0001158202-12-000009.txt : 20120515 0001158202-12-000009.hdr.sgml : 20120515 20120515103058 ACCESSION NUMBER: 0001158202-12-000009 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120515 DATE AS OF CHANGE: 20120515 EFFECTIVENESS DATE: 20120515 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: 12841747 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 pcm1q201213f.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: March 31, 2012 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 May 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: 299 Form 13F Information Table Value Total: 2,891,864 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 14,371 787,468 SH SOLE 787,468 AGCO CORP COM 001084 10 2 4,577 96,936 SH SOLE 96,936 AES CORP COM 00130H 10 5 1,908 145,965 SH SOLE 145,965 ABRAXAS PETE CORP COM 003830 10 6 203 65,000 SH SOLE 65,000 ACME PACKET INC COM 004764 10 6 28,829 1,047,558 SH SOLE 1,047,558 ACTUANT CORP CL A NE 00508X 20 3 30,109 1,038,618 SH SOLE 1,038,618 ACTUANT CORP SDCV 00508X AB 0 2,733 1,870,000 SH SOLE 1,870,000 AEGION CORP COM 00770F 10 4 6,979 391,426 SH SOLE 391,426 ADVANCED MICRO DEV NOTE 007903 AN 7 4,435 4,375,000 PRN SOLE 4,375,000 AIRGAS INC COM 009363 10 2 25,407 285,562 SH SOLE 285,562 ALLEGHENY TECHNOLO COM 01741R 10 2 18,580 451,308 SH SOLE 451,308 ALLEGHENY TECHNOLO NOTE 01741R AD 4 2,981 2,392,000 PRN SOLE 2,392,000 ALLSCRIPT MISYS HE COM 01988P 10 8 20,490 1,234,308 SH SOLE 1,234,308 ALPHATEC HOLDINGS COM 02081G 10 2 2,130 898,781 SH SOLE 898,781 AMERICAN AXLE & MF COM 024061 10 3 1,729 147,672 SH SOLE 147,672 AMERICAN RAILCAR I COM 02916P 10 3 3,853 163,873 SH SOLE 163,873 AMERICAN TOWER COR COM 03027X 10 0 1,099 17,437 SH SOLE 17,437 AMERISTAR CASINOS COM 03070Q 10 1 2,164 116,146 SH SOLE 116,146 AMERIGROUP CORP COM 03073T 10 2 9,278 137,894 SH SOLE 137,894 APPROACH RESOURCES COM 03834A 10 3 1,146 31,020 SH SOLE 31,020 ATMEL CORP COM 049513 10 4 26,705 2,707,097 SH SOLE 2,707,097 ATWOOD OCEANICS IN COM 050095 10 8 8,821 196,511 SH SOLE 196,511 AUXILIUM PHARMACEU COM 05334D 10 7 2,432 130,990 SH SOLE 130,990 AVIAT NETWORKS INC COM 05366Y 10 2 9,149 3,244,255 SH SOLE 3,244,255 AVIS BUDGET GROUP COM 053774 10 5 29,406 2,078,157 SH SOLE 2,078,157 AVIS BUDGET GROUP NOTE 053774 AB 1 2,927 2,496,000 PRN SOLE 2,496,000 AVISTA CORP COM 05379B 10 7 4,715 184,351 SH SOLE 184,351 BALLY TECHNOLOGIES COM 05874B 10 7 35,984 769,702 SH SOLE 769,702 BANK OF AMERICA CO PFD L 060505 68 2 34,666 35,413 