0001158202-11-000022.txt : 20111114
0001158202-11-000022.hdr.sgml : 20111111
20111114144540
ACCESSION NUMBER: 0001158202-11-000022
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20110930
FILED AS OF DATE: 20111114
DATE AS OF CHANGE: 20111114
EFFECTIVENESS DATE: 20111114
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: 111201237
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
pcm3q201113f.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: September 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 November 14, 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, 028-14511
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 274
Form 13F Information Table Value Total: 2,172,650
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 8,029 481,639 SH SOLE 481,639
AGCO CORP COM 001084 10 2 13,417 388,100 SH SOLE 388,100
AT&T INC COM 00206R 10 2 590 20,670 SH SOLE 20,670
ACCURIDE CORP NEW COM NEW 00439T 20 6 1,850 361,425 SH SOLE 361,425
ACTUANT CORP CL A NE 00508X 20 3 18,277 925,404 SH SOLE 925,404
ACTUANT CORP SDCV 00508X AB 0 1,222 1,120,000 SH SOLE 1,120,000
ADOBE SYS INC COM 00724F 10 1 4,118 170,381 SH SOLE 170,381
AIRGAS INC COM 009363 10 2 31,173 488,451 SH SOLE 488,451
ALERE INC COM 01449J 10 5 14,326 729,035 SH SOLE 729,035
ALERE INC NOTE 01449J AA 3 1,544 1,775,000 PRN SOLE 1,775,000
ALLEGHENY TECHNOLO COM 01741R 10 2 15,886 429,473 SH SOLE 429,473
ALLEGHENY TECHNOLO NOTE 01741R AD 4 1,814 1,502,000 PRN SOLE 1,502,000
ALLSCRIPT MISYS HE COM 01988P 10 8 19,030 1,056,086 SH SOLE 1,056,086
ALPHA NATURAL RESO COM 02076X 10 2 2,302 130,107 SH SOLE 130,107
ALPHATEC HOLDINGS COM 02081G 10 2 2,047 970,153 SH SOLE 970,153
AMERICAN AXLE & MF COM 024061 10 3 990 129,720 SH SOLE 129,720
AMERICAN RAILCAR I COM 02916p 10 3 3,487 226,707 SH SOLE 226,707
AMERICAN TOWER COR CL A 029912 20 1 5,161 95,923 SH SOLE 95,923
APPLIED MICRO CIRC COM NEW 03822W 40 6 1,772 330,006 SH SOLE 330,006
ASBURY AUTOMOTIVE COM 043436 10 4 1,256 76,188 SH SOLE 76,188
AVIAT NETWORKS INC COM 05366Y 10 2 3,766 1,602,526 SH SOLE 1,602,526
AVIS BUDGET GROUP COM 053774 10 5 18,556 1,918,966 SH SOLE 1,918,966
AVISTA CORP COM 05379B 10 7 5,421 227,298 SH SOLE 227,298
BALLY TECHNOLOGIES COM 05874B 10 7 27,131 1,005,578 SH SOLE 1,005,578
BANK OF AMERICA CO PFD L 060505 68 2 2,101 2,746 SH SOLE 2,746
BANKUNITED INC COM 06652K 10 3 13,245 638,016 SH SOLE 638,016
BELO CORP COM SER 080555 10 5 9,049 1,850,534 SH SOLE 1,850,534
BIO-REFERENCE LABS COM $.0 09057G 60 2 1,691 91,876 SH SOLE 91,876
BLUEGREEN CORP COM 096231 10 5 584 278,178 SH SOLE 278,178
BOSTON PROPERTIES COM 101121 10 1 4,604 51,675 SH SOLE 51,675
