0001144204-12-023685.txt : 20120425
0001144204-12-023685.hdr.sgml : 20120425
20120425134026
ACCESSION NUMBER: 0001144204-12-023685
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20120331
FILED AS OF DATE: 20120425
DATE AS OF CHANGE: 20120425
EFFECTIVENESS DATE: 20120425
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: 12778942
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
v310583_13fhr.txt
13F-HR
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2012
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: 3175 Oregon Pike
Leola, PA 17540
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 April 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: 310
FORM 13F INFORMATION TABLE VALUE TOTAL: $383,220
(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
PAGE 1
EMERALD MUTUAL FUND ADVISERS TRUST
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/12
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 1833 77874 SH SOLE 77874 0 0
3-D SYS CORP DEL COM NEW COM 88554D205 1659 70477 SH OTHER 01 0 70477 0
ACADIA HEALTHCARE COMPANY INCO COM 00404A109 1548 94943 SH SOLE 94943 0 0
ACADIA HEALTHCARE COMPANY INCO COM 00404A109 859 52691 SH OTHER 01 0 52691 0
ACHILLION PHARMACEUTICALS INCO COM 00448Q201 2112 220504 SH SOLE 220504 0 0
ACHILLION PHARMACEUTICALS INCO COM 00448Q201 1204 125698 SH OTHER 01 0 125698 0
ACME PACKET INC COM COM 004764106 677 24596 SH SOLE 24596 0 0
ACME PACKET INC COM COM 004764106 398 14448 SH OTHER 01 0 14448 0
AEROPOSTALE INC COM 007865108 1795 83009 SH SOLE 83009 0 0
AEROPOSTALE INC COM 007865108 1030 47623 SH OTHER 01 0 47623 0
AFFILIATED MANAGERS GROUP INCO COM 008252108 512 4580 SH OTHER 01 0 4580 0
AKORN INC COM COM 009728106 3009 257188 SH SOLE 257188 0 0
AKORN INC COM COM 009728106 1691 144524 SH OTHER 01 0 144524 0
ALLIED NEVADA GOLD CORP COM COM 019344100 2244 68986 SH SOLE 68986 0 0
ALLIED NEVADA GOLD CORP COM COM 019344100 1267 38938 SH OTHER 01 0 38938 0
AMERICAN BUSINESS BK LA CALICO COM 02475L105 469 20620 SH OTHER 01 0 20620 0
AMERICAN CAMPUS CMNTYS INC COM COM 024835100 585 13090 SH OTHER 01 0 13090 0
ARDEA BIOSCIENCES INC COM 03969P107 1348 61932 SH SOLE 61932 0 0
ARDEA BIOSCIENCES INC COM 03969P107 759 34858 SH OTHER 01 0 34858 0
ARUBA NETWORKS INC COM COM 043176106 2803 125788 SH SOLE 125788 0 0
ARUBA NETWORKS INC COM COM 043176106 1604 71988 SH OTHER 01 0 71988 0
AXIS CAPITAL HOLDINGS SHS COM G0692U109 227 6840 SH OTHER 01 0 6840 0
BANCORP INC DEL COM COM 05969A105 368 36630 SH OTHER 01 0 36630 0
BANK OF MARIN BANCORP COM COM 063425102 715 18806 SH OTHER 01 0 18806 0
BANK OF THE OZARKS INC COM COM 063904106 1983 63450 SH SOLE 63450 0 0
BANK OF THE OZARKS INC COM COM 063904106 2702 86448 SH OTHER 01 0 86448 0
BANKRATE INC COM 06647F102 422 17050 SH OTHER 01 0 17050 0
BAZAARVOICE INC COM 073271108 567 28553 SH SOLE 28553 0 0
BAZAARVOICE INC COM 073271108 323 16270 SH OTHER 01 0 16270 0
