Penn Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
A H BELO CORP	COM	001282102	1,444	262,564	SH		SOLE		262,564	0	0
ACADIA HEALTHCARE COMPANY IN	COM	00404A109	15,604	316,003	SH		SOLE		316,003	0	0
ACCESS NATL CORP	COM	004337101	1,290	48,655	SH		SOLE		48,655	0	0
AFFILIATED MANAGERS GROUP	COM	008252108	1,712	10,323	SH		SOLE		10,323	0	0
AIR TRANSPORT SERVICES GRP I	COM	00922R105	1,791	82,225	SH		SOLE		82,225	0	0
AMTRUST FINL SVCS INC	NOTE	032359AG6	590	795,000	PRN		SOLE		795,000	0	0
ANTHEM INC	NOTE	036752202	1,041	19,700	PRN		SOLE		19,700	0	0
ARCH COAL INC	COM	039380407	346	5,071	SH		SOLE		5,071	0	0
ATKORE INTL GROUP INC	COM	047649108	12,128	537,816	SH		SOLE		537,816	0	0
ATLANTIC CAP BANCSHARES INC	COM	048269203	1,304	68,656	SH		SOLE		68,656	0	0
BOK FINL CORP	COM NEW	05561Q201	1,009	11,998	SH		SOLE		11,998	0	0
BMC STK HLDGS INC	COM	05591B109	282	12,922	SH		SOLE		12,922	0	0
BANC CALIF INC	COM	05990K106	11,900	553,478	SH		SOLE		553,478	0	0
BANKUNITED INC	COM	06652K103	836	24,793	SH		SOLE		24,793	0	0
BARRETT BILL CORP	COM	06846N104	1,376	448,324	SH		SOLE		448,324	0	0
BAXTER INTL INC	COM	071813109	861	14,230	SH		SOLE		14,230	0	0
BAZAARVOICE INC	COM	073271108	3,460	699,024	SH		SOLE		699,024	0	0
BEACON ROOFING SUPPLY INC	COM	073685109	12,054	246,002	SH		SOLE		246,002	0	0
BERRY PLASTICS GROUP INC	COM	08579W103	969	16,999	SH		SOLE		16,999	0	0
BIOVERATIV INC	COM	09075E100	870	14,452	SH		SOLE		14,452	0	0
BLACKHAWK NETWORK HLDGS INC	CL A	09238E104	9,213	208,672	SH		SOLE		208,672	0	2,630
BOISE CASCADE CO DEL	COM	09739D100	256	8,423	SH		SOLE		8,423	0	0
BOJANGLES INC	COM	097488100	3,687	226,906	SH		SOLE		226,906	0	0
BONANZA CREEK ENERGY INC	COM	097793400	1,246	39,289	SH		SOLE		39,289	0	0
BOYD GAMING CORP	COM	103304101	527	21,235	SH		SOLE		21,235	0	0
BRUNSWICK CORP	COM	117043109	1,233	19,650	SH		SOLE		19,650	0	0
BURLINGTON STORES INC	COM	122017106	1,456	15,833	SH		SOLE		15,833	0	0
BYLINE BANCORP INC	COM	124411109	1,201	59,910	SH		SOLE		59,910	0	0
CPI AEROSTRUCTURES INC	COM NEW	125919308	2,950	313,801	SH		SOLE		313,801	0	0
C&J ENERGY SVCS INC NEW	COM	12674R100	579	16,889	SH		SOLE		16,889	0	0
CABOT OIL & GAS CORP	COM	127097103	1,938	77,286	SH		SOLE		77,286	0	0
CALATLANTIC GROUP INC	COM	128195104	1,100	31,110	SH		SOLE		31,110	0	0
CALERES INC	COM	129500104	4,709	169,500	SH		SOLE		169,500	0	0
CALLIDUS SOFTWARE INC	COM	13123E500	4,513	186,473	SH		SOLE		186,473	0	0