SH SOLE 35,413 BANKUNITED INC COM 06652K 10 3 9,600 384,012 SH SOLE 384,012 BELO CORP COM SER 080555 10 5 14,822 2,067,234 SH SOLE 2,067,234 BENIHANA INC COM 082047 10 1 506 38,800 SH SOLE 38,800 BIO-REFERENCE LABS COM $.0 09057G 60 2 2,633 112,005 SH SOLE 112,005 BLOUNT INTL INC NE COM 095180 10 5 992 59,500 SH SOLE 59,500 BODY CENT CORP COM 09689U 10 2 3,503 120,709 SH SOLE 120,709 BOSTON PROPERTIES COM 101121 10 1 4,931 46,969 SH SOLE 46,969 BRIGGS & STRATTON COM 109043 10 9 1,314 73,268 SH SOLE 73,268 BROCADE COMMUNICAT COM NEW 111621 30 6 35,159 6,114,586 SH SOLE 6,114,586 BROOKDALE SR LIVIN COM 112463 10 4 9,695 517,881 SH SOLE 517,881 Brookdale Senior L NOTE 112463 AA 2 4,267 4,570,000 PRN SOLE 4,570,000 BROWN SHOE INC NEW COM 115736 10 0 1,332 144,366 SH SOLE 144,366 BUFFALO WILD WINGS COM 119848 10 9 8,597 94,796 SH SOLE 94,796 CBS CORP NEW CL B 124857 20 2 8,639 254,778 SH SOLE 254,778 CF INDS HLDGS INC COM 125269 10 0 4,411 24,149 SH SOLE 24,149 C H ROBINSON WORLD COM NEW 12541W 20 9 559 8,535 SH SOLE 8,535 CIT GROUP INC COM NEW 125581 80 1 5,524 133,951 SH SOLE 133,951 CABOT OIL & GAS CO COM 127097 10 3 16,963 544,207 SH SOLE 544,207 CADENCE DESIGN SYS COM 127387 10 8 11,641 983,208 SH SOLE 983,208 CAMDEN PPTY TR SH BEN 133131 10 2 19,982 303,911 SH SOLE 303,911 CAMERON INTERNATIO COM 13342B 10 5 6,065 114,789 SH SOLE 114,789 CAMPUS CREST CMNTY COM 13466Y 10 5 2,050 175,810 SH SOLE 175,810 CAREFUSION CORP COM 14170T 10 1 17,045 657,335 SH SOLE 657,335 CARIBOU COFFEE INC COM 142042 20 9 2,945 157,995 SH SOLE 157,995 CARMIKE CINEMAS IN COM 143436 40 0 5,792 415,210 SH SOLE 415,210 CASTLE A M & CO COM 148411 10 1 1,415 111,880 SH SOLE 111,880 CATALYST HEALTH SO COM 14888B 10 3 16,858 264,526 SH SOLE 264,526 CAVIUM INC COM 14964U 10 8 33,105 1,069,969 SH SOLE 1,069,969 CBEYOND INC COM 149847 10 5 12,364 1,545,613 SH SOLE 1,545,613 CELANESE CORP DEL COM SER 150870 10 3 5,554 120,275 SH SOLE 120,275 CENTRAL EUROPEAN D NOTE 153435 AA 0 5,819 6,585,000 PRN SOLE 6,585,000 CENTURY CASINOS IN COM 156492 10 0 1,055 367,422 SH SOLE 367,422 CHART INDS INC COM PAR 16115Q 30 8 12,845 175,164 SH SOLE 175,164 CHART INDS INC NOTE 16115Q AC 4 4,248 3,319,000 PRN SOLE 3,319,000 CHATHAM LODGING TR COM 16208T 10 2 2,103 165,719 SH SOLE 165,719 CHEMTURA CORP COM NEW 163893 20 9 15,077 887,923 SH SOLE 887,923 CHESAPEAKE ENERGY PFD CON 165167 84 2 2,035 22,117 SH SOLE 22,117 CIENA CORP COM NEW 171779 30 9 38,421 2,373,095 SH SOLE 2,373,095 CIENA CORP