-----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, NMu5ctmjpzGr1YBht0cgkWAqiRmTpoio5qQ99MW4E9CsHARVllJ9tkyv5YrJI+CF xmVV0kuvhLXGEAFqAUWmRA== 0001144204-08-025111.txt : 20080430 0001144204-08-025111.hdr.sgml : 20080430 20080430143436 ACCESSION NUMBER: 0001144204-08-025111 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080430 DATE AS OF CHANGE: 20080430 EFFECTIVENESS DATE: 20080430 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: 08789270 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 v112300_13fhr.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: March 31, 2008 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: Kenneth G. Mertz II Lancaster, Pennsylvania April 16, 2008 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: 311 FORM 13F INFORMATION TABLE VALUE TOTAL: $502,598 (thousands) List of other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state NONE and omit the column headings and list entries.] NO. 13F FILE NUMBER NAME 01 028-12088 FORWARD MANAGEMENT, LLC EMERALD MUTUAL FUND ADVISERS, TRUST PAGE 1 FORM 13F INFORMATION TABLE AS OF DATE: 03/31/08
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 1104 111634 SH SOLE 111634 0 0 99 CENTS ONLY STORES COM COM 65440K106 615 62202 SH OTHER 01 0 62202 0 AAR CORP COM COM 000361105 3279 120250 SH SOLE 120250 0 0 AAR CORP COM COM 000361105 1806 66230 SH OTHER 01 0 66230 0 AEROPOSTALE INC COM 007865108 2432 89720 SH SOLE 89720 0 0 AEROPOSTALE INC COM 007865108 1391 51300 SH OTHER 01 0 51300 0 AFFILIATED MANAGERS GROUP INCO COM 008252108 1996 22000 SH OTHER 01 0 22000 0 AIRCASTLE LTD COM COM G0129K104 210 18635 SH OTHER 01 0 18635 0 AIRGAS INC COM COM 009363102 5664 124563 SH SOLE 124563 0 0 AIRGAS INC COM COM 009363102 3241 71273 SH OTHER 01 0 71273 0 ALEXION PHARMACEUTICALS INC CO COM 015351109 2083 35124 SH SOLE 35124 0 0 ALEXION PHARMACEUTICALS INC CO COM 015351109 1145 19312 SH OTHER 01 0 19312 0 AMERICAN CAMPUS CMNTYS INC COM COM 024835100 1231 45000 SH OTHER 01 0 45000 0 AMTRUST FINANCIAL SERVICES ICO COM 032359309 2102 129700 SH OTHER 01 0 129700 0 ANALOGIC CORP COM PAR $0.05 COM 032657207 2141 32176 SH SOLE 32176 0 0 ANALOGIC CORP COM PAR $0.05 COM 032657207 1181 17744 SH OTHER 01 0 17744 0 ANSOFT CORP COM COM 036384105 3978 130348 SH SOLE 130348 0 0 ANSOFT CORP COM COM 036384105 2163 70883 SH OTHER 01 0 70883 0 ANSYS INC COM COM 03662Q105 5901 170947 SH SOLE 170947 0 0 ANSYS INC COM COM 03662Q105 3340 96764 SH OTHER 01 0 96764 0 ASTORIA FINL CORP COM COM 046265104 690 25400 SH OTHER 01 0 25400 0 ATHEROS COMMUNICATIONS INC COM COM 04743P108 1647 79036 SH SOLE 79036 0 0 ATHEROS COMMUNICATIONS INC COM COM 04743P108 917 44000 SH OTHER 01 0 44000 0 AUXILIUM PHARMACEUTICALS INCCO COM 05334D107 1562 58400 SH SOLE 58400 0 0 AUXILIUM PHARMACEUTICALS INCCO COM 05334D107 902 33750 SH OTHER 01 0 33750 0 BANCORPSOUTH INC COM COM 059692103 201 8700 SH OTHER 01 0 8700 0 BANK OF THE OZARKS INC COM COM 063904106 