-----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, MBv95vQi4EKHdUQyI4cWPJH6mnWmVg9N4vZT00hyxDldmAPbgKrjVUb+x1/kBQ5I ecS/sIe83SN2OUti/2pvtA== 0001144204-08-003896.txt : 20080125 0001144204-08-003896.hdr.sgml : 20080125 20080125060633 ACCESSION NUMBER: 0001144204-08-003896 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20071231 FILED AS OF DATE: 20080125 DATE AS OF CHANGE: 20080125 EFFECTIVENESS DATE: 20080125 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: 08549214 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 v100724_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: December 31, 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 January 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: 323 FORM 13F INFORMATION TABLE VALUE TOTAL: $587,730 (thousands) List of other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state NONE and omit the column headings and list entries.] NO. 13F FILE NUMBER NAME 01 028-12088 FORWARD MANAGEMENT, LLC PAGE 1 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 12/31/07
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 976 122604 SH SOLE 122604 0 0 99 CENTS ONLY STORES COM COM 65440K106 562 70552 SH OTHER 01 0 70552 0 AAR CORP COM COM 000361105 4087 107480 SH SOLE 107480 0 0 AAR CORP COM COM 000361105 2349 61780 SH OTHER 01 0 61780 0 ADVANCED ANALOGIC TECHNOLOGICO COM 00752J108 882 78226 SH SOLE 78226 0 0 ADVANCED ANALOGIC TECHNOLOGICO COM 00752J108 509 45118 SH OTHER 01 0 45118 0 AEROPOSTALE INC COM 007865108 1298 48970 SH SOLE 48970 0 0 AEROPOSTALE INC COM 007865108 746 28150 SH OTHER 01 0 28150 0 AFFILIATED MANAGERS GROUP INCO COM 008252108 4522 38500 SH OTHER 01 0 38500 0 AIRCASTLE LTD COM COM G0129K104 504 19135 SH SOLE 19135 0 0 AIRCASTLE LTD COM COM G0129K104 619 23520 SH OTHER 01 0 23520 0 AIRGAS INC COM COM 009363102 4720 90583 SH SOLE 90583 0 0 AIRGAS INC COM COM 009363102 2724 52273 SH OTHER 01 0 52273 0 AMERICAN CAMPUS CMNTYS INC COM COM 024835100 1291 48100 SH OTHER 01 0 48100 0 AMERICAN MED SYS HLDGS INC COM COM 02744M108 765 52873 SH SOLE 52873 0 0 AMTRUST FINANCIAL SERVICES ICO COM 032359309 1786 129700 SH OTHER 01 0 129700 0 ANADIGICS INC COM COM 032515108 3734 322700 SH SOLE 322700 0 0 ANADIGICS INC COM COM 032515108 2169 187450 SH OTHER 01 0 187450 0 ANALOGIC CORP COM PAR $0.05 COM 032657207 1930 28506 SH SOLE 28506 0 0 ANALOGIC CORP COM PAR $0.05 COM 032657207 1213 17914 SH OTHER 01 0 17914 0 ANSOFT CORP COM COM 036384105 2898 112092 SH SOLE 112092 0 0 ANSOFT CORP COM COM 036384105 1739 67283 SH OTHER 01 0 67283 0 ANSYS INC COM COM 03662Q105 9554 230430 SH SOLE 230430 0 0 ANSYS INC COM COM 03662Q105 5359 129264 SH OTHER 01 0 129264 0 APPLE COMPUTER INC COM 037833100 396 2000 SH OTHER 01 0 2000 0 ARGO GROUP INTL HLDGS LTD COM COM G0464B107 422 10006 SH OTHER 01 0 10006 0 ATHEROS COMMUNICATIONS INC COM COM 04743P108 1883 61650 SH SOLE 61650 0 0 ATHEROS COMMUNICATIONS INC COM COM 04743P108 1132 37050 SH OTHER 01 0 37050 0 BANK OF THE OZARKS INC COM COM 063904106 1659 