BOYD GAMING CORP COM 103304 10 1 1,088 222,068 SH SOLE 222,068
BROCADE COMMUNICAT COM NEW 111621 30 6 39,673 9,183,477 SH SOLE 9,183,477
BROOKDALE SR LIVIN COM 112463 10 4 5,445 434,171 SH SOLE 434,171
BROOKS AUTOMATION COM 114340 10 2 6,598 809,596 SH SOLE 809,596
BROWN SHOE INC NEW COM 115736 10 0 1,109 155,789 SH SOLE 155,789
CBS CORP NEW CL B 124857 20 2 5,735 281,370 SH SOLE 281,370
CF INDS HLDGS INC COM 125269 10 0 4,530 36,719 SH SOLE 36,719
CIT GROUP INC COM NEW 125581 80 1 4,544 149,645 SH SOLE 149,645
CADENCE DESIGN SYS COM 127387 10 8 8,539 924,141 SH SOLE 924,141
CAMDEN PPTY TR SH BEN 133131 10 2 4,123 74,595 SH SOLE 74,595
CAMERON INTERNATIO COM 13342b 10 5 3,794 91,330 SH SOLE 91,330
CAMPUS CREST CMNTY COM 13466Y 10 5 1,379 126,772 SH SOLE 126,772
CAREFUSION CORP COM 14170T 10 1 31,252 1,304,901 SH SOLE 1,304,901
CARMIKE CINEMAS IN COM 143436 40 0 7,563 1,144,170 SH SOLE 1,144,170
CATALYST HEALTH SO COM 14888B 10 3 14,034 243,271 SH SOLE 243,271
CAVIUM INC COM 14964U 10 8 6,342 234,817 SH SOLE 234,817
CBEYOND INC COM 149847 10 5 1,989 281,778 SH SOLE 281,778
CELANESE CORP DEL COM SER 150870 10 3 2,399 73,738 SH SOLE 73,738
CENTERSTATE BKS FL COM 15201P 10 9 1,730 330,691 SH SOLE 330,691
CENTRAL EUROPEAN D NOTE 153435 AA 0 8,175 11,935,000 PRN SOLE 11,935,000
CENTURY CASINOS IN COM 156492 10 0 1,033 394,105 SH SOLE 394,105
CEPHALON INC NOTE 156708 AR 0 959 776,000 PRN SOLE 776,000
CHART INDS INC COM PAR 16115q 30 8 11,627 275,651 SH SOLE 275,651
CHART INDS INC NOTE 16115Q AC 4 1,860 2,000,000 PRN SOLE 2,000,000
CHATHAM LODGING TR COM 16208T 10 2 1,773 178,759 SH SOLE 178,759
CHEMTURA CORP COM NEW 163893 20 9 9,566 953,721 SH SOLE 953,721
CHESAPEAKE ENERGY PFD CON 165167 84 2 1,452 15,617 SH SOLE 15,617
CINEMARK HOLDINGS COM 17243V 10 2 16,060 850,639 SH SOLE 850,639
CIRCOR INTL INC COM 17273K 10 9 2,167 73,770 SH SOLE 73,770
CLEARWATER PAPER C COM 18538R 10 3 10,695 314,741 SH SOLE 314,741
COMERICA INC COM 200340 10 7 27,602 1,201,662 SH SOLE 1,201,662
COMPLETE PRODUCTIO COM 20453E 10 9 9,115 483,543 SH SOLE 483,543
COMSTOCK RES INC COM NEW 205768 20 3 18,469 1,194,658 SH SOLE 1,194,658
CONSOL ENERGY INC COM 20854P 10 9 3,093 91,166 SH SOLE 91,166
CONSTELLATION BRAN CL A 21036p 10 8 18,631 1,035,013 SH SOLE 1,035,013
COTT CORP QUE COM 22163N 10 6 6,848 1,005,577 SH SOLE 1,005,577
CROWN CASTLE INTL COM 228227 10 4 7,166 176,210 SH SOLE 176,210
DANA HOLDING CORP COM 235825 20 5 8,492 808,759 SH SOLE 808,759
DAVITA INC COM 23918K 10 8 11,940 190,519 SH SOLE 190,519
DEER CONSUMER PROD COM NEW 24379J 20 0 754 136,785 SH SOLE 136,785