BJ'S RESTAURANT INC COM 09180C106 2817 55948 SH SOLE 55948 0 0
BJ'S RESTAURANT INC COM 09180C106 1608 31939 SH OTHER 01 0 31939 0
BLACK DIAMOND INC COM 09202G101 702 75784 SH SOLE 75784 0 0
BLACK DIAMOND INC COM 09202G101 402 43428 SH OTHER 01 0 43428 0
BODY CENTRAL CORP COM 09689U102 3719 128169 SH SOLE 128169 0 0
BODY CENTRAL CORP COM 09689U102 2075 71500 SH OTHER 01 0 71500 0
BPZ RESOURCES INC COM COM 055639108 559 138757 SH SOLE 138757 0 0
BPZ RESOURCES INC COM COM 055639108 300 74360 SH OTHER 01 0 74360 0
BRAVO BRIO RESTAURANT GROUP COM 10567B109 2136 107006 SH SOLE 107006 0 0
BRAVO BRIO RESTAURANT GROUP COM 10567B109 1212 60716 SH OTHER 01 0 60716 0
BRIGHTCOVE COM 10921T101 858 34601 SH SOLE 34601 0 0
BRIGHTCOVE COM 10921T101 483 19467 SH OTHER 01 0 19467 0
BRYN MAWR BK CORP COM COM 117665109 273 12180 SH OTHER 01 0 12180 0
CALIFORNIA UTD BK ENCINO CA CO COM 130781107 838 77229 SH OTHER 01 0 77229 0
CAPITOL FEDERAL FINANCIAL COM 14057J101 359 30225 SH OTHER 01 0 30225 0
CARDINAL FINL CORP COM COM 14149F109 678 60020 SH OTHER 01 0 60020 0
CAROLINA TR BK LINCOLNTON NCCO COM 144200102 92 40000 SH OTHER 01 0 40000 0
CARPENTER TECHNOLOGY CORP COM COM 144285103 1655 31690 SH SOLE 31690 0 0
CARPENTER TECHNOLOGY CORP COM COM 144285103 913 17480 SH OTHER 01 0 17480 0
CASS INFORMATION SYS INC COM COM 14808P109 1164 29131 SH OTHER 01 0 29131 0
CATALYST HEALTH SOLUTIONS INC COM 14888B103 2496 39164 SH SOLE 39164 0 0
CATALYST HEALTH SOLUTIONS INC COM 14888B103 1425 22355 SH OTHER 01 0 22355 0
PAGE 2
EMERALD MUTUAL FUND ADVISERS TRUST
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/12
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 1173 37914 SH SOLE 37914 0 0
CAVIUM INC COM COM 14964U108 747 24159 SH OTHER 01 0 24159 0
CENTRAL VALLEY CMNTY BANCORPCO COM 155685100 229 31580 SH OTHER 01 0 31580 0
CHART INDS INC COM PAR $0.01 COM 16115Q308 2688 36650 SH SOLE 36650 0 0
CHART INDS INC COM PAR $0.01 COM 16115Q308 1518 20695 SH OTHER 01 0 20695 0
CHEFS' WAREHOUSE HOLDINGS COM 163086101 774 33470 SH SOLE 33470 0 0
CHEFS' WAREHOUSE HOLDINGS COM 163086101 453 19590 SH OTHER 01 0 19590 0
CHENIERE ENERGY INC COM NEW COM 16411R208 1834 122432 SH SOLE 122432 0 0
CHENIERE ENERGY INC COM NEW COM 16411R208 1052 70228 SH OTHER 01 0 70228 0
CHEVIOT FINANCIAL CORP NEW COM COM 16677X105 254 30000 SH OTHER 01 0 30000 0
CITIZENS FINL SVCS INC COM COM 174615104 257 7140 SH OTHER 01 0 7140 0
CLEAN ENERGY FUELS CORP COM COM 184499101 989 46460 SH SOLE 46460 0 0
CLEAN ENERGY FUELS CORP COM COM 184499101 563 26450 SH OTHER 01 0 26450 0
COMMUNITY BK SYS INC COM COM 203607106 475 16490 SH OTHER 01 0 16490 0
COST PLUS INC CALIF COM COM 221485105 2657 148439 SH SOLE 148439 0 0
COST PLUS INC CALIF COM COM 221485105 1679 93822 SH OTHER 01 0 93822 0
CROCS INC COM COM 227046109 3412 163102 SH SOLE 163102 0 0
CROCS INC COM COM 227046109 1839 87891 SH OTHER 01 0 87891 0