63319 SH OTHER 01 0 63319 0 BANKRATE INC COM COM 06646V108 2516 52317 SH SOLE 52317 0 0 BANKRATE INC COM COM 06646V108 3128 65047 SH OTHER 01 0 65047 0 BARE ESCENTUALS INC COM 067511105 3987 164420 SH SOLE 164420 0 0 BARE ESCENTUALS INC COM 067511105 2328 96005 SH OTHER 01 0 96005 0 BE AEROSPACE INC COM COM 073302101 8908 168388 SH SOLE 168388 0 0 BE AEROSPACE INC COM COM 073302101 5277 99757 SH OTHER 01 0 99757 0 BIOMARIN PHARMACEUTICAL INC CO COM 09061G101 3181 89850 SH SOLE 89850 0 0 BIOMARIN PHARMACEUTICAL INC CO COM 09061G101 1981 55950 SH OTHER 01 0 55950 0 BIOMIMETIC THERAPEUTICS INC CO COM 09064X101 809 46560 SH SOLE 46560 0 0 BIOMIMETIC THERAPEUTICS INC CO COM 09064X101 482 27740 SH OTHER 01 0 27740 0 BIO-REFERENCE LABS INC COM PAR COM 09057G602 3817 116796 SH SOLE 116796 0 0 BIO-REFERENCE LABS INC COM PAR COM 09057G602 2195 67173 SH OTHER 01 0 67173 0 BLACKBOARD INC COM COM 091935502 5300 131671 SH SOLE 131671 0 0 BLACKBOARD INC COM COM 091935502 3140 78009 SH OTHER 01 0 78009 0 BROCADE COMMUNICATIONS SYS ICO COM 111621306 2997 408350 SH SOLE 408350 0 0 BROCADE COMMUNICATIONS SYS ICO COM 111621306 1730 235680 SH OTHER 01 0 235680 0 BUCYRUS INTL INC NEW CL A COM 118759109 1913 19250 SH SOLE 19250 0 0 BUCYRUS INTL INC NEW CL A COM 118759109 1094 11010 SH OTHER 01 0 11010 0 CAL DIVE INTL INC DEL COM COM 12802T101 672 50750 SH SOLE 50750 0 0 CAL DIVE INTL INC DEL COM COM 12802T101 388 29310 SH OTHER 01 0 29310 0 CALIFORNIA PIZZA KITCHEN INCCO COM 13054D109 698 44800 SH SOLE 44800 0 0 CALIFORNIA PIZZA KITCHEN INCCO COM 13054D109 403 25857 SH OTHER 01 0 25857 0
PAGE 2 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 12/31/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- CAMDEN NATL CORP COM COM 133034108 594 20938 SH OTHER 01 0 20938 0 CARRIZO OIL & GAS INC COM COM 144577103 2607 47613 SH SOLE 47613 0 0 CARRIZO OIL & GAS INC COM COM 144577103 1581 28870 SH OTHER 01 0 28870 0 CASCADE FINL CORP COM COM 147272108 1849 135927 SH OTHER 01 0 135927 0 CASS INFORMATION SYS INC COM COM 14808P109 785 23491 SH OTHER 01 0 23491 0 CEPHEID COM COM 15670R107 5485 208160 SH SOLE 208160 0 0 CEPHEID COM COM 15670R107 3403 129138 SH OTHER 01 0 129138 0 CERADYNE INC CALIF COM COM 156710105 802 17080 SH SOLE 17080 0 0 CERADYNE INC CALIF COM COM 156710105 460 9800 SH OTHER 01 0 9800 0 CHIQUITA BRANDS INTL INC COM COM 170032809 4850 263752 SH SOLE 263752 0 0 CHIQUITA BRANDS INTL INC COM COM 170032809 2911 158281 SH OTHER 01 0 158281 0 COBIZ INC COM COM 190897108 440 29612 SH OTHER 01 0 29612 0 CODORUS VALLEY BANCORP COM COM 192025104 1304 80731 SH OTHER 01 0 80731 0 COGENT COMMUNICATIONS GROUP CO COM 19239V302 1138 47987 SH SOLE 47987 0 0 COGENT COMMUNICATIONS GROUP CO COM 19239V302 656 27680 SH OTHER 01 0 27680 0 CONSTANT CONTACT INC COM 210313102 794 36926 SH SOLE 36926 0 0 CONSTANT CONTACT INC COM 210313102 502 23334 SH OTHER 01 0 23334 0 CROCS INC COM COM 227046109 3603 97880 SH SOLE 97880 0 0 CROCS INC COM COM 227046109 2079 56470 SH OTHER 01 0 56470 0 CULLEN FROST