DIAMONDROCK HOSPIT COM 252784 30 1 13,840 1,980,015 SH SOLE 1,980,015
DIGITAL RIV INC COM 25388B 10 4 33,626 1,622,141 SH SOLE 1,622,141
DISCOVERY COMMUNIC COM SER 25470F 10 4 3,516 93,472 SH SOLE 93,472
DOLBY LABORATORIES COM 25659T 10 7 9,272 337,894 SH SOLE 337,894
DOVER CORP COM 260003 10 8 4,655 99,894 SH SOLE 99,894
DRESSER-RAND GROUP COM 261608 10 3 3,416 84,285 SH SOLE 84,285
E M C CORP MASS NOTE 268648 AM 4 2,368 1,678,000 PRN SOLE 1,678,000
EXCO RESOURCES INC COM 269279 40 2 17,047 1,590,174 SH SOLE 1,590,174
ENERSYS COM 29275Y 10 2 14,247 711,624 SH SOLE 711,624
ENSCO INTL PL 29358Q 10 9 3,941 97,475 SH SOLE 97,475
EQUINIX INC COM NEW 29444U 50 2 4,975 56,005 SH SOLE 56,005
EQUINIX INC NOTE 29444U AG 1 2,490 2,380,000 PRN SOLE 2,380,000
ESTERLINE TECHNOLO COM 297425 10 0 9,234 178,122 SH SOLE 178,122
F M C CORP COM NEW 302491 30 3 4,655 67,300 SH SOLE 67,300
FSI INTL INC COM 302633 10 2 1,838 977,651 SH SOLE 977,651
FELCOR LODGING TR COM 31430F 10 1 5,574 2,392,262 SH SOLE 2,392,262
FIRST FINL BANCORP COM 320209 10 9 2,211 160,195 SH SOLE 160,195
FIRST MIDWEST BANC COM 320867 10 4 1,284 175,423 SH SOLE 175,423
1ST UNITED BANCORP COM 33740N 10 5 2,269 460,250 SH SOLE 460,250
FLOW INTL CORP COM 343468 10 4 2,138 967,195 SH SOLE 967,195
FORD MTR CO DEL NOTE 345370 CN 8 1,512 1,164,000 PRN SOLE 1,164,000
GAYLORD ENTMT CO N COM 367905 10 6 22,051 1,140,240 SH SOLE 1,140,240
GENERAL MTRS CO JR PFD CNV 37045V 20 9 1,468 41,839 SH SOLE 41,839
GLOBAL CASH ACCESS COM 378967 10 3 4,326 1,689,921 SH SOLE 1,689,921
GLOBE SPECIALTY ME COM 37954N 20 6 7,289 501,989 SH SOLE 501,989
GOODRICH PETE CORP NOTE 382410 AC 2 5,736 6,365,000 PRN SOLE 6,365,000
GRAFTECH INTL LTD COM 384313 10 2 11,375 895,644 SH SOLE 895,644
GREAT WOLF RESORTS COM 391523 10 7 5,943 2,321,502 SH SOLE 2,321,502
GREENBRIER COS INC COM 393657 10 1 2,975 255,394 SH SOLE 255,394
HAIN CELESTIAL GRO COM 405217 10 0 11,432 374,184 SH SOLE 374,184
HANCOCK HLDG CO COM 410120 10 9 33,974 1,267,235 SH SOLE 1,267,235
HARSCO CORP COM 415864 10 7 8,045 414,901 SH SOLE 414,901
HARTFORD FINL SVCS COM 416515 10 4 2,730 169,146 SH SOLE 169,146
HARTFORD FINL SVCS DEP CON 416515 70 8 1,350 70,117 SH SOLE 70,117
HEADWATERS INC NOTE 42210P AD 4 4,324 5,430,000 PRN SOLE 5,430,000
HERCULES OFFSHORE COM 427093 10 9 5,493 1,887,780 SH SOLE 1,887,780
HERSHA HOSPITALITY SH BEN 427825 10 4 3,364 972,208 SH SOLE 972,208
HERTZ GLOBAL HOLDI COM 42805T 10 5 5,172 581,197 SH SOLE 581,197
HERTZ GLOBAL HOLDI NOTE 42805T AA 3 1,374 1,055,000 PRN SOLE 1,055,000
HEXCEL CORP NEW COM 428291 10 8 21,433 967,221 SH SOLE 967,221
HOLOGIC INC COM 436440 10 1 41,623 2,736,523 SH SOLE 2,736,523