DIME CMNTY BANCORP INC COM COM 253922108 289 19800 SH OTHER 01 0 19800 0
DUSA PHARMACEUTICALS INC COM COM 266898105 1236 197426 SH SOLE 197426 0 0
DUSA PHARMACEUTICALS INC COM COM 266898105 710 113480 SH OTHER 01 0 113480 0
EAGLE BANCORP INC MD COM COM 268948106 829 49542 SH OTHER 01 0 49542 0
EAST WEST BANCORP INC COM COM 27579R104 634 27440 SH OTHER 01 0 27440 0
ENTERPRISE FINL SVCS CORP COM COM 293712105 133 11356 SH OTHER 01 0 11356 0
EVANS BANCORP INC COM NEW COM 29911Q208 200 14050 SH OTHER 01 0 14050 0
EXACTTARGET INC COM 30064K105 801 30821 SH SOLE 30821 0 0
EXACTTARGET INC COM 30064K105 458 17607 SH OTHER 01 0 17607 0
FARMERS NATL BANC CORP COM COM 309627107 484 74530 SH OTHER 01 0 74530 0
FARO TECHNOLOGIES INC COM COM 311642102 6450 110575 SH SOLE 110575 0 0
FARO TECHNOLOGIES INC COM COM 311642102 3736 64043 SH OTHER 01 0 64043 0
FINANCIAL ENGINES INC COM COM 317485100 903 40376 SH SOLE 40376 0 0
FINANCIAL ENGINES INC COM COM 317485100 555 24832 SH OTHER 01 0 24832 0
FINANCIAL INSTNS INC COM COM 317585404 298 18400 SH OTHER 01 0 18400 0
FINISAR CORP COM COM 31787A507 1678 83290 SH SOLE 83290 0 0
FINISAR CORP COM COM 31787A507 971 48170 SH OTHER 01 0 48170 0
FINISH LINE INC CL A COM 317923100 1979 93266 SH SOLE 93266 0 0
FINISH LINE INC CL A COM 317923100 1119 52718 SH OTHER 01 0 52718 0
FIRST CALIFORNIA FINANCIAL GCO COM 319395109 324 55492 SH OTHER 01 0 55492 0
FIRST CTZNS BANCSHARES NC CL A COM 31946M103 616 3371 SH OTHER 01 0 3371 0
FIRST FINL BANCORP COM COM 320209109 499 28866 SH OTHER 01 0 28866 0
FIRST FINL BANCSHARES INC COM COM 32020R109 745 21150 SH OTHER 01 0 21150 0
FIRST LONG IS CORP COM COM 320734106 800 30190 SH OTHER 01 0 30190 0
FLUSHING FINL CORP COM COM 343873105 168 12500 SH OTHER 01 0 12500 0
FORTINET INC COM 34959E109 3520 127310 SH SOLE 127310 0 0
FORTINET INC COM 34959E109 1960 70870 SH OTHER 01 0 70870 0
FRANCESCAS HLDGS CORP COM COM 351793104 3417 108100 SH SOLE 108100 0 0
FRANCESCAS HLDGS CORP COM COM 351793104 1940 61359 SH OTHER 01 0 61359 0
FRESH MARKET INC COM 35804H106 1138 23730 SH SOLE 23730 0 0
FRESH MARKET INC COM 35804H106 644 13431 SH OTHER 01 0 13431 0
GEVO INC COM 374396109 846 92033 SH SOLE 92033 0 0
GEVO INC COM 374396109 471 51251 SH OTHER 01 0 51251 0
PAGE 3
EMERALD MUTUAL FUND ADVISERS TRUST
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/12
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
GLACIER BANCORP INC NEW COM COM 37637Q105 172 11480 SH OTHER 01 0 11480 0
GNC HOLDINGS INC COM 36191G107 3275 93857 SH SOLE 93857 0 0
GNC HOLDINGS INC COM 36191G107 1875 53750 SH OTHER 01 0 53750 0
GORMAN RUPP CO COM COM 383082104 976 33442 SH SOLE 33442 0 0
GORMAN RUPP CO COM COM 383082104 506 17326 SH OTHER 01 0 17326 0
GREATBATCH INC COM COM 39153L106 1761 71831 SH SOLE 71831 0 0
GREATBATCH INC COM COM 39153L106 992 40450 SH OTHER 01 0 40450 0
GUARANTY BANCORP DEL COM COM 40075T102 101 50660 SH OTHER 01 0 50660 0