BANKERS INC COM COM 229899109 795 15700 SH OTHER 01 0 15700 0 C&D TECHNOLOGIES INC COM COM 124661109 79 12000 SH OTHER 01 0 12000 0 DAKTRONICS INC COM COM 234264109 2457 108846 SH SOLE 108846 0 0 DAKTRONICS INC COM COM 234264109 1407 62333 SH OTHER 01 0 62333 0 DATA DOMAIN INC COM COM 23767P109 844 32059 SH SOLE 32059 0 0 DATA DOMAIN INC COM COM 23767P109 486 18459 SH OTHER 01 0 18459 0 DEMANDTEC INC COM 24802R506 1789 92744 SH SOLE 92744 0 0 DEMANDTEC INC COM 24802R506 899 46617 SH OTHER 01 0 46617 0 DIODES INC COM COM 254543101 1734 57665 SH SOLE 57665 0 0 DIODES INC COM COM 254543101 1002 33335 SH OTHER 01 0 33335 0 DUFF & PHELPS CORP-CL A COM 26433B107 279 14200 SH OTHER 01 0 14200 0 EAST WEST BANCORP INC COM COM 27579R104 1989 82087 SH OTHER 01 0 82087 0 EMERGENCY MEDICAL SVCS CORP CL COM 29100P102 1632 55750 SH SOLE 55750 0 0 EMERGENCY MEDICAL SVCS CORP CL COM 29100P102 932 31814 SH OTHER 01 0 31814 0 ENCORE BANCSHARES INC COM 29255V201 1377 68900 SH OTHER 01 0 68900 0 ENTERPRISE FINL SVCS CORP COM COM 293712105 546 22946 SH OTHER 01 0 22946 0 ENVIRONMENTAL TECTONICS CORPCO COM 294092101 237 127584 SH OTHER 01 0 127584 0 ERIE INDTY CO CL A COM 29530P102 1219 23483 SH OTHER 01 0 23483 0 EVERGREEN SOLAR INC COM COM 30033R108 898 52000 SH SOLE 52000 0 0 EVERGREEN SOLAR INC COM COM 30033R108 553 32000 SH OTHER 01 0 32000 0 F N B CORP PA COM COM 302520101 513 34900 SH OTHER 01 0 34900 0 F N B CORP VA COM COM 302930102 486 20900 SH OTHER 01 0 20900 0 FEI CO COM COM 30241L109 1191 47960 SH SOLE 47960 0 0 FEI CO COM COM 30241L109 687 27685 SH OTHER 01 0 27685 0 FIRST MERCURY FINANCIAL CORP COM 320841109 2330 95500 SH OTHER 01 0 95500 0 FIRST REGIONAL BANCORP COM COM 33615C101 2741 145081 SH OTHER 01 0 145081 0 FIRST SECURITY GROUP INC COM 336312103 1730 192638 SH OTHER 01 0 192638 0 FLIR SYS INC COM COM 302445101 1916 61210 SH SOLE 61210 0 0 FLIR SYS INC COM COM 302445101 1103 35230 SH OTHER 01 0 35230 0 FORMFACTOR INC COM COM 346375108 2507 75754 SH SOLE 75754 0 0 FORMFACTOR INC COM COM 346375108 1451 43836 SH OTHER 01 0 43836 0 FOUNDRY NETWORKS INC COM 35063R100 1825 104150 SH SOLE 104150 0 0
PAGE 3 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 12/31/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- FOUNDRY NETWORKS INC COM 35063R100 1053 60090 SH OTHER 01 0 60090 0 FTI CONSULTING INC COM COM 302941109 1917 31092 SH SOLE 31092 0 0 FTI CONSULTING INC COM COM 302941109 1099 17826 SH OTHER 01 0 17826 0 FUQI INTERNATIONAL INC COM 36102A207 282 33930 SH SOLE 33930 0 0 FUQI INTERNATIONAL INC COM 36102A207 164 19705 SH OTHER 01 0 19705 0 GATEWAY FINL HLDGS INC COM COM 368140109 1169 98024 SH OTHER 01 0 98024 0 GEN-PROBE INC NEW COM COM 36866T103 6368 101187 SH SOLE 101187 0 0 GEN-PROBE INC NEW COM COM 36866T103 3793 60279 SH OTHER 01 0 60279 0 GEO GROUP INC COM 36159R103 2612 93300 SH SOLE 93300 0 0 GEO GROUP INC COM 36159R103 1025 36600 SH OTHER 01 0 36600 0 GOOGLE INC CL A COM 38259P508 207 300 SH OTHER 01 0 300 0 GREAT SOUTHN BANCORP COM COM 390905107 769 