0001144204-13-023291.txt : 20130423 0001144204-13-023291.hdr.sgml : 20130423 20130423101949 ACCESSION NUMBER: 0001144204-13-023291 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130423 DATE AS OF CHANGE: 20130423 EFFECTIVENESS DATE: 20130423 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: 13775411 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 v342191_13fhr.txt QUARTERLY 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: March 31, 2013 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 April 23, 2013 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: 306 FORM 13F INFORMATION TABLE VALUE TOTAL: $550,701 (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: 03/31/13

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 1272 39469 SH SOLE 39469 0 0 3-D SYS CORP DEL COM NEW COM 88554D205 549 17016 SH OTHER 01 0 17016 0 8X8 INC NEW COM COM 282914100 1740 254045 SH SOLE 254045 0 0 8X8 INC NEW COM COM 282914100 663 96753 SH OTHER 01 0 96753 0 ABAXIS INC COM COM 002567105 4779 100988 SH SOLE 100988 0 0 ABAXIS INC COM COM 002567105 1775 37503 SH OTHER 01 0 37503 0 ACADIA HEALTHCARE COMPANY INCO COM 00404A109 6529 222139 SH SOLE 222139 0 0 ACADIA HEALTHCARE COMPANY INCO COM 00404A109 2549 86721 SH OTHER 01 0 86721 0 ACCESS NATL CORP COM COM 004337101 868 52909 SH OTHER 01 0 52909 0 ACHILLION PHARMACEUTICALS INCO COM 00448Q201 2194 250717 SH SOLE 250717 0 0 ACHILLION PHARMACEUTICALS INCO COM 00448Q201 817 93366 SH OTHER 01 0 93366 0 ACUITY BRANDS INC COM COM 00508Y102 3705 53420 SH SOLE 53420 0 0 ACUITY BRANDS INC COM COM 00508Y102 1323 19080 SH OTHER 01 0 19080 0 AEGERION PHARMACEUTICALS INCCO COM 00767E102 3899 96656 SH SOLE 96656 0 0 AEGERION PHARMACEUTICALS INCCO COM 00767E102 1465 36311 SH OTHER 01 0 36311 0 AKORN INC COM COM 009728106 5098 368609 SH SOLE 368609 0 0 AKORN INC COM COM 009728106 2765 199931 SH OTHER 01 0 199931 0 ALNYLAM PHARMACEUTICALS INC CO COM 02043Q107 2601 106715 SH SOLE 106715 0 0 ALNYLAM PHARMACEUTICALS INC CO COM 02043Q107 995 40817 SH OTHER 01 0 40817 0 AMERICAN BUSINESS BK LA CALICO COM 02475L105 675 23120 SH OTHER 01 0 23120 0 AMERICAN CAMPUS CMNTYS INC COM COM 024835100 579 12770 SH OTHER 01 0 12770 0 AMTRUST FINANCIAL SERVICES ICO COM 032359309 3643 105140 SH SOLE 105140 0 0 AMTRUST FINANCIAL SERVICES ICO COM 032359309 2247 64842 SH OTHER 01 0 64842 0 APOGEE ENTERPRISES INC COM COM 037598109 4360 150614 SH SOLE 150614 0 0 APOGEE ENTERPRISES INC COM COM 037598109 1666 57533 SH OTHER 01 0 57533 0 ARUBA NETWORKS INC COM COM 043176106 4555 184135 SH SOLE 184135 0 0 ARUBA NETWORKS INC COM COM 043176106 1726 69757 SH OTHER 01 0 69757 0 ATLAS FINANCIAL HOLDINGS INC COM G06207115 193 31650 SH OTHER 01 0 31650 0 AXIS CAPITAL HOLDINGS SHS COM G0692U109 285 6840 SH OTHER 01 0 6840 0 BANK OF THE OZARKS INC COM COM 063904106 7357 165874 SH SOLE 165874 0 0 BANK