1513 63319 SH OTHER 01 0 63319 0 BANNER CORP COM COM 06652V109 470 20400 SH OTHER 01 0 20400 0 BARE ESCENTUALS INC COM 067511105 3024 129120 SH SOLE 129120 0 0 BARE ESCENTUALS INC COM 067511105 1686 72005 SH OTHER 01 0 72005 0 BE AEROSPACE INC COM COM 073302101 4376 125208 SH SOLE 125208 0 0 BE AEROSPACE INC COM COM 073302101 2413 69047 SH OTHER 01 0 69047 0 BIOMARIN PHARMACEUTICAL INC CO COM 09061G101 4177 118100 SH SOLE 118100 0 0 BIOMARIN PHARMACEUTICAL INC CO COM 09061G101 2380 67300 SH OTHER 01 0 67300 0 BIOMIMETIC THERAPEUTICS INC CO COM 09064X101 370 46200 SH SOLE 46200 0 0 BIOMIMETIC THERAPEUTICS INC CO COM 09064X101 225 28160 SH OTHER 01 0 28160 0 BIO-REFERENCE LABS INC COM PAR COM 09057G602 3002 113590 SH SOLE 113590 0 0 BIO-REFERENCE LABS INC COM PAR COM 09057G602 1696 64168 SH OTHER 01 0 64168 0 BLACKBOARD INC COM COM 091935502 3916 117501 SH SOLE 117501 0 0 BLACKBOARD INC COM COM 091935502 2222 66669 SH OTHER 01 0 66669 0 BROCADE COMMUNICATIONS SYS ICO COM 111621306 3327 455720 SH SOLE 455720 0 0 BROCADE COMMUNICATIONS SYS ICO COM 111621306 1875 256800 SH OTHER 01 0 256800 0 BUCYRUS INTL INC NEW CL A COM 118759109 2239 22030 SH SOLE 22030 0 0 BUCYRUS INTL INC NEW CL A COM 118759109 1236 12160 SH OTHER 01 0 12160 0 CAL DIVE INTL INC DEL COM COM 12802T101 599 57710 SH SOLE 57710 0 0 CAL DIVE INTL INC DEL COM COM 12802T101 367 35340 SH OTHER 01 0 35340 0 CALIFORNIA PIZZA KITCHEN INCCO COM 13054D109 1337 101994 SH SOLE 101994 0 0 CALIFORNIA PIZZA KITCHEN INCCO COM 13054D109 764 58274 SH OTHER 01 0 58274 0 CAMDEN NATL CORP COM COM 133034108 368 10938 SH OTHER 01 0 10938 0 CARRIZO OIL & GAS INC COM COM 144577103 1497 25263 SH SOLE 25263 0 0 CARRIZO OIL & GAS INC COM COM 144577103 825 13920 SH OTHER 01 0 13920 0
EMERALD MUTUAL FUND ADVISERS, TRUST PAGE 2 FORM 13F INFORMATION TABLE AS OF DATE: 03/31/08
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- CASCADE FINL CORP COM COM 147272108 1666 136527 SH OTHER 01 0 136527 0 CASS INFORMATION SYS INC COM COM 14808P109 1630 51633 SH OTHER 01 0 51633 0 CEPHEID COM COM 15670R107 3334 136700 SH SOLE 136700 0 0 CEPHEID COM COM 15670R107 1918 78648 SH OTHER 01 0 78648 0 CHARLOTTE RUSSE HOLDING INC COM 161048103 1436 82790 SH SOLE 82790 0 0 CHARLOTTE RUSSE HOLDING INC COM 161048103 792 45670 SH OTHER 01 0 45670 0 CHATTEM INC COM COM 162456107 925 13940 SH SOLE 13940 0 0 CHATTEM INC COM COM 162456107 504 7600 SH OTHER 01 0 7600 0 CHIQUITA BRANDS INTL INC COM COM 170032809 6554 283612 SH SOLE 283612 0 0 CHIQUITA BRANDS INTL INC COM COM 170032809 3747 162131 SH OTHER 01 0 162131 0 COBIZ INC COM COM 190897108 423 32512 SH OTHER 01 0 32512 0 CODORUS VALLEY BANCORP COM COM 192025104 1311 80731 SH OTHER 01 0 80731 0 CROCS INC COM COM 227046109 943 53960 SH SOLE 53960 0 0 CROCS INC COM COM 227046109 531 30420 SH OTHER 01 0 30420 0 CULLEN FROST BANKERS INC COM COM 229899109 1241 23400 SH OTHER 01 0 23400 0 C&D TECHNOLOGIES INC COM COM 124661109 60 