35000 SH OTHER 01 0 35000 0 GREIF BROS CORP COM 397624107 920 14080 SH SOLE 14080 0 0 GREIF BROS CORP COM 397624107 530 8110 SH OTHER 01 0 8110 0 GUARANTY FED BANCSHARES INC CO COM 40108P101 345 12000 SH OTHER 01 0 12000 0 HARLEYSVILLE NATL CORP PA COM COM 412850109 489 33533 SH OTHER 01 0 33533 0 HARMONIC INC COM COM 413160102 790 75350 SH SOLE 75350 0 0 HARMONIC INC COM COM 413160102 454 43300 SH OTHER 01 0 43300 0 HCC INS HLDGS INC COM COM 404132102 869 30300 SH OTHER 01 0 30300 0 HEALTH BENEFITS DIRECT CORP CO COM 42220V107 56 30000 SH OTHER 01 0 30000 0 HEARTLAND FINL USA INC COM COM 42234Q102 1127 60700 SH OTHER 01 0 60700 0 HERSHA HOSPITALITY TR PRIORITY COM 427825104 851 89605 SH OTHER 01 0 89605 0 HIBBETT SPORTS INC COM COM 428567101 657 32902 SH SOLE 32902 0 0 HIBBETT SPORTS INC COM COM 428567101 381 19064 SH OTHER 01 0 19064 0 HOLOGIC INC COM 436440101 4463 65024 SH SOLE 65024 0 0 HOLOGIC INC COM 436440101 2623 38218 SH OTHER 01 0 38218 0 HORNBECK OFFSHORE SVCS INC NCO COM 440543106 2246 49956 SH SOLE 49956 0 0 HORNBECK OFFSHORE SVCS INC NCO COM 440543106 1295 28803 SH OTHER 01 0 28803 0 HURON CONSULTING GROUP INC COM COM 447462102 2100 26050 SH SOLE 26050 0 0 HURON CONSULTING GROUP INC COM COM 447462102 1093 13550 SH OTHER 01 0 13550 0 ICONIX BRAND GROUP INC COM COM 451055107 5035 256106 SH SOLE 256106 0 0 ICONIX BRAND GROUP INC COM COM 451055107 3144 159906 SH OTHER 01 0 159906 0 II-VI INC COM COM 902104108 5330 174470 SH SOLE 174470 0 0 II-VI INC COM COM 902104108 3169 103729 SH OTHER 01 0 103729 0 ILLUMINA INC COM COM 452327109 1007 17000 SH SOLE 17000 0 0 ILLUMINA INC COM COM 452327109 640 10800 SH OTHER 01 0 10800 0 IMMUCOR INC COM COM 452526106 941 27680 SH SOLE 27680 0 0 IMMUCOR INC COM COM 452526106 542 15950 SH OTHER 01 0 15950 0 INTEGRA LIFESCIENCES HLDG COCO COM 457985208 1608 38350 SH SOLE 38350 0 0 INTEGRA LIFESCIENCES HLDG COCO COM 457985208 763 18200 SH OTHER 01 0 18200 0 INTERNATIONAL BANCSHARES CORCO COM 459044103 942 45000 SH OTHER 01 0 45000 0 INTERNET CAP GROUP JAN 12.500 OPTION - CALL 46059C9AV 4 110 SH CALL OTHER 01 0 110 0 INTERNET CAPITAL GROUP INC (NE COM 46059C205 2577 219491 SH SOLE 219491 0 0 INTERNET CAPITAL GROUP INC (NE COM 46059C205 1679 143001 SH OTHER 01 0 143001 0 INVESTMENT TECHNOLOGY GRP NECO COM 46145F105 1428 30000 SH OTHER 01 0 30000 0 IRIS INTL INC COM COM 46270W105 1735 88432 SH SOLE 88432 0 0 IRIS INTL INC COM COM 46270W105 1001 51041 SH OTHER 01 0 51041 0 ITRON INC COM COM 465741106 1724 17960 SH SOLE 17960 0 0 ITRON INC COM COM 465741106 994 10360 SH OTHER 01 0 10360 0 IXIA COM COM 45071R109 3157 333040 SH SOLE 333040 0 0 IXIA COM COM 45071R109 1402 147896 SH OTHER 01 0 147896 0
