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
Estimated average burden
hours per response:		23.8

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
ANCHOR BANCORP WA COM STK	COM	032838104	441	20,000	SH		SOLE	0	20,000	0	0
ASSOCIATED BANC CORP COM	COM	045487105	359	20,000	SH		SOLE	0	20,000	0	0
ASTORIA FINL CORP COM STK	COM	046265104	282	17,500	SH		SOLE	0	17,500	0	0
ATLANTIC COAST FED CORP C	COM	048426100	271	49,000	SH		SOLE	0	49,000	0	0
BAKER HUGHES INC	COM	057224107	1,561	30,000	SH		SOLE	0	30,000	0	0
BANKFINANCIAL CORP COM ST	COM	06643P104	373	30,000	SH		SOLE	0	30,000	0	0
BANKUNITED INC	COM	06652K103	231	6,450	SH		SOLE	0	6,450	0	0
BK OF MARIN BNCP	COM	063425102	240	5,000	SH		SOLE	0	5,000	0	0
BRIDGE BANCORP INC COM ST	COM	108035106	207	7,751	SH		SOLE	0	7,751	0	0
CAPE BANCORP INC COM	COM	139209100	310	25,000	SH		SOLE	0	25,000	0	0
CASCADE BANCORP COM STK	COM	147154207	97	18,000	SH		SOLE	0	18,000	0	0
CENTERSTATE BKS FLA INC C	COM	15201P109	184	12,500	SH		SOLE	0	12,500	0	0
CIMAREX ENERGY CO COM STK	COM	171798101	1,183	11,545	SH		SOLE	0	11,545	0	0
CITIZENS FINANCIAL GROUP	COM	174610105	644	27,000	SH		SOLE	0	27,000	0	0
COASTWAY BANKCORP INC	COM	190632109	335	30,300	SH		SOLE	0	30,300	0	0
COMMUNITY BANKERS TRUST C	COM	203612106	74	14,802	SH		SOLE	0	14,802	0	0
CYS INVESTMENTS INC COM S	COM	12673A108	182	25,000	SH		SOLE	0	25,000	0	0
E TRADE FINL CORP COM STK	COM	269246401	474	18,000	SH		SOLE	0	18,000	0	0
EAST-WEST BANCORP INC COM	COM	27579R104	373	9,700	SH		SOLE	0	9,700	0	0
ELINGTN RESL MTG	COM	288578107	193	15,900	SH		SOLE	0	15,900	0	0
FCB FINANCIAL HOLDINGS IN	COM	30255G103	391	12,000	SH		SOLE	0	12,000	0	0
FIRST NORTHWEST BANCORP	COM	335834107	264	21,296	SH		SOLE	0	21,296	0	0
FLOTEK INDS INC DEL COM S	COM	343389102	835	50,000	SH		SOLE	0	50,000	0	0
FOX CHASE BANCORP INC COM	COM	35137T108	347	20,000	SH		SOLE	0	20,000	0	0
FRST CNT BNCP	COM	319850103	218	13,500	SH		SOLE	0	13,500	0	0
GREAT WESTER BAN	COM	391416104	540	21,300	SH		SOLE	0	21,300	0	0
GUARANTY BANCORP DEL COM	COM	40075T607	494	30,000	SH		SOLE	0	30,000	0	0
HAMPTON ROADS	COM	409321502	102	53,600	SH		SOLE	0	53,600	0	0
HERITAGE COMM CORP COM ST	COM	426927109	249	22,000	SH		SOLE	0	22,000	0	0
HERITAGE OAKS BANCORP COM	COM	42724R107	102	12,805	SH		SOLE	0	12,805	0	0
HILLTOP HLDGS INC COM STK	COM	432748101	426	21,500	SH		SOLE	0	21,500	0	0
HOME BANCORP INC	COM	43689E107	387	15,000	SH		SOLE	0	15,000	0	0
HOME TRST BNCSHR	COM	437872104	234	12,624	SH		SOLE	0	12,624	0	0
IBERIABANK CORP COM STK	COM	450828108	291	5,000	SH		SOLE	0	5,000	0	0