12000 SH OTHER 01 0 12000 0 DAKTRONICS INC COM COM 234264109 1035 57796 SH SOLE 57796 0 0 DAKTRONICS INC COM COM 234264109 584 32583 SH OTHER 01 0 32583 0 DATA DOMAIN INC COM COM 23767P109 1194 50169 SH SOLE 50169 0 0 DATA DOMAIN INC COM COM 23767P109 658 27659 SH OTHER 01 0 27659 0 DEMANDTEC INC COM 24802R506 939 92024 SH SOLE 92024 0 0 DEMANDTEC INC COM 24802R506 475 46617 SH OTHER 01 0 46617 0 DIAMOND FOODS INC COM 252603105 1405 77477 SH SOLE 77477 0 0 DIAMOND FOODS INC COM 252603105 749 41300 SH OTHER 01 0 41300 0 DIME CMNTY BANCORP INC COM COM 253922108 509 29100 SH OTHER 01 0 29100 0 DIODES INC COM COM 254543101 653 29735 SH SOLE 29735 0 0 DIODES INC COM COM 254543101 368 16735 SH OTHER 01 0 16735 0 DUFF & PHELPS CORP-CL A COM 26433B107 664 36900 SH OTHER 01 0 36900 0 EAST WEST BANCORP INC COM COM 27579R104 1121 63146 SH OTHER 01 0 63146 0 EASTERN VA BANKSHARES INC COM COM 277196101 195 11206 SH OTHER 01 0 11206 0 EMERGENCY MEDICAL SVCS CORP CL COM 29100P102 1814 73480 SH SOLE 73480 0 0 EMERGENCY MEDICAL SVCS CORP CL COM 29100P102 1003 40614 SH OTHER 01 0 40614 0 ENCORE BANCSHARES INC COM 29255V201 1189 68900 SH OTHER 01 0 68900 0 ENTERPRISE FINL SVCS CORP COM COM 293712105 1269 50746 SH OTHER 01 0 50746 0 ENVIRONMENTAL TECTONICS CORPCO COM 294092101 257 117334 SH OTHER 01 0 117334 0 EPIC BANCORP COM COM 294250105 384 32626 SH OTHER 01 0 32626 0 ERIE INDTY CO CL A COM 29530P102 1202 23483 SH OTHER 01 0 23483 0 EVERGREEN SOLAR INC COM COM 30033R108 1235 133220 SH SOLE 133220 0 0 EVERGREEN SOLAR INC COM COM 30033R108 696 75100 SH OTHER 01 0 75100 0 F N B CORP PA COM COM 302520101 1606 102900 SH OTHER 01 0 102900 0 FEDERATED INVS INC PA CL B COM 314211103 717 18300 SH OTHER 01 0 18300 0 FEI CO COM COM 30241L109 687 31450 SH SOLE 31450 0 0 FEI CO COM COM 30241L109 350 16023 SH OTHER 01 0 16023 0 FELCOR LODGING TR INC COM COM 31430F101 452 37600 SH OTHER 01 0 37600 0 FIRST FINL BANCSHARES INC COM COM 32020R109 586 14300 SH OTHER 01 0 14300 0 FIRST MERCURY FINANCIAL CORP COM 320841109 1663 95500 SH OTHER 01 0 95500 0 FIRST REGIONAL BANCORP COM COM 33615C101 2379 145081 SH OTHER 01 0 145081 0 FIRST SECURITY GROUP INC COM 336312103 1749 192638 SH OTHER 01 0 192638 0 FLIR SYS INC COM COM 302445101 3214 106805 SH SOLE 106805 0 0 FLIR SYS INC COM COM 302445101 1671 55542 SH OTHER 01 0 55542 0 FOUNDRY NETWORKS INC COM 35063R100 883 76210 SH SOLE 76210 0 0
EMERALD MUTUAL FUND ADVISERS, TRUST PAGE 3 FORM 13F INFORMATION TABLE AS OF DATE: 03/31/08
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- FOUNDRY NETWORKS INC COM 35063R100 497 42940 SH OTHER 01 0 42940 0 FTI CONSULTING INC COM COM 302941109 2886 40632 SH SOLE 40632 0 0 FTI CONSULTING INC COM COM 302941109 1810 25476 SH OTHER 01 0 25476 0 GATEWAY FINL HLDGS INC COM COM 368140109 676 63794 SH OTHER 01 0 63794 0 GENERAL ELEC CO COM 369604103 204 5500 SH OTHER 01 0 5500 0 GEN-PROBE INC NEW COM COM 36866T103 2422 50247 SH SOLE 50247 0 0 GEN-PROBE