CALLON PETE CO DEL	COM	13123X102	1,577	148,587	SH		SOLE		148,587	0	0
CAMBREX CORP	COM	132011107	13,731	229,808	SH		SOLE		229,808	0	0
CAPSTAR FINL HLDGS INC	COM	14070T102	3,873	218,333	SH		SOLE		218,333	0	0
CAROLINA FINL CORP NEW	COM	143873107	1,092	33,783	SH		SOLE		33,783	0	0
CARRIZO OIL & CO INC	COM	144577103	392	22,489	SH		SOLE		22,489	0	0
CAVIUM INC	COM	14964U108	10,650	171,415	SH		SOLE		171,415	0	0
CELADON GROUP INC	COM	150838100	2,715	861,973	SH		SOLE		861,973	0	0
CEMEX SAB DE CV	NOTE	151290BC6	919	770,000	PRN		SOLE		770,000	0	0
CEMEX SAB DE CV	NOTE	151290BR3	29	25,000	PRN		SOLE		25,000	0	0
CHEGG INC	COM	163092109	8,519	693,155	SH		SOLE		693,155	0	0
CHEMICAL FINL CORP	COM	163731102	12,020	248,303	SH		SOLE		248,303	0	0
CHEROKEE INC DEL NEW	COM	16444H102	3,591	516,718	SH		SOLE		516,718	0	0
CHUYS HLDGS INC	COM	171604101	4,904	209,560	SH		SOLE		209,560	0	0
CIVISTA BANCSHARES INC	COM	178867107	1,928	92,335	SH		SOLE		92,335	0	0
CLIFFS NATURAL RESOURCES INC	COM	18683K101	7,304	1,055,513	SH		SOLE		1,055,513	0	0
COBIZ FINANCIAL INC	COM	190897108	5,468	314,235	SH		SOLE		314,235	0	0
COLUMBUS MCKINNON CORP N Y	COM	199333105	3,355	131,971	SH		SOLE		131,971	0	0
COMMSCOPE HLDG CO INC	COM	20337X109	570	14,994	SH		SOLE		14,994	0	0
COMSTOCK RES INC	COM	205768302	659	93,192	SH		SOLE		93,192	0	0
COMSTOCK RES INC	NOTE	205768AM6	1,892	2,457,261	PRN		SOLE		2,457,261	0	0
CORECIVIC INC	COM	21871N101	211	7,662	SH		SOLE		7,662	0	0
COVENANT TRANSN GROUP INC	CL A	22284P105	5,602	319,573	SH		SOLE		319,573	0	0
DXP ENTERPRISES INC NEW	COM NEW	233377407	13,751	398,571	SH		SOLE		398,571	0	0
DEL FRISCOS RESTAURANT GROUP	COM	245077102	4,223	262,324	SH		SOLE		262,324	0	0
DIXIE GROUP INC	CL A	255519100	1,840	408,946	SH		SOLE		408,946	0	0
DYNEGY INC NEW DEL	COM	26817R108	18,886	2,283,645	SH		SOLE		2,283,645	0	0
ECHO GLOBAL LOGISTICS INC	COM	27875T101	3,297	165,665	SH		SOLE		165,665	0	0
ECLIPSE RES CORP	COM	27890G100	3,143	1,099,093	SH		SOLE		1,099,093	0	0
8X8 INC NEW	COM	282914100	10,182	699,773	SH		SOLE		699,773	0	0
ELLIE MAE INC	COM	28849P100	8,001	72,793	SH		SOLE		72,793	0	0
EMERGE ENERGY SVCS LP	COM REP	29102H108	1,794	199,144	SH		SOLE		199,144	0	0
EQUITY BANCSHARES INC	COM	29460X109	919	29,979	SH		SOLE		29,979	0	0
EVANS BANCORP INC	COM NEW	29911Q208	2,603	65,167	SH		SOLE		65,167	0	0
EXPRESS INC	COM	30219E103	3,556	526,744	SH		SOLE		526,744	0	0
