Blackthorn Investment 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
1ST UNITED BANCORP INC FLA	COM	33740N105	168	24,956	SH		SOLE		24,956	0	0
ACE LTD	SHS	H0023R105	1,210	13,528	SH		SOLE		13,528	0	0
ALASKA AIR GROUP INC	COM	011659109	232	4,470	SH		SOLE		4,470	0	0
ALCATEL-LUCENT	SPONSORED ADR	013904305	282	154,785	SH		SOLE		154,785	0	0
ALEXANDRIA REAL ESTATE EQ IN	COM	015271109	2,628	39,983	SH		SOLE		39,983	0	0
ALLERGAN INC	COM	018490102	212	2,515	SH		SOLE		2,515	0	0
AMERICAN ASSETS TR INC	COM	024013104	1,497	48,505	SH		SOLE		48,505	0	0
AMERICAN CAP LTD	COM	02503Y103	506	39,954	SH		SOLE		39,954	0	0
AMERICAN CAP MTG INVT CORP	COM	02504A104	754	41,955	SH		SOLE		41,955	0	0
AMERICAN RLTY CAP PPTYS INC	COM	02917T104	631	41,328	SH		SOLE		41,328	0	0
AMERIS BANCORP	COM	03076K108	753	44,662	SH		SOLE		44,662	0	0
ANADARKO PETE CORP	COM	032511107	5,950	69,245	SH		SOLE		69,245	0	0
APARTMENT INVT & MGMT CO	CL A	03748R101	711	23,685	SH		SOLE		23,685	0	0
APOLLO RESIDENTIAL MTG INC	COM	03763V102	577	35,000	SH		SOLE		35,000	0	0
APPLIED MATLS INC	COM	038222105	594	39,823	SH		SOLE		39,823	0	0
APPLIED MICRO CIRCUITS CORP	COM NEW	03822W406	245	27,793	SH		SOLE		27,793	0	0
ARMOUR RESIDENTIAL REIT INC	COM	042315101	470	99,870	SH		SOLE		99,870	0	0
ASTORIA FINL CORP	COM	046265104	524	48,621	SH		SOLE		48,621	0	0
BAKER HUGHES INC	COM	057224107	5,223	113,232	SH		SOLE		113,232	0	0
BANK OF AMERICA CORPORATION	COM	060505104	828	64,353	SH		SOLE		64,353	0	0
BANK COMM HLDGS	COM	06424J103	391	77,522	SH		SOLE		77,522	0	0
BANNER CORP	COM NEW	06652V208	426	12,604	SH		SOLE		12,604	0	0
BB&T CORP	COM	054937107	1,155	34,086	SH		SOLE		34,086	0	0
BERRY PETE CO	CL A	085789105	2,256	53,302	SH		SOLE		53,302	0	0
BHP BILLITON LTD	SPONSORED ADR	088606108	2,257	39,137	SH		SOLE		39,137	0	0
BANK OF MARIN BANCORP	COM	063425102	429	10,734	SH		SOLE		10,734	0	0
BMC SOFTWARE INC	COM	055921100	2,205	48,858	SH		SOLE		48,858	0	0
BNC BANCORP	COM	05566T101	578	50,656	SH		SOLE		50,656	0	0
BONANZA CREEK ENERGY INC	COM	097793103	1,314	37,043	SH		SOLE		37,043	0	0
BORGWARNER INC	COM	099724106	204	2,363	SH		SOLE		2,363	0	0
BOSTON PROPERTIES INC	COM	101121101	1,577	14,956	SH		SOLE		14,956	0	0
BRE PROPERTIES INC	CL A	05564E106	2,501	49,992	SH		SOLE		49,992	0	0
BRIDGE BANCORP INC	COM	108035106	548	24,347	SH		SOLE		24,347	0	0
BRIDGE CAP HLDGS	COM	108030107	483	30,456	SH		SOLE		30,456	0	0
