13F-HR 1 cumberlandassociates0308.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: March 31, 2008 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: Cumberland Associates Address: 1114 Avenue Of the Americas New York, NY 10036 13 File Number: 28-1010 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 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: Gary Tynes Title: CFO Phone: Signature, Place and Date of Signing: Gary Tynes April 11, 2008 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934 FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 74 Form 13F Information Table Value Total: 686018 List of Other Included Managers: No. 13F File Number Name 01 28-1010 CUMBERLAND ASSOCIATES2 02 FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP x($1000) PRN AMT PRN CALL DISCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- -------- --------- -------- -------- -------- D ADVANCED MEDICAL OPT ICS INC C COMMON STOCK 00763M108 21830 1075355 SH SOLE 0102 984129 91226 0 D AMERICAN AXLE & MFG HLDGS INC COMMON STOCK 024061103 2563 125000 SH SOLE 0102 106362 18638 0 D AMTRUST FINL SVCS IN C COM STK COMMON STOCK 032359309 787 48555 SH SOLE 0102 40676 7879 0 D ARCH CAPITAL GROUP L TD BERMU COMMON STOCK G0450A105 3042 44295 SH SOLE 0102 39694 4601 0 D ARRIS GROUP INC COM STK COMMON STOCK 04269Q100 19985 3433877 SH SOLE 0102 2921507 512370 0 D ASBURY AUTOMOTIVE GR OUP INC COMMON STOCK 043436104 344 25000 SH SOLE 0102 21272 3728 0 D AUTOZONE INC COM STK COMMON STOCK 053332102 2846 25000 SH SOLE 0102 22014 2986 0 D BANK OF AMERICA CORP COM STK COMMON STOCK 060505104 2632 69434 SH SOLE 0102 58056 11378 0 D BEBE STORES INC COM STK COMMON STOCK 075571109 988 91900 SH SOLE 0102 83819 8081 0 D BJS WHSL CLUB INC COM STK COMMON STOCK 05548J106 535 15000 SH SOLE 0102 13767 1233 0 D BROCADE COMMUNICATIO NS SYSTEM COMMON STOCK 111621306 18624 2551165 SH SOLE 0102 2170854 380311 0 D BROWN SHOE INC NEW COM STK COMMON STOCK 115736100 301 20000 SH SOLE 0102 17018 2982 0 D BWAY HOLDING COMPANY COMMON STOCK 12429T104 14924 1507473 SH SOLE 0102 1375556 131917 0 D CAPSTONE TURBINE COR P COM STK COMMON STOCK 14067D102 6530 3080086 SH SOLE 0102 2821974 258112 0 D CASTLEPOINT HOLDINGS LTD COM COMMON STOCK G19522112 6796 698474 SH SOLE 0102 595209 103265 0 D CENTRAL EUROPEAN MED IA ENTERP COMMON STOCK G20045202 10478 122938 SH SOLE 0102 112138 10800 0 D CERADYNE INC COM STK COMMON STOCK 156710105 33267 1040899 SH SOLE 0102 953238 87661 0 D CHORDIANT SFTWR COM STK COMMON STOCK 170404305 2530 419643 SH SOLE 0102 382818 36825 0 D CISCO SYSTEMS INC COM STK COMMON STOCK 17275R102 8430 349921 SH SOLE 0102 297756 52165 0 D COLLECTIVE BRANDS INC COM STK COMMON STOCK 19421W100 10191 840831 SH SOLE 0102 715425 125406 0 D COUNTRYWIDE FINANCIA L CORP CO COMMON STOCK 222372104 880 160000 SH SOLE 0102 146844 13156 0 D CSK AUTO CORP COM STK COMMON STOCK 125965103 14413 1548084 SH SOLE 0102 1322344 225740 0 D CSK AUTO CORP COM STK OPTIONS - CALLS 99O9PX0M0 466 50000 SH CALL SOLE 0102 42400 7600 0 D Continental Airlines Inc CL B COMMON STOCK 210795308 1635 85000 SH SOLE 0102 78012 6988 0 D DEARBORN BANCORP COM STK COMMON STOCK 24242R108 3454 454537 SH SOLE 0102 383498 71039 0 D DISCOVERY LABORATORI ES INC NE COMMON STOCK 254668106 7436 3164296 SH SOLE 0102 2796625 367671 0 D DRIL-QUIP INC COM STK COMMON STOCK 262037104 1859 40000 SH SOLE 0102 36711 3289 0 D DYNEGY INC DEL CL A COM STK COMMON STOCK 26817G102 14241 1804919 SH SOLE 0102 1545940 258979 0 D E TRADE FINL CORP COM STK COMMON STOCK 269246104 6649 1722602 SH SOLE 0102 1480179 242423 0 D EMCOR GROUP INC COM STK COMMON STOCK 29084Q100 12308 554157 SH SOLE 0102 479627 74530 0 D FAMILY DOLLAR STORES INC COM COMMON STOCK 307000109 8656 443881 SH SOLE 0102 377667 66214 0 D FINANCIAL SELECT SEC TOR SPDR US ETF'S - US TR 81369Y605 1965 79000 SH SOLE 0102 72066 6934 0 