GULFPORT ENERGY CORP COM NEW COM 402635304 2616 89830 SH SOLE 89830 0 0
GULFPORT ENERGY CORP COM NEW COM 402635304 1502 51570 SH OTHER 01 0 51570 0
HANCOCK HLDG CO COM COM 410120109 405 11416 SH OTHER 01 0 11416 0
HERCULES OFFSHORE INC COM COM 427093109 1145 242053 SH SOLE 242053 0 0
HERCULES OFFSHORE INC COM COM 427093109 656 138591 SH OTHER 01 0 138591 0
HERITAGE FINL CORP WASH COM COM 42722X106 341 25050 SH OTHER 01 0 25050 0
HERSHA HOSPITALITY TR PRIORITY COM 427825104 116 21255 SH OTHER 01 0 21255 0
HIBBETT SPORTS INC COM COM 428567101 4186 76728 SH SOLE 76728 0 0
HIBBETT SPORTS INC COM COM 428567101 2461 45114 SH OTHER 01 0 45114 0
HOPFED BANCORP INC COM COM 439734104 134 16003 SH OTHER 01 0 16003 0
HORIZON BANCORP IND COM COM 440407104 840 45399 SH OTHER 01 0 45399 0
HORNBECK OFFSHORE SVCS INC NCO COM 440543106 1394 33160 SH SOLE 33160 0 0
HORNBECK OFFSHORE SVCS INC NCO COM 440543106 804 19120 SH OTHER 01 0 19120 0
HUB GROUP INC CL A COM 443320106 374 10379 SH SOLE 10379 0 0
HUB GROUP INC CL A COM 443320106 213 5907 SH OTHER 01 0 5907 0
IBERIABANK CORP COM COM 450828108 503 9404 SH OTHER 01 0 9404 0
IDENIX PHARMACEUTICALS INC COM COM 45166R204 482 49280 SH SOLE 49280 0 0
IDENIX PHARMACEUTICALS INC COM COM 45166R204 276 28190 SH OTHER 01 0 28190 0
II-VI INC COM COM 902104108 1984 83892 SH SOLE 83892 0 0
II-VI INC COM COM 902104108 1093 46220 SH OTHER 01 0 46220 0
INCYTE PHARMACEUTICALS INC COM COM 45337C102 1693 87730 SH SOLE 87730 0 0
INCYTE PHARMACEUTICALS INC COM COM 45337C102 984 51000 SH OTHER 01 0 51000 0
INDEPENDENT BK CORP MASS COM COM 453836108 481 16750 SH OTHER 01 0 16750 0
INPHI CORP COM COM 45772F107 1118 78850 SH SOLE 78850 0 0
INPHI CORP COM COM 45772F107 528 37235 SH OTHER 01 0 37235 0
INTEGRATED DEVICE TECH INC COM COM 458118106 1506 210684 SH SOLE 210684 0 0
INTEGRATED DEVICE TECH INC COM COM 458118106 849 118688 SH OTHER 01 0 118688 0
INTERDIGITAL INC PA COM 45867G101 1106 31725 SH SOLE 31725 0 0
INTERDIGITAL INC PA COM 45867G101 627 17989 SH OTHER 01 0 17989 0
INVESTORS BANCORP INC COM COM 46146P102 428 28473 SH OTHER 01 0 28473 0
IPC THE HOSPITALIST CO INC COM COM 44984A105 708 19186 SH SOLE 19186 0 0
IPC THE HOSPITALIST CO INC COM COM 44984A105 399 10804 SH OTHER 01 0 10804 0
IPG PHOTONICS CORP COM 44980X109 3516 67557 SH SOLE 67557 0 0
IPG PHOTONICS CORP COM 44980X109 2028 38969 SH OTHER 01 0 38969 0
IXIA COM COM 45071R109 1460 116771 SH SOLE 116771 0 0
IXIA COM COM 45071R109 822 65747 SH OTHER 01 0 65747 0
JAZZ PHARMACEUTICALS PLC SHS COM G50871105 2333 48130 SH SOLE 48130 0 0
JAZZ PHARMACEUTICALS PLC SHS COM G50871105 1310 27020 SH OTHER 01 0 27020 0
JIVE SOFTWARE INC COM 47760A108 692 25487 SH SOLE 25487 0 0
JIVE SOFTWARE INC COM 47760A108 621 22849 SH OTHER 01 0 22849 0
KODIAK OIL & GAS CORP COM COM 50015Q100 2248 225720 SH SOLE 225720 0 0
KODIAK OIL & GAS CORP COM COM 50015Q100 1302 130745 SH OTHER 01 0 130745 0