BROADCOM CORP	CL A	111320107	728	21,529	SH		SOLE		21,529	0	0
BROADSOFT INC	COM	11133B409	391	14,174	SH		SOLE		14,174	0	0
BSB BANCORP INC MD	COM	05573H108	446	33,917	SH		SOLE		33,917	0	0
CABOT OIL & GAS CORP	COM	127097103	2,837	39,948	SH		SOLE		39,948	0	0
CAMCO FINL CORP	COM	132618109	279	85,197	SH		SOLE		85,197	0	0
CAMDEN PPTY TR	SH BEN INT	133131102	2,728	39,455	SH		SOLE		39,455	0	0
CAMPBELL SOUP CO	COM	134429109	254	5,675	SH		SOLE		5,675	0	0
CAPE BANCORP INC	COM	139209100	422	44,410	SH		SOLE		44,410	0	0
CARBO CERAMICS INC	COM	140781105	1,637	24,276	SH		SOLE		24,276	0	0
CARDINAL FINL CORP	COM	14149F109	803	54,869	SH		SOLE		54,869	0	0
CARRIZO OIL & GAS INC	COM	144577103	6,586	232,489	SH		SOLE		232,489	0	0
CELGENE CORP	COM	151020104	266	2,270	SH		SOLE		2,270	0	0
CENTER BANCORP INC	COM	151408101	188	14,809	SH		SOLE		14,809	0	0
CHAMBERS STR PPTYS	COM	157842105	659	65,853	SH		SOLE		65,853	0	0
CHARTER FINL CORP MD	COM	16122W108	149	14,816	SH		SOLE		14,816	0	0
CHESAPEAKE LODGING TR	SH BEN INT	165240102	2,005	96,436	SH		SOLE		96,436	0	0
CHICOPEE BANCORP INC	COM	168565109	621	36,730	SH		SOLE		36,730	0	0
CIENA CORP	COM NEW	171779309	740	38,100	SH		SOLE		38,100	0	0
CISCO SYS INC	COM	17275R102	656	26,968	SH		SOLE		26,968	0	0
CITIGROUP INC	COM NEW	172967424	468	9,747	SH		SOLE		9,747	0	0
CITRIX SYS INC	COM	177376100	471	7,795	SH		SOLE		7,795	0	0
COBIZ FINANCIAL INC	COM	190897108	878	105,815	SH		SOLE		105,815	0	0
COCA COLA CO	COM	191216100	257	6,406	SH		SOLE		6,406	0	0
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	463	7,384	SH		SOLE		7,384	0	0
COLGATE PALMOLIVE CO	COM	194162103	417	7,276	SH		SOLE		7,276	0	0
COMMUNITY HEALTH SYS INC NEW	COM	203668108	226	4,816	SH		SOLE		4,816	0	0
COMPUWARE CORP	COM	205638109	1,335	129,110	SH		SOLE		129,110	0	0
COMSTOCK RES INC	COM NEW	205768203	1,416	90,000	SH		SOLE		90,000	0	0
CONCHO RES INC	COM	20605P101	6,602	78,859	SH		SOLE		78,859	0	0
CONSOL ENERGY INC	COM	20854P109	934	34,461	SH		SOLE		34,461	0	0
CONSTANT CONTACT INC	COM	210313102	458	28,480	SH		SOLE		28,480	0	0
CORPORATE OFFICE PPTYS TR	SH BEN INT	22002T108	2,860	112,146	SH		SOLE		112,146	0	0
CUBESMART	COM	229663109	1,714	107,244	SH		SOLE		107,244	0	0
DCT INDUSTRIAL TRUST INC	COM	233153105	1,680	234,924	SH		SOLE		234,924	0	0
DDR CORP	COM	23317H102	1,857	111,502	SH		SOLE		111,502	0	0
DEAN FOODS CO NEW	COM	242370104	525	52,436	SH		SOLE		52,436	0	0