NOTE 171779 AE 1 431 490,000 PRN SOLE 490,000 CINCINNATI BELL IN COM 171871 10 6 620 154,186 SH SOLE 154,186 CINEMARK HOLDINGS COM 17243V 10 2 15,142 689,839 SH SOLE 689,839 CIRCOR INTL INC COM 17273K 10 9 4,000 120,235 SH SOLE 120,235 CLEARWATER PAPER C COM 18538R 10 3 8,868 267,034 SH SOLE 267,034 CLIFFS NATURAL RES COM 18683K 10 1 5,544 80,059 SH SOLE 80,059 COMERICA INC COM 200340 10 7 39,743 1,228,159 SH SOLE 1,228,159 CONCHO RES INC COM 20605P 10 1 2,567 25,147 SH SOLE 25,147 COTT CORP QUE COM 22163N 10 6 5,372 815,045 SH SOLE 815,045 CROWN CASTLE INTL COM 228227 10 4 7,422 139,141 SH SOLE 139,141 DSW INC CL A 23334L 10 2 10,908 199,160 SH SOLE 199,160 DANA HOLDING CORP COM 235825 20 5 8,024 517,635 SH SOLE 517,635 DAVITA INC COM 23918K 10 8 7,236 80,251 SH SOLE 80,251 DIAMONDROCK HOSPIT COM 252784 30 1 14,235 1,383,372 SH SOLE 1,383,372 DIGITAL RIV INC COM 25388B 10 4 29,987 1,602,711 SH SOLE 1,602,711 DIGITAL RIV INC NOTE 25388B AD 6 7,694 7,942,000 PRN SOLE 7,942,000 DISCOVERY COMMUNIC COM SER 25470F 10 4 4,266 84,294 SH SOLE 84,294 DOVER CORP COM 260003 10 8 5,783 91,884 SH SOLE 91,884 DRESSER-RAND GROUP COM 261608 10 3 3,755 80,950 SH SOLE 80,950 DUCOMMUN INC DEL COM 264147 10 9 3,641 305,927 SH SOLE 305,927 E M C CORP MASS NOTE 268648 AM 4 5,708 3,040,000 PRN SOLE 3,040,000 ELLIS PERRY INTL I COM 288853 10 4 5,376 287,935 SH SOLE 287,935 ENSCO INTL PL 29358Q 10 9 4,679 88,393 SH SOLE 88,393 EQUINIX INC COM NEW 29444U 50 2 3,471 22,045 SH SOLE 22,045 EQUINIX INC NOTE 29444U AG 1 2,528 1,681,000 PRN SOLE 1,681,000 ESTERLINE TECHNOLO COM 297425 10 0 20,918 292,724 SH SOLE 292,724 EXFO INC SUB VTG 302046 10 7 1,630 230,839 SH SOLE 230,839 F M C CORP COM NEW 302491 30 3 5,339 50,438 SH SOLE 50,438 FSI INTL INC COM 302633 10 2 2,220 453,903 SH SOLE 453,903 FELCOR LODGING TR COM 31430F 10 1 6,529 1,813,566 SH SOLE 1,813,566 FIRST HORIZON NATL COM 320517 10 5 13,227 1,274,274 SH SOLE 1,274,274 FIRST MIDWEST BANC COM 320867 10 4 3,054 254,908 SH SOLE 254,908 FLOW INTL CORP COM 343468 10 4 2,278 566,728 SH SOLE 566,728 FLOWSERVE CORP COM 34354P 10 5 15,844 137,159 SH SOLE 137,159 FORD MTR CO DEL NOTE 345370 CN 8 3,929 2,479,000 PRN SOLE 2,479,000 GSV Capital Corp COM 36191J 10 1 770 41,165 SH SOLE 41,165 GAYLORD ENTMT CO N COM 367905 10 6 37,814 1,227,740 SH SOLE 1,227,740 GENERAL CABLE CORP NOTE 369300 AD 0 979 1,004,000 PRN SOLE 1,004,000 GENERAL MTRS CO JR PFD CNV 37045V 20 9 2,642 63,139 SH SOLE 63,139 GENESEE & WYO INC CL A 371559 