0001158202-12-000008.txt : 20120215
0001158202-12-000008.hdr.sgml : 20120215
20120215090123
ACCESSION NUMBER: 0001158202-12-000008
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20111231
FILED AS OF DATE: 20120215
DATE AS OF CHANGE: 20120215
EFFECTIVENESS DATE: 20120215
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: 12614314
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
pcm4q201113f.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, 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 February 15, 2012
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager: 28-01190, 028-14511
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 278
Form 13F Information Table Value Total: 2,420,258
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 12,434 648,634 SH SOLE 648,634
AGCO CORP COM 001084 10 2 7,928 184,514 SH SOLE 184,514
AT&T INC COM 00206R 10 2 967 31,970 SH SOLE 31,970
ABERCROMBIE & FITC CL A 002896 20 7 586 12,000 SH SOLE 12,000
ACTUANT CORP CL A NE 00508X 20 3 22,625 997,150 SH SOLE 997,150
ACTUANT CORP SDCV 00508X AB 0 1,350 1,120,000 SH SOLE 1,120,000
AEGION CORP COM 00770F 10 4 4,539 295,885 SH SOLE 295,885
AIRGAS INC COM 009363 10 2 23,309 298,526 SH SOLE 298,526
ALERE INC COM 01449J 10 5 12,663 548,416 SH SOLE 548,416
ALERE INC NOTE 01449J AA 3 1,516 1,600,000 PRN SOLE 1,600,000
ALLEGHENY TECHNOLO COM 01741R 10 2 16,881 353,156 SH SOLE 353,156
ALLEGHENY TECHNOLO NOTE 01741R AD 4 2,653 1,897,000 PRN SOLE 1,897,000
ALLSCRIPT MISYS HE COM 01988P 10 8 18,430 973,055 SH SOLE 973,055
ALPHA NATURAL RESO COM 02076X 10 2 2,965 145,163 SH SOLE 145,163
ALPHATEC HOLDINGS COM 02081G 10 2 1,569 912,191 SH SOLE 912,191
AMERICAN AXLE & MF COM 024061 10 3 4,026 407,112 SH SOLE 407,112
AMERICAN RAILCAR I COM 02916p 10 3 1,741 72,769 SH SOLE 72,769
AMERICAN TOWER COR CL A 029912 20 1 3,750 62,489 SH SOLE 62,489
ASHFORD HOSPITALIT COM SHS 044103 10 9 80 10,000 SH SOLE 10,000
ATMEL CORP COM 049513 10 4 18,352 2,265,789 SH SOLE 2,265,789
ATWOOD OCEANICS IN COM 050095 10 8 8,195 205,962 SH SOLE 205,962
AVIAT NETWORKS INC COM 05366Y 10 2 5,282 2,886,306 SH SOLE 2,886,306
AVIS BUDGET GROUP COM 053774 10 5 18,569 1,732,246 SH SOLE 1,732,246
AVIS BUDGET GROUP NOTE 053774 AB 1 2,041 2,001,000 PRN SOLE 2,001,000
AVISTA CORP COM 05379B 10 7 6,832 265,324 SH SOLE 265,324
BALLY TECHNOLOGIES COM 05874B 10 7 31,784 803,442 SH SOLE 803,442
BANK OF AMERICA CO PFD L 060505 68 2 2,964 3,771 SH SOLE 3,771
BANKUNITED INC COM 06652K 10 3 10,520 478,416 SH SOLE 478,416
BASIC ENERGY SVCS COM 06985P 10 0 2,188 111,066 SH SOLE 111,066
BELO CORP COM SER 080555 10 5 13,581 2,155,595 SH SOLE 2,155,595
