0000919574-11-004527.txt : 20110812
0000919574-11-004527.hdr.sgml : 20110812
20110812155645
ACCESSION NUMBER: 0000919574-11-004527
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20110630
FILED AS OF DATE: 20110812
DATE AS OF CHANGE: 20110812
EFFECTIVENESS DATE: 20110812
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PROSPECTOR PARTNERS LLC
CENTRAL INDEX KEY: 0001080380
IRS NUMBER: 000000000
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-04685
FILM NUMBER: 111031320
BUSINESS ADDRESS:
STREET 1: 370 CHURCH
STREET 2: STREET
CITY: GUILFORD
STATE: CT
ZIP: 06437
MAIL ADDRESS:
STREET 1: 370 CHURCH
STREET 2: STREET
CITY: GUILFORD
STATE: CT
ZIP: 06437
13F-HR
1
d1215271_13f-hr.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F Cover Page
Report for the Calendar Year or Quarter Ended June 30, 2011
Check here if Amendment: |_|; Amendment Number: ____
This Amendment (Check only one): |_| is a restatement
|_| adds new holding entries.
Institutional Manager Filing this Report:
Name: Prospector Partners, LLC
Address: 370 Church Street
Guilford, CT 06437
13F File Number: 028-04685
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: John D. Gillespie
Title: Managing Member
Phone: (203) 458-1500
Signature, Place and Date of Signing:
/s/ John D. Gillespie Guilford, CT August 12, 2011
----------------------- -------------------------- ----------------------
[Signature] [City, State] [Date]
Report Type: (Check only one):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report).
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting managers(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager: NONE
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 2
Form 13F Information Table Entry Total: 312
Form 13F Information Table Value Total: $2,223,267
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
No. Form 13F File Number Name
1. 028-00470 White Mountains Advisors LLC
2. 028-12951 OneBeacon Insurance Group, Ltd.
----------------------- --------------------------------
FORM 13F INFORMATION TABLE
June 30, 2011
Prospector Partners, LLC
COL 1 COL 2 COL 3 COL 4 COL 5 COL 6 COL 7 COL 8
VALUE SHRS OR SH/ PUT/ INVSNT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRTN MGRS SOLE SHARED NONE
-------------- --------------- ------ --------- -------- --- ----- ------- ----- ----- ------- ----
ABBOTT LABS COM 002824100 15,807 300,400 Sole 2 300,400
ABBOTT LABS COM 002824100 2,557 48,600 Shared 1 48,600
ADVANCED MICRO DEVICES INC NOTE 5.750% 8/1 007903AN7 16,144 15,750,000 Sole 2 15,750,000
ADVANCED MICRO DEVICES INC NOTE 5.750% 8/1 007903AN7 2,306 2,250,000 Shared 1 2,250,000
AFLAC INC COM 001055102 1,886 40,400 Sole NONE 40,400
AFLAC INC COM 001055102 616 13,200 Shared 1 13,200
