-----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, KD+KGzh8M2So/hTedtE9GMOWpNuA0ko7dCV6oWM4n4vRR/dZfA7yAMdVcbEJjmyR oVMQBEr3jgcPwP45dydScg== 0001158202-11-000011.txt : 20110215 0001158202-11-000011.hdr.sgml : 20110215 20110215162811 ACCESSION NUMBER: 0001158202-11-000011 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20101231 FILED AS OF DATE: 20110215 DATE AS OF CHANGE: 20110215 EFFECTIVENESS DATE: 20110215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENN CAPITAL MANAGEMENT CO INC CENTRAL INDEX KEY: 0001158202 IRS NUMBER: 222796848 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-11296 FILM NUMBER: 11614585 BUSINESS ADDRESS: STREET 1: 3 CRESCENT DRIVE, SUITE 400 CITY: PHILADELPHIA STATE: PA ZIP: 19112 BUSINESS PHONE: 2153021532 MAIL ADDRESS: STREET 1: 3 CRESCENT DRIVE, SUITE 400 CITY: PHILADELPHIA STATE: PA ZIP: 19112 13F-HR 1 pcm4q201013f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13 FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2010 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: PENN Capital Management Co, Inc. Address: Navy Yard Corporate Center, 3 Crescent Drive, Suite 400 Philadelphia, PA 19112 Form 13F File Number: 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: Eric J. Green Title: Director of Research Phone: 215-302-1500 Signature, Place, and Date of Signing: Eric J. Green Philadelphia, PA February 15, 2011 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: 28-01190 FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 279 Form 13F Information Table Value Total: 2,896,951 List of Other Included Managers: NONE Issuer Class CUSIP Value Shrs/ SH/ PUT/ Inv. Other Vot. Authority (x1000) PRN AMT PRN CALL Discretion Managers Sole Shared None AAR CORP COM 000361 10 5 11,978 436,075 SH SOLE 436,075 AGCO CORP COM 001084 10 2 10,784 212,874 SH SOLE 212,874 AK STL HLDG CORP COM 001547 10 8 16,540 1,010,435 SH SOLE 1,010,435 AT&T INC COM 00206R 10 2 256 8,700 SH SOLE 8,700 ABERCROMBIE & FITC CL A 002896 20 7 16,120 279,710 SH SOLE 279,710 ADOBE SYS INC COM 00724F 10 1 5,242 170,316 SH SOLE 170,316 AFFILIATED MANAGER COM 008252 10 8 4,876 49,145 SH SOLE 49,145 ALCOA INC NOTE 013817 AT 8 1,113 450,000 PRN SOLE 450,000 ALCATEL-LUCENT SPONSOR 013904 30 5 2,277 769,189 SH SOLE 769,189 ALERE INC COM 01449J 10 5 32,784 895,746 SH SOLE 895,746 ALERE INC NOTE 01449J AA 3 1,588 1,500,000 PRN SOLE 1,500,000 AMERICAN RAILCAR I COM 02916p 10 3 1,235 55,787 SH SOLE 