INC NEW COM COM 36866T103 1351 28029 SH OTHER 01 0 28029 0 GEO GROUP INC COM 36159R103 1050 36905 SH SOLE 36905 0 0 GEO GROUP INC COM 36159R103 593 20850 SH OTHER 01 0 20850 0 GEOEYE INC COM COM 37250W108 983 37810 SH SOLE 37810 0 0 GEOEYE INC COM COM 37250W108 547 21050 SH OTHER 01 0 21050 0 GLACIER BANCORP INC NEW COM COM 37637Q105 675 35200 SH OTHER 01 0 35200 0 GREIF BROS CORP COM 397624107 1928 28380 SH SOLE 28380 0 0 GREIF BROS CORP COM 397624107 1098 16160 SH OTHER 01 0 16160 0 GSI COMM INC COM COM 36238G102 2372 180352 SH SOLE 180352 0 0 GSI COMM INC COM COM 36238G102 1366 103861 SH OTHER 01 0 103861 0 HAEMONETICS CORP COM COM 405024100 1974 33140 SH SOLE 33140 0 0 HAEMONETICS CORP COM COM 405024100 1099 18450 SH OTHER 01 0 18450 0 HARLEYSVILLE NATL CORP PA COM COM 412850109 658 45633 SH OTHER 01 0 45633 0 HARMONIC INC COM COM 413160102 2469 324830 SH SOLE 324830 0 0 HARMONIC INC COM COM 413160102 1364 179450 SH OTHER 01 0 179450 0 HCC INS HLDGS INC COM COM 404132102 1249 55050 SH OTHER 01 0 55050 0 HEALTH BENEFITS DIRECT CORP CO COM 42220V107 30 30000 SH OTHER 01 0 30000 0 HEARTLAND FINL USA INC COM COM 42234Q102 1052 49700 SH OTHER 01 0 49700 0 HERSHA HOSPITALITY TR PRIORITY COM 427825104 399 44205 SH OTHER 01 0 44205 0 HOLOGIC INC COM 436440101 627 22568 SH SOLE 22568 0 0 HOLOGIC INC COM 436440101 360 12936 SH OTHER 01 0 12936 0 HORNBECK OFFSHORE SVCS INC NCO COM 440543106 3135 68646 SH SOLE 68646 0 0 HORNBECK OFFSHORE SVCS INC NCO COM 440543106 1788 39153 SH OTHER 01 0 39153 0 ICONIX BRAND GROUP INC COM COM 451055107 3909 225306 SH SOLE 225306 0 0 ICONIX BRAND GROUP INC COM COM 451055107 2265 130556 SH OTHER 01 0 130556 0 II-VI INC COM COM 902104108 6575 173120 SH SOLE 173120 0 0 II-VI INC COM COM 902104108 3902 102729 SH OTHER 01 0 102729 0 ILLUMINA INC COM COM 452327109 3508 46220 SH SOLE 46220 0 0 ILLUMINA INC COM COM 452327109 1955 25760 SH OTHER 01 0 25760 0 INDEPENDENT BK CORP MASS COM COM 453836108 322 10900 SH OTHER 01 0 10900 0 INFOLOGIX INC COM COM 45668X105 28 16600 SH OTHER 01 0 16600 0 INTERNATIONAL BANCSHARES CORCO COM 459044103 1425 63100 SH OTHER 01 0 63100 0 INTERNET CAPITAL GROUP INC (NE COM 46059C205 2280 217801 SH SOLE 217801 0 0 INTERNET CAPITAL GROUP INC (NE COM 46059C205 1455 139001 SH OTHER 01 0 139001 0 INVESTMENT TECHNOLOGY GRP NECO COM 46145F105 1385 30000 SH OTHER 01 0 30000 0 ITRON INC COM COM 465741106 2309 25590 SH SOLE 25590 0 0 ITRON INC COM COM 465741106 1273 14105 SH OTHER 01 0 14105 0 IXIA COM COM 45071R109 2699 347780 SH SOLE 347780 0 0 IXIA COM COM 45071R109 1505 193946 SH OTHER 01 0 193946 0 J2 GLOBAL COMMUNICATONS INC CO COM 46626E205 492 22050 SH SOLE 22050 0 0 J2 GLOBAL COMMUNICATONS INC CO COM 46626E205 289 12940 SH OTHER 01 0 12940 0 KBW INC COM 482423100 551 25000 SH OTHER 01 0 25000 0 KENDLE INTERNATIONAL INC COM COM 48880L107 1549 34482 SH SOLE 34482 0 0 KENDLE INTERNATIONAL INC COM COM 48880L107 895 19921 SH OTHER 01 0 19921 0 KENNAMETAL INC COM COM 489170100 2468 83850 SH SOLE 83850 0 0