OF THE OZARKS INC COM COM 063904106 5320 119960 SH OTHER 01 0 119960 0 BERKSHIRE HILLS BANCORP INC CO COM 084680107 254 9950 SH OTHER 01 0 9950 0 BIOSCRIPT INC COM COM 09069N108 4288 337386 SH SOLE 337386 0 0 BIOSCRIPT INC COM COM 09069N108 1566 123220 SH OTHER 01 0 123220 0 BJ'S RESTAURANT INC COM 09180C106 1974 59308 SH SOLE 59308 0 0 BJ'S RESTAURANT INC COM 09180C106 748 22469 SH OTHER 01 0 22469 0 BLACK DIAMOND INC COM 09202G101 2143 235230 SH SOLE 235230 0 0 BLACK DIAMOND INC COM 09202G101 777 85256 SH OTHER 01 0 85256 0 BOFI HLDG INC COM COM 05566U108 1203 33520 SH OTHER 01 0 33520 0 BONANZA CREEK ENERGY INC COM COM 097793103 914 23624 SH SOLE 23624 0 0 BONANZA CREEK ENERGY INC COM COM 097793103 339 8756 SH OTHER 01 0 8756 0 BRIDGE BANCORP INC COM COM 108035106 613 28500 SH OTHER 01 0 28500 0 BRIGHT HORIZONS FAMILY SOLUTIO COM 109194100 295 8732 SH SOLE 8732 0 0 BRIGHT HORIZONS FAMILY SOLUTIO COM 109194100 134 3965 SH OTHER 01 0 3965 0 BRIGHTCOVE COM 10921T101 1198 192928 SH SOLE 192928 0 0 BRIGHTCOVE COM 10921T101 461 74171 SH OTHER 01 0 74171 0 BRYN MAWR BK CORP COM COM 117665109 426 18290 SH OTHER 01 0 18290 0 CAMBREX CORP COM COM 132011107 456 35670 SH SOLE 35670 0 0 CAMBREX CORP COM COM 132011107 309 24190 SH OTHER 01 0 24190 0 CAMPUS CREST CMNTYS INC COM COM 13466Y105 786 56523 SH OTHER 01 0 56523 0 CAPITAL BK FINL CORP CL A COM COM 139794101 266 15510 SH OTHER 01 0 15510 0

PAGE 2 EMERALD MUTUAL FUND ADVISERS TRUST FORM 13F INFORMATION TABLE AS OF DATE: 03/31/13

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- CAPITALSOURCE INC COM COM 14055X102 794 82540 SH OTHER 01 0 82540 0 CAPITOL FEDERAL FINANCIAL COM 14057J101 582 48225 SH OTHER 01 0 48225 0 CARDINAL FINL CORP COM COM 14149F109 1441 79241 SH SOLE 79241 0 0 CARDINAL FINL CORP COM COM 14149F109 1605 88304 SH OTHER 01 0 88304 0 CARMIKE CINEMAS INC COM COM 143436400 1423 78544 SH SOLE 78544 0 0 CARMIKE CINEMAS INC COM COM 143436400 725 40038 SH OTHER 01 0 40038 0 CAROLINA TR BK LINCOLNTON NCCO COM 144200102 93 30000 SH OTHER 01 0 30000 0 CASS INFORMATION SYS INC COM COM 14808P109 745 17722 SH OTHER 01 0 17722 0 CAVIUM INC COM COM 14964U108 4535 116862 SH SOLE 116862 0 0 CAVIUM INC COM COM 14964U108 1440 37106 SH OTHER 01 0 37106 0 CELLDEX THERAPEUTICS INC COM 15117B103 3102 267907 SH SOLE 267907 0 0 CELLDEX THERAPEUTICS INC COM 15117B103 1451 125282 SH OTHER 01 0 125282 0 CENTER BANCORP INC COM COM 151408101 220 17704 SH OTHER 01 0 17704 0 CENTRAL VALLEY CMNTY BANCORPCO COM 155685100 298 34580 SH OTHER 01 0 34580 0 CEPHEID COM COM 15670R107 5282 137672 SH SOLE 137672 0 0 CEPHEID COM COM 15670R107 1946 50716 SH OTHER 01 0 50716 0 CHART INDS INC COM PAR $0.01 COM 16115Q308 1944 24292 SH SOLE 24292 0 0 CHART INDS INC COM PAR $0.01 COM 16115Q308 728 9095 SH OTHER 01 0 9095 0 CHUY'S HOLDINGS INC COM 171604101 2041 62658 SH SOLE 62658 