0001158202-11-000020.txt : 20110803 0001158202-11-000020.hdr.sgml : 20110803 20110803151048 ACCESSION NUMBER: 0001158202-11-000020 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110803 DATE AS OF CHANGE: 20110803 EFFECTIVENESS DATE: 20110803 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: 111006770 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 pcm2q201113f.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: June 30, 2011 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: 1 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 August 3, 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: 290 Form 13F Information Table Value Total: 3,161,851 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 18,724 713,934 SH SOLE 713,934 AGCO CORP COM 001084 10 2 5,589 122,298 SH SOLE 122,298 AK STL HLDG CORP COM 001547 10 8 18,513 1,211,422 SH SOLE 1,211,422 AT&T INC COM 00206R 10 2 649 20,670 SH SOLE 20,670 AT&T INC COM 00206R 10 2 7 25,000 SH CALL SOLE ABRAXAS PETE CORP COM 003830 10 6 1,920 501,180 SH SOLE 501,180 ACCURIDE CORP NEW COM NEW 00439T 20 6 2,869 227,139 SH SOLE 227,139 ACTUANT CORP CL A NE 00508X 20 3 11,067 425,845 SH SOLE 425,845 ACTUANT CORP SDCV 00508X AB 0 1,678 1,225,000 SH SOLE 1,225,000 ADOBE SYS INC COM 00724F 10 1 5,888 192,245 SH SOLE 192,245 AIRGAS INC COM 009363 10 2 35,312 511,765 SH SOLE 511,765 ALCOA INC NOTE 013817 AT 8 1,702 671,000 PRN SOLE 671,000 ALERE INC COM 01449J 10 5 24,373 766,994 SH SOLE 766,994 ALERE INC NOTE 01449J AA 3 1,851 1,700,000 PRN SOLE 1,700,000 ALLEGHENY TECHNOLO COM 01741R 10 2 23,612 387,867 SH SOLE 387,867 ALLSCRIPT MISYS HE COM 01988P 10 8 13,871 729,735 SH SOLE 729,735 ALPHA NATURAL RESO COM 02076X 10 2 3,910 89,803 SH SOLE 89,803 ALPHATEC HOLDINGS COM 02081G 10 2 3,333 957,902 SH SOLE 957,902 AMERICAN CAPITAL A COM 02503X 10 5 10,195 353,473 SH SOLE 353,473 AMERICAN RAILCAR I COM 02916p 10 3 4,544 193,783 SH SOLE 193,783 AMERICAN TOWER COR CL A 029912 20 1 5,508 107,880 SH SOLE 107,880 ARKANSAS BEST CORP COM 040790 10 7 1,007 42,425 SH SOLE 42,425 AVIAT NETWORKS INC COM 05366Y 10 2 3,779 959,114 SH SOLE 959,114 AVIS BUDGET GROUP COM 053774 10 5 16,523 1,016,668 SH SOLE 1,016,668 BALLY TECHNOLOGIES COM 05874B 10 7 41,471 1,046,006 SH SOLE 1,046,006 BANK OF AMERICA CO COM 060505 10 4 679 61,950 SH SOLE 61,950 BANK OF AMERICA CO COM 060505 10 4 4 100,000 SH CALL SOLE BANK OF AMERICA CO PFD L 060505 68 2 2,209 2,203 