EMERALD MUTUAL FUND ADVISERS, TRUST PAGE 4 FORM 13F INFORMATION TABLE AS OF DATE: 03/31/08
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- KENNAMETAL INC COM COM 489170100 1429 48550 SH OTHER 01 0 48550 0 KOPPERS HOLDINGS INC COM 50060P106 2474 55840 SH SOLE 55840 0 0 KOPPERS HOLDINGS INC COM 50060P106 1407 31750 SH OTHER 01 0 31750 0 LADISH INC COM NEW COM 505754200 4302 119500 SH SOLE 119500 0 0 LADISH INC COM NEW COM 505754200 2371 65861 SH OTHER 01 0 65861 0 LAKELAND FINL CORP COM COM 511656100 954 42138 SH OTHER 01 0 42138 0 LAWSON SOFTWARE INC NEW COM COM 52078P102 1080 143490 SH SOLE 143490 0 0 LAWSON SOFTWARE INC NEW COM COM 52078P102 597 79300 SH OTHER 01 0 79300 0 LIFECELL CORP COM COM 531927101 5450 129673 SH SOLE 129673 0 0 LIFECELL CORP COM COM 531927101 3006 71527 SH OTHER 01 0 71527 0 LOOPNET INC COM 543524300 2754 216844 SH SOLE 216844 0 0 LOOPNET INC COM 543524300 1560 122840 SH OTHER 01 0 122840 0 MARVEL ENTERTAINMENT INC COM 57383T103 5101 190420 SH SOLE 190420 0 0 MARVEL ENTERTAINMENT INC COM 57383T103 3460 129150 SH OTHER 01 0 129150 0 MASIMO CORPORATION COM 574795100 649 24962 SH SOLE 24962 0 0 MASIMO CORPORATION COM 574795100 359 13801 SH OTHER 01 0 13801 0 MEADOWBROOK INS GROUP INC COM COM 58319P108 693 88700 SH OTHER 01 0 88700 0 MERCER INS GROUP INC COM COM 587902107 1054 60630 SH OTHER 01 0 60630 0 MET PRO CORP COM COM 590876306 479 42677 SH OTHER 01 0 42677 0 METROCORP BANCSHARES INC COM COM 591650106 1958 153063 SH OTHER 01 0 153063 0 MICROS SYS INC COM COM 594901100 4801 142622 SH SOLE 142622 0 0 MICROS SYS INC COM COM 594901100 2681 79640 SH OTHER 01 0 79640 0 MICROSEMI CORP COM COM 595137100 5672 248776 SH SOLE 248776 0 0 MICROSEMI CORP COM COM 595137100 3180 139483 SH OTHER 01 0 139483 0 MICRUS ENDOVASCULAR CORP COM COM 59518V102 1330 107609 SH SOLE 107609 0 0 MICRUS ENDOVASCULAR CORP COM COM 59518V102 798 64550 SH OTHER 01 0 64550 0 MITCHAM INDS INC COM COM 606501104 1093 61330 SH SOLE 61330 0 0 MITCHAM INDS INC COM COM 606501104 635 35610 SH OTHER 01 0 35610 0 MOLDFLOW CORP COM COM 608507109 1708 97930 SH SOLE 97930 0 0 MOLDFLOW CORP COM COM 608507109 1042 59735 SH OTHER 01 0 59735 0 MYERS INDS INC COM COM 628464109 1253 95400 SH SOLE 95400 0 0 MYERS INDS INC COM COM 628464109 612 46640 SH OTHER 01 0 46640 0 MYRIAD GENETICS INC COM COM 62855J104 3250 80662 SH SOLE 80662 0 0 MYRIAD GENETICS INC COM COM 62855J104 1851 45954 SH OTHER 01 0 45954 0 NATIONAL PENN BANCSHARES INCCO COM 637138108 433 23800 SH OTHER 01 0 23800 0 NATIONAL RETAIL PROPERTIES INC COM 637417106 1243 56350 SH SOLE 56350 0 0 NATIONAL RETAIL PROPERTIES INC COM 637417106 1581 71700 SH OTHER 01 0 71700 0 NAVIGATORS GROUP INC COM COM 638904102 3264 60000 SH OTHER 01 0 60000 0 NEUTRAL TANDEM, INC COM 64128B108 2336 129688 SH SOLE 129688 0 0 NEUTRAL TANDEM, INC COM 64128B108 1284 71269 SH OTHER 01 0 71269 0 NOVATEL WIRELESS INC COM