D GENESCO INC COM STK COMMON STOCK 371532102 347 15000 SH SOLE 0102 12765 2235 0 D GENTEX CORP COM COMMON STOCK 371901109 686 40000 SH SOLE 0102 33581 6419 0 D GOOGLE INC CL A COM STK COMMON STOCK 38259P508 9246 20992 SH SOLE 0102 17861 3131 0 D GROUP 1 AUTOMOTIVE I NC COM ST COMMON STOCK 398905109 294 12500 SH SOLE 0102 10636 1864 0 D HARVEST NATURAL RESO URCES INC COMMON STOCK 41754V103 42490 3523241 SH SOLE 0102 3109644 413597 0 D IMPAC MORTGAGE HOLDI NGS INC C REITS/RICS 45254P102 4683 3687083 SH SOLE 0102 3253356 433727 0 D INTEL CORP COM STK COMMON STOCK 458140100 6738 318132 SH SOLE 0102 291962 26170 0 D ISIS PHARMACEUTICALS CALIF CO COMMON STOCK 464330109 33001 2338832 SH SOLE 0102 1998686 340146 0 D KBW REGIONAL BANKING ETF US ETF'S - US TR 78464A698 1827 52000 SH SOLE 0102 47436 4564 0 D KOPPERS HLDGS INC COM STK COMMON STOCK 50060P106 28666 646938 SH SOLE 0102 557295 89643 0 D LBRTY MD SR A COMMON STOCK 53071M500 38423 1697143 SH SOLE 0102 1444292 252851 0 D LIBERTY GLOBAL INC SR-C COM ST COMMON STOCK 530555309 8585 264321 SH SOLE 0102 224904 39417 0 D LIBERTY MEDIA HLDG C ORP COM S COMMON STOCK 53071M302 48871 3104918 SH SOLE 0102 2641949 462969 0 D LOWES COS INC COM STK COMMON STOCK 548661107 1950 85000 SH SOLE 0102 73071 11929 0 D MEADOWBROOK INSURANC E GROUP I COMMON STOCK 58319P108 2312 296002 SH SOLE 0102 247478 48524 0 D NET 1 UEPS TECHNOLOG IES INC C COMMON STOCK 64107N206 14482 642218 SH SOLE 0102 585708 56510 0 D NORTHWESTERN COMMON STOCK 668074305 2831 116159 SH SOLE 0102 97126 19033 0 D NVIDIA CORP COM STK COMMON STOCK 67066G104 23742 1199677 SH SOLE 0102 1045451 154226 0 D O REILLY AUTOMOTIVE INC COM ST COMMON STOCK 686091109 4991 175000 SH SOLE 0102 149819 25181 0 D PENSKE AUTOMOTIVE GR OUP INC C COMMON STOCK 70959W103 389 20000 SH SOLE 0102 17018 2982 0 D PERINI CORP COM STK COMMON STOCK 713839108 1902 52500 SH SOLE 0102 44675 7825 0 D PETSMART INC COM STK COMMON STOCK 716768106 10081 493202 SH SOLE 0102 419631 73571 0 D PHILLIPS-VAN HEUSEN CORP COM S COMMON STOCK 718592108 379 10000 SH SOLE 0102 9177 823 0 D PINNACLE ENTERTAINMENT COMMON STOCK 723456109 192 15000 SH SOLE 0102 12834 2166 0 D PLAINS EXPLORATION & PRODUCTI COMMON STOCK 726505100 50022 941331 SH SOLE 0102 844020 97311 0 D PRECISION CASTPARTS CORP COM S COMMON STOCK 740189105 7355 72048 SH SOLE 0102 66018 6030 0 D QUIKSILVER INC COM STK COMMON STOCK 74838C106 3199 326051 SH SOLE 0102 293755 32296 0 D RAM ENE RES COMMON STOCK 75130P109 12204 2480445 SH SOLE 0102 2197874 282571 0 D ROSS STORES INC USD0 .01 COM COMMON STOCK 778296103 899 30000 SH SOLE 0102 25133 4867 0 D S & P DEPOSITORY RECEIPTS TR U OPTIONS - PUTS 99O9VJMC2 26394 200000 SH PUT SOLE 0102 168000 32000 0 D SCIENTIFIC GAMES COR P CL A CO COMMON STOCK 80874P109 317 15000 SH SOLE 0102 13767 1233 0 D SLM CORP COM STK COMMON STOCK 78442P106 1434 93401 SH SOLE 0102 83782 9619 0 D STAGE STORES INC COM STK COMMON STOCK 85254C305 243 15000 SH SOLE 0102 12762 2238 0 D TEXAS ROADHOUSE COMMON STOCK 882681109 1225 125000 SH SOLE 0102 106357 18643 0 D THE RYLAND GROUP INC COM STK COMMON STOCK 783764103 25041 761358 SH SOLE 0102 696023 65335 0 D TOLL BROTHERS INC COM STK COMMON STOCK 889478103 1298 55300 SH SOLE 0102 49773 5527 0 D TRW AUTOMOTIVE HLDGS CORP COM COMMON STOCK 87264S106 5654 241925 SH SOLE 0102 205551 36374 0 D UNION PACIFIC CORP COM STK COMMON STOCK 907818108 1881 15000 SH SOLE 0102 13151 1849 0 D UNITED STATES OIL FU ND LP US ETF'S - US TR 91232N108 814 10000 SH SOLE 0102 9142 858 0 D URS CORP NEW COM STK COMMON STOCK 903236107 1308 40000 SH SOLE 0102 34029 5971 0 D VISHAY INTERTECHNLGY INC COMMON STOCK 928298108 17295 1908913 SH SOLE 0102 1624267 284646 0 D WERNER ENTERPRISES I NC COM ST COMMON STOCK 950755108 742 40000 SH SOLE 0102 34036 5964 0 S REPORT SUMMARY 74 DATA RECORDS 686018 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED