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	327	20,170	SH		SOLE	0	20,170	0	0
AG MORTGAGE INVESTMENT TR	COM	001228105	843	48,167	SH		SOLE	0	48,167	0	0
ALEXANDRIA REAL ESTATE EQ	COM	015271109	563	7,760	SH		SOLE	0	7,760	0	0
ALLOT COMMUNICATIONSLTD S	COM	M0854Q105	151	11,220	SH		SOLE	0	11,220	0	0
ALLSTATE CORP COM	COM	020002101	662	11,705	SH		SOLE	0	11,705	0	0
AMERICAN CAPITAL MORTGAGE	COM	02504A104	300	16,000	SH		SOLE	0	16,000	0	0
AMERICAN CAPITAL SENIOR F	COM	02504D108	506	36,050	SH		SOLE	0	36,050	0	0
AMERICAN RIVER BANKSHARES	COM	029326105	154	16,637	SH		SOLE	0	16,637	0	0
AMERIS BANCORP COM	COM	03076K108	532	22,827	SH		SOLE	0	22,827	0	0
ANADARKO PETE CORP COM	COM	032511107	814	9,600	SH		SOLE	0	9,600	0	0
APARTMENT INVESTMENT & MA	COM	03748R101	537	17,765	SH		SOLE	0	17,765	0	0
APOLLO INVT CORP COM	COM	03761U106	516	62,080	SH		SOLE	0	62,080	0	0
APOLLO RESIDENTIAL MORTGA	COM	03763V102	819	50,440	SH		SOLE	0	50,440	0	0
APPLIED MATLS INC COM	COM	038222105	356	17,453	SH		SOLE	0	17,453	0	0
ARBOR REALTY TRUST INC CO	COM	038923108	180	25,960	SH		SOLE	0	25,960	0	0
ARES CAPITAL CORP	COM	04010L103	566	32,128	SH		SOLE	0	32,128	0	0
ARLINGTON ASSET INVT CORP	COM	041356205	741	28,000	SH		SOLE	0	28,000	0	0
ARMOUR RESD REIT	COM	042315101	1,359	329,969	SH		SOLE	0	329,969	0	0
ASSOCIATED ESTATES REALTY	COM	045604105	206	12,150	SH		SOLE	0	12,150	0	0
ASTORIA FINL CORP COM	COM	046265104	371	26,857	SH		SOLE	0	26,857	0	0
AVAGO TECHNOLOGIES LTD	COM	Y0486S104	260	4,040	SH		SOLE	0	4,040	0	0
BANK OF AMERICA CORP COM	COM	060505104	1,419	82,505	SH		SOLE	0	82,505	0	0
BANK OF COMMERCE HLDS COM	COM	06424J103	347	51,563	SH		SOLE	0	51,563	0	0
BIOMED REALTY TRUST INC C	COM	09063H107	516	25,170	SH		SOLE	0	25,170	0	0
BK OF MARIN BNCP	COM	063425102	545	12,088	SH		SOLE	0	12,088	0	0
BNC BANCORP COM	COM	05566T101	426	24,555	SH		SOLE	0	24,555	0	0
BRANDYWINE REALTY TRUST C	COM	105368203	554	38,317	SH		SOLE	0	38,317	0	0
BRIDGE BANCORP INC COM	COM	108035106	600	22,448	SH		SOLE	0	22,448	0	0
BRIDGE CAP HLDGS COM	COM	108030107	561	23,595	SH		SOLE	0	23,595	0	0
BROADCOM CORP CL A	COM	111320107	379	12,038	SH		SOLE	0	12,038	0	0
BRYN MAWR BANK CORP COM	COM	117665109	435	15,131	SH		SOLE	0	15,131	0	0
BSB BANCORP INC/MA	COM	05573H108	313	18,209	SH		SOLE	0	18,209	0	0
CABOT OIL & GAS CORP COM	COM	127097103	765	22,589	SH		SOLE	0	22,589	0	0
CAMDEN PROPERTY TRUST COM	COM	133131102	344	5,102	SH		SOLE	0	5,102	0	0
CAPE BANCORP INC COM	COM	139209100	262	23,844	SH		SOLE	0	23,844	0	0