55,787 AMERICAN TOWER COR CL A 029912 20 1 7,080 137,103 SH SOLE 137,103 AVIAT NETWORKS INC COM 05366Y 10 2 3,485 687,430 SH SOLE 687,430 AVIS BUDGET GROUP COM 053774 10 5 22,725 1,460,480 SH SOLE 1,460,480 BALLY TECHNOLOGIES COM 05874B 10 7 39,989 947,827 SH SOLE 947,827 BANK OF AMERICA CO COM 060505 10 4 821 61,560 SH SOLE 61,560 BANK OF AMERICA CO PFD L 060505 68 2 1,435 1,500 SH SOLE 1,500 BARNES GROUP INC COM 067806 10 9 1,330 64,330 SH SOLE 64,330 BELO CORP COM SER 080555 10 5 1,893 267,358 SH SOLE 267,358 BIO RAD LABS INC CL A 090572 20 7 7,459 71,826 SH SOLE 71,826 BLACKBOARD INC COM 091935 50 2 14,950 361,990 SH SOLE 361,990 BLACKROCK INC COM 09247X 10 1 257 1,350 SH SOLE 1,350 BLUEGREEN CORP COM 096231 10 5 578 179,436 SH SOLE 179,436 BOISE INC COM 09746Y 10 5 859 108,378 SH SOLE 108,378 BRADY CORP CL A 104674 10 6 5,431 166,533 SH SOLE 166,533 BRINKER INTL INC COM 109641 10 0 18,576 889,658 SH SOLE 889,658 BROCADE COMMUNICAT COM NEW 111621 30 6 58,344 11,028,919 SH SOLE 11,028,919 BROOKDALE SR LIVIN COM 112463 10 4 9,051 422,768 SH SOLE 422,768 BUFFALO WILD WINGS COM 119848 10 9 8,716 198,780 SH SOLE 198,780 CBS CORP NEW CL B 124857 20 2 6,124 321,428 SH SOLE 321,428 CIT GROUP INC COM NEW 125581 80 1 5,505 116,862 SH SOLE 116,862 CABLEVISION SYS CO CL A NY 12686C 10 9 6,714 198,372 SH SOLE 198,372 CAMERON INTERNATIO NOTE 13342B AB 1 726 500,000 PRN SOLE 500,000 CAREFUSION CORP COM 14170T 10 1 31,235 1,215,388 SH SOLE 1,215,388 CARMIKE CINEMAS IN COM 143436 40 0 3,761 487,207 SH SOLE 487,207 CATALYST HEALTH SO COM 14888B 10 3 9,630 207,124 SH SOLE 207,124 CATHAY GENERAL BAN COM 149150 10 4 16,841 1,008,381 SH SOLE 1,008,381 CELANESE CORP DEL COM SER 150870 10 3 5,611 136,273 SH SOLE 136,273 CENTERSTATE BKS FL COM 15201P 10 9 2,367 298,842 SH SOLE 298,842 CENTURY ALUM CO NOTE 156431 AE 8 5,155 5,200,000 PRN SOLE 5,200,000 CENTURY CASINOS IN COM 156492 10 0 794 325,294 SH SOLE 325,294 CEPHALON INC COM 156708 10 9 28,732 465,526 SH SOLE 465,526 CEPHALON INC NOTE 156708 AR 0 574 506,000 PRN SOLE 506,000 CHART INDS INC COM PAR 16115q 30 8 10,040 297,249 SH SOLE 297,249 CHATHAM LODGING TR COM 16208T 10 2 1,691 98,028 SH SOLE 98,028 CHEMTURA CORP COM NEW 163893 20 9 7,110 444,929 SH SOLE 444,929 CHIMERA INVT CORP COM 16934Q 10 9 19,152 4,659,651 SH SOLE 4,659,651 CHIQUITA BRANDS IN COM 170032 80 9 1,845 131,589 SH SOLE 131,589 CIRCOR INTL INC COM 17273K 10 9 1,124 26,594 SH SOLE 26,594 CISCO SYS INC COM 