0001144204-12-057669.txt : 20121025 0001144204-12-057669.hdr.sgml : 20121025 20121025114915 ACCESSION NUMBER: 0001144204-12-057669 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121025 DATE AS OF CHANGE: 20121025 EFFECTIVENESS DATE: 20121025 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: 121160679 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 v764807-1_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: September 30, 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: /s/ Kenneth G. Mertz II Lancaster, Pennsylvania October 25, 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: 294 FORM 13F INFORMATION TABLE VALUE TOTAL: $510,798 (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.] NONE PAGE 1 EMERALD MUTUAL FUND ADVISERS TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/12

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 1558 47434 SH SOLE 47434 0 0 3-D SYS CORP DEL COM NEW COM 88554D205 703 21387 SH OTHER 01 0 21387 0 ACADIA HEALTHCARE COMPANY INCO COM 00404A109 6454 270839 SH SOLE 270839 0 0 ACADIA HEALTHCARE COMPANY INCO COM 00404A109 2257 94725 SH OTHER 01 0 94725 0 ACCESS NATL CORP COM COM 004337101 501 36670 SH OTHER 01 0 36670 0 ACHILLION PHARMACEUTICALS INCO COM 00448Q201 1036 99581 SH SOLE 99581 0 0 ACHILLION PHARMACEUTICALS INCO COM 00448Q201 690 66347 SH OTHER 01 0 66347 0 AEROPOSTALE INC COM 007865108 1875 138591 SH SOLE 138591 0 0 AEROPOSTALE INC COM 007865108 591 43696 SH OTHER 01 0 43696 0 AFFILIATED MANAGERS GROUP INCO COM 008252108 492 4000 SH OTHER 01 0 4000 0 AKORN INC COM COM 009728106 4590 347235 SH SOLE 347235 0 0 AKORN INC COM COM 009728106 1606 121465 SH OTHER 01 0 121465 0 ALIGN TECHNOLOGY INC COM 016255101 4072 110138 SH SOLE 110138 0 0 ALIGN TECHNOLOGY INC COM 016255101 1505 40696 SH OTHER 01 0 40696 0 ALLIED NEVADA GOLD CORP COM COM 019344100 3699 94696 SH SOLE 94696 0 0 ALLIED NEVADA GOLD CORP COM COM 019344100 1308 33488 SH OTHER 01 0 33488 0 ALNYLAM PHARMACEUTICALS INC CO COM 02043Q107 3572 190098 SH SOLE 190098 0 0 ALNYLAM PHARMACEUTICALS INC CO COM 02043Q107 937 49852 SH OTHER 01 0 49852 0 AMERICAN BUSINESS BK LA CALICO COM 02475L105 599 23120 SH OTHER 01 0 23120 0 AMERICAN CAMPUS CMNTYS INC COM COM 024835100 208 4730 SH OTHER 01 0 4730 0 AMTRUST FINANCIAL SERVICES ICO COM 032359309 346 13508 SH OTHER 01 0 13508 0 APOGEE ENTERPRISES INC COM COM 037598109 1762 89670 SH SOLE 89670 0 0 APOGEE ENTERPRISES INC COM COM 037598109 623 31686 SH OTHER 01 0 31686 0 ARUBA NETWORKS INC COM COM 043176106 6166 274225 SH SOLE 274225 0 0 ARUBA NETWORKS INC COM COM 043176106 2233 99307 SH OTHER 01 0 99307 0 AXIS CAPITAL HOLDINGS SHS COM G0692U109 239 6840 SH OTHER 01 0 6840 0 BANK OF MARIN BANCORP COM COM 063425102 799 18806 SH OTHER 01 0 18806 