0001144204-12-003651.txt : 20120124
0001144204-12-003651.hdr.sgml : 20120124
20120124145456
ACCESSION NUMBER: 0001144204-12-003651
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20111231
FILED AS OF DATE: 20120124
DATE AS OF CHANGE: 20120124
EFFECTIVENESS DATE: 20120124
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: 12541820
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
v300257_13fhr.txt
HOLDINGS REPORT
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 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:
/s/ Kenneth G. Mertz II Lancaster, Pennsylvania January 24, 2012
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: 286
FORM 13F INFORMATION TABLE VALUE TOTAL: $307,789
(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: 12/31/11
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 1609 111754 SH SOLE 111754 0 0
3-D SYS CORP DEL COM NEW COM 88554D205 1015 70477 SH OTHER 01 0 70477 0
ABOVENET INC COM COM 00374N107 2339 35980 SH SOLE 35980 0 0
ABOVENET INC COM COM 00374N107 1446 22250 SH OTHER 01 0 22250 0
ACADIA HEALTHCARE COMPANY INCO COM 00404A109 525 52638 SH SOLE 52638 0 0
ACADIA HEALTHCARE COMPANY INCO COM 00404A109 292 29289 SH OTHER 01 0 29289 0
ACHILLION PHARMACEUTICALS INCO COM 00448Q201 984 129138 SH SOLE 129138 0 0
ACHILLION PHARMACEUTICALS INCO COM 00448Q201 610 80013 SH OTHER 01 0 80013 0
ACME PACKET INC COM COM 004764106 1757 56856 SH SOLE 56856 0 0
ACME PACKET INC COM COM 004764106 1051 33998 SH OTHER 01 0 33998 0
ADTRAN INC COM COM 00738A106 676 22424 SH SOLE 22424 0 0
ADTRAN INC COM COM 00738A106 400 13262 SH OTHER 01 0 13262 0
AEROPOSTALE INC COM 007865108 654 42910 SH SOLE 42910 0 0
AEROPOSTALE INC COM 007865108 495 32470 SH OTHER 01 0 32470 0
AFFILIATED MANAGERS GROUP INCO COM 008252108 439 4580 SH OTHER 01 0 4580 0
AKORN INC COM COM 009728106 2594 233238 SH SOLE 233238 0 0
AKORN INC COM COM 009728106 1607 144524 SH OTHER 01 0 144524 0
ALKERMES PLC COM G01767105 475 27336 SH SOLE 27336 0 0
ALKERMES PLC COM G01767105 300 17278 SH OTHER 01 0 17278 0
ALLIED NEVADA GOLD CORP COM COM 019344100 1892 62476 SH SOLE 62476 0 0
ALLIED NEVADA GOLD CORP COM COM 019344100 1237 40868 SH OTHER 01 0 40868 0
AMERICAN BUSINESS BK LA CALICO COM 02475L105 435 18920 SH OTHER 01 0 18920 0
AMERICAN CAMPUS CMNTYS INC COM COM 024835100 549 13090 SH OTHER 01 0 13090 0
AMERICAN RAILCAR INDS INC COM COM 02916P103 1253 52373 SH SOLE 52373 0 0
AMERICAN RAILCAR INDS INC COM COM 02916P103 690 28830 SH OTHER 01 0 28830 0
APPLIED INDL TECHNLGIES INC CO COM 03820C105 447 12700 SH SOLE 12700 0 0
APPLIED INDL TECHNLGIES INC CO COM 03820C105 283 8060 SH OTHER 01 0 8060 0
