-----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, Kaddtn4to2KBBbTqlHWlioE1gl/xCJeh7FEl3UiUHXcp1rMgu2XZIQkulJOqTps1 hPYtuOwbhlQy5UfJgVUiOg== 0001144204-06-045208.txt : 20061103 0001144204-06-045208.hdr.sgml : 20061103 20061103151650 ACCESSION NUMBER: 0001144204-06-045208 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060930 FILED AS OF DATE: 20061103 DATE AS OF CHANGE: 20061103 EFFECTIVENESS DATE: 20061103 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: 061186542 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 v056446_13f.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, 2006 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 November 3, 2006 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: 219 FORM 13F INFORMATION TABLE VALUE TOTAL: $720,555 (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
EMERALD MUTUAL FUND ADVISERS, TRUST PAGE 1 FORM 13F INFORMATION TABLE AS OF DATE: 09/30/06 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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 24 / 7 REAL MEDIA INC COM 901314203 4054 474729 SH SOLE 474729 0 0 AARON RENTS INC CL B COM 002535201 5920 257600 SH SOLE 257600 0 0 ACCESS NATL CORP COM COM 004337101 969 105000 SH SOLE 105000 0 0 ADVANTA CORP CL B COM 007942204 5384 145900 SH SOLE 145900 0 0 AEROPOSTALE INC COM 007865108 3169 108400 SH SOLE 108400 0 0 AFFILIATED MANAGERS GROUP INCO COM 008252108 6908 69000 SH SOLE 69000 0 0 AIRGAS INC COM COM 009363102 8825 244000 SH SOLE 244000 0 0 ALABAMA NATL BANCORPORATION CO COM 010317105 3952 57905 SH SOLE 57905 0 0 ALLEGHENY TECHNOLOGIES INC COM COM 01741R102 3725 59900 SH SOLE 59900 0 0 ALLSCRIPTS HEALTHCARE SOLUTICO COM 01988P108 7078 314875 SH SOLE 314875 0 0 AMERICAN CAMPUS CMNTYS INC COM COM 024835100 487 19100 SH SOLE 19100 0 0 AMERICAN MED SYS HLDGS INC COM COM 02744M108 4639 251707 SH SOLE 251707 0 0 AMERICAN SCIENCE & ENGR INC CO COM 029429107 2324 47896 SH SOLE 47896 0 0 ANALOGIC CORP COM PAR $0.05 COM 032657207 1442 28092 SH SOLE 28092 0 0 ANSOFT CORP COM COM 036384105 4434 178018 SH SOLE 178018 0 0 ANSYS INC COM COM 03662Q105 5631 127447 SH SOLE 127447 0 0 APPALACHIAN BANCSHARES INC COM COM 037675105 1702 69800 SH SOLE 69800 0 0 ARRIS GROUP INC COM COM 04269Q100 4199 366379 SH SOLE 366379 0 0 ATHEROS COMMUNICATIONS INC COM COM 04743P108 952 52500 SH SOLE 52500 0 0 ATWOOD OCEANICS INC COM COM 050095108 1151 25592 SH SOLE 25592 0 0 BANK OF THE OZARKS INC COM COM 063904106 2545 75154 SH SOLE 75154 0 0 BANKRATE INC COM COM 06646V108 3625 136500 SH SOLE 136500 0 0 BARE ESCENTUALS INC COM 067511105 1436 52900 SH SOLE 52900 0 0 BE AEROSPACE INC COM COM 073302101 7799 369818 SH SOLE 369818 0 0 BEVERLY NATL CORP COM COM 088115100 785 33400 SH SOLE 33400 0 0 BIOVERIS CORP COM COM 090676107 347 36923 SH SOLE 36923 0 0 BIOVERIS