DEERE & CO	COM	244199105	417	5,130	SH		SOLE		5,130	0	0
DENBURY RES INC	COM NEW	247916208	5,196	300,000	SH		SOLE		300,000	0	0
DIAMOND OFFSHORE DRILLING IN	COM	25271C102	2,005	29,148	SH		SOLE		29,148	0	0
DIME CMNTY BANCSHARES	COM	253922108	373	24,348	SH		SOLE		24,348	0	0
DUKE REALTY CORP	COM NEW	264411505	1,789	114,785	SH		SOLE		114,785	0	0
DUPONT FABROS TECHNOLOGY INC	COM	26613Q106	1,809	74,888	SH		SOLE		74,888	0	0
EAGLE BANCORP INC MD	COM	268948106	743	33,219	SH		SOLE		33,219	0	0
EASTERN VA BANKSHARES INC	COM	277196101	250	50,046	SH		SOLE		50,046	0	0
EDWARDS LIFESCIENCES CORP	COM	28176E108	238	3,542	SH		SOLE		3,542	0	0
LILLY ELI & CO	COM	532457108	229	4,652	SH		SOLE		4,652	0	0
E M C CORP MASS	COM	268648102	445	18,843	SH		SOLE		18,843	0	0
ENERGY XXI (BERMUDA) LTD	USD UNRS SHS	G10082140	2,400	108,212	SH		SOLE		108,212	0	0
ENI S P A	SPONSORED ADR	26874R108	8,828	215,112	SH		SOLE		215,112	0	0
EPR PPTYS	COM SH BEN INT	26884U109	472	9,382	SH		SOLE		9,382	0	0
EOG RES INC	COM	26875P101	11,730	89,081	SH		SOLE		89,081	0	0
EQT CORP	COM	26884L109	2,378	29,960	SH		SOLE		29,960	0	0
EQUITY ONE	COM	294752100	1,105	48,813	SH		SOLE		48,813	0	0
ESSA BANCORP INC	COM	29667D104	338	30,832	SH		SOLE		30,832	0	0
ESSEX PPTY TR INC	COM	297178105	2,380	14,979	SH		SOLE		14,979	0	0
ESTERLINE TECHNOLOGIES CORP	COM	297425100	283	3,919	SH		SOLE		3,919	0	0
EV ENERGY PARTNERS LP	COM UNITS	26926V107	4,298	115,000	SH		SOLE		115,000	0	0
EVANS BANCORP INC	COM NEW	29911Q208	336	19,154	SH		SOLE		19,154	0	0
F5 NETWORKS INC	COM	315616102	207	3,010	SH		SOLE		3,010	0	0
FIDELITY SOUTHERN CORP NEW	COM	316394105	304	24,615	SH		SOLE		24,615	0	0
FIFTH THIRD BANCORP	COM	316773100	533	29,515	SH		SOLE		29,515	0	0
FIRST CMNTY BANCSHARES INC N	COM	31983A103	305	19,449	SH		SOLE		19,449	0	0
FIRST DEFIANCE FINL CORP	COM	32006W106	780	34,585	SH		SOLE		34,585	0	0
FIRST MIDWEST BANCORP DEL	COM	320867104	617	44,984	SH		SOLE		44,984	0	0
FIRST NBC BK HLDG CO	COM	32115D106	1,196	48,998	SH		SOLE		48,998	0	0
FLUSHING FINL CORP	COM	343873105	879	53,451	SH		SOLE		53,451	0	0
FORBES ENERGY SVCS LTD	COM	345143101	313	77,912	SH		SOLE		77,912	0	0
FOX CHASE BANCORP INC NEW	COM	35137T108	869	51,094	SH		SOLE		51,094	0	0
FIRST CONN BANCORP INC MD	COM	319850103	262	18,854	SH		SOLE		18,854	0	0
GEO GROUP INC	COM	36159R103	238	7,006	SH		SOLE		7,006	0	0
HAMILTON BANCORP INC MD	COM	407015106	221	16,714	SH		SOLE		16,714	0	0
