-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S3pk+cv+uJcJHUIFqMbEqqhHmP0bV6OIDsQPjqP+8MbLNufL1k4T6tYJhn5vCv2B XvOutxJmyrLX2HZSB7omZA== 0001144204-07-055181.txt : 20071019 0001144204-07-055181.hdr.sgml : 20071019 20071019125924 ACCESSION NUMBER: 0001144204-07-055181 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070930 FILED AS OF DATE: 20071019 DATE AS OF CHANGE: 20071019 EFFECTIVENESS DATE: 20071019 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: 071180496 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 v090789_13f-hr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2007 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 October 19, 2007 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: 322 FORM 13F INFORMATION TABLE VALUE TOTAL: $695,548 (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 FORWARD MANAGEMENT, LLC PAGE 1 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 99 CENTS ONLY STORES COM COM 65440K106 1839 179050 SH SOLE 179050 0 0 99 CENTS ONLY STORES COM COM 65440K106 1037 101000 SH OTHER 01 0 101000 0 AAR CORP COM COM 000361105 3928 129450 SH SOLE 129450 0 0 AAR CORP COM COM 000361105 2283 75250 SH OTHER 01 0 75250 0 AARON RENTS INC CL B COM 002535201 1714 76870 SH SOLE 76870 0 0 AARON RENTS INC CL B COM 002535201 991 44420 SH OTHER 01 0 44420 0 ACCESS NATL CORP COM COM 004337101 1168 147308 SH OTHER 01 0 147308 0 ADAMS RESPIRATORY THERAPEUTICO COM 00635P107 1246 32320 SH SOLE 32320 0 0 ADAMS RESPIRATORY THERAPEUTICO COM 00635P107 724 18780 SH OTHER 01 0 18780 0 ADVANTA CORP CL B COM 007942204 6001 218850 SH OTHER 01 0 218850 0 ADVENTRX PHARMACEUTICALS INCCO COM 00764X103 1287 500300 SH SOLE 500300 0 0 ADVENTRX PHARMACEUTICALS INCCO COM 00764X103 837 325400 SH OTHER 01 0 325400 0 AFFILIATED MANAGERS GROUP INCO COM 008252108 7816 61300 SH OTHER 01 0 61300 0 AIRGAS INC COM COM 009363102 8049 155900 SH SOLE 155900 0 0 AIRGAS INC COM COM 009363102 4688 90800 SH OTHER 01 0 90800 0 AIRSPAN NETWORKS INC COM COM 00950H102 50 20000 SH OTHER 01 0 20000 0 ALLSCRIPTS HEALTHCARE SOLUTICO COM 01988P108 3726 137830 SH SOLE 137830 0 0 ALLSCRIPTS HEALTHCARE SOLUTICO COM 01988P108 1794 66360 SH OTHER 01 0 66360 0 AMERICAN CAMPUS CMNTYS INC COM COM 024835100 1532 52300 SH OTHER 01 0 52300 0 AMERICAN MED SYS HLDGS INC COM COM 02744M108 2207 130233 SH SOLE 130233 0 0 AMERICAN MED SYS HLDGS INC COM COM 02744M108 1308 77173 SH OTHER 01 0 77173 0 AMIS HLDGS INC COM COM 031538101 1261 129900 SH SOLE 129900 0 0 AMIS HLDGS INC COM COM 031538101 733 75510 SH OTHER 01 0 75510 0 AMTRUST FINANCIAL SERVICES ICO COM 032359309 2119 139700 SH OTHER 01 0 139700 0 ANADIGICS INC COM COM 032515108 5834 322700 SH SOLE 322700 0 0 ANADIGICS INC COM COM 032515108 3443 190450 SH OTHER 01 0 190450 0 ANALOGIC CORP COM PAR $0.05 COM 032657207 1818 28506 SH SOLE 28506 0 0 ANALOGIC CORP COM PAR $0.05 COM 032657207 1142 17914 SH OTHER 01 0 17914 0 ANSOFT CORP COM COM 036384105 3504 106242 SH SOLE 106242 