ALLEGHANY CORP DEL COM 017175100 5,168 15,513 Sole NONE 15,513
ALLIANT TECHSYSTEMS INC COM 018804104 3,524 49,400 Sole NONE 49,400
ALLIANT TECHSYSTEMS INC COM 018804104 442 6,200 Shared 1 6,200
ALLIANT TECHSYSTEMS INC NOTE 3.000% 8/1 018804AK0 7,084 6,375,000 Sole 2 6,375,000
ALLIANT TECHSYSTEMS INC NOTE 3.000% 8/1 018804AK0 695 625,000 Shared 1 625,000
ALTERRA CAPITAL HOLDINGS LIM COM G0229R108 17,392 779,900 Sole 2 779,900
ALTERRA CAPITAL HOLDINGS LIM COM G0229R108 1,548 69,404 Shared 1 69,404
AMEREN CORP COM 023608102 3,694 128,100 Sole NONE 128,100
AMEREN CORP COM 023608102 588 20,400 Shared 1 20,400
AMERICAN EAGLE OUTFITTERS NE COM 02553E106 1,136 89,100 Sole NONE 89,100
AMERICAN EAGLE OUTFITTERS NE COM 02553E106 277 21,700 Shared 1 21,700
AMERICAN ELEC PWR INC COM 025537101 2,845 75,500 Sole NONE 75,500
AMERICAN ELEC PWR INC COM 025537101 833 22,100 Shared 1 22,100
AMERISAFE INC COM 03071H100 724 32,000 Sole NONE 32,000
AMGEN INC NOTE 0.375% 2/0 031162AQ3 20,753 20,675,000 Sole 2 20,675,000
AMGEN INC NOTE 0.375% 2/0 031162AQ3 2,836 2,825,000 Shared 1 2,825,000
AMR CORP NOTE 6.250%10/1 001765BC9 1,722 1,775,000 Sole 2 1,775,000
AMR CORP NOTE 6.250%10/1 001765BC9 218 225,000 Shared 1 225,000
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 4,558 108,300 Sole 2 108,300
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 615 14,600 Shared 1 14,600
ANIXTER INTL INC NOTE 1.000% 2/1 035290AJ4 42,379 35,725,000 Sole 2 35,725,000
ANIXTER INTL INC NOTE 1.000% 2/1 035290AJ4 6,257 5,275,000 Shared 1 5,275,000
AON CORP COM 037389103 13,287 259,000 Sole NONE 259,000
AON CORP COM 037389103 1,113 21,700 Shared 1 21,700
ARCH CAP GROUP LTD ORD G0450A105 29,455 922,773 Sole 2 922,773
ARCH CAP GROUP LTD ORD G0450A105 1,149 36,000 Shared 1 36,000
ARCHER DANIELS MIDLAND CO NOTE 0.875% 2/1 039483AW2 24,872 23,575,000 Sole 2 23,575,000
ARCHER DANIELS MIDLAND CO NOTE 0.875% 2/1 039483AW2 3,613 3,425,000 Shared 1 3,425,000
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 8,331 323,803 Sole NONE 323,803
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 49 1,900 Shared 1 1,900
ASSURANT INC COM 04621X108 6,365 175,500 Sole NONE 175,500
AUTOMATIC DATA PROCESSING IN COM 053015103 53,649 1,018,400 Sole 2 1,018,400
AUTOMATIC DATA PROCESSING IN COM 053015103 9,198 174,600 Shared 1 174,600
AVATAR HLDGS INC NOTE 7.500% 2/1 053494AG5 2,625 2,625,000 Sole 2 2,625,000
AVATAR HLDGS INC NOTE 7.500% 2/1 053494AG5 375 375,000 Shared 1 375,000
BARRICK GOLD CORP COM 067901108 38,447 848,900 Sole 2 848,900
BARRICK GOLD CORP COM 067901108 6,164 136,100 Shared 1 136,100
BERKSHIRE HATHAWAY INC DEL CL A 084670108 1,045 9 Sole NONE 9
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 37,066 478,956 Sole 2 478,956
