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