CORP MAR 10 OPTION - CALL 0906769CB 35 200 SH CALL SOLE 200 0 0 BLACKBOARD INC COM COM 091935502 7092 267630 SH SOLE 267630 0 0 BROOKE CORP COM COM 112502109 1851 142717 SH SOLE 142717 0 0 C COR ELECTRS INC COM COM 125010108 120 14000 SH SOLE 14000 0 0 CACHE INC COM NEW COM 127150308 2410 134734 SH SOLE 134734 0 0 CALLIDUS SOFTWARE INC COM COM 13123E500 73 15000 SH SOLE 15000 0 0 CAMDEN NATL CORP COM COM 133034108 2508 62400 SH SOLE 62400 0 0 CAPITAL CORPORATION OF THE WES COM 140065202 1639 52840 SH SOLE 52840 0 0 CAPITAL CROSSING BK COM COM 140071101 4089 140504 SH SOLE 140504 0 0 CARDINAL FINL CORP COM COM 14149F109 1370 125000 SH SOLE 125000 0 0 CARDIOME PHARMA CORP COM NEW COM 14159U202 2138 185100 SH SOLE 185100 0 0 CASCADE FINL CORP COM COM 147272108 2408 146927 SH SOLE 146927 0 0 CELGENE CORP COM COM 151020104 204 4700 SH SOLE 4700 0 0 CENTRAL PACIFIC FINANCIAL CORP COM 154760102 4091 111847 SH SOLE 111847 0 0 CERADYNE INC CALIF COM COM 156710105 1886 45911 SH SOLE 45911 0 0 CHRISTOPHER & BANKS CORP COM COM 171046105 3641 123500 SH SOLE 123500 0 0 COBIZ INC COM COM 190897108 1276 55800 SH SOLE 55800 0 0 CODORUS VALLEY BANCORP COM COM 192025104 1762 94413 SH SOLE 94413 0 0 COGNIZANT TECHNLGY SLTNS CORCL COM 192446102 9125 123300 SH SOLE 123300 0 0 COLONIAL BANCGROUP INC COM COM 195493309 5346 218200 SH SOLE 218200 0 0 COMMUNITY BANKS INC COM COM 203628102 5453 203481 SH SOLE 203481 0 0 CROCS INC COM COM 227046109 7768 228800 SH SOLE 228800 0 0 CROCS INC DEC 40 OPTION - CALL 2270469LH 13 100 SH CALL SOLE 100 0 0 CUBIST PHARMACEUTICALS INC COM COM 229678107 6237 286900 SH SOLE 286900 0 0 CUTERA INC COM COM 232109108 1181 44400 SH SOLE 44400 0 0
EMERALD MUTUAL FUND ADVISERS, TRUST PAGE 2 FORM 13F INFORMATION TABLE AS OF DATE: 09/30/06 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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- DEARBORN BANCORP INC COM COM 24242R108 408 17144 SH SOLE 17144 0 0 DESERT CMNTY BK VICTORVIL CACM COM 25037Y109 2371 131080 SH SOLE 131080 0 0 DIAMOND MGMT & TECHNOLOGY COM 25269L106 3496 313789 SH SOLE 313789 0 0 DIGENE CORP COM COM 253752109 4284 99284 SH SOLE 99284 0 0 DIGITAL INSIGHT CORP COM COM 25385P106 9329 318185 SH SOLE 318185 0 0 DJ ORTHOPEDICS INC COM COM 23325G104 3551 85500 SH SOLE 85500 0 0 E TRADE GROUP INC COM COM 269246104 5160 215700 SH SOLE 215700 0 0 EARTHLINK INC COM COM 270321102 1621 222723 SH SOLE 222723 0 0 EAST PENN FINL CORP COM COM 274287101 366 42825 SH SOLE 42825 0 0 EAST WEST BANCORP INC COM COM 27579R104 5675 143273 SH SOLE 143273 0 0 ECLIPSYS CORP COM COM 278856109 2328 130000 SH SOLE 130000 0 0 EMCORE CORP COM COM 290846104 1794 303100 SH SOLE 303100 0 0 ENTEGRIS INC COM COM 29362U104 2579 236400 SH SOLE 236400 0 0 ENTERPRISE FINL SVCS CORP COM COM 293712105 784 25400 SH SOLE 25400 0 