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
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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
ACCESS NATL CORP COM	COM	004337101	264	17,671	SH		SOLE	0	17,671	0	0
ACE LIMITED COM STK	COM	H0023R105	743	7,175	SH		SOLE	0	7,175	0	0
ACE LIMITED COM STK	COM	H0023R105	743	7,175	SH		SOLE	0	7,175	0	0
AG MORTGAGE INVESTMENT TR	COM	001228105	1,531	97,920	SH		SOLE	0	97,920	0	0
ALCATEL-LUCENT ADS	COM	013904305	1,659	377,130	SH		SOLE	0	377,130	0	0
ALEXANDRIA REAL ESTATE EQ	COM	015271109	1,999	31,424	SH		SOLE	0	31,424	0	0
ALLSTATE CORP COM	COM	020002101	1,204	22,080	SH		SOLE	0	22,080	0	0
AMERICAN CAPITAL MORTGAGE	COM	02504A104	864	49,457	SH		SOLE	0	49,457	0	0
AMERICAN REALTY CAPITAL P	COM	02917T104	184	14,353	SH		SOLE	0	14,353	0	0
AMERIS BANCORP COM	COM	03076K108	528	25,016	SH		SOLE	0	25,016	0	0
AMERIS BANCORP COM	COM	03076K108	528	25,016	SH		SOLE	0	25,016	0	0
ANADARKO PETE CORP COM	COM	032511107	8,149	102,740	SH		SOLE	0	102,740	0	0
APPLIED MATLS INC COM	COM	038222105	913	51,648	SH		SOLE	0	51,648	0	0
ARBOR REALTY TRUST INC CO	COM	038923108	251	37,693	SH		SOLE	0	37,693	0	0
ARBOR REALTY TRUST INC CO	COM	038923108	251	37,693	SH		SOLE	0	37,693	0	0
ARES CAPITAL CORP	COM	04010L103	953	53,653	SH		SOLE	0	53,653	0	0
ARMOUR RESD REIT	COM	042315101	1,016	253,385	SH		SOLE	0	253,385	0	0
ASPEN INS HLDGS LTD COM	COM	G05384105	597	14,441	SH		SOLE	0	14,441	0	0
ASSOCIATED ESTATES REALTY	COM	045604105	566	35,285	SH		SOLE	0	35,285	0	0
ASTORIA FINL CORP COM	COM	046265104	796	57,537	SH		SOLE	0	57,537	0	0
AVALONBAY COMMUNITIES INC	COM	053484101	1,894	16,017	SH		SOLE	0	16,017	0	0
BANC OF CALIFORNIA INC CO	COM	05990K106	670	49,967	SH		SOLE	0	49,967	0	0
BANK OF AMERICA CORP COM	COM	060505104	742	47,629	SH		SOLE	0	47,629	0	0
BANK OF COMMERCE HLDS COM	COM	06424J103	428	74,871	SH		SOLE	0	74,871	0	0
BANKUNITED INC	COM	06652K103	955	29,013	SH		SOLE	0	29,013	0	0
BANNER CORP COM	COM	06652V208	516	11,514	SH		SOLE	0	11,514	0	0
BARRETT BILL CORP COM	COM	06846N104	4,153	155,094	SH		SOLE	0	155,094	0	0
BIOMED REALTY TRUST INC C	COM	09063H107	965	53,241	SH		SOLE	0	53,241	0	0
BK OF MARIN BNCP	COM	063425102	533	12,275	SH		SOLE	0	12,275	0	0
BLACKBERRY LIMITED	COM	09228F103	112	15,000	SH		SOLE	0	15,000	0	0
BNC BANCORP COM	COM	05566T101	611	35,655	SH		SOLE	0	35,655	0	0
BOK FINANCIAL CORP COM	COM	05561Q201	650	9,806	SH		SOLE	0	9,806	0	0
BOSTON PROPERTIES INC MA	COM	101121101	997	9,930	SH		SOLE	0	9,930	0	0
BRANDYWINE REALTY TRUST C	COM	105368203	1,231	87,363	SH		SOLE	0	87,363	0	0
