13F-HR 1 cannell13f-2qtr2008.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter June 30, 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 08/14/2008 ------------------------ ------------------------- ---------- [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 78 Total: -------------- Form 13F Information Table value $ 485,220 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 --------------------------------------------------------------------------------------------------------------------- NOAH EDUCATION HOLDING LTD ADR ADR 65487r303 4,082 756,000 SH SOLE 756,000 - - BERKSHIRE HATHAWAY INC CL-A (D CL A 084670108 604 5 SH SOLE 5 - - BGC PARTNERS, INC CMN CLASS A CL A 05541t101 7,568 1,002,446 SH SOLE 1,002,446 - - INGERSOLL-RAND COMPANY CMN CLA CL A g4776g101 15,867 423,900 SH SOLE 423,900 - - VALUEVISION MEDIA INC CMN CLAS CL A 92047k107 5,374 1,505,383 SH SOLE 1,505,383 - - ACME UNITED CORP CMN COM 004816104 3,863 278,119 SH SOLE 278,119 - - ACTUATE CORPORATION COMMON STO COM 00508b102 11,607 2,968,581 SH SOLE 2,968,581 - - AECOM TECHNOLOGY CORPORATION C COM 00766t100 1,204 37,000 SH SOLE 37,000 - - ALTRA HOLDINGS, INC. CMN COM 02208r106 19,281 1,147,000 SH SOLE 1,147,000 - - ANIMAL HEALTH INTERNATIONAL IN COM 03525n109 6,910 1,109,146 SH SOLE 1,109,146 - - BASSETT FURNITURE CMN COM 070203104 230 19,500 SH SOLE 19,500 - - CALAVO GROWERS INC CMN COM 128246105 2,150 175,509 SH SOLE 175,509 - - CANTEL MEDICAL CORP. CMN COM 138098108 4,534 448,000 SH SOLE 448,000 - - CARRIAGE SERVICES, INC. CMN COM 143905107 2,277 344,969 SH SOLE 344,969 - - CITIZENS FIRST BANCORP INC DEL COM 17461r106 916 152,666 SH SOLE 152,666 - - CLAYTON HOLDINGS, INC. CMN COM 18418n107 5,731 959,900 SH SOLE 959,900 - - COMFORT SYSTEMS USA INC COMMON COM 199908104 1,344 100,000 SH SOLE 100,000 - - COMSCORE, INC. CMN COM 20564w105 6,267 287,200 SH SOLE 287,200 - - DANAHER CORPORATION (DELAWARE) COM 235851102 1,701 22,000 SH SOLE 22,000 - - DELTEK INC CMN COM 24784l105 9,134 1,205,000 SH SOLE 1,205,000 - - DOMINO'S PIZZA, INC. CMN COM 25754a201 2,921 254,000 SH SOLE 254,000 - - DRUGSTORE.COM INC CMN COM 262241102 10,194 5,365,371 SH SOLE 5,365,371 - - DWS MUNICIPAL INCOME TRUST MUT COM 23338m106 651 63,234 SH SOLE 63,234 - - EASTERN INS HLDGS INC CMN COM 276534104 3,916 251,000 SH SOLE 251,000 - - FAIR ISAAC INC CMN COM 303250104 6,657 320,500 SH SOLE 320,500 - - FIRST FINANCIAL NORTHWEST INC COM 32022k102 10,238 1,031,000 SH SOLE 1,031,000 - - FRANKLIN ELECTRIC INC CMN COM 353514102 1,047 27,000 SH SOLE 27,000 - - FREDERICK'S OF HOLLYWOOD GROUP COM 35582t108 660 440,215 SH SOLE 440,215 - - GFI GROUP INC. CMN COM 361652209 2,712 301,000 SH SOLE 301,000 - - GUARANTY FINANCIAL GROUP INC. COM 40108n106 6,458 1,202,600 SH SOLE 1,202,600 - - HARVEST NATURAL RESOURCES INC COM 41754v103 9,401 850,000 SH SOLE 850,000 - - HERCULES TECH GR CAP INC. CMN COM 427096508 567 63,500 SH SOLE 63,500 - - ICO INC (NEW) CMN COM 449293109 12,277 2,039,394 SH SOLE 2,039,394 - - KEY ENERGY SERVICES INC CMN COM 492914106 21,546 1,109,500 SH SOLE 1,109,500 - - MANITEK INTERNATIONAL, INC. CM COM 563420108 1,534 299,578 SH SOLE 299,578 - - MEDIWARE