 SH SOLE 52832 0 0
TRIUMPH GROUP INC NEW COM COM 896818101 2032 41696 SH OTHER 01 0 41696 0
ULTA SALON COSMETICS & FRAGR COM 90384S303 2557 41090 SH SOLE 41090 0 0
ULTA SALON COSMETICS & FRAGR COM 90384S303 2105 33821 SH OTHER 01 0 33821 0
ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 2021 43263 SH SOLE 43263 0 0
ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 1542 33013 SH OTHER 01 0 33013 0
URSTADT BIDDLE PPTYS INC CL A COM 917286205 444 27780 SH OTHER 01 0 27780 0
EMERALD MUTUAL FUND ADVISERS TRUST PAGE 6
FORM 13F INFORMATION TABLE
AS OF DATE: 09/30/11
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------------------------------------------------------------------------------------------------------------
VALUEVISION INTL INC CL A COM 92047K107 424 179718 SH SOLE 179718 0 0
VALUEVISION INTL INC CL A COM 92047K107 330 139822 SH OTHER 01 0 139822 0
VIEWPOINT FINL GROUP INC MD CO COM 92672A101 419 36593 SH OTHER 01 0 36593 0
VITAMIN SHOPPE INC COM COM 92849E101 2013 53762 SH SOLE 53762 0 0
VITAMIN SHOPPE INC COM COM 92849E101 1601 42761 SH OTHER 01 0 42761 0
VOLCANO CORPORATION COM COM 928645100 372 12555 SH SOLE 12555 0 0
WALKER & DUNLOP INC COM 93148P102 966 83122 SH SOLE 83122 0 0
WALKER & DUNLOP INC COM 93148P102 1251 107683 SH OTHER 01 0 107683 0
WASHINGTON BKG CO OAK HBR WACO COM 937303105 277 28463 SH OTHER 01 0 28463 0
WESCO INTL INC COM COM 95082P105 1731 51600 SH SOLE 51600 0 0
WESCO INTL INC COM COM 95082P105 1228 36610 SH OTHER 01 0 36610 0
WESTERN ALLIANCE BANCORP COM 957638109 320 58387 SH OTHER 01 0 58387 0
WET SEAL INC CL A COM 961840105 886 197712 SH SOLE 197712 0 0
WET SEAL INC CL A COM 961840105 693 154642 SH OTHER 01 0 154642 0
WHITESTONE REIT CL B SBI COM 966084204 583 52300 SH OTHER 01 0 52300 0
WINTRUST FINL CORP COM COM 97650W108 747 28950 SH OTHER 01 0 28950 0