0 0 CHUY'S HOLDINGS INC COM 171604101 772 23682 SH OTHER 01 0 23682 0 CITIZENS FINL SVCS INC COM COM 174615104 357 7211 SH OTHER 01 0 7211 0 COBIZ INC COM COM 190897108 2018 249807 SH SOLE 249807 0 0 COBIZ INC COM COM 190897108 1667 206354 SH OTHER 01 0 206354 0 CONCEPTUS INC COM COM 206016107 2245 92965 SH SOLE 92965 0 0 CONCEPTUS INC COM COM 206016107 1004 41575 SH OTHER 01 0 41575 0 CONNECTONE BANCORP INC COM 20786U101 1563 50000 SH OTHER 01 0 50000 0 CORTLAND BANCORP COM COM 220587109 207 19926 SH OTHER 01 0 19926 0 CU BANCORP CALIF COM COM 126534106 1002 77229 SH OTHER 01 0 77229 0 CUBESMART COM COM 229663109 335 21230 SH OTHER 01 0 21230 0 DELEK US HLDGS INC COM COM 246647101 1477 37424 SH SOLE 37424 0 0 DELEK US HLDGS INC COM COM 246647101 568 14397 SH OTHER 01 0 14397 0 DIAMONDBACK ENERGY INC COM 25278X109 3713 138326 SH SOLE 138326 0 0 DIAMONDBACK ENERGY INC COM 25278X109 1401 52214 SH OTHER 01 0 52214 0 EAGLE BANCORP INC MD COM COM 268948106 1172 53546 SH OTHER 01 0 53546 0 EAGLE MATLS INC COM COM 26969P108 3054 45841 SH SOLE 45841 0 0 EAGLE MATLS INC COM COM 26969P108 1158 17377 SH OTHER 01 0 17377 0 EAST WEST BANCORP INC COM COM 27579R104 506 19720 SH OTHER 01 0 19720 0 ELMIRA SVGS BK ELMIRA N Y COM COM 289660102 200 7875 SH OTHER 01 0 7875 0 EPAM SYSTEMS INC COM 29414B104 2579 111036 SH SOLE 111036 0 0 EPAM SYSTEMS INC COM 29414B104 988 42512 SH OTHER 01 0 42512 0 EVANS BANCORP INC COM NEW COM 29911Q208 288 15950 SH OTHER 01 0 15950 0 EVERBANK FINL CORP COM COM 29977G102 1005 65231 SH SOLE 65231 0 0 EVERBANK FINL CORP COM COM 29977G102 1732 112437 SH OTHER 01 0 112437 0 EVERCORE PARTNERS INC-CL A COM 29977A105 3685 88571 SH SOLE 88571 0 0 EVERCORE PARTNERS INC-CL A COM 29977A105 2021 48576 SH OTHER 01 0 48576 0 EXACT SCIENCES CORP COM COM 30063P105 1506 153636 SH SOLE 153636 0 0 EXACT SCIENCES CORP COM COM 30063P105 667 68022 SH OTHER 01 0 68022 0 EXACTTARGET INC COM 30064K105 5478 235405 SH SOLE 235405 0 0 EXACTTARGET INC COM 30064K105 2207 94863 SH OTHER 01 0 94863 0 FARMERS NATL BANC CORP COM COM 309627107 659 104453 SH OTHER 01 0 104453 0 FARO TECHNOLOGIES INC COM COM 311642102 4559 105061 SH SOLE 105061 0 0

PAGE 3 EMERALD MUTUAL FUND ADVISERS TRUST FORM 13F INFORMATION TABLE AS OF DATE: 03/31/13

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- FARO TECHNOLOGIES INC COM COM 311642102 1741 40133 SH OTHER 01 0 40133 0 FEMALE HEALTH CO COM COM 314462102 1818 251076 SH SOLE 251076 0 0 FEMALE HEALTH CO COM COM 314462102 971 134180 SH OTHER 01 0 134180 0 FIFTH & PACIFIC COMPANIES INC COM 316645100 5101 270170 SH SOLE 270170 0 0 FIFTH & PACIFIC COMPANIES INC COM 316645100 1943 102910 SH OTHER 01 0 102910 0 FINANCIAL ENGINES INC COM COM 317485100 889 24547 SH SOLE 24547 0 0 FINANCIAL ENGINES INC COM COM 317485100 468 12912 SH OTHER 01 0 12912 0 FINISAR CORP COM COM 31787A507 1792 135879 