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

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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
AMERICAN CAPITAL MORTGAGE	COM	02504A104	584	32,500	SH		SOLE	0	32,500	0	0
BANK OF COMMERCE HLDS COM	COM	06424J103	398	71,090	SH		SOLE	0	71,090	0	0
BANNER CORP COM STK	COM	06652V208	207	4,500	SH		SOLE	0	4,500	0	0
BAY COML BK WALNUT CREEK	COM	072199102	290	25,000	SH		SOLE	0	25,000	0	0
BK OF MARIN BNCP	COM	063425102	305	6,000	SH		SOLE	0	6,000	0	0
BNC BANCORP COM STK	COM	05566T101	344	18,985	SH		SOLE	0	18,985	0	0
BRIDGE CAP HLDGS COM STK	COM	108030107	407	15,600	SH		SOLE	0	15,600	0	0
BSB BANCORP INC/MA	COM	05573H108	297	15,000	SH		SOLE	0	15,000	0	0
CASCADE BANCORP COM STK	COM	147154207	131	27,300	SH		SOLE	0	27,300	0	0
CENTRAL VALLEY COMMUNITY	COM	155685100	217	19,800	SH		SOLE	0	19,800	0	0
CITIZENS FINANCIAL GROUP	COM	174610105	398	16,500	SH		SOLE	0	16,500	0	0
CM FINANCE INC	COM	12574Q103	218	16,438	SH		SOLE	0	16,438	0	0
COASTWAY BANKCORP INC	COM	190632109	183	16,469	SH		SOLE	0	16,469	0	0
CU BANCORP COM STK	COM	126534106	252	11,066	SH		SOLE	0	11,066	0	0
CYS INVESTMENTS INC COM S	COM	12673A108	936	105,000	SH		SOLE	0	105,000	0	0
EAGLE BANCORP MONTANA INC	COM	26942G100	167	15,000	SH		SOLE	0	15,000	0	0
ENTERPRISE FINL SVCS CORP	COM	293712105	621	30,064	SH		SOLE	0	30,064	0	0
FCB FINANCIAL HOLDINGS IN	COM	30255G103	479	17,500	SH		SOLE	0	17,500	0	0
FIDELITY SOUTHERN CORP CO	COM	316394105	285	16,900	SH		SOLE	0	16,900	0	0
FIFTH STRT SNR	COM	31679F101	525	49,400	SH		SOLE	0	49,400	0	0
FIRST BANCORP NC COMSTK	COM	318910106	250	14,236	SH		SOLE	0	14,236	0	0
FIRST FEDERAL NORTHERN MI	COM	32021X105	144	24,200	SH		SOLE	0	24,200	0	0
FIVE OAKS INVESTMENT CORP	COM	33830W106	1,268	119,050	SH		SOLE	0	119,050	0	0
FOX CHASE BANCORP INC COM	COM	35137T108	405	24,083	SH		SOLE	0	24,083	0	0
GUARANTY BANCORP DEL COM	COM	40075T607	628	37,000	SH		SOLE	0	37,000	0	0
GUARANTY FEDERAL BANCSHAR	COM	40108P101	146	10,100	SH		SOLE	0	10,100	0	0
HARVEST CAPITAL	COM	41753F109	278	21,400	SH		SOLE	0	21,400	0	0
HATTERAS FINANCIAL COM ST	COM	41902R103	363	20,000	SH		SOLE	0	20,000	0	0
HERITAGE OAKS BANCORP COM	COM	42724R107	582	70,000	SH		SOLE	0	70,000	0	0
HF FINANCIAL CORP COM STK	COM	404172108	326	22,100	SH		SOLE	0	22,100	0	0
HILLTOP HLDGS INC COM STK	COM	432748101	360	18,500	SH		SOLE	0	18,500	0	0
INDEPENDENT BANK GROUP IN	COM	45384B106	296	7,600	SH		SOLE	0	7,600	0	0