0 0 ANSOFT CORP COM COM 036384105 2150 65183 SH OTHER 01 0 65183 0 ANSYS INC COM COM 03662Q105 7874 230430 SH SOLE 230430 0 0 ANSYS INC COM COM 03662Q105 4342 127064 SH OTHER 01 0 127064 0 APOGEE ENTERPRISES INC COM COM 037598109 4065 156700 SH SOLE 156700 0 0 APOGEE ENTERPRISES INC COM COM 037598109 2527 97400 SH OTHER 01 0 97400 0 ARGO GROUP INTL HLDGS LTD COM COM G0464B107 762 17506 SH OTHER 01 0 17506 0 ATHEROS COMMUNICATIONS INC COM COM 04743P108 3069 102400 SH SOLE 102400 0 0 ATHEROS COMMUNICATIONS INC COM COM 04743P108 1852 61800 SH OTHER 01 0 61800 0 BANK OF THE OZARKS INC COM COM 063904106 2025 66319 SH OTHER 01 0 66319 0 BANKRATE INC COM COM 06646V108 2734 59287 SH SOLE 59287 0 0 BANKRATE INC COM COM 06646V108 3406 73847 SH OTHER 01 0 73847 0 BARE ESCENTUALS INC COM 067511105 2392 96200 SH SOLE 96200 0 0 BARE ESCENTUALS INC COM 067511105 1428 57400 SH OTHER 01 0 57400 0 BE AEROSPACE INC COM COM 073302101 8085 194688 SH SOLE 194688 0 0 BE AEROSPACE INC COM COM 073302101 4778 115057 SH OTHER 01 0 115057 0 BIOMIMETIC THERAPEUTICS INC CO COM 09064X101 723 54200 SH SOLE 54200 0 0 BIOMIMETIC THERAPEUTICS INC CO COM 09064X101 419 31400 SH OTHER 01 0 31400 0 BIO-REFERENCE LABS INC COM PAR COM 09057G602 3978 117836 SH SOLE 117836 0 0 BIO-REFERENCE LABS INC COM PAR COM 09057G602 2315 68573 SH OTHER 01 0 68573 0 BLACKBOARD INC COM COM 091935502 7796 170071 SH SOLE 170071 0 0 BLACKBOARD INC COM COM 091935502 4633 101059 SH OTHER 01 0 101059 0 BROCADE COMMUNICATIONS SYS ICO COM 111621306 2179 254500 SH SOLE 254500 0 0
PAGE 2 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- BROCADE COMMUNICATIONS SYS ICO COM 111621306 1303 152200 SH OTHER 01 0 152200 0 BROOKE CORP COM COM 112502109 1246 125979 SH OTHER 01 0 125979 0 CALIFORNIA PIZZA KITCHEN INCCO COM 13054D109 1753 99750 SH SOLE 99750 0 0 CALIFORNIA PIZZA KITCHEN INCCO COM 13054D109 936 53257 SH OTHER 01 0 53257 0 CAMDEN NATL CORP COM COM 133034108 2074 59300 SH OTHER 01 0 59300 0 CARDIOME PHARMA CORP COM NEW COM 14159U202 1192 126299 SH SOLE 126299 0 0 CARDIOME PHARMA CORP COM NEW COM 14159U202 728 77101 SH OTHER 01 0 77101 0 CARRIZO OIL & GAS INC COM COM 144577103 4236 94423 SH SOLE 94423 0 0 CARRIZO OIL & GAS INC COM COM 144577103 2549 56820 SH OTHER 01 0 56820 0 CASCADE FINL CORP COM COM 147272108 2252 146927 SH OTHER 01 0 146927 0 CENTRAL PACIFIC FINANCIAL CORP COM 154760102 1222 41847 SH OTHER 01 0 41847 0 CEPHEID COM COM 15670R107 3137 137570 SH SOLE 137570 0 0 CEPHEID COM COM 15670R107 1950 85538 SH OTHER 01 0 85538 0 CHIQUITA BRANDS INTL INC COM COM 170032809 2307 145752 SH SOLE 145752 0 0 CHIQUITA BRANDS INTL INC COM COM 170032809 1436 90711 SH OTHER 01 0 90711 0 CITIZENS FIRST CORP COM COM 17462Q107 388 31714 SH OTHER 01 0 31714 0 CLAYMONT STEEL HOLDINGS INC CO COM 18382P104 1819 89832 SH SOLE 89832 0 0 CLAYMONT STEEL HOLDINGS INC CO COM 18382P104 1135 56036 SH OTHER 01 0 56036 0 COBIZ INC COM COM 190897108 925 54012 SH OTHER 01 0 54012 0 CODORUS