Blackthorn Investment

Blackthorn Investment as of Dec. 31, 2011

Portfolio Holdings for Blackthorn Investment

Blackthorn Investment holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing

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FORM 13F INFORMATION TABLE
                                     TITLE OF                            VALUE      SHRS/         INVEST    OTHER   VOTING
NAME OF ISSUER                       CLASS                CUSIP          x $1000    PUT/CALL      DISCRE    MNGRS   AUTHOR
ACADIA REALTY TRUST  COM             COM SH BEN INT       004239109       1,348       66,924           SOLE      NA      SOLE
ACE LIMITED COM STK                  COM                  H0023R105       1,893       27,000           SOLE      NA      SOLE
ALLIANCE BANCORP INC OF P            COM                  01890A108         225       20,900           SOLE      NA      SOLE
AMERICAN ASSETS TRUST INC            COM                  024013104         820       40,000           SOLE      NA      SOLE
AMERICAN CAPITAL AGENCY C            COM                  02503X105         983       35,000           SOLE      NA      SOLE
AMERICAN CAPITAL MORTGAGE            COM                  02504A104       1,035       55,000           SOLE      NA      SOLE
ANADARKO PETE CORP   COM             COM                  032511107       7,633      100,000           SOLE      NA      SOLE
ANCHOR BANCORP WA   COM S            COM                  032838104         185       29,792           SOLE      NA      SOLE
AON CORP             COM             COM                  037389103       1,170       25,000           SOLE      NA      SOLE
APARTMENT INVESTMENT & MA            CL A                 03748R101       1,848       80,660           SOLE      NA      SOLE
APOLLO INVT CORP     COM             COM                  03761U106         483       75,000           SOLE      NA      SOLE
APOLLO RESIDENTIAL MORTGA            COM                  03763V102         479       31,400           SOLE      NA      SOLE
APPLE INC            COM             COM                  037833100       1,045        2,580           SOLE      NA      SOLE
ARES CAPITAL CORP                    COM                  04010L103         495       32,050           SOLE      NA      SOLE
ASPEN TECHNOLOGY INC COM             COM                  045327103         357       20,550           SOLE      NA      SOLE
ATLAS ENERGY L P     COM             COM                  04930A104       1,337       55,000           SOLE      NA      SOLE
ATLAS PIPELINE PARTNERS L            COM                  049392103       4,268      114,882           SOLE      NA      SOLE
BAKER HUGHES INC                     COM                  057224107       2,432       50,000           SOLE      NA      SOLE
BANK MUTUAL CORP     COM             COM                  063750103         167       52,600           SOLE      NA      SOLE
BANKFINANCIAL CORP   COM             COM                  06643P104         272       49,263           SOLE      NA      SOLE
BB^T CORP            COM             COM                  054937107         476       18,900           SOLE      NA      SOLE
BEACH BUSINESS BK MANHATT            COM                  07332U107         115       12,750           SOLE      NA      SOLE
BEACON FED BNCRP                     COM                  073582108         596       43,004           SOLE      NA      SOLE
BIOMED REALTY TRUST INC C            COM                  09063H107       1,205       66,650           SOLE      NA      SOLE
BLACKSTONE GROUP LP                  COM UNIT LTD         09253U108         350       25,000           SOLE      NA      SOLE
BMC SOFTWARE INC     COM             COM                  055921100         510       15,560           SOLE      NA      SOLE
BOFI HOLDINGINC COM                  COM                  05566U108         839       51,657           SOLE      NA      SOLE
BRE PROPERTIES INC  CL A             CL A                 05564E106       2,365       46,842           SOLE      NA      SOLE
CAMDEN PROPERTY TRUST COM            SH BEN INT           133131102       2,805       45,063           SOLE      NA      SOLE
CAMERON INTL CORP   COM              COM                  13342B105      10,528      214,018           SOLE      NA      SOLE
CAPITOL FEDERAL FINANCIAL            COM                  14057J101         577       50,000           SOLE      NA      SOLE
CATHAY GEN BANCORP   COM             COM                  149150104         448       30,000           SOLE      NA      SOLE
CHARTER FINANCIAL CORP  W            COM                  16122M100         557       60,175           SOLE      NA      SOLE
CHESAPEAKE ENERGY CORP CO            COM                  165167107       1,672       75,000           SOLE      NA      SOLE
CHESAPEAKE LODGING TRUST             SH BEN INT           165240102       1,299       84,000           SOLE      NA      SOLE
