13F-HR 1 sched13f-092q.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: June 30, 2009 ------------------ 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 08/14/2009 ------------------------ --------------- -------------- [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 Total: 93 -------------- Form 13F Information Table Value Total: $ 170,500 -------------- (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 VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ---------------------------------------------------------------------------------------------------------------------------------- ACME UNITED CORP CMN COM 004816104 1,942 242,734 SH SOLE 242,734 - - ALTRA HOLDINGS, INC. CMN COM 02208r106 2,691 359,221 SH SOLE 359,221 - - AMERON INTERNATIONAL CORP CMN COM 030710107 1,059 15,800 SH SOLE 15,800 - - ANIMAL HEALTH INTERNATIONAL IN COM 03525n109 1,222 788,300 SH SOLE 788,300 - - AQUA AMERICA INC CMN COM 03836w103 1,441 80,500 SH SOLE 80,500 - - ASHLAND INC. CMN COM 044209104 842 30,000 SH SOLE 30,000 - - AXT INC CMN COM 00246w103 814 590,000 SH SOLE 590,000 - - BADGER METER INC CMN COM 056525108 709 17,300 SH SOLE 17,300 - - BAKER (MICHAEL) CORP CMN COM 057149106 254 6,000 SH SOLE 6,000 - - CALGON CARBON CORPORATION CMN COM 129603106 858 61,800 SH SOLE 61,800 - - CALIFORNIA WATER SERVICE GROUP COM 130788102 431 11,700 SH SOLE 11,700 - - CLEAN HARBORS INC CMN COM 184496107 621 11,500 SH SOLE 11,500 - - COLFAX CORPORATION CMN COM 194014106 463 60,000 SH SOLE 60,000 - - CREDIT SUISSE ASST MGMT MUTUAL COM 224916106 143 50,000 SH SOLE 50,000 - - DARLING INTERNATIONAL INC CMN COM 237266101 4,763 721,700 SH SOLE 721,700 - - DELTEK INC CMN COM 24784l105 2,549 587,399 SH SOLE 587,399 - - DIAMOND MGMT & TECH CONSULTANT COM 25269l106 596 141,905 SH SOLE 141,905 - - DRUGSTORE.COM INC CMN COM 262241102 3,584 1,958,609 SH SOLE 1,958,609 - - DWS MUNICIPAL INCOME TRUST MUT COM 23338m106 546 54,634 SH SOLE 54,634 - - EASTERN INS HLDGS INC CMN COM 276534104 1,135 120,600 SH SOLE 120,600 - - EDGEWATER TECHNOLOGY INC CMN COM 280358102 1,032 399,935 SH SOLE 399,935 - - ENNIS INC CMN COM 293389102 2,400 192,635 SH SOLE 192,635 - - FIRST FINANCIAL NORTHWEST INC COM 32022k102 7,400 946,338 SH SOLE 946,338 - - GRAFTECH INTERNATIONAL LTD CMN COM 384313102 4,906 433,800 SH SOLE 433,800 - - GREENHUNTER ENERGY INC CMN COM 39530a104 34 16,524 SH SOLE 16,524 - - ICO INC (NEW) CMN COM 449293109 3,770 1,385,941 SH SOLE 1,385,941 - - IKANOS COMMUNICATIONS, INC. CM COM 45173e113 377 235,662 SH SOLE 235,662 - - ITRON INC CMN COM 465741106 694 12,600 SH SOLE 12,600 - - KADANT INCORPORATED CMN COM 48282t104 937 83,000 SH SOLE 83,000 - - KEY TECHNOLOGY INC CMN COM 493143101 734 74,188 SH SOLE 74,188 - - KEYNOTE SYSTEMS INC CMN COM 493308100 410 53,700 SH SOLE 53,700 - - LAYNE CHRISTENSEN COMPANY (NAM COM 521050104 800 39,100 SH SOLE 39,100 - - LINDSAY CORPORATION CMN COM 535555106 596 18,000 SH SOLE 18,000 - - MEDIWARE INFORMATION SYS INC C COM 584946107 2,715 441,515 SH SOLE 441,515 - - MERCER INS GROUP INC CMN COM 587902107 944 59,383 SH SOLE 59,383 - - MERIDIAN INTERSTATE BANCORP, I COM 58964q104 367 49,250 SH SOLE 49,250 - - MET-PRO CORPORATION CMN COM 590876306 1,563 144,444 SH SOLE 144,444 - - MFRI INC CMN COM 552721102 1,291 208,947 SH SOLE 208,947 - - MOCON INC CMN COM 607494101 940 109,293 SH SOLE 109,293 - - MVC CAPITAL INC CLOSED END FUN COM 553829102 8,182 967,130 SH SOLE 967,130 - - NALCO HOLDING COMPANY CMN COM 62985q101 56 3,300 SH SOLE 3,300 - - NATIONAL DENTEX CORP CMN COM 63563h109 365 56,050 SH SOLE 56,050 - - NATURAL GAS SERVICES GROUP, IN COM 63886q109 2,683 201,741 SH SOLE 201,741 - - NATUS MEDICAL INC DEL CMN COM 639050103 2,945 255,200 SH