BIO-REFERENCE LABS COM $.0 09057G 60 2 2,116 130,035 SH SOLE 130,035
BLOUNT INTL INC NE COM 095180 10 5 864 59,500 SH SOLE 59,500
BOSTON PROPERTIES COM 101121 10 1 4,335 43,528 SH SOLE 43,528
BROCADE COMMUNICAT COM NEW 111621 30 6 41,928 8,078,742 SH SOLE 8,078,742
BROOKDALE SR LIVIN COM 112463 10 4 7,496 431,030 SH SOLE 431,030
BROWN SHOE INC NEW COM 115736 10 0 1,995 224,179 SH SOLE 224,179
CBS CORP NEW CL B 124857 20 2 6,434 237,059 SH SOLE 237,059
CF INDS HLDGS INC COM 125269 10 0 4,894 33,756 SH SOLE 33,756
CIT GROUP INC COM NEW 125581 80 1 3,514 100,774 SH SOLE 100,774
CADENCE DESIGN SYS COM 127387 10 8 12,903 1,240,660 SH SOLE 1,240,660
CAMDEN PPTY TR SH BEN 133131 10 2 14,111 226,720 SH SOLE 226,720
CAMERON INTERNATIO COM 13342b 10 5 4,515 91,791 SH SOLE 91,791
CAMPUS CREST CMNTY COM 13466Y 10 5 1,199 119,177 SH SOLE 119,177
CAREFUSION CORP COM 14170T 10 1 15,812 622,247 SH SOLE 622,247
CARMIKE CINEMAS IN COM 143436 40 0 7,193 1,045,463 SH SOLE 1,045,463
CATALYST HEALTH SO COM 14888B 10 3 14,525 279,324 SH SOLE 279,324
CAVIUM INC COM 14964U 10 8 27,197 956,601 SH SOLE 956,601
CBEYOND INC COM 149847 10 5 12,349 1,541,706 SH SOLE 1,541,706
CELANESE CORP DEL COM SER 150870 10 3 3,534 79,830 SH SOLE 79,830
CENTERSTATE BKS FL COM 15201P 10 9 2,059 310,978 SH SOLE 310,978
CENTRAL EUROPEAN D NOTE 153435 AA 0 6,468 8,085,000 PRN SOLE 8,085,000
CENTURY CASINOS IN COM 156492 10 0 943 372,552 SH SOLE 372,552
CHART INDS INC COM PAR 16115q 30 8 14,394 266,204 SH SOLE 266,204
CHART INDS INC NOTE 16115Q AC 4 2,720 2,575,000 PRN SOLE 2,575,000
CHATHAM LODGING TR COM 16208T 10 2 1,813 168,146 SH SOLE 168,146
CHEMTURA CORP COM NEW 163893 20 9 10,464 922,775 SH SOLE 922,775
CHESAPEAKE ENERGY PFD CON 165167 84 2 2,061 22,117 SH SOLE 22,117
CIENA CORP COM NEW 171779 30 9 25,873 2,138,317 SH SOLE 2,138,317
CINEMARK HOLDINGS COM 17243V 10 2 11,865 641,707 SH SOLE 641,707
CIRCOR INTL INC COM 17273K 10 9 4,844 137,182 SH SOLE 137,182
CLEARWATER PAPER C COM 18538R 10 3 12,644 355,064 SH SOLE 355,064
COMERICA INC COM 200340 10 7 30,925 1,198,668 SH SOLE 1,198,668
COMSTOCK RES INC COM NEW 205768 20 3 8,387 548,179 SH SOLE 548,179
CONSOL ENERGY INC COM 20854P 10 9 2,824 76,950 SH SOLE 76,950
CONSTELLATION BRAN CL A 21036p 10 8 7,999 386,981 SH SOLE 386,981
COTT CORP QUE COM 22163N 10 6 6,183 987,773 SH SOLE 987,773
CROWN CASTLE INTL COM 228227 10 4 6,662 148,703 SH SOLE 148,703
DSW INC CL A 23334l 10 2 3,296 74,563 SH SOLE 74,563
DANA HOLDING CORP COM 235825 20 5 9,466 779,111 SH SOLE 779,111
DAVITA INC COM 23918k 10 8 5,721 75,457 SH SOLE 75,457
DIAMONDROCK HOSPIT COM 252784 30 1 15,199 1,576,678 SH SOLE 1,576,678
DIGITAL RIV INC COM 25388B 10 4 24,566 1,635,540 SH SOLE 1,635,540