SH SOLE 135879 0 0 FINISAR CORP COM COM 31787A507 688 52142 SH OTHER 01 0 52142 0 FIRST BUS FINL SVCS INC WIS CO COM 319390100 676 25125 SH OTHER 01 0 25125 0 FIRST FINL BANCSHARES INC COM COM 32020R109 1028 21150 SH OTHER 01 0 21150 0 FIRST HORIZON NATL CORP COM COM 320517105 1582 148090 SH SOLE 148090 0 0 FIRST HORIZON NATL CORP COM COM 320517105 1033 96750 SH OTHER 01 0 96750 0 FIRST LONG IS CORP COM COM 320734106 775 26150 SH OTHER 01 0 26150 0 FIRST PACTRUST BANCORP INC COM COM 33589V101 246 21600 SH OTHER 01 0 21600 0 FIVE BELOW COM 33829M101 673 17756 SH SOLE 17756 0 0 FIVE BELOW COM 33829M101 510 13463 SH OTHER 01 0 13463 0 FLAGSTAR BANCORP INC COM 337930705 619 44450 SH OTHER 01 0 44450 0 FLUSHING FINL CORP COM COM 343873105 212 12500 SH OTHER 01 0 12500 0 FORTINET INC COM 34959E109 3011 127150 SH SOLE 127150 0 0 FORTINET INC COM 34959E109 1040 43910 SH OTHER 01 0 43910 0 FRANCESCAS HLDGS CORP COM COM 351793104 1714 59678 SH SOLE 59678 0 0 FRANCESCAS HLDGS CORP COM COM 351793104 579 20171 SH OTHER 01 0 20171 0 GLIMCHER RLTY TR SH BEN INT COM 379302102 5103 439917 SH SOLE 439917 0 0 GLIMCHER RLTY TR SH BEN INT COM 379302102 2693 232114 SH OTHER 01 0 232114 0 GLOBAL GEOPHYSICAL SVCS INC CO COM 37946S107 214 87470 SH SOLE 87470 0 0 GLOBAL GEOPHYSICAL SVCS INC CO COM 37946S107 95 38706 SH OTHER 01 0 38706 0 GNC HOLDINGS INC COM 36191G107 2638 67152 SH SOLE 67152 0 0 GNC HOLDINGS INC COM 36191G107 998 25405 SH OTHER 01 0 25405 0 GREATBATCH INC COM COM 39153L106 2818 94351 SH SOLE 94351 0 0 GREATBATCH INC COM COM 39153L106 1170 39180 SH OTHER 01 0 39180 0 GUARANTY BANCORP DEL COM COM 40075T102 236 112530 SH OTHER 01 0 112530 0 GUIDEWIRE SOFTWARE INC COM 40171V100 2923 76052 SH SOLE 76052 0 0 GUIDEWIRE SOFTWARE INC COM 40171V100 1132 29450 SH OTHER 01 0 29450 0 GULFPORT ENERGY CORP COM NEW COM 402635304 5090 111070 SH SOLE 111070 0 0 GULFPORT ENERGY CORP COM NEW COM 402635304 1446 31555 SH OTHER 01 0 31555 0 HEALTH INSURANCE INOVATIONS COM 42225K106 1734 114934 SH SOLE 114934 0 0 HEALTH INSURANCE INOVATIONS COM 42225K106 1518 100569 SH OTHER 01 0 100569 0 HERITAGE FINL CORP WASH COM COM 42722X106 215 14850 SH OTHER 01 0 14850 0 HERITAGE OAKS BANCORP COM COM 42724R107 407 71360 SH OTHER 01 0 71360 0 HERSHA HOSPITALITY TR PRIORITY COM 427825104 259 44350 SH OTHER 01 0 44350 0 HIBBETT SPORTS INC COM COM 428567101 1940 34478 SH SOLE 34478 0 0 HIBBETT SPORTS INC COM COM 428567101 769 13661 SH OTHER 01 0 13661 0 HINGHAM INSTN SVGS MASS COM COM 433323102 230 3300 SH OTHER 01 0 3300 0 HMS HLDGS CORP COM COM 40425J101 2871 105740 SH SOLE 105740 0 0 HMS HLDGS CORP COM COM 40425J101 879 32360 SH OTHER 01 0 32360 0 HOME BANCORP INC COM COM 43689E107 217 11680 SH OTHER 01 0 11680 0 HOME BANCSHARES INC COM COM 436893200 1065 28270 SH OTHER 01 0 28270 0 HOMEAWAY INC COM COM 43739Q100 3029 93202 SH SOLE 93202 0 0 HOMEAWAY INC COM COM 43739Q100 1182 36365 SH OTHER 01 0 36365 0 HOMESTREET INC COM COM 43785V102 585 26182 SH OTHER 01 0 26182 0