17275R 10 2 405 20,000 SH SOLE 20,000 CITIGROUP INC COM 172967 10 1 284 60,000 SH SOLE 60,000 CITIGROUP INC UNIT 99 172967 41 6 4,429 32,401 SH SOLE 32,401 CLEARWATER PAPER C COM 18538R 10 3 3,536 45,153 SH SOLE 45,153 COGO GROUP INC COM 192448 10 8 1,110 125,406 SH SOLE 125,406 COLLECTIVE BRANDS COM 19421W 10 0 2,384 112,988 SH SOLE 112,988 COMERICA INC COM 200340 10 7 29,666 702,325 SH SOLE 702,325 COMMSCOPE INC NOTE 203372 AG 2 1,303 1,002,000 PRN SOLE 1,002,000 COMSTOCK RES INC COM NEW 205768 20 3 28,590 1,164,100 SH SOLE 1,164,100 CON-WAY INC COM 205944 10 1 32,314 883,610 SH SOLE 883,610 CONSOL ENERGY INC COM 20854P 10 9 6,578 134,974 SH SOLE 134,974 CONSTELLATION BRAN CL A 21036p 10 8 28,810 1,300,723 SH SOLE 1,300,723 CROWN CASTLE INTL COM 228227 10 4 10,889 248,418 SH SOLE 248,418 CURTISS WRIGHT COR COM 231561 10 1 17,033 513,040 SH SOLE 513,040 DANA HOLDING CORP COM 235825 20 5 7,646 444,270 SH SOLE 444,270 DARDEN RESTAURANTS COM 237194 10 5 4,398 94,695 SH SOLE 94,695 DEER CONSUMER PROD COM NEW 24379J 20 0 3,019 268,586 SH SOLE 268,586 DIAMOND OFFSHORE D COM 25271c 10 2 290 4,340 SH SOLE 4,340 DIAMONDROCK HOSPIT COM 252784 30 1 15,708 1,309,001 SH SOLE 1,309,001 DIGITAL RIV INC COM 25388B 10 4 22,181 644,450 SH SOLE 644,450 DOVER CORP COM 260003 10 8 5,947 101,731 SH SOLE 101,731 ENERGIZER HLDGS IN COM 29266R 10 8 19,821 271,884 SH SOLE 271,884 ENERSYS COM 29275Y 10 2 15,013 467,404 SH SOLE 467,404 EQUINIX INC COM NEW 29444U 50 2 6,783 83,472 SH SOLE 83,472 EQUINIX INC NOTE 29444U AG 1 751 750,000 PRN SOLE 750,000 EXIDE TECHNOLOGIES COM NEW 302051 20 6 10,884 1,156,553 SH SOLE 1,156,553 F M C CORP COM NEW 302491 30 3 5,383 67,381 SH SOLE 67,381 FMC TECHNOLOGIES I COM 30249U 10 1 351 3,947 SH SOLE 3,947 FELCOR LODGING TR COM 31430F 10 1 3,488 495,444 SH SOLE 495,444 FIRST FINL BANCORP COM 320209 10 9 1,390 75,230 SH SOLE 75,230 FIRST HORIZON NATL COM 320517 10 5 12,319 1,045,781 SH SOLE 1,045,781 FIRST MIDWEST BANC COM 320867 10 4 2,302 199,802 SH SOLE 199,802 FIRST NIAGARA FINL COM 33582v 10 8 159 11,370 SH SOLE 11,370 1ST UNITED BANCORP COM 33740N 10 5 954 138,082 SH SOLE 138,082 FLOW INTL CORP COM 343468 10 4 1,810 442,512 SH SOLE 442,512 FLY LEASING LTD SPONSOR 34407D 10 9 591 43,269 SH SOLE 43,269 FORD MTR CO DEL NOTE 345370 CN 8 378 189,000 PRN SOLE 189,000 FOREST LABS INC COM 345838 10 6 4,632 144,845 SH SOLE 144,845 GAMESTOP CORP NEW CL A 36467W 10 9 25,378 1,109,177 SH SOLE 1,109,177 GARDNER