VALLEY BANCORP COM COM 192025104 1595 88632 SH OTHER 01 0 88632 0 COGENT COMMUNICATIONS GROUP CO COM 19239V302 1152 49337 SH SOLE 49337 0 0 COGENT COMMUNICATIONS GROUP CO COM 19239V302 672 28780 SH OTHER 01 0 28780 0 COGNIZANT TECHNLGY SLTNS CORCL COM 192446102 1915 24000 SH SOLE 24000 0 0 COGNIZANT TECHNLGY SLTNS CORCL COM 192446102 1193 14950 SH OTHER 01 0 14950 0 COLDWATER CREEK INC COM COM 193068103 1224 112703 SH SOLE 112703 0 0 COLDWATER CREEK INC COM COM 193068103 559 51500 SH OTHER 01 0 51500 0 COLONIAL BANCGROUP INC COM COM 195493309 2997 138600 SH OTHER 01 0 138600 0 CROCS INC COM COM 227046109 8052 119730 SH SOLE 119730 0 0 CROCS INC COM COM 227046109 4850 72120 SH OTHER 01 0 72120 0 CULLEN FROST BANKERS INC COM COM 229899109 221 4400 SH OTHER 01 0 4400 0 C&D TECHNOLOGIES INC COM COM 124661109 60 12000 SH OTHER 01 0 12000 0 DAKTRONICS INC COM COM 234264109 885 32530 SH SOLE 32530 0 0 DAKTRONICS INC COM COM 234264109 514 18890 SH OTHER 01 0 18890 0 DEMANDTEC INC COM 24802R506 1099 80524 SH SOLE 80524 0 0 DEMANDTEC INC COM 24802R506 636 46617 SH OTHER 01 0 46617 0 DIAMOND MGMT & TECHNOLOGY COM 25269L106 1997 217111 SH SOLE 217111 0 0 DIAMOND MGMT & TECHNOLOGY COM 25269L106 1166 126701 SH OTHER 01 0 126701 0 DIODES INC COM COM 254543101 1851 57665 SH SOLE 57665 0 0 DIODES INC COM COM 254543101 1070 33335 SH OTHER 01 0 33335 0 DUFF & PHELPS CORP-CL A COM 26433B107 261 14200 SH OTHER 01 0 14200 0 EAST PENN FINL CORP COM COM 274287101 631 44855 SH OTHER 01 0 44855 0 EAST WEST BANCORP INC COM COM 27579R104 6157 171218 SH OTHER 01 0 171218 0 EMERGENCY MEDICAL SVCS CORP CL COM 29100P102 1323 43750 SH SOLE 43750 0 0 EMERGENCY MEDICAL SVCS CORP CL COM 29100P102 699 23100 SH OTHER 01 0 23100 0 ENCORE BANCSHARES INC COM 29255V201 1241 59000 SH OTHER 01 0 59000 0 ENTERPRISE FINL SVCS CORP COM COM 293712105 1101 45246 SH OTHER 01 0 45246 0 ENVIRONMENTAL TECTONICS CORPCO COM 294092101 456 134084 SH OTHER 01 0 134084 0 ERIE INDTY CO CL A COM 29530P102 2378 38900 SH OTHER 01 0 38900 0 F N B CORP PA COM COM 302520101 331 20000 SH OTHER 01 0 20000 0 F N B CORP VA COM COM 302930102 1225 40700 SH OTHER 01 0 40700 0 FAIRCHILD SEMICONDUCTOR INTLCL COM 303726103 1688 90360 SH SOLE 90360 0 0
PAGE 3 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- FAIRCHILD SEMICONDUCTOR INTLCL COM 303726103 974 52165 SH OTHER 01 0 52165 0 FEI CO COM COM 30241L109 1922 61160 SH SOLE 61160 0 0 FEI CO COM COM 30241L109 1118 35585 SH OTHER 01 0 35585 0 FIRST MERCURY FINANCIAL CORP COM 320841109 3990 185500 SH OTHER 01 0 185500 0 FIRST REGIONAL BANCORP COM COM 33615C101 3694 150581 SH OTHER 01 0 150581 0 FIRST SECURITY GROUP INC COM 336312103 2426 242638 SH OTHER 01 0 242638 0 FLIR SYS INC COM COM 302445101 1487 26850 SH SOLE 26850 0 0 FLIR SYS INC COM COM 302445101 912 16460 SH OTHER 01 0 16460 0 FORMFACTOR INC COM COM 346375108 3361 75754 SH SOLE 75754 0 0 FORMFACTOR INC COM COM 346375108 1945 43836 SH OTHER 01 0 43836 0 FOUNDRY