FCB FINL HLDGS INC	CL A	30255G103	10,718	224,124	SH		SOLE		224,124	0	337
FAIRMOUNT SANTROL HLDGS INC	COM	30555Q108	6,747	1,728,048	SH		SOLE		1,728,048	0	1,830
FIDELITY NATIONAL FINANCIAL	FNF GRO	31620R303	3,168	67,574	SH		SOLE		67,574	0	3,088
FIDELITY NATIONAL FINANCIAL	NOTE	31620RAE5	629	250,000	PRN		SOLE		250,000	0	0
FIREEYE INC	NOTE	31816QAD3	549	603,000	PRN		SOLE		603,000	0	0
FIRST BANCORP N C	COM	318910106	258	8,260	SH		SOLE		8,260	0	0
FIRST INTERNET BANCORP	COM	320557101	451	16,065	SH		SOLE		16,065	0	0
Five Below Inc	com	33829M101	12,740	257,642	SH		SOLE		257,642	0	400
FLOOR & DECOR HLDGS INC	COM	339750101	2,409	58,602	SH		SOLE		58,602	0	2,751
GEO GROUP INC NEW	COM	36162J106	3,165	102,380	SH		SOLE		102,380	0	4,657
G-III APPAREL GROUP LTD	COM	36237H101	15,948	637,762	SH		SOLE		637,762	0	1,443
GAMING & LEISURE PPTYS INC	COM	36467J108	2,017	52,748	SH		SOLE		52,748	0	798
GASTAR EXPL INC NEW	COM	36729W202	1,591	1,717,867	SH		SOLE		1,717,867	0	0
GENESEE & WYO INC	COM	371559105	14,520	209,981	SH		SOLE		209,981	0	2,335
GENTHERM INC	COM	37253A103	291	7,502	SH		SOLE		7,502	0	0
GLATFELTER	COM	377316104	3,060	156,601	SH		SOLE		156,601	0	0
GODADDY INC	COM	380237107	6,432	146,518	SH		SOLE		146,518	0	5,120
GOGO INC	COM	38046C109	10,399	900,796	SH		SOLE		900,796	0	1,145
GOGO INC	NOTE	38046CAB5	5,659	6,240,000	PRN		SOLE		6,240,000	0	0
GOODRICH PETE CORP	COM	382410843	1,701	139,440	SH		SOLE		139,440	0	0
GRAY TELEVISION INC	COM	389375106	21,554	1,562,378	SH		SOLE		1,562,378	0	10,899
GUARANTY BANCORP DEL	COM NEW	40075T607	4,345	159,742	SH		SOLE		159,742	0	0
GUARANTY BANCSHARES INC TEX	COM	400764106	1,086	33,989	SH		SOLE		33,989	0	0
HD SUPPLY HLDGS INC	COM	40416M105	2,005	62,517	SH		SOLE		62,517	0	2,954
HABIT RESTAURANTS INC	COM	40449J103	3,751	237,396	SH		SOLE		237,396	0	0
HARSCO CORP	COM	415864107	18,624	1,155,294	SH		SOLE		1,155,294	0	1,470
HAWAIIAN TELCOM HOLDCO INC	COM	420031106	874	34,961	SH		SOLE		34,961	0	0
HERITAGE COMMERCE CORP	COM	426927109	3,043	220,836	SH		SOLE		220,836	0	0
HERBALIFE LTD	NOTE	42703MAB9	598	575,000	PRN		SOLE		575,000	0	0
HERITAGE FINL CORP WASH	COM	42722X106	6,228	235,018	SH		SOLE		235,018	0	0
HI-CRUSH PARTNERS LP	COM UNI	428337109	802	73,961	SH		SOLE		73,961	0	0
HOLOGIC INC	COM	436440101	2,327	50,545	SH		SOLE		50,545	0	743
HOLOGIC INC	DEBT 2	436440AC5	809	552,000	SH		SOLE		552,000	0	0