HAMPDEN BANCORP INC	COM	40867E107	468	31,373	SH		SOLE		31,373	0	0
HCP INC	COM	40414L109	3,303	72,687	SH		SOLE		72,687	0	0
HERITAGE COMMERCE CORP	COM	426927109	531	75,846	SH		SOLE		75,846	0	0
HERITAGE FINL GROUP INC	COM	42726X102	858	58,155	SH		SOLE		58,155	0	0
HESS CORP	COM	42809H107	2,914	43,824	SH		SOLE		43,824	0	0
HEWLETT PACKARD CO	COM	428236103	372	15,000	SH		SOLE		15,000	0	0
HEALTHCARE TR AMER INC	CL A	42225P105	1,122	99,933	SH		SOLE		99,933	0	0
HOME BANCORP INC	COM	43689E107	357	19,318	SH		SOLE		19,318	0	0
HOME PROPERTIES INC	COM	437306103	3,148	48,162	SH		SOLE		48,162	0	0
HOST HOTELS & RESORTS INC	COM	44107P104	1,250	74,084	SH		SOLE		74,084	0	0
HUDSON PAC PPTYS INC	COM	444097109	212	9,981	SH		SOLE		9,981	0	0
IDEXX LABS INC	COM	45168D104	240	2,671	SH		SOLE		2,671	0	0
INDEPENDENT BK GROUP INC	COM	45384B106	666	21,913	SH		SOLE		21,913	0	0
INFINERA CORPORATION	COM	45667G103	627	58,738	SH		SOLE		58,738	0	0
INFORMATICA CORP	COM	45666Q102	883	25,231	SH		SOLE		25,231	0	0
INTERCONTINENTAL HTLS GRP PL	SPON ADR NEW 12	45857P400	1,619	58,941	SH		SOLE		58,941	0	0
INTUIT	COM	461202103	441	7,230	SH		SOLE		7,230	0	0
IRON MTN INC	COM	462846106	212	7,960	SH		SOLE		7,960	0	0
JDS UNIPHASE CORP	COM PAR $0.001	46612J507	220	15,276	SH		SOLE		15,276	0	0
JIVE SOFTWARE INC	COM	47760A108	205	11,292	SH		SOLE		11,292	0	0
JUNIPER NETWORKS INC	COM	48203R104	446	23,097	SH		SOLE		23,097	0	0
KCAP FINL INC	COM	48668E101	386	34,308	SH		SOLE		34,308	0	0
KEARNY FINL CORP	COM	487169104	308	29,349	SH		SOLE		29,349	0	0
LAKELAND BANCORP INC	COM	511637100	568	54,431	SH		SOLE		54,431	0	0
LATTICE SEMICONDUCTOR CORP	COM	518415104	74	14,587	SH		SOLE		14,587	0	0
LEXINGTON REALTY TRUST	COM	529043101	911	77,986	SH		SOLE		77,986	0	0
LIBERTY PPTY TR	SH BEN INT	531172104	370	10,012	SH		SOLE		10,012	0	0
LIMELIGHT NETWORKS INC	COM	53261M104	89	39,439	SH		SOLE		39,439	0	0
LSI CORPORATION	COM	502161102	146	20,464	SH		SOLE		20,464	0	0
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	3,973	59,962	SH		SOLE		59,962	0	0
MARATHON PETE CORP	COM	56585A102	6,040	85,000	SH		SOLE		85,000	0	0
MARKET VECTORS ETF TR	GOLD MINER ETF	57060U100	5,204	212,501	SH		SOLE		212,501	0	0
MARRIOTT INTL INC NEW	CL A	571903202	2,726	67,519	SH		SOLE		67,519	0	0
MEDLEY CAP CORP	COM	58503F106	608	44,754	SH		SOLE		44,754	0	0
METRO BANCORP INC PA	COM	59161R101	615	30,695	SH		SOLE		30,695	0	0