INFORMATION SYS INC C COM 584946107 6,151 1,051,400 SH SOLE 1,051,400 - - MERCER INS GROUP INC CMN COM 587902107 2,028 117,151 SH SOLE 117,151 - - MET-PRO CORPORATION CMN COM 590876306 7,922 593,399 SH SOLE 593,399 - - MFRI INC CMN COM 552721102 7,674 483,831 SH SOLE 483,831 - - MOCON INC CMN COM 607494101 998 91,650 SH SOLE 91,650 - - MONARCH CASINO & RESORT INC CM COM 609027107 3,067 259,930 SH SOLE 259,930 - - MVC CAPITAL INC CLOSED END FUN COM 553829102 28,581 2,087,763 SH SOLE 2,087,763 - - NGAS RESOURCES, INC. CMN COM 62912t103 20,416 2,200,000 SH SOLE 2,200,000 - - NUVEEN INSD PREM INCOME MUN FD COM 6706d8104 155 13,300 SH SOLE 13,300 - - NUVEEN MUN ADVANTAGE FUND INC COM 67062h106 871 66,617 SH SOLE 66,617 - - NUVEEN PREMIUM INCOME MUNICIPA COM 67062t100 851 66,308 SH SOLE 66,308 - - NUVEEN PREMIUM INCOME MUNICIPA COM 6706k4105 119 10,700 SH SOLE 10,700 - - NUVEEN QUALITY INCOME MUNICIPA COM 670977107 837 63,910 SH SOLE 63,910 - - OLD REPUBLIC INTL CORP CMN COM 680223104 8,442 713,000 SH SOLE 713,000 - - ORION MARINE GROUP INC CMN COM 68628v308 5,595 396,000 SH SOLE 396,000 - - OWENS-ILLINOIS INC CMN COM 690768403 12,590 302,000 SH SOLE 302,000 - - PC-TEL INC CMN COM 69325q105 8,573 894,000 SH SOLE 894,000 - - PETRO RES CORP CMN COM 71646k106 8,391 3,261,100 SH SOLE 3,261,100 - - QUADRAMED CORPORATION CMN COM 74730w101 6,006 597,580 SH SOLE 597,580 - - REDHOOK ALE BREWERY INC CMN COM 757473103 555 120,372 SH SOLE 120,372 - - SAIC, INC. CMN COM 78390x101 19,014 913,700 SH SOLE 913,700 - - SALARY.COM, INC. CMN COM 794006106 4,034 1,013,600 SH SOLE 1,013,600 - - SCHMITT INDS INC ORE CMN COM 806870200 1,219 203,130 SH SOLE 203,130 - - SEABRIGHT INSURANCE HLDG INC C COM 811656107 9,096 628,200 SH SOLE 628,200 - - SL INDS INC CMN COM 784413106 189 12,386 SH SOLE 12,386 - - SOLUTIA INC. CMN COM 834376501 13,461 1,050,000 SH SOLE 1,050,000 - - T-3 ENERGY SERVICES INC CMN COM 87306e107 21,218 267,000 SH SOLE 267,000 - - TETRA TECH INC (NEW) CMN COM 88162g103 1,810 80,000 SH SOLE 80,000 - - TORTOISE CAPITAL RESOURCES MUT COM 89147n304 536 45,000 SH SOLE 45,000 - - U.S. CONCRETE INC CMN COM 90333l102 11,107 2,333,400 SH SOLE 2,333,400 - - VAALCO ENERGY, INC. CMN COM 91851c201 8,622 1,018,000 SH SOLE 1,018,000 - - VALERO ENERGY CORPORATION CMN COM 91913y100 8,640 209,800 SH SOLE 209,800 - - WILLIAMS CONTROLS INC. CMN COM 969465608 1,667 131,546 SH SOLE 131,546 - - ALLOY INC CMN COM NEW 019855303 909 125,670 SH SOLE 125,670 - - GENTEK INC CMN COM NEW 37245x203 1,358 50,501 SH SOLE 50,501 - - OPLINK COMMUNICATIONS INC CMN COM NEW 68375q403 6,419 668,600 SH SOLE 668,600 - - PHH CORPORATION CMN COM NEW 693320202 3,708 241,550 SH SOLE 241,550 - - PRG-SCHULTZ INTERNATIONAL, INC COM NEW 69357c503 3,638 386,600 SH SOLE 386,600 - - ENCORE CAPITAL GROUP INC 3.375 NOTE 292554ab8 3,813 4,850,000 SH SOLE 4,850,000 - - KEMET CORPORATION 2.25% 11/15/ NOTE 488360ab4 5,670 9,000,000 SH SOLE 9,000,000 - - FUNDTECH LTD CMN ORD m47095100 21,858 1,519,000 SH SOLE 1,519,000 - - EMMIS COMMUNICATIONS CORP 6.25 PFD C291525202 937 37,470 SH SOLE 37,470 - - TYCO INTERNATIONAL LTD. CMN SHS g9143x208 5,053 126,200 SH SOLE 126,200 - -