<SEC-DOCUMENT>0001158202-16-000011.txt : 20160212
<SEC-HEADER>0001158202-16-000011.hdr.sgml : 20160212
<ACCEPTANCE-DATETIME>20160212141851
ACCESSION NUMBER:		0001158202-16-000011
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160212
DATE AS OF CHANGE:		20160212

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPI AEROSTRUCTURES INC
		CENTRAL INDEX KEY:			0000889348
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
		IRS NUMBER:				112520310
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-46461
		FILM NUMBER:		161417748

	BUSINESS ADDRESS:	
		STREET 1:		200A EXECUTIVE DR
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
		BUSINESS PHONE:		5165865200

	MAIL ADDRESS:	
		STREET 1:		91 HEARTLAND BLVD
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENN CAPITAL MANAGEMENT CO INC
		CENTRAL INDEX KEY:			0001158202
		IRS NUMBER:				222796848
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		3 CRESCENT DRIVE, SUITE 400
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19112
		BUSINESS PHONE:		2153021532

	MAIL ADDRESS:	
		STREET 1:		3 CRESCENT DRIVE, SUITE 400
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19112
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>CVU021215.txt
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                                (AMENDMENT NO. )

                             CPI AEROSTRUCTURES INC
                                (Name of Issuer)

                                   COMMON STOCK
                         (Title of Class of Securities)

                                   125919308
                                 (CUSIP Number)

                                December 31, 2015
             (DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)

CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS SCHEDULE
IS FILED:

      /X/   RULE 13D-1(B)
      /_/   RULE 13D-1(C)
      /_/   RULE 13D-1(D)

CUSIP NO. 125919308
--------------------------------------------------------------------------------
1    NAME OF REPORTING PERSON
     PENN Capital Management

     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY).
     22-2796848
--------------------------------------------------------------------------------
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
     (a)  |_|
     (b)  |_|
--------------------------------------------------------------------------------
3    SEC USE ONLY


--------------------------------------------------------------------------------
4    CITIZENSHIP OR PLACE OF ORGANIZATION

     DELAWARE
--------------------------------------------------------------------------------
               5    SOLE VOTING POWER

                    454,365
               -----------------------------------------------------------------
  NUMBER OF    6    SHARED VOTING POWER
   SHARES
BENEFICIALLY
  OWNED BY     -----------------------------------------------------------------
    EACH       7    SOLE DISPOSITIVE POWER
  REPORTING
   PERSON           454,365
    WITH       -----------------------------------------------------------------
               8    SHARED DISPOSITIVE POWER


--------------------------------------------------------------------------------
9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     454,365
--------------------------------------------------------------------------------
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
     (SEE INSTRUCTIONS)                                                     |_|
--------------------------------------------------------------------------------
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      5.30%
--------------------------------------------------------------------------------
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

     IA
--------------------------------------------------------------------------------


ITEM 1.

(A) NAME OF ISSUER    CPI AEROSTRUCTURES INC


(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE

              200A EXECUTIVE DR
              EDGEWOOD NY 11717

ITEM 2.

(A) NAME OF PERSONS FILING    PENN Capital Management

(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR IF NONE, RESIDENCE

    NAVY YARD CORPORATE CENTER
    THREE CRESCENT DRIVE, SUITE 400
    PHILADELPHIA, PA 19112

(C) CITIZENSHIP    DELAWARE


(D) TITLE OF CLASS OF SECURITIES

    COMMON STOCK

(E) CUSIP NUMBER
    125919308

ITEM 3.

      IF THIS STATEMENT IS FILED PURSUANT TO RULE 240.13D-1(B), OR 240.13D-2(B)
OR (C), CHECK WHETHER THE PERSON FILING IS A:

      (A) ___ BROKER OR DEALER REGISTERED UNDER SECTION 15 OF THE ACT (15 U.S.C.
          78O).