METROCORP BANCSHARES INC	COM	591650106	816	83,580	SH		SOLE		83,580	0	0
MGIC INVT CORP WIS	COM	552848103	421	69,404	SH		SOLE		69,404	0	0
MICROCHIP TECHNOLOGY INC	COM	595017104	359	9,636	SH		SOLE		9,636	0	0
MICRON TECHNOLOGY INC	COM	595112103	188	13,141	SH		SOLE		13,141	0	0
MUTUALFIRST FINL INC	COM	62845B104	476	33,724	SH		SOLE		33,724	0	0
NABORS INDUSTRIES LTD	SHS	G6359F103	1,594	104,087	SH		SOLE		104,087	0	0
NATIONAL OILWELL VARCO INC	COM	637071101	2,722	39,512	SH		SOLE		39,512	0	0
NEOPHOTONICS CORP	COM	64051T100	144	16,593	SH		SOLE		16,593	0	0
NETAPP INC	COM	64110D104	1,208	31,967	SH		SOLE		31,967	0	0
WESTFIELD FINANCIAL INC NEW	COM	96008P104	422	60,345	SH		SOLE		60,345	0	0
NEW YORK CMNTY BANCORP INC	COM	649445103	472	33,700	SH		SOLE		33,700	0	0
NEWBRIDGE BANCORP	CL A NO PAR	65080T102	486	81,079	SH		SOLE		81,079	0	0
NEWCASTLE INVT CORP	COM	65105M108	365	69,833	SH		SOLE		69,833	0	0
NOBLE CORPORATION BAAR	NAMEN -AKT	H5833N103	5,509	146,601	SH		SOLE		146,601	0	0
NORFOLK SOUTHERN CORP	COM	655844108	514	7,073	SH		SOLE		7,073	0	0
NORTH VALLEY BANCORP	COM NEW	66304M204	975	58,920	SH		SOLE		58,920	0	0
NORTHEAST CMNTY BANCORP INC	COM	664112109	217	34,414	SH		SOLE		34,414	0	0
NQ MOBILE INC	ADR REPSTG CL A	64118U108	120	14,803	SH		SOLE		14,803	0	0
OCCIDENTAL PETE CORP DEL	COM	674599105	8,923	100,000	SH		SOLE		100,000	0	0
OCEAN SHORE HLDG CO NEW	COM	67501R103	652	47,142	SH		SOLE		47,142	0	0
OFS CAP CORP	COM	67103B100	414	34,830	SH		SOLE		34,830	0	0
OLD LINE BANCSHARES INC	COM	67984M100	192	14,562	SH		SOLE		14,562	0	0
OMEGA HEALTHCARE INVS INC	COM	681936100	702	22,637	SH		SOLE		22,637	0	0
OMNIAMERICAN BANCORP INC	COM	68216R107	681	30,906	SH		SOLE		30,906	0	0
ORACLE CORP	COM	68389X105	535	17,416	SH		SOLE		17,416	0	0
PACIFIC MERCANTILE BANCORP	COM	694552100	168	29,210	SH		SOLE		29,210	0	0
PACIFIC PREMIER BANCORP	COM	69478X105	1,108	90,700	SH		SOLE		90,700	0	0
PATTERSON COMPANIES INC	COM	703395103	245	6,520	SH		SOLE		6,520	0	0
PATTERSON UTI ENERGY INC	COM	703481101	2,766	142,907	SH		SOLE		142,907	0	0
PEBBLEBROOK HOTEL TR	COM	70509V100	1,885	72,904	SH		SOLE		72,904	0	0
PEOPLES FED BANCSHARES INC	COM	711037101	699	38,691	SH		SOLE		38,691	0	0
PIONEER ENERGY SVCS CORP	COM	723664108	464	70,051	SH		SOLE		70,051	0	0
PRIVATEBANCORP INC	COM	742962103	726	34,187	SH		SOLE		34,187	0	0
PROLOGIS INC	COM	74340W103	1,827	48,424	SH		SOLE		48,424	0	0