KRATON PERFORMANCE POLYMERS CO COM 50077C106 1635 61526 SH SOLE 61526 0 0
PAGE 4
EMERALD MUTUAL FUND ADVISERS TRUST
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/12
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
KRATON PERFORMANCE POLYMERS CO COM 50077C106 996 37493 SH OTHER 01 0 37493 0
LAKELAND FINL CORP COM COM 511656100 757 29063 SH OTHER 01 0 29063 0
LINDSAY MFG CO COM COM 535555106 974 14690 SH SOLE 14690 0 0
LINDSAY MFG CO COM COM 535555106 579 8740 SH OTHER 01 0 8740 0
LIZ CLAIBORNE INC COM COM 539320101 1254 93860 SH SOLE 93860 0 0
LIZ CLAIBORNE INC COM COM 539320101 724 54160 SH OTHER 01 0 54160 0
MAGNUM HUNTER RES CORP DEL COM COM 55973B102 3313 516895 SH SOLE 516895 0 0
MAGNUM HUNTER RES CORP DEL COM COM 55973B102 1714 267444 SH OTHER 01 0 267444 0
MATTRESS FIRM HOLDING CORP COM 57722W106 2330 61478 SH SOLE 61478 0 0
MATTRESS FIRM HOLDING CORP COM 57722W106 1346 35502 SH OTHER 01 0 35502 0
MEADOWBROOK INS GROUP INC COM COM 58319P108 381 40823 SH OTHER 01 0 40823 0
MEDIVATION INC COM COM 58501N101 3234 43278 SH SOLE 43278 0 0
MEDIVATION INC COM COM 58501N101 1858 24868 SH OTHER 01 0 24868 0
MERIT MED SYS INC COM COM 589889104 746 60079 SH SOLE 60079 0 0
MERIT MED SYS INC COM COM 589889104 465 37419 SH OTHER 01 0 37419 0
MICROSEMI CORP COM COM 595137100 1714 79921 SH SOLE 79921 0 0
MICROSEMI CORP COM COM 595137100 1011 47155 SH OTHER 01 0 47155 0
MIDDLEBY CORP COM COM 596278101 2877 28434 SH SOLE 28434 0 0
MIDDLEBY CORP COM COM 596278101 1424 14072 SH OTHER 01 0 14072 0
MIDSOUTH BANCORP INC COM COM 598039105 313 23033 SH OTHER 01 0 23033 0
MID-AMER APT CMNTYS INC COM COM 59522J103 222 3310 SH OTHER 01 0 3310 0
MITEK SYS INC COM NEW COM 606710200 920 79300 SH SOLE 79300 0 0
MITEK SYS INC COM NEW COM 606710200 685 59094 SH OTHER 01 0 59094 0
MOLINA HEALTHCARE INC COM COM 60855R100 2784 82774 SH SOLE 82774 0 0
MOLINA HEALTHCARE INC COM COM 60855R100 1573 46766 SH OTHER 01 0 46766 0
MONOLITHIC PWR SYS INC COM COM 609839105 1800 91488 SH SOLE 91488 0 0
MONOLITHIC PWR SYS INC COM COM 609839105 1192 60604 SH OTHER 01 0 60604 0
MWI VETERINARY SUPPLY INC COM COM 55402X105 6541 74325 SH SOLE 74325 0 0
MWI VETERINARY SUPPLY INC COM COM 55402X105 3389 38507 SH OTHER 01 0 38507 0
NANOMETRICS INC COM COM 630077105 567 30609 SH SOLE 30609 0 0
NANOMETRICS INC COM COM 630077105 320 17263 SH OTHER 01 0 17263 0
NATIONAL RETAIL PROPERTIES INC COM 637417106 290 10670 SH OTHER 01 0 10670 0
NEONODE INC COM NEW COM 64051M402 651 179440 SH SOLE 179440 0 0
NEONODE INC COM NEW COM 64051M402 369 101550 SH OTHER 01 0 101550 0
NPS PHARMACEUTICALS INC COM COM 62936P103 1306 190901 SH SOLE 190901 0 0
NPS PHARMACEUTICALS INC COM COM 62936P103 735 107420 SH OTHER 01 0 107420 0
OLD NATL BANCORP IND COM COM 680033107 262 19950 SH OTHER 01 0 19950 0
ORIENTAL FINL GROUP INC COM COM 68618W100 175 14500 SH OTHER 01 0 14500 0
ORRSTOWN FINL SVCS INC COM COM 687380105 92 10492 SH OTHER 01 0 10492 0