HOLOGIC INC FRNT 2 436440 AB 7 3,091 2,990,000 SH SOLE 2,990,000
HOME BANCSHARES IN COM 436893 20 0 2,391 112,654 SH SOLE 112,654
HOME PROPERTIES IN COM 437306 10 3 8,914 157,050 SH SOLE 157,050
HOST HOTELS & RESO COM 44107P 10 4 2,179 199,184 SH SOLE 199,184
HUB GROUP INC CL A 443320 10 6 569 20,125 SH SOLE 20,125
ICON PUB LTD CO SPONSOR 45103T 10 7 30,887 1,920,894 SH SOLE 1,920,894
ICONIX BRAND GROUP COM 451055 10 7 6,165 390,166 SH SOLE 390,166
IDEX CORP COM 45167R 10 4 9,168 294,244 SH SOLE 294,244
IKANOS COMMUNICATI COM 45173E 10 5 1,679 1,951,867 SH SOLE 1,951,867
IMAX CORP COM 45245E 10 9 397 27,404 SH SOLE 27,404
INSITUFORM TECHNOL CL A 457667 10 3 2,520 217,622 SH SOLE 217,622
INTEL CORP COM 458140 10 0 853 40,000 SH SOLE 40,000
INTERCLICK INC COM NEW 458483 20 3 10,664 1,921,424 SH SOLE 1,921,424
INTERMEC INC COM 458786 10 0 1,812 277,941 SH SOLE 277,941
INTERNATIONAL GAME NOTE 459902 AQ 5 1,497 1,302,000 PRN SOLE 1,302,000
INTERPUBLIC GROUP COM 460690 10 0 13,707 1,903,746 SH SOLE 1,903,746
ISHARES TR RUSSELL 464287 49 9 1,955 22,142 SH SOLE 22,142
ISHARES TR RUSSELL 464287 65 5 820 12,755 SH SOLE 12,755
ISLE OF CAPRI CASI COM 464592 10 4 1,439 297,409 SH SOLE 297,409
KIT DIGITAL INC COM NEW 482470 20 0 382 45,514 SH SOLE 45,514
KAISER ALUMINUM CO COM PAR 483007 70 4 12,021 271,470 SH SOLE 271,470
KANSAS CITY SOUTHE COM NEW 485170 30 2 19,631 392,941 SH SOLE 392,941
KENEXA CORP COM 488879 10 7 6,752 431,695 SH SOLE 431,695
KEY ENERGY SVCS IN COM 492914 10 6 10,534 1,110,009 SH SOLE 1,110,009
KEYCORP NEW PFD 7.7 493267 40 5 1,951 19,130 SH SOLE 19,130
KILROY RLTY CORP COM 49427F 10 8 3,333 106,472 SH SOLE 106,472
LMI AEROSPACE INC COM 502079 10 6 2,827 165,734 SH SOLE 165,734
LEAP WIRELESS INTL COM NEW 521863 30 8 13,153 1,903,499 SH SOLE 1,903,499
LEAP WIRELESS INTL IN 521863 AL 4 2,052 2,315,000 SH SOLE 2,315,000
LEAR CORP COM NEW 521865 20 4 21,097 491,746 SH SOLE 491,746
LEGG MASON INC COM 524901 10 5 15,571 605,641 SH SOLE 605,641
LIFE TIME FITNESS COM 53217R 20 7 10,263 278,505 SH SOLE 278,505
LILLY ELI & CO COM 532457 10 8 879 23,770 SH SOLE 23,770
LIN TV CORP CL A 532774 10 6 29 13,375 SH SOLE 13,375
LINCOLN NATL CORP COM 534187 10 9 14,789 946,192 SH SOLE 946,192
LOCAL COM CORP COM 53954R 10 5 1,678 693,577 SH SOLE 693,577
LODGENET INTERACTI COM 540211 10 9 3,002 1,776,365 SH SOLE 1,776,365
LUCENT TECHNOLOGIE DBCV 549463 AH 0 781 846,000 SH SOLE 846,000
MAGELLAN HEALTH SV COM NEW 559079 20 7 4,299 89,016 SH SOLE 89,016
MAGNUM HUNTER RES COM 55973B 10 2 5,994 1,810,700 SH SOLE 1,810,700
MANITOWOC INC COM 563571 10 8 10,374 1,546,089 SH SOLE 1,546,089