SH SOLE 2,203 BANKUNITED INC COM 06652K 10 3 15,616 672,110 SH SOLE 672,110 BELO CORP COM SER 080555 10 5 13,632 1,848,820 SH SOLE 1,848,820 BIO RAD LABS INC CL A 090572 20 7 8,023 69,226 SH SOLE 69,226 BLOUNT INTL INC NE COM 095180 10 5 1,109 63,490 SH SOLE 63,490 BLUEGREEN CORP COM 096231 10 5 940 320,762 SH SOLE 320,762 BROCADE COMMUNICAT COM NEW 111621 30 6 61,153 9,713,382 SH SOLE 9,713,382 BROOKDALE SR LIVIN COM 112463 10 4 11,275 482,573 SH SOLE 482,573 BROOKS AUTOMATION COM 114340 10 2 12,366 1,174,652 SH SOLE 1,174,652 CBS CORP NEW CL B 124857 20 2 8,128 312,668 SH SOLE 312,668 CIT GROUP INC COM NEW 125581 80 1 7,093 166,655 SH SOLE 166,655 CABLEVISION SYS CO CL A NY 12686C 10 9 6,280 183,531 SH SOLE 183,531 CAMERON INTERNATIO COM 13342b 10 5 4,697 99,081 SH SOLE 99,081 CAMERON INTERNATIO NOTE 13342B AB 1 1,650 1,153,000 PRN SOLE 1,153,000 CAMPUS CREST CMNTY COM 13466Y 10 5 1,620 125,196 SH SOLE 125,196 CAREFUSION CORP COM 14170T 10 1 36,582 1,376,371 SH SOLE 1,376,371 CARMIKE CINEMAS IN COM 143436 40 0 8,604 1,245,188 SH SOLE 1,245,188 CATALYST HEALTH SO COM 14888B 10 3 9,320 173,998 SH SOLE 173,998 CBEYOND INC COM 149847 10 5 2,849 215,677 SH SOLE 215,677 CELANESE CORP DEL COM SER 150870 10 3 4,832 100,026 SH SOLE 100,026 CENTERSTATE BKS FL COM 15201P 10 9 2,328 336,417 SH SOLE 336,417 CENTRAL EUROPEAN D COM 153435 10 2 2,164 193,212 SH SOLE 193,212 CENTRAL EUROPEAN D NOTE 153435 AA 0 7,064 8,485,000 PRN SOLE 8,485,000 CENTURY CASINOS IN COM 156492 10 0 1,083 389,465 SH SOLE 389,465 CEPHALON INC NOTE 156708 AR 0 1,232 1,006,000 PRN SOLE 1,006,000 CHART INDS INC COM PAR 16115q 30 8 14,236 285,108 SH SOLE 285,108 CHATHAM LODGING TR COM 16208T 10 2 2,844 176,535 SH SOLE 176,535 CHEMTURA CORP COM NEW 163893 20 9 15,696 964,186 SH SOLE 964,186 CHESAPEAKE ENERGY PFD CON 165167 84 2 1,555 16,897 SH SOLE 16,897 CHIMERA INVT CORP COM 16934Q 10 9 12,775 3,672,502 SH SOLE 3,672,502 CINEMARK HOLDINGS COM 17243V 10 2 14,495 733,278 SH SOLE 733,278 CIRCOR INTL INC COM 17273K 10 9 3,406 79,525 SH SOLE 79,525 CISCO SYS INC COM 17275R 10 2 1,121 71,835 SH SOLE 71,835 CITIGROUP INC COM 172967 10 1 23 250,000 SH CALL SOLE CLEARWATER PAPER C COM 18538R 10 3 5,634 84,296 SH SOLE 84,296 COGO GROUP INC COM 192448 10 8 1,530 286,580 SH SOLE 286,580 COLLECTIVE BRANDS COM 19421W 10 0 2,007 136,647 SH SOLE 136,647 COMERICA INC COM 200340 10 7 39,896 1,144,265 SH SOLE 1,144,265 COMPLETE PRODUCTIO COM 