0001169738-11-000004.txt : 20110510
0001169738-11-000004.hdr.sgml : 20110510
20110510144325
ACCESSION NUMBER: 0001169738-11-000004
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20110331
FILED AS OF DATE: 20110510
DATE AS OF CHANGE: 20110510
EFFECTIVENESS DATE: 20110510
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: BLACKTHORN INVESTMENT GROUP LLC
CENTRAL INDEX KEY: 0001169738
IRS NUMBER: 431831835
STATE OF INCORPORATION: KS
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-10176
FILM NUMBER: 11827468
BUSINESS ADDRESS:
STREET 1: 10975 GRANDVIEW
CITY: OVERLAND PARK
STATE: KS
ZIP: 66210
BUSINESS PHONE: 913-451-7770
MAIL ADDRESS:
STREET 1: 10975 GRANDVIEW
CITY: OVERLAND PARK
STATE: KS
ZIP: 66210
13F-HR
1
form13fmar2011.txt
BLACKTHORN INVESTMENT GROUP 03-31-2011
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the calendar year or quarter ended: Mar 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: Blackthorn Investment Group, LLC
Address: 10975 Grandview Drive
Suite 150
Overland Park, KS 66210
13F File Number: 28-10176
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 submission.
Person signing this report on behalf of reporting manager:
Name: Cindy Burnett
Title: CFO
Phone: 913-451-7776
Signature, Place, Date of Signing:
Todd Banks Overland Park, KS May 10, 2011
Report Type:
[X] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
List of other managers reporting for this manager: NONE
FORM 13F SUMMARY PAGE
Report Summary:
Number of other included managers: 0
Form 13F information table entry total: 228
Form 13F information table value total: 587,340
(thousands)
List of other included managers: NONE
FORM 13F INFORMATION TABLE
TITLE OF VALUE SHRS/ INVEST OTHER VOTING
NAME OF ISSUER CLASS CUSIP x $1000 PUT/CALL DISCRE MNGRS AUTHOR
1ST UNITED BANCORP INC. COM 33740N105 281 40,000 SOLE NA SOLE
ACADIA REALTY TRUST COM COM 004239109 593 31,357 SOLE NA SOLE
ACE LIMITED COM H0023R105 1,317 20,351 SOLE NA SOLE
AFFILIATED MANAGERS GROUP COM 008252108 638 5,830 SOLE NA SOLE
AGREE REALTY CORP COM COM 008492100 1,737 77,372 SOLE NA SOLE
ALEXANDRIA REAL ESTATE EQ COM 015271109 2,300 29,500 SOLE NA SOLE
ALLSTATE CORP COM 020002101 1,617 50,880 SOLE NA SOLE
AMB PROPERTY CORPORATION COM 00163T109 2,073 57,621 SOLE NA SOLE
AMER CMPS COMM COM 024835100 2,168 65,694 SOLE NA SOLE
AMERICAN CAPITAL AGENCY C COM 02503X105 583 20,000 SOLE NA SOLE
AMERICAN EQUITY INVESTMEN COM 025676206 1,139 86,776 SOLE NA SOLE