PUBLIC STORAGE	COM	74460D109	1,930	12,586	SH		SOLE		12,586	0	0
QUANTA SVCS INC	COM	74762E102	222	8,397	SH		SOLE		8,397	0	0
RADIAN GROUP INC	COM	750236101	627	53,933	SH		SOLE		53,933	0	0
REALTY INCOME CORP	COM	756109104	825	19,692	SH		SOLE		19,692	0	0
REGAL BELOIT CORP	COM	758750103	202	3,109	SH		SOLE		3,109	0	0
REGENCY CTRS CORP	COM	758849103	3,515	69,179	SH		SOLE		69,179	0	0
RENASANT CORP	COM	75970E107	335	13,755	SH		SOLE		13,755	0	0
RESOLUTE ENERGY CORP	COM	76116A108	398	49,932	SH		SOLE		49,932	0	0
RF MICRODEVICES INC	COM	749941100	540	101,111	SH		SOLE		101,111	0	0
RIO TINTO PLC	SPONSORED ADR	767204100	2,800	68,169	SH		SOLE		68,169	0	0
ROWAN COMPANIES PLC	SHS CL A	G7665A101	1,677	49,231	SH		SOLE		49,231	0	0
SBA COMMUNICATIONS CORP	COM	78388J106	234	3,151	SH		SOLE		3,151	0	0
SCHLUMBERGER LTD	COM	806857108	4,653	64,932	SH		SOLE		64,932	0	0
SENIOR HSG PPTYS TR	SH BEN INT	81721M109	889	34,286	SH		SOLE		34,286	0	0
SERVICESOURCE INTL LLC	COM	81763U100	138	14,769	SH		SOLE		14,769	0	0
SHORE BANCSHARES INC	COM	825107105	164	22,255	SH		SOLE		22,255	0	0
SI FINL GROUP INC MD	COM	78425V104	383	34,630	SH		SOLE		34,630	0	0
SIMMONS 1ST NATL CORP	CL A $1 PAR	828730200	635	24,346	SH		SOLE		24,346	0	0
SIMPLICITY BANCORP	COM	828867101	386	26,641	SH		SOLE		26,641	0	0
SL GREEN RLTY CORP	COM	78440X101	1,336	15,154	SH		SOLE		15,154	0	0
SOLAR CAP LTD	COM	83413U100	684	29,602	SH		SOLE		29,602	0	0
SOUTHERN NATL BANCORP OF VA	COM	843395104	249	25,482	SH		SOLE		25,482	0	0
SP BANCORP INC	COM	78468K106	454	24,070	SH		SOLE		24,070	0	0
STAG INDL INC	COM	85254J102	499	25,000	SH		SOLE		25,000	0	0
STANDARD FINL CORP MD	COM	853393106	344	18,054	SH		SOLE		18,054	0	0
STATE BK FINL CORP	COM	856190103	410	27,292	SH		SOLE		27,292	0	0
STERLING FINL CORP WASH	COM NEW	859319303	412	17,320	SH		SOLE		17,320	0	0
SUFFOLK BANCORP	COM	864739107	1,097	67,147	SH		SOLE		67,147	0	0
SUMMIT HOTEL PPTYS	COM	866082100	661	69,906	SH		SOLE		69,906	0	0
SUNSTONE HOTEL INVS INC NEW	COM	867892101	798	66,086	SH		SOLE		66,086	0	0
SUNTRUST BKS INC	COM	867914103	1,233	39,056	SH		SOLE		39,056	0	0
SVB FINL GROUP	COM	78486Q101	826	9,917	SH		SOLE		9,917	0	0
SWIFT ENERGY CO	COM	870738101	5,980	498,740	SH		SOLE		498,740	0	0
SYNOVUS FINL CORP	COM	87161C105	252	86,377	SH		SOLE		86,377	0	0
TANGER FACTORY OUTLET CTRS I	COM	875465106	2,641	78,916	SH		SOLE		78,916	0	0
TAYLOR MORRISON HOME CORP	CL A	87724P106	1,504	61,710	SH		SOLE		61,710	0	0