HORTONWORKS INC	COM	440894103	14,265	1,105,891	SH		SOLE		1,105,891	0	1,668
ICU MED INC	COM	44930G107	11,000	63,679	SH		SOLE		63,679	0	92
ITT INC	COM	45073V108	8,544	212,325	SH		SOLE		212,325	0	319
IMPAX LABORATORIES INC	COM	45256B101	1,874	116,390	SH		SOLE		116,390	0	0
INDEPENDENCE CONTRACT DRIL I	COM	453415309	160	41,050	SH		SOLE		41,050	0	0
INTEGRATED DEVICE TECHNOLOGY	NOTE	458118AC0	270	255,000	PRN		SOLE		255,000	0	0
INTEL CORP	SDCV	458140AD2	189	145,000	SH		SOLE		145,000	0	0
INTERSECT ENT INC	COM	46071F103	760	27,181	SH		SOLE		27,181	0	0
INVESTAR HLDG CORP	COM	46134L105	1,206	52,661	SH		SOLE		52,661	0	0
INVESTMENT TECHNOLOGY GRP NE	COM	46145F105	1,771	83,381	SH		SOLE		83,381	0	0
INVITATION HOMES INC	COM	46187W107	2,366	104,468	SH		SOLE		104,468	0	4,900
IRONWOOD PHARMACEUTICALS INC	COM CL	46333X108	16,261	855,314	SH		SOLE		855,314	0	5,982
ISHARES TR	COM	464287655	356	2,480	SH		SOLE		2,480	0	46
JACK IN THE BOX INC	COM	466367109	2,771	27,212	SH		SOLE		27,212	0	923
JELD-WEN HLDG INC	COM	47580P103	8,558	262,561	SH		SOLE		262,561	0	1,092
JONES ENERGY INC	COM CL	48019R108	2,404	1,502,361	SH		SOLE		1,502,361	0	0
K2M GROUP HLDGS INC	COM	48273J107	4,803	197,169	SH		SOLE		197,169	0	0
KEANE GROUP INC	COM	48669A108	19,011	1,178,876	SH		SOLE		1,178,876	0	9,312
KIRKLANDS INC	COM	497498105	4,038	392,821	SH		SOLE		392,821	0	0
KONA GRILL INC	COM	50047H201	1,594	430,838	SH		SOLE		430,838	0	0
LA QUINTA HLDGS INC	COM	50420D108	2,025	131,066	SH		SOLE		131,066	0	6,062
LAM RESEARCH CORP	NOTE	512807AL2	47	20,000	PRN		SOLE		20,000	0	0
LINDBLAD EXPEDITIONS HLDGS I	COM	535219109	2,804	267,062	SH		SOLE		267,062	0	0
LIONS GATE ENTMNT CORP	COM	535919500	3,927	144,770	SH		SOLE		144,770	0	4,657
LIVE NATION INC	COM	538034109	2,800	76,750	SH		SOLE		76,750	0	3,598
LIVE NATION ENTERTAINMENT IN	NOTE	538034AJ8	1,294	1,135,000	PRN		SOLE		1,135,000	0	0
MDC PARTNERS INC	CL A SU	552697104	6,916	698,005	SH		SOLE		698,005	0	595
MGM MIRAGE	COM	552953101	2,155	67,855	SH		SOLE		67,855	0	1,001
MGM GROWTH PPTYS LLC	COM	55303A105	2,954	96,733	SH		SOLE		96,733	0	4,480
MAMMOTH ENERGY SVCS INC	COM	56155L108	213	11,430	SH		SOLE		11,430	0	0
MARIN SOFTWARE INC	COM	56804T106	959	737,758	SH		SOLE		737,758	0	0
MARTEN TRANS LTD	COM	573075108	5,405	197,255	SH		SOLE		197,255	0	0
MASCO CORP	COM	574599106	2,264	58,396	SH		SOLE		58,396	0	859
MATCH GROUP INC	COM	57665R106	1,627	93,600	SH		SOLE		93,600	0	0