SOLE 255,200 - - NGAS RESOURCES, INC. CMN COM 62912t103 2,671 1,277,816 SH SOLE 1,277,816 - - NORTH AMERICAN ENERGY PARTNERS COM 656844107 3,739 613,879 SH SOLE 613,879 - - NORTHWEST PIPE COMPANY CMN COM 667746101 605 17,400 SH SOLE 17,400 - - NUVEEN INSD PREM INCOME MUN FD COM 6706d8104 150 13,300 SH SOLE 13,300 - - NUVEEN MUN ADVANTAGE FUND INC COM 67062h106 742 57,817 SH SOLE 57,817 - - NUVEEN PREMIUM INCOME MUNICIPA COM 67062t100 644 52,321 SH SOLE 52,321 - - NUVEEN PREMIUM INCOME MUNICIPA COM 6706k4105 115 10,700 SH SOLE 10,700 - - NUVEEN QUALITY INCOME MUNICIPA COM 670977107 479 37,610 SH SOLE 37,610 - - PC-TEL INC CMN COM 69325q105 4,092 764,818 SH SOLE 764,818 - - PETRO RES CORP CMN COM 71646k106 1,859 2,950,000 SH SOLE 2,950,000 - - QUADRAMED CORPORATION CMN COM 74730w507 3,897 559,080 SH SOLE 559,080 - - REX ENERGY CORPORATION CMN COM 761565100 2,986 523,800 SH SOLE 523,800 - - SALARY.COM, INC. CMN COM 794006106 3,206 1,058,197 SH SOLE 1,058,197 - - SCHMITT INDS INC ORE CMN COM 806870200 481 114,430 SH SOLE 114,430 - - SEABRIGHT INSURANCE HLDG INC C COM 811656107 6,309 622,821 SH SOLE 622,821 - - SOAPSTONE NETWORKS INC CMN COM 833570104 589 140,800 SH SOLE 140,800 - - SPARK NETWORKS, INC. ADR CMN COM 84651p100 105 45,782 SH SOLE 45,782 - - SUPERIOR ENERGY SERVICES INC C COM 868157108 5,699 330,000 SH SOLE 330,000 - - TESSCO TECHNOLOGIES INC CMN COM 872386107 372 34,418 SH SOLE 34,418 - - THOMPSON CREEK METALS COMPANY COM 884768102 6,866 671,850 SH SOLE 671,850 - - U.S. CONCRETE INC CMN COM 90333l102 3,310 1,671,635 SH SOLE 1,671,635 - - VAALCO ENERGY, INC. CMN COM 91851c201 4,859 1,148,813 SH SOLE 1,148,813 - - VIRTUS INVESTMENT PARTNERS, IN COM 92828q109 333 22,700 SH SOLE 22,700 - - ALLOY INC CMN COM NEW 019855303 2,801 529,450 SH SOLE 529,450 - - GENTEK INC CMN COM NEW 37245x203 506 22,640 SH SOLE 22,640 - - INSWEB CORPORATION CMN COM NEW 45809k202 728 219,335 SH SOLE 219,335 - - CADIZ INC CMN COM NEW 127537207 331 34,398 SH SOLE 34,398 - - PICO HOLDINGS INC CMN COM NEW 693366205 273 9,500 SH SOLE 9,500 - - PURECYCLE CORP CMN COM NEW 746228303 428 119,000 SH SOLE 119,000 - - HANGER ORTHOPEDIC GROUP CMN COM NEW 41043f208 2,376 174,851 SH SOLE 174,851 - - ENCORE ENERGY PARTNERS LP CMN COM Unt 29257a106 202 14,100 SH SOLE 14,100 - - VALUEVISION MEDIA INC CMN CLAS CL A 92047k107 961 492,597 SH SOLE 492,597 - - BERKSHIRE HATHAWAY INC CL-A (D CL A 084670108 90 1 SH SOLE 1 - - INSITUFORM TECHNOLOGIES INC CM CL A 457667103 115 6,800 SH SOLE 6,800 - - AMERICAN STATES WATER CO CMN Com 029899101 1,808 52,200 SH SOLE 52,200 - - AMERICAN WATER WORKS CO, INC. Com 030420103 1,606 84,050 SH SOLE 84,050 - - FUNDTECH LTD CMN ORD m47095100 11,189 1,107,845 SH SOLE 1,107,845 - - POWERSHARES DB COMMODITY INDEX Ut BInt 73935s105 143 6,300 SH SOLE 6,300 - - LINN ENERGY, LLC CMN UNITS REP UT Ltd 536020100 207 10,600 SH SOLE 10,600 - - HILAND PARTNERS, LP CMN UT Ltd 431291103 80 10,900 SH SOLE 10,900 - - MAGMA DESIGN AUTOMATION, INC. NT 2.0 559181ac6 7,758 9,100,000 PRN SOLE 9,100,000 - - KEMET CORPORATION 2.25% 11/15/ NT 2.25 488360ab4 2,870 7,000,000 PRN SOLE 7,000,000 - - BORLAND SOFTWARE CORPORATION 2 NT 2.75 099849ab7 973 1,000,000 PRN SOLE 1,000,000 - - PLAYBOY ENTERPRISES 3% 03/15/2 NT 3.0 728117ab8 1,269 1,750,000 PRN SOLE 1,750,000 - - LECROY CORPORATION 4.00000000 NT 4.0 52324wab5 1,815 3,000,000 PRN SOLE 3,000,000 - - LDK SOLAR CO., LTD. 4.75000000 NT 4.75 50183lab3 828 1,200,000 PRN SOLE 1,200,000 - - PIXELWORKS, INC. 1.75% 05/15/2 SDC 7.75 72581mab3 3,950 5,000,000 PRN SOLE 5,000,000 - - WTS/BARZEL INDUSTRIES INC 5.50 *W EXP 069744118 31 999,700 SH SOLE 999,700 - - WTS/OWENS CORNING INC. 45.2500 *W EXP 690742127 252 503,622 SH SOLE 503,622 - -