ARUBA NETWORKS INC COM COM 043176106 1695 91508 SH SOLE 91508 0 0
ARUBA NETWORKS INC COM COM 043176106 1027 55468 SH OTHER 01 0 55468 0
AXIS CAPITAL HOLDINGS SHS COM G0692U109 219 6840 SH OTHER 01 0 6840 0
BANCORP INC DEL COM COM 05969A105 292 40330 SH OTHER 01 0 40330 0
BANK OF MARIN BANCORP COM COM 063425102 784 20866 SH OTHER 01 0 20866 0
BANK OF THE OZARKS INC COM COM 063904106 1807 60990 SH SOLE 60990 0 0
BANK OF THE OZARKS INC COM COM 063904106 2695 90948 SH OTHER 01 0 90948 0
BANKRATE INC COM 06647F102 367 17050 SH OTHER 01 0 17050 0
BJ'S RESTAURANT INC COM 09180C106 2370 52292 SH SOLE 52292 0 0
BJ'S RESTAURANT INC COM 09180C106 1447 31939 SH OTHER 01 0 31939 0
BLUEGREEN CORP COM COM 096231105 297 105812 SH SOLE 105812 0 0
BLUEGREEN CORP COM COM 096231105 9 3202 SH OTHER 01 0 3202 0
BODY CENTRAL CORP COM 09689U102 2878 115289 SH SOLE 115289 0 0
BODY CENTRAL CORP COM 09689U102 1785 71500 SH OTHER 01 0 71500 0
BRAVO BRIO RESTAURANT GROUP COM 10567B109 1159 67590 SH SOLE 67590 0 0
BRAVO BRIO RESTAURANT GROUP COM 10567B109 733 42714 SH OTHER 01 0 42714 0
BRYN MAWR BK CORP COM COM 117665109 237 12180 SH OTHER 01 0 12180 0
CALIFORNIA UTD BK ENCINO CA CO COM 130781107 727 72300 SH OTHER 01 0 72300 0
CAPITOL FEDERAL FINANCIAL COM 14057J101 261 22635 SH OTHER 01 0 22635 0
CARDINAL FINL CORP COM COM 14149F109 645 60020 SH OTHER 01 0 60020 0
CAROLINA TR BK LINCOLNTON NCCO COM 144200102 93 40000 SH OTHER 01 0 40000 0
CASS INFORMATION SYS INC COM COM 14808P109 1060 29131 SH OTHER 01 0 29131 0
CATALYST HEALTH SOLUTIONS INC COM 14888B103 2248 43224 SH SOLE 43224 0 0
CATALYST HEALTH SOLUTIONS INC COM 14888B103 1468 28225 SH OTHER 01 0 28225 0
EMERALD MUTUAL FUND ADVISERS TRUST PAGE 2
FORM 13F INFORMATION TABLE
AS OF DATE: 12/31/11
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
CAVIUM INC COM COM 14964U108 876 30814 SH SOLE 30814 0 0
CAVIUM INC COM COM 14964U108 564 19849 SH OTHER 01 0 19849 0
CENTRAL VALLEY CMNTY BANCORPCO COM 155685100 171 31580 SH OTHER 01 0 31580 0
CHART INDS INC COM PAR $0.01 COM 16115Q308 1423 26320 SH SOLE 26320 0 0
CHART INDS INC COM PAR $0.01 COM 16115Q308 720 13315 SH OTHER 01 0 13315 0
CHEFS' WAREHOUSE HOLDINGS COM 163086101 551 30840 SH SOLE 30840 0 0
CHEFS' WAREHOUSE HOLDINGS COM 163086101 350 19590 SH OTHER 01 0 19590 0
CHENIERE ENERGY INC COM NEW COM 16411R208 1398 160862 SH SOLE 160862 0 0
CHENIERE ENERGY INC COM NEW COM 16411R208 703 80926 SH OTHER 01 0 80926 0
CITIZENS FINL SVCS INC COM COM 174615104 246 7140 SH OTHER 01 0 7140 0
COMMUNITY BK SYS INC COM COM 203607106 264 9490 SH OTHER 01 0 9490 0
COST PLUS INC CALIF COM COM 221485105 1644 168646 SH SOLE 168646 0 0