BRIDGE BANCORP INC COM	COM	108035106	708	27,225	SH		SOLE	0	27,225	0	0
BRIDGE CAP HLDGS COM	COM	108030107	593	28,889	SH		SOLE	0	28,889	0	0
BRIXMOR PRTY	COM	11120U105	807	39,706	SH		SOLE	0	39,706	0	0
BROCADE COMMUNICATIONS SY	COM	111621306	216	24,352	SH		SOLE	0	24,352	0	0
BSB BANCORP INC/MA	COM	05573H108	399	26,442	SH		SOLE	0	26,442	0	0
CABOT OIL & GAS CORP COM	COM	127097103	12,597	325,000	SH		SOLE	0	325,000	0	0
CAPE BANCORP INC COM	COM	139209100	352	34,625	SH		SOLE	0	34,625	0	0
CAPITAL CITY BANK GROUP I	COM	139674105	511	43,385	SH		SOLE	0	43,385	0	0
CARDINAL FINL CORP COM	COM	14149F109	335	18,618	SH		SOLE	0	18,618	0	0
CARRIZO OIL & GAS INC COM	COM	144577103	6,198	138,435	SH		SOLE	0	138,435	0	0
CENTER BANCORP INC COM	COM	151408101	326	17,391	SH		SOLE	0	17,391	0	0
CHERRY HILL MORT	COM	164651101	607	34,079	SH		SOLE	0	34,079	0	0
CHESAPEAKE LODGING TRUST	COM	165240102	777	30,722	SH		SOLE	0	30,722	0	0
CHEVRON CORPORATION	COM	166764100	11,661	93,353	SH		SOLE	0	93,353	0	0
CHICOPEE BANCORP	COM	168565109	579	33,233	SH		SOLE	0	33,233	0	0
CIENA CORP COM	COM	171779309	597	24,956	SH		SOLE	0	24,956	0	0
CIMAREX ENERGY CO COM	COM	171798101	5,961	56,816	SH		SOLE	0	56,816	0	0
CITIGROUP INC COM	COM	172967424	1,390	26,666	SH		SOLE	0	26,666	0	0
CITRIX SYS INC COM	COM	177376100	317	5,013	SH		SOLE	0	5,013	0	0
COBIZ FINANCIAL INC	COM	190897108	1,014	84,820	SH		SOLE	0	84,820	0	0
COLE REAL ESTREIT	COM	19329V105	550	39,208	SH		SOLE	0	39,208	0	0
COMPUWARE CORP COM	COM	205638109	1,248	111,364	SH		SOLE	0	111,364	0	0
CUBESMART COM	COM	229663109	744	46,673	SH		SOLE	0	46,673	0	0
CVR REFINING LP	COM	12663P107	681	30,088	SH		SOLE	0	30,088	0	0
CYS INVESTMENTS INC COM	COM	12673A108	445	60,000	SH		SOLE	0	60,000	0	0
DCT INDL TR INC COM	COM	233153105	902	126,493	SH		SOLE	0	126,493	0	0
DDR CORP COM	COM	23317H102	1,292	84,077	SH		SOLE	0	84,077	0	0
DENBURY RESOURCES HOLDING	COM	247916208	4,108	250,000	SH		SOLE	0	250,000	0	0
DEVON ENERGY CORP COM	COM	25179M103	3,403	55,000	SH		SOLE	0	55,000	0	0
DIME COMMUNITY BANCSHARES	COM	253922108	321	18,985	SH		SOLE	0	18,985	0	0
DISCOVER FINANCIAL SERVIC	COM	254709108	539	9,628	SH		SOLE	0	9,628	0	0
DRIL-QUIP INC COM	COM	262037104	3,233	29,409	SH		SOLE	0	29,409	0	0
DUPONT FABROS TECH REIT	COM	26613Q106	355	14,370	SH		SOLE	0	14,370	0	0
EAGLE BANCORP INC COM	COM	268948106	546	17,818	SH		SOLE	0	17,818	0	0
EASTERN VIRGINIA BANCSHAR	COM	277196101	314	44,819	SH		SOLE	0	44,819	0	0
EASTGROUP PROPERTIES INC	COM	277276101	765	13,203	SH		SOLE	0	13,203	0	0
EAST-WEST BANCORP INC COM	COM	27579R104	500	14,288	SH		SOLE	0	14,288	0	0