0 BANK OF THE OZARKS INC COM COM 063904106 6062 175854 SH SOLE 175854 0 0 BANK OF THE OZARKS INC COM COM 063904106 4194 121660 SH OTHER 01 0 121660 0 BAZAARVOICE INC COM 073271108 1645 108593 SH SOLE 108593 0 0 BAZAARVOICE INC COM 073271108 520 34300 SH OTHER 01 0 34300 0 BIOSCRIPT INC COM COM 09069N108 2116 232270 SH SOLE 232270 0 0 BIOSCRIPT INC COM COM 09069N108 753 82683 SH OTHER 01 0 82683 0 BJ'S RESTAURANT INC COM 09180C106 4569 100748 SH SOLE 100748 0 0 BJ'S RESTAURANT INC COM 09180C106 1538 33909 SH OTHER 01 0 33909 0 BLACK DIAMOND INC COM 09202G101 2159 246230 SH SOLE 246230 0 0 BLACK DIAMOND INC COM 09202G101 748 85256 SH OTHER 01 0 85256 0 BODY CENTRAL CORP COM 09689U102 1846 176611 SH SOLE 176611 0 0 BODY CENTRAL CORP COM 09689U102 714 68347 SH OTHER 01 0 68347 0 BOFI HLDG INC COM COM 05566U108 562 21560 SH OTHER 01 0 21560 0 BRAVO BRIO RESTAURANT GROUP COM 10567B109 2435 167356 SH SOLE 167356 0 0 BRAVO BRIO RESTAURANT GROUP COM 10567B109 883 60716 SH OTHER 01 0 60716 0 BRIGHTCOVE COM 10921T101 2995 256427 SH SOLE 256427 0 0 BRIGHTCOVE COM 10921T101 1096 93846 SH OTHER 01 0 93846 0 BRYN MAWR BK CORP COM COM 117665109 410 18290 SH OTHER 01 0 18290 0 CAMPUS CREST CMNTYS INC COM COM 13466Y105 561 51963 SH OTHER 01 0 51963 0 CAPITOL FEDERAL FINANCIAL COM 14057J101 601 50225 SH OTHER 01 0 50225 0 CARDINAL FINL CORP COM COM 14149F109 903 63140 SH OTHER 01 0 63140 0 CARMIKE CINEMAS INC COM COM 143436400 1243 110214 SH SOLE 110214 0 0 CARMIKE CINEMAS INC COM COM 143436400 452 40038 SH OTHER 01 0 40038 0 CAROLINA TR BK LINCOLNTON NCCO COM 144200102 96 40000 SH OTHER 01 0 40000 0

PAGE 2 EMERALD MUTUAL FUND ADVISERS TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/12

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- CARPENTER TECHNOLOGY CORP COM COM 144285103 2464 47090 SH SOLE 47090 0 0 CARPENTER TECHNOLOGY CORP COM COM 144285103 915 17480 SH OTHER 01 0 17480 0 CASS INFORMATION SYS INC COM COM 14808P109 878 20931 SH OTHER 01 0 20931 0 CAVIUM INC COM COM 14964U108 4499 135072 SH SOLE 135072 0 0 CAVIUM INC COM COM 14964U108 1417 42526 SH OTHER 01 0 42526 0 CENTER BANCORP INC COM COM 151408101 211 17704 SH OTHER 01 0 17704 0 CENTRAL VALLEY CMNTY BANCORPCO COM 155685100 281 34580 SH OTHER 01 0 34580 0 CEPHEID COM COM 15670R107 3870 112181 SH SOLE 112181 0 0 CEPHEID COM COM 15670R107 1365 39572 SH OTHER 01 0 39572 0 CHART INDS INC COM PAR $0.01 COM 16115Q308 4067 55070 SH SOLE 55070 0 0 CHART INDS INC COM PAR $0.01 COM 16115Q308 1491 20195 SH OTHER 01 0 20195 0 CHENIERE ENERGY INC COM NEW COM 16411R208 782 50370 SH SOLE 50370 0 0 CHENIERE ENERGY INC COM NEW COM 16411R208 522 33638 SH OTHER 01 0 33638 0 CHUY'S HOLDINGS INC COM 171604101 930 37909 SH SOLE 37909 0 0 CHUY'S HOLDINGS INC COM 