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 3,421 44,200 Shared 1 44,200
BMC SOFTWARE INC COM 055921100 2,576 47,100 Sole NONE 47,100
BMC SOFTWARE INC COM 055921100 1,061 19,400 Shared 1 19,400
BRIGGS & STRATTON CORP COM 109043109 2,395 120,600 Sole NONE 120,600
BRIGGS & STRATTON CORP COM 109043109 908 45,700 Shared 1 45,700
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 532 22,100 Sole NONE 22,100
CAMPBELL SOUP CO COM 134429109 16,791 486,000 Sole 2 486,000
CAMPBELL SOUP CO COM 134429109 2,747 79,500 Shared 1 79,500
CAPE BANCORP INC COM 139209100 797 79,662 Sole NONE 79,662
CELADON GROUP INC COM 150838100 335 24,000 Sole NONE 24,000
CHARLES RIV LABS INTL INC NOTE 2.250% 6/1 159864AB3 15,023 14,325,000 Sole 2 14,325,000
CHARLES RIV LABS INTL INC NOTE 2.250% 6/1 159864AB3 2,281 2,175,000 Shared 1 2,175,000
CHARTER FINL CORP WEST PT GA COM 16122M100 2,499 252,400 Sole 2 252,400
CHARTER FINL CORP WEST PT GA COM 16122M100 471 47,600 Shared 1 47,600
CHEMED CORP NEW NOTE 1.875% 5/1 16359RAC7 6,721 6,525,000 Sole 2 6,525,000
CHEMED CORP NEW NOTE 1.875% 5/1 16359RAC7 1,004 975,000 Shared 1 975,000
CHICOPEE BANCORP INC COM 168565109 1,698 118,771 Sole NONE 118,771
CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 2,529 2,600,000 Sole 2 2,600,000
CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 389 400,000 Shared 1 400,000
CHUBB CORP COM 171232101 17,594 281,009 Sole NONE 281,009
CHURCH & DWIGHT IN COM 171340102 11,310 278,982 Sole NONE 278,982
CHURCH & DWIGHT IN COM 171340102 1,362 33,600 Shared 1 33,600
CIGNA CORP COM 125509109 1,882 36,600 Sole NONE 36,600
CINCINNATI FINL CORP COM 172062101 4,279 146,650 Sole NONE 146,650
CISCO SYS INC COM 17275R102 5,156 330,300 Sole NONE 330,300
CISCO SYS INC COM 17275R102 1,264 81,000 Shared 1 81,000
CIT GROUP INC COM NEW 125581801 4,426 100,000 Call Sole NONE 100,000
CITIGROUP INC COM NEW 172967424 13,796 331,309 Sole NONE 331,309
CITIGROUP INC COM NEW 172967424 1,432 34,390 Shared 1 34,390
CLIFTON SVGS BANCORP INC COM 18712Q103 750 67,900 Sole NONE 67,900
CLOROX CO DEL COM 189054109 6,639 98,450 Sole NONE 98,450
CLOROX CO DEL COM 189054109 2,151 31,900 Shared 1 31,900
CLOROX CO DEL COM 189054109 3,507 52,000 Call Sole NONE 52,000
CNA FINL CORP COM 126117100 6,321 217,600 Sole NONE 217,600
COCA COLA CO COM 191216100 13,545 201,300 Sole 2 201,300
COCA COLA CO COM 191216100 4,212 62,600 Shared 1 62,600
COCA COLA ENTERPRISES INC NE COM 19122T109 14,634 501,500 Sole 2 501,500
COCA COLA ENTERPRISES INC NE COM 19122T109 2,495 85,500 Shared 1 85,500
CONNECTICUT BK&TR CO HART NE COM 207546102 665 101,686 Sole NONE 101,686
CURTISS WRIGHT CORP COM 231561101 4,762 147,100 Sole 2 147,100
CURTISS WRIGHT CORP COM 231561101 741 22,900 Shared 1 22,900