10 5 6,463 118,416 SH SOLE 118,416 GLOBE SPECIALTY ME COM 37954N 20 6 6,387 429,532 SH SOLE 429,532 GORMAN RUPP CO COM 383082 10 4 2,237 76,664 SH SOLE 76,664 GRAFTECH INTL LTD COM 384313 10 2 9,630 806,592 SH SOLE 806,592 GREAT LAKES DREDGE COM 390607 10 9 3,098 429,033 SH SOLE 429,033 GREENBRIER COS INC COM 393657 10 1 4,705 237,745 SH SOLE 237,745 GUESS INC COM 401617 10 5 18,050 577,595 SH SOLE 577,595 HAIN CELESTIAL GRO COM 405217 10 0 11,524 263,061 SH SOLE 263,061 HANCOCK HLDG CO COM 410120 10 9 46,217 1,301,524 SH SOLE 1,301,524 HARRIS CORP DEL COM 413875 10 5 1,922 42,654 SH SOLE 42,654 HARRY WINSTON DIAM COM 41587B 10 0 10,988 748,017 SH SOLE 748,017 HARVEST NATURAL RE COM 41754V 10 3 71 10,000 SH SOLE 10,000 HEINZ H J CO COM 423074 10 3 3,786 70,694 SH SOLE 70,694 HERCULES OFFSHORE COM 427093 10 9 21,771 4,602,713 SH SOLE 4,602,713 HERCULES OFFSHORE NOTE 427093 AD 1 1,019 1,032,000 PRN SOLE 1,032,000 HERCULES TECH GROW CAP INC 427096 50 8 2,664 240,438 SH SOLE 240,438 HERSHA HOSPITALITY SH BEN 427825 10 4 4,934 903,590 SH SOLE 903,590 HERTZ GLOBAL HOLDI COM 42805T 10 5 6,978 463,987 SH SOLE 463,987 HEXCEL CORP NEW COM 428291 10 8 13,303 554,069 SH SOLE 554,069 HOLOGIC INC COM 436440 10 1 37,955 1,761,203 SH SOLE 1,761,203 HOLOGIC INC FRNT 2 436440 AA 9 4,348 4,375,000 SH SOLE 4,375,000 HOLOGIC INC FRNT 2 436440 AB 7 3,177 2,692,000 SH SOLE 2,692,000 HOME BANCSHARES IN COM 436893 20 0 2,917 109,631 SH SOLE 109,631 HOME PROPERTIES IN COM 437306 10 3 10,092 165,412 SH SOLE 165,412 HOST HOTELS & RESO COM 44107P 10 4 4,043 246,205 SH SOLE 246,205 HUB GROUP INC CL A 443320 10 6 3,239 89,890 SH SOLE 89,890 HUMAN GENOME SCIEN NOTE 444903 AN 8 2,460 2,494,000 PRN SOLE 2,494,000 ICON PUB LTD CO SPONSOR 45103T 10 7 37,809 1,781,743 SH SOLE 1,781,743 IDEX CORP COM 45167R 10 4 10,616 251,979 SH SOLE 251,979 IMAX CORP COM 45245E 10 9 9,019 368,997 SH SOLE 368,997 INFORMATICA CORP COM 45666Q 10 2 30,828 582,768 SH SOLE 582,768 INTERMEC INC COM 458786 10 0 3,389 438,468 SH SOLE 438,468 INTL PAPER CO COM 460146 10 3 1,749 49,820 SH SOLE 49,820 INTERPUBLIC GROUP COM 460690 10 0 30,103 2,638,364 SH SOLE 2,638,364 INTERPUBLIC GROUP NOTE 460690 BE 9 2,288 2,000,000 PRN SOLE 2,000,000 INTUIT COM 461202 10 3 4,794 79,684 SH SOLE 79,684 ISHARES TR RUSSELL 464287 49 9 1,782 16,099 SH SOLE 16,099 ISHARES TR RUSSELL 464287 65 5 547 6,608 SH SOLE 6,608 ISHARES TR RUSSELL 464287 95 5 536 3,085 PUT SOLE 6,608 ISLE OF CAPRI CASI COM 464592 10 4 3,863 547,132 