PAGE 4 EMERALD MUTUAL FUND ADVISERS TRUST FORM 13F INFORMATION TABLE AS OF DATE: 03/31/13

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- HOPFED BANCORP INC COM COM 439734104 172 16003 SH OTHER 01 0 16003 0 HORIZON BANCORP IND COM COM 440407104 1160 57383 SH OTHER 01 0 57383 0 HOVNANIAN ENTERPRISES INC CL A COM 442487203 2706 468893 SH SOLE 468893 0 0 HOVNANIAN ENTERPRISES INC CL A COM 442487203 1025 177567 SH OTHER 01 0 177567 0 HOWARD BANCORP INC COM COM 442496105 1211 177499 SH OTHER 01 0 177499 0 H&E EQUIPMENT SERVICES INC COM 404030108 366 17960 SH SOLE 17960 0 0 H&E EQUIPMENT SERVICES INC COM 404030108 571 27980 SH OTHER 01 0 27980 0 INCYTE PHARMACEUTICALS INC COM COM 45337C102 3801 162350 SH SOLE 162350 0 0 INCYTE PHARMACEUTICALS INC COM COM 45337C102 1603 68490 SH OTHER 01 0 68490 0 INDEPENDENT BK CORP MASS COM COM 453836108 497 15250 SH OTHER 01 0 15250 0 INFINITY PHARMACEUTICALS INC COM 45665G303 3774 77869 SH SOLE 77869 0 0 INFINITY PHARMACEUTICALS INC COM 45665G303 1285 26519 SH OTHER 01 0 26519 0 INFOBLOX INC COM 45672H104 4382 201955 SH SOLE 201955 0 0 INFOBLOX INC COM 45672H104 1653 76158 SH OTHER 01 0 76158 0 INVESTORS BANCORP INC COM COM 46146P102 535 28473 SH OTHER 01 0 28473 0 IPC THE HOSPITALIST CO INC COM COM 44984A105 3280 73750 SH SOLE 73750 0 0 IPC THE HOSPITALIST CO INC COM COM 44984A105 1250 28112 SH OTHER 01 0 28112 0 IPG PHOTONICS CORP COM 44980X109 7020 105707 SH SOLE 105707 0 0 IPG PHOTONICS CORP COM 44980X109 2724 41019 SH OTHER 01 0 41019 0 IXIA COM COM 45071R109 5535 255765 SH SOLE 255765 0 0 IXIA COM COM 45071R109 2062 95279 SH OTHER 01 0 95279 0 JAZZ PHARMACEUTICALS PLC SHS COM G50871105 6135 109730 SH SOLE 109730 0 0 JAZZ PHARMACEUTICALS PLC SHS COM G50871105 2288 40920 SH OTHER 01 0 40920 0 JIVE SOFTWARE INC COM 47760A108 3217 211673 SH SOLE 211673 0 0 JIVE SOFTWARE INC COM 47760A108 1128 74203 SH OTHER 01 0 74203 0 KODIAK OIL & GAS CORP COM COM 50015Q100 1718 188956 SH SOLE 188956 0 0 KODIAK OIL & GAS CORP COM COM 50015Q100 658 72390 SH OTHER 01 0 72390 0 LAKELAND FINL CORP COM COM 511656100 736 27563 SH OTHER 01 0 27563 0 LITHIA MTRS INC CL A COM 536797103 522 10990 SH SOLE 10990 0 0 LITHIA MTRS INC CL A COM 536797103 203 4270 SH OTHER 01 0 4270 0 MAGNUM HUNTER RES CORP DEL COM COM 55973B102 3925 978795 SH SOLE 978795 0 0 MAGNUM HUNTER RES CORP DEL COM COM 55973B102 1414 352614 SH OTHER 01 0 352614 0 MAGNUM HUNTER RES CORP WT EXP WARRANT AND RIGH 55973G119 4 34130 SH SOLE 34130 0 0 MAGNUM HUNTER RES CORP WT EXP WARRANT AND RIGH 55973G119 3 22283 SH OTHER 01 0 22283 0 MATTRESS FIRM HOLDING CORP COM 57722W106 2499 72340 SH SOLE 72340 0 0 MATTRESS FIRM HOLDING CORP COM 57722W106 959 27765 SH OTHER 01 0 27765 0 MERITAGE CORP COM COM 