AMERICAN MEDICAL SYSTEMS COM 02744M108 668 30,861 SOLE NA SOLE
AMERICAN RIVER BANKSHARES COM 029326105 290 43,999 SOLE NA SOLE
AMERIS BANCORP COM 03076K108 639 62,878 SOLE NA SOLE
ANADARKO PETE CORP COM 032511107 10,240 125,000 SOLE NA SOLE
ANCHOR BANCORP WA COM 032838104 356 33,303 SOLE NA SOLE
APACHE CORP COM 037411105 9,164 70,000 SOLE NA SOLE
ARMOUR RESD REIT COM 042315101 606 80,000 SOLE NA SOLE
ASSOCIATED ESTATES REALTY COM 045604105 1,382 87,003 SOLE NA SOLE
AVALONBAY COMMUNITIES INC COM 053484101 1,732 14,422 SOLE NA SOLE
BAKER HUGHES INC COM 057224107 19,826 270,000 SOLE NA SOLE
BANCORP INC DEL COM 05969A105 501 54,303 SOLE NA SOLE
BANCORP RHODE ISLANDINC COM 059690107 412 13,343 SOLE NA SOLE
BANK NEW YORK MELLON CORP COM 064058100 1,045 35,000 SOLE NA SOLE
BANKFINANCIAL CORP COM 06643P104 416 45,238 SOLE NA SOLE
BAXTER INTL INC COM 071813109 1,516 28,190 SOLE NA SOLE
BEACON FED BNCRP COM 073582108 630 43,386 SOLE NA SOLE
BENEFICIAL MUTAL COM 08173R104 484 56,128 SOLE NA SOLE
BHP BILLITON PLC ADR SPONS ADR 05545E209 1,592 20,000 SOLE NA SOLE
BIOMED REALTY TRUST INC COM 09063H107 1,336 70,268 SOLE NA SOLE
BIOMIMETIC THERAPEUTICS I COM 09064X101 1,303 99,401 SOLE NA SOLE
BLACKROCK INC COM N COM 09247X101 1,608 8,000 SOLE NA SOLE
BLACKSTONE GROUP LP COM UNIT LTD 09253U108 536 30,000 SOLE NA SOLE
BOFI HOLDINGINC COM COM 05566U108 796 51,278 SOLE NA SOLE
BOSTON PROPERTIES INC MA COM 101121101 1,473 15,532 SOLE NA SOLE
BRE PROPERTIES INC CL A COM 05564E106 1,463 31,000 SOLE NA SOLE
BROOKLINE BANCORP INC DE COM 11373M107 594 56,400 SOLE NA SOLE
BRYN MAWR BANK CORP COM 117665109 411 20,000 SOLE NA SOLE
BUCKEYE PARTNERS L PCOM U UNIT LTD PARTN 118230101 3,177 50,000 SOLE NA SOLE
CAMDEN PROPERTY TRUST COM SH BEN INT 133131102 2,607 45,875 SOLE NA SOLE
CAMERON INTL CORP COM COM 13342B105 6,852 120,000 SOLE NA SOLE
CAPITALSOURCE INC COM 14055X102 473 67,237 SOLE NA SOLE
CARDINAL HEALTH INC COM COM 14149Y108 3,316 80,618 SOLE NA SOLE
CAREFUSION CP COM 14170T101 1,269 45,000 SOLE NA SOLE
CATHAY GEN BANCORP COM 149150104 578 33,885 SOLE NA SOLE
CBL & ASSOCIATES PROPERTI COM 124830100 261 15,000 SOLE NA SOLE
CDN NATURAL COM COM 136385101 1,779 36,000 SOLE NA SOLE
CERNER CORP COM 156782104 3,792 34,103 SOLE NA SOLE
CHICOPEE BANCORP COM 168565109 673 48,103 SOLE NA SOLE
CHUBB CORP COM 171232101 782 12,762 SOLE NA SOLE
CIMAREX ENERGY CO COM 171798101 1,152 10,000 SOLE NA SOLE
CIT GROUP INC COM STK OCM 125581801 766 18,014 SOLE NA SOLE
COMERICA INC COM 200340107 918 25,000 SOLE NA SOLE