SH SOLE 547,132 JDS UNIPHASE CORP COM PAR 46612J 50 7 51,441 3,550,126 SH SOLE 3,550,126 JPMORGAN CHASE & C COM 46625H 10 0 920 20,000 SH SOLE 20,000 JOY GLOBAL INC COM 481165 10 8 1,840 25,029 SH SOLE 25,029 JUNIPER NETWORKS I COM 48203R 10 4 3,624 158,382 SH SOLE 158,382 KIT DIGITAL INC COM NEW 482470 20 0 3,823 530,917 SH SOLE 530,917 KAISER ALUMINUM CO COM PAR 483007 70 4 12,492 264,324 SH SOLE 264,324 KANSAS CITY SOUTHE COM NEW 485170 30 2 23,664 330,089 SH SOLE 330,089 KENEXA CORP COM 488879 10 7 15,151 485,005 SH SOLE 485,005 KEY ENERGY SVCS IN COM 492914 10 6 10,656 689,731 SH SOLE 689,731 KEYCORP NEW PFD 7.7 493267 40 5 2,631 23,426 SH SOLE 23,426 KILROY RLTY CORP COM 49427F 10 8 8,088 173,524 SH SOLE 173,524 KODIAK OIL & GAS C COM 50015Q 10 0 6,092 611,624 SH SOLE 611,624 LMI AEROSPACE INC COM 502079 10 6 4,192 230,344 SH SOLE 230,344 LASALLE HOTEL PPTY COM SH 517942 10 8 6,442 228,939 SH SOLE 228,939 LEAP WIRELESS INTL COM NEW 521863 30 8 7,610 871,715 SH SOLE 871,715 LEAP WIRELESS INTL IN 521863 AL 4 3,333 3,495,000 SH SOLE 3,495,000 LEAR CORP COM NEW 521865 20 4 22,633 486,824 SH SOLE 486,824 LEGG MASON INC COM 524901 10 5 20,545 735,565 SH SOLE 735,565 LIBERTY MEDIA CORP CAP COM 530322 10 6 3,536 40,120 SH SOLE 40,120 LIFE TIME FITNESS COM 53217R 20 7 8,323 164,594 SH SOLE 164,594 LIN TV CORP CL A 532774 10 6 1,794 442,915 SH SOLE 442,915 LITTELFUSE INC COM 537008 10 4 3,147 50,188 SH SOLE 50,188 LOCAL COM CORP COM 53954R 10 5 2,261 876,537 SH SOLE 876,537 LODGENET INTERACTI COM 540211 10 9 4,546 1,298,732 SH SOLE 1,298,732 LUCENT TECHNOLOGIE DBCV 549463 AH 0 5,134 5,225,000 SH SOLE 5,225,000 MGM RESORTS INTERN NOTE 55303Q AE 0 2,616 2,471,000 PRN SOLE 2,471,000 MAGNUM HUNTER RES COM 55973B 10 2 10,248 1,598,811 SH SOLE 1,598,811 MANITOWOC INC COM 563571 10 8 16,688 1,204,073 SH SOLE 1,204,073 MASSEY ENERGY CO NOTE 576203 AJ 2 3,915 4,362,000 PRN SOLE 4,362,000 MERIT MED SYS INC COM 589889 10 4 2,687 216,362 SH SOLE 216,362 MICROS SYS INC COM 594901 10 0 3,951 71,455 SH SOLE 71,455 MICRON TECHNOLOGY DEBT 1 595112 AK 9 1,481 1,500,000 SH SOLE 1,500,000 MONSTER WORLDWIDE COM 611742 10 7 4,768 489,007 SH SOLE 489,007 MYLAN INC COM 628530 10 7 4,663 198,843 SH SOLE 198,843 MYRIAD GENETICS IN COM 62855J 10 4 38,108 1,610,646 SH SOLE 1,610,646 NII HLDGS INC CL B NE 62913F 20 1 23,245 1,269,522 SH SOLE 1,269,522 NII HLDGS INC NOTE 62913F AJ 1 250 250,000 PRN SOLE 250,000 NATIONAL CINEMEDIA COM 635309 10 7 2,666 174,229 SH SOLE 