ELINGTN RESL MTG	COM	288578107	326	21,180	SH		SOLE	0	21,180	0	0
EMC CORP MASS COM	COM	268648102	359	14,293	SH		SOLE	0	14,293	0	0
EMULEX CORP COM N	COM	292475209	98	13,642	SH		SOLE	0	13,642	0	0
ENBRIDGE INC COM STK	COM	29250N105	1,066	24,411	SH		SOLE	0	24,411	0	0
ENERGEN CORP COM	COM	29265N108	4,383	61,955	SH		SOLE	0	61,955	0	0
ENTERTAINMENT PROPERTIES	COM	26884U109	1,205	24,505	SH		SOLE	0	24,505	0	0
EOG RES INC COM	COM	26875P101	5,963	35,529	SH		SOLE	0	35,529	0	0
EQUITY ONE INC COM	COM	294752100	1,295	57,709	SH		SOLE	0	57,709	0	0
EVANS BANCORP INC COM	COM	29911Q208	315	14,934	SH		SOLE	0	14,934	0	0
EXFO INC COM	COM	302046107	69	14,444	SH		SOLE	0	14,444	0	0
EXTRA SPACE STORAGE INC	COM	30225T102	2,032	48,229	SH		SOLE	0	48,229	0	0
FABRINET ORDER MINES LTDC	COM	G3323L100	379	18,422	SH		SOLE	0	18,422	0	0
FARMERS NATL BANC CORP CO	COM	309627107	149	22,676	SH		SOLE	0	22,676	0	0
FIDELITY SOUTHERN CORP CO	COM	316394105	649	39,078	SH		SOLE	0	39,078	0	0
FIFTH STREET FINANCE CORP	COM	31678A103	496	53,589	SH		SOLE	0	53,589	0	0
FINISAR CORP COM	COM	31787A507	835	34,892	SH		SOLE	0	34,892	0	0
FIRST COMMUNITY CORP SC	COM	319835104	406	39,058	SH		SOLE	0	39,058	0	0
FIRST DEFIANCE FINANCIAL	COM	32006W106	308	11,855	SH		SOLE	0	11,855	0	0
FIRST INDUSTRIAL REALTY T	COM	32054K103	1,443	82,700	SH		SOLE	0	82,700	0	0
FIRST NBC BANK HOLDING	COM	32115D106	651	20,152	SH		SOLE	0	20,152	0	0
FIRST NIAGARA FINL GROUP	COM	33582V108	448	42,225	SH		SOLE	0	42,225	0	0
FIRST SEC GROUP INC COM	COM	336312202	198	85,997	SH		SOLE	0	85,997	0	0
FIRSTBANK CORP MICH COM	COM	33761G104	373	19,268	SH		SOLE	0	19,268	0	0
FLOTEK INDS INC DEL COM	COM	343389102	2,814	140,219	SH		SOLE	0	140,219	0	0
FLUSHING FINANCIAL CORP C	COM	343873105	571	27,608	SH		SOLE	0	27,608	0	0
FORTINET INC	COM	34959E109	294	15,362	SH		SOLE	0	15,362	0	0
FOX CHASE BANCORP INC C	COM	35137T108	688	39,837	SH		SOLE	0	39,837	0	0
FRST CNT BNCP	COM	319850103	237	14,733	SH		SOLE	0	14,733	0	0
FS BANCORP COM STK	COM	30263Y104	345	20,102	SH		SOLE	0	20,102	0	0
FTI CONSULTING INC COM	COM	302941109	232	5,648	SH		SOLE	0	5,648	0	0
GLIMCHER REALTY TRUST COM	COM	379302102	357	38,107	SH		SOLE	0	38,107	0	0
GRAMERCY PROPERTY TRUST	COM	38489R100	395	68,630	SH		SOLE	0	68,630	0	0
GUARANTY BANCORP DEL COM	COM	40075T607	265	18,855	SH		SOLE	0	18,855	0	0
HALLIBURTON CO COM	COM	406216101	7,232	142,502	SH		SOLE	0	142,502	0	0
HAMILTON BANCORP	COM	407015106	649	45,764	SH		SOLE	0	45,764	0	0
HAMPDEN BANCORP INC COM	COM	40867E107	523	31,858	SH		SOLE	0	31,858	0	0
HCP INC REIT	COM	40414L109	2,197	60,478	SH		SOLE	0	60,478	0	0