PAGE 4 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 12/31/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- J2 GLOBAL COMMUNICATONS INC CO COM 46626E205 855 40400 SH SOLE 40400 0 0 J2 GLOBAL COMMUNICATONS INC CO COM 46626E205 529 25000 SH OTHER 01 0 25000 0 K12 INC COM 48273U102 228 8800 SH SOLE 8800 0 0 K12 INC COM 48273U102 132 5100 SH OTHER 01 0 5100 0 KBW INC COM 482423100 435 17000 SH OTHER 01 0 17000 0 KENNAMETAL INC COM COM 489170100 3199 84500 SH SOLE 84500 0 0 KENNAMETAL INC COM COM 489170100 1838 48550 SH OTHER 01 0 48550 0 LADISH INC COM NEW COM 505754200 3965 91810 SH SOLE 91810 0 0 LADISH INC COM NEW COM 505754200 2294 53111 SH OTHER 01 0 53111 0 LAKELAND FINL CORP COM COM 511656100 677 32396 SH OTHER 01 0 32396 0 LAWSON SOFTWARE INC NEW COM COM 52078P102 825 80600 SH SOLE 80600 0 0 LAWSON SOFTWARE INC NEW COM COM 52078P102 539 52600 SH OTHER 01 0 52600 0 LIFECELL CORP COM COM 531927101 6923 160595 SH SOLE 160595 0 0 LIFECELL CORP COM COM 531927101 4047 93868 SH OTHER 01 0 93868 0 LOOPNET INC COM 543524300 2907 206874 SH SOLE 206874 0 0 LOOPNET INC COM 543524300 1744 124120 SH OTHER 01 0 124120 0 MARVEL ENTERTAINMENT INC COM 57383T103 5126 191900 SH SOLE 191900 0 0 MARVEL ENTERTAINMENT INC COM 57383T103 3463 129650 SH OTHER 01 0 129650 0 MEADOWBROOK INS GROUP INC COM COM 58319P108 624 66300 SH OTHER 01 0 66300 0 MERCER INS GROUP INC COM COM 587902107 1088 60630 SH OTHER 01 0 60630 0 MET PRO CORP COM COM 590876306 513 42677 SH OTHER 01 0 42677 0 METROCORP BANCSHARES INC COM COM 591650106 1925 148078 SH OTHER 01 0 148078 0 MICROS SYS INC COM COM 594901100 4421 63016 SH SOLE 63016 0 0 MICROS SYS INC COM COM 594901100 2618 37320 SH OTHER 01 0 37320 0 MICROSEMI CORP COM COM 595137100 4733 213756 SH SOLE 213756 0 0 MICROSEMI CORP COM COM 595137100 2735 123533 SH OTHER 01 0 123533 0 MICRUS ENDOVASCULAR CORP COM COM 59518V102 2134 108449 SH SOLE 108449 0 0 MICRUS ENDOVASCULAR CORP COM COM 59518V102 1306 66350 SH OTHER 01 0 66350 0 MITCHAM INDS INC COM COM 606501104 1271 61800 SH SOLE 61800 0 0 MITCHAM INDS INC COM COM 606501104 794 38610 SH OTHER 01 0 38610 0 MOLDFLOW CORP COM COM 608507109 1505 93440 SH SOLE 93440 0 0 MOLDFLOW CORP COM COM 608507109 953 59185 SH OTHER 01 0 59185 0 MYRIAD GENETICS INC COM COM 62855J104 4579 98642 SH SOLE 98642 0 0 MYRIAD GENETICS INC COM COM 62855J104 2734 58904 SH OTHER 01 0 58904 0 NATIONAL RETAIL PROPERTIES INC COM 637417106 1090 46600 SH OTHER 01 0 46600 0 NAVIGATORS GROUP INC COM COM 638904102 3900 60000 SH OTHER 01 0 60000 0 NEUTRAL TANDEM, INC COM 64128B108 793 41670 SH SOLE 41670 0 0 NEUTRAL TANDEM, INC COM 64128B108 458 24065 SH OTHER 01 0 24065 0 NOVATEL WIRELESS INC COM NEW COM 66987M604 2932 180990 SH SOLE 180990 0 0 NOVATEL WIRELESS INC COM NEW COM 66987M604 1716 105954 SH OTHER 01 0 105954 0 NUANCE COMMUNICATIONS INC COM 67020Y100 2418 129430 SH SOLE 129430 0 0 NUANCE COMMUNICATIONS INC COM 67020Y100 1395 74680 SH OTHER 01 0 74680 0 NUTRI SYS INC NEW COM COM 67069D108 1539 57029 SH SOLE 57029 0 0 NUTRI SYS INC NEW COM COM 67069D108 969 35900 SH OTHER 01 0 35900 0 NUVASIVE INC COM COM 670704105 1301 32910 SH SOLE 32910 0 0 NUVASIVE INC COM COM 670704105 751 19005 SH OTHER 01 0 19005 0 ON SEMICONDUCTOR CORP COM COM 682189105 3204 360790 SH SOLE 360790 0 0 ON SEMICONDUCTOR CORP COM COM 682189105 1849 208200 SH OTHER 01 0 208200 0 PENN VIRGINIA CORP COM 707882106 1543 35356 SH SOLE 35356 0 0 PENN VIRGINIA CORP COM 707882106 957 21923 SH OTHER 01 0 21923 0 PHASE FORWARD INC COM COM 71721R406 4725 217224 SH SOLE 217224 0 0