174,229 NAVISTAR INTL CORP COM 63934E 10 8 11,438 282,764 SH SOLE 282,764 NAVISTAR INTL CO 63934E AL 2 2,403 2,180,000 SH SOLE 2,180,000 NETAPP INC COM 64110D 10 4 6,260 139,842 SH SOLE 139,842 NETAPP INC NOTE 64110D AB 0 3,622 2,500,000 PRN SOLE 2,500,000 NETLIST INC COM 64118P 10 9 2,954 834,439 SH SOLE 834,439 NEWPARK RES INC COM PAR 651718 50 4 422 51,575 SH SOLE 51,575 NEWPARK RES INC NOTE 651718 AC 2 1,808 1,631,000 PRN SOLE 1,631,000 NISOURCE INC COM 65473P 10 5 22,777 935,404 SH SOLE 935,404 NUVASIVE INC COM 670704 10 5 13,854 822,666 SH SOLE 822,666 NUVASIVE INC NOTE 670704 AC 9 3,778 4,432,000 PRN SOLE 4,432,000 OASIS PETE INC NEW COM 674215 10 8 11,539 374,279 SH SOLE 374,279 OCLARO INC COM NEW 67555N 20 6 7,852 1,992,842 SH SOLE 1,992,842 ON SEMICONDUCTOR C NOTE 682189 AH 8 3,615 3,000,000 PRN SOLE 3,000,000 ONLINE RES CORP COM 68273G 10 1 76 26,572 SH SOLE 26,572 OWENS ILL INC COM NEW 690768 40 3 23,416 1,003,289 SH SOLE 1,003,289 OXFORD INDS INC COM 691497 30 9 1,337 26,302 SH SOLE 26,302 P F CHANGS CHINA B COM 69333Y 10 8 2,715 68,708 SH SOLE 68,708 PVH CORP COM 693656 10 0 4,876 54,587 SH SOLE 54,587 PAREXEL INTL CORP COM 699462 10 7 2,364 87,641 SH SOLE 87,641 PARKER HANNIFIN CO COM 701094 10 4 4,791 56,662 SH SOLE 56,662 PATTERSON UTI ENER COM 703481 10 1 9,936 574,696 SH SOLE 574,696 PEABODY ENERGY COR SDCV 704549 AG 9 3,057 3,218,000 SH SOLE 3,218,000 PEBBLEBROOK HOTEL COM 70509V 10 0 870 38,520 SH SOLE 38,520 PENN NATL GAMING I COM 707569 10 9 32,796 763,055 SH SOLE 763,055 PERKINELMER INC COM 714046 10 9 9,662 349,301 SH SOLE 349,301 PINNACLE ENTMT INC COM 723456 10 9 18,877 1,640,014 SH SOLE 1,640,014 PIONEER DRILLING C COM 723655 10 6 8,684 986,818 SH SOLE 986,818 POWERWAVE TECHNOLO COM NEW 739363 30 7 641 312,477 SH SOLE 312,477 POWERWAVE TECHNOLO SDCV 739363 AF 6 10,410 21,575,000 SH SOLE 21,575,000 PZENA INVESTMENT M CLASS A 74731Q 10 3 3,521 601,878 SH SOLE 601,878 QUANTA SVCS INC COM 74762E 10 2 5,000 239,271 SH SOLE 239,271 RF MICRODEVICES IN COM 749941 10 0 30,296 6,083,355 SH SOLE 6,083,355 RALCORP HLDGS INC COM 751028 10 1 22,856 308,487 SH SOLE 308,487 RBC BEARINGS INC COM 75524B 10 4 1,095 23,736 SH SOLE 23,736 REACHLOCAL INC COM 75525F 10 4 1,259 176,551 SH SOLE 176,551 RED ROBIN GOURMET COM 75689M 10 1 3,357 90,262 SH SOLE 90,262 REGAL BELOIT CORP COM 758750 10 3 20,179 307,837 SH SOLE 307,837 REGAL ENTMT GROUP CL A 758766 10 9 4,006 294,569 SH SOLE 294,569 REGIONS FINANCIAL COM 7591EP 10 0 66 10,000 SH