13F-HR 1 cannell13f-1qtr2008.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter March 31, 2008 Ended: -------------------- 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: J. Carlo Cannell ------------------------------------- Address: P.O. Box 3459 ------------------------------------- 240 E. Deloney Ave. ------------------------------------- Jackson, WY 83001 ------------------------------------- Form 13F File Number: 28- 6453 -------- 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: J. Carlo Cannell ------------------------------------- Title: Managing Member ------------------------------------- Phone: 415-835-8300 ------------------------------------- Signature, Place, and Date of Signing: /s/ J. Carlo Cannell Jackson, WY 05/15/2008 ------------------------ ------------------------- ---------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 -------------- Form 13F Information Table Entry 73 Total: -------------- Form 13F Information Table value $ 458,968 Total: -------------- (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] NONE

--------------------------------------------------------------------------------------------------------------------- COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 --------------------------------------------------------------------------------------------------------------------- TITLE OF CUSIP VALUE SHS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS (x$1000) PRN AMT PRN CALL DISCRETION MGRS SOLE SHARED NONE --------------------------------------------------------------------------------------------------------------------- ESPEED INC CMN CLASS A CL A 296643109 11,689 1,002,446 SH SOLE 1,002,446 INGERSOLL-RAND COMPANY CMN CLA CL A g4776g101 22,299 500,200 SH SOLE 500,200 ACME UNITED CORP CMN COMMON 004816104 3,432 260,200 SH SOLE 260,200 ACTUATE CORPORATION COMMON STO COMMON 00508b102 6,019 1,467,980 SH SOLE 1,467,980 AECOM TECHNOLOGY CORPORATION C COMMON 00766t100 1,925 74,000 SH SOLE 74,000 ALTRA HOLDINGS, INC. CMN COMMON 02208r106 19,228 1,429,581 SH SOLE 1,429,581 ANALYTICAL SURVEYS INC. CMN COMMON 032683401 25 180,000 SH SOLE 180,000 ANIMAL HEALTH INTERNATIONAL IN COMMON 03525n109 3,535 323,124 SH SOLE 323,124 ARCH COAL INC CMN COMMON 039380100 13,679 314,450 SH SOLE 314,450 BASSETT FURNITURE CMN COMMON 070203104 241 19,500 SH SOLE 19,500 BRONCO DRILLING COMPANY, INC. COMMON 112211107 9,263 575,000 SH SOLE 575,000 CANTEL MEDICAL CORP. CMN COMMON 138098108 4,758 448,000 SH SOLE 448,000 CARRIAGE SERVICES, INC. CMN COMMON 143905107 2,399 309,500 SH SOLE 309,500 CITIZENS FIRST BANCORP INC DEL COMMON 17461r106 1,346 125,244 SH SOLE 125,244 CLAYTON HLDGS INC CMN COMMON 18418n107 5,470 1,178,790 SH SOLE 1,178,790 COMFORT SYSTEMS USA INC COMMON COMMON 199908104 18,786 1,444,000 SH SOLE 1,444,000 COMSCORE, INC. CMN COMMON 20564w105 3,137 156,400 SH SOLE 156,400 CROWN HOLDINGS INC CMN COMMON 228368106 14,591 579,936 SH SOLE 579,936 DANAHER CORPORATION (DELAWARE) COMMON 235851102 1,673 22,000 SH SOLE 22,000 DELTEK INC CMN COMMON 24784l105 7,265 559,700 SH SOLE 559,700 DRUGSTORE.COM INC CMN COMMON 262241102 11,870 5,346,913 SH SOLE 5,346,913 DWS MUNICIPAL INCOME TRUST MUT COMMON 23338m106 1,310 124,510 SH SOLE 124,510 EASTERN INS HLDGS INC CMN COMMON 276534104 3,595 248,000 SH SOLE 248,000 FAIR ISAAC INC CMN COMMON 303250104 9,241 429,400 SH SOLE 429,400 FREDERICK'S OF HOLLYWOOD GROUP COMMON 35582t108 1,162 415,120 SH SOLE 415,120 