PACIFIC PREMIER BANCORP COM COM 69478X105 311 38910 SH OTHER 01 0 38910 0
PAR PHARMACEUTICAL COS INC COM COM 69888P106 1169 30175 SH SOLE 30175 0 0
PAR PHARMACEUTICAL COS INC COM COM 69888P106 674 17405 SH OTHER 01 0 17405 0
PAREXEL INTL CORP COM COM 699462107 1016 37675 SH SOLE 37675 0 0
PAREXEL INTL CORP COM COM 699462107 581 21554 SH OTHER 01 0 21554 0
PEOPLES BANCORP INC OHIO COM COM 709789101 263 15000 SH OTHER 01 0 15000 0
PINNACLE FINL PARTNERS INC COM COM 72346Q104 302 16460 SH OTHER 01 0 16460 0
PRIVATEBANCORP INC COM COM 742962103 236 15550 SH OTHER 01 0 15550 0
PROSPERITY BANCSHARES INC COM COM 743606105 773 16870 SH OTHER 01 0 16870 0
PROVIDENT NEW YORK BANCORP COM 744028101 142 16830 SH OTHER 01 0 16830 0
QLIK TECHNOLOGIES INC COM 74733T105 1808 56513 SH SOLE 56513 0 0
QLIK TECHNOLOGIES INC COM 74733T105 1369 42790 SH OTHER 01 0 42790 0
PAGE 5
EMERALD MUTUAL FUND ADVISERS TRUST
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/12
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
QUALITY SYS INC COM COM 747582104 1775 40590 SH SOLE 40590 0 0
QUALITY SYS INC COM COM 747582104 898 20540 SH OTHER 01 0 20540 0
RACKSPACE HOSTING INC COM COM 750086100 1449 25070 SH SOLE 25070 0 0
RACKSPACE HOSTING INC COM COM 750086100 832 14390 SH OTHER 01 0 14390 0
RAVEN INDS INC COM COM 754212108 1983 32504 SH SOLE 32504 0 0
RAVEN INDS INC COM COM 754212108 1073 17582 SH OTHER 01 0 17582 0
RAYMOND JAMES FINL INC COM COM 754730109 219 6000 SH OTHER 01 0 6000 0
RED ROBIN GOURMET BURGERS INCO COM 75689M101 1470 39532 SH SOLE 39532 0 0
RED ROBIN GOURMET BURGERS INCO COM 75689M101 846 22758 SH OTHER 01 0 22758 0
REX ENERGY CORPORATION COM COM 761565100 794 74345 SH SOLE 74345 0 0
REX ENERGY CORPORATION COM COM 761565100 387 36225 SH OTHER 01 0 36225 0
REXNORD HOLDINGS INC COM 76169B102 1148 54407 SH SOLE 54407 0 0
REXNORD HOLDINGS INC COM 76169B102 667 31625 SH OTHER 01 0 31625 0
ROADRUNNER TRNSN SVCS HLDG ICO COM 76973Q105 1661 95710 SH SOLE 95710 0 0
ROADRUNNER TRNSN SVCS HLDG ICO COM 76973Q105 938 54090 SH OTHER 01 0 54090 0
ROBBINS & MYERS INC COM COM 770196103 1726 33158 SH SOLE 33158 0 0
ROBBINS & MYERS INC COM COM 770196103 976 18744 SH OTHER 01 0 18744 0
RUSH ENTERPISES INC CL A COM 781846209 1304 61469 SH SOLE 61469 0 0
RUSH ENTERPISES INC CL A COM 781846209 729 34339 SH OTHER 01 0 34339 0
SABA SOFTWARE COM 784932600 1398 142558 SH SOLE 142558 0 0
SABA SOFTWARE COM 784932600 792 80743 SH OTHER 01 0 80743 0
SAGENT PHARMACEUTICALS INC COM 786692103 1636 91540 SH SOLE 91540 0 0
SAGENT PHARMACEUTICALS INC COM 786692103 1010 56535 SH OTHER 01 0 56535 0
SALIX PHARMACEUTICALS LTD COM COM 795435106 2945 56091 SH SOLE 56091 0 0
SALIX PHARMACEUTICALS LTD COM COM 795435106 1728 32921 SH OTHER 01 0 32921 0
SANDY SPRING BANCORP INC CMT-C COM 800363103 199 10943 SH OTHER 01 0 10943 0
SELECT COMFORT CORP OC-CAP STK COM 81616X103 1449 44730 SH SOLE 44730 0 0