NEW COM 66987M604 2137 220787 SH SOLE 220787 0 0 NOVATEL WIRELESS INC COM NEW COM 66987M604 1207 124654 SH OTHER 01 0 124654 0 NUANCE COMMUNICATIONS INC COM 67020Y100 2403 138040 SH SOLE 138040 0 0 NUANCE COMMUNICATIONS INC COM 67020Y100 1300 74680 SH OTHER 01 0 74680 0 OLD DOMINION FGHT LINES INC CO COM 679580100 2059 64690 SH SOLE 64690 0 0 OLD DOMINION FGHT LINES INC CO COM 679580100 1199 37670 SH OTHER 01 0 37670 0 PENN VIRGINIA CORP COM 707882106 1547 35086 SH SOLE 35086 0 0 PENN VIRGINIA CORP COM 707882106 945 21423 SH OTHER 01 0 21423 0 PERRIGO CO COM COM 714290103 2375 62960 SH SOLE 62960 0 0 PERRIGO CO COM COM 714290103 1332 35300 SH OTHER 01 0 35300 0 PHASE FORWARD INC COM COM 71721R406 2099 122874 SH SOLE 122874 0 0
EMERALD MUTUAL FUND ADVISERS, TRUST PAGE 5 FORM 13F INFORMATION TABLE AS OF DATE: 03/31/08
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- PHASE FORWARD INC COM COM 71721R406 1223 71625 SH OTHER 01 0 71625 0 PHILADELPHIA CONS HLDG CORP CO COM 717528103 3910 121422 SH OTHER 01 0 121422 0 PINNACLE FINL PARTNERS INC COM COM 72346Q104 1812 70800 SH OTHER 01 0 70800 0 POWER INTEGRATIONS INC COM COM 739276103 295 10090 SH SOLE 10090 0 0 POWER INTEGRATIONS INC COM COM 739276103 161 5500 SH OTHER 01 0 5500 0 PREFERRED BANK LOS ANGELES COM 740367107 2090 125231 SH OTHER 01 0 125231 0 PRINCETON NATL BANCORP INC COM COM 742282106 1225 41200 SH OTHER 01 0 41200 0 PRIVATEBANCORP INC COM COM 742962103 1111 35300 SH OTHER 01 0 35300 0 PROSPERITY BANCSHARES INC COM COM 743606105 2961 103300 SH SOLE 103300 0 0 PROSPERITY BANCSHARES INC COM COM 743606105 5723 199701 SH OTHER 01 0 199701 0 PSYCHIATRIC SOLUTIONS INC COM COM 74439H108 3827 112830 SH SOLE 112830 0 0 PSYCHIATRIC SOLUTIONS INC COM COM 74439H108 2133 62881 SH OTHER 01 0 62881 0 RAYMOND JAMES FINL INC COM COM 754730109 308 13400 SH OTHER 01 0 13400 0 RTI BIOLOGICS INC COM COM 74975N105 1025 108518 SH SOLE 108518 0 0 RTI BIOLOGICS INC COM COM 74975N105 516 54576 SH OTHER 01 0 54576 0 RUBICON TECHNOLOGY INC COM 78112T107 971 33514 SH SOLE 33514 0 0 RUBICON TECHNOLOGY INC COM 78112T107 536 18504 SH OTHER 01 0 18504 0 SANDERS MORRIS HARRIS GROUP CO COM 80000Q104 178 21755 SH OTHER 01 0 21755 0 SANDY SPRING BANCORP INC CMT-C COM 800363103 242 8800 SH OTHER 01 0 8800 0 SANGAMO BIOSCIENCES INC COM COM 800677106 1494 147090 SH SOLE 147090 0 0 SANGAMO BIOSCIENCES INC COM COM 800677106 893 87890 SH OTHER 01 0 87890 0 SAVVIS INC COM NEW COM 805423308 564 34680 SH SOLE 34680 0 0 SAVVIS INC COM NEW COM 805423308 311 19100 SH OTHER 01 0 19100 0 SBA COMMUNICATIONS CORP CL A COM 78388J106 6503 218010 SH SOLE 218010 0 0 SBA COMMUNICATIONS CORP CL A COM 78388J106 3377 113200 SH OTHER 01 0 113200 0 SEQUENOM INC COM NEW COM 817337405 786 120890 SH SOLE 120890 0 0 SEQUENOM INC COM NEW COM 817337405 461 70950 SH OTHER 01 0 70950 0 SIGNATURE BK NEW YORK N Y COM COM 82669G104 1710 67045 SH OTHER 01 0 67045 0 SIRTRIS PHARMACEUTICALS INC CO COM 