MATTERSIGHT CORP	COM	577097108	2,734	1,072,141	SH		SOLE		1,072,141	0	0
MEDIDATA SOLUTIONS INC	NOTE	58471AAB1	496	355,000	PRN		SOLE		355,000	0	0
MERCER INTL INC	COM	588056101	3,215	279,582	SH		SOLE		279,582	0	0
MERCURY COMPUTER SYS	COM	589378108	15,884	373,064	SH		SOLE		373,064	0	4,329
meritor inc	com	59001K100	347	20,894	SH		SOLE		20,894	0	0
MICRON TECHNOLOGY INC	NOTE	595112AY9	973	865,000	PRN		SOLE		865,000	0	0
MILACRON HLDGS CORP	COM	59870L106	8,692	493,385	SH		SOLE		493,385	0	746
MINDBODY INC	COM	60255W105	13,977	513,088	SH		SOLE		513,088	0	761
MODEL N INC	COM	607525102	9,445	709,373	SH		SOLE		709,373	0	746
MODINE MFG CO	COM	607828100	6,398	386,566	SH		SOLE		386,566	0	0
NANOSTRING TECHNOLOGIES INC	COM	63009R109	2,853	172,498	SH		SOLE		172,498	0	0
NAVISTAR INTL CORP NEW	NOTE	63934EAS7	1,447	1,485,000	PRN		SOLE		1,485,000	0	0
NEOGENOMICS INC	COM NEW	64049M209	2,502	279,256	SH		SOLE		279,256	0	0
NETLIST INC	COM	64118P109	1,108	1,086,279	SH		SOLE		1,086,279	0	0
NEXSTAR BROADCASTING GROUP I	CL A	65336K103	21,757	360,501	SH		SOLE		360,501	0	3,333
NICE SYS LTD	SPONSOR	653656108	15,733	198,063	SH		SOLE		198,063	0	1,791
NVIDIA CORP	NOTE	67066GAC8	1,012	141,000	PRN		SOLE		141,000	0	0
NUVASIVE INC	COM	670704105	14,226	183,477	SH		SOLE		183,477	0	1,467
NUVASIVE INC	NOTE	670704AC9	253	137,000	PRN		SOLE		137,000	0	0
NUVASIVE INC	NOTE	670704AG0	731	530,000	PRN		SOLE		530,000	0	0
OASIS PETE INC NEW	COM	674215108	11,315	1,396,718	SH		SOLE		1,396,718	0	8,871
OASIS PETE INC NEW	NOTE	674215AJ7	936	955,000	PRN		SOLE		955,000	0	0
OLD LINE BANCSHARES INC	COM	67984M100	1,623	57,581	SH		SOLE		57,581	0	0
ON SEMICONDUCTOR CORP	NOTE	682189AK1	757	730,000	PRN		SOLE		730,000	0	0
OSHKOSH CORP	COM	688239201	5,955	83,570	SH		SOLE		83,570	0	2,887
OWENS CORNING NEW	COM	690742101	2,049	30,170	SH		SOLE		30,170	0	445
OXFORD INDS INC	COM	691497309	275	4,406	SH		SOLE		4,406	0	0
PDC ENERGY INC	NOTE	69327RAD3	957	1,055,000	PRN		SOLE		1,055,000	0	0
PJT PARTNERS INC	COM	69343T107	7,551	187,466	SH		SOLE		187,466	0	275
PACIRA PHARMACEUTICALS INC	COM	695127100	11,575	242,293	SH		SOLE		242,293	0	360
PACWEST BANCORP DEL	COM	695263103	5,143	106,690	SH		SOLE		106,690	0	3,439
PALO ALTO NETWORKS INC	NOTE	697435AB1	111	85,000	PRN		SOLE		85,000	0	0
PANDORA MEDIA INC	NOTE	698354AB3	545	575,000	PRN		SOLE		575,000	0	0