JAVELIN MORTGAGE INVESTME	COM	47200B104	449	59,400	SH		SOLE	0	59,400	0	0
KCAP FINANCIAL INC COM ST	COM	48668E101	69	10,202	SH		SOLE	0	10,202	0	0
MALVERN FEDERAL BANCORP I	COM	561409103	402	29,800	SH		SOLE	0	29,800	0	0
MBT FINANCIAL CORP COM ST	COM	578877102	283	50,400	SH		SOLE	0	50,400	0	0
MEDLEY CAPITAL	COM	58503F106	438	47,900	SH		SOLE	0	47,900	0	0
METRO BANCORP INC PA COM	COM	59161R101	414	15,000	SH		SOLE	0	15,000	0	0
MUTUALFIRST FINANCIAL INC	COM	62845B104	297	12,900	SH		SOLE	0	12,900	0	0
NAUGATUCK VY FINL CORP CO	COM	63906P107	219	23,900	SH		SOLE	0	23,900	0	0
NORTHSR REAL FIN	COM	66704R704	446	24,600	SH		SOLE	0	24,600	0	0
OCEAN SHORE HOLDING CO CO	COM	67501R103	557	37,800	SH		SOLE	0	37,800	0	0
PACIFIC PREMIER BANCORP C	COM	69478X105	184	11,394	SH		SOLE	0	11,394	0	0
PACWEST BANCORP COM STK	COM	695263103	234	5,000	SH		SOLE	0	5,000	0	0
PALMETTO BANCSHARES INC C	COM	697062206	494	26,000	SH		SOLE	0	26,000	0	0
PATTERSON-UTI ENERGY INC	COM	703481101	751	40,000	SH		SOLE	0	40,000	0	0
PENNANTPARK INVT CORP COM	COM	708062104	269	29,700	SH		SOLE	0	29,700	0	0
PIONEER DRILLING CO COM S	COM	723664108	145	26,800	SH		SOLE	0	26,800	0	0
POLONIA BANCORP (PA) COM	COM	73158Q109	263	21,000	SH		SOLE	0	21,000	0	0
PRUDENTIAL BANCORP INC OF	COM	74431A101	318	25,000	SH		SOLE	0	25,000	0	0
PULASKI FINL CORP COM STK	COM	745548107	260	20,987	SH		SOLE	0	20,987	0	0
RAIT FINL TR COM REIT	COM	749227609	497	72,500	SH		SOLE	0	72,500	0	0
REGIONS FINANCIAL CORP NE	COM	7591EP100	612	64,800	SH		SOLE	0	64,800	0	0
RENASANT CORP COM STK	COM	75970E107	343	11,400	SH		SOLE	0	11,400	0	0
RESOURCE CAPTIAL CORPORAT	COM	76120W302	549	120,900	SH		SOLE	0	120,900	0	0
RIVERVIEW BANCORP INC COM	COM	769397100	286	63,644	SH		SOLE	0	63,644	0	0
SHORE BANCSHARES INC COM	COM	825107105	225	24,500	SH		SOLE	0	24,500	0	0
SOUTHCOAST FINANCIAL CORP	COM	84129R100	78	10,750	SH		SOLE	0	10,750	0	0
STANDARD FINANCIAL CORP	COM	853393106	498	23,710	SH		SOLE	0	23,710	0	0
STONEGATE BANK (FL) COM S	COM	861811107	450	14,900	SH		SOLE	0	14,900	0	0
SUN BANCORP INC NEW JERSE	COM	86663B201	276	14,600	SH		SOLE	0	14,600	0	0
SUSSEX BANCORP COM STK	COM	869245100	178	15,800	SH		SOLE	0	15,800	0	0
SVB FINANCIAL GROUP COM S	COM	78486Q101	318	2,500	SH		SOLE	0	2,500	0	0
TRI COUNTY FINANCIAL CORP	COM	20368X101	224	11,221	SH		SOLE	0	11,221	0	0
TRPLPNT VNT GRW	COM	89677Y100	212	15,000	SH		SOLE	0	15,000	0	0
UMB FINANCIAL CORP COM ST	COM	902788108	370	7,000	SH		SOLE	0	7,000	0	0
WELLESLEY BANCRP	COM	949485106	236	12,600	SH		SOLE	1	12,600	0	0