SELECT COMFORT CORP OC-CAP STK COM 81616X103 837 25830 SH OTHER 01 0 25830 0
SEQUENOM INC COM NEW COM 817337405 945 232298 SH SOLE 232298 0 0
SEQUENOM INC COM NEW COM 817337405 546 134210 SH OTHER 01 0 134210 0
SHORETEL INC COM COM 825211105 1331 234361 SH SOLE 234361 0 0
SHORETEL INC COM COM 825211105 823 144845 SH OTHER 01 0 144845 0
SHUFFLE MASTER INC COM COM 825549108 3658 207845 SH SOLE 207845 0 0
SHUFFLE MASTER INC COM COM 825549108 2096 119087 SH OTHER 01 0 119087 0
SIGNATURE BK NEW YORK N Y COM COM 82669G104 2697 42776 SH SOLE 42776 0 0
SIGNATURE BK NEW YORK N Y COM COM 82669G104 2899 45994 SH OTHER 01 0 45994 0
SINCLAIR BROADCAST GROUP INCCL COM 829226109 1152 104141 SH SOLE 104141 0 0
SINCLAIR BROADCAST GROUP INCCL COM 829226109 651 58843 SH OTHER 01 0 58843 0
SKULLCANDY INC COM 83083J104 1248 78854 SH SOLE 78854 0 0
SKULLCANDY INC COM 83083J104 706 44597 SH OTHER 01 0 44597 0
SOURCEFIRE INC COM COM 83616T108 3119 64814 SH SOLE 64814 0 0
SOURCEFIRE INC COM COM 83616T108 1856 38553 SH OTHER 01 0 38553 0
SOUTHERN NATL BANCORP OF VA CO COM 843395104 211 31188 SH OTHER 01 0 31188 0
SPIRIT AIRLS INC COM COM 848577102 910 45340 SH SOLE 45340 0 0
SPIRIT AIRLS INC COM COM 848577102 712 35480 SH OTHER 01 0 35480 0
STIFEL FINL CORP COM COM 860630102 206 5431 SH OTHER 01 0 5431 0
SUSQUEHANNA BANCSHARES INC COM COM 869099101 250 25276 SH OTHER 01 0 25276 0
SVB FINL GROUP COM COM 78486Q101 825 12830 SH SOLE 12830 0 0
SVB FINL GROUP COM COM 78486Q101 1370 21298 SH OTHER 01 0 21298 0
SYNCHRONOSS TECHNOLOGIES INCCO COM 87157B103 2343 73406 SH SOLE 73406 0 0
SYNCHRONOSS TECHNOLOGIES INCCO COM 87157B103 1404 43970 SH OTHER 01 0 43970 0
PAGE 6
EMERALD MUTUAL FUND ADVISERS TRUST
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/12
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
TANGER FACTORY OUTLET CTRS COM COM 875465106 890 29930 SH SOLE 29930 0 0
TANGER FACTORY OUTLET CTRS COM COM 875465106 638 21450 SH OTHER 01 0 21450 0
TEAVANA HOLDINGS INC COM 87819P102 1003 50840 SH SOLE 50840 0 0
TEAVANA HOLDINGS INC COM 87819P102 573 29050 SH OTHER 01 0 29050 0
TECHE HLDG CO COM COM 878330109 770 20400 SH OTHER 01 0 20400 0
TENNANT CO COM COM 880345103 1550 35226 SH SOLE 35226 0 0
TENNANT CO COM COM 880345103 890 20238 SH OTHER 01 0 20238 0
TENNECO AUTOMOTIVE INC COM COM 880349105 1759 47350 SH SOLE 47350 0 0
TENNECO AUTOMOTIVE INC COM COM 880349105 1009 27160 SH OTHER 01 0 27160 0
TEREX CORP NEW COM COM 880779103 1634 72610 SH SOLE 72610 0 0
TEREX CORP NEW COM COM 880779103 920 40880 SH OTHER 01 0 40880 0
TESCO CORP COM COM 88157K101 722 50884 SH SOLE 50884 0 0
TESCO CORP COM COM 88157K101 560 39446 SH OTHER 01 0 39446 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 1751 50584 SH SOLE 50584 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 2324 67139 SH OTHER 01 0 67139 0
TEXAS ROADHOUSE INC CL A COM 882681109 2142 128754 SH SOLE 128754 0 0