HEALTHCARE REALTY TRUST C	COM	421946104	1,885	88,464	SH		SOLE	0	88,464	0	0
HERITAGE COMM CORP COM	COM	426927109	487	59,131	SH		SOLE	0	59,131	0	0
HERITAGE FINANCIAL GROUP	COM	42726X102	1,061	55,094	SH		SOLE	0	55,094	0	0
HERITAGE OAKS BANCORP COM	COM	42724R107	468	62,440	SH		SOLE	0	62,440	0	0
HESS CORP COM	COM	42809H107	3,281	39,529	SH		SOLE	0	39,529	0	0
HEWLETT-PACKARD CO COM	COM	428236103	630	22,500	SH		SOLE	0	22,500	0	0
HIGHWOODS PROPERTIES INC	COM	431284108	628	17,366	SH		SOLE	0	17,366	0	0
HILLTOP HLDGS INC COM	COM	432748101	675	29,166	SH		SOLE	0	29,166	0	0
HOME BANCORP INC	COM	43689E107	251	13,337	SH		SOLE	0	13,337	0	0
HOPFED BANCORP INC COM	COM	439734104	309	27,100	SH		SOLE	0	27,100	0	0
HOST HOTELS & RESORTS INC	COM	44107P104	1,384	71,212	SH		SOLE	0	71,212	0	0
HYATT HOTELS CORP COM	COM	448579102	1,512	30,571	SH		SOLE	0	30,571	0	0
INFORMATICA CORP COM	COM	45666Q102	327	7,888	SH		SOLE	0	7,888	0	0
INTEL CORP COM	COM	458140100	385	14,823	SH		SOLE	0	14,823	0	0
ISHARES U.S. HOME CONST	COM	464288752	526	21,186	SH		SOLE	0	21,186	0	0
JDS UNIPHASE CORP COM	COM	46612J507	210	16,141	SH		SOLE	0	16,141	0	0
JUNIPER NETWORKS INC COM	COM	48203R104	242	10,723	SH		SOLE	0	10,723	0	0
KEARNY FINL CORP COM	COM	487169104	179	15,365	SH		SOLE	0	15,365	0	0
KILROY REALTY CORPORATION	COM	49427F108	1,377	27,445	SH		SOLE	0	27,445	0	0
KIMCO REALTY CORP COM	COM	49446R109	1,064	53,890	SH		SOLE	0	53,890	0	0
LAKELAND BANCORP INC COM	COM	511637100	671	54,247	SH		SOLE	0	54,247	0	0
LAM RESH CORP COM	COM	512807108	450	8,264	SH		SOLE	0	8,264	0	0
LASALLE HOTEL PROPERTIES	COM	517942108	1,042	33,767	SH		SOLE	0	33,767	0	0
LEXINGTON REALTY TRUST	COM	529043101	426	41,767	SH		SOLE	0	41,767	0	0
LIBERTY PROPERTY TRUST CO	COM	531172104	890	26,285	SH		SOLE	0	26,285	0	0
LSI CORPORATION COM	COM	502161102	558	50,542	SH		SOLE	0	50,542	0	0
LYONDELLBASELL INDUSTRIES	COM	N53745100	7,115	88,626	SH		SOLE	0	88,626	0	0
M D C HLDGS INC MEDIUM TE	COM	552676108	1,168	36,239	SH		SOLE	0	36,239	0	0
MACERICH CO COM	COM	554382101	1,090	18,510	SH		SOLE	0	18,510	0	0
MARATHON OIL CORP COM	COM	565849106	3,488	98,822	SH		SOLE	0	98,822	0	0
MB FINANCIAL INC	COM	55264U108	757	23,597	SH		SOLE	0	23,597	0	0
MBT FINANCIAL CORP COM	COM	578877102	259	60,878	SH		SOLE	0	60,878	0	0
MEADOWBROOK INSURANCE GRO	COM	58319P108	463	66,475	SH		SOLE	0	66,475	0	0
MEDLEY CAPITAL	COM	58503F106	653	47,127	SH		SOLE	0	47,127	0	0
MEG ENERGY CORP COM	COM	552704108	2,473	86,000	SH		SOLE	0	86,000	0	0
METRO BANCORP INC PA CO	COM	59161R101	879	40,819	SH		SOLE	0	40,819	0	0
MILLER ENERGY RES INC COM	COM	600527105	348	49,411	SH		SOLE	0	49,411	0	0