COMMUNITY BANKERS TRUST COM 203612106 65 55,759 SOLE NA SOLE
COMMUNITY WEST BANCSHARES COM 204157101 256 56,911 SOLE NA SOLE
COMPLETE PRODUCTION SERVI COM 20453E109 17,336 545,000 SOLE NA SOLE
CONOCOPHILLIPS COM 20825C104 9,983 125,000 SOLE NA SOLE
CONSOL ENERGY INC COM 20854P109 14,480 270,000 SOLE NA SOLE
CRESCENT FINANCIAL CORP COM 225744101 218 53,800 SOLE NA SOLE
CREXUS INVESTMNT REIT COM 226553105 343 30,000 SOLE NA SOLE
CYPRESS SHARPRIDGE INVTS COM 23281A307 1,268 100,000 SOLE NA SOLE
DCT INDL TR INC COM COM 233153105 1,067 192,189 SOLE NA SOLE
DUNCAN ENERGY PARTNERS LP COM UNITS 265026104 405 10,000 SOLE NA SOLE
EASTERN VIRGINIA BANCSHAR COM 277196101 185 51,498 SOLE NA SOLE
EASTGROUP PROPERTIES INC COM 277276101 1,855 42,186 SOLE NA SOLE
EAST-WEST BANCORP INC COM 27579R104 531 24,186 SOLE NA SOLE
EL PASO CORP COM COM 28336L109 6,750 375,000 SOLE NA SOLE
ENERGY TRANSFER PARTNERS COM 29273R109 2,588 50,000 SOLE NA SOLE
ENERPLUS RES FD COM COM 292766102 1,108 35,000 SOLE NA SOLE
ENTERTAINMENT PROPERTIES COM SH BEN INT 29380T105 2,719 58,070 SOLE NA SOLE
EQT CORP COM 26884L109 10,479 210,000 SOLE NA SOLE
ESSA BANCORP COM 29667D104 400 30,333 SOLE NA SOLE
EV ENERGY PARTNERS L P COM 26926V107 9,131 169,600 SOLE NA SOLE
EVANS BANCORP INC COM 29911Q208 345 24,500 SOLE NA SOLE
EXPRESS SCRIPTS INC COM 302182100 3,648 65,605 SOLE NA SOLE
EXTRA SPACE STORAGE INC COM 30225T102 1,898 91,641 SOLE NA SOLE
FELCOR LODGING TRUST COM 31430F101 368 60,000 SOLE NA SOLE
FINANCIAL INSTNS INC COM 317585404 526 30,000 SOLE NA SOLE
FIRST CALIFORNIA FINAN COM 319395109 203 54,218 SOLE NA SOLE
FIRST CMNTY BANCSHARES IN COM 31983A103 539 38,000 SOLE NA SOLE
FIRST DEFIANCE FINANCIAL COM 32006W106 430 30,000 SOLE NA SOLE
FIRST FINANCIAL HOLDINGS COM 320239106 396 35,000 SOLE NA SOLE
FIRST MIDWEST BANCORP INC COM 320867104 495 41,986 SOLE NA SOLE
FIRST OF LONG ISLAND CORP COM 320734106 577 20,786 SOLE NA SOLE
FIRST PACTRUST BANCORP IN COM 33589V101 854 53,700 SOLE NA SOLE
FIRST SECURITY COM 336312103 118 132,789 SOLE NA SOLE
FOREST OIL CORP COM 346091705 4,729 125,000 SOLE NA SOLE
FORTEGRA FINL CORP COM 34954W104 284 25,000 SOLE NA SOLE
FRANKLIN RESOURCES INC. COM 354613101 499 3,988 SOLE NA SOLE
GARDNER DENVER INC COM 365558105 3,677 47,129 SOLE NA SOLE
GASFRAC ENERGY SERVI COM 367257201 257 20,000 SOLE NA SOLE
GLIMCHER REALTY TRUST COM COM 379302102 551 59,534 SOLE NA SOLE
GREENHILL COM 395259104 508 7,716 SOLE NA SOLE
GUARANTY FEDERAL BANCSHAR COM 40108P101 105 17,400 SOLE NA SOLE