TEXAS ROADHOUSE INC CL A COM 882681109 1150 69127 SH OTHER 01 0 69127 0
TIBCO SOFTWARE INC COM COM 88632Q103 2296 75292 SH SOLE 75292 0 0
TIBCO SOFTWARE INC COM COM 88632Q103 1321 43306 SH OTHER 01 0 43306 0
TOMPKINS TRUSTCO INC COM COM 890110109 341 8520 SH OTHER 01 0 8520 0
TOWER GROUP INC COM COM 891777104 271 12090 SH OTHER 01 0 12090 0
TRIUMPH GROUP INC NEW COM COM 896818101 4106 65522 SH SOLE 65522 0 0
TRIUMPH GROUP INC NEW COM COM 896818101 2346 37436 SH OTHER 01 0 37436 0
ULTA SALON COSMETICS & FRAGR COM 90384S303 4549 48970 SH SOLE 48970 0 0
ULTA SALON COSMETICS & FRAGR COM 90384S303 2622 28231 SH OTHER 01 0 28231 0
ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 4183 57083 SH SOLE 57083 0 0
ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 2390 32613 SH OTHER 01 0 32613 0
UMB FINL CORP COM COM 902788108 213 4760 SH OTHER 01 0 4760 0
UNITED RENTALS INC COM COM 911363109 2344 54662 SH SOLE 54662 0 0
UNITED RENTALS INC COM COM 911363109 1345 31354 SH OTHER 01 0 31354 0
URSTADT BIDDLE PPTYS INC CL A COM 917286205 467 23680 SH OTHER 01 0 23680 0
US SILICA HOLDINGS INC COM 90346E103 780 37266 SH SOLE 37266 0 0
US SILICA HOLDINGS INC COM 90346E103 440 20992 SH OTHER 01 0 20992 0
VERASTEM INC COM 92337C104 663 60676 SH SOLE 60676 0 0
VERASTEM INC COM 92337C104 410 37482 SH OTHER 01 0 37482 0
VIEWPOINT FINL GROUP INC MD CO COM 92672A101 563 36593 SH OTHER 01 0 36593 0
VIRGINIA COMM BANCORP INC COM COM 92778Q109 96 10930 SH OTHER 01 0 10930 0
VITAMIN SHOPPE INC COM COM 92849E101 2701 61104 SH SOLE 61104 0 0
VITAMIN SHOPPE INC COM COM 92849E101 1537 34775 SH OTHER 01 0 34775 0
VIVUS INC COM COM 928551100 608 27208 SH SOLE 27208 0 0
VIVUS INC COM COM 928551100 350 15660 SH OTHER 01 0 15660 0
WALKER & DUNLOP INC COM 93148P102 1449 115012 SH SOLE 115012 0 0
WALKER & DUNLOP INC COM 93148P102 1271 100909 SH OTHER 01 0 100909 0
WASHINGTON BKG CO OAK HBR WACO COM 937303105 393 28463 SH OTHER 01 0 28463 0
WESCO INTL INC COM COM 95082P105 4432 67860 SH SOLE 67860 0 0
WESCO INTL INC COM COM 95082P105 2287 35010 SH OTHER 01 0 35010 0
WESTERN ALLIANCE BANCORP COM 957638109 495 58387 SH OTHER 01 0 58387 0
WET SEAL INC CL A COM 961840105 1077 312202 SH SOLE 312202 0 0
WET SEAL INC CL A COM 961840105 620 179682 SH OTHER 01 0 179682 0
WHITESTONE REIT CL B SBI COM 966084204 652 50000 SH OTHER 01 0 50000 0
WINTRUST FINL CORP COM COM 97650W108 645 18020 SH OTHER 01 0 18020 0
PAGE 7
EMERALD MUTUAL FUND ADVISERS TRUST
FORM 13F INFORMATION TABLE
AS OF DATE: 03/31/12
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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
WISDOMTREE INVTS INC COM COM 97717P104 136 16203 SH SOLE 16203 0 0
WISDOMTREE INVTS INC COM COM 97717P104 114 13573 SH OTHER 01 0 13573 0
ZAGG INC COM COM 98884U108 552 51912 SH SOLE 51912 0 0
ZAGG INC COM COM 98884U108 318 29944 SH OTHER 01 0 29944 0
LINE COUNT: 310