171604101 328 13358 SH OTHER 01 0 13358 0 CITIZENS FINL SVCS INC COM COM 174615104 319 7211 SH OTHER 01 0 7211 0 COBIZ INC COM COM 190897108 1564 223363 SH SOLE 223363 0 0 COBIZ INC COM COM 190897108 1339 191261 SH OTHER 01 0 191261 0 CROCS INC COM COM 227046109 3912 241302 SH SOLE 241302 0 0 CROCS INC COM COM 227046109 1425 87891 SH OTHER 01 0 87891 0 CU BANCORP CALIF COM COM 126534106 896 77229 SH OTHER 01 0 77229 0 CUBESMART COM COM 229663109 273 21230 SH OTHER 01 0 21230 0 DUSA PHARMACEUTICALS INC COM COM 266898105 2012 296304 SH SOLE 296304 0 0 DUSA PHARMACEUTICALS INC COM COM 266898105 771 113480 SH OTHER 01 0 113480 0 EAGLE BANCORP INC MD COM COM 268948106 895 53546 SH OTHER 01 0 53546 0 EAST WEST BANCORP INC COM COM 27579R104 580 27440 SH OTHER 01 0 27440 0 ENTERPRISE FINL SVCS CORP COM COM 293712105 154 11356 SH OTHER 01 0 11356 0 EVANS BANCORP INC COM NEW COM 29911Q208 221 14050 SH OTHER 01 0 14050 0 EVERBANK FINL CORP COM COM 29977G102 302 21930 SH OTHER 01 0 21930 0 EXACT SCIENCES CORP COM COM 30063P105 809 73500 SH SOLE 73500 0 0 EXACT SCIENCES CORP COM COM 30063P105 250 22700 SH OTHER 01 0 22700 0 EXACTTARGET INC COM 30064K105 5017 207125 SH SOLE 207125 0 0 EXACTTARGET INC COM 30064K105 1629 67253 SH OTHER 01 0 67253 0 FARMERS NATL BANC CORP COM COM 309627107 580 89859 SH OTHER 01 0 89859 0 FARO TECHNOLOGIES INC COM COM 311642102 7376 178505 SH SOLE 178505 0 0 FARO TECHNOLOGIES INC COM COM 311642102 2646 64043 SH OTHER 01 0 64043 0 FIFTH & PACIFIC COMPANIES INC COM 316645100 3438 268980 SH SOLE 268980 0 0 FIFTH & PACIFIC COMPANIES INC COM 316645100 1192 93300 SH OTHER 01 0 93300 0 FINANCIAL ENGINES INC COM COM 317485100 1111 46656 SH SOLE 46656 0 0 FINANCIAL ENGINES INC COM COM 317485100 429 18032 SH OTHER 01 0 18032 0 FINANCIAL INSTNS INC COM COM 317585404 343 18400 SH OTHER 01 0 18400 0 FINISAR CORP COM COM 31787A507 274 19150 SH SOLE 19150 0 0 FINISAR CORP COM COM 31787A507 189 13210 SH OTHER 01 0 13210 0 FIRST CALIFORNIA FINANCIAL GCO COM 319395109 166 23792 SH OTHER 01 0 23792 0 FIRST FINL BANCORP COM COM 320209109 488 28866 SH OTHER 01 0 28866 0 FIRST FINL BANCSHARES INC COM COM 32020R109 762 21150 SH OTHER 01 0 21150 0 FIRST HORIZON NATL CORP COM COM 320517105 1187 123300 SH SOLE 123300 0 0 FIRST HORIZON NATL CORP COM COM 320517105 890 92420 SH OTHER 01 0 92420 0 FIRST LONG IS CORP COM COM 320734106 930 30190 SH OTHER 01 0 30190 0 FLUSHING FINL CORP COM COM 343873105 198 12500 SH OTHER 01 0 12500 0 FORTINET INC COM 34959E109 4053 168020 SH SOLE 168020 0 0

PAGE 3 EMERALD MUTUAL FUND ADVISERS TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/12