HERCULES TECH GR CAP INC. CMN COMMON 427096508 494 45,500 SH SOLE 45,500 ICO INC (NEW) CMN COMMON 449293109 10,923 1,573,879 SH SOLE 1,573,879 KEY ENERGY SERVICES INC CMN COMMON 492914106 22,036 1,642,000 SH SOLE 1,642,000 LEE ENTERPRISES INC CMN COMMON 523768109 4,495 449,078 SH SOLE 449,078 MEDIWARE INFORMATION SYS INC C COMMON 584946107 6,025 1,051,400 SH SOLE 1,051,400 MERCER INS GROUP INC CMN COMMON 587902107 1,988 114,323 SH SOLE 114,323 MET-PRO CORPORATION CMN COMMON 590876306 6,635 591,399 SH SOLE 591,399 MFRI INC CMN COMMON 552721102 8,585 533,915 SH SOLE 533,915 MOCON INC CMN COMMON 607494101 1,003 88,938 SH SOLE 88,938 MONSANTO COMPANY CMN COMMON 61166w101 1,650 14,800 SH SOLE 14,800 MVC CAPITAL INC CLOSED END FUN COMMON 553829102 31,951 2,096,516 SH SOLE 2,096,516 NEVADA CHEMICALS INC CMN COMMON 64127c107 2,698 299,829 SH SOLE 299,829 NGAS RESOURCES, INC. CMN COMMON 62912t103 12,496 2,219,500 SH SOLE 2,219,500 NORTHWEST PIPE COMPANY CMN COMMON 667746101 595 14,000 SH SOLE 14,000 NOVAMERICAN STEEL INC. CMN COMMON 66986m100 2,508 864,700 SH SOLE 864,700 NUVEEN INSD PREM INCOME MUN FD COMMON 6706d8104 155 13,300 SH SOLE 13,300 NUVEEN MUN ADVANTAGE FUND INC COMMON 67062h106 1,853 137,784 SH SOLE 137,784 NUVEEN PERFORMANCE PLUS MUN FD COMMON 67062p108 267 20,000 SH SOLE 20,000 NUVEEN PREMIUM INCOME MUNI FUN COMMON 67063w102 260 20,000 SH SOLE 20,000 NUVEEN PREMIUM INCOME MUNICIPA COMMON 67062t100 2,505 189,210 SH SOLE 189,210 NUVEEN PREMIUM INCOME MUNICIPA COMMON 6706k4105 348 30,700 SH SOLE 30,700 NUVEEN QUALITY INCOME MUNICIPA COMMON 670977107 3,142 232,390 SH SOLE 232,390 OLD REPUBLIC INTL CORP CMN COMMON 680223104 8,820 683,200 SH SOLE 683,200 OWENS-ILLINOIS INC CMN COMMON 690768403 18,148 321,600 SH SOLE 321,600 PETRO RES CORP CMN COMMON 71646k106 4,470 3,311,100 SH SOLE 3,311,100 QUADRAMED CORPORATION CMN COMMON 74730w101 3,608 1,888,800 SH SOLE 1,888,800 QUALITY DISTRIBUTION INC CMN COMMON 74756m102 2,565 804,201 SH SOLE 804,201 REDHOOK ALE BREWERY INC CMN COMMON 757473103 576 119,337 SH SOLE 119,337 SAIC, INC. CMN COMMON 78390x101 16,986 913,700 SH SOLE 913,700 SCHMITT INDS INC ORE CMN COMMON 806870200 1,141 201,930 SH SOLE 201,930 SEABRIGHT INSURANCE HLDG INC C COMMON 811656107 9,253 628,200 SH SOLE 628,200 SOLUTIA INC. CMN COMMON 834376501 3,574 255300 SH SOLE 255,300 SPARTAN MOTORS INC. CMN COMMON 846819100 1,642 194100 SH SOLE 194,100 SUPERIOR ESSEX INC CMN COMMON 86815v105 5,800 206248 SH SOLE 206,248 SYNPLICITY INC CMN COMMON 87160y108 13318.572 1700967 SH SOLE 1700967 SYS CMN COMMON 785070103 1,352 628,763 SH SOLE 628,763 T-3 ENERGY SERVICES INC CMN COMMON 87306e107 20,042 470,900 SH SOLE 470,900 TETRA TECH INC (NEW) CMN COMMON 88162g103 3,112 159,500 SH SOLE 159,500 TFS FINANCIAL CORPORATION CMN COMMON 87240r107 602 50,000 SH SOLE 50,000 TORTOISE CAPITAL RESOURCES MUT COMMON 89147n304 569 45,000 SH SOLE 45,000 TYCO INTERNATIONAL LTD. CMN COMMON g9143x208 5,559 126,200 SH SOLE 126,200 U.S. CONCRETE INC CMN COMMON 90333l102 8,779 2,310,193 SH SOLE 2,310,193 VAALCO ENERGY, INC. CMN COMMON 91851c201 7,757 1,560,800 SH SOLE 1,560,800 VALERO ENERGY CORPORATION CMN COMMON 91913y100 5,324 108,400 SH SOLE 108,400 VERI TEK INTL CORP CMN COMMON 92342x101 1,275 274,128 SH SOLE 274,128 WILLDAN GROUP INC CMN COMMON 96924n100 1,483 250,000 SH SOLE 250,000 WILLIAMS CONTROLS INC. CMN COMMON 969465608 1,773 129142 SH SOLE 129,142 FUNDTECH LTD CMN ORD m47095100 18,234 1,495,800 SH SOLE 1,495,800