DENVER INC COM 365558 10 5 8,400 122,054 SH SOLE 122,054 GASCO ENERGY INC COM 367220 10 0 827 2,362,202 SH SOLE 2,362,202 GAYLORD ENTMT CO N COM 367905 10 6 31,370 872,826 SH SOLE 872,826 GENERAL CABLE CORP COM 369300 10 8 13,502 384,781 SH SOLE 384,781 GLOBAL CASH ACCESS COM 378967 10 3 1,551 486,250 SH SOLE 486,250 GMX RES INC NOTE 38011M AB 4 843 1,000,000 PRN SOLE 1,000,000 GMX RES INC NOTE 38011M AJ 7 2,593 3,475,000 PRN SOLE 3,475,000 GOODRICH PETE CORP COM NEW 382410 40 5 2,523 143,051 SH SOLE 143,051 GOODRICH PETE CORP NOTE 382410 AC 2 5,365 5,510,000 PRN SOLE 5,510,000 GRAFTECH INTL LTD COM 384313 10 2 15,104 761,331 SH SOLE 761,331 GREAT WOLF RESORTS COM 391523 10 7 1,250 479,117 SH SOLE 479,117 HAIN CELESTIAL GRO COM 405217 10 0 25,041 925,403 SH SOLE 925,403 HARTFORD FINL SVCS COM 416515 10 4 8,642 326,223 SH SOLE 326,223 HARTFORD FINL SVCS DEP CON 416515 70 8 3,561 139,050 SH SOLE 139,050 HEADWATERS INC COM 42210p 10 2 1,798 392,651 SH SOLE 392,651 HEADWATERS INC NOTE 42210P AD 4 5,626 6,580,000 PRN SOLE 6,580,000 HERCULES OFFSHORE NOTE 427093 AD 1 1,528 2,000,000 PRN SOLE 2,000,000 HERSHA HOSPITALITY SH BEN 427825 10 4 1,803 273,203 SH SOLE 273,203 HERTZ GLOBAL HOLDI COM 42805T 10 5 8,603 593,786 SH SOLE 593,786 HEXCEL CORP NEW COM 428291 10 8 8,489 469,266 SH SOLE 469,266 HHGREGG INC COM 42833L 10 8 7,836 374,060 SH SOLE 374,060 HOLOGIC INC COM 436440 10 1 61,717 3,279,352 SH SOLE 3,279,352 HOLOGIC INC FRNT 2 436440 AB 7 941 900,000 SH SOLE 900,000 HOME BANCSHARES IN COM 436893 20 0 1,991 90,380 SH SOLE 90,380 HORIZON LINES INC COM 44044K 10 1 1,739 397,970 SH SOLE 397,970 HORIZON LINES INC NOTE 44044K AB 7 10,034 10,892,000 PRN SOLE 10,892,000 HUNT J B TRANS SVC COM 445658 10 7 8,726 213,813 SH SOLE 213,813 ICU MED INC COM 44930g 10 7 2,515 68,914 SH SOLE 68,914 ICON PUB LTD CO SPONSOR 45103T 10 7 10,968 500,819 SH SOLE 500,819 IDEX CORP COM 45167R 10 4 9,235 236,073 SH SOLE 236,073 INTEGRA LIFESCIENC COM NEW 457985 20 8 5,518 116,659 SH SOLE 116,659 INTERCLICK INC COM NEW 458483 20 3 9,016 1,678,864 SH SOLE 1,678,864 INTERNATIONAL COAL COM 45928H 10 6 10,887 1,406,575 SH SOLE 1,406,575 INTERNATIONAL GAME COM 459902 10 2 360 20,355 SH SOLE 20,355 INTERNATIONAL GAME NOTE 459902 AQ 5 3,663 3,175,000 PRN SOLE 3,175,000 INTERSIL CORP CL A 46069S 10 9 7,289 477,321 SH SOLE 477,321 INTREPID POTASH IN COM 46121Y 10 2 3,590 96,269 SH SOLE 96,269 ISHARES TR RUSSELL 464287 49 9 339 3,327 SH SOLE 3,327 ISHARES