CHEVRON CORPORATION                  COM                  166764100      10,640      100,000           SOLE      NA      SOLE
CHICOPEE BANCORP                     COM                  168565109         395       28,046           SOLE      NA      SOLE
CISCO SYSTEMS INC    COM             COM                  17275R102         233       12,898           SOLE      NA      SOLE
CITIGROUP INC        COM             COM                  172967424         550       20,900           SOLE      NA      SOLE
CITIZENS REP BANCORP INC             COM                  174420307         798       70,000           SOLE      NA      SOLE
CITRIX SYS INC       COM             COM                  177376100         310        5,108           SOLE      NA      SOLE
CLIFTON SVGS BNK                     COM                  18712Q103         246       26,472           SOLE      NA      SOLE
COLLECTIVE BRANDS   INC C            COM                  19421W100       1,437      100,000           SOLE      NA      SOLE
COMPLETE PRODUCTION SERVI            COM                  20453E109      12,597      375,371           SOLE      NA      SOLE
CONCHO RESOURCES INC COM             COM                  20605P101       2,083       22,216           SOLE      NA      SOLE
CUBESMART            COM             COM                  229663109         566       53,218           SOLE      NA      SOLE
CVR ENERGY INC COM   STK             COM                  12662P108      12,425      663,355           SOLE      NA      SOLE
DCT INDL TR INC      COM             COM                  233153105         882      172,319           SOLE      NA      SOLE
DDR CORP             COM             COM                  23317H102       2,357      193,679           SOLE      NA      SOLE
DIGITAL REALTY                       COM                  253868103       1,942       29,123           SOLE      NA      SOLE
DISCOVER FINANCIAL SERVIC            COM                  254709108         630       26,250           SOLE      NA      SOLE
DOUGLAS EMMETT INC   COM             COM                  25960P109       2,686      147,263           SOLE      NA      SOLE
DSW INC             CL A             COM                  23334L102       4,242       95,956           SOLE      NA      SOLE
EASTERN VIRGINIA BANCSHAR            COM                  277196101          91       45,334           SOLE      NA      SOLE
EASTGROUP PROPERTIES INC             COM                  277276101       2,366       54,414           SOLE      NA      SOLE
EAST-WEST BANCORP INC COM            COM                  27579R104         899       45,514           SOLE      NA      SOLE
EBAY INC             COM             COM                  278642103         318       10,500           SOLE      NA      SOLE
EL PASO CORP        COM              COM                  28336L109       9,583      360,654           SOLE      NA      SOLE
ELLINGTON FINANCIAL LLC              COM                  288522303         776       45,200           SOLE      NA      SOLE
EMC CORP MASS        COM             COM                  268648102         644       29,900           SOLE      NA      SOLE
ENBRIDGE ENERGY PARTNERS             COM                  29250R106       2,864       86,300           SOLE      NA      SOLE
ENCORE BNCSHRS                       COM                  29255V201         295       21,847           SOLE      NA      SOLE
EQUITY LIFESTYLE PROPERTI            COM                  29472R108       1,727       25,890           SOLE      NA      SOLE
EQUITY ONE INC       COM             COM                  294752100       1,948      114,743           SOLE      NA      SOLE
EQUITY RESIDENTIAL   COM             SH BEN INT           29476L107       2,680       47,000           SOLE      NA      SOLE
ESSA BANCORP                         COM                  29667D104         571       54,550           SOLE      NA      SOLE
ESSEX PPTY TR INC    COM             COM                  297178105       1,908       13,581           SOLE      NA      SOLE
FIFTH STREET FINANCE CORP            COM                  31678A103         315       32,950           SOLE      NA      SOLE
FIFTH THIRD BANCORP  COM             COM                  316773100       1,040       81,787           SOLE      NA      SOLE
FIRST COMMONWEALTH FINANC            COM                  319829107         774      147,190           SOLE      NA      SOLE
FIRST DEFIANCE FINANCIAL             COM                  32006W106         395       27,100           SOLE      NA      SOLE
FIRST HORIZON NATL  CORP             COM                  320517105         800      100,000           SOLE      NA      SOLE
FIRST MIDWEST BANCORP INC            COM                  320867104         445       43,973           SOLE      NA      SOLE
FIRST PACTRUST BANCORP IN            COM                  33589V101         672       65,601           SOLE      NA      SOLE