PAGE 5 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 12/31/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- PHASE FORWARD INC COM COM 71721R406 2771 127395 SH OTHER 01 0 127395 0 PHILADELPHIA CONS HLDG CORP CO COM 717528103 4825 122622 SH OTHER 01 0 122622 0 PINNACLE ENTMT INC COM COM 723456109 872 37000 SH SOLE 37000 0 0 PINNACLE ENTMT INC COM COM 723456109 525 22300 SH OTHER 01 0 22300 0 PINNACLE FINL PARTNERS INC COM COM 72346Q104 1246 49000 SH OTHER 01 0 49000 0 POLYCOM INC COM COM 73172K104 2961 106574 SH SOLE 106574 0 0 POLYCOM INC COM COM 73172K104 1702 61267 SH OTHER 01 0 61267 0 PREFERRED BANK LOS ANGELES COM 740367107 3490 134131 SH OTHER 01 0 134131 0 PRINCETON NATL BANCORP INC COM COM 742282106 1273 52500 SH OTHER 01 0 52500 0 PRIVATEBANCORP INC COM COM 742962103 1120 34300 SH OTHER 01 0 34300 0 PROSPERITY BANCSHARES INC COM COM 743606105 3059 104100 SH SOLE 104100 0 0 PROSPERITY BANCSHARES INC COM COM 743606105 7108 241838 SH OTHER 01 0 241838 0 PSYCHIATRIC SOLUTIONS INC COM COM 74439H108 5739 176576 SH SOLE 176576 0 0 PSYCHIATRIC SOLUTIONS INC COM COM 74439H108 3336 102644 SH OTHER 01 0 102644 0 RAYMOND JAMES FINL INC COM COM 754730109 611 18700 SH OTHER 01 0 18700 0 SANDERS MORRIS HARRIS GROUP CO COM 80000Q104 411 40093 SH OTHER 01 0 40093 0 SANGAMO BIOSCIENCES INC COM COM 800677106 992 76180 SH SOLE 76180 0 0 SANGAMO BIOSCIENCES INC COM COM 800677106 638 48990 SH OTHER 01 0 48990 0 SAVVIS INC COM NEW COM 805423308 1659 59430 SH SOLE 59430 0 0 SAVVIS INC COM NEW COM 805423308 958 34340 SH OTHER 01 0 34340 0 SBA COMMUNICATIONS CORP CL A COM 78388J106 4579 135300 SH SOLE 135300 0 0 SBA COMMUNICATIONS CORP CL A COM 78388J106 2700 79800 SH OTHER 01 0 79800 0 SEABRIGHT INSURANCE HLDGS INCO COM 811656107 302 20000 SH OTHER 01 0 20000 0 SEQUENOM INC COM NEW COM 817337405 510 53450 SH SOLE 53450 0 0 SEQUENOM INC COM NEW COM 817337405 314 32850 SH OTHER 01 0 32850 0 SHORETEL INC COM COM 825211105 1250 89448 SH SOLE 89448 0 0 SHORETEL INC COM COM 825211105 718 51380 SH OTHER 01 0 51380 0 SIGNATURE BK NEW YORK N Y COM COM 82669G104 2263 67045 SH OTHER 01 0 67045 0 SIRF TECHNOLOGY HLDGS INC COM COM 82967H101 802 31900 SH SOLE 31900 0 0 SIRF TECHNOLOGY HLDGS INC COM COM 82967H101 465 18500 SH OTHER 01 0 18500 0 SKYWORKS SOLUTIONS INC COM COM 83088M102 2471 290660 SH SOLE 290660 0 0 SKYWORKS SOLUTIONS INC COM COM 83088M102 1423 167450 SH OTHER 01 0 167450 0 SMITH MICRO SOFTWARE INC COM COM 832154108 1185 139904 SH SOLE 139904 0 0 SMITH MICRO SOFTWARE INC COM COM 832154108 684 80740 SH OTHER 01 0 80740 0 SMITH & WESSON HLDG CORP COM COM 831756101 1677 274948 SH SOLE 274948 0 0 SMITH & WESSON HLDG CORP COM COM 831756101 971 159210 SH OTHER 01 0 159210 0 SMITH & WESSON HLDG MAR 12.500 OPTION - CALL 8317569CV 1 100 SH CALL OTHER 01 0 100 0 SMITHTOWN BANCORP INC