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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001192482-10-000042.txt : 20100312
<SEC-HEADER>0001192482-10-000042.hdr.sgml : 20100312
<ACCEPTANCE-DATETIME>20100312100013
ACCESSION NUMBER:		0001192482-10-000042
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20100312
DATE AS OF CHANGE:		20100312
EFFECTIVENESS DATE:		20100312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAPITAL STRUCTURE OPPORTUNITIES FUND LP
		CENTRAL INDEX KEY:			0001001486
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-68730
		FILM NUMBER:		10676048

	BUSINESS ADDRESS:	
		STREET 1:		52 HADDONFIELD BERLIN ROAD
		CITY:			CHERRY HILL
		STATE:			NJ
		ZIP:			08034
		BUSINESS PHONE:		856-910-7663

	MAIL ADDRESS:	
		STREET 1:		52 HADDONFIELD BERLIN ROAD
		CITY:			CHERRY HILL
		STATE:			NJ
		ZIP:			08034

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAPITAL STRUCTURES OPPORTUNITY FUND LP
		DATE OF NAME CHANGE:	20090406

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PENN HIGH YIELD FUND LP
		DATE OF NAME CHANGE:	19950927
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001001486</cik>
        <entityName>CAPITAL STRUCTURE OPPORTUNITIES FUND LP</entityName>
        <issuerAddress>
            <street1>Navy Yard Corporate Center</street1>
            <street2>3 Crescent Drive, Suite 400</street2>
            <city>Philadelphia</city>
            <stateOrCountry>PA</stateOrCountry>
            <zipCode>19112</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>215-302-1500</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>CAPITAL STRUCTURES OPPORTUNITY FUND LP</previousName>
            <previousName>PENN HIGH YIELD FUND LP</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>A.</middleName>
                <lastName>Hocker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of Penn Capital Management, Inc., the general partner of the Issuer (the &quot;General Partner&quot;).</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Marcia</firstName>
                <middleName>A.</middleName>
                <lastName>Hocker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kimberly</firstName>
                <middleName>A.</middleName>
                <lastName>Hocker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kirsten</firstName>
                <middleName>A.</middleName>
                <lastName>Hocker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Eric</firstName>
                <middleName>J.</middleName>
                <lastName>Green</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christian</firstName>
                <middleName>M.</middleName>
                <lastName>Noyes</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName>D.</middleName>
                <lastName>Schumacher, Sr.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gerald</firstName>
                <lastName>McBride</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Navy Yard Corporate Center</street1>
                <street2>3 Crescent Drive, Suite 400</street2>
                <city>Philadelphia</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19112</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the General Partner</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-015853</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1992-02-23</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>SMH Capital Inc.</recipientName>
                <recipientCRDNumber>20580</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>600 Travis Street</street1>
                    <city>Houston</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <zipCode>77002</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <state>CA</state>
                    <state>CT</state>
                    <state>FL</state>
                    <state>IL</state>
                    <state>MA</state>
                    <state>PA</state>
                    <state>TX</state>
                    <state>WA</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>28883438</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>104</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>52000</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>CAPITAL STRUCTURE OPPORTUNITIES FUND LP</issuerName>
                <signatureName>/s/ Gerald McBride</signatureName>
                <nameOfSigner>Gerald McBride</nameOfSigner>
                <signatureTitle>CFO of the General Partner</signatureTitle>
                <signatureDate>2010-03-10</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
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