CAPITAL CITY BANK GROUP I	COM	139674105	397	29,876	SH		SOLE	0	29,876	0	0
CAPITAL SR LIVING CORP CO	COM	140475104	350	13,464	SH		SOLE	0	13,464	0	0
CARDINAL FINL CORP COM	COM	14149F109	507	28,457	SH		SOLE	0	28,457	0	0
CARRIZO OIL & GAS INC COM	COM	144577103	855	16,000	SH		SOLE	0	16,000	0	0
CENTER BANCORP INC COM	COM	151408101	501	26,366	SH		SOLE	0	26,366	0	0
CENTERSTATE BKS FLA INC C	COM	15201P109	409	37,495	SH		SOLE	0	37,495	0	0
CHERRY HILL MORT	COM	164651101	440	23,475	SH		SOLE	0	23,475	0	0
CHESAPEAKE LODGING TRUST	COM	165240102	599	23,264	SH		SOLE	0	23,264	0	0
CHEVIOT FINL CORP NEW	COM	16677X105	152	14,714	SH		SOLE	0	14,714	0	0
CHICOPEE BANCORP	COM	168565109	404	22,841	SH		SOLE	0	22,841	0	0
CIENA CORP COM	COM	171779309	529	23,262	SH		SOLE	0	23,262	0	0
CIMAREX ENERGY CO COM	COM	171798101	953	8,000	SH		SOLE	0	8,000	0	0
CITIGROUP INC COM	COM	172967424	369	7,760	SH		SOLE	0	7,760	0	0
CITY NATIONAL CORP CA CO	COM	178566105	368	4,670	SH		SOLE	0	4,670	0	0
COBIZ FINANCIAL INC	COM	190897108	673	58,409	SH		SOLE	0	58,409	0	0
CROSSTEX ENERGY INC COM	COM	29336T100	2,062	60,750	SH		SOLE	0	60,750	0	0
CUBESMART COM	COM	229663109	722	42,049	SH		SOLE	0	42,049	0	0
CYPRESS SEMICONDUCTOR COR	COM	232806109	199	19,400	SH		SOLE	0	19,400	0	0
DDR CORP COM	COM	23317H102	597	36,214	SH		SOLE	0	36,214	0	0
DEVON ENERGY CORP COM	COM	25179M103	2,262	33,801	SH		SOLE	0	33,801	0	0
DIME COMMUNITY BANCSHARES	COM	253922108	412	24,292	SH		SOLE	0	24,292	0	0
DOUGLAS EMMETT INC COM	COM	25960P109	316	11,640	SH		SOLE	0	11,640	0	0
DUKE REALTY CORP COM	COM	264411505	203	12,000	SH		SOLE	0	12,000	0	0
DUPONT FABROS TECH REIT	COM	26613Q106	280	11,640	SH		SOLE	0	11,640	0	0
EAGLE BANCORP INC COM	COM	268948106	443	12,271	SH		SOLE	0	12,271	0	0
EASTERN VIRGINIA BANCSHAR	COM	277196101	199	30,863	SH		SOLE	0	30,863	0	0
EMPLOYERS HLDGS INC COM	COM	292218104	252	12,476	SH		SOLE	0	12,476	0	0
ENTERPRISE FINL SVCS CORP	COM	293712105	332	16,546	SH		SOLE	0	16,546	0	0
EOG RES INC COM	COM	26875P101	785	4,000	SH		SOLE	0	4,000	0	0
EQT CORP COM	COM	26884L109	533	5,500	SH		SOLE	0	5,500	0	0
EVANS BANCORP INC COM	COM	29911Q208	234	10,284	SH		SOLE	0	10,284	0	0
F5 NETWORKS INC COM	COM	315616102	826	7,742	SH		SOLE	0	7,742	0	0
FARMERS NATL BANC CORP CO	COM	309627107	232	30,167	SH		SOLE	0	30,167	0	0
FIDELITY SOUTHERN CORP CO	COM	316394105	279	20,000	SH		SOLE	0	20,000	0	0
FIRST COMMUNITY CORP SC	COM	319835104	301	26,898	SH		SOLE	0	26,898	0	0