0 ENVIRONMENTAL TECTONICS CORPCO COM 294092101 1005 167450 SH SOLE 167450 0 0 ERIE INDTY CO CL A COM 29530P102 1435 27400 SH SOLE 27400 0 0 ESCO TECHNOLOGIES INC COM COM 296315104 7081 153800 SH SOLE 153800 0 0 EVERCORE PARTNERS INC-CL A COM 29977A105 1329 46150 SH SOLE 46150 0 0 EVERGREEN ENERGY INC COM COM 30024B104 2216 207149 SH SOLE 207149 0 0 EXFO ELECTRO-OPTICAL ENGR INSU COM 302043104 910 155500 SH SOLE 155500 0 0 F N B CORP VA COM COM 302930102 1718 47700 SH SOLE 47700 0 0 FAIRCHILD SEMICONDUCTOR INTLCL COM 303726103 3538 189200 SH SOLE 189200 0 0 FIBERTOWER CORP COM 31567R100 534 56500 SH SOLE 56500 0 0 FINISAR CORP COM COM 31787A101 4076 1122800 SH SOLE 1122800 0 0 FIRST ACCEPTANCE CORP COM COM 318457108 1090 94900 SH SOLE 94900 0 0 FIRST REGIONAL BANCORP COM COM 33615C101 4285 125775 SH SOLE 125775 0 0 FIRST SECURITY GROUP INC COM 336312103 2795 242638 SH SOLE 242638 0 0 FIRST ST BANCORPORATION COM COM 336453105 1680 64700 SH SOLE 64700 0 0 FIRST STATE FINANCIAL CORP/F COM 33708M206 548 30900 SH SOLE 30900 0 0 FORMFACTOR INC COM COM 346375108 2123 50403 SH SOLE 50403 0 0 FORWARD AIR CORP COM COM 349853101 6303 190481 SH SOLE 190481 0 0 GATEWAY FINL HLDGS INC COM COM 368140109 2108 147620 SH SOLE 147620 0 0 GEN-PROBE INC NEW COM COM 36866T103 7515 160266 SH SOLE 160266 0 0 GREAT SOUTHN BANCORP COM COM 390905107 1652 58800 SH SOLE 58800 0 0 GSI COMM INC COM COM 36238G102 1134 76400 SH SOLE 76400 0 0 GUARANTY FED BANCSHARES INC CO COM 40108P101 579 20200 SH SOLE 20200 0 0 HEARTLAND FINL USA INC COM COM 42234Q102 2612 101700 SH SOLE 101700 0 0 HELIX ENERGY SOLUTIONS GRP INC COM 42330P107 3995 119612 SH SOLE 119612 0 0 HERCULES OFFSHORE INC COM COM 427093109 4615 148644 SH SOLE 148644 0 0 HERITAGE COMM CORP COM COM 426927109 701 30300 SH SOLE 30300 0 0 HIBBETT SPORTING GOODS INC COM COM 428565105 1705 65116 SH SOLE 65116 0 0 HOLOGIC INC COM 436440101 3551 81600 SH SOLE 81600 0 0 HUB INTERNATIONAL LTD COM COM 44332P101 4896 169300 SH SOLE 169300 0 0 HYPERION SOLUTIONS CORP COM COM 44914M104 2414 70000 SH SOLE 70000 0 0 ICONIX BRAND GROUP INC COM COM 451055107 6141 381412 SH SOLE 381412 0 0 II-VI INC COM COM 902104108 6572 263739 SH SOLE 263739 0 0 IKANOS COMMUNICATIONS INC COM 45173E105 1396 118566 SH SOLE 118566 0 0 INTERNAP NETWORK SERVICES CORP COM 45885A300 2461 161710 SH SOLE 161710 0 0 INTERNATIONAL BANCSHARES CORCO COM 459044103 2145 72275 SH SOLE 72275 0 0 INTERNET CAPITAL GROUP INC (NE COM 46059C205 180 19000 SH SOLE 19000 0 0 INVESTMENT TECHNOLOGY GRP NECO COM 46145F105 680 15200 SH SOLE 15200 0 0