GULFMARK OFFSHORE INC COM 402629208 2,671 60,000 SOLE NA SOLE
HAMPDEN BANCORP INC COM 40867E107 462 34,685 SOLE NA SOLE
HEALTH CARE REIT INC COM COM 42217K106 1,966 37,497 SOLE NA SOLE
HEALTHCARE REALTY TRUST C COM 421946104 1,762 77,619 SOLE NA SOLE
HERITAGE FINANCIAL GROUP COM 42726X102 791 62,168 SOLE NA SOLE
HERITAGE OAKS BANCORP COM 42724R107 258 74,046 SOLE NA SOLE
HESS CORP COM 42809H107 17,042 200,000 SOLE NA SOLE
HOME FEDERAL BANCORP COM 43710G105 245 20,811 SOLE NA SOLE
HORIZON TECHNOLOGY FINANC COM 44045A102 377 23,482 SOLE NA SOLE
HOSPIRA INC COM 441060100 1,242 22,500 SOLE NA SOLE
HOST HOTELS & RESORTS INC COM 44107P104 381 21,660 SOLE NA SOLE
HUDSON VALLEY HOLDING COR COM 444172100 366 16,647 SOLE NA SOLE
HUNTINGTON BANCSHARES INC COM 446150104 482 72,576 SOLE NA SOLE
HYATT HOTELS CORP COM 448579102 2,118 49,210 SOLE NA SOLE
ILLUMINA INC COM 452327109 1,274 18,184 SOLE NA SOLE
IMPAX LABORATORIES INC. COM 45256B101 1,599 62,816 SOLE NA SOLE
IMPERIAL HOLDINGS INC COM 452834104 694 68,397 SOLE NA SOLE
INSULET CORP COM 45784P101 2,289 111,002 SOLE NA SOLE
INTERCONTINENTAL HOTELS G SPONS ADR NEW 45857P301 1,812 87,411 SOLE NA SOLE
INTERVAL LEISURE GROUP- COM 46113M108 393 24,046 SOLE NA SOLE
INVESCO MORTGAGE CAPITAL COM 46131B100 1,093 50,000 SOLE NA SOLE
INVESTORS BANCRP COM 46146P102 485 32,526 SOLE NA SOLE
JPMORGAN CHASE & CO COM 46625H100 1,360 29,510 SOLE NA SOLE
KEARNY FINL CORP COM 487169104 330 32,898 SOLE NA SOLE
KEY ENERGY SERVICES INC COM 492914106 1,555 100,000 SOLE NA SOLE
KEYCORP NY COM 493267108 444 50,000 SOLE NA SOLE
KILROY REALTY CORPORATION COM 49427F108 1,944 50,065 SOLE NA SOLE
KKR FINANCIAL HOLDI COM 48248A306 719 73,463 SOLE NA SOLE
LAKELAND FINL CORP COM 511656100 315 13,878 SOLE NA SOLE
LASALLE HOTEL PROPERTIES COM SH BEN INT 517942108 1,320 48,886 SOLE NA SOLE
LAZARD LTD COM SHS A G54050102 832 20,000 SOLE NA SOLE
LEGACY BANCORP INC COM 52463G105 555 43,864 SOLE NA SOLE
LEXINGTON REALTY TRUST COM 529043101 1,032 110,422 SOLE NA SOLE
LIBERTY MED B COM 53071M807 1,194 15,823 SOLE NA SOLE
LIBERTY PROPERTY TRUST CO SH BEN INT 531172104 2,230 67,785 SOLE NA SOLE
LTC PROPERTIES INC COM COM 502175102 1,417 50,000 SOLE NA SOLE
M & T BK CORP COM 55261F104 925 10,454 SOLE NA SOLE
MACERICH CO COM COM 554382101 1,734 35,000 SOLE NA SOLE
MARRIOTT INTERNATIONAL IN COM 571903202 451 12,678 SOLE NA SOLE
MASIMO CORP COM 574795100 1,312 39,628 SOLE NA SOLE
MASSEY ENERGY CO COM 576206106 275 4,025 SOLE NA SOLE