20453E 10 9 17,362 553,829 SH SOLE 553,829 COMSTOCK RES INC COM NEW 205768 20 3 33,816 1,179,685 SH SOLE 1,179,685 CONSOL ENERGY INC COM 20854P 10 9 4,744 102,940 SH SOLE 102,940 CONSTELLATION BRAN CL A 21036p 10 8 22,088 1,097,997 SH SOLE 1,097,997 COTT CORP QUE COM 22163N 10 6 4,144 510,881 SH SOLE 510,881 CROWN CASTLE INTL COM 228227 10 4 9,255 230,120 SH SOLE 230,120 CURTISS WRIGHT COR COM 231561 10 1 22,126 692,542 SH SOLE 692,542 DANA HOLDING CORP COM 235825 20 5 11,806 677,877 SH SOLE 677,877 DEER CONSUMER PROD COM NEW 24379J 20 0 3,431 442,656 SH SOLE 442,656 DIAMOND OFFSHORE D COM 25271c 10 2 267 3,795 SH SOLE 3,795 DIAMONDROCK HOSPIT COM 252784 30 1 16,596 1,591,220 SH SOLE 1,591,220 DIGITAL RIV INC COM 25388B 10 4 42,618 1,365,713 SH SOLE 1,365,713 DOVER CORP COM 260003 10 8 7,152 112,514 SH SOLE 112,514 E M C CORP MASS NOTE 268648 AM 4 1,758 1,003,000 PRN SOLE 1,003,000 ENERGIZER HLDGS IN COM 29266r 10 8 19,508 280,967 SH SOLE 280,967 ENERGY PARTNERS LT COM NEW 29270U 30 3 2,815 190,097 SH SOLE 190,097 ENERSYS COM 29275Y 10 2 33,294 1,017,684 SH SOLE 1,017,684 ENSCO INTL PL 29358Q 10 9 5,248 103,039 SH SOLE 103,039 ENTEGRIS INC COM 29362U 10 4 13,463 1,421,376 SH SOLE 1,421,376 EQUINIX INC COM NEW 29444U 50 2 6,166 63,049 SH SOLE 63,049 EQUINIX INC NOTE 29444U AG 1 4,437 3,975,000 PRN SOLE 3,975,000 EXIDE TECHNOLOGIES COM NEW 302051 20 6 2,520 329,815 SH SOLE 329,815 F M C CORP COM NEW 302491 30 3 6,282 77,197 SH SOLE 77,197 FMC TECHNOLOGIES I COM 30249U 10 1 329 7,344 SH SOLE 7,344 FSI INTL INC COM 302633 10 2 1,603 585,175 SH SOLE 585,175 FELCOR LODGING TR COM 31430F 10 1 12,685 2,390,488 SH SOLE 2,390,488 FINISAR CORP COM NEW 31787A 50 7 10,227 577,761 SH SOLE 577,761 FIRST FINL BANCORP COM 320209 10 9 5,355 320,851 SH SOLE 320,851 FIRST HORIZON NATL COM 320517 10 5 8,131 838,226 SH SOLE 838,226 FIRST MIDWEST BANC COM 320867 10 4 2,139 174,055 SH SOLE 174,055 1ST UNITED BANCORP COM 33740N 10 5 2,827 454,501 SH SOLE 454,501 FLOW INTL CORP COM 343468 10 4 3,400 954,990 SH SOLE 954,990 FLY LEASING LTD SPONSOR 34407D 10 9 1,612 121,638 SH SOLE 121,638 FORD MTR CO DEL NOTE 345370 CN 8 967 564,000 PRN SOLE 564,000 GAMESTOP CORP NEW CL A 36467W 10 9 18,668 728,608 SH SOLE 728,608 GASCO ENERGY INC COM 367220 10 0 447 1,845,661 SH SOLE 1,845,661 GAYLORD ENTMT CO N COM 367905 10 6 29,545 1,015,451 SH SOLE 1,015,451 GENERAL CABLE CORP COM 369300 10 8 30,464 749,099 SH SOLE 749,099 