<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>sched13f-114q.txt
<TEXT>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2011
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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
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Address: P.O. Box 3459
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Jackson, WY 83001
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Form 13F File Number: 28- 6453
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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
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Title: Managing Member
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Phone: 415-835-8300
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Signature, Place, and Date of Signing:
/s/ J. Carlo Cannell Jackson, WY 02/14/2012
------------------------ --------------- --------------
[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).)
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
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Form 13F Information Table Entry Total: 57
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Form 13F Information Table Value Total: $ 115,940
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(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
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<TABLE>
<CAPTION>
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
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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
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<S> <C> <C> <C> <C> <C> <C> <C>
ACORN ENERGY INC COM 004848107 350 58,000 SH SOLE 58,000 - -
AFC ENTERPRISES INC COM 00104q107 5,240 356,453 SH SOLE 356,453 - -
ALLIANCEBERNSTEIN INCOME FUN COM 01881e101 108 13,398 SH SOLE 13,398 - -
ALTRA HOLDINGS COM 02208R106 96 5,120 SH SOLE 5,120 - -
AVATAR HLDGS INC COM 053494100 2,961 412,358 SH SOLE 412,358 - -
AXT INC COM 00246w103 18 4,401 SH SOLE 4,401 - -
BIGLARI HLDGS INC COM 08986r101 516 1,400 SH SOLE 1,400 - -
CAL DIVE INTL INC COM 12802t101 20 9,090 SH SOLE 9,090 - -
CVR PARTNERS LP COM 126633106 367 14,800 SH SOLE 14,800 - -
DOUGLAS DYNAMICS INC COM 25960r105 5,302 362,682 SH SOLE 362,682 - -
ECHO GLOBAL LOGISTICS INC COM 27875t101 5,905 365,592 SH SOLE 365,592 - -
FRISCHS RESTAURANTS INC COM 358748101 651 33,578 SH SOLE 33,578 - -
GLU MOBILE INC COM 379890106 2,071 659,420 SH SOLE 659,420 - -
GOLFSMITH INTL HOLDINGS INC COM 38168y103 1,302 407,024 SH SOLE 407,024 - -
HAWAIIAN TELCOM HOLDCO INC COM 420031106 3,656 237,400 SH SOLE 237,400 - -
HOOPER HOLMES INC COM 439104100 1,940 3,232,101 SH SOLE 3,232,101 - -
IKANOS COMMUNICATIONS COM 45173e105 881 1,088,000 SH SOLE 1,088,000 - -
KRISPY KREME DOUGHNUTS INC COM 501014104 2,313 353,624 SH SOLE 353,624 - -
LATTICE SEMICONDUCTOR CORP COM 518415104 28 4,764 SH SOLE 4,764 - -
LEMAITRE VASCULAR INC COM 525558201 1,656 279,686 SH SOLE 279,686 - -
LIMONEIRA ORD COM 532746104 1,265 74,812 SH SOLE 74,812 - -
MEDLEY CAP CORP COM 58503f106 573 55,050 SH SOLE 55,050 - -
MOCON INC COM 607494101 1,647 102,967 SH SOLE 102,967 - -
NATUS MEDICAL INC DEL COM 639050103 4,620 489,946 SH SOLE 489,946 - -
NEW YORK & CO INC COM 649295102 2,727 1,024,823 SH SOLE 1,024,823 - -
ONEIDA FINL CORP MD COM 682479100 537 56,500 SH SOLE 56,500 - -
ONLINE RES CORP COM 68273g101 2,800 1,157,310 SH SOLE 1,157,310 - -
PC-TEL INC COM 69325q105 2,937 429,350 SH SOLE 429,350 - -
PEERLESS SYS CORP COM 705536100 169 43,970 SH SOLE 43,970 - -
PEP BOYS MANNY MOE & JACK COM 713278109 5,905 536,839 SH SOLE 536,839 - -
PERVASIVE SOFTWARE INC COM 715710109 1,166 200,383 SH SOLE 200,383 - -
REIS INC COM 75936p105 3,995 438,002 SH SOLE 438,002 - -
RICHARDSON ELECTRS LTD COM 763165107 4,095 333,217 SH SOLE 333,217 - -
SABRA HEALTH CARE REIT INC COM 78573l106 620 51,316 SH SOLE 51,316 - -
SPARK NETWORKS INC COM 84651p100 1,950 513,153 SH SOLE 513,153 - -
STANDARD REGISTER CO COM 853887107 702 301,349 SH SOLE 301,349 - -
STONERIDGE INC COM 86183p102 3,349 397,303 SH SOLE 397,303 - -
SUN HEALTHCARE GROUP INC NEW COM 86677e100 6,191 1,595,504 SH SOLE 1,595,504 - -
THERAGENICS CORP COM 883375107 2,429 1,446,121 SH SOLE 1,446,121 - -
THESTREET INC COM 88368q103 695 413,700 SH SOLE 413,700 - -
VIRTUS INVT PARTNERS INC COM 92828q109 3,073 40,431 SH SOLE 40,431 - -
QUANTUM CORP COM DSSG 747906204 29 12,180 SH SOLE 12,180 - -
HANGER ORTHOPEDIC GROUP INC COM NEW 41043f208 4,007 214,382 SH SOLE 214,382 - -
INSWEB CORP COM NEW 45809k202 118 14,443 SH SOLE 14,443 - -
MILLER INDS INC TENN COM NEW 600551204 1,245 79,175 SH SOLE 79,175 - -
MOVE INC COM NEW COM NEW 62458m207 18 2,919 SH SOLE 2,919 - -
MULTIBAND CORP COM NEW 62544x209 3,460 1,071,086 SH SOLE 1,071,086 - -
OUTDOOR CHANNEL HLDGS INC COM NEW 690027206 1,880 252,025 SH SOLE 252,025 - -
POINTS INTL LTD COM NEW 730843208 1,282 161,320 SH SOLE 161,320 - -
BERKSHIRE HATHAWAY INC CL A 084670108 2,410 21 SH SOLE 21 - -
LEAPFROG ENTERPRISES INC CL A 52186n106 3,239 579,355 SH SOLE 579,355 - -
MAXLINEAR INC CL A 57776j100 2,520 530,623 SH SOLE 530,623 - -
TELECOMMUNICATION SYS INC CL A 87929j103 3,532 1,502,938 SH SOLE 1,502,938 - -
VALUEVISION MEDIA INC CL A 92047k107 3,654 1,943,840 SH SOLE 1,943,840 - -
AVATAR HLDGS INC NOTE7.5% 053494ag5 1,710 1,900,000 SH SOLE 1,900,000 - -
PITNEY BOWES INC PUT PUT 724479950 4 513 SH SOLE 513 - -
SS&C TECHNOLOGIES HLDGS INC PUT PUT 78467j950 5 1,000 SH SOLE 1,000 - -
</TABLE>
</TEXT>
</DOCUMENT>