FIRSTMERIT CORP      COM             COM                  337915102         189       12,500           SOLE      NA      SOLE
FLOTEK INDS INC DEL  COM             COM                  343389102         996      100,000           SOLE      NA      SOLE
FLUSHING FINANCIAL CORP C            COM                  343873105         526       41,675           SOLE      NA      SOLE
FORBES ENERGY SERVICES LT            COM                  345143101       1,431      224,630           SOLE      NA      SOLE
FRANKLIN RESOURCES INC. C            COM                  354613101         406        4,225           SOLE      NA      SOLE
FULTON FINL CORP PA  COM             COM                  360271100         656       66,900           SOLE      NA      SOLE
GASFRAC ENERGY      SERVI            COM                  367257201         114       16,661           SOLE      NA      SOLE
GLIMCHER REALTY TRUST COM            SH BEN INT           379302102         690       75,000           SOLE      NA      SOLE
HAMPDEN BANCORP INC  COM             COM                  40867E107         445       37,683           SOLE      NA      SOLE
HANCOCK HLDG CO      COM             COM                  410120109       1,121       35,075           SOLE      NA      SOLE
HERCULES TECHNOLOGY GROWT            COM                  427096508         358       37,900           SOLE      NA      SOLE
HERITAGE FINANCIAL  GROUP            COM                  42726X102         648       54,909           SOLE      NA      SOLE
HEWLETT-PACKARD CO   COM             COM                  428236103         687       26,650           SOLE      NA      SOLE
HIGHWOODS PROPERTIES INC             COM                  431284108       2,314       77,990           SOLE      NA      SOLE
HOLLYFRONTIER CORP   COM             COM                  436106108      14,198      606,753           SOLE      NA      SOLE
HOME BANCSHARES INC/CONWA            COM                  436893200         576       22,250           SOLE      NA      SOLE
HORIZON TECHNOLOGY FINANC            COM                  44045A102         408       25,000           SOLE      NA      SOLE
HUNTINGTON BANCSHARES INC            COM                  446150104         760      138,505           SOLE      NA      SOLE
INDUSTRIAL SELECT SECT SP            SBI INT-INDS         81369Y704       2,363       70,000           SOLE      NA      SOLE
INTERCONTINENTAL HOTELS G            SPONS ADR NEW        45857P301         886       49,242           SOLE      NA      SOLE
INVESCO MORTGAGE CAPITAL             COM                  46131B100       1,475      105,000           SOLE      NA      SOLE
INVESTORS REAL ESTATE TR             COM                  461730103          94       12,950           SOLE      NA      SOLE
JDS UNIPHASE CORP    COM             COM                  46612J507         265       25,389           SOLE      NA      SOLE
KILROY REALTY CORPORATION            COM                  49427F108       2,036       53,470           SOLE      NA      SOLE
KKR & CO L P DEL    LIMIT            COM UNITS            48248M102         321       25,000           SOLE      NA      SOLE
LASALLE HOTEL PROPERTIES             COM SH BEN INT       517942108       2,572      106,242           SOLE      NA      SOLE
LAZARD LTD COM                       SHSA                 G54050102       1,195       45,750           SOLE      NA      SOLE
LIBERTY PROPERTY TRUST CO            SH BEN INT           531172104       3,032       98,193           SOLE      NA      SOLE
LTC PROPERTIES INC   COM             COM                  502175102       1,568       50,803           SOLE      NA      SOLE
M & T BK CORP        COM             COM                  55261F104         802       10,500           SOLE      NA      SOLE
MACK-CALI REALTY CORP COM            COM                  554489104       2,303       86,300           SOLE      NA      SOLE
MAGNUM HUNTER RESOURCES C            COM                  55973B102       3,156      585,561           SOLE      NA      SOLE
MARATHON PETROLEUM  CORP             COM                  56585A102       4,498      135,103           SOLE      NA      SOLE
MARRIOTT INTERNATIONAL IN            COM                  571903202       2,334       80,000           SOLE      NA      SOLE
MCG CAPITAL CORP     COM             COM                  58047P107         172       43,200           SOLE      NA      SOLE
MERIDIAN INTERSTATE BANCO            COM                  58964Q104         651       52,324           SOLE      NA      SOLE
METRO BANCORP INC   PA CO            COM                  59161R101         465       55,545           SOLE      NA      SOLE
MICROFINANCIAL INC   COM             COM                  595072109         347       59,549           SOLE      NA      SOLE
MID-AMERICA APARTMENT COM            COM                  59522J103       2,752       44,000           SOLE      NA      SOLE