EMERALD MUTUAL FUND ADVISERS, TRUST PAGE 3 FORM 13F INFORMATION TABLE AS OF DATE: 09/30/06 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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- IXIA COM COM 45071R109 4259 477996 SH SOLE 477996 0 0 J2 GLOBAL COMMUNICATONS INC CO COM 46626E205 6977 256800 SH SOLE 256800 0 0 JLG INDS INC COM COM 466210101 3628 183154 SH SOLE 183154 0 0 KENEXA CORP COM COM 488879107 1753 69500 SH SOLE 69500 0 0 KENNAMETAL INC COM COM 489170100 4923 86900 SH SOLE 86900 0 0 KOMAG INC COM NEW COM 500453204 914 28600 SH SOLE 28600 0 0 LAKELAND FINL CORP COM COM 511656100 3396 144461 SH SOLE 144461 0 0 LEESPORT FINL CORP COM COM 524477106 725 31824 SH SOLE 31824 0 0 LEGG MASON INC COM COM 524901105 3187 31600 SH SOLE 31600 0 0 LIFECELL CORP COM COM 531927101 9255 287233 SH SOLE 287233 0 0 LIFETIME BRANDS INC COM COM 53222Q103 1870 100984 SH SOLE 100984 0 0 LIONS GATE ENTMT CORP COM NEW COM 535919203 482 48150 SH SOLE 48150 0 0 MACATAWA BK CORP COM COM 554225102 1971 86098 SH SOLE 86098 0 0 MARVEL ENTERTAINMENT INC COM 57383T103 4538 188000 SH SOLE 188000 0 0 MERCANTILE BANKSHARES CORP COM COM 587405101 2050 56528 SH SOLE 56528 0 0 MERCANTILE BK CORP COM COM 587376104 4207 106363 SH SOLE 106363 0 0 MET PRO CORP COM COM 590876306 1436 109353 SH SOLE 109353 0 0 MICRUS ENDOVASCULAR CORP COM COM 59518V102 2220 171189 SH SOLE 171189 0 0 MID-AMER APT CMNTYS INC COM COM 59522J103 4187 68400 SH SOLE 68400 0 0 MOBILE MINI INC COM COM 60740F105 2574 90600 SH SOLE 90600 0 0 M-SYS FLASH DISK PIONEER LTDOR COM M7061C100 3917 97346 SH SOLE 97346 0 0 NAVIGANT CONSULTING INC COM COM 63935N107 2522 125700 SH SOLE 125700 0 0 NAVIGATORS GROUP INC COM COM 638904102 3298 68700 SH SOLE 68700 0 0 NEOWARE SYS INC COM COM 64065P102 911 67035 SH SOLE 67035 0 0 NETLOGIC MICROSYSTEMS INC COM COM 64118B100 2692 106100 SH SOLE 106100 0 0 NEW CENTRY BANCORP INC DUNN CO COM 64353M100 759 38200 SH SOLE 38200 0 0 NEXITY FINANCIAL CORP COM 65333R200 4301 388890 SH SOLE 388890 0 0 NOVAMED INC DEL COM COM 66986W108 1654 209938 SH SOLE 209938 0 0 NOVATEL WIRELESS INC COM NEW COM 66987M604 810 84100 SH SOLE 84100 0 0 NUCRYST PHARMACEUTICALS CORPCO COM 67035Q100 1007 127591 SH SOLE 127591 0 0 NUTRI SYS INC NEW COM COM 67069D108 12887 206889 SH SOLE 206889 0 0 OAK HILL FINL INC COM COM 671337103 254 10255 SH SOLE 10255 0 0 OLD DOMINION FGHT LINES INC CO COM 679580100 6324 210603 SH SOLE 210603 0 0 OPLINK COMMUNICATIONS INC COM 68375Q403 4020 201200 SH SOLE 201200 0 0 OPNET TECHNOLOGIES INC COM COM 683757108 3190 243297 SH SOLE 243297 0 0 OPSWARE INC COM COM 68383A101 3054 338963 SH SOLE 338963 0 0 PACIFIC PREMIER BANCORP COM COM 69478X105 2251 187600 SH SOLE 187600 0 0 PARAGON TECHNOLOGIES INC COM COM 69912T108 449 72015 SH SOLE 72015 0 0 PARALLEL PETE CORP DEL COM COM 699157103 905 45100 SH SOLE 45100 0 0 PARTNERRE LTD COM COM G6852T105 209 3100 SH SOLE 3100 0 0 PENSON WORLDWIDE INC COM 709600100 1790 99700 SH SOLE 99700 0 0 PFF BANCORP INC COM COM 69331W104 733 19800 SH SOLE 19800 0 0 PHILADELPHIA CONS HLDG CORP CO COM 