COST PLUS INC CALIF COM COM 221485105 1074 110171 SH OTHER 01 0 110171 0
CROCS INC COM COM 227046109 2379 161062 SH SOLE 161062 0 0
CROCS INC COM COM 227046109 1282 86831 SH OTHER 01 0 86831 0
C&J ENERGY SERVICES INC COM 12467B304 1002 47892 SH SOLE 47892 0 0
C&J ENERGY SERVICES INC COM 12467B304 595 28448 SH OTHER 01 0 28448 0
DIAMOND FOODS INC COM 252603105 225 6979 SH SOLE 6979 0 0
DIAMOND FOODS INC COM 252603105 139 4308 SH OTHER 01 0 4308 0
DIME CMNTY BANCORP INC COM COM 253922108 262 20800 SH OTHER 01 0 20800 0
DUSA PHARMACEUTICALS INC COM COM 266898105 682 155642 SH SOLE 155642 0 0
DUSA PHARMACEUTICALS INC COM COM 266898105 422 96244 SH OTHER 01 0 96244 0
EAGLE BANCORP INC MD COM COM 268948106 720 49542 SH OTHER 01 0 49542 0
EAST WEST BANCORP INC COM COM 27579R104 853 43200 SH OTHER 01 0 43200 0
ENTERPRISE FINL SVCS CORP COM COM 293712105 168 11356 SH OTHER 01 0 11356 0
EVANS BANCORP INC COM NEW COM 29911Q208 167 14050 SH OTHER 01 0 14050 0
FARMERS NATL BANC CORP COM COM 309627107 295 59530 SH OTHER 01 0 59530 0
FARO TECHNOLOGIES INC COM COM 311642102 4761 103495 SH SOLE 103495 0 0
FARO TECHNOLOGIES INC COM COM 311642102 3031 65883 SH OTHER 01 0 65883 0
FINANCIAL ENGINES INC COM COM 317485100 828 37089 SH SOLE 37089 0 0
FINANCIAL ENGINES INC COM COM 317485100 610 27332 SH OTHER 01 0 27332 0
FINANCIAL INSTNS INC COM COM 317585404 297 18400 SH OTHER 01 0 18400 0
FINISAR CORP COM COM 31787A507 1244 74290 SH SOLE 74290 0 0
FINISAR CORP COM COM 31787A507 807 48170 SH OTHER 01 0 48170 0
FINISH LINE INC CL A COM 317923100 2329 120746 SH SOLE 120746 0 0
FINISH LINE INC CL A COM 317923100 1469 76168 SH OTHER 01 0 76168 0
FIRST CALIFORNIA FINANCIAL GCO COM 319395109 372 114000 SH OTHER 01 0 114000 0
FIRST CTZNS BANCSHARES NC CL A COM 31946M103 590 3371 SH OTHER 01 0 3371 0
FIRST FINL BANCORP COM COM 320209109 480 28866 SH OTHER 01 0 28866 0
FIRST FINL BANCSHARES INC COM COM 32020R109 707 21150 SH OTHER 01 0 21150 0
FIRST LONG IS CORP COM COM 320734106 795 30190 SH OTHER 01 0 30190 0
FLUSHING FINL CORP COM COM 343873105 158 12500 SH OTHER 01 0 12500 0
FORTINET INC COM 34959E109 2482 113810 SH SOLE 113810 0 0
FORTINET INC COM 34959E109 1625 74520 SH OTHER 01 0 74520 0
FRANCESCAS HLDGS CORP COM COM 351793104 919 53122 SH SOLE 53122 0 0
FRANCESCAS HLDGS CORP COM COM 351793104 576 33281 SH OTHER 01 0 33281 0
FRESH MARKET INC COM 35804H106 1165 29210 SH SOLE 29210 0 0
FRESH MARKET INC COM 35804H106 765 19161 SH OTHER 01 0 19161 0
GEVO INC COM 374396109 529 84163 SH SOLE 84163 0 0
GEVO INC COM 374396109 322 51251 SH OTHER 01 0 51251 0
GLACIER BANCORP INC NEW COM COM 37637Q105 138 11480 SH OTHER 01 0 11480 0