MID-CON ENERGY PARTNERS L            COM UNIT REPST       59560V109       1,101       60,000           SOLE      NA      SOLE
NABORS INDUSTRIES LTD COM            COM                  G6359F103       1,734      100,000           SOLE      NA      SOLE
NARA BANCORP INC     COM             COM                  073295107         868       91,836           SOLE      NA      SOLE
NASB FINANCIAL INC   COM             COM                  628968109         378       35,264           SOLE      NA      SOLE
NATIONAL RETAIL PPTY INC             COM                  637417106       3,971      150,518           SOLE      NA      SOLE
NAUGATUCK VY FINL CORP CO            COM                  63906P107         213       31,400           SOLE      NA      SOLE
NETAPP INC          C COM            COM                  64110D104         798       22,000           SOLE      NA      SOLE
NEW WESTFIELD FINANCIAL C            COM                  96008P104         308       41,900           SOLE      NA      SOLE
NEWFIELD EXPL CO     COM             COM                  651290108       4,150      110,000           SOLE      NA      SOLE
NEWPORT BANCORP INC  COM             COM                  651754103         336       26,743           SOLE      NA      SOLE
NOBLE CORPORATION    COM             COM                  H5833N103       3,475      115,000           SOLE      NA      SOLE
OASIS PETROLEUM INC                  COM                  674215108       1,455       50,000           SOLE      NA      SOLE
OCEAN SHORE HOLDING CO CO            COM                  67501R103         265       25,800           SOLE      NA      SOLE
OCEANEERING INTL INC COM             COM                  675232102       1,384       30,000           SOLE      NA      SOLE
OCEANFIRST FINL CORP COM             COM                  675234108         457       34,991           SOLE      NA      SOLE
OCWEN FINL CORP      COM             COM                  675746309         831       57,400           SOLE      NA      SOLE
OLD NATIONAL BANCORPEVANS            COM                  680033107         729       62,550           SOLE      NA      SOLE
ORIENT-EXP HTLS                      CL A                 G67743107         352       47,100           SOLE      NA      SOLE
PACIFIC CAP BANCORP NEW C            COM                  69404P200         282       10,000           SOLE      NA      SOLE
PACIFIC PREMIER BANCORP C            COM                  69478X105         166       26,250           SOLE      NA      SOLE
PACWEST BANCORP     COM S            COM                  695263103         636       33,576           SOLE      NA      SOLE
PETROLEO BRASIL                      SPONS ADR            71654V408       4,970      200,000           SOLE      NA      SOLE
PIONEER DRILLING CO  COM             COM                  723655106       1,936      200,000           SOLE      NA      SOLE
PIONEER NATURAL RESOURCES            COM                  723787107       8,639       96,550           SOLE      NA      SOLE
PLAINS EXPLORATION & PROD            COM                  726505100       2,358       64,213           SOLE      NA      SOLE
PNC FINANCIAL SERVICES GR            COM                  693475105         992       17,200           SOLE      NA      SOLE
POPULAR INC          COM             COM                  733174106         253      181,900           SOLE      NA      SOLE
PRECISION DRILLING  CORP             COM                  74022D308       7,697      750,179           SOLE      NA      SOLE
PROVIDENT FINANCIAL HOLDI            COM                  743868101         883       94,720           SOLE      NA      SOLE
PUBLIC STORAGE                       COM                  74460D109         988        7,348           SOLE      NA      SOLE
RAMCO-GERSHENSON PPTYS TR            COM SH BEN INT       751452202         517       52,545           SOLE      NA      SOLE
REDDING BANCORP      COM             COM                  06424J103         240       71,754           SOLE      NA      SOLE
RESEARCH IN MOTION CAD               COM                  760975102         580       40,000           SOLE      NA      SOLE
RESOLUTE ENERGY     CORP             COM                  76116A108       1,107      102,500           SOLE      NA      SOLE
RETAIL OPPORTUNITY  INVTS            COM                  76131N101       1,481      125,043           SOLE      NA      SOLE
ROMA FINCL CORP                      COM                  77581P109         247       25,109           SOLE      NA      SOLE
SALESFORCE COM INC   COM             COM                  79466L302         659        6,500           SOLE      NA      SOLE
SANCHEZ ENERGY CORP                  COM                  79970Y105       1,726      100,000           SOLE      NA      SOLE
SANDISK CORP         COM             COM                  80004C101         295        5,990           SOLE      NA      SOLE
