13F-HR 1 gwc1q11.txt GW CAPITAL QTR 1 2011 13F 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, 2011 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: GW Capital, Inc. Address: 10900 N.E. Eighth Street, Suite 1010 Bellevue, WA 98004 13F File Number: 801-35777 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: Guy Watanabe Title: President Phone: 425-455-4551 Signature, Place, and Date of Signing: /s/ Guy Watanabe Bellevue, WA May 2, 2011 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form13F Information Table Entry Total: 64 Form13F Information Table Value Total: $1,322,303 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE TITLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORIT NAME OF ISSUER OF CLASS CUSIP (x$1000)PRN AMT PRN CALL DSCRETN MGRS SOLE SHARED NONE A.O. SMITH CORPORATION COM 831865209 36254 817642 SH SOLE 689909 0 127733 ALBANY INTERNATIONAL CORP CL A 012348108 30533 1226225 SH SOLE 1034761 0 191464 ALPHA NATURAL RESOURCES NOTE 02076XAA0 2735 2000000 PRN SOLE 1955000 0 45000 AMERICAN STATES WATER COM 029899101 18624 519341 SH SOLE 436890 0 82451 ASHLAND INC. COM 044209104 7898 136730 SH SOLE 76690 0 60040 BARNES GROUP INC COM 067806109 21685 1038561 SH SOLE 874548 0 164013 BRIGHAM EXPLORATION COM 109178103 54557 1467382 SH SOLE 1110660 0 356722 BROOKDALE SENIOR LIVING COM 112463104 61580 2199277 SH SOLE 1672144 0 527133 CAPSTEAD MORTGAGE CORP. COM NO PAR 14067E506 25666 2008292 SH SOLE 1694284 0 314008 CHEMTURA CORPORATION COM NEW 163893209 19577 1138187 SH SOLE 959495 0 178692 CHESAPEAKE ENERGY CORP NOTE 165167CA3 4903 4550000 PRN SOLE 4440000 0 110000 CHICAGO BRIDGE & IRON N Y REGISTRY SH167250109 17300 425470 SH SOLE 359032 0 66438 CNO FINANCIAL GROUP COM 12621E103 46781 6229187 SH SOLE 4669866 0 1559321 COMSTOCK RESOURCES, INC. COM NEW 205768203 16750 541378 SH SOLE 456723 0 84655 CORN PRODUCTS INT'L, INC. COM 219023108 9048 174602 SH SOLE 147531 0 27071 CROWN HOLDINGS INC COM 228368106 15267 395717 SH SOLE 225807 0 169910 DARLING INTERNATIONAL COM 237266101 43297 2816985 SH SOLE 2390626 0 426359 EL PASO CORP. COM 28336L109 14653 814031 SH SOLE 463031 0 351000 ESTERLINE TECHNOLOGIES COM 297425100 38557 545210 SH SOLE 459936 0 85274 FIFTH THIRD BANCORP COM 316773100 7022 505739 SH SOLE 283544 0 222195 FLUOR CORPORATION COM 343412102 12186 165436 SH SOLE 91881 0 73555 FOREST OIL CORP COM PAR $0.01 346091705 35961 950601 SH SOLE 695905 0 254696 GENERAL CABLE CORP NOTE 369300AD0 2194 2000000 PRN SOLE 1950000 0 50000 HARRIS CORP. COM 413875105 12536 252747 SH SOLE 136497 0 116250 HARRY WINSTON DIAMOND CORP. COM 41587B100 23096 1427454 SH SOLE 1206608 0 220846 HEALTH CARE REIT COM 42217K106 8114 154722 SH SOLE 89502 0 65220 HERTZ GLOBAL HOLDINGS COM 42805T105 14619 935326 SH SOLE 518136 0 417190 IBERIABANK CORP COM 450828108 26459 440026 SH SOLE 370974 0 69052 ION GEOPHYSICAL CORP COM 462044108 27878 2196882 SH SOLE 1851774 0 345108 IRON MOUNTAIN COM 462846106 13702 438731 SH SOLE 246836 0 191895 JM SMUCKER COM NEW 832696405 10042 140668 SH SOLE 74768 0 65900 KINDRED HEALTHCARE INC COM 494580103 13264 555443 SH SOLE 468839 0 86604 KLA TENCOR COM 482480100 6930 146450 SH SOLE 81905 0 64545 LENDER PROCESSING SERVICES COM 52602E102 13743 426934 SH SOLE 233744 0 193190 LTC PROPERTIES COM 502175102 18981 669743 SH SOLE 565285 0 104458 MEADWESTVACO CORP COM 583334107 12213 402679 SH SOLE 223039 0 179640 MEDTRONIC INC NOTE 585055AL0 30 30000 PRN SOLE 30000 0 0 OCWEN FINANCIAL COM NEW 675746309 23942 2172570 SH SOLE 1831891 0 340679 OMEGA HEALTHCARE COM 681936100 43537 1948853 SH SOLE 1467392 0 481461 ONEOK INC COM 682680103 49871 745682 SH SOLE 552780 0 192902 OWENS ILLINOIS COM NEW 690768403 31236 1034652 SH SOLE 778347 0 256305 PENN VIRGINIA COM 707882106 27487 1620680 SH SOLE 1359786 0 260894 PERRIGO CO. COM 714290103 9479 119205 SH SOLE 66645 0 52560 PIONEER NATURAL RESOURCE NOTE 723787AH0 3153 1765000 PRN SOLE 1765000 0 0 REDWOOD TRUST INC. COM 758075402 25135 1616373 SH SOLE 1366831 0 249542 SBA COMMUNICATIONS COM 78388J106 12782 322132 SH SOLE 181107 0 141025 SENSIENT TECHNOLOGIES COM 81725T100 25600 714293 SH SOLE 603787 0 110506 SIMPSON MANUFACTURING CO. COM 829073105 25965 881354 SH SOLE 743567 0 137787 SLM CORPORATION COM 78442P106 52207 3412203 SH SOLE 2577133 0 835070 SOUTHERN UNION CO. COM 844030106 21623 755512 SH SOLE 637125 0 118387 STEEL DYNAMICS INC NOTE 858119AP5 2550 2000000 PRN SOLE 1950000 0 50000 STEWART ENTERPRISES INC CL A 860370105 30315 3967994 SH SOLE 3345345 0 622649 SUPERVALU INC. COM 868536103 28592 3201737 SH SOLE 2425696 0 776041 THOMAS & BETTS CORP. COM 884315102 19340 325213 SH SOLE 180213 0 145000 TIDEWATER INC COM 886423102 27851 465347 SH SOLE 351941 0 113406 TRINITY INDUSTRIES INC NOTE 896522AF6 5188 4760000 PRN SOLE 4760000 0 0 TWO HARBORS INVESTMENT CORP COM 90187B101 9193 878002 SH SOLE 739183 0 138819 USG CORPORATION COM NEW 903293405 31234 1874798 SH SOLE 1585949 0 288849 VERISK ANALYTICS CL A 92345Y106 10782 329110 SH SOLE 184140 0 144970 WASHINGTON FEDERAL, INC. COM 938824109 9345 538932 SH SOLE 296312 0 242620 WENDY'S/ARBY'S GROUP COM 950587105 10311 2049864 SH SOLE 1145259 0 904605 WEYERHAEUSER COMPANY COM 962166104 12489 507696 SH SOLE 281618 0 226078 WILLIAMS COS, INC. COM 969457100 15026 481915 SH SOLE 255355 0 226560 YAMANA GOLD, INC. COM 98462Y100 13435 1091426 SH SOLE 604821 0 486605