MASCO CORP COM 574599 10 6 6,940 974,812 SH SOLE 974,812
MICROS SYS INC COM 594901 10 0 7,959 181,183 SH SOLE 181,183
MOMENTA PHARMACEUT COM 60877T 10 0 1,051 91,377 SH SOLE 91,377
MONSTER WORLDWIDE COM 611742 10 7 22,879 3,186,328 SH SOLE 3,186,328
MORGANS HOTEL GROU NOTE 61748W AB 4 1,505 2,007,000 PRN SOLE 2,007,000
MYLAN INC COM 628530 10 7 3,030 178,342 SH SOLE 178,342
MYRIAD GENETICS IN COM 62855J 10 4 31,365 1,673,699 SH SOLE 1,673,699
NII HLDGS INC CL B NE 62913F 20 1 29,890 1,109,085 SH SOLE 1,109,085
NII HLDGS INC NOTE 62913F AJ 1 1,008 1,000,000 PRN SOLE 1,000,000
NRG ENERGY INC COM NEW 629377 50 8 4,631 218,359 SH SOLE 218,359
NAVISTAR INTL CORP COM 63934E 10 8 11,605 361,297 SH SOLE 361,297
NAVISTAR INTL CO 63934E AL 2 1,737 1,750,000 SH SOLE 1,750,000
NETAPP INC COM 64110D 10 4 3,146 92,710 SH SOLE 92,710
NETLIST INC COM 64118P 10 9 2,105 1,754,219 SH SOLE 1,754,219
NEWPARK RES INC COM PAR 651718 50 4 873 143,429 SH SOLE 143,429
NEWPARK RES INC NOTE 651718 AC 2 1,869 2,031,000 PRN SOLE 2,031,000
NISOURCE INC COM 65473p 10 5 8,682 406,119 SH SOLE 406,119
NUVASIVE INC COM 670704 10 5 7,968 467,032 SH SOLE 467,032
NUVASIVE INC NOTE 670704 AB 1 1,368 1,436,000 PRN SOLE 1,436,000
NUVASIVE INC NOTE 670704 AC 9 1,332 1,595,000 PRN SOLE 1,595,000
OCLARO INC COM NEW 67555N 20 6 4,237 1,163,904 SH SOLE 1,163,904
ONLINE RES CORP COM 68273G 10 1 73 28,765 SH SOLE 28,765
OWENS ILL INC COM NEW 690768 40 3 15,017 993,219 SH SOLE 993,219
P F CHANGS CHINA B COM 69333y 10 8 2,825 103,709 SH SOLE 103,709
PMC-SIERRA INC COM 69344F 10 6 27,556 4,608,095 SH SOLE 4,608,095
PVH CORP COM 693656 10 0 2,146 36,842 SH SOLE 36,842
PACER INTL INC TEN COM 69373H 10 6 7,373 1,966,255 SH SOLE 1,966,255
PACIFIC SUNWEAR CA COM 694873 10 0 890 741,476 SH SOLE 741,476
PAREXEL INTL CORP COM 699462 10 7 1,581 83,500 SH SOLE 83,500
PARKER HANNIFIN CO COM 701094 10 4 3,219 50,984 SH SOLE 50,984
PATRIOT COAL CORP COM 70336T 10 4 4,031 476,460 SH SOLE 476,460
PATTERSON UTI ENER COM 703481 10 1 7,656 441,522 SH SOLE 441,522
PEABODY ENERGY COR SDCV 704549 ag 9 1,680 1,623,000 SH SOLE 1,623,000
PEBBLEBROOK HOTEL COM 70509V 10 0 2,126 135,818 SH SOLE 135,818
PENN NATL GAMING I COM 707569 10 9 26,416 793,499 SH SOLE 793,499
PERKINELMER INC COM 714046 10 9 6,243 324,985 SH SOLE 324,985
PHARMACEUTICAL PRO COM 717124 10 1 19,689 767,291 SH SOLE 767,291
PIER 1 IMPORTS INC COM 720279 10 8 4,752 485,871 SH SOLE 485,871
PINNACLE ENTMT INC COM 723456 10 9 16,822 1,852,626 SH SOLE 1,852,626
PIONEER DRILLING C COM 723655 10 6 5,812 809,483 SH SOLE 809,483
POWERWAVE TECHNOLO SDCV 739363 AF 6 14,525 16,890,000 SH SOLE 16,890,000
PRICE T ROWE GROUP COM 74144T 10 8 4,332 90,701 SH SOLE 90,701
PZENA INVESTMENT M CLASS A 74731Q 10 3 2,149 655,239 SH SOLE 655,239
QUANTA SVCS INC COM 74762E 10 2 2,586 137,634 SH SOLE 137,634
RF MICRODEVICES IN COM 749941 10 0 23,765 3,748,523 SH SOLE 3,748,523
RALCORP HLDGS INC COM 751028 10 1 3,931 51,237 SH SOLE 51,237
REGAL BELOIT CORP COM 758750 10 3 14,062 309,857 SH SOLE 309,857
REGAL ENTMT GROUP CL A 758766 10 9 16,871 1,437,027 SH SOLE 1,437,027
ROBBINS & MYERS IN COM 770196 10 3 6,658 191,838 SH SOLE 191,838
RUBY TUESDAY INC COM 781182 10 0 944 131,776 SH SOLE 131,776
SBA COMMUNICATIONS COM 78388J 10 6 25,262 732,653 SH SOLE 732,653
SBA COMMUNICATIONS NOTE 78388J AM 8 2,598 2,008,000 PRN SOLE 2,008,000
SL GREEN RLTY CORP COM 78440x 10 1 18,724 321,988 SH SOLE 321,988
SRS LABS INC COM 78464M 10 6 3,893 543,776 SH SOLE 543,776
SABRA HEALTH CARE COM 78573L 10 6 2,724 285,509 SH SOLE 285,509
SCANA CORP NEW COM 80589M 10 2 367 9,075 SH SOLE 9,075
SCIENTIFIC GAMES C CL A 80874p 10 9 1,798 252,487 SH SOLE 252,487
SEALED AIR CORP NE COM 81211K 10 0 17,799 1,065,825 SH SOLE 1,065,825
SEQUENOM INC COM NEW 817337 40 5 2,070 405,829 SH SOLE 405,829
SHUFFLE MASTER INC COM 825549 10 8 9,347 1,111,411 SH SOLE 1,111,411
SINCLAIR BROADCAST CL A 829226 10 9 17,924 2,499,791 SH SOLE 2,499,791
SMUCKER J M CO COM NEW 832696 40 5 5,939 81,481 SH SOLE 81,481
SOLAR CAP LTD 83413U 10 0 6,738 334,692 SH SOLE 334,692
SOLUTIA INC COM NEW 834376 50 1 9,556 743,616 SH SOLE 743,616
SONUS NETWORKS INC COM 835916 10 7 7,800 3,610,995 SH SOLE 3,610,995
SPARTECH CORP COM NEW 847220 20 9 1,446 451,853 SH SOLE 451,853
SPIRIT AEROSYSTEMS COM CL 848574 10 9 26,386 1,654,218 SH SOLE 1,654,218
STARWOOD HOTELS&RE COM 85590A 40 1 2,918 75,160 SH SOLE 75,160
STEEL DYNAMICS INC NOTE 858119 AP 5 2,237 2,174,000 PRN SOLE 2,174,000
SUNSTONE HOTEL INV COM 867892 10 1 1,145 201,230 SH SOLE 201,230
SUNTRUST BKS INC COM 867914 10 3 4,201 234,007 SH SOLE 234,007
SYNOVUS FINL CORP COM 87161C 10 5 4,065 3,799,511 SH SOLE 3,799,511
SYNOVUS FINL CORP UNIT 99 87161C 20 4 145 13,200 SH SOLE 13,200
TEKELEC COM 879101 10 3 2,240 370,791 SH SOLE 370,791
TERADYNE INC COM 880770 10 2 6,926 629,043 SH SOLE 629,043
TESCO CORP COM 88157k 10 1 900 77,563 SH SOLE 77,563
TEXAS CAPITAL BANC COM 88224Q 10 7 11,603 507,810 SH SOLE 507,810
TIFFANY & CO NEW COM 886547 10 8 4,658 76,589 SH SOLE 76,589
TITAN INTL INC ILL COM 88830m 10 2 8,770 584,672 SH SOLE 584,672
TITANIUM METALS CO COM NEW 888339 20 7 10,744 717,236 SH SOLE 717,236
TRANSOCEAN INC NOTE 893830 AW 9 97 100,000 PRN SOLE 100,000
TREEHOUSE FOODS IN COM 89469A 10 4 699 11,300 SH SOLE 11,300