DISNEY WALT CO COM DISNEY 254687106 1,587 40,639 Sole 2 40,639
DISNEY WALT CO COM DISNEY 254687106 281 7,200 Shared 1 7,200
DOMTAR CORP COM NEW 257559203 28,142 297,107 Sole 2 297,107
DOMTAR CORP COM NEW 257559203 4,679 49,400 Shared 1 49,400
DONEGAL GROUP INC CL A 257701201 2,793 218,200 Sole 2 218,200
DONEGAL GROUP INC CL A 257701201 458 35,800 Shared 1 35,800
DREAMWORKS ANIMATION SKG INC CL A 26153C103 4,543 226,000 Sole 2 226,000
DREAMWORKS ANIMATION SKG INC CL A 26153C103 683 34,000 Shared 1 34,000
DU PONT E I DE NEMOURS & CO COM 263534109 58,320 1,079,000 Sole 2 1,079,000
DU PONT E I DE NEMOURS & CO COM 263534109 10,367 191,800 Shared 1 191,800
E M C CORP MASS COM 268648102 7,279 264,200 Sole NONE 264,200
E M C CORP MASS COM 268648102 1,088 39,500 Shared 1 39,500
EL PASO CORP COM 28336L109 6,306 312,200 Sole 2 312,200
EL PASO CORP COM 28336L109 1,075 53,200 Shared 1 53,200
EL PASO ENERGY CAP TR I PFD CV TR SECS 283678209 4,374 98,300 Sole 2 98,300
EL PASO ENERGY CAP TR I PFD CV TR SECS 283678209 690 15,500 Shared 1 15,500
EMPIRE DIST ELEC CO COM 291641108 2,477 128,600 Sole NONE 128,600
EMPIRE DIST ELEC CO COM 291641108 749 38,900 Shared 1 38,900
EMPLOYERS HOLDINGS INC COM 292218104 637 38,000 Sole NONE 38,000
F5 NETWORKS INC COM 315616102 5,325 48,300 Put Sole NONE 48,300
FIFTH THIRD BANCORP COM 316773100 9,649 756,800 Sole NONE 756,800
FIFTH THIRD BANCORP COM 316773100 1,446 113,400 Shared 1 113,400
FIRST AMERN FINL CORP COM 31847R102 6,321 403,900 Sole 2 403,900
FIRST AMERN FINL CORP COM 31847R102 1,034 66,100 Shared 1 66,100
FIRST DEFIANCE FINL CORP COM 32006W106 1,415 96,331 Sole NONE 96,331
FIRSTENERGY CORP COM 337932107 41,568 941,516 Sole 2 941,516
FIRSTENERGY CORP COM 337932107 7,112 161,097 Shared 1 161,097
FORESTAR GROUP INC COM 346233109 7,707 469,100 Sole 2 469,100
FORESTAR GROUP INC COM 346233109 1,119 68,100 Shared 1 68,100
FORTUNE BRANDS INC COM 349631101 19,150 300,300 Sole 2 300,300
FORTUNE BRANDS INC COM 349631101 3,048 47,800 Shared 1 47,800
FOX CHASE BANCORP INC NEW COM 35137T108 3,000 221,403 Sole NONE 221,403
FOX CHASE BANCORP INC NEW COM 35137T108 339 25,000 Shared 1 25,000
FRANKLIN RES INC COM 354613101 26,350 200,701 Sole NONE 200,701
FRANKLIN RES INC COM 354613101 2,560 19,500 Shared 1 19,500
FULLER H B CO COM 359694106 2,212 90,600 Sole NONE 90,600
FULLER H B CO COM 359694106 857 35,100 Shared 1 35,100
GALLAGHER ARTHUR J & CO COM 363576109 3,490 122,300 Sole NONE 122,300
GENON ENERGY INC COM 37244E107 42,138 10,916,540 Sole 2 10,916,540
GENON ENERGY INC COM 37244E107 5,765 1,493,514 Shared 1 1,493,514
GILEAD SCIENCES INC NOTE 0.625% 5/0 375558AH6 6,109 5,150,000 Sole 2 5,150,000
GILEAD SCIENCES INC NOTE 0.625% 5/0 375558AH6 1,008 850,000 Shared 1 850,000