717528103 5324 133981 SH SOLE 133981 0 0 PINNACLE ENTMT INC COM COM 723456109 2500 88900 SH SOLE 88900 0 0 PINNACLE FINL PARTNERS INC COM COM 72346Q104 3849 107500 SH SOLE 107500 0 0 PREFERRED BANK LOS ANGELES COM 740367107 6642 110754 SH SOLE 110754 0 0 PRIMEDEX HEALTH SYS INC COM COM 74157A103 44 16000 SH SOLE 16000 0 0 PRINCETON NATL BANCORP INC COM COM 742282106 1898 57500 SH SOLE 57500 0 0 PRIVATEBANCORP INC COM COM 742962103 1614 35300 SH SOLE 35300 0 0 PROSPERITY BANCSHARES INC COM COM 743606105 11169 328122 SH SOLE 328122 0 0 PROVIDENCE SVC CORP COM COM 743815102 4083 147975 SH SOLE 147975 0 0
EMERALD MUTUAL FUND ADVISERS, TRUST PAGE 4 FORM 13F INFORMATION TABLE AS OF DATE: 09/30/06 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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- PSYCHIATRIC SOLUTIONS INC COM COM 74439H108 9884 289940 SH SOLE 289940 0 0 PULASKI FINL CORP COM COM 745548107 1427 86300 SH SOLE 86300 0 0 PW EAGLE INC COM COM 69366Y108 3229 107594 SH SOLE 107594 0 0 RAYMOND JAMES FINL INC COM COM 754730109 737 25200 SH SOLE 25200 0 0 REDBACK NETWORKS INC COM NEW COM 757209507 4490 323453 SH SOLE 323453 0 0 SANDERS MORRIS HARRIS GROUP CO COM 80000Q104 955 76300 SH SOLE 76300 0 0 SANDY SPRING BANCORP INC CMT-C COM 800363103 1326 37500 SH SOLE 37500 0 0 SBA COMMUNICATIONS CORP CL A COM 78388J106 4370 179600 SH SOLE 179600 0 0 SEABRIGHT INSURANCE HLDGS INCO COM 811656107 1520 108800 SH SOLE 108800 0 0 SEACOAST BKG CORP FLA COM COM 811707306 5960 197353 SH SOLE 197353 0 0 SECURITY BK CORP COM COM 814047106 3619 160042 SH SOLE 160042 0 0 SEI INVTS CO COM COM 784117103 5304 94400 SH SOLE 94400 0 0 SELECTIVE INS GROUP INC COM COM 816300107 2986 56756 SH SOLE 56756 0 0 SEMITOOL INC COM COM 816909105 3129 302580 SH SOLE 302580 0 0 SIGNATURE BK NEW YORK N Y COM COM 82669G104 1036 33500 SH SOLE 33500 0 0 SIRF TECHNOLOGY HLDGS INC COM COM 82967H101 2474 103113 SH SOLE 103113 0 0 SMITH MICRO SOFTWARE INC COM COM 832154108 5644 392494 SH SOLE 392494 0 0 SMITH & WESSON HLDG CORP COM COM 831756101 5932 427400 SH SOLE 427400 0 0 SMITHTOWN BANCORP INC COM COM 832449102 3952 146442 SH SOLE 146442 0 0 SOUTHWEST BANCORP INC OKLA COM COM 844767103 4303 166638 SH SOLE 166638 0 0 SPECTRANETICS CORP COM COM 84760C107 1498 128000 SH SOLE 128000 0 0 SPSS INC COM COM 78462K102 3675 147424 SH SOLE 147424 0 0 STEIN MART INC COM COM 858375108 1969 129470 SH SOLE 129470 0 0 STERLING FINL CORP COM COM 859317109 5939 270067 SH SOLE 270067 0 0 STIFEL FINL CORP COM COM 860630102 2451 77233 SH SOLE 77233 0 0 SUMMIT BANCSHARES INC TEX COM COM 866011109 4097 145697 SH SOLE 145697 0 0 SUMMIT STATE BANK COM 866264203 921 71600 SH SOLE 71600 0 0 SUPERIOR BANCORP COM COM 86806M106 2112 183674 SH SOLE 183674 0 0 SUPERIOR ENERGY SVCS INC COM COM 868157108 3826 145700 SH SOLE 