NETWORKS INC COM 35063R100 1150 64700 SH SOLE 64700 0 0 FOUNDRY NETWORKS INC COM 35063R100 664 37350 SH OTHER 01 0 37350 0 GATEWAY FINL HLDGS INC COM COM 368140109 1665 106024 SH OTHER 01 0 106024 0 GEN-PROBE INC NEW COM COM 36866T103 6737 101187 SH SOLE 101187 0 0 GEN-PROBE INC NEW COM COM 36866T103 4047 60779 SH OTHER 01 0 60779 0 GEO GROUP INC COM 36159R103 1854 62600 SH SOLE 62600 0 0 GEO GROUP INC COM 36159R103 1113 37600 SH OTHER 01 0 37600 0 GOOGLE INC CL A COM 38259P508 227 400 SH OTHER 01 0 400 0 GREAT SOUTHN BANCORP COM COM 390905107 1118 45000 SH OTHER 01 0 45000 0 GREIF BROS CORP COM 397624107 2094 34510 SH SOLE 34510 0 0 GREIF BROS CORP COM 397624107 1214 20010 SH OTHER 01 0 20010 0 GSI COMM INC COM COM 36238G102 2873 108000 SH SOLE 108000 0 0 GSI COMM INC COM COM 36238G102 1819 68400 SH OTHER 01 0 68400 0 GUARANTY FED BANCSHARES INC CO COM 40108P101 614 20200 SH OTHER 01 0 20200 0 HCC INS HLDGS INC COM COM 404132102 261 9100 SH OTHER 01 0 9100 0 HEALTH BENEFITS DIRECT CORP CO COM 42220V107 66 30000 SH OTHER 01 0 30000 0 HEARTLAND FINL USA INC COM COM 42234Q102 1247 60700 SH OTHER 01 0 60700 0 HERITAGE COMM CORP COM COM 426927109 641 30300 SH OTHER 01 0 30300 0 HERSHA HOSPITALITY TR PRIORITY COM 427825104 1691 170800 SH OTHER 01 0 170800 0 HIBBETT SPORTS INC COM COM 428567101 816 32902 SH SOLE 32902 0 0 HIBBETT SPORTS INC COM COM 428567101 473 19064 SH OTHER 01 0 19064 0 HOLOGIC INC COM 436440101 1587 26023 SH SOLE 26023 0 0 HOLOGIC INC COM 436440101 979 16050 SH OTHER 01 0 16050 0 HORNBECK OFFSHORE SVCS INC NCO COM 440543106 2138 58256 SH SOLE 58256 0 0 HORNBECK OFFSHORE SVCS INC NCO COM 440543106 1237 33703 SH OTHER 01 0 33703 0 I B M COM 459200101 212 1800 SH OTHER 01 0 1800 0 ICONIX BRAND GROUP INC COM COM 451055107 6093 256106 SH SOLE 256106 0 0 ICONIX BRAND GROUP INC COM COM 451055107 3816 160406 SH OTHER 01 0 160406 0 II-VI INC COM COM 902104108 5305 153630 SH SOLE 153630 0 0 II-VI INC COM COM 902104108 3206 92839 SH OTHER 01 0 92839 0 ILLUMINA INC COM COM 452327109 905 17450 SH SOLE 17450 0 0 ILLUMINA INC COM COM 452327109 610 11750 SH OTHER 01 0 11750 0 IMMUCOR INC COM COM 452526106 990 27680 SH SOLE 27680 0 0 IMMUCOR INC COM COM 452526106 570 15950 SH OTHER 01 0 15950 0 INTEGRA LIFESCIENCES HLDG COCO COM 457985208 1438 29600 SH SOLE 29600 0 0 INTEGRA LIFESCIENCES HLDG COCO COM 457985208 855 17600 SH OTHER 01 0 17600 0 INTERNAP NETWORK SERVICES CORP COM 45885A300 2352 165990 SH SOLE 165990 0 0 INTERNAP NETWORK SERVICES CORP COM 45885A300 1270 89640 SH OTHER 01 0 89640 0 INTERNATIONAL BANCSHARES CORCO COM 459044103 1682 77502 SH OTHER 01 0 77502 0 INTERNET CAPITAL GROUP INC (NE COM 46059C205 2634 219491 SH SOLE 219491 0 0 INTERNET CAPITAL GROUP INC (NE COM 46059C205 1728 144001 SH OTHER 01 0 144001 0