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 45,899 3,145,900 Sole 2 3,145,900
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 8,252 565,600 Shared 1 565,600
GOLDMAN SACHS GROUP INC COM 38141G104 2,422 18,200 Sole NONE 18,200
GRACO INC COM 384109104 2,128 42,000 Sole NONE 42,000
GREATBATCH INC SDCV 2.250% 6/1 39153LAB2 19,393 19,225,000 Sole 2 19,225,000
GREATBATCH INC SDCV 2.250% 6/1 39153LAB2 2,799 2,775,000 Shared 1 2,775,000
GUARANTY BANCORP DEL COM 40075T102 755 563,350 Sole NONE 563,350
GUARANTY BANCORP DEL COM 40075T102 1,733 1,293,628 Shared 1 1,293,628
HALLMARK FINL SVCS INC EC COM NEW 40624Q203 334 42,500 Sole NONE 42,500
HAMPDEN BANCORP INC COM 40867E107 549 41,367 Sole NONE 41,367
HESS CORP COM 42809H107 23,606 315,751 Sole 2 315,751
HESS CORP COM 42809H107 3,873 51,800 Shared 1 51,800
HEWLETT PACKARD CO COM 428236103 9,730 267,300 Sole 2 267,300
HEWLETT PACKARD CO COM 428236103 2,632 72,300 Shared 1 72,300
HOLOGIC INC FRNT 2.000%12/1 436440AA9 3,371 3,475,000 Sole 2 3,475,000
HOLOGIC INC FRNT 2.000%12/1 436440AA9 509 525,000 Shared 1 525,000
HOME DEPOT INC COM 437076102 6,212 171,500 Sole NONE 171,500
HOME DEPOT INC COM 437076102 2,354 65,000 Shared 1 65,000
HUMANA INC COM 444859102 2,859 35,500 Sole NONE 35,500
HUMANA INC COM 444859102 1,103 13,700 Shared 1 13,700
INVESCO LTD SHS G491BT108 6,224 266,000 Sole NONE 266,000
INVESCO LTD SHS G491BT108 1,126 48,100 Shared 1 48,100
JOHNSON & JOHNSON COM 478160104 38,256 575,100 Sole 2 575,100
JOHNSON & JOHNSON COM 478160104 7,424 111,600 Shared 1 111,600
JPMORGAN CHASE & CO COM 46625H100 24,167 590,300 Sole NONE 590,300
JPMORGAN CHASE & CO COM 46625H100 3,193 78,000 Shared 1 78,000
KINROSS GOLD CORP COM NO PAR 496902404 3,248 205,600 Sole NONE 205,600
KINROSS GOLD CORP COM NO PAR 496902404 1,269 80,300 Shared 1 80,300
KINROSS GOLD CORP NOTE 1.750% 3/1 496902AD9 16,418 16,500,000 Sole 2 16,500,000
KINROSS GOLD CORP NOTE 1.750% 3/1 496902AD9 3,980 4,000,000 Shared 1 4,000,000
LANCASTER COLONY CORP COM 513847103 924 15,200 Sole NONE 15,200
LANCASTER COLONY CORP COM 513847103 353 5,800 Shared 1 5,800
LEUCADIA NATL CORP COM 527288104 18,570 544,584 Sole NONE 544,584
LEUCADIA NATL CORP COM 527288104 1,548 45,400 Shared 1 45,400
LOCKHEED MARTIN CORP COM 539830109 3,117 38,500 Sole NONE 38,500
LOEWS CORP COM 540424108 26,685 634,000 Sole 2 634,000
LOEWS CORP COM 540424108 4,386 104,200 Shared 1 104,200
MAIDEN HOLDINGS LTD SHS G5753U112 1,862 204,600 Sole NONE 204,600
MARATHON OIL CORP COM 565849106 54,255 1,029,900 Sole 2 1,029,900
MARATHON OIL CORP COM 565849106 8,813 167,300 Shared 1 167,300
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 2,113 38,700 Sole NONE 38,700