SOLE 10,000 RIVERBED TECHNOLOG COM 768573 10 7 25,309 901,323 SH SOLE 901,323 ROBBINS & MYERS IN COM 770196 10 3 11,265 216,421 SH SOLE 216,421 ROCKWELL COLLINS I COM 774341 10 1 4,392 76,309 SH SOLE 76,309 ROWAN COS INC COM 779382 10 0 11,374 345,400 SH SOLE 345,400 RUBY TUESDAY INC COM 781182 10 0 3,179 348,149 SH SOLE 348,149 SBA COMMUNICATIONS COM 78388J 10 6 22,241 437,726 SH SOLE 437,726 SBA COMMUNICATIONS NOTE 78388J AM 8 2,768 1,575,000 PRN SOLE 1,575,000 SL GREEN RLTY CORP COM 78440X 10 1 25,183 324,732 SH SOLE 324,732 SRS LABS INC COM 78464M 10 6 5,897 848,534 SH SOLE 848,534 SVB FINL GROUP COM 78486Q 10 1 4,785 74,375 SH SOLE 74,375 SEALED AIR CORP NE COM 81211K 10 0 20,788 1,076,560 SH SOLE 1,076,560 SEQUENOM INC COM NEW 817337 40 5 3,942 968,459 SH SOLE 968,459 SHORETEL INC COM 825211 10 5 3,993 703,028 SH SOLE 703,028 SHUFFLE MASTER INC COM 825549 10 8 7,089 402,762 SH SOLE 402,762 SILICON IMAGE INC COM 82705T 10 2 4,847 824,264 SH SOLE 824,264 SINCLAIR BROADCAST CL A 829226 10 9 17,123 1,548,141 SH SOLE 1,548,141 SMUCKER J M CO COM NEW 832696 40 5 4,460 54,816 SH SOLE 54,816 SOLAR CAP LTD 83413U 10 0 6,373 288,723 SH SOLE 288,723 SOLUTIA INC COM NEW 834376 50 1 16,233 580,968 SH SOLE 580,968 SONUS NETWORKS INC COM 835916 10 7 12,663 4,366,721 SH SOLE 4,366,721 SPARTAN MTRS INC COM 846819 10 0 2,348 443,890 SH SOLE 443,890 SPARTECH CORP COM NEW 847220 20 9 2,635 540,033 SH SOLE 540,033 SPIRIT AEROSYSTEMS COM CL 848574 10 9 32,891 1,344,658 SH SOLE 1,344,658 STARWOOD HOTELS&RE COM 85590A 40 1 4,638 82,221 SH SOLE 82,221 SUNOPTA INC COM 8676EP 10 8 5,445 995,460 SH SOLE 995,460 SUNTRUST BKS INC COM 867914 10 3 4,538 187,748 SH SOLE 187,748 SWIFT TRANSN CO CL A 87074U 10 1 356 30,817 SH SOLE 30,817 SYNOVUS FINL CORP COM 87161C 10 5 1,593 777,308 SH SOLE 777,308 SYNOVUS FINL CORP UNIT 99 87161C 20 4 2,972 155,200 SH SOLE 155,200 TTM TECHNOLOGIES NOTE 87305R AC 3 3,207 2,994,000 PRN SOLE 2,994,000 TEAM INC COM 878155 10 0 1,276 41,229 SH SOLE 41,229 TERADYNE INC COM 880770 10 2 11,056 654,614 SH SOLE 654,614 TEXAS CAPITAL BANC COM 88224Q 10 7 18,351 530,078 SH SOLE 530,078 TIFFANY & CO NEW COM 886547 10 8 8,090 117,027 SH SOLE 117,027 TITAN INTL INC ILL COM 88830M 10 2 13,626 576,149 SH SOLE 576,149 TITANIUM METALS CO COM NEW 888339 20 7 4,721 348,156 SH SOLE 348,156 TRANSOCEAN INC NOTE 893830 AW 9 9,504 9,600,000 PRN SOLE 9,600,000 TREEHOUSE FOODS IN COM 89469A 10 4 4,116 69,177 SH SOLE 69,177 TRIANGLE PETE CORP COM NEW 89600B 