PAGE 4 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- INVESTMENT TECHNOLOGY GRP NECO COM 46145F105 1719 40000 SH OTHER 01 0 40000 0 IRIS INTL INC COM COM 46270W105 1326 69082 SH SOLE 69082 0 0 IRIS INTL INC COM COM 46270W105 765 39861 SH OTHER 01 0 39861 0 ITRON INC COM COM 465741106 1388 14910 SH SOLE 14910 0 0 ITRON INC COM COM 465741106 801 8610 SH OTHER 01 0 8610 0 IXIA COM COM 45071R109 2634 302100 SH SOLE 302100 0 0 IXIA COM COM 45071R109 1638 187896 SH OTHER 01 0 187896 0 J2 GLOBAL COMMUNICATONS INC CO COM 46626E205 1322 40400 SH SOLE 40400 0 0 J2 GLOBAL COMMUNICATONS INC CO COM 46626E205 818 25000 SH OTHER 01 0 25000 0 JMP Group Inc. COM 46629U107 222 23700 SH OTHER 01 0 23700 0 KBW INC COM 482423100 659 22900 SH OTHER 01 0 22900 0 KENEXA CORP COM COM 488879107 3574 116100 SH SOLE 116100 0 0 KENEXA CORP COM COM 488879107 2170 70500 SH OTHER 01 0 70500 0 KENNAMETAL INC COM COM 489170100 3871 46100 SH SOLE 46100 0 0 KENNAMETAL INC COM COM 489170100 2360 28100 SH OTHER 01 0 28100 0 LADISH INC COM NEW COM 505754200 5218 94050 SH SOLE 94050 0 0 LADISH INC COM NEW COM 505754200 3031 54631 SH OTHER 01 0 54631 0 LAKELAND FINL CORP COM COM 511656100 2830 122461 SH OTHER 01 0 122461 0 LIFECELL CORP COM COM 531927101 6756 179815 SH SOLE 179815 0 0 LIFECELL CORP COM COM 531927101 4317 114918 SH OTHER 01 0 114918 0 LIFETIME BRANDS INC COM COM 53222Q103 1729 85190 SH SOLE 85190 0 0 LIFETIME BRANDS INC COM COM 53222Q103 954 47002 SH OTHER 01 0 47002 0 LOOPNET INC COM 543524300 4338 211174 SH SOLE 211174 0 0 LOOPNET INC COM 543524300 2533 123320 SH OTHER 01 0 123320 0 LUFKIN INDS INC COM 549764108 1728 31410 SH SOLE 31410 0 0 LUFKIN INDS INC COM 549764108 1002 18207 SH OTHER 01 0 18207 0 MARVEL ENTERTAINMENT INC COM 57383T103 3868 165000 SH SOLE 165000 0 0 MARVEL ENTERTAINMENT INC COM 57383T103 2018 86100 SH OTHER 01 0 86100 0 MASIMO CORPORATION COM 574795100 436 17008 SH SOLE 17008 0 0 MASIMO CORPORATION COM 574795100 252 9810 SH OTHER 01 0 9810 0 MEADOWBROOK INS GROUP INC COM COM 58319P108 351 39000 SH OTHER 01 0 39000 0 MERCER INS GROUP INC COM COM 587902107 1172 66230 SH OTHER 01 0 66230 0 MET PRO CORP COM COM 590876306 566 35008 SH OTHER 01 0 35008 0 METROCORP BANCSHARES INC COM COM 591650106 2020 125478 SH OTHER 01 0 125478 0 MICROS SYS INC COM COM 594901100 2994 46016 SH SOLE 46016 0 0 MICROS SYS INC COM COM 594901100 1797 27620 SH OTHER 01 0 27620 0 MICROSEMI CORP COM COM 595137100 5772 207014 SH SOLE 207014 0 0 MICROSEMI CORP COM COM 595137100 3424 122812 SH OTHER 01 0 122812 0 MICRUS ENDOVASCULAR CORP COM COM 59518V102 1754 95999 SH SOLE 95999 0 0 MICRUS ENDOVASCULAR CORP COM COM 59518V102 991 54250 SH OTHER 01 0 54250 0 MOLDFLOW CORP COM COM 608507109 1615 83840 SH SOLE 83840 0 0 MOLDFLOW CORP COM COM 608507109 1036 53785 SH OTHER 01 0 53785 0 MYRIAD GENETICS INC COM COM 62855J104 5258 100820 SH SOLE 100820 0 0 MYRIAD GENETICS INC COM COM 62855J104 3317 63598 SH OTHER 01 0 63598 0 NATIONAL RETAIL PROPERTIES INC COM 637417106 1848 75800 SH OTHER 01 0 75800 0 NAVIGATORS GROUP INC COM COM 638904102 4052 74700 SH OTHER 01 0 74700 0 NOVATEL WIRELESS INC COM NEW COM 66987M604 4387 193690 SH SOLE 193690 0 0 NOVATEL WIRELESS INC COM NEW COM 66987M604 2666 117704 SH OTHER 01 0 117704 0 NUANCE COMMUNICATIONS INC COM 67020Y100 1307 67710 SH SOLE 67710 0 0 NUANCE COMMUNICATIONS INC COM 67020Y100 758 39250 SH OTHER 01 0 39250 0 NUTRI SYS INC NEW COM COM 67069D108 2674 57029 SH SOLE 57029 0 0