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 2,916 197,500 Sole NONE 197,500
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 374 25,300 Shared 1 25,300
MATTEL INC COM 577081102 1,696 61,700 Sole NONE 61,700
MATTHEWS INTL CORP CL A 577128101 1,911 47,600 Sole NONE 47,600
MATTHEWS INTL CORP CL A 577128101 566 14,100 Shared 1 14,100
MEDTRONIC INC NOTE 1.625% 4/1 585055AM8 12,398 12,125,000 Sole 2 12,125,000
MEDTRONIC INC NOTE 1.625% 4/1 585055AM8 1,917 1,875,000 Shared 1 1,875,000
MERCK & CO INC NEW COM 58933Y105 984 27,893 Sole NONE 27,893
METLIFE INC COM 59156R108 10,667 243,151 Sole NONE 243,151
METLIFE INC COM 59156R108 776 17,700 Shared 1 17,700
METRO BANCORP INC PA COM 59161R101 836 73,180 Sole NONE 73,180
MF GLOBAL HLDGS LTD NOTE 1.875% 2/0 55277JAA6 1,462 1,475,000 Sole NONE 1,475,000
MF GLOBAL HLDGS LTD NOTE 1.875% 2/0 55277JAA6 520 525,000 Shared 1 525,000
MF GLOBAL HLDGS LTD COM 55277J108 2,308 298,200 Sole NONE 298,200
MICROSOFT CORP COM 594918104 16,224 624,000 Sole 2 624,000
MICROSOFT CORP COM 594918104 2,668 102,600 Shared 1 102,600
MOLINA HEALTHCARE INC COM 60855R100 1,546 57,000 Sole NONE 57,000
MOLSON COORS BREWING CO CL B 60871R209 6,751 150,900 Sole NONE 150,900
MOLSON COORS BREWING CO CL B 60871R209 1,866 41,700 Shared 1 41,700
MORTONS RESTAURANT GRP INC N COM 619430101 452 62,477 Sole NONE 62,477
NAVIGATORS GROUP INC COM 638904102 4,512 96,002 Sole NONE 96,002
NCR CORP NEW COM 62886E108 1,904 100,800 Sole NONE 100,800
NCR CORP NEW COM 62886E108 735 38,900 Shared 1 38,900
NEENAH PAPER INC COM 640079109 9,497 446,300 Sole 2 446,300
NEENAH PAPER INC COM 640079109 1,568 73,700 Shared 1 73,700
NETAPP INC COM 64110D104 6,281 119,000 Sole NONE 119,000
NETAPP INC COM 64110D104 866 16,400 Shared 1 16,400
NEW YORK TIMES CO CL A 650111107 535 61,400 Sole NONE 61,400
NEW YORK TIMES CO CL A 650111107 30 3,400 Shared 1 3,400
NEWMONT MINING CORP COM 651639106 57,948 1,073,700 Sole 2 1,073,700
NEWMONT MINING CORP COM 651639106 8,937 165,600 Shared 1 165,600
NEXEN INC COM 65334H102 49,475 2,198,900 Sole 2 2,198,900
NEXEN INC COM 65334H102 8,726 387,800 Shared 1 387,800
NORTHERN TR CORP COM 665859104 9,826 213,800 Sole NONE 213,800
NORTHERN TR CORP COM 665859104 1,163 25,300 Shared 1 25,300
NORTHGATE MINERALS CORP COM 666416102 2,179 838,100 Sole 2 838,100
NORTHGATE MINERALS CORP COM 666416102 356 136,900 Shared 1 136,900
NORTHGATE MINERALS CORP NOTE 3.500%10/0 666416AB8 5,173 5,225,000 Sole 2 5,225,000
NORTHGATE MINERALS CORP NOTE 3.500%10/0 666416AB8 767 775,000 Shared 1 775,000
NORTHWEST BANCSHARES INC MD COM 667340103 2,771 220,300 Sole NONE 220,300
NORTHWEST BANCSHARES INC MD COM 667340103 1,101 87,500 Shared 1 87,500
NORTHWESTERN CORP COM NEW 668074305 248 7,500 Sole NONE 7,500