EMERALD MUTUAL FUND ADVISERS TRUST PAGE 3
FORM 13F INFORMATION TABLE
AS OF DATE: 12/31/11
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
GNC HOLDINGS INC COM 36191G107 2138 73836 SH SOLE 73836 0 0
GNC HOLDINGS INC COM 36191G107 1349 46603 SH OTHER 01 0 46603 0
GORMAN RUPP CO COM COM 383082104 835 30772 SH SOLE 30772 0 0
GORMAN RUPP CO COM COM 383082104 470 17326 SH OTHER 01 0 17326 0
GREATBATCH INC COM COM 39153L106 1303 58951 SH SOLE 58951 0 0
GREATBATCH INC COM COM 39153L106 807 36535 SH OTHER 01 0 36535 0
GUARANTY BANCORP DEL COM COM 40075T102 44 30000 SH OTHER 01 0 30000 0
GULFPORT ENERGY CORP COM NEW COM 402635304 2431 82530 SH SOLE 82530 0 0
GULFPORT ENERGY CORP COM NEW COM 402635304 1602 54400 SH OTHER 01 0 54400 0
HANCOCK HLDG CO COM COM 410120109 365 11416 SH OTHER 01 0 11416 0
HEALTHSOUTH CORP COM 421924309 239 13540 SH SOLE 13540 0 0
HEALTHSOUTH CORP COM 421924309 151 8560 SH OTHER 01 0 8560 0
HERITAGE FINL CORP WASH COM COM 42722X106 326 25950 SH OTHER 01 0 25950 0
HERSHA HOSPITALITY TR PRIORITY COM 427825104 104 21255 SH OTHER 01 0 21255 0
HIBBETT SPORTS INC COM COM 428567101 3102 68666 SH SOLE 68666 0 0
HIBBETT SPORTS INC COM COM 428567101 2038 45114 SH OTHER 01 0 45114 0
HOPFED BANCORP INC COM COM 439734104 103 16003 SH OTHER 01 0 16003 0
HORIZON BANCORP IND COM COM 440407104 787 45399 SH OTHER 01 0 45399 0
HORNBECK OFFSHORE SVCS INC NCO COM 440543106 942 30380 SH SOLE 30380 0 0
HORNBECK OFFSHORE SVCS INC NCO COM 440543106 593 19120 SH OTHER 01 0 19120 0
HUB GROUP INC CL A COM 443320106 1340 41321 SH SOLE 41321 0 0
HUB GROUP INC CL A COM 443320106 880 27123 SH OTHER 01 0 27123 0
IBERIABANK CORP COM COM 450828108 684 13884 SH OTHER 01 0 13884 0
II-VI INC COM COM 902104108 1698 92492 SH SOLE 92492 0 0
II-VI INC COM COM 902104108 1069 58210 SH OTHER 01 0 58210 0
INCYTE PHARMACEUTICALS INC COM COM 45337C102 1222 81390 SH SOLE 81390 0 0
INCYTE PHARMACEUTICALS INC COM COM 45337C102 766 51000 SH OTHER 01 0 51000 0
INDEPENDENT BK CORP MASS COM COM 453836108 457 16750 SH OTHER 01 0 16750 0
INHIBITEX INC COM COM 45719T103 977 89280 SH SOLE 89280 0 0
INHIBITEX INC COM COM 45719T103 615 56260 SH OTHER 01 0 56260 0
INPHI CORP COM COM 45772F107 842 70400 SH SOLE 70400 0 0
INPHI CORP COM COM 45772F107 426 35585 SH OTHER 01 0 35585 0
INTERDIGITAL INC PA COM 45867G101 1921 44084 SH SOLE 44084 0 0
INTERDIGITAL INC PA COM 45867G101 1209 27742 SH OTHER 01 0 27742 0
INVESTORS BANCORP INC COM COM 46146P102 384 28473 SH OTHER 01 0 28473 0
IPG PHOTONICS CORP COM 44980X109 1949 57553 SH SOLE 57553 0 0
IPG PHOTONICS CORP COM 44980X109 1230 36308 SH OTHER 01 0 36308 0
IXIA COM COM 45071R109 964 91701 SH SOLE 91701 0 0