59001A102 4895 104462 SH SOLE 104462 0 0 MERITAGE CORP COM COM 59001A102 1732 36969 SH OTHER 01 0 36969 0 MICROSEMI CORP COM COM 595137100 1235 53291 SH SOLE 53291 0 0 MICROSEMI CORP COM COM 595137100 459 19815 SH OTHER 01 0 19815 0 MIDDLEBY CORP COM COM 596278101 5134 33744 SH SOLE 33744 0 0 MIDDLEBY CORP COM COM 596278101 1870 12292 SH OTHER 01 0 12292 0 MIDSOUTH BANCORP INC COM COM 598039105 247 15169 SH OTHER 01 0 15169 0 MINDSPEED TECHNOLOGIES INC COM COM 602682205 522 157273 SH SOLE 157273 0 0 MINDSPEED TECHNOLOGIES INC COM COM 602682205 200 60323 SH OTHER 01 0 60323 0 MISTRAS GROUP INC COM COM 60649T107 1340 55354 SH SOLE 55354 0 0 MISTRAS GROUP INC COM COM 60649T107 689 28470 SH OTHER 01 0 28470 0 MONARCH FINANCIAL HOLDINGS ICO COM 60907Q100 337 31740 SH OTHER 01 0 31740 0 MULTIMEDIA GAMES INC COM COM 625453105 5321 254950 SH SOLE 254950 0 0 MULTIMEDIA GAMES INC COM COM 625453105 2040 97751 SH OTHER 01 0 97751 0 MWI VETERINARY SUPPLY INC COM COM 55402X105 11490 86874 SH SOLE 86874 0 0

PAGE 5 EMERALD MUTUAL FUND ADVISERS TRUST FORM 13F INFORMATION TABLE AS OF DATE: 03/31/13

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- MWI VETERINARY SUPPLY INC COM COM 55402X105 4505 34061 SH OTHER 01 0 34061 0 NORTHEAST BANCORP COM NEW COM 663904209 493 52180 SH OTHER 01 0 52180 0 NPS PHARMACEUTICALS INC COM COM 62936P103 4373 428518 SH SOLE 428518 0 0 NPS PHARMACEUTICALS INC COM COM 62936P103 1715 168013 SH OTHER 01 0 168013 0 OLD LINE BANCSHARES INC COM COM 67984M100 754 60705 SH OTHER 01 0 60705 0 OLD NATL BANCORP IND COM COM 680033107 274 19950 SH OTHER 01 0 19950 0 OMNICELL INC COM COM 68213N109 2050 108601 SH SOLE 108601 0 0 OMNICELL INC COM COM 68213N109 735 38934 SH OTHER 01 0 38934 0 ORRSTOWN FINL SVCS INC COM COM 687380105 154 10392 SH OTHER 01 0 10392 0 PACIFIC PREMIER BANCORP COM COM 69478X105 1797 136616 SH SOLE 136616 0 0 PACIFIC PREMIER BANCORP COM COM 69478X105 1916 145673 SH OTHER 01 0 145673 0 PACWEST BANCORP DEL COM COM 695263103 424 14550 SH OTHER 01 0 14550 0 PARK STERLING CORPORATION COM 70086Y105 124 22050 SH OTHER 01 0 22050 0 PENNYMAC MTG INVT TR COM COM 70931T103 437 16870 SH OTHER 01 0 16870 0 PEOPLES BANCORP INC OHIO COM COM 709789101 358 16002 SH OTHER 01 0 16002 0 PEREGRINE SEMICONDUCTOR CORP COM 71366R703 705 72119 SH SOLE 72119 0 0 PEREGRINE SEMICONDUCTOR CORP COM 71366R703 268 27463 SH OTHER 01 0 27463 0 PHOTOMEDEX INC COM 719358301 1072 66626 SH SOLE 66626 0 0 PHOTOMEDEX INC COM 719358301 388 24112 SH OTHER 01 0 24112 0 PINNACLE FINL PARTNERS INC COM COM 72346Q104 338 14460 SH OTHER 01 0 14460 0 PROSPERITY BANCSHARES INC COM COM 743606105 667 14070 SH OTHER 01 0 14070 0 PROVIDENT FINL HLDGS INC COM COM 743868101 224 13158 SH OTHER 01 0 13158 0 PROVIDENT NEW YORK BANCORP COM 744028101 153 16830 SH OTHER 01 0 16830 0 QLIK TECHNOLOGIES INC COM 74733T105 2775 107441 SH SOLE 