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- FORTINET INC COM 34959E109 1324 54910 SH OTHER 01 0 54910 0 FORUM ENERGY TECHNOLOGIES INC COM 34984V100 1878 77219 SH SOLE 77219 0 0 FORUM ENERGY TECHNOLOGIES INC COM 34984V100 465 19121 SH OTHER 01 0 19121 0 FRANCESCAS HLDGS CORP COM COM 351793104 4890 159128 SH SOLE 159128 0 0 FRANCESCAS HLDGS CORP COM COM 351793104 1781 57971 SH OTHER 01 0 57971 0 GLIMCHER RLTY TR SH BEN INT COM 379302102 3085 291875 SH SOLE 291875 0 0 GLIMCHER RLTY TR SH BEN INT COM 379302102 1778 168254 SH OTHER 01 0 168254 0 GNC HOLDINGS INC COM 36191G107 4306 110492 SH SOLE 110492 0 0 GNC HOLDINGS INC COM 36191G107 1557 39945 SH OTHER 01 0 39945 0 GREATBATCH INC COM COM 39153L106 3041 124991 SH SOLE 124991 0 0 GREATBATCH INC COM COM 39153L106 984 40450 SH OTHER 01 0 40450 0 GUARANTY BANCORP DEL COM COM 40075T102 227 112530 SH OTHER 01 0 112530 0 GUIDEWIRE SOFTWARE INC COM 40171V100 669 21560 SH SOLE 21560 0 0 GUIDEWIRE SOFTWARE INC COM 40171V100 261 8410 SH OTHER 01 0 8410 0 GULFPORT ENERGY CORP COM NEW COM 402635304 4729 151270 SH SOLE 151270 0 0 GULFPORT ENERGY CORP COM NEW COM 402635304 1635 52295 SH OTHER 01 0 52295 0 HANCOCK HLDG CO COM COM 410120109 354 11416 SH OTHER 01 0 11416 0 HERITAGE FINL CORP WASH COM COM 42722X106 377 25050 SH OTHER 01 0 25050 0 HERITAGE OAKS BANCORP COM COM 42724R107 411 71360 SH OTHER 01 0 71360 0 HIBBETT SPORTS INC COM COM 428567101 5762 96918 SH SOLE 96918 0 0 HIBBETT SPORTS INC COM COM 428567101 2038 34281 SH OTHER 01 0 34281 0 HINGHAM INSTN SVGS MASS COM COM 433323102 213 3300 SH OTHER 01 0 3300 0 HOME BANCORP INC COM COM 43689E107 210 11680 SH OTHER 01 0 11680 0 HOME BANCSHARES INC COM COM 436893200 733 21510 SH OTHER 01 0 21510 0 HOMEAWAY INC COM COM 43739Q100 1851 79022 SH SOLE 79022 0 0 HOMEAWAY INC COM COM 43739Q100 663 28285 SH OTHER 01 0 28285 0 HOPFED BANCORP INC COM COM 439734104 120 16003 SH OTHER 01 0 16003 0 HORIZON BANCORP IND COM COM 440407104 1131 39589 SH OTHER 01 0 39589 0 HORNBECK OFFSHORE SVCS INC NCO COM 440543106 2768 75530 SH SOLE 75530 0 0 HORNBECK OFFSHORE SVCS INC NCO COM 440543106 977 26670 SH OTHER 01 0 26670 0 HOVNANIAN ENTERPRISES INC CL A COM 442487203 3352 968653 SH SOLE 968653 0 0 HOVNANIAN ENTERPRISES INC CL A COM 442487203 1178 340407 SH OTHER 01 0 340407 0 HOWARD BANCORP INC COM COM 442496105 1192 176664 SH OTHER 01 0 176664 0 INCYTE PHARMACEUTICALS INC COM COM 45337C102 3111 172350 SH SOLE 172350 0 0 INCYTE PHARMACEUTICALS INC COM COM 45337C102 1236 68490 SH OTHER 01 0 68490 0 INDEPENDENT BK CORP MASS COM COM 453836108 459 15250 SH OTHER 01 0 15250 0 INFOBLOX INC COM 45672H104 2658 114305 SH SOLE 114305 0 0 INFOBLOX INC COM 45672H104 986 42408 SH OTHER 01 0 42408 0 INPHI CORP COM COM 45772F107 1613 151307 SH SOLE 151307 0 0 INPHI CORP COM COM 45772F107 545 51146 SH OTHER 01 0 51146 0 INTEGRATED DEVICE TECH INC COM COM 458118106 1977 336824 SH