FIRSTBANK CORP MICH COM	COM	33761G104	248	13,270	SH		SOLE	0	13,270	0	0
FLUSHING FINANCIAL CORP C	COM	343873105	309	14,655	SH		SOLE	0	14,655	0	0
FOX CHASE BANCORP INC C	COM	35137T108	462	27,433	SH		SOLE	0	27,433	0	0
FS BANCORP COM STK	COM	30263Y104	226	13,813	SH		SOLE	0	13,813	0	0
GENERAL GROWTH PROPERTIES	COM	370023103	464	21,104	SH		SOLE	0	21,104	0	0
GENWORTH FINANCIAL INC	COM	37247D106	894	50,440	SH		SOLE	0	50,440	0	0
GUARANTY BANCORP DEL COM	COM	40075T607	185	12,983	SH		SOLE	0	12,983	0	0
HAMPDEN BANCORP INC COM	COM	40867E107	345	21,894	SH		SOLE	0	21,894	0	0
HCP INC REIT	COM	40414L109	445	11,463	SH		SOLE	0	11,463	0	0
HERCULES TECHNOLOGY GROWT	COM	427096508	721	51,229	SH		SOLE	0	51,229	0	0
HERITAGE COMM CORP COM	COM	426927109	328	40,722	SH		SOLE	0	40,722	0	0
HERITAGE FINANCIAL GROUP	COM	42726X102	744	37,863	SH		SOLE	0	37,863	0	0
HERITAGE OAKS BANCORP COM	COM	42724R107	402	49,771	SH		SOLE	0	49,771	0	0
HIGHWOODS PROPERTIES INC	COM	431284108	284	7,403	SH		SOLE	0	7,403	0	0
HOME BANCSHARES INC/CONWA	COM	436893200	372	10,800	SH		SOLE	0	10,800	0	0
HOPFED BANCORP INC COM	COM	439734104	218	18,654	SH		SOLE	0	18,654	0	0
HORIZON BANCORP IND COM	COM	440407104	324	14,540	SH		SOLE	0	14,540	0	0
HYATT HOTELS CORP COM	COM	448579102	323	6,000	SH		SOLE	0	6,000	0	0
INDEPENDENT BK CORP MICH	COM	453838609	227	17,475	SH		SOLE	0	17,475	0	0
INFINERA CORP	COM	45667G103	175	19,309	SH		SOLE	0	19,309	0	0
INTEL CORP COM	COM	458140100	336	13,017	SH		SOLE	0	13,017	0	0
INTERSIL CORP	COM	46069S109	168	13,021	SH		SOLE	0	13,021	0	0
ISHARES U.S. HOME CONST	COM	464288752	332	13,719	SH		SOLE	0	13,719	0	0
JDS UNIPHASE CORP COM	COM	46612J507	574	40,965	SH		SOLE	0	40,965	0	0
KEARNY FINL CORP COM	COM	487169104	172	11,640	SH		SOLE	0	11,640	0	0
KEYCORP NY COM STK	COM	493267108	836	58,682	SH		SOLE	0	58,682	0	0
KINDER MORGAN ENERGY PART	COM	494550106	1,183	16,000	SH		SOLE	0	16,000	0	0
LADDER CPTL CRP	COM	505743104	282	14,960	SH		SOLE	0	14,960	0	0
LAM RESH CORP COM	COM	512807108	313	5,691	SH		SOLE	0	5,691	0	0
LEXINGTON REALTY TRUST	COM	529043101	459	42,057	SH		SOLE	0	42,057	0	0
LIBERTY PROPERTY TRUST CO	COM	531172104	564	15,264	SH		SOLE	0	15,264	0	0
LOEWS CORP COM	COM	540424108	1,101	25,000	SH		SOLE	0	25,000	0	0
LSI CORPORATION COM	COM	502161102	385	34,822	SH		SOLE	0	34,822	0	0
LTC PROPERTIES INC COM	COM	502175102	228	6,054	SH		SOLE	0	6,054	0	0
MACERICH CO COM	COM	554382101	296	4,751	SH		SOLE	0	4,751	0	0
MACKINAC FINL CORP COM	COM	554571109	243	19,400	SH		SOLE	0	19,400	0	0