MB FINANCIAL INC COM 55264U108 390 18,603 SOLE NA SOLE
MCDERMOTT INTERNATIONAL I COM 580037109 3,174 125,000 SOLE NA SOLE
MCKESSON CORP COM 58155Q103 1,236 15,638 SOLE NA SOLE
MEDLEY CAPITAL COM 58503F106 365 30,000 SOLE NA SOLE
MEDTRONIC INC COM 585055106 1,240 31,500 SOLE NA SOLE
MERIDIAN INTERSTATE BANCO COM 58964Q104 835 59,396 SOLE NA SOLE
METLIFE INC COM 59156R108 1,566 35,000 SOLE NA SOLE
METRO BANCORP INC PA COM 59161R101 622 50,369 SOLE NA SOLE
MICROFINANCIAL INC COM 595072109 293 66,114 SOLE NA SOLE
MID-AMERICA APARTMENT COM COM 59522J103 907 14,126 SOLE NA SOLE
MURPHY OIL CORP COM 626717102 17,988 245,000 SOLE NA SOLE
NARA BANCORP INC COM COM 63080P105 742 77,161 SOLE NA SOLE
NASB FINANCIAL INC COM 628968109 364 22,519 SOLE NA SOLE
NATIONAL FUEL GAS CO N J COM 636180101 11,840 160,000 SOLE NA SOLE
NATIONAL HEALTH INVESTORS COM 63633D104 1,201 25,068 SOLE NA SOLE
NATIONAL-OILWELL VARCO IN COM 637071101 18,946 239,000 SOLE NA SOLE
NEWBRIDGE BANCRP COM 65080T102 278 56,047 SOLE NA SOLE
NEWFIELD EXPL CO COM 651290108 14,442 190,000 SOLE NA SOLE
NEWPORT BANCORP INC COM 651754103 425 30,932 SOLE NA SOLE
NEXEN INC COM COM 65334H102 3,738 150,000 SOLE NA SOLE
NGAS RESOURCES INC COM 62912T103 638 925,000 SOLE NA SOLE
NOBLE CORPORATION COM H5833N103 11,902 260,900 SOLE NA SOLE
NORTH VY BANCORP COM 66304M204 312 28,738 SOLE NA SOLE
NORTHERN OIL AND GAS COM 665531109 15,517 581,176 SOLE NA SOLE
NORTHSTAR RLTY FIN C COM 66704R100 401 75,000 SOLE NA SOLE
NOVARTIS INC BASLE ADR SPONSORED ADR 66987V109 1,258 23,152 SOLE NA SOLE
NULOCH RES INC COM COM 67053G109 256 100,000 SOLE NA SOLE
OBA FINANCIAL SERVICES IN COM 67424G101 470 32,400 SOLE NA SOLE
OCEANFIRST FINL CORP COM 675234108 715 51,276 SOLE NA SOLE
OCH-ZIFF CAPITAL MANAGEME COM 67551U105 326 20,000 SOLE NA SOLE
OIL STS INTL INC COM 678026105 3,807 50,000 SOLE NA SOLE
OMEGA HEALTHCARE INVESTOR COM 681936100 731 32,736 SOLE NA SOLE
ONEOK PARTNERS LP UNIT COM 68268N103 1,482 18,000 SOLE NA SOLE
ORIENTAL FINANCIAL GROUP COM 68618W100 489 39,000 SOLE NA SOLE
ORIENT-EXP HTLS COM G67743107 371 30,000 SOLE NA SOLE
PACWEST BANCORP COM 695263103 372 17,116 SOLE NA SOLE
PARK STERLING BK CHARLOTT COM 70086Y105 568 117,060 SOLE NA SOLE
PATTERSON CO COM 703395103 1,288 40,000 SOLE NA SOLE
PENN WEST PETROLEUM LTD COM 707887105 2,216 80,000 SOLE NA SOLE
PENNANTPARK INVT CORP COM 708062104 417 35,000 SOLE NA SOLE
PENSON WORLDWIDE INC COM 709600100 160 23,798 SOLE NA SOLE
PETROHAWK ENERGY CORP COM 716495106 3,951 161,000 SOLE NA SOLE