SOLE 336824 0 0 INTEGRATED DEVICE TECH INC COM COM 458118106 697 118688 SH OTHER 01 0 118688 0 INVESTORS BANCORP INC COM COM 46146P102 519 28473 SH OTHER 01 0 28473 0 IPC THE HOSPITALIST CO INC COM COM 44984A105 4701 102868 SH SOLE 102868 0 0 IPC THE HOSPITALIST CO INC COM COM 44984A105 1646 36025 SH OTHER 01 0 36025 0 IPG PHOTONICS CORP COM 44980X109 6801 118697 SH SOLE 118697 0 0 IPG PHOTONICS CORP COM 44980X109 2419 42219 SH OTHER 01 0 42219 0 IXIA COM COM 45071R109 3064 190671 SH SOLE 190671 0 0 IXIA COM COM 45071R109 1057 65747 SH OTHER 01 0 65747 0 JAZZ PHARMACEUTICALS PLC SHS COM G50871105 6793 119170 SH SOLE 119170 0 0 JAZZ PHARMACEUTICALS PLC SHS COM G50871105 2332 40920 SH OTHER 01 0 40920 0

PAGE 4 EMERALD MUTUAL FUND ADVISERS TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/12

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- JIVE SOFTWARE INC COM 47760A108 2447 155743 SH SOLE 155743 0 0 JIVE SOFTWARE INC COM 47760A108 842 53613 SH OTHER 01 0 53613 0 KODIAK OIL & GAS CORP COM COM 50015Q100 2230 238226 SH SOLE 238226 0 0 KODIAK OIL & GAS CORP COM COM 50015Q100 792 84640 SH OTHER 01 0 84640 0 LAKELAND FINL CORP COM COM 511656100 802 29063 SH OTHER 01 0 29063 0 MAGNUM HUNTER RES CORP DEL COM COM 55973B102 4719 1062815 SH SOLE 1062815 0 0 MAGNUM HUNTER RES CORP DEL COM COM 55973B102 1622 365414 SH OTHER 01 0 365414 0 MARTHA STEWART LIVING OMNIMECL COM 573083102 730 237869 SH SOLE 237869 0 0 MARTHA STEWART LIVING OMNIMECL COM 573083102 264 85902 SH OTHER 01 0 85902 0 MATTRESS FIRM HOLDING CORP COM 57722W106 3333 118408 SH SOLE 118408 0 0 MATTRESS FIRM HOLDING CORP COM 57722W106 1243 44162 SH OTHER 01 0 44162 0 MEDIVATION INC COM COM 58501N101 5651 100276 SH SOLE 100276 0 0 MEDIVATION INC COM COM 58501N101 2247 39876 SH OTHER 01 0 39876 0 MERITAGE CORP COM COM 59001A102 3888 102232 SH SOLE 102232 0 0 MERITAGE CORP COM COM 59001A102 1299 34169 SH OTHER 01 0 34169 0 MICROSEMI CORP COM COM 595137100 1849 92141 SH SOLE 92141 0 0 MICROSEMI CORP COM COM 595137100 645 32145 SH OTHER 01 0 32145 0 MIDDLEBY CORP COM COM 596278101 6142 53114 SH SOLE 53114 0 0 MIDDLEBY CORP COM COM 596278101 2136 18472 SH OTHER 01 0 18472 0 MIDSOUTH BANCORP INC COM COM 598039105 246 15169 SH OTHER 01 0 15169 0 MID-AMER APT CMNTYS INC COM COM 59522J103 263 4030 SH OTHER 01 0 4030 0 MONOLITHIC PWR SYS INC COM COM 609839105 1710 86563 SH SOLE 86563 0 0 MONOLITHIC PWR SYS INC COM COM 609839105 605 30658 SH OTHER 01 0 30658 0 MWI VETERINARY SUPPLY INC COM COM 55402X105 11516 107947 SH SOLE 107947 0 0 MWI VETERINARY SUPPLY INC COM COM 55402X105 4052 37987 SH OTHER 01 0 37987 0 NATIONAL RETAIL PROPERTIES INC COM 637417106 325 10670 SH OTHER 01 0 10670 0 NEONODE INC COM NEW COM 64051M402 425 112800 SH SOLE 112800 0 0 