GENERAL CABLE CORP NOTE 369300 AL 2 2,546 1,850,000 PRN SOLE 1,850,000 GENERAL MTRS CO JR PFD CNV 37045V 20 9 1,671 34,274 SH SOLE 34,274 GEOKINETICS INC COM PAR 372910 30 7 1,019 129,358 SH SOLE 129,358 GLOBAL CASH ACCESS COM 378967 10 3 5,306 1,668,603 SH SOLE 1,668,603 GMX RES INC NOTE 38011M AJ 7 6,369 7,755,000 PRN SOLE 7,755,000 GOODRICH PETE CORP NOTE 382410 AC 2 5,823 5,965,000 PRN SOLE 5,965,000 GRAFTECH INTL LTD COM 384313 10 2 14,935 759,135 SH SOLE 759,135 GREAT WOLF RESORTS COM 391523 10 7 7,548 2,482,746 SH SOLE 2,482,746 HAIN CELESTIAL GRO COM 405217 10 0 9,996 312,691 SH SOLE 312,691 HANCOCK HLDG CO COM 410120 10 9 33,587 1,074,546 SH SOLE 1,074,546 HARSCO CORP COM 415864 10 7 13,804 438,688 SH SOLE 438,688 HARTFORD FINL SVCS COM 416515 10 4 7,499 291,932 SH SOLE 291,932 HARTFORD FINL SVCS DEP CON 416515 70 8 2,120 81,592 SH SOLE 81,592 HAYNES INTERNATION COM NEW 420877 20 1 1,768 28,544 SH SOLE 28,544 HEADWATERS INC NOTE 42210P AD 4 4,398 5,430,000 PRN SOLE 5,430,000 HERCULES OFFSHORE COM 427093 10 9 7,604 1,450,693 SH SOLE 1,450,693 HERSHA HOSPITALITY SH BEN 427825 10 4 3,754 673,971 SH SOLE 673,971 HERTZ GLOBAL HOLDI COM 42805T 10 5 8,112 546,934 SH SOLE 546,934 HERTZ GLOBAL HOLDI NOTE 42805T AA 3 1,834 900,000 PRN SOLE 900,000 HEXCEL CORP NEW COM 428291 10 8 26,746 1,259,820 SH SOLE 1,259,820 HOLOGIC INC COM 436440 10 1 56,468 2,918,096 SH SOLE 2,918,096 HOLOGIC INC FRNT 2 436440 AB 7 7,283 6,375,000 SH SOLE 6,375,000 HOME BANCSHARES IN COM 436893 20 0 2,652 112,186 SH SOLE 112,186 HORIZON LINES INC NOTE 44044K AB 7 16,991 20,977,000 PRN SOLE 20,977,000 ICU MED INC COM 44930g 10 7 714 16,336 SH SOLE 16,336 ICON PUB LTD CO SPONSOR 45103T 10 7 39,903 1,649,010 SH SOLE 1,649,010 ICONIX BRAND GROUP COM 451055 10 7 7,073 305,430 SH SOLE 305,430 IDEX CORP COM 45167R 10 4 10,764 244,435 SH SOLE 244,435 IKANOS COMMUNICATI COM 45173E 10 5 2,390 1,943,068 SH SOLE 1,943,068 INTERCLICK INC COM NEW 458483 20 3 15,210 2,000,000 SH SOLE 2,000,000 INTERNATIONAL GAME NOTE 459902 AQ 5 897 752,000 PRN SOLE 752,000 INTERPUBLIC GROUP COM 460690 10 0 4,413 380,452 SH SOLE 380,452 INTERSIL CORP CL A 46069S 10 9 9,516 745,070 SH SOLE 745,070 INTRALINKS HLDGS I COM 46118H 10 4 689 39,872 SH SOLE 39,872 ISHARES TR RUSSELL 464287 49 9 2,126 20,261 SH SOLE 20,261 ISHARES TR RUSSELL 464287 65 5 762 9,663 SH SOLE 9,663 ISHARES TR HIGH YL 464288 51 3 676 7,400 SH SOLE 7,400 ISLE OF CAPRI CASI COM 