INDEPENDENT BANK GROUP IN	COM	45384B106	231	6,000	SH		SOLE	0	6,000	0	0
INVESTAR HOLDING CORP BAT	COM	46134L105	171	11,037	SH		SOLE	0	11,037	0	0
KEARNY FINANCIAL CORP NJ	COM	48716P108	172	15,000	SH		SOLE	0	15,000	0	0
KEYCORP NY COM STK	COM	493267108	325	25,000	SH		SOLE	0	25,000	0	0
LEGACYTEXAS FINANCIAL GRO	COM	52471Y106	204	6,700	SH		SOLE	0	6,700	0	0
MALVERN FEDERAL BANCORP I	COM	561409103	218	13,900	SH		SOLE	0	13,900	0	0
MARATHON PETROLEUM CORP C	COM	56585A102	1,390	30,000	SH		SOLE	0	30,000	0	0
METRO BANCORP INC PA COM	COM	59161R101	780	26,535	SH		SOLE	0	26,535	0	0
MUTUALFIRST FINANCIAL INC	COM	62845B104	264	11,300	SH		SOLE	0	11,300	0	0
OCEAN SHORE HOLDING CO CO	COM	67501R103	241	15,000	SH		SOLE	0	15,000	0	0
OCEANFIRST FINL CORP COM	COM	675234108	219	12,700	SH		SOLE	0	12,700	0	0
ORCHID ISLAND CAPITAL INC	COM	68571X103	321	34,700	SH		SOLE	0	34,700	0	0
PACIFIC MERCANTILE BANCOR	COM	694552100	168	25,000	SH		SOLE	0	25,000	0	0
PACWEST BANCORP COM STK	COM	695263103	321	7,500	SH		SOLE	0	7,500	0	0
PEOPLES BANCORP OF NORTH	COM	710577107	188	10,723	SH		SOLE	0	10,723	0	0
PINNACLE FINANCIAL PARTNE	COM	72346Q104	247	5,000	SH		SOLE	0	5,000	0	0
POLONIA BANCORP (PA) COM	COM	73158Q109	273	21,000	SH		SOLE	0	21,000	0	0
PRIVATEBANCORP INC COM ST	COM	742962103	326	8,500	SH		SOLE	0	8,500	0	0
REGIONS FINANCIAL CORP NE	COM	7591EP100	360	40,000	SH		SOLE	0	40,000	0	0
RENASANT CORP COM STK	COM	75970E107	246	7,500	SH		SOLE	0	7,500	0	0
RIVERVIEW BANCORP INC COM	COM	769397100	198	41,715	SH		SOLE	0	41,715	0	0
ROYAL BANSHARES OF PENNSY	COM	780081105	95	45,000	SH		SOLE	0	45,000	0	0
SHORE BANCSHARES INC COM	COM	825107105	290	29,800	SH		SOLE	0	29,800	0	0
SIGNATURE BANK	COM	82669G104	688	5,000	SH		SOLE	0	5,000	0	0
SOUTHERN NATL BANCOR OF V	COM	843395104	216	19,150	SH		SOLE	0	19,150	0	0
STANDARD FINANCIAL CORP	COM	853393106	541	23,000	SH		SOLE	0	23,000	0	0
STONEGATE BANK (FL) COM S	COM	861811107	414	13,000	SH		SOLE	0	13,000	0	0
SVB FINANCIAL GROUP COM S	COM	78486Q101	549	4,750	SH		SOLE	0	4,750	0	0
TRI COUNTY FINANCIAL CORP	COM	20368X101	235	9,984	SH		SOLE	0	9,984	0	0
WELLESLEY BANCRP	COM	949485106	230	12,251	SH		SOLE	0	12,251	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	430	14,000	SH		SOLE	0	14,000	0	0
WHITING PETROLEUM CORP CO	COM	966387102	1,222	80,000	SH		SOLE	0	80,000	0	0
WPX ENERGY INC	COM	98212B103	1,398	211,250	SH		SOLE	0	211,250	0	0
XENITH BANKSHARES INC COM	COM	98410X105	68	10,692	SH		SOLE	0	10,692	0	0
YADKIN VALLEY FINANCIAL C	COM	984305102	428	19,900	SH		SOLE	0	19,900	0	0
ZIONS BANCORPORATION COM	COM	989701107	275	10,000	SH		SOLE	0	10,000	0	0