IXIA COM COM 45071R109 595 56627 SH OTHER 01 0 56627 0
JAZZ PHARMACEUTICALS INC COM COM 472147107 1655 42830 SH SOLE 42830 0 0
JAZZ PHARMACEUTICALS INC COM COM 472147107 1044 27020 SH OTHER 01 0 27020 0
JIVE SOFTWARE INC COM 47760A108 149 9303 SH SOLE 9303 0 0
JIVE SOFTWARE INC COM 47760A108 92 5751 SH OTHER 01 0 5751 0
KODIAK OIL & GAS CORP COM COM 50015Q100 3544 373080 SH SOLE 373080 0 0
KODIAK OIL & GAS CORP COM COM 50015Q100 2281 240055 SH OTHER 01 0 240055 0
KRATON PERFORMANCE POLYMERS CO COM 50077C106 1021 50302 SH SOLE 50302 0 0
KRATON PERFORMANCE POLYMERS CO COM 50077C106 591 29116 SH OTHER 01 0 29116 0
LAKELAND FINL CORP COM COM 511656100 752 29063 SH OTHER 01 0 29063 0
LINDSAY MFG CO COM COM 535555106 713 12990 SH SOLE 12990 0 0
LINDSAY MFG CO COM COM 535555106 480 8740 SH OTHER 01 0 8740 0
MAGNUM HUNTER RES CORP DEL COM COM 55973B102 2359 437715 SH SOLE 437715 0 0
EMERALD MUTUAL FUND ADVISERS TRUST PAGE 4
FORM 13F INFORMATION TABLE
AS OF DATE: 12/31/11
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
MAGNUM HUNTER RES CORP DEL COM COM 55973B102 1442 267444 SH OTHER 01 0 267444 0
MATTRESS FIRM HOLDING CORP COM 57722W106 881 38012 SH SOLE 38012 0 0
MATTRESS FIRM HOLDING CORP COM 57722W106 545 23500 SH OTHER 01 0 23500 0
MEADOWBROOK INS GROUP INC COM COM 58319P108 543 50823 SH OTHER 01 0 50823 0
MEDIVATION INC COM COM 58501N101 2023 43868 SH SOLE 43868 0 0
MEDIVATION INC COM COM 58501N101 1275 27648 SH OTHER 01 0 27648 0
MERIT MED SYS INC COM COM 589889104 1270 94910 SH SOLE 94910 0 0
MERIT MED SYS INC COM COM 589889104 818 61136 SH OTHER 01 0 61136 0
MICROSEMI CORP COM COM 595137100 1230 73451 SH SOLE 73451 0 0
MICROSEMI CORP COM COM 595137100 790 47155 SH OTHER 01 0 47155 0
MIDDLEBY CORP COM COM 596278101 2401 25534 SH SOLE 25534 0 0
MIDDLEBY CORP COM COM 596278101 1323 14072 SH OTHER 01 0 14072 0
MIDSOUTH BANCORP INC COM COM 598039105 313 24033 SH OTHER 01 0 24033 0
MID-AMER APT CMNTYS INC COM COM 59522J103 348 5570 SH SOLE 5570 0 0
MID-AMER APT CMNTYS INC COM COM 59522J103 592 9470 SH OTHER 01 0 9470 0
MITEK SYS INC COM NEW COM 606710200 514 70960 SH SOLE 70960 0 0
MITEK SYS INC COM NEW COM 606710200 428 59094 SH OTHER 01 0 59094 0
MOLINA HEALTHCARE INC COM COM 60855R100 1418 63504 SH SOLE 63504 0 0
MOLINA HEALTHCARE INC COM COM 60855R100 913 40876 SH OTHER 01 0 40876 0
MONOLITHIC PWR SYS INC COM COM 609839105 1124 74560 SH SOLE 74560 0 0
MONOLITHIC PWR SYS INC COM COM 609839105 700 46450 SH OTHER 01 0 46450 0
MWI VETERINARY SUPPLY INC COM COM 55402X105 4440 66825 SH SOLE 66825 0 0
MWI VETERINARY SUPPLY INC COM COM 55402X105 2641 39747 SH OTHER 01 0 39747 0