464592 10 4 2,599 293,666 SH SOLE 293,666 ITRON INC COM 465741 10 6 8,761 176,593 SH SOLE 176,593 JANUS CAP GRO 47102X 10 5 43,620 4,654,025 SH SOLE 4,654,025 JANUS CAP GRO 47102X AG 0 2,176 2,010,000 SH SOLE 2,010,000 KAISER ALUMINUM CO COM PAR 483007 70 4 16,594 314,314 SH SOLE 314,314 KANSAS CITY SOUTHE COM NEW 485170 30 2 19,948 354,776 SH SOLE 354,776 KENEXA CORP COM 488879 10 7 10,484 461,538 SH SOLE 461,538 KEY ENERGY SVCS IN COM 492914 10 6 16,765 982,154 SH SOLE 982,154 KEYCORP NEW COM 493267 10 8 15,745 1,908,979 SH SOLE 1,908,979 KEYCORP NEW PFD 7.7 493267 40 5 1,945 17,370 SH SOLE 17,370 KFORCE INC COM 493732 10 1 3,590 274,429 SH SOLE 274,429 LMI AEROSPACE INC COM 502079 10 6 1,779 72,838 SH SOLE 72,838 LAMAR ADVERTISING CL A 512815 10 1 18,362 679,683 SH SOLE 679,683 LASALLE HOTEL PPTY COM SH 517942 10 8 4,633 182,409 SH SOLE 182,409 LEAP WIRELESS INTL COM NEW 521863 30 8 35,113 2,211,576 SH SOLE 2,211,576 LEAP WIRELESS INTL IN 521863 AL 4 2,129 2,250,000 SH SOLE 2,250,000 LEAR CORP COM NEW 521865 20 4 18,801 369,039 SH SOLE 369,039 LEGG MASON INC COM 524901 10 5 20,126 625,509 SH SOLE 625,509 LIFE TIME FITNESS COM 53217R 20 7 10,997 281,610 SH SOLE 281,610 LILLY ELI & CO COM 532457 10 8 892 23,770 SH SOLE 23,770 LILLY ELI & CO COM 532457 10 8 11 26,000 SH PUT SOLE LIN TV CORP CL A 532774 10 6 65 13,375 SH SOLE 13,375 LINCOLN NATL CORP COM 534187 10 9 42,037 1,504,607 SH SOLE 1,504,607 LOCAL COM CORP COM 53954R 10 5 2,288 684,898 SH SOLE 684,898 LODGENET INTERACTI COM 540211 10 9 5,314 1,753,930 SH SOLE 1,753,930 LUCENT TECHNOLOGIE DBCV 549463 AH 0 825 846,000 SH SOLE 846,000 MAGELLAN HEALTH SV COM NEW 559079 20 7 4,755 90,021 SH SOLE 90,021 MAGNUM HUNTER RES COM 55973B 10 2 13,813 2,111,752 SH SOLE 2,111,752 MANITOWOC INC COM 563571 10 8 31,379 1,982,077 SH SOLE 1,982,077 MARTEN TRANS LTD COM 573075 10 8 2,377 110,055 SH SOLE 110,055 MASCO CORP COM 574599 10 6 17,137 1,445,145 SH SOLE 1,445,145 MICROS SYS INC COM 594901 10 0 9,182 191,999 SH SOLE 191,999 MOMENTA PHARMACEUT COM 60877T 10 0 1,756 90,218 SH SOLE 90,218 MONSTER WORLDWIDE COM 611742 10 7 49,327 3,453,641 SH SOLE 3,453,641 MONSTER WORLDWIDE COM 611742 10 7 15 100,100 SH CALL SOLE MORGANS HOTEL GROU COM 61748W 10 8 1,895 263,565 SH SOLE 263,565 MORGANS HOTEL GROU NOTE 61748W AB 4 1,739 2,007,000 PRN SOLE 2,007,000 MYLAN INC COM 628530 10 7 4,718 201,541 SH SOLE 201,541 MYLAN INC NOTE 628530 AJ 6 1,671 850,000 PRN