82968A105 796 61304 SH SOLE 61304 0 0 SIRTRIS PHARMACEUTICALS INC CO COM 82968A105 480 36945 SH OTHER 01 0 36945 0 SKYWORKS SOLUTIONS INC COM COM 83088M102 1763 242230 SH SOLE 242230 0 0 SKYWORKS SOLUTIONS INC COM COM 83088M102 975 133950 SH OTHER 01 0 133950 0 SMITH & WESSON HLDG CORP COM COM 831756101 1545 307758 SH SOLE 307758 0 0 SMITH & WESSON HLDG CORP COM COM 831756101 876 174410 SH OTHER 01 0 174410 0 SMITHTOWN BANCORP INC COM COM 832449102 3289 157286 SH OTHER 01 0 157286 0 SPECTRANETICS CORP COM COM 84760C107 971 116161 SH SOLE 116161 0 0 SPECTRANETICS CORP COM COM 84760C107 562 67230 SH OTHER 01 0 67230 0 SPSS INC COM COM 78462K102 725 18698 SH SOLE 18698 0 0 SPSS INC COM COM 78462K102 409 10550 SH OTHER 01 0 10550 0 STARLIMS TECHNOLOGIES LTD SHS COM M8484K109 285 40784 SH SOLE 40784 0 0 STARLIMS TECHNOLOGIES LTD SHS COM M8484K109 178 25456 SH OTHER 01 0 25456 0 STELLARONE CORP COM COM 85856G100 728 43063 SH OTHER 01 0 43063 0 STERLING BANCSHARES INC COM COM 858907108 145 14600 SH OTHER 01 0 14600 0 STIFEL FINL CORP COM COM 860630102 3064 68233 SH OTHER 01 0 68233 0 SUCCESSFACTORS INC COM 864596101 1279 131040 SH SOLE 131040 0 0 SUCCESSFACTORS INC COM 864596101 734 75220 SH OTHER 01 0 75220 0 SUPERIOR BANCORP COM COM 86806M106 671 135040 SH OTHER 01 0 135040 0 SVB FINL GROUP COM COM 78486Q101 3968 90925 SH SOLE 90925 0 0 SVB FINL GROUP COM COM 78486Q101 5633 129080 SH OTHER 01 0 129080 0 TASER INTL INC COM COM 87651B104 2284 242971 SH SOLE 242971 0 0 TASER INTL INC COM COM 87651B104 1260 134010 SH OTHER 01 0 134010 0
EMERALD MUTUAL FUND ADVISERS, TRUST PAGE 6 FORM 13F INFORMATION TABLE AS OF DATE: 03/31/08
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- TECHNITROL INC COM COM 878555101 1218 52670 SH SOLE 52670 0 0 TECHNITROL INC COM COM 878555101 696 30090 SH OTHER 01 0 30090 0 TERRA INDS INC COM COM 880915103 1948 54820 SH SOLE 54820 0 0 TERRA INDS INC COM COM 880915103 1085 30550 SH OTHER 01 0 30550 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 2544 150724 SH SOLE 150724 0 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 5798 343489 SH OTHER 01 0 343489 0 THESTREET COM INC COM COM 88368Q103 1472 182184 SH SOLE 182184 0 0 THESTREET COM INC COM COM 88368Q103 2105 260550 SH OTHER 01 0 260550 0 THIRD WAVE TECHNOLOGIES INC CO COM 88428W108 1367 148304 SH SOLE 148304 0 0 THIRD WAVE TECHNOLOGIES INC CO COM 88428W108 792 85927 SH OTHER 01 0 85927 0 THORATEC LABS CORP COM NEW COM 885175307 1440 100760 SH SOLE 100760 0 0 THORATEC LABS CORP COM NEW COM 885175307 857 59950 SH OTHER 01 0 59950 0 TRIUMPH GROUP INC NEW COM COM 896818101 1677 29460 SH SOLE 29460 0 0 TRIUMPH GROUP INC NEW COM COM 896818101 926 16270 SH OTHER 01 0 16270 0 TRIZETTO GROUP INC COM COM 896882107 605 36220 SH SOLE 36220 0 0 TRIZETTO GROUP INC COM COM 896882107 340 20400 SH OTHER 01 0 20400 0 TRUSTMARK CORP COM COM 898402102 205 9200 SH OTHER 01 0 9200 0 ULTA SALON COSMETICS & FRAGR COM 90384S303 1135 