NEONODE INC COM NEW COM 64051M402 770 162100 SH SOLE 162100 0 0
NEONODE INC COM NEW COM 64051M402 482 101550 SH OTHER 01 0 101550 0
NEWMARKET CORP COM COM 651587107 1301 6569 SH SOLE 6569 0 0
NEWMARKET CORP COM COM 651587107 805 4062 SH OTHER 01 0 4062 0
NEWPARK RES INC COM PAR$0.01NE COM 651718504 1176 123756 SH SOLE 123756 0 0
NEWPARK RES INC COM PAR$0.01NE COM 651718504 785 82628 SH OTHER 01 0 82628 0
NPS PHARMACEUTICALS INC COM COM 62936P103 1120 169901 SH SOLE 169901 0 0
NPS PHARMACEUTICALS INC COM COM 62936P103 708 107420 SH OTHER 01 0 107420 0
NUTRI SYS INC NEW COM COM 67069D108 666 51520 SH SOLE 51520 0 0
NUTRI SYS INC NEW COM COM 67069D108 361 27955 SH OTHER 01 0 27955 0
OLD NATL BANCORP IND COM COM 680033107 232 19950 SH OTHER 01 0 19950 0
ORIENTAL FINL GROUP INC COM COM 68618W100 176 14500 SH OTHER 01 0 14500 0
ORRSTOWN FINL SVCS INC COM COM 687380105 213 25792 SH OTHER 01 0 25792 0
PACIFIC PREMIER BANCORP COM COM 69478X105 247 38910 SH OTHER 01 0 38910 0
PAREXEL INTL CORP COM COM 699462107 1013 48855 SH SOLE 48855 0 0
PAREXEL INTL CORP COM COM 699462107 596 28724 SH OTHER 01 0 28724 0
PINNACLE FINL PARTNERS INC COM COM 72346Q104 266 16460 SH OTHER 01 0 16460 0
PREFERRED APARTMENT COMMUNITIE COM 74039L103 154 25507 SH OTHER 01 0 25507 0
PRIVATEBANCORP INC COM COM 742962103 171 15550 SH OTHER 01 0 15550 0
PROSPERITY BANCSHARES INC COM COM 743606105 681 16870 SH OTHER 01 0 16870 0
QLIK TECHNOLOGIES INC COM 74733T105 1721 71103 SH SOLE 71103 0 0
QLIK TECHNOLOGIES INC COM 74733T105 1023 42290 SH OTHER 01 0 42290 0
QUALITY SYS INC COM COM 747582104 1456 39370 SH SOLE 39370 0 0
QUALITY SYS INC COM COM 747582104 913 24690 SH OTHER 01 0 24690 0
RACKSPACE HOSTING INC COM COM 750086100 1910 44400 SH SOLE 44400 0 0
RACKSPACE HOSTING INC COM COM 750086100 1036 24090 SH OTHER 01 0 24090 0
RAVEN INDS INC COM COM 754212108 1706 27562 SH SOLE 27562 0 0
RAVEN INDS INC COM COM 754212108 1088 17582 SH OTHER 01 0 17582 0
EMERALD MUTUAL FUND ADVISERS TRUST PAGE 5
FORM 13F INFORMATION TABLE
AS OF DATE: 12/31/11
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
REX ENERGY CORPORATION COM COM 761565100 809 54810 SH SOLE 54810 0 0
REX ENERGY CORPORATION COM COM 761565100 313 21180 SH OTHER 01 0 21180 0
ROADRUNNER TRNSN SVCS HLDG ICO COM 76973Q105 1880 133084 SH SOLE 133084 0 0
ROADRUNNER TRNSN SVCS HLDG ICO COM 76973Q105 1176 83198 SH OTHER 01 0 83198 0
ROBBINS & MYERS INC COM COM 770196103 2039 41998 SH SOLE 41998 0 0
ROBBINS & MYERS INC COM COM 770196103 1321 27214 SH OTHER 01 0 27214 0
RUSH ENTERPISES INC CL A COM 781846209 1184 56579 SH SOLE 56579 0 0
RUSH ENTERPISES INC CL A COM 781846209 756 36149 SH OTHER 01 0 36149 0