DISCOVERY COMMUNIC COM SER 25470F 10 4 3,236 78,989 SH SOLE 78,989
DOLBY LABORATORIES COM 25659T 10 7 9,552 313,076 SH SOLE 313,076
DOVER CORP COM 260003 10 8 5,699 98,176 SH SOLE 98,176
DRESSER-RAND GROUP COM 261608 10 3 2,846 57,014 SH SOLE 57,014
DUCOMMUN INC DEL COM 264147 10 9 3,030 237,665 SH SOLE 237,665
E M C CORP MASS NOTE 268648 AM 4 2,936 2,046,000 PRN SOLE 2,046,000
EXCO RESOURCES INC COM 269279 40 2 17,492 1,673,867 SH SOLE 1,673,867
ELLIS PERRY INTL I COM 288853 10 4 3,175 223,270 SH SOLE 223,270
ENERSYS COM 29275Y 10 2 15,395 592,801 SH SOLE 592,801
ENSCO INTL PL 29358Q 10 9 3,824 81,488 SH SOLE 81,488
EQUINIX INC COM NEW 29444U 50 2 4,784 47,172 SH SOLE 47,172
EQUINIX INC NOTE 29444U AG 1 2,449 2,189,000 PRN SOLE 2,189,000
ESTERLINE TECHNOLO COM 297425 10 0 12,500 223,338 SH SOLE 223,338
EXFO INC SUB VTG 302046 10 7 1,817 309,502 SH SOLE 309,502
EXXON MOBIL CORP COM 30231g 10 2 763 9,000 SH SOLE 9,000
F M C CORP COM NEW 302491 30 3 4,878 56,695 SH SOLE 56,695
FSI INTL INC COM 302633 10 2 5,142 1,404,823 SH SOLE 1,404,823
FELCOR LODGING TR COM 31430F 10 1 9,555 3,132,821 SH SOLE 3,132,821
FIRST MIDWEST BANC COM 320867 10 4 2,585 255,194 SH SOLE 255,194
1ST UNITED BANCORP COM 33740N 10 5 2,401 432,647 SH SOLE 432,647
FLOW INTL CORP COM 343468 10 4 2,061 588,881 SH SOLE 588,881
FORD MTR CO DEL NOTE 345370 CN 8 3,196 2,229,000 PRN SOLE 2,229,000
GAYLORD ENTMT CO N COM 367905 10 6 31,834 1,318,759 SH SOLE 1,318,759
GENERAL MTRS CO JR PFD CNV 37045V 20 9 2,163 63,139 SH SOLE 63,139
GENESEE & WYO INC CL A 371559 10 5 3,494 57,679 SH SOLE 57,679
GLOBAL CASH ACCESS COM 378967 10 3 1,132 254,359 SH SOLE 254,359
GLOBE SPECIALTY ME COM 37954N 20 6 5,888 439,699 SH SOLE 439,699
GOODRICH PETE CORP NOTE 382410 AC 2 6,224 6,720,000 PRN SOLE 6,720,000
GRAFTECH INTL LTD COM 384313 10 2 11,913 872,767 SH SOLE 872,767
GREAT LAKES DREDGE COM 390607 10 9 1,491 268,224 SH SOLE 268,224
GREAT WOLF RESORTS COM 391523 10 7 6,330 2,182,600 SH SOLE 2,182,600
GREENBRIER COS INC COM 393657 10 1 2,756 113,499 SH SOLE 113,499
HAIN CELESTIAL GRO COM 405217 10 0 12,554 342,440 SH SOLE 342,440
HANCOCK HLDG CO COM 410120 10 9 38,241 1,196,156 SH SOLE 1,196,156
HEINZ H J CO COM 423074 10 3 2,848 52,697 SH SOLE 52,697
HERCULES OFFSHORE COM 427093 10 9 16,354 3,683,539 SH SOLE 3,683,539
HERCULES OFFSHORE NOTE 427093 AD 1 414 462,000 PRN SOLE 462,000
HERSHA HOSPITALITY SH BEN 427825 10 4 4,659 954,788 SH SOLE 954,788
HERTZ GLOBAL HOLDI COM 42805T 10 5 5,722 488,250 SH SOLE 488,250
HEXCEL CORP NEW COM 428291 10 8 5,072 209,490 SH SOLE 209,490
HOLOGIC INC COM 436440 10 1 38,355 2,190,462 SH SOLE 2,190,462