PAGE 5 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- NUTRI SYS INC NEW COM COM 67069D108 1566 33400 SH OTHER 01 0 33400 0 NUVASIVE INC COM COM 670704105 865 24080 SH SOLE 24080 0 0 NUVASIVE INC COM COM 670704105 500 13905 SH OTHER 01 0 13905 0 ON ASSIGNMENT INC COM COM 682159108 1547 165605 SH SOLE 165605 0 0 ON ASSIGNMENT INC COM COM 682159108 898 96180 SH OTHER 01 0 96180 0 ON SEMICONDUCTOR CORP COM COM 682189105 2778 221200 SH SOLE 221200 0 0 ON SEMICONDUCTOR CORP COM COM 682189105 1611 128300 SH OTHER 01 0 128300 0 PHASE FORWARD INC COM COM 71721R406 3995 199654 SH SOLE 199654 0 0 PHASE FORWARD INC COM COM 71721R406 2299 114895 SH OTHER 01 0 114895 0 PHILADELPHIA CONS HLDG CORP CO COM 717528103 5584 135081 SH OTHER 01 0 135081 0 PINNACLE ENTMT INC COM COM 723456109 1008 37000 SH SOLE 37000 0 0 PINNACLE ENTMT INC COM COM 723456109 607 22300 SH OTHER 01 0 22300 0 PINNACLE FINL PARTNERS INC COM COM 72346Q104 545 18900 SH OTHER 01 0 18900 0 POLYCOM INC COM COM 73172K104 1673 62274 SH SOLE 62274 0 0 POLYCOM INC COM COM 73172K104 967 36017 SH OTHER 01 0 36017 0 PREFERRED BANK LOS ANGELES COM 740367107 6536 166131 SH OTHER 01 0 166131 0 PRINCETON NATL BANCORP INC COM COM 742282106 1375 52500 SH OTHER 01 0 52500 0 PRIVATEBANCORP INC COM COM 742962103 1822 52300 SH OTHER 01 0 52300 0 PROSPERITY BANCSHARES INC COM COM 743606105 3452 104100 SH SOLE 104100 0 0 PROSPERITY BANCSHARES INC COM COM 743606105 10309 310888 SH OTHER 01 0 310888 0 PSYCHIATRIC SOLUTIONS INC COM COM 74439H108 7216 183696 SH SOLE 183696 0 0 PSYCHIATRIC SOLUTIONS INC COM COM 74439H108 4216 107344 SH OTHER 01 0 107344 0 RAYMOND JAMES FINL INC COM COM 754730109 1271 38700 SH OTHER 01 0 38700 0 SANDERS MORRIS HARRIS GROUP CO COM 80000Q104 1269 124990 SH OTHER 01 0 124990 0 SANDY SPRING BANCORP INC CMT-C COM 800363103 473 15700 SH OTHER 01 0 15700 0 SAVVIS INC COM NEW COM 805423308 2400 61830 SH SOLE 61830 0 0 SAVVIS INC COM NEW COM 805423308 1380 35550 SH OTHER 01 0 35550 0 SBA COMMUNICATIONS CORP CL A COM 78388J106 4773 135300 SH SOLE 135300 0 0 SBA COMMUNICATIONS CORP CL A COM 78388J106 2815 79800 SH OTHER 01 0 79800 0 SEABRIGHT INSURANCE HLDGS INCO COM 811656107 959 56200 SH OTHER 01 0 56200 0 SEMITOOL INC COM COM 816909105 256 26398 SH SOLE 26398 0 0 SEMITOOL INC COM COM 816909105 145 14897 SH OTHER 01 0 14897 0 SHORETEL INC COM COM 825211105 559 39008 SH SOLE 39008 0 0 SHORETEL INC COM COM 825211105 322 22510 SH OTHER 01 0 22510 0 SIGNATURE BK NEW YORK N Y COM COM 82669G104 2232 63345 SH OTHER 01 0 63345 0 SIRF TECHNOLOGY HLDGS INC COM COM 82967H101 681 31900 SH SOLE 31900 0 0 SIRF TECHNOLOGY HLDGS INC COM COM 82967H101 395 18500 SH OTHER 01 0 