MB FINANCIAL INC	COM	55264U108	396	12,779	SH		SOLE	0	12,779	0	0
MDU RES GROUP INC COM	COM	552690109	1,029	30,000	SH		SOLE	0	30,000	0	0
MEADOWBROOK INSURANCE GRO	COM	58319P108	376	64,480	SH		SOLE	0	64,480	0	0
MEDLEY CAPITAL	COM	58503F106	671	49,303	SH		SOLE	0	49,303	0	0
METRO BANCORP INC PA CO	COM	59161R101	594	28,108	SH		SOLE	0	28,108	0	0
MICROSOFT CORP COM	COM	594918104	351	8,573	SH		SOLE	0	8,573	0	0
MIDSOUTH BANCORP INC COM	COM	598039105	317	18,840	SH		SOLE	0	18,840	0	0
NATIONAL RETAIL PPTY INC	COM	637417106	725	21,127	SH		SOLE	0	21,127	0	0
NEW MOUNTAIN GUARDIAN COR	COM	647551100	817	56,169	SH		SOLE	0	56,169	0	0
NEWSTAR FINANCIAL INC C	COM	65251F105	300	21,660	SH		SOLE	0	21,660	0	0
NOBLE ENERGY INC COM	COM	655044105	852	12,000	SH		SOLE	0	12,000	0	0
NORTH VY BANCORP COM	COM	66304M204	765	31,629	SH		SOLE	0	31,629	0	0
NXP SEMICONDUCTORS NV	COM	N6596X109	235	4,000	SH		SOLE	0	4,000	0	0
OCEAN SHORE HOLDING CO CO	COM	67501R103	469	32,954	SH		SOLE	0	32,954	0	0
OLD LINE BANCS	COM	67984M100	241	13,980	SH		SOLE	0	13,980	0	0
OMNIAMERICAN BANCORP INC	COM	68216R107	470	20,612	SH		SOLE	0	20,612	0	0
ORCHID ISLAND CAPITAL INC	COM	68571X103	784	65,960	SH		SOLE	0	65,960	0	0
ORIENT-EXP HTLS	COM	G67743107	168	11,640	SH		SOLE	0	11,640	0	0
PACIFIC MERCANTILE BANCOR	COM	694552100	330	53,091	SH		SOLE	0	53,091	0	0
PACIFIC PREMIER BANCORP C	COM	69478X105	481	29,797	SH		SOLE	0	29,797	0	0
PARKWAY PROPERTIES INC CO	COM	70159Q104	258	14,120	SH		SOLE	0	14,120	0	0
PEOPLE FED BANC	COM	711037101	372	20,783	SH		SOLE	0	20,783	0	0
PEOPLES FINL CORP MISS CO	COM	71103B102	173	12,980	SH		SOLE	0	12,980	0	0
POST PROPERTIES INC COM	COM	737464107	844	17,192	SH		SOLE	0	17,192	0	0
PPL CORP COM	COM	69351T106	994	30,000	SH		SOLE	0	30,000	0	0
PREFERRED BK LOS ANGELES	COM	740367404	422	16,270	SH		SOLE	0	16,270	0	0
RAIT FINL TR COM	COM	749227609	929	109,436	SH		SOLE	0	109,436	0	0
REGENCY CENTERS CORP	COM	758849103	578	11,318	SH		SOLE	0	11,318	0	0
REGIONS FINANCIAL CORP	COM	7591EP100	947	85,238	SH		SOLE	0	85,238	0	0
RESOLUTE ENERGY CORP	COM	76116A108	357	49,582	SH		SOLE	0	49,582	0	0
REYNOLDS AMERN INC COM	COM	761713106	2,671	50,000	SH		SOLE	0	50,000	0	0
RIVERVIEW BANCORP INC COM	COM	769397100	124	36,132	SH		SOLE	0	36,132	0	0
RLJ LODGING TRUST	COM	74965L101	203	7,594	SH		SOLE	0	7,594	0	0
SCANA CORP COM	COM	80589M102	1,026	20,000	SH		SOLE	0	20,000	0	0
SENIOR HOUSING PROPERTIES	COM	81721M109	591	26,301	SH		SOLE	0	26,301	0	0
SI FINL GROUP INC COM	COM	78425V104	209	18,584	SH		SOLE	0	18,584	0	0