PATTERSON UTI ENERGY INC	COM	703481101	258	12,761	SH		SOLE		12,761	0	0
PENN NATL GAMING INC	COM	707569109	11,758	548,603	SH		SOLE		548,603	0	830
PETROQUEST ENERGY INC	COM	716748306	75	38,070	SH		SOLE		38,070	0	0
PIER 1 IMPORTS INC	COM	720279108	3,295	634,958	SH		SOLE		634,958	0	0
PILGRIMS PRIDE CORP NEW	COM	72147K108	214	9,776	SH		SOLE		9,776	0	0
PINNACLE FINL PARTNERS INC	COM	72346Q104	14,976	237,176	SH		SOLE		237,176	0	1,295
PINNACLE ENTMT INC	COM	72348Y105	12,843	648,993	SH		SOLE		648,993	0	974
PLANET FITNESS INC	COM	72703H101	13,616	582,496	SH		SOLE		582,496	0	877
PRICELINE GRP INC	NOTE	741503AS5	771	525,000	PRN		SOLE		525,000	0	0
PZENA INVESTMENT MGMT INC	CLASS A	74731Q103	770	75,748	SH		SOLE		75,748	0	0
Q2 HLDGS INC	COM	74736L109	11,243	303,822	SH		SOLE		303,822	0	452
QUANTA SVCS INC	COM	74762E102	1,779	53,244	SH		SOLE		53,244	0	794
RH	COM	74967x103	292	4,527	SH		SOLE		4,527	0	0
RAMBUS INC DEL	NOTE	750917AE6	653	604,000	PRN		SOLE		604,000	0	0
RED ROCK RESORTS INC	COM	75700L108	18,546	780,642	SH		SOLE		780,642	0	6,881
REPUBLIC FIRST BANCORP INC	COM	760416107	267	28,887	SH		SOLE		28,887	0	0
RESOLUTE ENERGY CORP	COM	76116A306	2,582	86,720	SH		SOLE		86,720	0	0
REVOLUTION LIGHTING TECHNOLO	COM	76155G206	2,909	441,375	SH		SOLE		441,375	0	0
RICE ENERGY INC	COM	762760106	9,100	338,763	SH		SOLE		338,763	0	2,968
RING ENERGY INC	COM	76680V108	255	19,628	SH		SOLE		19,628	0	0
ROSEHILL RES INC	COM	777385113	252	229,378	SH		SOLE		229,378	0	0
RYLAND GROUP INC	NOTE	783764AQ6	702	593,000	PRN		SOLE		593,000	0	0
SLM CORP	COM	78442P106	5,449	456,864	SH		SOLE		456,864	0	16,937
SPX FLOW INC	COM	78469X107	15,550	421,042	SH		SOLE		421,042	0	590
SRC ENERGY INC	COM	78470V108	186	27,638	SH		SOLE		27,638	0	0
SVB FINL GROUP	COM	78486Q101	2,690	15,091	SH		SOLE		15,091	0	209
SANCHEZ ENERGY CORP	COM	79970Y105	5,848	813,386	SH		SOLE		813,386	0	1,039
SANCHEZ PRODTN PARTNERS	COM	79971C201	793	61,739	SH		SOLE		61,739	0	0
SCIENTIFIC GAMES CORP	CL A	80874P109	12,750	487,753	SH		SOLE		487,753	0	740
SCRIPPS E W CO OHIO	CL A NE	811054402	15,081	840,627	SH		SOLE		840,627	0	6,131
SEACHANGE INTL INC	COM	811699107	556	208,990	SH		SOLE		208,990	0	0
SEAWORLD ENTMT INC	COM	81282V100	17,554	1,069,752	SH		SOLE		1,069,752	0	9,158
SEMTECH CORP	COM	816850101	16,531	461,711	SH		SOLE		461,711	0	691
SHORE BANCSHARES INC	COM	825107105	891	54,161	SH		SOLE		54,161	0	0
SHORETEL INC	COM	825211105	5,084	876,508	SH		SOLE		876,508	0	0