SABA SOFTWARE COM 784932600 319 40380 SH SOLE 40380 0 0
SABA SOFTWARE COM 784932600 199 25195 SH OTHER 01 0 25195 0
SAGENT PHARMACEUTICALS INC COM 786692103 1657 78912 SH SOLE 78912 0 0
SAGENT PHARMACEUTICALS INC COM 786692103 1042 49601 SH OTHER 01 0 49601 0
SALIX PHARMACEUTICALS LTD COM COM 795435106 2489 52021 SH SOLE 52021 0 0
SALIX PHARMACEUTICALS LTD COM COM 795435106 1575 32921 SH OTHER 01 0 32921 0
SANDY SPRING BANCORP INC CMT-C COM 800363103 192 10943 SH OTHER 01 0 10943 0
SCBT FINANCIAL CORPOERATION COM 78401V102 370 12740 SH OTHER 01 0 12740 0
SCHWEITZER-MAUDUIT INTL INC CO COM 808541106 2364 35563 SH SOLE 35563 0 0
SCHWEITZER-MAUDUIT INTL INC CO COM 808541106 1475 22200 SH OTHER 01 0 22200 0
SEQUENOM INC COM NEW COM 817337405 514 115414 SH SOLE 115414 0 0
SEQUENOM INC COM NEW COM 817337405 341 76600 SH OTHER 01 0 76600 0
SHORETEL INC COM COM 825211105 1386 217261 SH SOLE 217261 0 0
SHORETEL INC COM COM 825211105 911 142845 SH OTHER 01 0 142845 0
SHUFFLE MASTER INC COM COM 825549108 2665 227405 SH SOLE 227405 0 0
SHUFFLE MASTER INC COM COM 825549108 1549 132147 SH OTHER 01 0 132147 0
SIGNATURE BK NEW YORK N Y COM COM 82669G104 2342 39046 SH SOLE 39046 0 0
SIGNATURE BK NEW YORK N Y COM COM 82669G104 3144 52404 SH OTHER 01 0 52404 0
SIRONA DENTAL SYSTEMS INC COM COM 82966C103 597 13560 SH SOLE 13560 0 0
SIRONA DENTAL SYSTEMS INC COM COM 82966C103 375 8520 SH OTHER 01 0 8520 0
SKULLCANDY INC COM 83083J104 721 57624 SH SOLE 57624 0 0
SKULLCANDY INC COM 83083J104 384 30637 SH OTHER 01 0 30637 0
SOURCEFIRE INC COM COM 83616T108 1919 59254 SH SOLE 59254 0 0
SOURCEFIRE INC COM COM 83616T108 1248 38553 SH OTHER 01 0 38553 0
SOUTHERN NATL BANCORP OF VA CO COM 843395104 190 31188 SH OTHER 01 0 31188 0
SUMMIT HOTEL PROPERTIES INC COM 866082100 331 35050 SH OTHER 01 0 35050 0
SUSQUEHANNA BANCSHARES INC COM COM 869099101 212 25276 SH OTHER 01 0 25276 0
SVB FINL GROUP COM COM 78486Q101 566 11858 SH OTHER 01 0 11858 0
SYNCHRONOSS TECHNOLOGIES INCCO COM 87157B103 1897 62786 SH SOLE 62786 0 0
SYNCHRONOSS TECHNOLOGIES INCCO COM 87157B103 1222 40440 SH OTHER 01 0 40440 0
TALEO CORP COM 87424N104 2140 55314 SH SOLE 55314 0 0
TALEO CORP COM 87424N104 1159 29952 SH OTHER 01 0 29952 0
TANGER FACTORY OUTLET CTRS COM COM 875465106 1271 43360 SH SOLE 43360 0 0
TANGER FACTORY OUTLET CTRS COM COM 875465106 999 34060 SH OTHER 01 0 34060 0
TEAVANA HOLDINGS INC COM 87819P102 767 40859 SH SOLE 40859 0 0
TEAVANA HOLDINGS INC COM 87819P102 402 21418 SH OTHER 01 0 21418 0
TECHE HLDG CO COM COM 878330109 728 20800 SH OTHER 01 0 20800 0
TENNANT CO COM COM 880345103 2158 55506 SH SOLE 55506 0 0