80814 SH SOLE 80814 0 0 ULTA SALON COSMETICS & FRAGR COM 90384S303 649 46242 SH OTHER 01 0 46242 0 ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 3979 132370 SH SOLE 132370 0 0 ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 2531 84200 SH OTHER 01 0 84200 0 UNION BANKSHARES CORP COM COM 905399101 293 15127 SH OTHER 01 0 15127 0 UNITED AMERICA INDEMNITY LTD C COM 90933T109 1066 55351 SH SOLE 55351 0 0 UNITED AMERICA INDEMNITY LTD C COM 90933T109 3379 175433 SH OTHER 01 0 175433 0 UNITED CMNTY BKS INC CDT-CAP S COM 90984P105 1055 62152 SH OTHER 01 0 62152 0 UNITED ONLINE INC COM COM 911268100 1635 154810 SH SOLE 154810 0 0 UNITED ONLINE INC COM COM 911268100 974 92240 SH OTHER 01 0 92240 0 URSTADT BIDDLE PPTYS INC CL A COM 917286205 1258 80000 SH OTHER 01 0 80000 0 VALLEY NATL BANCORP COM COM 919794107 476 24800 SH OTHER 01 0 24800 0 VARIAN SEMICONDUCTOR EQUIPTMCO COM 922207105 1180 41932 SH SOLE 41932 0 0 VARIAN SEMICONDUCTOR EQUIPTMCO COM 922207105 652 23160 SH OTHER 01 0 23160 0 VIASAT INC COM COM 92552V100 2589 119180 SH SOLE 119180 0 0 VIASAT INC COM COM 92552V100 1573 72436 SH OTHER 01 0 72436 0 VIRGINIA COMM BANCORP INC COM COM 92778Q109 702 67288 SH SOLE 67288 0 0 VIRGINIA COMM BANCORP INC COM COM 92778Q109 2067 198081 SH OTHER 01 0 198081 0 VOLCANO CORPORATION COM COM 928645100 783 62620 SH SOLE 62620 0 0 VOLCANO CORPORATION COM COM 928645100 448 35823 SH OTHER 01 0 35823 0 VOLTERRA SEMICONDUCTOR CORP CO COM 928708106 1073 94700 SH SOLE 94700 0 0 VOLTERRA SEMICONDUCTOR CORP CO COM 928708106 611 53950 SH OTHER 01 0 53950 0 WABTEC CORPORATION COM 929740108 5193 137880 SH SOLE 137880 0 0 WABTEC CORPORATION COM 929740108 3050 81000 SH OTHER 01 0 81000 0 WADDELL & REED FINL INC CL A COM 930059100 1031 32100 SH OTHER 01 0 32100 0 WASHINGTON TR BANCORP INC COM COM 940610108 720 29000 SH OTHER 01 0 29000 0 WESTFIELD FINL INC COM COM 96008P104 949 97100 SH OTHER 01 0 97100 0 WET SEAL INC CL A COM 961840105 2479 731165 SH SOLE 731165 0 0 WET SEAL INC CL A COM 961840105 1456 429610 SH OTHER 01 0 429610 0 WHITING PETE CORP NEW COM COM 966387102 2752 42572 SH SOLE 42572 0 0 WHITING PETE CORP NEW COM COM 966387102 1517 23466 SH OTHER 01 0 23466 0 WILLBROS GROUP INC COM COM 969199108 2244 73340 SH SOLE 73340 0 0 WILLBROS GROUP INC COM COM 969199108 1008 32950 SH OTHER 01 0 32950 0 WILSHIRE BANCORP INC COM 97186T108 648 84860 SH SOLE 84860 0 0
EMERALD MUTUAL FUND ADVISERS, TRUST PAGE 7 FORM 13F INFORMATION TABLE AS OF DATE: 03/31/08
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- WILSHIRE BANCORP INC COM 97186T108 1833 239962 SH OTHER 01 0 239962 0 WISDOMTREE INVTS INC COM COM 97717P104 101 36100 SH OTHER 01 0 36100 0 WORLD FUEL SVCS CORP COM COM 981475106 1528 54420 SH SOLE 54420 0 0 WORLD FUEL SVCS CORP COM COM 981475106 854 30410 SH OTHER 01 0 30410 0 WSFS FINL CORP COM COM 929328102 202 4100 SH OTHER 01 0 4100 0 LINE COUNT: 311
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