107441 0 0 QLIK TECHNOLOGIES INC COM 74733T105 1075 41637 SH OTHER 01 0 41637 0 RED ROBIN GOURMET BURGERS INCO COM 75689M101 3038 66622 SH SOLE 66622 0 0 RED ROBIN GOURMET BURGERS INCO COM 75689M101 2295 50318 SH OTHER 01 0 50318 0 REGULUS THERAPEUTICS INC COM 75915K101 2249 290160 SH SOLE 290160 0 0 REGULUS THERAPEUTICS INC COM 75915K101 804 103680 SH OTHER 01 0 103680 0 RENASANT CORP COM COM 75970E107 288 12860 SH OTHER 01 0 12860 0 REPUBLIC BANCORP INC KY CL A COM 760281204 343 15170 SH OTHER 01 0 15170 0 REX ENERGY CORPORATION COM COM 761565100 2734 165825 SH SOLE 165825 0 0 REX ENERGY CORPORATION COM COM 761565100 1088 66008 SH OTHER 01 0 66008 0 ROADRUNNER TRNSN SVCS HLDG ICO COM 76973Q105 5344 232354 SH SOLE 232354 0 0 ROADRUNNER TRNSN SVCS HLDG ICO COM 76973Q105 1949 84747 SH OTHER 01 0 84747 0 SABA SOFTWARE COM 784932600 2561 322180 SH SOLE 322180 0 0 SABA SOFTWARE COM 784932600 996 125261 SH OTHER 01 0 125261 0 SAREPTA THERAPEUTICS INC COM 803607100 4572 123738 SH SOLE 123738 0 0 SAREPTA THERAPEUTICS INC COM 803607100 1738 47046 SH OTHER 01 0 47046 0 SAUL CTRS INC COM COM 804395101 615 14060 SH OTHER 01 0 14060 0 SCBT FINANCIAL CORPOERATION COM 78401V102 303 6020 SH OTHER 01 0 6020 0 SHFL ENTMT INC COM COM 78423R105 2043 123281 SH SOLE 123281 0 0 SHFL ENTMT INC COM COM 78423R105 826 49827 SH OTHER 01 0 49827 0 SIGNATURE BK NEW YORK N Y COM COM 82669G104 1589 20180 SH OTHER 01 0 20180 0 SINCLAIR BROADCAST GROUP INCCL COM 829226109 3723 183510 SH SOLE 183510 0 0 SINCLAIR BROADCAST GROUP INCCL COM 829226109 1379 67949 SH OTHER 01 0 67949 0 SOURCEFIRE INC COM COM 83616T108 6024 101697 SH SOLE 101697 0 0 SOURCEFIRE INC COM COM 83616T108 2712 45784 SH OTHER 01 0 45784 0 SOUTHERN NATL BANCORP OF VA CO COM 843395104 195 20188 SH OTHER 01 0 20188 0 SOVRAN SELF STORAGE INC COM COM 84610H108 239 3700 SH OTHER 01 0 3700 0 SPIRIT AIRLS INC COM COM 848577102 4584 180747 SH SOLE 180747 0 0

PAGE 6 EMERALD MUTUAL FUND ADVISERS TRUST FORM 13F INFORMATION TABLE AS OF DATE: 03/31/13

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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- SPIRIT AIRLS INC COM COM 848577102 1755 69223 SH OTHER 01 0 69223 0 STANDARD PAC CORP NEW COM COM 85375C101 3440 398204 SH SOLE 398204 0 0 STANDARD PAC CORP NEW COM COM 85375C101 1177 136276 SH OTHER 01 0 136276 0 SUMMIT HOTEL PROPERTIES INC COM 866082100 2437 232794 SH SOLE 232794 0 0 SUMMIT HOTEL PROPERTIES INC COM 866082100 1886 180154 SH OTHER 01 0 180154 0 SUSQUEHANNA BANCSHARES INC COM COM 869099101 2743 220682 SH SOLE 220682 0 0 SUSQUEHANNA BANCSHARES INC COM COM 869099101 1516 121999 SH OTHER 01 0 121999 0 SVB FINL GROUP COM COM 78486Q101 5662 79818 SH SOLE 79818 0 0 SVB FINL GROUP COM COM 78486Q101 3406 48009 SH OTHER 01 0 48009 0 SYNAGEVA BIOPHARMA CORP COM COM 87159A103 2960 53890 SH SOLE 53890 0 0 SYNAGEVA BIOPHARMA