SIERRA BANCORP COM	COM	82620P102	178	11,165	SH		SOLE	0	11,165	0	0
SIMMONS FIRST NATIONAL CO	COM	828730200	629	16,890	SH		SOLE	0	16,890	0	0
SIMPLICITY BANCORP INC CO	COM	828867101	251	14,256	SH		SOLE	0	14,256	0	0
SLM CORP COM	COM	78442P106	1,139	46,546	SH		SOLE	0	46,546	0	0
SOUTHWEST BANCORP INC OKL	COM	844767103	363	20,570	SH		SOLE	0	20,570	0	0
SP BANCORP INC	COM	78468K106	256	12,918	SH		SOLE	0	12,918	0	0
SPIRIT REALTY CAPITAL INC	COM	84860W102	287	26,166	SH		SOLE	0	26,166	0	0
STANDARD FINANCIAL CORP	COM	853393106	446	23,885	SH		SOLE	0	23,885	0	0
STARWOOD HOTELS & RESOR	COM	85590A401	584	7,331	SH		SOLE	0	7,331	0	0
STATE INVESTORS BANCORP I	COM	857030100	220	14,080	SH		SOLE	0	14,080	0	0
STATE STR CORP COM	COM	857477103	980	14,085	SH		SOLE	0	14,085	0	0
SUFFOLK BANCORP COM	COM	864739107	692	31,051	SH		SOLE	0	31,051	0	0
SUN BANCORP INC NEW JERS	COM	86663B102	59	17,475	SH		SOLE	0	17,475	0	0
SUNTRUST BKS INC COM	COM	867914103	744	18,700	SH		SOLE	0	18,700	0	0
SUSQUEHANNA BANCSHARES IN	COM	869099101	441	38,800	SH		SOLE	0	38,800	0	0
SYNOPSYS INC	COM	871607107	447	11,640	SH		SOLE	0	11,640	0	0
TCP CAPITAL CORP	COM	87238Q103	321	19,400	SH		SOLE	0	19,400	0	0
TERRENO REALTY CORP	COM	88146M101	231	12,202	SH		SOLE	0	12,202	0	0
THE HOWARD HUGHS	COM	44267D107	430	3,012	SH		SOLE	0	3,012	0	0
TIBCO SOFTWARE INC COM	COM	88632Q103	323	15,920	SH		SOLE	0	15,920	0	0
UDR INC COM	COM	902653104	571	22,106	SH		SOLE	0	22,106	0	0
UIL HLDGS CORP COM	COM	902748102	1,104	30,000	SH		SOLE	0	30,000	0	0
UNITED CMNTY BK BLAIRSVIL	COM	90984P303	430	22,171	SH		SOLE	0	22,171	0	0
UNITED CMNTY FINL CORP OH	COM	909839102	158	40,218	SH		SOLE	0	40,218	0	0
VALLEY NATIONAL BANCORP C	COM	919794107	291	28,000	SH		SOLE	0	28,000	0	0
VENTAS INC COM	COM	92276F100	856	14,136	SH		SOLE	0	14,136	0	0
WASHINGTON BANKING CO COM	COM	937303105	530	29,803	SH		SOLE	0	29,803	0	0
WEBSTER FINL CORP WATERBU	COM	947890109	407	13,090	SH		SOLE	0	13,090	0	0
WEINGARTEN REALTY INVESTO	COM	948741103	524	17,454	SH		SOLE	0	17,454	0	0
WESBANCO INC COM	COM	950810101	417	13,090	SH		SOLE	0	13,090	0	0
WESTAR ENERGY INC COM	COM	95709T100	1,055	30,000	SH		SOLE	0	30,000	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	603	24,507	SH		SOLE	0	24,507	0	0
WYNDHAM WORLDWIDE CORP	COM	98310W108	701	9,566	SH		SOLE	0	9,566	0	0
YADKIN VALLEY FINANCIAL C	COM	984305102	631	29,492	SH		SOLE	0	29,492	0	0
ZIONS BANCORPORATION COM	COM	989701107	878	28,354	SH		SOLE	0	28,354	0	0