TR RUSSELL 464287 65 5 595 7,598 SH SOLE 7,598 ISLE OF CAPRI CASI COM 464592 10 4 1,460 142,827 SH SOLE 142,827 ITRON INC NOTE 465741 AJ 5 526 500,000 PRN SOLE 500,000 JANUS CAP GRO 47102X 10 5 86,575 6,675,049 SH SOLE 6,675,049 JANUS CAP GRO 47102X AG 0 930 785,000 SH SOLE 785,000 KANSAS CITY SOUTHE COM NEW 485170 30 2 20,472 427,735 SH SOLE 427,735 KENEXA CORP COM 488879 10 7 7,813 358,574 SH SOLE 358,574 KEY ENERGY SVCS IN COM 492914 10 6 12,189 939,002 SH SOLE 939,002 KEYCORP NEW COM 493267 10 8 38,256 4,322,616 SH SOLE 4,322,616 KEYCORP NEW 493267 10 8 708 80,028 SH SOLE 80,028 KEYCORP NEW PFD 7.7 493267 40 5 907 8,470 SH SOLE 8,470 KING PHARMACEUTICA COM 495582 10 8 15,716 1,118,517 SH SOLE 1,118,517 KING PHARMACEUTICA NOTE 495582 AJ 7 631 635,000 PRN SOLE 635,000 LAMAR ADVERTISING CL A 512815 10 1 32,070 804,982 SH SOLE 804,982 LANDSTAR SYS INC COM 515098 10 1 39,821 972,660 SH SOLE 972,660 LAS VEGAS SANDS CO COM 517834 10 7 4,810 104,686 SH SOLE 104,686 LEAP WIRELESS INTL COM NEW 521863 30 8 49,528 4,039,764 SH SOLE 4,039,764 LEAP WIRELESS INTL IN 521863 AL 4 895 1,000,000 SH SOLE 1,000,000 LIFE TIME FITNESS COM 53217R 20 7 7,232 176,417 SH SOLE 176,417 LINCOLN NATL CORP COM 534187 10 9 47,019 1,690,758 SH SOLE 1,690,758 LOCAL COM CORP COM 53954R 10 5 1,521 234,381 SH SOLE 234,381 LODGENET INTERACTI COM 540211 10 9 3,703 871,300 SH SOLE 871,300 LUCENT TECHNOLOGIE DBCV 549463 AH 0 793 840,000 SH SOLE 840,000 MAGELLAN HEALTH SV COM NEW 559079 20 7 5,025 106,269 SH SOLE 106,269 MAGNUM HUNTER RES COM 55973B 10 2 5,717 794,142 SH SOLE 794,142 MANITOWOC INC COM 563571 10 8 10,623 810,356 SH SOLE 810,356 MARSHALL & ILSLEY COM 571837 10 3 25,249 3,648,754 SH SOLE 3,648,754 MARTEN TRANS LTD COM 573075 10 8 476 22,280 SH SOLE 22,280 MASCO CORP COM 574599 10 6 32,053 2,531,872 SH SOLE 2,531,872 MICROS SYS INC COM 594901 10 0 6,819 155,459 SH SOLE 155,459 MONSANTO CO NEW COM 61166W 90 1 500 20,600 SH CALL SOLE 20,600 MONSTER WORLDWIDE COM 611742 10 7 54,100 2,289,521 SH SOLE 2,289,521 MORGAN STANLEY COM NEW 617446 44 8 305 11,225 SH SOLE 11,225 MYLAN INC COM 628530 10 7 792 37,466 SH SOLE 37,466 MYRIAD GENETICS IN COM 62855J 10 4 22,783 997,541 SH SOLE 997,541 NII HLDGS INC CL B NE 62913F 20 1 47,802 1,070,347 SH SOLE 1,070,347 NII HLDGS INC NOTE 62913F AJ 1 981 1,000,000 PRN SOLE 1,000,000 NAVISTAR INTL CORP COM 63934E 10 8 12,963 223,850 SH SOLE 223,850 NETLIST INC COM 64118P 10 9 2,897 1,131,556 SH SOLE 1,131,556 