MUTUALFIRST FINANCIAL INC	COM	62845B104	451	26,302	SH		SOLE	0	26,302	0	0
NEW MOUNTAIN GUARDIAN COR	COM	647551100	649	43,168	SH		SOLE	0	43,168	0	0
NEWBRIDGE BANCRP	COM	65080T102	301	40,584	SH		SOLE	0	40,584	0	0
NOBLE ENERGY INC COM	COM	655044105	3,406	50,000	SH		SOLE	0	50,000	0	0
NOKIA CORP ADR	COM	654902204	178	21,962	SH		SOLE	0	21,962	0	0
NORTH VY BANCORP COM	COM	66304M204	869	45,929	SH		SOLE	0	45,929	0	0
NORTHERN TIER ENERGY	COM	665826103	1,105	44,899	SH		SOLE	0	44,899	0	0
NORTHSTAR RLTY FIN C	COM	66704R100	634	47,125	SH		SOLE	0	47,125	0	0
OBA FINANCIAL SERVICES IN	COM	67424G101	240	13,183	SH		SOLE	0	13,183	0	0
OCCIDENTAL PETE CORP	COM	674599105	3,194	33,588	SH		SOLE	0	33,588	0	0
OCEAN SHORE HOLDING CO CO	COM	67501R103	654	47,852	SH		SOLE	0	47,852	0	0
OFS CAPITAL CORP	COM	67103B100	354	27,628	SH		SOLE	0	27,628	0	0
OMEGA HEALTHCARE INVESTOR	COM	681936100	351	11,792	SH		SOLE	0	11,792	0	0
OMNIAMERICAN BANCORP INC	COM	68216R107	640	29,932	SH		SOLE	0	29,932	0	0
PACIFIC MERCANTILE BANCOR	COM	694552100	327	52,647	SH		SOLE	0	52,647	0	0
PACWEST BANCORP COM S	COM	695263103	432	10,223	SH		SOLE	0	10,223	0	0
PEOPLE FED BANC	COM	711037101	535	30,180	SH		SOLE	0	30,180	0	0
PEOPLES FINL CORP MISS CO	COM	71103B102	246	18,849	SH		SOLE	0	18,849	0	0
PLAINS ALL AMERICAN PIPEL	COM	726503105	6,699	129,402	SH		SOLE	0	129,402	0	0
PRECISION DRILLING CORP	COM	74022D308	6,259	667,968	SH		SOLE	0	667,968	0	0
PREFERRED BK LOS ANGELES	COM	740367404	691	34,467	SH		SOLE	0	34,467	0	0
PROLOGIS INC COM	COM	74340W103	1,038	28,088	SH		SOLE	0	28,088	0	0
QEP MIDSTREAM PARTNERS LP	COM	74735R115	3,015	129,830	SH		SOLE	0	129,830	0	0
RAIT FINL TR COM	COM	749227609	1,014	113,061	SH		SOLE	0	113,061	0	0
REGIONS FINANCIAL CORP	COM	7591EP100	934	94,468	SH		SOLE	0	94,468	0	0
RESOLUTE ENERGY CORP	COM	76116A108	5,432	601,520	SH		SOLE	0	601,520	0	0
RESOLUTE ENERGY CORP	COM	76116A108	5,432	601,520	SH		SOLE	0	601,520	0	0
RF MICRO DEVICES INC COM	COM	749941100	88	17,055	SH		SOLE	0	17,055	0	0
RLJ LODGING TRUST	COM	74965L101	2,020	83,063	SH		SOLE	0	83,063	0	0
RUCKUS WIRELESS INC	COM	781220108	213	15,000	SH		SOLE	0	15,000	0	0
S & T BANCORP INC COM	COM	783859101	494	19,506	SH		SOLE	0	19,506	0	0
SI FINL GROUP INC COM	COM	78425V104	325	26,989	SH		SOLE	0	26,989	0	0
SIERRA BANCORP COM	COM	82620P102	179	11,138	SH		SOLE	0	11,138	0	0
SIMON PROPERTY GROUP INC	COM	828806109	1,013	6,658	SH		SOLE	0	6,658	0	0
SIMPLICITY BANCORP INC CO	COM	828867101	336	20,770	SH		SOLE	0	20,770	0	0
SKYWEST INC COM	COM	830879102	163	11,003	SH		SOLE	0	11,003	0	0
SLM CORP COM	COM	78442P106	1,264	48,087	SH		SOLE	0	48,087	0	0