NEONODE INC COM NEW COM 64051M402 151 40025 SH OTHER 01 0 40025 0 NORTHEAST BANCORP COM NEW COM 663904209 285 30000 SH OTHER 01 0 30000 0 NPS PHARMACEUTICALS INC COM COM 62936P103 4886 528223 SH SOLE 528223 0 0 NPS PHARMACEUTICALS INC COM COM 62936P103 1749 189076 SH OTHER 01 0 189076 0 OLD LINE BANCSHARES INC COM COM 67984M100 216 19640 SH OTHER 01 0 19640 0 OLD NATL BANCORP IND COM COM 680033107 272 19950 SH OTHER 01 0 19950 0 OMNICELL INC COM COM 68213N109 1449 104256 SH SOLE 104256 0 0 OMNICELL INC COM COM 68213N109 460 33116 SH OTHER 01 0 33116 0 ORRSTOWN FINL SVCS INC COM COM 687380105 114 10392 SH OTHER 01 0 10392 0 PACIFIC PREMIER BANCORP COM COM 69478X105 371 38910 SH OTHER 01 0 38910 0 PANDORA MEDIA INC COM 698354107 1313 119885 SH SOLE 119885 0 0 PANDORA MEDIA INC COM 698354107 475 43336 SH OTHER 01 0 43336 0 PEOPLES BANCORP INC OHIO COM COM 709789101 343 15000 SH OTHER 01 0 15000 0 PEREGRINE SEMICONDUCTOR CORP COM 71366R703 2217 130876 SH SOLE 130876 0 0 PEREGRINE SEMICONDUCTOR CORP COM 71366R703 693 40896 SH OTHER 01 0 40896 0 PHOTOMEDEX INC COM 719358301 1612 114648 SH SOLE 114648 0 0 PHOTOMEDEX INC COM 719358301 578 41079 SH OTHER 01 0 41079 0 PINNACLE FINL PARTNERS INC COM COM 72346Q104 279 14460 SH OTHER 01 0 14460 0 PROSPERITY BANCSHARES INC COM COM 743606105 642 15070 SH OTHER 01 0 15070 0 PROVIDENT NEW YORK BANCORP COM 744028101 158 16830 SH OTHER 01 0 16830 0 QLIK TECHNOLOGIES INC COM 74733T105 2501 111681 SH SOLE 111681 0 0 QLIK TECHNOLOGIES INC COM 74733T105 929 41487 SH OTHER 01 0 41487 0 RAVEN INDS INC COM COM 754212108 1046 35550 SH SOLE 35550 0 0 RAVEN INDS INC COM COM 754212108 376 12765 SH OTHER 01 0 12765 0

PAGE 5 EMERALD MUTUAL FUND ADVISERS TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/12

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- RED ROBIN GOURMET BURGERS INCO COM 75689M101 2606 79972 SH SOLE 79972 0 0 RED ROBIN GOURMET BURGERS INCO COM 75689M101 742 22758 SH OTHER 01 0 22758 0 REX ENERGY CORPORATION COM COM 761565100 2846 213243 SH SOLE 213243 0 0 REX ENERGY CORPORATION COM COM 761565100 909 68082 SH OTHER 01 0 68082 0 ROADRUNNER TRNSN SVCS HLDG ICO COM 76973Q105 3724 230164 SH SOLE 230164 0 0 ROADRUNNER TRNSN SVCS HLDG ICO COM 76973Q105 1134 70107 SH OTHER 01 0 70107 0 RUSH ENTERPISES INC CL A COM 781846209 731 37979 SH SOLE 37979 0 0 RUSH ENTERPISES INC CL A COM 781846209 485 25199 SH OTHER 01 0 25199 0 SABA SOFTWARE COM 784932600 3606 360970 SH SOLE 360970 0 0 SABA SOFTWARE COM 784932600 1251 125261 SH OTHER 01 0 125261 0 SAGENT PHARMACEUTICALS INC COM 786692103 1681 105414 SH SOLE 105414 0 0 SAGENT PHARMACEUTICALS INC COM 786692103 737 46229 SH OTHER 01 0 46229 0 SAREPTA THERAPEUTICS INC COM 803607100 2605 167758 SH SOLE 167758 0 0 SAREPTA THERAPEUTICS