13F-HR 1 p13f-033112.txt 3/31/12 FILING 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 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: Pia Capital Management LP. Address: 1 River Road Greenwich, CT 06807 13F File Number: 28-14112 The institutional investment manager filing this report and the person by whom it is signedhereby represent that the person signing the report is authorized to submit it, that all informationcontained 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 submission. Person Signing this Report on Behalf of Reporting Manager: Name: Patrick Iuliano Title: Chief Financial Officer and Head of Compliance Phone: 203-742-1607 Signature, Place, and Date of Signing: PATRICK IULIANO Cos Cob, CT May 8, 2012 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 5 Form 13F Information Table Value Total: $23,572 List of Other Included Managers: No. 13F File Number Name

FORM 13F INFORMATION TABLE

Voting Authority Name of Issuer Title of Class CUSIP Value (x1000) Quantity Sh/Prn Put/CallInvstmt Dscretn Other Managers Sole Shared None ~~ETFS~~ISHARES ~~PALLADIUM~~INC TRMSCI SHHONG ~~BEN~~KONG ~~INT~~464286871 ~~26923A106~~5450 ~~646~~312500 ~~10000~~ SH ~~SOLE 10000 FREEPORT-MCMORAN COPPER & GO COM 35671D857 920 25000 SH SOLE 25000 FREEPORT-MCMORAN COPPER & GO COM 35671D857 15084 410000 SH~~ CALL SOLE ~~ISHARES~~MARKET ~~INC~~VECTORS ~~MSCI~~RUSSIA ~~HONG~~ETF ~~KONG~~57060U506 ~~464286871~~3089 ~~2321~~100000 ~~150000~~ SH SOLE ~~150000~~100000 ~~ISHARES~~SELECT ~~INC~~SECTOR ~~MSCI~~SPDR ~~HONG~~TR ~~KONG~~SBI ~~464286871~~INT-ENERGY ~~11989~~81369Y506 ~~775000~~4662 65000 SH CALL SOLE STILLWATER MNG CO COM 86074Q102 ~~1308~~2528 ~~125000~~200000 SH SOLE ~~125000~~200000 STILLWATER MNG CO COM 86074Q102 ~~5450~~7843 ~~521000~~620500 SH CALL SOLE

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