SOLE 850,000 MYRIAD GENETICS IN COM 62855J 10 4 37,211 1,707,545 SH SOLE 1,707,545 NII HLDGS INC CL B NE 62913F 20 1 49,041 1,194,753 SH SOLE 1,194,753 NII HLDGS INC NOTE 62913F AJ 1 1,001 1,000,000 PRN SOLE 1,000,000 NRG ENERGY INC COM NEW 629377 50 8 4,879 202,886 SH SOLE 202,886 NAVISTAR INTL CORP COM 63934E 10 8 14,838 266,738 SH SOLE 266,738 NETLIST INC COM 64118P 10 9 3,569 1,732,476 SH SOLE 1,732,476 NEUTRAL TANDEM INC COM 64128B 10 8 1,363 78,249 SH SOLE 78,249 NEWPARK RES INC COM PAR 651718 50 4 4,278 471,620 SH SOLE 471,620 NEWPARK RES INC NOTE 651718 AC 2 4,724 4,051,000 PRN SOLE 4,051,000 NEXSTAR BROADCASTI CL A 65336K 10 3 2,298 279,918 SH SOLE 279,918 NORTHERN OIL & GAS COM 665531 10 9 9,114 430,524 SH SOLE 430,524 NUVASIVE INC COM 670704 10 5 13,020 393,127 SH SOLE 393,127 NUVASIVE INC NOTE 670704 AB 1 1,884 1,801,000 PRN SOLE 1,801,000 OCLARO INC COM NEW 67555N 20 6 6,717 999,626 SH SOLE 999,626 ONLINE RES CORP COM 68273G 10 1 119 36,500 SH SOLE 36,500 OWENS ILL INC COM NEW 690768 40 3 49,875 1,926,268 SH SOLE 1,926,268 PMC-SIERRA INC COM 69344F 10 6 25,730 3,401,499 SH SOLE 3,401,499 PACER INTL INC TEN COM 69373H 10 6 8,805 1,865,498 SH SOLE 1,865,498 PAETEC HOLDING COR COM 695459 10 7 30,033 6,460,096 SH SOLE 6,460,096 PANTRY INC COM 698657 10 3 1,683 89,555 SH SOLE 89,555 PATRIOT COAL CORP COM 70336T 10 4 16,770 797,077 SH SOLE 797,077 PATRIOT COAL CORP COM 70336T 10 4 140 150,900 SH CALL SOLE PATTERSON UTI ENER COM 703481 10 1 2,026 64,080 SH SOLE 64,080 PEABODY ENERGY COR SDCV 704549 ag 9 5,828 4,767,000 SH SOLE 4,767,000 PEBBLEBROOK HOTEL COM 70509V 10 0 2,708 134,112 SH SOLE 134,112 PENN NATL GAMING I COM 707569 10 9 26,017 684,948 SH SOLE 684,948 PETROHAWK ENERGY C COM 716495 10 6 26,799 1,133,081 SH SOLE 1,133,081 PHARMACEUTICAL PRO COM 717124 10 1 39,268 1,472,688 SH SOLE 1,472,688 PHARMERICA CORP COM 71714f 10 4 4,307 337,501 SH SOLE 337,501 PHILLIPS VAN HEUSE COM 718592 10 8 5,441 87,693 SH SOLE 87,693 PIER 1 IMPORTS INC COM 720279 10 8 5,415 491,147 SH SOLE 491,147 PINNACLE ENTMT INC COM 723456 10 9 32,729 2,283,979 SH SOLE 2,283,979 PIONEER DRILLING C COM 723655 10 6 12,616 871,416 SH SOLE 871,416 PIXELWORKS INC COM NEW 72581M 30 5 976 398,317 SH SOLE 398,317 POWELL INDS INC COM 739128 10 6 2,606 71,393 SH SOLE 71,393 POWERWAVE TECHNOLO SDCV 739363 AF 6 15,787 17,090,000 SH SOLE 17,090,000 PRICE T ROWE GROUP COM 74144T 10 8 4,876 84,423 SH SOLE 84,423 PROCERA