13F-HR 1 swift13f_033107.txt FORM 13F-HR 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, 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: Swiftwater Capital Management, LP --------------------------------- Address: 856 South Pleasantburg Drive ---------------------------- Greenville, South Carolina 29607 -------------------------------- Form 13F File Number: 28-__________ 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: Stephen A. DePiero ----------------------- Title: Chief Financial Officer ----------------------- Phone: (864) 990-3233 ----------------------- Signature, Place, and Date of Signing: /s/ STEPHEN A. DEPIERO Greenville, SC May 11, 2007 ------------------------------ ------------------------ -------------------- [Signature] [City, State] [Date] 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: [If there are no entries in this list, omit this section.] Form 13F File Number Name 28- ----------------- --------------------------------------- [Repeat as necessary.] FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 -------------------------- Form 13F Information Table Entry Total: 52 --------------------------- Form 13F Information Table Value Total: $163,393 --------------------------- (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. Form 13F File Number Name NONE ------ ------------------------------------------------------

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- --------- -------- -------------------- ---------- -------- --------------------- TITLE OF VALUE SHRS OR SH / PUT / INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER ~~TITLE OF~~ CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- --------~~------~~ --------- -------- ------- --- ---- ---------- -------- ------ ------ ---- ACCREDITED HOME LENDRS HLDG COM 00437P107 563 60700 SH SOLE 60700 ACUSPHERE INC COM 00511R870 ~~553~~684 ~~226500~~248000 SH SOLE ~~226500~~248000 AMERICAN HOME MTG INVT CORP COM 02660R107 1061 39300 SH SOLE 39300 AMERICAN INTL GROUP INC COM 026874107 ~~774~~726 10800 SH SOLE 10800 ARQULE INC COM 04269E107 ~~355~~224 ~~60000~~30000 SH SOLE ~~60000~~30000 ASPREVA PHARMACEUTICALS CORP COM 04538T109 ~~1016~~431 ~~49500~~20000 SH SOLE ~~49500~~20000 AVI BIOPHARMA INC COM 002346104 ~~611~~686 ~~192000~~256000 SH SOLE ~~192000~~256000 BEARINGPOINT INC COM 074002106 207 27000 SH SOLE 27000 BERKSHIRE HATHAWAY INC DEL CL B 084670207 ~~1305~~1296 356 SH SOLE 356 BIOCRYST PHARMACEUTICALS COM 09058V103 193 23000 SH SOLE 23000 BOFI HLDG INC COM 05566U108 ~~272~~484 ~~39186~~68000 SH SOLE ~~39186~~68000 BORDERS GROUP INC COM 099709107 927 45400 SH SOLE 45400 BOSTON SCIENTIFIC CORP COM 101137107 ~~953~~582 ~~55500~~40000 SH SOLE ~~55500~~40000 ~~CAVALIER~~BRONCO ~~HOMES~~DRILLING CO INC COM ~~149507105~~112211107 ~~146~~345 ~~35000~~20800 SH SOLE ~~35000~~20800 CELL GENESYS INC COM 150921104 ~~434~~947 ~~128000~~225371 SH SOLE ~~128000~~225371 CHESAPEAKE ENERGY CORP COM 165167107 ~~581~~1235 ~~20000~~40000 SH SOLE ~~20000~~40000 ~~CITIGROUP~~COLEY ~~INC~~PHARMACEUTICAL GROUP I COM ~~172967101~~19388P106 ~~2947~~594 ~~52900~~62000 SH ~~CALL~~ SOLE 062000 ~~COTHERIX~~COMBINATORX INC