TCP CAP CORP	COM	87238Q103	987	58,835	SH		SOLE		58,835	0	0
SWIFT ENERGY CO	COM	870738101	7,405	500,000	SH		SOLE		500,000	0	0
TICC CAPITAL CORP	COM	87244T109	7,405	500,000	SH		SOLE		500,000	0	0
TELEFLEX INC	COM	879369106	232	2,999	SH		SOLE		2,999	0	0
TERRENO RLTY CORP	COM	88146M101	1,778	95,951	SH		SOLE		95,951	0	0
HOWARD HUGHES CORP	COM	44267D107	2,555	22,795	SH		SOLE		22,795	0	0
RYLAND GROUP INC	COM	783764103	681	16,994	SH		SOLE		16,994	0	0
THL CR INC	COM	872438106	1,055	69,430	SH		SOLE		69,430	0	0
THORATEC CORP	COM NEW	885175307	235	7,519	SH		SOLE		7,519	0	0
TIBCO SOFTWARE INC	COM	88632Q103	285	13,327	SH		SOLE		13,327	0	0
TOTAL S A	SPONSORED ADR	89151E109	4,373	89,803	SH		SOLE		89,803	0	0
TRANSCANADA CORP	COM	89353D107	3,572	82,851	SH		SOLE		82,851	0	0
TRANSOCEAN LTD	REG SHS	H8817H100	1,402	29,234	SH		SOLE		29,234	0	0
TRINITY INDS INC	COM	896522109	222	5,767	SH		SOLE		5,767	0	0
UNION FIRST MKT BANKSH CP	COM	90662P104	603	29,288	SH		SOLE		29,288	0	0
UNITED CMNTY BKS BLAIRSVLE G	COM	90984P303	412	33,188	SH		SOLE		33,188	0	0
UNITED STS BRENT OIL FD LP	UNIT	91167Q100	3,116	40,114	SH		SOLE		40,114	0	0
UNITED STATES NATL GAS FUND	UNIT PAR $0.001	912318201	3,790	200,000	SH		SOLE		200,000	0	0
VALE S A	ADR	91912E105	3,116	236,963	SH		SOLE		236,963	0	0
VALMONT INDS INC	COM	920253101	201	1,403	SH		SOLE		1,403	0	0
VMWARE INC	CL A COM	928563402	424	6,323	SH		SOLE		6,323	0	0
VORNADO RLTY TR	SH BEN INT	929042109	699	8,434	SH		SOLE		8,434	0	0
WAL-MART STORES INC	COM	931142103	260	3,495	SH		SOLE		3,495	0	0
WASHINGTON BKG CO OAK HBR WA	COM	937303105	621	43,718	SH		SOLE		43,718	0	0
WEBSTER FINL CORP CONN	COM	947890109	1,009	39,310	SH		SOLE		39,310	0	0
WEINGARTEN RLTY INVS	SH BEN INT	948741103	2,165	70,349	SH		SOLE		70,349	0	0
WELLCARE HEALTH PLANS INC	COM	94946T106	281	5,052	SH		SOLE		5,052	0	0
WELLS FARGO & CO NEW	COM	949746101	805	19,505	SH		SOLE		19,505	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	744	46,995	SH		SOLE		46,995	0	0
WESTERN REFNG INC	COM	959319104	3,066	109,241	SH		SOLE		109,241	0	0
WHITING PETE CORP NEW	COM	966387102	8,260	179,211	SH		SOLE		179,211	0	0
WYNDHAM WORLDWIDE CORP	COM	98310W108	2,950	51,543	SH		SOLE		51,543	0	0
YADKIN FINL CORP	COM	984305102	577	41,072	SH		SOLE		41,072	0	0
YAHOO INC	COM	984332106	547	21,755	SH		SOLE		21,755	0	0
ZIONS BANCORPORATION	COM	989701107	854	29,527	SH		SOLE		29,527	0	0