HOLOGIC INC FRNT 2 436440 AB 7 3,765 3,442,000 SH SOLE 3,442,000
HOME BANCSHARES IN COM 436893 20 0 1,579 60,926 SH SOLE 60,926
HOME PROPERTIES IN COM 437306 10 3 8,048 139,786 SH SOLE 139,786
HOST HOTELS & RESO COM 44107P 10 4 3,366 227,908 SH SOLE 227,908
HUB GROUP INC CL A 443320 10 6 2,908 89,662 SH SOLE 89,662
ICON PUB LTD CO SPONSOR 45103T 10 7 29,300 1,712,442 SH SOLE 1,712,442
ICONIX BRAND GROUP COM 451055 10 7 7,810 479,402 SH SOLE 479,402
IDEX CORP COM 45167R 10 4 9,754 262,860 SH SOLE 262,860
IKANOS COMMUNICATI COM 45173E 10 5 1,487 1,835,962 SH SOLE 1,835,962
IMAX CORP COM 45245E 10 9 1,881 102,626 SH SOLE 102,626
INPHI CORP COM 45772F 10 7 1,722 143,973 SH SOLE 143,973
INTEL CORP COM 458140 10 0 970 40,000 SH SOLE 40,000
INTERMEC INC COM 458786 10 0 3,558 518,595 SH SOLE 518,595
INTERPUBLIC GROUP COM 460690 10 0 19,915 2,046,697 SH SOLE 2,046,697
INTERPUBLIC GROUP NOTE 460690 BE 9 1,372 1,250,000 PRN SOLE 1,250,000
INTUIT COM 461202 10 3 3,135 59,612 SH SOLE 59,612
ISHARES TR RUSSELL 464287 49 9 7,152 72,669 SH SOLE 72,669
ISHARES TR RUSSELL 464287 65 5 9,380 127,192 SH SOLE 127,192
ISLE OF CAPRI CASI COM 464592 10 4 2,271 486,361 SH SOLE 486,361
JDS UNIPHASE CORP COM PAR 46612J 50 7 36,917 3,536,129 SH SOLE 3,536,129
JPMORGAN CHASE & C COM 46625H 10 0 665 20,000 SH SOLE 20,000
JONES GROUP INC COM 48020T 10 1 1,621 153,670 SH SOLE 153,670
JUNIPER NETWORKS I COM 48203r 10 4 2,188 107,180 SH SOLE 107,180
KIT DIGITAL INC COM NEW 482470 20 0 2,056 243,269 SH SOLE 243,269
KAISER ALUMINUM CO COM PAR 483007 70 4 12,515 272,777 SH SOLE 272,777
KANSAS CITY SOUTHE COM NEW 485170 30 2 14,921 219,381 SH SOLE 219,381
KENEXA CORP COM 488879 10 7 10,767 403,259 SH SOLE 403,259
KEY ENERGY SVCS IN COM 492914 10 6 13,468 870,628 SH SOLE 870,628
KEYCORP NEW PFD 7.7 493267 40 5 1,860 17,595 SH SOLE 17,595
KILROY RLTY CORP COM 49427F 10 8 5,487 144,140 SH SOLE 144,140
LMI AEROSPACE INC COM 502079 10 6 3,724 212,191 SH SOLE 212,191
LEAP WIRELESS INTL COM NEW 521863 30 8 8,261 889,262 SH SOLE 889,262
LEAP WIRELESS INTL IN 521863 AL 4 2,258 2,595,000 SH SOLE 2,595,000
LEAR CORP COM NEW 521865 20 4 20,064 504,126 SH SOLE 504,126
LEGG MASON INC COM 524901 10 5 13,313 553,565 SH SOLE 553,565
LIFE TIME FITNESS COM 53217R 20 7 8,045 172,093 SH SOLE 172,093
LILLY ELI & CO COM 532457 10 8 530 12,750 SH SOLE 12,750
LIN TV CORP CL A 532774 10 6 871 205,875 SH SOLE 205,875
LITTELFUSE INC COM 537008 10 4 2,678 62,298 SH SOLE 62,298
LOCAL COM CORP COM 53954R 10 5 1,381 651,258 SH SOLE 651,258
LODGENET INTERACTI COM 540211 10 9 3,991 1,670,025 SH SOLE 1,670,025
LUCENT TECHNOLOGIE DBCV 549463 AH 0 15,905 18,125,000 SH SOLE 18,125,000