SANDRIDGE ENERGY INC COM             COM                  80007P307       4,080      500,000           SOLE      NA      SOLE
SAP AG  WALLDORF/BADEN AD            SPON ADR             803054204       1,069       20,189           SOLE      NA      SOLE
SAVANNAH BANCORP INC COM             COM                  804748101         200       40,390           SOLE      NA      SOLE
SENIOR HOUSING PROPERTIES            SH BEN INT           81721M109       2,220       98,910           SOLE      NA      SOLE
SI FINL GROUP INC    COM             COM                  78425V104         401       40,750           SOLE      NA      SOLE
SIMON PROPERTY GROUP INC             COM                  828806109       3,228       25,032           SOLE      NA      SOLE
SL GREEN REALTY CORPORATI            COM                  78440X101       2,512       37,697           SOLE      NA      SOLE
SOUTHERN CONN BANCORP INC            COM                  84264A102          34       17,800           SOLE      NA      SOLE
SOUTHERN PACIFIC    RES C            COM                  84359Y106       1,118      835,816           SOLE      NA      SOLE
SOUTHWEST BANCORP INC OKL            COM                  844767103         649      108,865           SOLE      NA      SOLE
STARWOOD HOTELS &   RESOR            COM                  85590A401       2,303       48,000           SOLE      NA      SOLE
STERLING BANCORP     COM             COM                  859158107         696       80,533           SOLE      NA      SOLE
STONE ENERGY CORP    COM             COM                  861642106       1,319       50,000           SOLE      NA      SOLE
SUFFOLK BANCORP      COM             COM                  864739107         161       14,894           SOLE      NA      SOLE
SUNCOR ENERGY INC    COM             COM                  867224107      10,754      373,001           SOLE      NA      SOLE
SUNTRUST BKS INC     COM             COM                  867914103         354       20,000           SOLE      NA      SOLE
SUSQUEHANNA BANCSHARES IN            COM                  869099101       1,074      128,200           SOLE      NA      SOLE
SYMANTEC CORP        COM             COM                  871503108         303       19,362           SOLE      NA      SOLE
TALEO CORP           COM             COM                  87424N104         447       11,559           SOLE      NA      SOLE
TEXAS CAP BANCSHARES INC             COM                  88224Q107         765       25,000           SOLE      NA      SOLE
TFS FINANCIAL GROUP                  COM                  87240R107         314       35,000           SOLE      NA      SOLE
TRAVELERS COS INC    COM             COM                  89417E109         710       12,000           SOLE      NA      SOLE
UMB FINANCIAL CORP   COM             COM                  902788108       1,554       41,706           SOLE      NA      SOLE
UNION DRILLING INC   COM             COM                  90653P105         661      105,945           SOLE      NA      SOLE
UNIT CORP            COM             COM                  909218109       1,160       25,000           SOLE      NA      SOLE
UNITED FINANCIAL    BANCO            COM                  91030T109         322       20,000           SOLE      NA      SOLE
VALE S.A             ADR             ADR                  91912E105       4,290      200,000           SOLE      NA      SOLE
VENTAS INC           COM             COM                  92276F100       3,901       70,752           SOLE      NA      SOLE
VIRGINIA COMM BANCORP INC            COM                  92778Q109         618       80,000           SOLE      NA      SOLE
WEINGARTEN REALTY INVESTO            SH BEN INT           948741103       3,697      169,450           SOLE      NA      SOLE
WELLS FARGO COMPANY                  COM                  949746101         955       34,668           SOLE      NA      SOLE
WESTERN ALLIANCE BANCORP             COM                  957638109         436       70,000           SOLE      NA      SOLE
WESTERN REFINING INC EL P            COM                  959319104       1,918      144,300           SOLE      NA      SOLE
WHITING PETROLEUM CORP CO            COM                  966387102       3,490       74,750           SOLE      NA      SOLE
WILLIAMS COS INC-WHEN ISS            COM                  969457142       2,431       90,000           SOLE      NA      SOLE
WINTRUST FINL CORP   COM             COM                  97650W108         715       25,504           SOLE      NA      SOLE
WSFS FINL CORP       COM             COM                  929328102         516       14,336           SOLE      NA      SOLE
WYNDHAM WORLDWIDE CORP               COM                  98310W108       2,382       62,954           SOLE      NA      SOLE
YAHOO INC            COM             COM                  984332106         563       34,880           SOLE      NA      SOLE