TENNANT CO COM COM 880345103 1308 33638 SH OTHER 01 0 33638 0
TESCO CORP COM COM 88157K101 1058 83694 SH SOLE 83694 0 0
TESCO CORP COM COM 88157K101 664 52536 SH OTHER 01 0 52536 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 1423 46504 SH SOLE 46504 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 2116 69139 SH OTHER 01 0 69139 0
EMERALD MUTUAL FUND ADVISERS TRUST PAGE 6
FORM 13F INFORMATION TABLE
AS OF DATE: 12/31/11
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
TEXAS ROADHOUSE INC CL A COM 882681109 2595 174144 SH SOLE 174144 0 0
TEXAS ROADHOUSE INC CL A COM 882681109 1719 115337 SH OTHER 01 0 115337 0
THERAVANCE INC COM COM 88338T104 821 37170 SH SOLE 37170 0 0
THERAVANCE INC COM COM 88338T104 538 24350 SH OTHER 01 0 24350 0
TIBCO SOFTWARE INC COM COM 88632Q103 1901 79522 SH SOLE 79522 0 0
TIBCO SOFTWARE INC COM COM 88632Q103 1188 49676 SH OTHER 01 0 49676 0
TOMPKINS TRUSTCO INC COM COM 890110109 328 8520 SH OTHER 01 0 8520 0
TOWER GROUP INC COM COM 891777104 302 14950 SH OTHER 01 0 14950 0
TRIUMPH GROUP INC NEW COM COM 896818101 3720 63642 SH SOLE 63642 0 0
TRIUMPH GROUP INC NEW COM COM 896818101 2188 37436 SH OTHER 01 0 37436 0
ULTA SALON COSMETICS & FRAGR COM 90384S303 3230 49750 SH SOLE 49750 0 0
ULTA SALON COSMETICS & FRAGR COM 90384S303 1907 29371 SH OTHER 01 0 29371 0
ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 3410 52363 SH SOLE 52363 0 0
ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 1954 30013 SH OTHER 01 0 30013 0
URSTADT BIDDLE PPTYS INC CL A COM 917286205 502 27780 SH OTHER 01 0 27780 0
VIEWPOINT FINL GROUP INC MD CO COM 92672A101 476 36593 SH OTHER 01 0 36593 0
VIRGINIA COMM BANCORP INC COM COM 92778Q109 84 10930 SH OTHER 01 0 10930 0
VITAMIN SHOPPE INC COM COM 92849E101 2588 64892 SH SOLE 64892 0 0
VITAMIN SHOPPE INC COM COM 92849E101 1705 42761 SH OTHER 01 0 42761 0
WALKER & DUNLOP INC COM 93148P102 1575 125364 SH SOLE 125364 0 0
WALKER & DUNLOP INC COM 93148P102 1412 112409 SH OTHER 01 0 112409 0
WASHINGTON BKG CO OAK HBR WACO COM 937303105 339 28463 SH OTHER 01 0 28463 0
WESCO INTL INC COM COM 95082P105 3242 61160 SH SOLE 61160 0 0
WESCO INTL INC COM COM 95082P105 1856 35010 SH OTHER 01 0 35010 0
WESTERN ALLIANCE BANCORP COM 957638109 364 58387 SH OTHER 01 0 58387 0
WET SEAL INC CL A COM 961840105 906 277882 SH SOLE 277882 0 0
WET SEAL INC CL A COM 961840105 586 179682 SH OTHER 01 0 179682 0
WHITESTONE REIT CL B SBI COM 966084204 595 50000 SH OTHER 01 0 50000 0
WINTRUST FINL CORP COM COM 97650W108 505 18020 SH OTHER 01 0 18020 0
ZOLL MED CORP COM COM 989922109 1514 23970 SH SOLE 23970 0 0
ZOLL MED CORP COM COM 989922109 955 15120 SH OTHER 01 0 15120 0