SILICON LABORATORIES INC	COM	826919102	2,215	30,972	SH		SOLE		30,972	0	1,440
SINCLAIR BROADCAST GROUP INC	CL A	829226109	18,750	568,157	SH		SOLE		568,157	0	1,748
SMARTFINANCIAL INC	COM	83190L208	1,053	44,114	SH		SOLE		44,114	0	0
SOUTHERN FIRST BANCSHARES IN	COM	842873101	401	10,820	SH		SOLE		10,820	0	0
SOUTHERN NATL BANCORP OF VA	COM	843395104	3,845	218,446	SH		SOLE		218,446	0	0
SPIRIT AIRLS INC	COM	848577102	1,908	35,298	SH		SOLE		35,298	0	1,637
STANLEY BLACK & DECKER INC	NOTE	854502887	800	7,400	PRN		SOLE		7,400	0	0
STATE BK FINL CORP	COM	856190103	4,495	165,746	SH		SOLE		165,746	0	0
STONEGATE BK FT LAUDERDALE F	COM	861811107	2,567	55,586	SH		SOLE		55,586	0	0
SUMMIT MATLS INC	COM	86614U100	22,095	757,395	SH		SOLE		757,395	0	7,949
SUN HYDRAULICS CORP	COM	866942105	1,674	39,220	SH		SOLE		39,220	0	0
SUNSHINE BANCORP INC	COM	86777J108	1,773	83,195	SH		SOLE		83,195	0	0
SUPERIOR DRILLING PRODS INC	COM	868153107	305	484,453	SH		SOLE		484,453	0	0
SUPERIOR ENERGY SVCS INC	COM	868157108	10,247	979,070	SH		SOLE		979,070	0	3,338
T MOBILE US INC	CONV PF	872590203	944	9,585	SH		SOLE		9,585	0	0
TETRA TECHNOLOGIES INC DEL	COM	88162F105	2,442	875,157	SH		SOLE		875,157	0	0
TEXAS CAPITAL BANCSHARES INC	COM	88224Q107	20,085	259,115	SH		SOLE		259,115	0	378
TOPBUILD CORP	COM	89055F103	11,455	215,841	SH		SOLE		215,841	0	0
TRANSUNION	COM	89400J107	4,166	91,974	SH		SOLE		91,974	0	4,216
TUTOR PERINI CORP	COM	901109108	5,411	187,943	SH		SOLE		187,943	0	279
TYLER TECHNOLOGIES INC	COM	902252105	18,215	102,632	SH		SOLE		102,632	0	1,057
U S CONCRETE INC	COM NEW	90333L201	703	8,944	SH		SOLE		8,944	0	0
U S SILICA HLDGS INC	COM	90346E103	11,826	329,544	SH		SOLE		329,544	0	3,680
UNITED RENTALS INC	COM	911363109	5,228	44,736	SH		SOLE		44,736	0	1,645
URBAN ONE INC	COM	91705J204	51	22,850	SH		SOLE		22,850	0	0
VALEANT PHARMACEUTICALS	INTL CO	91911K102	495	28,631	SH		SOLE		28,631	0	0
VALVOLINE INC	COM	92047W101	2,472	99,583	SH		SOLE		99,583	0	4,645
VEECO INSTRS INC DEL	NOTE	922417AD2	764	750,000	PRN		SOLE		750,000	0	0
VERISIGN INC	NOTE	92343EAD4	705	259,000	PRN		SOLE		259,000	0	0
VERISIGN INC	SDCV	92343EAD4	705	259,000	SH		SOLE		259,000	0	0
VERSUM MATLS INC	COM	92532W103	6,106	187,606	SH		SOLE		187,606	0	279
VOYA FINL INC	COM	929089100	4,559	119,607	SH		SOLE		119,607	0	3,971
WSFS FINL CORP	COM	929328102	13,760	302,933	SH		SOLE		302,933	0	479