NEUTRAL TANDEM INC COM 64128B 10 8 3,250 225,081 SH SOLE 225,081 NEWPARK RES INC COM PAR 651718 50 4 1,954 317,203 SH SOLE 317,203 NEWPARK RES INC NOTE 651718 AC 2 4,134 4,600,000 PRN SOLE 4,600,000 NEXSTAR BROADCASTI CL A 65336K 10 3 60 10,000 SH SOLE 10,000 NORTHERN OIL & GAS COM 665531 10 9 10,691 392,902 SH SOLE 392,902 NUVASIVE INC COM 670704 10 5 2,727 106,318 SH SOLE 106,318 NUVASIVE INC NOTE 670704 AB 1 683 701,000 PRN SOLE 701,000 OCZ TECHNOLOGY GRO COM 67086E 30 3 1,461 303,175 SH SOLE 303,175 ON SEMICONDUCTOR C NOTE 682189 AG 0 588 502,000 PRN SOLE 502,000 OPNEXT INC COM 68375v 10 5 10,912 6,199,735 SH SOLE 6,199,735 OWENS ILL INC COM NEW 690768 40 3 64,988 2,116,844 SH SOLE 2,116,844 PMC-SIERRA INC COM 69344F 10 6 29,936 3,484,956 SH SOLE 3,484,956 PACER INTL INC TEN COM 69373H 10 6 3,352 490,073 SH SOLE 490,073 PAETEC HOLDING COR COM 695459 10 7 28,102 7,513,991 SH SOLE 7,513,991 PATTERSON UTI ENER COM 703481 10 1 9,554 443,356 SH SOLE 443,356 PEABODY ENERGY COR SDCV 704549 ag 9 691 534,000 SH SOLE 534,000 PEBBLEBROOK HOTEL COM 70509V 10 0 1,374 67,636 SH SOLE 67,636 PENN NATL GAMING I COM 707569 10 9 13,531 384,955 SH SOLE 384,955 PENN NATL GAMING I 707569 10 9 335 9,534 SH SOLE 9,534 PENN VA CORP COM 707882 10 6 1,127 66,987 SH SOLE 66,987 PETROHAWK ENERGY C COM 716495 10 6 32,732 1,793,476 SH SOLE 1,793,476 PHARMACEUTICAL PRO COM 717124 10 1 36,177 1,332,958 SH SOLE 1,332,958 PHARMERICA CORP COM 71714f 10 4 1,600 139,748 SH SOLE 139,748 PHILLIPS VAN HEUSE COM 718592 10 8 6,623 105,105 SH SOLE 105,105 PIER 1 IMPORTS INC COM 720279 10 8 8,916 849,168 SH SOLE 849,168 PINNACLE ENTMT INC COM 723456 10 9 32,370 2,308,814 SH SOLE 2,308,814 PIONEER DRILLING C COM 723655 10 6 1,225 139,012 SH SOLE 139,012 POWERWAVE TECHNOLO SDCV 739363 AF 6 15,149 17,215,000 SH SOLE 17,215,000 PRICE T ROWE GROUP COM 74144T 10 8 323 5,000 SH SOLE 5,000 PROCERA NETWORKS I COM 74269U 10 4 2,089 3,368,914 SH SOLE 3,368,914 PROLOGIS SH BEN 743410 10 2 27,804 1,925,432 SH SOLE 1,925,432 PZENA INVESTMENT M CLASS A 74731Q 10 3 2,416 328,771 SH SOLE 328,771 QUIKSILVER INC COM 74838C 10 6 6,186 1,219,931 SH SOLE 1,219,931 RANGE RES CORP COM 75281A 10 9 24,330 540,897 SH SOLE 540,897 REGAL ENTMT GROUP CL A 758766 10 9 4,015 342,018 SH SOLE 342,018 REGIONS FINANCIAL COM 7591EP 10 0 28,034 4,004,814 SH SOLE 4,004,814 REX ENERGY CORPORA COM 761565 10 0 7,572 554,695 SH SOLE 554,695 RUSH ENTERPRISES I CL A 781846 20 9 503 24,596 