MAGNUM HUNTER RES COM 55973B 10 2 12,666 2,349,936 SH SOLE 2,349,936
MANITOWOC INC COM 563571 10 8 17,004 1,850,266 SH SOLE 1,850,266
MASSEY ENERGY CO NOTE 576203 AJ 2 1,266 1,371,000 PRN SOLE 1,371,000
MICROS SYS INC COM 594901 10 0 6,853 147,111 SH SOLE 147,111
MONSTER WORLDWIDE COM 611742 10 7 22,658 2,857,309 SH SOLE 2,857,309
MYLAN INC COM 628530 10 7 3,183 148,334 SH SOLE 148,334
MYRIAD GENETICS IN COM 62855J 10 4 33,004 1,576,143 SH SOLE 1,576,143
NII HLDGS INC CL B NE 62913F 20 1 22,495 1,056,059 SH SOLE 1,056,059
NII HLDGS INC NOTE 62913F AJ 1 1,006 1,000,000 PRN SOLE 1,000,000
NRG ENERGY INC COM NEW 629377 50 8 3,309 182,568 SH SOLE 182,568
NAVISTAR INTL CORP COM 63934E 10 8 12,424 327,987 SH SOLE 327,987
NAVISTAR INTL CO 63934E AL 2 2,349 2,180,000 SH SOLE 2,180,000
NETLIST INC COM 64118P 10 9 2,523 1,005,045 SH SOLE 1,005,045
NEWPARK RES INC COM PAR 651718 50 4 2,238 235,585 SH SOLE 235,585
NEWPARK RES INC NOTE 651718 AC 2 1,295 1,131,000 PRN SOLE 1,131,000
NISOURCE INC COM 65473p 10 5 13,199 554,348 SH SOLE 554,348
NUVASIVE INC COM 670704 10 5 6,877 546,206 SH SOLE 546,206
NUVASIVE INC NOTE 670704 AC 9 1,414 1,940,000 PRN SOLE 1,940,000
OASIS PETE INC NEW COM 674215 10 8 10,529 361,951 SH SOLE 361,951
OCLARO INC COM NEW 67555N 20 6 5,935 2,104,564 SH SOLE 2,104,564
ONLINE RES CORP COM 68273G 10 1 70 28,765 SH SOLE 28,765
OWENS ILL INC COM NEW 690768 40 3 17,484 902,190 SH SOLE 902,190
P F CHANGS CHINA B COM 69333y 10 8 4,759 153,965 SH SOLE 153,965
PMC-SIERRA INC COM 69344F 10 6 23,426 4,251,477 SH SOLE 4,251,477
PVH CORP COM 693656 10 0 4,660 66,108 SH SOLE 66,108
PACER INTL INC TEN COM 69373H 10 6 5,094 952,078 SH SOLE 952,078
PACIFIC SUNWEAR CA COM 694873 10 0 1,194 698,038 SH SOLE 698,038
PAREXEL INTL CORP COM 699462 10 7 1,732 83,500 SH SOLE 83,500
PARKER HANNIFIN CO COM 701094 10 4 3,255 42,695 SH SOLE 42,695
PATTERSON UTI ENER COM 703481 10 1 10,442 522,614 SH SOLE 522,614
PEABODY ENERGY COR SDCV 704549 ag 9 2,262 2,218,000 SH SOLE 2,218,000
PEBBLEBROOK HOTEL COM 70509V 10 0 1,314 68,516 SH SOLE 68,516
PENN NATL GAMING I COM 707569 10 9 26,812 704,281 SH SOLE 704,281
PERKINELMER INC COM 714046 10 9 5,797 289,854 SH SOLE 289,854
PIER 1 IMPORTS INC COM 720279 10 8 4,272 306,690 SH SOLE 306,690
PINNACLE ENTMT INC COM 723456 10 9 21,873 2,152,822 SH SOLE 2,152,822
PIONEER DRILLING C COM 723655 10 6 9,914 1,024,141 SH SOLE 1,024,141
POWERWAVE TECHNOLO COM NEW 739363 30 7 660 317,092 SH SOLE 317,092
POWERWAVE TECHNOLO SDCV 739363 AF 6 10,113 21,575,000 SH SOLE 21,575,000
PRICE T ROWE GROUP COM 74144T 10 8 4,362 76,594 SH SOLE 76,594
PZENA INVESTMENT M CLASS A 74731Q 10 3 2,654 612,943 SH SOLE 612,943