      (B) ___ BANK AS DEFINED IN SECTION 3(A)(6) OF THE ACT (15 U.S.C. 78C).

      (C) ___ INSURANCE COMPANY AS DEFINED IN SECTION 3(A)(19) OF THE ACT (15
          U.S.C. 78C).

      (D) ___ INVESTMENT COMPANY REGISTERED UNDER SECTION 8 OF THE INVESTMENT
          COMPANY ACT OF 1940 (15 U.S.C. 80A-8).

      (E) _X_  AN INVESTMENT ADVISER IN ACCORDANCE WITH 240.13D-1(B)(1)(II)(E).

      (F) ___ AN EMPLOYEE BENEFIT PLAN OR ENDOWMENT FUND IN ACCORDANCE WITH
          240.13D-1(B)(1)(II)(F).

      (G) ___ A PARENT HOLDING COMPANY OR CONTROL PERSON IN ACCORDANCE WITH
          240.13D-1(B)(1)(II)(G)

      (H) ___ A SAVINGS ASSOCIATION AS DEFINED IN SECTION 3(B) OF THE FEDERAL
          DEPOSIT INSURANCE ACT (12 U.S.C. 1813).

      (I) ___ A CHURCH PLAN THAT IS EXCLUDED FROM THE DEFINITION OF AN
          INVESTMENT COMPANY UNDER SECTION 3(C)(14) OF THE INVESTMENT COMPANY
          ACT OF 1940 (15 U.S.C. 80A-3).

      (J) ___ GROUP, IN ACCORDANCE WITH SECTION 240.13D-1(B)(1)(II)(J).


ITEM 4. OWNERSHIP.

      PROVIDE THE FOLLOWING INFORMATION REGARDING THE AGGREGATE NUMBER AND
PERCENTAGE OF THE CLASS OF SECURITIES OF THE ISSUER IDENTIFIED IN ITEM 1.

      (A) AMOUNT BENEFICIALLY OWNED: 454,365

      (B) PERCENT OF CLASS: 5.30%

      (C) NUMBER OF SHARES AS TO WHICH THE PERSON HAS:

      (I) SOLE POWER TO VOTE OR TO DIRECT THE VOTE: 454,365

      (II) SHARED POWER TO VOTE OR TO DIRECT THE VOTE:

      (III) SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF: 454,365

      (IV) SHARED POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:

ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

IF THIS STATEMENT IS BEING FILED TO REPORT THE FACT THAT AS OF THE DATE HEREOF
THE REPORTING PERSON HAS CEASED TO BE THE BENEFICIAL OWNER OF MORE THAN FIVE
PERCENT OF THE CLASS OF SECURITIES, CHECK THE FOLLOWING /___/.

ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

NOT APPLICABLE

ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
        SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY

NOT APPLICABLE

ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

NOT APPLICABLE

ITEM 9. NOTICE OF DISSOLUTION OF GROUP

NOT APPLICABLE

ITEM 10. CERTIFICATION.

BY SIGNING BELOW I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF, THE
SECURITIES REFERRED TO ABOVE WERE NOT ACQUIRED AND ARE NOT HELD FOR THE PURPOSE
OF OR WITH THE EFFECT OF CHANGING OR INFLUENCING THE CONTROL OF THE ISSUER OF
THE SECURITIES AND WERE NOT ACQUIRED AND ARE NOT HELD IN CONNECTION WITH OR AS A
PARTICIPANT IN ANY TRANSACTION HAVING THAT PURPOSE OR EFFECT.

AFTER REASONABLE INQUIRY AND TO THE BEST OF MY KNOWLEDGE AND BELIEF,
2I CERTIFY THAT THE INFORMATION SET FORTH IN THIS STATEMENT  IS TRUE,
COMPLETE AND CORRECT.

DATED: February 12, 2016


BY: /S/ Eric J. Green
----------------------------------
NAME: Eric J. Green
BY:   DIRECTOR OF RESEARCH
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