SH SOLE 24,596 SBA COMMUNICATIONS COM 78388J 10 6 20,827 508,721 SH SOLE 508,721 SBA COMMUNICATIONS NOTE 78388J AM 8 8,138 5,480,000 PRN SOLE 5,480,000 SRS LABS INC COM 78464M 10 6 1,384 157,042 SH SOLE 157,042 SABA SOFTWARE INC COM NEW 784932 60 0 1,243 203,033 SH SOLE 203,033 SABRA HEALTH CARE COM 78573L 10 6 10,670 579,863 SH SOLE 579,863 SAVVIS INC COM NEW 805423 30 8 42,267 1,656,228 SH SOLE 1,656,228 SCHWEITZER-MAUDUIT COM 808541 10 6 5,178 82,290 SH SOLE 82,290 SEACOAST BKG CORP COM 811707 30 6 51 35,000 SH SOLE 35,000 SHUFFLE MASTER INC COM 825549 10 8 2,084 182,029 SH SOLE 182,029 SINCLAIR BROADCAST CL A 829226 10 9 12,078 1,476,576 SH SOLE 1,476,576 SMITH & WESSON HLD COM 831756 10 1 2,683 717,324 SH SOLE 717,324 SMITHFIELD FOODS I COM 832248 10 8 28,129 1,363,515 SH SOLE 1,363,515 SMITHFIELD FOODS I NOTE 832248 AR 9 700 600,000 PRN SOLE 600,000 SOLAR CAP LTD 83413U 10 0 9,023 364,093 SH SOLE 364,093 SOLUTIA INC COM NEW 834376 50 1 14,262 617,982 SH SOLE 617,982 SPIRIT AEROSYSTEMS COM CL 848574 10 9 12,110 581,975 SH SOLE 581,975 STERLING BANCSHARE COM 858907 10 8 539 76,825 SH SOLE 76,825 STRATEGIC HOTELS & COM 86272t 10 6 918 173,540 SH SOLE 173,540 STRAYER ED INC COM 863236 10 5 548 3,600 SH SOLE 3,600 SUN HEALTHCARE GRO COM 86677E 10 0 4,915 388,286 SH SOLE 388,286 SUNTRUST BKS INC COM 867914 10 3 12,624 427,777 SH SOLE 427,777 SWIFT ENERGY CO COM 870738 10 1 10,887 278,072 SH SOLE 278,072 SYNOVUS FINL CORP COM 87161C 10 5 44,931 17,019,767 SH SOLE 17,019,767 SYNOVUS FINL CORP UNIT 99 87161C 20 4 13,051 523,700 SH SOLE 523,700 TASTY BAKING CO COM 876553 30 6 640 100,800 SH SOLE 100,800 TEKELEC COM 879101 10 3 1,347 113,104 SH SOLE 113,104 TELLABS INC COM 879664 10 0 4,859 716,682 SH SOLE 716,682 TENNESSEE COMMERCE COM 88043P 10 8 1,563 320,328 SH SOLE 320,328 TERREMARK WORLDWID COM NEW 881448 20 3 7,775 600,414 SH SOLE 600,414 TEXAS CAPITAL BANC COM 88224Q 10 7 6,249 292,837 SH SOLE 292,837 TITAN INTL INC ILL COM 88830m 10 2 10,981 561,994 SH SOLE 561,994 TITAN MACHY INC COM 88830R 10 1 1,311 67,926 SH SOLE 67,926 TRIDENT MICROSYSTE COM 895919 10 8 2,386 1,340,595 SH SOLE 1,340,595 TRUE RELIGION APPA COM 89784N 10 4 2,732 122,724 SH SOLE 122,724 TWO HBRS INVT CORP COM 90187B 10 1 2,377 242,764 SH SOLE 242,764 ULTRALIFE CORP COM 903899 10 2 843 127,582 SH SOLE 127,582 UNITED STATES STL COM 912909 10 8 5,551 95,019 SH SOLE 95,019 UNIVERSAL HLTH SVC CL B 913903 10 0 7,614 175,341 SH SOLE 175,341 VAIL