18500 0 SKYWORKS SOLUTIONS INC COM COM 83088M102 2512 277830 SH SOLE 277830 0 0 SKYWORKS SOLUTIONS INC COM COM 83088M102 1450 160410 SH OTHER 01 0 160410 0 SMITH MICRO SOFTWARE INC COM COM 832154108 4262 265394 SH SOLE 265394 0 0 SMITH MICRO SOFTWARE INC COM COM 832154108 2568 159900 SH OTHER 01 0 159900 0 SMITH & WESSON HLDG CORP COM COM 831756101 5598 293248 SH SOLE 293248 0 0 SMITH & WESSON HLDG CORP COM COM 831756101 3373 176700 SH OTHER 01 0 176700 0 SMITHTOWN BANCORP INC COM COM 832449102 3838 165086 SH OTHER 01 0 165086 0 SOUTHWEST BANCORP INC OKLA COM COM 844767103 2304 122438 SH OTHER 01 0 122438 0 SPECTRANETICS CORP COM COM 84760C107 1724 127860 SH SOLE 127860 0 0 SPECTRANETICS CORP COM COM 84760C107 990 73430 SH OTHER 01 0 73430 0 SPSS INC COM COM 78462K102 3530 85804 SH SOLE 85804 0 0 SPSS INC COM COM 78462K102 2045 49700 SH OTHER 01 0 49700 0 STARLIMS TECHNOLOGIES LTD SHS COM M8484K109 413 36414 SH SOLE 36414 0 0 STARLIMS TECHNOLOGIES LTD SHS COM M8484K109 228 20106 SH OTHER 01 0 20106 0
PAGE 6 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- STIFEL FINL CORP COM COM 860630102 4062 70233 SH OTHER 01 0 70233 0 SUPERIOR BANCORP COM COM 86806M106 2252 255074 SH OTHER 01 0 255074 0 SUPERTEX INC COM COM 868532102 3519 88231 SH SOLE 88231 0 0 SUPERTEX INC COM COM 868532102 2031 50920 SH OTHER 01 0 50920 0 SVB FINL GROUP COM COM 78486Q101 4340 91635 SH SOLE 91635 0 0 SVB FINL GROUP COM COM 78486Q101 6753 142580 SH OTHER 01 0 142580 0 TASER INTL INC COM COM 87651B104 2672 170311 SH SOLE 170311 0 0 TASER INTL INC COM COM 87651B104 1549 98750 SH OTHER 01 0 98750 0 TECHNITROL INC COM COM 878555101 2560 95000 SH SOLE 95000 0 0 TECHNITROL INC COM COM 878555101 1512 56100 SH OTHER 01 0 56100 0 TEMPUR-PEDIC INTL INC COM COM 88023U101 701 19610 SH SOLE 19610 0 0 TEMPUR-PEDIC INTL INC COM COM 88023U101 404 11300 SH OTHER 01 0 11300 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 2485 114294 SH SOLE 114294 0 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 7444 342418 SH OTHER 01 0 342418 0 THESTREET COM INC COM COM 88368Q103 2156 178064 SH SOLE 178064 0 0 THESTREET COM INC COM COM 88368Q103 3813 314900 SH OTHER 01 0 314900 0 THIRD WAVE TECHNOLOGIES INC CO COM 88428W108 1061 122886 SH SOLE 122886 0 0 THIRD WAVE TECHNOLOGIES INC CO COM 88428W108 660 76513 SH OTHER 01 0 76513 0 THQ INC COM NEW COM 872443403 1197 47900 SH SOLE 47900 0 0 THQ INC COM NEW COM 872443403 707 28300 SH OTHER 01 0 28300 0 TIME WARNER TELECOM INC CL A COM 887319101 2485 113090 SH SOLE 113090 0 0 TIME WARNER TELECOM INC CL A COM 887319101 1434 65290 SH OTHER 01 0 65290 0 TRIUMPH GROUP INC NEW COM COM 896818101 7056 86350 SH SOLE 86350 0 0 TRIUMPH GROUP INC NEW COM COM 896818101 3595 44000 SH OTHER 01 0 44000 0 TUTOGEN MEDICAL INC COM COM 901107102 1189 103370 SH SOLE 103370 0 0 TUTOGEN MEDICAL INC COM COM 901107102 723 62830 SH OTHER 01 0 62830 0 UCN INC COM COM 902636109 40 10000 SH OTHER 01 0 10000 0 ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 4656 133400 SH SOLE 133400 0 0 ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 2939 84200 SH OTHER 01 0 84200 0 UNION BANKSHARES CORP COM COM 905399101 669 29445 SH OTHER 01 0 29445 0 UNITED AMERICA INDEMNITY LTD C COM 90933T109 1200 55781 SH SOLE 55781 0 0 UNITED AMERICA INDEMNITY LTD C COM 90933T109 5706 265269 SH OTHER 01 0 265269 0 UNITED CMNTY BKS INC CDT-CAP S COM 90984P105 1365 55652 SH OTHER 01 0 55652 0 URSTADT BIDDLE PPTYS INC CL A COM 917286205 1269 82000 SH OTHER 01 0 82000 0 VARIAN SEMICONDUCTOR EQUIPTMCO COM 922207105 2124 39692 SH SOLE 39692 0 0 VARIAN SEMICONDUCTOR EQUIPTMCO COM 922207105 1252 23400 SH OTHER 01 0 23400 0 VERIGY LTD SHS COM Y93691106 650 26300 SH SOLE 26300 0 0 VERIGY LTD SHS COM Y93691106 377 15240 SH OTHER 01 0 15240 0 VIASAT INC COM COM 92552V100 3703 120100 SH SOLE 120100 0 0 VIASAT INC COM COM 92552V100 2233 72436 SH OTHER 01 0 72436 0 VIRGINIA COMM BANCORP INC COM COM 92778Q109 1252 87331 SH SOLE 87331 0 0 VIRGINIA COMM BANCORP INC COM COM 92778Q109 4268 297597 SH OTHER 01 0 297597 0 VIRGINIA FINL CORP COM COM 927810101 440 23153 SH OTHER 01 0 23153 0 VOLCANO CORPORATION COM COM 928645100 1369 83256 SH SOLE 83256 0 0 VOLCANO CORPORATION COM COM 928645100 791 48101 SH OTHER 01 0 48101 0 VOLTERRA SEMICONDUCTOR CORP CO COM 928708106 1011 82350 SH SOLE 82350 0 0 VOLTERRA SEMICONDUCTOR CORP CO COM 928708106 584 47530 SH OTHER 01 0 47530 0 WABTEC CORPORATION COM 929740108 5136 137100 SH SOLE 137100 0 0 WABTEC CORPORATION COM 929740108 3034 81000 SH OTHER 01 0 81000 0 WADDELL & REED FINL INC CL A COM 930059100 868 32100 SH OTHER 01 0 32100 0 WESCO INTL INC COM COM 95082P105 1012 23575 SH SOLE 23575 0 0
PAGE 7 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 09/30/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- WESCO INTL INC COM COM 95082P105 584 13600 SH OTHER 01 0 13600 0 WEST COAST BANCORP ORE NEW COM COM 952145100 1940 68300 SH OTHER 01 0 68300 0 WESTERN ALLIANCE BANCORP COM 957638109 1504 63800 SH OTHER 01 0 63800 0 WESTFIELD FINL INC COM COM 96008P104 360 37100 SH OTHER 01 0 37100 0 WET SEAL INC CL A COM 961840105 2343 605445 SH SOLE 605445 0 0 WET SEAL INC CL A COM 961840105 1372 354500 SH OTHER 01 0 354500 0 WHITING PETE CORP NEW COM COM 966387102 1829 41150 SH SOLE 41150 0 0 WHITING PETE CORP NEW COM COM 966387102 1056 23750 SH OTHER 01 0 23750 0 WILSHIRE BANCORP INC COM 97186T108 1375 125300 SH SOLE 125300 0 0 WILSHIRE BANCORP INC COM 97186T108 3138 286056 SH OTHER 01 0 286056 0 WISDOMTREE INVTS INC COM COM 97717P104 141 35960 SH SOLE 35960 0 0 WISDOMTREE INVTS INC COM COM 97717P104 259 65961 SH OTHER 01 0 65961 0 WORLD FUEL SVCS CORP COM COM 981475106 2545 62350 SH SOLE 62350 0 0 WORLD FUEL SVCS CORP COM COM 981475106 1500 36750 SH OTHER 01 0 36750 0 ZUMIEZ INC COM COM 989817101 1184 26680 SH SOLE 26680 0 0 ZUMIEZ INC COM COM 989817101 722 16270 SH OTHER 01 0 16270 0
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