COM COM 832449102 2967 133886 SH OTHER 01 0 133886 0 SOUTHWEST BANCORP INC OKLA COM COM 844767103 903 49289 SH OTHER 01 0 49289 0 SPECTRANETICS CORP COM COM 84760C107 2107 137411 SH SOLE 137411 0 0 SPECTRANETICS CORP COM COM 84760C107 1215 79230 SH OTHER 01 0 79230 0 SPSS INC COM COM 78462K102 1729 48138 SH SOLE 48138 0 0 SPSS INC COM COM 78462K102 1007 28050 SH OTHER 01 0 28050 0 STARLIMS TECHNOLOGIES LTD SHS COM M8484K109 420 39594 SH SOLE 39594 0 0 STARLIMS TECHNOLOGIES LTD SHS COM M8484K109 263 24856 SH OTHER 01 0 24856 0 STIFEL FINL CORP COM COM 860630102 3587 68233 SH OTHER 01 0 68233 0 STRAYER ED INC COM COM 863236105 1349 7908 SH SOLE 7908 0 0 STRAYER ED INC COM COM 863236105 782 4583 SH OTHER 01 0 4583 0 SUCCESSFACTORS INC COM 864596101 864 73120 SH SOLE 73120 0 0 SUCCESSFACTORS INC COM 864596101 497 42060 SH OTHER 01 0 42060 0 SUPERIOR BANCORP COM COM 86806M106 1235 230074 SH OTHER 01 0 230074 0
PAGE 6 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 12/31/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- SUPERTEX INC COM COM 868532102 2761 88231 SH SOLE 88231 0 0 SUPERTEX INC COM COM 868532102 1593 50920 SH OTHER 01 0 50920 0 SVB FINL GROUP COM COM 78486Q101 4618 91635 SH SOLE 91635 0 0 SVB FINL GROUP COM COM 78486Q101 7186 142580 SH OTHER 01 0 142580 0 TASER INTL INC COM COM 87651B104 4320 300211 SH SOLE 300211 0 0 TASER INTL INC COM COM 87651B104 2493 173260 SH OTHER 01 0 173260 0 TECHNITROL INC COM COM 878555101 2715 95000 SH SOLE 95000 0 0 TECHNITROL INC COM COM 878555101 1603 56100 SH OTHER 01 0 56100 0 TEMPUR-PEDIC INTL INC COM COM 88023U101 509 19610 SH SOLE 19610 0 0 TEMPUR-PEDIC INTL INC COM COM 88023U101 293 11300 SH OTHER 01 0 11300 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 2772 151894 SH SOLE 151894 0 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 6135 336149 SH OTHER 01 0 336149 0 THESTREET COM INC COM COM 88368Q103 2923 183584 SH SOLE 183584 0 0 THESTREET COM INC COM COM 88368Q103 5132 322350 SH OTHER 01 0 322350 0 THIRD WAVE TECHNOLOGIES INC CO COM 88428W108 1674 173454 SH SOLE 173454 0 0 THIRD WAVE TECHNOLOGIES INC CO COM 88428W108 1020 105677 SH OTHER 01 0 105677 0 THORATEC LABS CORP COM NEW COM 885175307 983 54030 SH SOLE 54030 0 0 THORATEC LABS CORP COM NEW COM 885175307 634 34850 SH OTHER 01 0 34850 0 TIME WARNER TELECOM INC CL A COM 887319101 2540 125190 SH SOLE 125190 0 0 TIME WARNER TELECOM INC CL A COM 887319101 1463 72100 SH OTHER 01 0 72100 0 TRANS1 INC COM 89385X105 623 37843 SH SOLE 37843 0 0 TRANS1 INC COM 89385X105 354 21474 SH OTHER 01 0 21474 0 TRIUMPH GROUP INC NEW COM COM 896818101 4855 58950 SH SOLE 58950 0 0 TRIUMPH GROUP INC NEW COM COM 896818101 2792 33900 SH OTHER 01 0 33900 0 TUTOGEN MEDICAL INC COM COM 901107102 936 89596 SH SOLE 89596 0 0 TUTOGEN MEDICAL INC COM COM 901107102 539 51553 SH OTHER 01 0 51553 0 UCN INC COM COM 902636109 45 10000 SH OTHER 01 0 10000 0 ULTA SALON COSMETICS & FRAGR COM 90384S303 809 47184 SH SOLE 47184 0 0 ULTA SALON COSMETICS & FRAGR COM 90384S303 465 27132 