QUANTA SVCS INC COM 74762E 10 2 4,101 190,414 SH SOLE 190,414
RF MICRODEVICES IN COM 749941 10 0 12,427 2,301,368 SH SOLE 2,301,368
RALCORP HLDGS INC COM 751028 10 1 16,801 196,500 SH SOLE 196,500
RBC BEARINGS INC COM 75524B 10 4 1,355 32,495 SH SOLE 32,495
REGAL BELOIT CORP COM 758750 10 3 14,452 283,542 SH SOLE 283,542
REGAL ENTMT GROUP CL A 758766 10 9 10,079 844,200 SH SOLE 844,200
RIVERBED TECHNOLOG COM 768573 10 7 19,914 847,405 SH SOLE 847,405
ROBBINS & MYERS IN COM 770196 10 3 8,447 173,976 SH SOLE 173,976
ROWAN COS INC COM 779382 10 0 19,009 626,752 SH SOLE 626,752
RUBY TUESDAY INC COM 781182 10 0 1,415 205,064 SH SOLE 205,064
SBA COMMUNICATIONS COM 78388J 10 6 20,441 475,817 SH SOLE 475,817
SBA COMMUNICATIONS NOTE 78388J AM 8 3,534 2,325,000 PRN SOLE 2,325,000
SL GREEN RLTY CORP COM 78440x 10 1 19,833 297,613 SH SOLE 297,613
SRS LABS INC COM 78464M 10 6 4,931 857,546 SH SOLE 857,546
SEALED AIR CORP NE COM 81211K 10 0 20,046 1,164,786 SH SOLE 1,164,786
SEQUENOM INC COM NEW 817337 40 5 3,119 700,906 SH SOLE 700,906
SHUFFLE MASTER INC COM 825549 10 8 5,895 503,008 SH SOLE 503,008
SILICON IMAGE INC COM 82705T 10 2 1,731 368,259 SH SOLE 368,259
SINCLAIR BROADCAST CL A 829226 10 9 21,040 1,857,035 SH SOLE 1,857,035
SMUCKER J M CO COM NEW 832696 40 5 3,831 49,012 SH SOLE 49,012
SOLAR CAP LTD 83413U 10 0 6,571 297,446 SH SOLE 297,446
SOLUTIA INC COM NEW 834376 50 1 27,797 1,608,613 SH SOLE 1,608,613
SONUS NETWORKS INC COM 835916 10 7 10,814 4,505,798 SH SOLE 4,505,798
SPARTAN MTRS INC COM 846819 10 0 852 177,036 SH SOLE 177,036
SPARTECH CORP COM NEW 847220 20 9 2,625 554,991 SH SOLE 554,991
SPIRIT AEROSYSTEMS COM CL 848574 10 9 39,520 1,901,819 SH SOLE 1,901,819
STARWOOD HOTELS&RE COM 85590A 40 1 3,613 75,320 SH SOLE 75,320
STEEL DYNAMICS INC NOTE 858119 AP 5 2,960 2,719,000 PRN SOLE 2,719,000
SUNOPTA INC COM 8676EP 10 8 3,416 708,694 SH SOLE 708,694
SUNTRUST BKS INC COM 867914 10 3 3,808 215,153 SH SOLE 215,153
SWIFT TRANSN CO CL A 87074U 10 1 319 38,740 SH SOLE 38,740
SYNOVUS FINL CORP UNIT 99 87161C 20 4 1,737 125,200 SH SOLE 125,200
TEAM INC COM 878155 10 0 1,245 41,840 SH SOLE 41,840
TERADYNE INC COM 880770 10 2 9,364 686,958 SH SOLE 686,958
TEXAS CAPITAL BANC COM 88224Q 10 7 14,575 476,134 SH SOLE 476,134
TIFFANY & CO NEW COM 886547 10 8 5,723 86,366 SH SOLE 86,366
TITAN INTL INC ILL COM 88830m 10 2 12,009 617,096 SH SOLE 617,096
TITANIUM METALS CO COM NEW 888339 20 7 4,794 319,995 SH SOLE 319,995
TRANSOCEAN INC NOTE 893830 AW 9 1,572 1,600,000 PRN SOLE 1,600,000
TREEHOUSE FOODS IN COM 89469A 10 4 412 6,300 SH SOLE 6,300
TRINITY INDS INC COM 896522 10 9 33,676 1,120,301 SH SOLE 1,120,301