TRIDENT MICROSYSTE COM 895919 10 8 1,094 2,103,688 SH SOLE 2,103,688
TRINITY INDS INC COM 896522 10 9 26,900 1,256,427 SH SOLE 1,256,427
TRIQUINT SEMICONDU COM 89674k 10 3 21,894 4,361,303 SH SOLE 4,361,303
TRIUMPH GROUP INC COM 896818 10 1 17,258 354,075 SH SOLE 354,075
UNITED THERAPEUTIC COM 91307C 10 2 6,740 179,766 SH SOLE 179,766
UNIVERSAL HLTH SVC CL B 913903 10 0 3,826 112,524 SH SOLE 112,524
VAIL RESORTS INC COM 91879q 10 9 7,504 198,552 SH SOLE 198,552
VALUECLICK INC COM 92046N 10 2 14,571 936,441 SH SOLE 936,441
VANGUARD HEALTH SY COM 922036 20 7 2,383 234,558 SH SOLE 234,558
VARIAN MED SYS INC COM 92220p 10 5 25,089 480,987 SH SOLE 480,987
VISTEON CORP COM NEW 92839U 20 6 24,284 564,743 SH SOLE 564,743
WMS INDS INC COM 929297 10 9 1,037 58,961 SH SOLE 58,961
WSFS FINL CORP COM 929328 10 2 4,259 134,908 SH SOLE 134,908
WABASH NATL CORP COM 929566 10 7 3,214 673,754 SH SOLE 673,754
WARNACO GROUP INC COM NEW 934390 40 2 17,898 388,321 SH SOLE 388,321
WEBSTER FINL CORP COM 947890 10 9 8,600 562,105 SH SOLE 562,105
WELLS FARGO & CO N PFD CNV 949746 80 4 35,787 34,677 SH SOLE 34,677
WESTERN ALLIANCE B COM 957638 10 9 9,484 1,730,660 SH SOLE 1,730,660
WESTERN DIGITAL CO COM 958102 10 5 218 8,470 SH SOLE 8,470
WHITING PETE CORP COM 966387 10 2 4,234 120,682 SH SOLE 120,682
WILLBROS GROUP INC COM 969203 10 8 1,779 426,591 SH SOLE 426,591
WINTRUST FINANCIAL COM 97650W 10 8 12,698 491,979 SH SOLE 491,979
WISDOMTREE INVTS I COM 97717P 10 4 79 11,220 SH SOLE 11,220
WOODWARD GOVERNOR COM 980745 10 3 13,506 492,925 SH SOLE 492,925
WYNDHAM WORLDWIDE COM 98310W 10 8 5,290 185,534 SH SOLE 185,534
WYNN RESORTS LTD COM 983134 10 7 3,633 31,572 SH SOLE 31,572
XCEL ENERGY INC COM 98389B 10 0 5,096 206,399 SH SOLE 206,399
XILINX INC COM 983919 10 1 3,029 110,380 SH SOLE 110,380
ZIONS BANCORPORATI COM 989701 10 7 16,295 1,157,350 SH SOLE 1,157,350
HELEN OF TROY CORP COM G4388N 10 6 2,874 114,421 SH SOLE 114,421
INGERSOLL-RAND PLC SHS G47791 10 1 4,594 163,531 SH SOLE 163,531
INVESCO LTD SHS G491BT 10 8 4,066 262,134 SH SOLE 262,134
MARVELL TECHNOLOGY ORD G5876H 10 5 6,832 470,698 SH SOLE 470,698
NABORS INDUSTRIES SHS g6359f 10 3 21,102 1,721,151 SH SOLE 1,721,151
ORIENT-EXPRESS HOT CL A G67743 10 7 8,087 1,170,348 SH SOLE 1,170,348
SEADRILL LIMITED SHS G7945E 10 5 329 11,960 SH SOLE 11,960
SEAGATE TECHNOLOGY SHS G7945M 10 7 19,252 1,873,598 SH SOLE 1,873,598
VELTI PLC ST HELIE SHS G93285 10 7 6,558 992,218 SH SOLE 992,218
WEATHERFORD INTERN REG H27013 10 3 3,694 302,571 SH SOLE 302,571
AEGEAN MARINE PETR SHS Y0017S 10 2 3,488 773,348 SH SOLE 773,348
TOTAL 2,172,650