NETWORKS I COM NEW 74269U 20 3 1,478 137,791 SH SOLE 137,791 PZENA INVESTMENT M CLASS A 74731Q 10 3 3,678 647,565 SH SOLE 647,565 RF MICRODEVICES IN COM 749941 10 0 32,884 5,631,239 SH SOLE 5,631,239 RADIANT SYSTEMS IN COM 75025N 10 2 12,534 619,900 SH SOLE 619,900 REGAL BELOIT CORP COM 758750 10 3 14,930 228,059 SH SOLE 228,059 REGAL ENTMT GROUP CL A 758766 10 9 18,153 1,459,355 SH SOLE 1,459,355 REGIONS FINANCIAL COM 7591EP 10 0 16,088 2,573,721 SH SOLE 2,573,721 ROBBINS & MYERS IN COM 770196 10 3 11,369 229,061 SH SOLE 229,061 SBA COMMUNICATIONS COM 78388J 10 6 22,220 589,810 SH SOLE 589,810 SBA COMMUNICATIONS NOTE 78388J AM 8 11,472 8,180,000 PRN SOLE 8,180,000 SRS LABS INC COM 78464M 10 6 5,239 546,296 SH SOLE 546,296 SABRA HEALTH CARE COM 78573L 10 6 13,867 903,484 SH SOLE 903,484 SANDRIDGE ENERGY I COM 80007P 30 7 18,601 1,858,975 SH SOLE 1,858,975 SCIENTIFIC GAMES C CL A 80874p 10 9 3,895 376,730 SH SOLE 376,730 SEQUENOM INC COM NEW 817337 40 5 2,287 302,900 SH SOLE 302,900 SHUFFLE MASTER INC COM 825549 10 8 10,779 1,165,591 SH SOLE 1,165,591 SINCLAIR BROADCAST CL A 829226 10 9 23,438 2,245,817 SH SOLE 2,245,817 SOLAR CAP LTD 83413U 10 0 8,155 338,199 SH SOLE 338,199 SOLUTIA INC COM NEW 834376 50 1 17,252 788,788 SH SOLE 788,788 SONUS NETWORKS INC COM 835916 10 7 4,220 1,302,563 SH SOLE 1,302,563 SPIRIT AEROSYSTEMS COM CL 848574 10 9 41,348 1,913,719 SH SOLE 1,913,719 STANDARD PAC CORP COM 85375C 10 1 59 17,500 SH SOLE 17,500 STEEL DYNAMICS INC COM 858119 10 0 5,045 320,265 SH SOLE 320,265 STEEL DYNAMICS INC NOTE 858119 AP 5 2,032 1,704,000 PRN SOLE 1,704,000 SUNTRUST BKS INC COM 867914 10 3 7,914 311,598 SH SOLE 311,598 SYNOVUS FINL CORP COM 87161C 10 5 21,967 10,295,254 SH SOLE 10,295,254 SYNOVUS FINL CORP UNIT 99 87161C 20 4 7,123 351,750 SH SOLE 351,750 TEKELEC COM 879101 10 3 3,343 366,174 SH SOLE 366,174 TESCO CORP COM 88157k 10 1 2,441 125,764 SH SOLE 125,764 TEXAS CAPITAL BANC COM 88224Q 10 7 10,572 423,770 SH SOLE 423,770 TITAN INTL INC ILL COM 88830m 10 2 11,894 521,104 SH SOLE 521,104 TITANIUM METALS CO COM NEW 888339 20 7 33,511 1,838,738 SH SOLE 1,838,738 TRANSOCEAN INC NOTE 893830 AW 9 102 104,000 PRN SOLE 104,000 TRANSWITCH CORP COM NEW 894065 30 9 1,159 375,174 SH SOLE 375,174 TREEHOUSE FOODS IN COM 89469A 10 4 279 5,100 SH SOLE 5,100 TRIDENT MICROSYSTE COM 895919 10 8 1,445 2,094,769 SH SOLE 2,094,769 TRINITY INDS INC COM 896522 10 9 23,622 713,019 SH SOLE 713,019 