PETROLEO BRASILEIRO SA PE SP ADR NON VTG 71654V101 8,174 230,000 SOLE NA SOLE
PETROLEUM DEVELOPMENT COR COM 716578109 1,498 31,200 SOLE NA SOLE
PFIZER INC SHS COM 717081103 1,428 70,308 SOLE NA SOLE
PIEDMONT OFFICE RLTY TR I COM 720190206 1,622 83,546 SOLE NA SOLE
PIONEER DRILLING CO COM 723655106 5,294 383,612 SOLE NA SOLE
PIONEER NATURAL RESOURCES COM 723787107 7,287 71,500 SOLE NA SOLE
PLAINS ALL AMERICAN PIPEL COM 726503105 8,425 132,205 SOLE NA SOLE
PLAINS EXPLORATION & PROD COM 726505100 2,536 70,000 SOLE NA SOLE
PNC FINANCIAL SERVICES GR COM 693475105 1,157 18,371 SOLE NA SOLE
POST PROPERTIES INC COM COM 737464107 1,531 39,000 SOLE NA SOLE
POWERSHARES DB CMDTYIDX T UNIT BEN INT 73935S105 3,204 105,000 SOLE NA SOLE
PRIDE INTL INC COM 74153Q102 8,904 207,300 SOLE NA SOLE
PROVIDENT FINANCIAL HOLDI COM 743868101 964 116,316 SOLE NA SOLE
PROVIDENT NEW YORK BANCOR COM 744028101 570 55,235 SOLE NA SOLE
PRUDENTIAL FINL INC INTER COM 744320102 1,206 19,577 SOLE NA SOLE
PS DB OIL FUND DB OIL FUND 73936B507 11,614 360,000 SOLE NA SOLE
QEP RESOURCES COM 74733V100 4,054 100,000 SOLE NA SOLE
REDDING BANCORP COM 06424J103 342 81,323 SOLE NA SOLE
RESOLUTE ENERGY CORP COM 76116A108 9,070 500,000 SOLE NA SOLE
RESOURCE CAPTIAL CORPO COM 76120W302 330 50,000 SOLE NA SOLE
RIVERVIEW BANCORP INC COM 769397100 366 120,437 SOLE NA SOLE
ROMA FINCL CORP COM 77581P109 487 43,965 SOLE NA SOLE
SAVANNAH BANCORP INC COM 804748101 346 47,052 SOLE NA SOLE
SEAHAWK DRILLING INC COM 81201R107 460 75,000 SOLE NA SOLE
SIMON PROPERTY GROUP INC COM 828806109 2,711 25,301 SOLE NA SOLE
SL GREEN REALTY CORPORATI COM 78440X101 2,115 28,128 SOLE NA SOLE
SLM CORP COM 78442P106 612 40,000 SOLE NA SOLE
SOLAR SENIOR CAPITAL LTD COM 83416M105 447 24,000 SOLE NA SOLE
SOUTHERN CONN BANCORP INC COM 84264A102 97 21,794 SOLE NA SOLE
SOUTHERN NATL BANCOR OF V COM 843395104 399 55,705 SOLE NA SOLE
SOUTHERN PACIFIC RES C COM 84359Y106 1,614 925,000 SOLE NA SOLE
SOUTHERN PACIFIC RES C COM 84359Y106 1,614 925,000 SOLE NA SOLE
SOUTHERN UN CO NEW COM 844030106 2,862 100,000 SOLE NA SOLE
SOUTHWEST BANCORP INC OKL COM 844767103 936 65,976 SOLE NA SOLE
SPDR GOLD TRUST GOLD SHS 78463V107 4,196 30,000 SOLE NA SOLE
ST JUDE MED INC COM 790849103 1,205 23,500 SOLE NA SOLE
STARWOOD HOTELS & RESOR COM 85590A401 1,744 30,000 SOLE NA SOLE
STATE BANCORP INC N Y COM 855716106 414 39,889 SOLE NA SOLE
STATE STR CORP COM 857477103 1,623 36,119 SOLE NA SOLE
STERLING BANCORP COM 859158107 790 78,907 SOLE NA SOLE