CORP COM COM 87159A103 987 17976 SH OTHER 01 0 17976 0 TANGER FACTORY OUTLET CTRS COM COM 875465106 365 10090 SH OTHER 01 0 10090 0 TECHE HLDG CO COM COM 878330109 701 16999 SH OTHER 01 0 16999 0 TERRITORIAL BANCORP INC COM COM 88145X108 210 8830 SH OTHER 01 0 8830 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 4321 106817 SH SOLE 106817 0 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 2466 60969 SH OTHER 01 0 60969 0 TILE SHOP HLDGS INC COM COM 88677Q109 2629 125113 SH SOLE 125113 0 0 TILE SHOP HLDGS INC COM COM 88677Q109 926 44056 SH OTHER 01 0 44056 0 TILLY'S INC-CLASS A SHRS COM 886885102 1578 124037 SH SOLE 124037 0 0 TILLY'S INC-CLASS A SHRS COM 886885102 603 47382 SH OTHER 01 0 47382 0 TOMPKINS TRUSTCO INC COM COM 890110109 318 7520 SH OTHER 01 0 7520 0 TREE COM INC COM COM 894675107 501 27087 SH OTHER 01 0 27087 0 TREX INC COM COM 89531P105 7794 158481 SH SOLE 158481 0 0 TREX INC COM COM 89531P105 3064 62293 SH OTHER 01 0 62293 0 TRIUMPH GROUP INC NEW COM COM 896818101 6639 84572 SH SOLE 84572 0 0 TRIUMPH GROUP INC NEW COM COM 896818101 2458 31316 SH OTHER 01 0 31316 0 ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 4613 44292 SH SOLE 44292 0 0 ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 1733 16640 SH OTHER 01 0 16640 0 UNI PIXEL INC COM NEW COM 904572203 1448 47246 SH SOLE 47246 0 0 UNI PIXEL INC COM NEW COM 904572203 550 17953 SH OTHER 01 0 17953 0 UNITED CMNTY FINL CORP OHIO CO COM 909839102 156 40100 SH OTHER 01 0 40100 0 UNITED INS HLDGS CORP COM COM 910710102 573 100000 SH OTHER 01 0 100000 0 UNITED RENTALS INC COM COM 911363109 5510 100242 SH SOLE 100242 0 0 UNITED RENTALS INC COM COM 911363109 1724 31354 SH OTHER 01 0 31354 0 URSTADT BIDDLE PPTYS INC CL A COM 917286205 483 22180 SH OTHER 01 0 22180 0 USG CORP COM NEW COM 903293405 4876 184420 SH SOLE 184420 0 0 USG CORP COM NEW COM 903293405 1768 66875 SH OTHER 01 0 66875 0 VERASTEM INC COM 92337C104 1067 110895 SH SOLE 110895 0 0 VERASTEM INC COM 92337C104 375 38982 SH OTHER 01 0 38982 0 VIEWPOINT FINL GROUP INC MD CO COM 92672A101 903 44883 SH OTHER 01 0 44883 0 VITAMIN SHOPPE INC COM COM 92849E101 2506 51308 SH SOLE 51308 0 0 VITAMIN SHOPPE INC COM COM 92849E101 946 19371 SH OTHER 01 0 19371 0 WALKER & DUNLOP INC COM 93148P102 3216 178992 SH SOLE 178992 0 0 WALKER & DUNLOP INC COM 93148P102 2001 111330 SH OTHER 01 0 111330 0 WASHINGTON BKG CO OAK HBR WACO COM 937303105 397 28463 SH OTHER 01 0 28463 0 WESCO INTL INC COM COM 95082P105 6310 86900 SH SOLE 86900 0 0 WESCO INTL INC COM COM 95082P105 2368 32610 SH OTHER 01 0 32610 0 WESTERN ALLIANCE BANCORP COM 957638109 559 40387 SH OTHER 01 0 40387 0 WHITESTONE REIT CL B SBI COM 966084204 155 10250 SH OTHER 01 0 10250 0 WSB HOLDINGS INC COM COM 92934C101 162 25000 SH OTHER 01 0 25000 0 XENITH BANKSHARES INC COM COM 98410X105 128 24650 SH OTHER 01 0 24650 0