SOUTHERN FIRST BANCS	COM	842873101	178	13,390	SH		SOLE	0	13,390	0	0
SOUTHWEST BANCORP INC OKL	COM	844767103	476	29,871	SH		SOLE	0	29,871	0	0
SP BANCORP INC	COM	78468K106	370	18,758	SH		SOLE	0	18,758	0	0
SPIRIT REALTY CAPITAL INC	COM	84860W102	1,253	127,476	SH		SOLE	0	127,476	0	0
STANDARD FINANCIAL CORP	COM	853393106	648	34,642	SH		SOLE	0	34,642	0	0
STARWOOD HOTELS & RESOR	COM	85590A401	1,656	20,846	SH		SOLE	0	20,846	0	0
STATE BK & TR CO PINEHURS	COM	856190103	826	45,383	SH		SOLE	0	45,383	0	0
STATE STR CORP COM	COM	857477103	890	12,123	SH		SOLE	0	12,123	0	0
SUFFOLK BANCORP COM	COM	864739107	938	45,091	SH		SOLE	0	45,091	0	0
SUMMIT HOTEL PPTYS INC CO	COM	866082100	350	38,879	SH		SOLE	0	38,879	0	0
SUNTRUST BKS INC COM	COM	867914103	663	18,002	SH		SOLE	0	18,002	0	0
SYNOVUS FINL CORP COM	COM	87161C105	242	67,350	SH		SOLE	0	67,350	0	0
TANGER FACTORY OUTLET CEN	COM	875465106	715	22,315	SH		SOLE	0	22,315	0	0
TCP CAPITAL CORP	COM	87238Q103	889	52,954	SH		SOLE	0	52,954	0	0
TERADYNE INC COM	COM	880770102	729	41,378	SH		SOLE	0	41,378	0	0
TERRENO REALTY CORP	COM	88146M101	627	35,437	SH		SOLE	0	35,437	0	0
THE HOWARD HUGHS	COM	44267D107	1,244	10,361	SH		SOLE	0	10,361	0	0
T-MOBILE US INC COM S	COM	872590104	767	22,805	SH		SOLE	0	22,805	0	0
TOTAL SA ADR	COM	89151E109	3,004	49,029	SH		SOLE	0	49,029	0	0
TOWER GROUP INC COM	COM	G8988C105	278	82,131	SH		SOLE	0	82,131	0	0
TRINITY INDS INC COM	COM	896522109	205	3,753	SH		SOLE	0	3,753	0	0
TTM TECHNOLOGIES INC COM	COM	87305R109	88	10,281	SH		SOLE	0	10,281	0	0
UDR INC COM	COM	902653104	1,578	67,588	SH		SOLE	0	67,588	0	0
UNION BANKSHARES CORP COM	COM	90662P104	490	19,757	SH		SOLE	0	19,757	0	0
UNITED CMNTY BK BLAIRSVIL	COM	90984P303	391	22,044	SH		SOLE	0	22,044	0	0
UNITED CMNTY FINL CORP OH	COM	909839102	208	58,396	SH		SOLE	0	58,396	0	0
VMWARE INC -CL A	COM	928563402	628	7,000	SH		SOLE	0	7,000	0	0
VORNADO REALTY TRUST COM	COM	929042109	1,324	14,906	SH		SOLE	0	14,906	0	0
WASHINGTON BANKING CO COM	COM	937303105	767	43,278	SH		SOLE	0	43,278	0	0
WEATHERFORD INTL LTD COM	COM	H27013103	4,881	315,083	SH		SOLE	0	315,083	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	1,038	43,497	SH		SOLE	0	43,497	0	0
WESTERN GAS PARTNERSLP CO	COM	958254104	1,851	30,000	SH		SOLE	0	30,000	0	0
WESTERN REFINING INC EL P	COM	959319104	4,919	115,988	SH		SOLE	0	115,988	0	0
WYNDHAM WORLDWIDE CORP	COM	98310W108	1,445	19,614	SH		SOLE	0	19,614	0	0
YADKIN VALLEY FINANCIAL C	COM	984305102	650	38,174	SH		SOLE	0	38,174	0	0
ZIONS BANCORPORATION COM	COM	989701107	896	29,905	SH		SOLE	0	29,905	0	0