COM ~~22163T103~~20010A103 ~~432~~377 ~~32000~~54000 SH SOLE ~~32000~~54000 CVCOMPUCREDIT ~~THERAPEUTICS~~CORP ~~INC~~ COM ~~126667104~~20478N100 ~~377~~721 ~~27000~~23100 SH SOLE ~~27000~~23100 DISCOVERY HOLDING CO CL A COM 25468Y107 ~~611~~727 38000 SH SOLE 38000 DURECT CORP COM 266605104 431 103700 SH SOLE 103700 ENDURANCE SPECIALTY HLDGS LT SHS G30397106 ~~366~~357 10000 SH SOLE 10000 FORBES MEDI-TECH INC COM 344907100 277 362000 SH SOLE 362000 GENVEC INC COM 37246C109 ~~370~~444 154000 SH SOLE 154000 HOME DEPOT INC COM 437076102 ~~27316~~22816 ~~680200~~621000 SH CALL SOLE 0 IDENIX PHARMACEUTICALS INC COM 45166R204 ~~522~~437 ~~60100~~59801 SH SOLE ~~60100~~59801 INDYMAC BANCORP INC COM 456607100 849 26500 SH SOLE 26500 IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 ~~820~~737 ~~48500~~38500 SH SOLE ~~48500~~38500 I-TRAX INC COM NEW 45069D203 ~~547~~699 176600 SH SOLE 176600 ~~LAWSON SOFTWARE INC NEW COM 52078P102 333 45000 SH SOLE 45000~~ LEARNING TREE INTL INC COM 522015106 ~~340~~430 38297 SH SOLE 38297 ~~LESCO INC OHIO COM 526872106 729 84328 SH SOLE 84328 LIBERTY MEDIA HLDG CORP INT COM SER A 53071M104 593 27500 SH SOLE 27500~~ MOMENTA PHARMACEUTICALS INC COM 60877T100 ~~371~~1109 ~~23600~~85600 SH SOLE ~~23600~~85600 ~~MRV COMMUNICATIONS INC COM 553477100 478 135000 SH SOLE 135000 NATIONAL ATLANTIC HLDGS CORP COM 63253Y107 482 41300 SH SOLE 41300~~ NEVADA GOLD & CASINOS INC COM NEW 64126Q206 ~~591~~717 ~~156000~~356600 SH SOLE ~~156000~~356600 NGP CAP RES CO COM 62912R107 ~~402~~379 24000 SH SOLE 24000 NICHOLAS FINANCIAL INC COM NEW 65373J209 ~~124~~123 ~~10494~~10994 SH SOLE ~~10494~~10994 NOKIA CORP SPONSORED ADR 654902204 ~~803~~458 ~~39500~~20000 SH SOLE ~~39500~~20000 NOKIA CORP SPONSORED ADR 654902204 ~~9329~~8203 ~~459100~~357900 SH CALL SOLE 0 ~~NPS PHARMACEUTICALS INC COM 62936P103 227 50000 SH SOLE 50000~~ NUVELO INC COM NEW 67072M301 ~~260~~208 ~~65000~~56400 SH SOLE ~~65000~~56400 OXIGENE INC COM 691828107 ~~539~~594 ~~112200~~155000 SH SOLE ~~112200~~155000 PFIZER INC COM 717081103 ~~6667~~1632 ~~257400~~64600 SH CALL SOLE 0 PHARMION CORP COM 71715B409 ~~311~~263 ~~12100~~10000 SH SOLE ~~12100~~10000 PINNACLE AIRL CORP COM 723443107 ~~1668~~697 ~~99019~~40300 SH SOLE ~~99019~~40300 ~~SCICLONE~~POINT ~~PHARMACEUTICALS~~THERAPEUTICS INC COM ~~80862K104~~730694106 ~~188~~195 ~~58440~~500000 SH SOLE ~~58440~~500000 ~~SPECTRUM~~ROCKWELL ~~PHARMACEUTICALS~~MEDICAL ~~INC~~TECH COM ~~84763A108~~774374102 ~~376~~425 ~~68000~~62500 SH SOLE ~~68000~~62500 ~~SPRINT~~SCICLONE ~~NEXTEL~~PHARMACEUTICALS ~~CORP~~INC COM ~~FON~~80862K104 ~~852061100~~232 ~~1039~~85000 ~~55000~~ SH SOLE ~~55000~~85000 ~~SPRINT~~SPECTRUM ~~NEXTEL~~PHARMACEUTICALS ~~CORP~~INC COM ~~FON~~84763A108 ~~852061100~~426 ~~14940~~68000 ~~790800~~ SH ~~CALL~~ SOLE 068000 ~~TYCO~~SPRINT ~~INTL~~NEXTEL ~~LTD~~CORP ~~NEW~~ COM ~~902124106~~FON ~~866~~852061100 ~~28500~~284 SH15000 ~~SOLE 28500 TYCO INTL LTD NEW COM 902124106 2447 80500~~ SH ~~CALL~~ SOLE ~~0 WAL MART STORES INC COM 931142103 54752 1185600 SH CALL SOLE 0 WASHINGTON POST CO CL B 939640108 1171 1570 SH SOLE 1570~~15000

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