INC COM 803607100 925 59576 SH OTHER 01 0 59576 0 SAUL CTRS INC COM COM 804395101 624 14060 SH OTHER 01 0 14060 0 SELECT COMFORT CORP OC-CAP STK COM 81616X103 2930 92930 SH SOLE 92930 0 0 SELECT COMFORT CORP OC-CAP STK COM 81616X103 1027 32580 SH OTHER 01 0 32580 0 SEQUENOM INC COM NEW COM 817337405 884 250383 SH SOLE 250383 0 0 SEQUENOM INC COM NEW COM 817337405 312 88295 SH OTHER 01 0 88295 0 SHUFFLE MASTER INC COM COM 825549108 4324 273477 SH SOLE 273477 0 0 SHUFFLE MASTER INC COM COM 825549108 1547 97851 SH OTHER 01 0 97851 0 SIGNATURE BK NEW YORK N Y COM COM 82669G104 3397 50646 SH SOLE 50646 0 0 SIGNATURE BK NEW YORK N Y COM COM 82669G104 2464 36734 SH OTHER 01 0 36734 0 SINCLAIR BROADCAST GROUP INCCL COM 829226109 2582 230310 SH SOLE 230310 0 0 SINCLAIR BROADCAST GROUP INCCL COM 829226109 894 79729 SH OTHER 01 0 79729 0 SKULLCANDY INC COM 83083J104 2195 159664 SH SOLE 159664 0 0 SKULLCANDY INC COM 83083J104 657 47797 SH OTHER 01 0 47797 0 SMART BALANCE INC COM COM 83169Y108 879 72806 SH SOLE 72806 0 0 SMART BALANCE INC COM COM 83169Y108 162 13402 SH OTHER 01 0 13402 0 SOURCEFIRE INC COM COM 83616T108 4366 89044 SH SOLE 89044 0 0 SOURCEFIRE INC COM COM 83616T108 1582 32263 SH OTHER 01 0 32263 0 SOUTHERN NATL BANCORP OF VA CO COM 843395104 250 31188 SH OTHER 01 0 31188 0 SOVRAN SELF STORAGE INC COM COM 84610H108 214 3700 SH OTHER 01 0 3700 0 SPIRIT AIRLS INC COM COM 848577102 1453 85071 SH SOLE 85071 0 0 SPIRIT AIRLS INC COM COM 848577102 515 30157 SH OTHER 01 0 30157 0 STANDARD PAC CORP NEW COM COM 85375C101 3139 464324 SH SOLE 464324 0 0 STANDARD PAC CORP NEW COM COM 85375C101 921 136276 SH OTHER 01 0 136276 0 SUMMIT HOTEL PROPERTIES INC COM 866082100 737 86310 SH OTHER 01 0 86310 0 SUSQUEHANNA BANCSHARES INC COM COM 869099101 4508 431374 SH SOLE 431374 0 0 SUSQUEHANNA BANCSHARES INC COM COM 869099101 2188 209347 SH OTHER 01 0 209347 0 SVB FINL GROUP COM COM 78486Q101 5096 84288 SH SOLE 84288 0 0 SVB FINL GROUP COM COM 78486Q101 2531 41859 SH OTHER 01 0 41859 0 SYNAGEVA BIOPHARMA CORP COM COM 87159A103 2978 55729 SH SOLE 55729 0 0 SYNAGEVA BIOPHARMA CORP COM COM 87159A103 960 17976 SH OTHER 01 0 17976 0 SYNCHRONOSS TECHNOLOGIES INCCO COM 87157B103 2017 88066 SH SOLE 88066 0 0 SYNCHRONOSS TECHNOLOGIES INCCO COM 87157B103 718 31340 SH OTHER 01 0 31340 0 TANGER FACTORY OUTLET CTRS COM COM 875465106 1187 36730 SH SOLE 36730 0 0 TANGER FACTORY OUTLET CTRS COM COM 875465106 809 25020 SH OTHER 01 0 25020 0 TEAVANA HOLDINGS INC COM 87819P102 1746 133912 SH SOLE 133912 0 0 TEAVANA HOLDINGS INC COM 87819P102 611 46856 SH OTHER 01 0 46856 0 TECHE HLDG CO COM COM 878330109 688 16999 SH OTHER 01 0 16999 0

PAGE 6 EMERALD MUTUAL FUND ADVISERS TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/12