TRIQUINT SEMICONDU COM 89674k 10 3 21,887 4,494,364 SH SOLE 4,494,364
TRIUMPH GROUP INC COM 896818 10 1 21,263 363,779 SH SOLE 363,779
TYSON FOODS INC CL A 902494 10 3 2,442 118,338 SH SOLE 118,338
UNITED THERAPEUTIC COM 91307C 10 2 9,313 197,109 SH SOLE 197,109
UNITED THERAPEUTIC NOTE 91307C AE 2 1,817 1,560,000 PRN SOLE 1,560,000
UNIVERSAL HLTH SVC CL B 913903 10 0 3,660 94,170 SH SOLE 94,170
VAIL RESORTS INC COM 91879Q 10 9 6,584 155,437 SH SOLE 155,437
VALUECLICK INC COM 92046N 10 2 16,680 1,023,990 SH SOLE 1,023,990
VANGUARD HEALTH SY COM 922036 20 7 2,254 220,561 SH SOLE 220,561
VARIAN MED SYS INC COM 92220p 10 5 20,447 304,585 SH SOLE 304,585
VEECO INSTRS INC D COM 922417 10 0 1,070 51,449 SH SOLE 51,449
VISTEON CORP COM NEW 92839U 20 6 18,669 373,816 SH SOLE 373,816
WMS INDS INC COM 929297 10 9 3,077 149,930 SH SOLE 149,930
WSFS FINL CORP COM 929328 10 2 4,606 128,075 SH SOLE 128,075
WABASH NATL CORP COM 929566 10 7 2,853 363,896 SH SOLE 363,896
WARNACO GROUP INC COM NEW 934390 40 2 26,569 530,972 SH SOLE 530,972
WEBSTER FINL CORP COM 947890 10 9 10,301 505,208 SH SOLE 505,208
WELLS FARGO & CO N PFD CNV 949746 80 4 36,144 34,227 SH SOLE 34,227
WESTERN ALLIANCE B COM 957638 10 9 12,853 2,062,941 SH SOLE 2,062,941
WESTERN DIGITAL CO COM 958102 10 5 228 7,365 SH SOLE 7,365
WHITING PETE CORP COM 966387 10 2 21,136 452,679 SH SOLE 452,679
WINTRUST FINANCIAL COM 97650W 10 8 11,962 426,481 SH SOLE 426,481
WISDOMTREE INVTS I COM 97717P 10 4 68 11,220 SH SOLE 11,220
WOODWARD GOVERNOR COM 980745 10 3 12,840 313,714 SH SOLE 313,714
WYNDHAM WORLDWIDE COM 98310W 10 8 4,882 129,057 SH SOLE 129,057
WYNN RESORTS LTD COM 983134 10 7 3,624 32,797 SH SOLE 32,797
XCEL ENERGY INC COM 98389B 10 0 4,813 174,115 SH SOLE 174,115
XILINX INC COM 983919 10 1 2,245 70,013 SH SOLE 70,013
XERIUM TECHNOLOGIE COM NEW 98416J 11 8 1,934 295,777 SH SOLE 295,777
ZIONS BANCORPORATI COM 989701 10 7 21,952 1,348,436 SH SOLE 1,348,436
HELEN OF TROY CORP COM G4388N 10 6 2,283 74,349 SH SOLE 74,349
INVESCO LTD SHS G491BT 10 8 4,463 222,124 SH SOLE 222,124
MARVELL TECHNOLOGY ORD G5876H 10 5 5,409 390,551 SH SOLE 390,551
NABORS INDUSTRIES SHS G6359F 10 3 20,705 1,194,085 SH SOLE 1,194,085
ORIENT-EXPRESS HOT CL A G67743 10 7 8,407 1,125,413 SH SOLE 1,125,413
SEAGATE TECHNOLOGY SHS G7945M 10 7 22,164 1,351,429 SH SOLE 1,351,429
VELTI PLC ST HELIE SHS G93285 10 7 7,065 1,038,996 SH SOLE 1,038,996
WARNER CHILCOTT PL SHS A G94368 10 0 7,108 469,742 SH SOLE 469,742
WEATHERFORD INTERN REG H27013 10 3 2,973 203,046 SH SOLE 203,046
TRANSOCEAN LTD REG SHS H8817H 10 0 537 14,000 SH SOLE 14,000
AEGEAN MARINE PETR SHS Y0017S 10 2 2,563 628,139 SH SOLE 628,139
TOTAL 2,420,258