STONE ENERGY CORP COM 861642106 2,503 75,000 SOLE NA SOLE
STRYKER CORP COM COM 863667101 1,395 22,937 SOLE NA SOLE
SUFFOLK BANCORP COM 864739107 349 16,650 SOLE NA SOLE
SUMMIT HOTEL PPTYS INC COM 866082100 1,544 155,322 SOLE NA SOLE
SUNCOR ENERGY INC COM COM 867224107 12,107 270,000 SOLE NA SOLE
SUNSTONE HOTEL INVES COM 867892101 769 75,425 SOLE NA SOLE
SUSQUEHANNA BANCSHARES IN COM 869099101 421 45,000 SOLE NA SOLE
SWIFT ENERGY CO COM 870738101 16,005 375,000 SOLE NA SOLE
TAUBMAN CTRS INC COM COM 876664103 1,983 37,001 SOLE NA SOLE
TENNESSEE COMM BANCORP IN COM 88043P108 601 122,574 SOLE NA SOLE
TESORO CORP COM 881609101 1,342 50,000 SOLE NA SOLE
TETRA TECHNOLOGIES INC DE COM 88162F105 462 30,000 SOLE NA SOLE
TEXAS CAP BANCSHARES INC COM 88224Q107 858 33,009 SOLE NA SOLE
TGC INDUSTRIES INC COM N COM 872417308 1,802 231,901 SOLE NA SOLE
TIDEWATER INC COM 886423102 1,975 33,000 SOLE NA SOLE
TOWER BANCORP INC COM 891709107 620 27,794 SOLE NA SOLE
TRANSCANADA CORP COM COM 89353D107 3,648 90,000 SOLE NA SOLE
TRANSOCEAN LTD REG SHS H8817H100 5,262 67,500 SOLE NA SOLE
TWIN DISC INC COM 901476101 1,167 36,219 SOLE NA SOLE
TWO HARBORS INVESTMENT CO COM 90187B101 1,366 130,505 SOLE NA SOLE
UNITED FINANCIAL BANCO COM 91030T109 662 40,126 SOLE NA SOLE
UNITED THERAPEUTICS CORP COM 91307C102 2,474 36,917 SOLE NA SOLE
UNITEDHEALTH GRP COM 91324P102 2,854 63,139 SOLE NA SOLE
UNUM GROUP COM 91529Y106 525 20,000 SOLE NA SOLE
URSTADT BIDDLE PROPERTIES CL A 917286205 395 20,783 SOLE NA SOLE
US 12 MNTH OIL UNIT BEN INT 91288V103 5,324 110,000 SOLE NA SOLE
US NATURAL GAS FUND LP UNIT NEW 912318110 1,150 100,000 SOLE NA SOLE
U-STORE-IT TRUST COM 91274F104 421 40,000 SOLE NA SOLE
VALERO ENERGY CORP COM 91913Y100 2,982 100,000 SOLE NA SOLE
VENOCO INC COM 92275P307 1,709 100,000 SOLE NA SOLE
VENTAS INC COM COM 92276F100 1,086 20,000 SOLE NA SOLE
VIRGINIA COMM BANCORP INC COM 92778Q109 352 61,371 SOLE NA SOLE
VOLCANO CORP COM 928645100 1,216 47,500 SOLE NA SOLE
VOYAGER OIL AND GAS INC COM 92911K100 132 30,000 SOLE NA SOLE
WALKER & DUNLOP INC COM 93148P102 405 33,293 SOLE NA SOLE
WASHINGTON REAL ESTATE IN SH BEN INT 939653101 2,232 71,803 SOLE NA SOLE
WASHINGTON SVGS BK F S B COM 92934C101 73 23,253 SOLE NA SOLE
WHITING PETROLEUM CORP CO COM 966387102 5,509 75,000 SOLE NA SOLE
WILLIAMS COMPANIES INC COM 969457100 1,871 60,000 SOLE NA SOLE
WINTRUST FINL CORP COM 97650W108 674 18,348 SOLE NA SOLE
WSFS FINL CORP COM 929328102 848 18,000 SOLE NA SOLE