20 1 366 53,000 SH SOLE 53,000 TRINITY INDS INC COM 896522 10 9 33,555 1,018,371 SH SOLE 1,018,371 TRINITY INDS INC NOTE 896522 AF 6 1,913 1,755,000 PRN SOLE 1,755,000 TRIQUINT SEMICONDU COM 89674K 10 3 33,584 4,870,852 SH SOLE 4,870,852 TRIUMPH GROUP INC COM 896818 10 1 16,579 264,595 SH SOLE 264,595 TYSON FOODS INC CL A 902494 10 3 4,099 214,042 SH SOLE 214,042 UNITED THERAPEUTIC NOTE 91307C AE 2 2,374 2,060,000 PRN SOLE 2,060,000 UNIVERSAL HLTH SVC CL B 913903 10 0 4,281 102,147 SH SOLE 102,147 VALUECLICK INC COM 92046N 10 2 18,334 928,812 SH SOLE 928,812 VANGUARD HEALTH SY COM 922036 20 7 2,769 280,873 SH SOLE 280,873 VARIAN MED SYS INC COM 92220P 10 5 20,233 293,389 SH SOLE 293,389 VISTEON CORP COM NEW 92839U 20 6 13,042 246,074 SH SOLE 246,074 WMS INDS INC COM 929297 10 9 21,213 893,953 SH SOLE 893,953 WSFS FINL CORP COM 929328 10 2 5,750 140,244 SH SOLE 140,244 WABASH NATL CORP COM 929566 10 7 1,326 128,146 SH SOLE 128,146 WARNACO GROUP INC COM NEW 934390 40 2 27,846 476,805 SH SOLE 476,805 WEBSTER FINL CORP COM 947890 10 9 7,085 312,516 SH SOLE 312,516 WELLS FARGO & CO N PFD CNV 949746 80 4 40,538 36,302 SH SOLE 36,302 WESTERN ALLIANCE B COM 957638 10 9 16,334 1,928,464 SH SOLE 1,928,464 WHITING PETE CORP COM 966387 10 2 26,402 486,216 SH SOLE 486,216 WINTRUST FINANCIAL COM 97650W 10 8 20,941 585,093 SH SOLE 585,093 WOODWARD GOVERNOR COM 980745 10 3 11,080 258,698 SH SOLE 258,698 WYNDHAM WORLDWIDE COM 98310W 10 8 6,494 139,612 SH SOLE 139,612 WYNN RESORTS LTD COM 983134 10 7 6,330 50,689 SH SOLE 50,689 XCEL ENERGY INC COM 98389B 10 0 3,076 116,194 SH SOLE 116,194 XERIUM TECHNOLOGIE COM NEW 98416J 11 8 1,880 291,526 SH SOLE 291,526 ZIONS BANCORPORATI COM 989701 10 7 31,542 1,469,835 SH SOLE 1,469,835 HELEN OF TROY CORP COM G4388N 10 6 3,838 112,836 SH SOLE 112,836 INVESCO LTD SHS G491BT 10 8 6,377 239,083 SH SOLE 239,083 MARVELL TECHNOLOGY ORD G5876H 10 5 6,725 427,561 SH SOLE 427,561 NABORS INDUSTRIES SHS G6359F 10 3 18,925 1,082,060 SH SOLE 1,082,060 ORIENT-EXPRESS HOT CL A G67743 10 7 10,684 1,047,395 SH SOLE 1,047,395 SEAGATE TECHNOLOGY SHS G7945M 10 7 5,375 199,420 SH SOLE 199,420 VELTI PLC ST HELIE SHS G93285 10 7 17,479 1,289,942 SH SOLE 1,289,942 WARNER CHILCOTT PL SHS A G94368 10 0 29,114 1,731,919 SH SOLE 1,731,919 WEATHERFORD INTERN REG H27013 10 3 5,708 378,280 SH SOLE 378,280 NOVA MEASURING INS COM M7516K 10 3 1,235 137,785 SH SOLE 137,785 AEGEAN MARINE PETR SHS Y0017S 10 2 1,356 196,237 SH SOLE 196,237 TOTAL 2,891,864