RESORTS INC COM 91879Q 10 9 10,402 199,879 SH SOLE 199,879 VALUECLICK INC COM 92046N 10 2 23,522 1,467,352 SH SOLE 1,467,352 VARIAN MED SYS INC COM 92220P 10 5 24,996 360,789 SH SOLE 360,789 VANGUARD INDEX FDS SMALL C 922908 75 1 2,998 41,282 SH SOLE 41,282 VERIZON COMMUNICAT COM 92343V 10 4 667 18,650 SH SOLE 18,650 WMS INDS INC COM 929297 10 9 12,350 272,992 SH SOLE 272,992 WSFS FINL CORP COM 929328 10 2 1,458 30,743 SH SOLE 30,743 WABASH NATL CORP COM 929566 10 7 418 35,233 SH SOLE 35,233 WALTER ENERGY INC COM 93317Q 10 5 22,587 176,677 SH SOLE 176,677 WARNACO GROUP INC COM NEW 934390 40 2 6,705 121,756 SH SOLE 121,756 WEBSTER FINL CORP COM 947890 10 9 16,612 843,272 SH SOLE 843,272 WELLS FARGO & CO N PFD CNV 949746 80 4 31,216 31,199 SH SOLE 31,199 WESTERN ALLIANCE B COM 957638 10 9 17,395 2,363,428 SH SOLE 2,363,428 WESTERN DIGITAL CO COM 958102 10 5 1,168 34,455 SH SOLE 34,455 WET SEAL INC CL A 961840 10 5 20,093 5,430,427 SH SOLE 5,430,427 WHITING PETE CORP COM 966387 10 2 4,997 42,634 SH SOLE 42,634 WILLBROS GROUP INC COM 969203 10 8 665 67,755 SH SOLE 67,755 WINTRUST FINANCIAL COM 97650W 10 8 15,657 474,028 SH SOLE 474,028 WOODWARD GOVERNOR COM 980745 10 3 9,126 242,944 SH SOLE 242,944 WRIGHT MED GROUP I COM 98235T 10 7 29,901 1,925,474 SH SOLE 1,925,474 WRIGHT MED GROUP I NOTE 98235T AA 5 1,365 1,450,000 PRN SOLE 1,450,000 WYNDHAM WORLDWIDE COM 98310W 10 8 9,045 301,919 SH SOLE 301,919 ZIMMER HLDGS INC COM 98956p 10 2 5,003 93,204 SH SOLE 93,204 ZIONS BANCORPORATI COM 989701 10 7 36,312 1,498,646 SH SOLE 1,498,646 ARGO GROUP INTL HL COM G0464B 10 7 7,077 188,982 SH SOLE 188,982 HELEN OF TROY CORP COM G4388N 10 6 2,962 99,586 SH SOLE 99,586 INVESCO LTD SHS G491BT 10 8 6,332 263,186 SH SOLE 263,186 MARVELL TECHNOLOGY ORD G5876H 10 5 4,826 260,176 SH SOLE 260,176 NABORS INDUSTRIES SHS g6359f 10 3 21,013 895,731 SH SOLE 895,731 ORIENT-EXPRESS HOT CL A G67743 10 7 12,785 984,218 SH SOLE 984,218 SEAGATE TECHNOLOGY SHS G7945M 10 7 30,407 2,023,062 SH SOLE 2,023,062 WEATHERFORD INTERN REG H27013 10 3 6,682 293,107 SH SOLE 293,107 NOBLE CORPORATION NAMEN - H5833N 10 3 5,424 151,634 SH SOLE 151,634 MILLICOM INTL CELL SHS NEW L6388F 11 0 5,168 54,056 SH SOLE 54,056 CERAGON NETWORKS L ORD M22013 10 2 10,274 779,526 SH SOLE 779,526 ORTHOFIX INTL N V COM N6748L 10 2 914 31,508 SH SOLE 31,508 AEGEAN MARINE PETR SHS Y0017S 10 2 11,499 1,102,530 SH SOLE 1,102,530 TOTAL 2,896,951 -----END PRIVACY-ENHANCED MESSAGE-----