TRIUMPH GROUP INC COM 896818 10 1 10,257 108,887 SH SOLE 108,887 TRIUMPH GROUP INC NOTE 896818 AB 7 2,107 1,150,000 PRN SOLE 1,150,000 U S GLOBAL INVS IN CL A 902952 10 0 1,267 175,717 SH SOLE 175,717 ULTRALIFE CORP COM 903899 10 2 452 96,250 SH SOLE 96,250 UNIVERSAL HLTH SVC CL B 913903 10 0 8,024 162,742 SH SOLE 162,742 VAIL RESORTS INC COM 91879q 10 9 11,174 248,199 SH SOLE 248,199 VALUECLICK INC COM 92046N 10 2 16,961 1,061,507 SH SOLE 1,061,507 VARIAN MED SYS INC COM 92220p 10 5 30,428 449,631 SH SOLE 449,631 VISTEON CORP COM NEW 92839U 20 6 31,541 531,899 SH SOLE 531,899 VOLTERRA SEMICONDU COM 928708 10 6 1,540 62,445 SH SOLE 62,445 WSFS FINL CORP COM 929328 10 2 4,746 119,703 SH SOLE 119,703 WABASH NATL CORP COM 929566 10 7 3,574 381,394 SH SOLE 381,394 WALTER ENERGY INC COM 93317Q 10 5 4,389 40,974 SH SOLE 40,974 WARNACO GROUP INC COM NEW 934390 40 2 9,881 195,509 SH SOLE 195,509 WEBSTER FINL CORP COM 947890 10 9 11,788 569,599 SH SOLE 569,599 WELLS FARGO & CO N PFD CNV 949746 80 4 34,264 32,340 SH SOLE 32,340 WESTERN ALLIANCE B COM 957638 10 9 16,219 2,282,659 SH SOLE 2,282,659 WESTERN DIGITAL CO COM 958102 10 5 1,115 30,653 SH SOLE 30,653 WHITING PETE CORP COM 966387 10 2 5,166 95,621 SH SOLE 95,621 WILLBROS GROUP INC COM 969203 10 8 4,083 478,547 SH SOLE 478,547 WINTRUST FINANCIAL COM 97650W 10 8 18,731 580,697 SH SOLE 580,697 WOODWARD GOVERNOR COM 980745 10 3 16,788 495,742 SH SOLE 495,742 WRIGHT MED GROUP I COM 98235T 10 7 23,606 1,556,533 SH SOLE 1,556,533 WYNDHAM WORLDWIDE COM 98310W 10 8 8,873 282,067 SH SOLE 282,067 ZIONS BANCORPORATI COM 989701 10 7 28,578 1,206,616 SH SOLE 1,206,616 ARGO GROUP INTL HL COM G0464B 10 7 2,088 70,239 SH SOLE 70,239 HELEN OF TROY CORP COM G4388N 10 6 4,356 126,163 SH SOLE 126,163 INGERSOLL-RAND PLC SHS G47791 10 1 6,722 154,074 SH SOLE 154,074 INVESCO LTD SHS G491BT 10 8 6,606 295,565 SH SOLE 295,565 MARVELL TECHNOLOGY ORD G5876H 10 5 7,341 492,299 SH SOLE 492,299 NABORS INDUSTRIES SHS g6359f 10 3 42,927 1,811,911 SH SOLE 1,811,911 ORIENT-EXPRESS HOT CL A G67743 10 7 9,886 953,994 SH SOLE 953,994 SEAGATE TECHNOLOGY SHS G7945M 10 7 29,053 2,085,289 SH SOLE 2,085,289 VELTI PLC ST HELIE SHS G93285 10 7 10,186 664,266 SH SOLE 664,266 WEATHERFORD INTERN REG H27013 10 3 6,806 382,597 SH SOLE 382,597 AUDIOCODES LTD ORD M15342 10 4 2,266 412,820 SH SOLE 412,820 AEGEAN MARINE PETR SHS Y0017S 10 2 11,908 1,537,702 SH SOLE 1,537,702 TOTAL 3,161,851