145700 0 0 SVB FINL GROUP COM COM 78486Q101 2455 55000 SH SOLE 55000 0 0 TASER INTL INC COM COM 87651B104 3065 400191 SH SOLE 400191 0 0 TECHNITROL INC COM COM 878555101 7537 252500 SH SOLE 252500 0 0 TELIK INC COM COM 87959M109 5674 318942 SH SOLE 318942 0 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 9343 499109 SH SOLE 499109 0 0 TEXAS ROADHOUSE INC CL A COM 882681109 1570 127888 SH SOLE 127888 0 0 TEXAS UTD BANCSHARES INC COM COM 882838105 9747 295451 SH SOLE 295451 0 0 THERMOGENESIS CORP COM NEW COM 883623209 1464 378360 SH SOLE 378360 0 0 THESTREET COM INC COM COM 88368Q103 5134 482564 SH SOLE 482564 0 0 THOMAS WEISEL PARTNERS GROUP COM 884481102 2141 133400 SH SOLE 133400 0 0 THQ INC COM NEW COM 872443403 5496 188400 SH SOLE 188400 0 0 TIBCO SOFTWARE INC COM COM 88632Q103 2685 299000 SH SOLE 299000 0 0 TRADESTATION GROUP INC COM COM 89267P105 2802 185900 SH SOLE 185900 0 0 TRAFFIC.COM INC COM 892717109 203 40200 SH SOLE 40200 0 0 UCBH HLDGS INC COM COM 90262T308 2265 129734 SH SOLE 129734 0 0 ULTIMATE SOFTWARE GROUP INC CO COM 90385D107 5059 215000 SH SOLE 215000 0 0 UNION BANKSHARES CORP COM COM 905399101 5320 180039 SH SOLE 180039 0 0 UNITED AMERICA INDEMNITY LTD C COM 90933T109 7874 350435 SH SOLE 350435 0 0 UNITED CMNTY BKS INC CDT-CAP S COM 90984P105 6748 224554 SH SOLE 224554 0 0 UNITED SEC BANCSHARES CALIF CO COM 911460103 348 15450 SH SOLE 15450 0 0 URSTADT BIDDLE PPTYS INC CL A COM 917286205 1490 82000 SH SOLE 82000 0 0 VARIAN SEMICONDUCTOR EQUIPTMCO COM 922207105 3039 82795 SH SOLE 82795 0 0
EMERALD MUTUAL FUND ADVISERS, TRUST PAGE 5 FORM 13F INFORMATION TABLE AS OF DATE: 09/30/06 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 - ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- VEECO INSTRS INC DEL COM COM 922417100 1709 84800 SH SOLE 84800 0 0 VIASAT INC COM COM 92552V100 5772 230136 SH SOLE 230136 0 0 VIASYS HEALTHCARE INC COM NEW COM 92553Q209 1160 42600 SH SOLE 42600 0 0 VIRGINIA COMM BANCORP INC COM COM 92778Q109 4727 212906 SH SOLE 212906 0 0 VIRGINIA FINL CORP COM COM 927810101 2454 89350 SH SOLE 89350 0 0 WABTEC CORPORATION COM 929740108 5844 215400 SH SOLE 215400 0 0 WEBEX INC COM COM 94767L109 4253 109007 SH SOLE 109007 0 0 WESCO INTL INC COM COM 95082P105 9482 163400 SH SOLE 163400 0 0 WEST COAST BANCORP ORE NEW COM COM 952145100 1078 35300 SH SOLE 35300 0 0 WESTERN ALLIANCE BANCORP COM 957638109 2780 84500 SH SOLE 84500 0 0 WET SEAL INC CL A COM 961840105 4869 793045 SH SOLE 793045 0 0 WILSHIRE BANCORP INC COM 97186T108 10940 574605 SH SOLE 574605 0 0 WORLD FUEL SVCS CORP COM COM 981475106 777 19200 SH SOLE 19200 0 0 YARDVILLE NATL BANCORP COM COM 985021104 4175 117073 SH SOLE 117073 0 0 YOUBET COM INC COM COM 987413101 37 10000 SH SOLE 10000 0 0 LINE COUNT: 219
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