SH OTHER 01 0 27132 0 ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 4198 133400 SH SOLE 133400 0 0 ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 2650 84200 SH OTHER 01 0 84200 0 UNION BANKSHARES CORP COM COM 905399101 421 19927 SH OTHER 01 0 19927 0 UNITED AMERICA INDEMNITY LTD C COM 90933T109 1111 55781 SH SOLE 55781 0 0 UNITED AMERICA INDEMNITY LTD C COM 90933T109 4949 248448 SH OTHER 01 0 248448 0 UNITED CMNTY BKS INC CDT-CAP S COM 90984P105 800 50652 SH OTHER 01 0 50652 0 UNITED NAT FOODS INC COM COM 911163103 477 15050 SH SOLE 15050 0 0 UNITED NAT FOODS INC COM COM 911163103 276 8700 SH OTHER 01 0 8700 0 UNITED ONLINE INC COM COM 911268100 1844 156010 SH SOLE 156010 0 0 UNITED ONLINE INC COM COM 911268100 1126 95240 SH OTHER 01 0 95240 0 URSTADT BIDDLE PPTYS INC CL A COM 917286205 1240 80000 SH OTHER 01 0 80000 0 VARIAN SEMICONDUCTOR EQUIPTMCO COM 922207105 706 19092 SH SOLE 19092 0 0 VARIAN SEMICONDUCTOR EQUIPTMCO COM 922207105 407 11000 SH OTHER 01 0 11000 0 VIASAT INC COM COM 92552V100 4135 120100 SH SOLE 120100 0 0 VIASAT INC COM COM 92552V100 2494 72436 SH OTHER 01 0 72436 0 VIRGINIA COMM BANCORP INC COM COM 92778Q109 977 83301 SH SOLE 83301 0 0 VIRGINIA COMM BANCORP INC COM COM 92778Q109 2833 241557 SH OTHER 01 0 241557 0 VIRGINIA FINL CORP COM COM 927810101 338 22728 SH OTHER 01 0 22728 0 VOLCANO CORPORATION COM COM 928645100 1086 86790 SH SOLE 86790 0 0 VOLCANO CORPORATION COM COM 928645100 627 50113 SH OTHER 01 0 50113 0 VOLTERRA SEMICONDUCTOR CORP CO COM 928708106 908 82350 SH SOLE 82350 0 0 VOLTERRA SEMICONDUCTOR CORP CO COM 928708106 524 47530 SH OTHER 01 0 47530 0
PAGE 7 EMERALD MUTUAL FUND ADVISERS, TRUST FORM 13F INFORMATION TABLE AS OF DATE: 12/31/07
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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- WABTEC CORPORATION COM 929740108 4722 137100 SH SOLE 137100 0 0 WABTEC CORPORATION COM 929740108 2790 81000 SH OTHER 01 0 81000 0 WADDELL & REED FINL INC CL A COM 930059100 1158 32100 SH OTHER 01 0 32100 0 WESTFIELD FINL INC COM COM 96008P104 360 37100 SH OTHER 01 0 37100 0 WET SEAL INC CL A COM 961840105 1437 616745 SH SOLE 616745 0 0 WET SEAL INC CL A COM 961840105 832 357010 SH OTHER 01 0 357010 0 WHITING PETE CORP NEW COM COM 966387102 1330 23062 SH SOLE 23062 0 0 WHITING PETE CORP NEW COM COM 966387102 765 13266 SH OTHER 01 0 13266 0 WILLBROS GROUP INC COM COM 969199108 1606 41950 SH SOLE 41950 0 0 WILLBROS GROUP INC COM COM 969199108 923 24100 SH OTHER 01 0 24100 0 WILSHIRE BANCORP INC COM 97186T108 633 80700 SH SOLE 80700 0 0 WILSHIRE BANCORP INC COM 97186T108 1584 201806 SH OTHER 01 0 201806 0 WISDOMTREE INVTS INC COM COM 97717P104 97 35100 SH OTHER 01 0 35100 0 WORLD FUEL SVCS CORP COM COM 981475106 1273 43840 SH SOLE 43840 0 0 WORLD FUEL SVCS CORP COM COM 981475106 732 25210 SH OTHER 01 0 25210 0 ZUMIEZ INC COM COM 989817101 903 37080 SH SOLE 37080 0 0 ZUMIEZ INC COM COM 989817101 520 21360 SH OTHER 01 0 21360 0
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