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- TERRITORIAL BANCORP INC COM COM 88145X108 203 8830 SH OTHER 01 0 8830 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 5918 119047 SH SOLE 119047 0 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 3950 79459 SH OTHER 01 0 79459 0 TEXAS ROADHOUSE INC CL A COM 882681109 1081 63230 SH SOLE 63230 0 0 TEXAS ROADHOUSE INC CL A COM 882681109 187 10951 SH OTHER 01 0 10951 0 TILLY'S INC-CLASS A SHRS COM 886885102 3217 175503 SH SOLE 175503 0 0 TILLY'S INC-CLASS A SHRS COM 886885102 1080 58924 SH OTHER 01 0 58924 0 TOMPKINS TRUSTCO INC COM COM 890110109 345 8520 SH OTHER 01 0 8520 0 TREX INC COM COM 89531P105 3503 102661 SH SOLE 102661 0 0 TREX INC COM COM 89531P105 1151 33729 SH OTHER 01 0 33729 0 TRIUMPH GROUP INC NEW COM COM 896818101 6461 103382 SH SOLE 103382 0 0 TRIUMPH GROUP INC NEW COM COM 896818101 2340 37436 SH OTHER 01 0 37436 0 ULTA SALON COSMETICS & FRAGR COM 90384S303 4278 44420 SH SOLE 44420 0 0 ULTA SALON COSMETICS & FRAGR COM 90384S303 1511 15691 SH OTHER 01 0 15691 0 ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 4808 47092 SH SOLE 47092 0 0 ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 1699 16640 SH OTHER 01 0 16640 0 UMB FINL CORP COM COM 902788108 232 4760 SH OTHER 01 0 4760 0 UNITED RENTALS INC COM COM 911363109 2824 86332 SH SOLE 86332 0 0 UNITED RENTALS INC COM COM 911363109 1026 31354 SH OTHER 01 0 31354 0 URSTADT BIDDLE PPTYS INC CL A COM 917286205 449 22180 SH OTHER 01 0 22180 0 USG CORP COM NEW COM 903293405 2988 136120 SH SOLE 136120 0 0 USG CORP COM NEW COM 903293405 856 38990 SH OTHER 01 0 38990 0 VERASTEM INC COM 92337C104 937 99775 SH SOLE 99775 0 0 VERASTEM INC COM 92337C104 352 37482 SH OTHER 01 0 37482 0 VIEWPOINT FINL GROUP INC MD CO COM 92672A101 701 36593 SH OTHER 01 0 36593 0 VIRGINIA COMM BANCORP INC COM COM 92778Q109 190 21740 SH OTHER 01 0 21740 0 VITAMIN SHOPPE INC COM COM 92849E101 4395 75364 SH SOLE 75364 0 0 VITAMIN SHOPPE INC COM COM 92849E101 1609 27585 SH OTHER 01 0 27585 0 VIVUS INC COM COM 928551100 1521 85376 SH SOLE 85376 0 0 VIVUS INC COM COM 928551100 515 28900 SH OTHER 01 0 28900 0 WALKER & DUNLOP INC COM 93148P102 3322 216162 SH SOLE 216162 0 0 WALKER & DUNLOP INC COM 93148P102 1770 115150 SH OTHER 01 0 115150 0 WASHINGTON BKG CO OAK HBR WACO COM 937303105 403 28463 SH OTHER 01 0 28463 0 WESCO INTL INC COM COM 95082P105 5402 94440 SH SOLE 94440 0 0 WESCO INTL INC COM COM 95082P105 1865 32610 SH OTHER 01 0 32610 0 WESTERN ALLIANCE BANCORP COM 957638109 596 58387 SH OTHER 01 0 58387 0 WHITESTONE REIT CL B SBI COM 966084204 924 70000 SH OTHER 01 0 70000 0 ZAGG INC COM COM 98884U108 1665 195192 SH SOLE 195192 0 0 ZAGG INC COM COM 98884U108 596 69844 SH OTHER 01 0 69844 0 LINE COUNT: 294