WASHINGTONFIRST BANKSHARES I	COM	940730104	3,193	92,474	SH		SOLE		92,474	0	0
WEBSTER FINL CORP CONN	COM	947890109	21,302	404,918	SH		SOLE		404,918	0	3,002
WELLCARE HEALTH PLANS INC	COM	94946T106	16,174	89,125	SH		SOLE		89,125	0	953
WESCO INTL INC	COM	95082P105	2,246	37,430	SH		SOLE		37,430	0	1,761
WESTERN ALLIANCE BANCORP	COM	957638109	18,851	379,576	SH		SOLE		379,576	0	3,571
WESTERN DIGITAL CORP	COM	958102105	2,493	27,736	SH		SOLE		27,736	0	406
WHITING PETE CORP NEW	COM	966387102	1,152	206,889	SH		SOLE		206,889	0	2,134
WPX ENERGY INC	COM	98212B103	13,226	1,359,236	SH		SOLE		1,359,236	0	9,913
WPX ENERGY INC	NOTE	98212B202	817	17,350	PRN		SOLE		17,350	0	0
WRIGHT MED GROUP INC	NOTE	98235TAE7	936	842,000	PRN		SOLE		842,000	0	0
WYNN RESORTS LTD	COM	983134107	2,135	15,689	SH		SOLE		15,689	0	232
XPO LOGISTICS INC	COM	983793100	4,395	64,916	SH		SOLE		64,916	0	3,084
XPERI CORP	COM	98421B100	19,693	655,405	SH		SOLE		655,405	0	5,444
YRC WORLDWIDE INC	COM PAR	984249607	4,933	443,621	SH		SOLE		443,621	0	0
ZAGG INCORPORATED	COM	98884U108	5,405	624,911	SH		SOLE		624,911	0	0
ZIONS BANCORPORATION	COM	989701107	2,059	46,207	SH		SOLE		46,207	0	682
ALLERGAN PLC	PFD CON	G0177J116	1,051	1,215	SH		SOLE		1,215	0	0
AQUAVENTURE HLDGS LTD	COM	G0443N107	2,166	142,204	SH		SOLE		142,204	0	0
ARCH CAP GROUP LTD	ORD	G0450A105	1,518	16,269	SH		SOLE		16,269	0	0
BELMOND LTD	COM	G1154H107	7,278	547,233	SH		SOLE		547,233	0	0
FERROGLOBE PLC	COM	G33856108	12,905	1,078,287	SH		SOLE		1,078,287	0	1,615
WEATHERFORD INTL PLC	COM	G48833100	121	31,300	SH		SOLE		31,300	0	0
NABORS INDUSTRIES LTD	SHS	G6359F103	97	11,965	SH		SOLE		11,965	0	0
NOBLE CORP PLC	SHS USD	G65431101	6,626	1,828,163	SH		SOLE		1,828,163	0	2,238
OM ASSET MGMT PLC	SHS	G67506108	11,891	799,004	SH		SOLE		799,004	0	1,200
OXFORD IMMUNOTEC GLOBAL PLC	ORD SHS	G6855A103	3,018	179,415	SH		SOLE		179,415	0	0
TRANSOCEAN LTD	REG SHS	H8817H100	1,638	196,437	SH		SOLE		196,437	0	2,622
CYREN LTD	SHS	M26895108	2,238	1,091,484	SH		SOLE		1,091,484	0	0
INTERXION HOLDING N.V	SHS	N47279109	14,303	311,958	SH		SOLE		311,958	0	473
PLAYA HOTELS & RESORTS NV	COM	N70544106	5,300	442,876	SH		SOLE		442,876	0	671
WRIGHT MED GROUP N V	COM	N96617118	15,825	570,619	SH		SOLE		570,619	0	5,049
ARDMORE SHIPPING CORP	COM	Y0207T100	2,936	360,247	SH		SOLE		360,247	0	0
COSTAMARE INC	SHS	Y1771G102	125	17,034	SH		SOLE		17,034	0	0