NORTHWESTERN CORP COM NEW 668074305 202 6,100 Shared 1 6,100
NV ENERGY INC COM 67073Y106 12,149 791,480 Sole NONE 791,480
O REILLY AUTOMOTIVE INC NEW COM 67103H107 2,555 39,000 Put Sole NONE 39,000
OCEAN SHORE HLDG CO NEW COM 67501R103 682 56,449 Sole NONE 56,449
OMNIAMERICAN BANCORP INC COM 68216R107 2,654 177,300 Sole NONE 177,300
ORACLE CORP COM 68389X105 3,149 95,700 Sole NONE 95,700
ORACLE CORP COM 68389X105 540 16,400 Shared 1 16,400
ORIENTAL FINL GROUP INC COM 68618W100 2,176 168,800 Sole NONE 168,800
ORITANI FINL CORP DEL COM 68633D103 8,364 653,961 Sole NONE 653,961
ORITANI FINL CORP DEL COM 68633D103 1,393 108,900 Shared 1 108,900
PENN MILLERS HLDG CORP COM 707561106 2,465 145,839 Sole NONE 145,839
PEOPLES UNITED FINANCIAL INC COM 712704105 403 30,000 Call Sole NONE 30,000
PEPSICO INC COM 713448108 3,310 47,000 Call Sole NONE 47,000
PEPSICO INC COM 713448108 17,009 241,500 Sole NONE 241,500
PEPSICO INC COM 713448108 3,514 49,900 Shared 1 49,900
PFIZER INC COM 717081103 40,998 1,990,215 Sole 2 1,990,215
PFIZER INC COM 717081103 7,154 347,300 Shared 1 347,300
PHH CORP NOTE 4.000% 9/0 693320AN3 8,554 7,875,000 Sole 2 7,875,000
PHH CORP NOTE 4.000% 9/0 693320AN3 1,222 1,125,000 Shared 1 1,125,000
PICO HLDGS INC COM NEW 693366205 1,923 66,300 Sole NONE 66,300
PLATINUM UNDERWRITER HLDGS L COM G7127P100 49,729 1,496,056 Sole 2 1,496,056
PLATINUM UNDERWRITER HLDGS L COM G7127P100 4,710 141,700 Shared 1 141,700
POST PPTYS INC COM 737464107 23,930 587,100 Sole 2 587,100
POST PPTYS INC COM 737464107 3,982 97,700 Shared 1 97,700
PROCTER & GAMBLE CO COM 742718109 4,975 78,258 Sole NONE 78,258
PROCTER & GAMBLE CO COM 742718109 1,621 25,500 Shared 1 25,500
PROGRESSIVE CORP OHIO COM 743315103 7,900 369,500 Sole NONE 369,500
PRUDENTIAL FINL INC COM 744320102 6,187 97,300 Sole NONE 97,300
PSB HLDGS INC COM 69360W108 594 114,486 Sole NONE 114,486
PUBLIC SVC ENTERPRISE GROUP COM 744573106 10,732 328,800 Sole 2 328,800
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,736 53,200 Shared 1 53,200
QUALCOMM INC COM 747525103 670 11,800 Sole NONE 11,800
QUALCOMM INC COM 747525103 568 10,000 Shared 1 10,000
ROMA FINANCIAL CORP COM 77581P109 495 47,110 Sole NONE 47,110
RPM INTL INC COM 749685103 1,324 57,500 Sole NONE 57,500
RPM INTL INC COM 749685103 803 34,900 Shared 1 34,900
SAFETY INS GROUP INC COM 78648T100 2,443 58,100 Sole NONE 58,100
SARA LEE CORP COM 803111103 15,012 790,500 Sole 2 790,500
SARA LEE CORP COM 803111103 2,459 129,500 Shared 1 129,500
SILGAN HOLDINGS INC COM 827048109 1,606 39,200 Sole NONE 39,200
SILGAN HOLDINGS INC COM 827048109 795 19,400 Shared 1 19,400
SMITHFIELD FOODS INC NOTE 4.000% 6/3 832248AR9 10,057 8,550,000 Sole 2 8,550,000
SMITHFIELD FOODS INC NOTE 4.000% 6/3 832248AR9 1,706 1,450,000 Shared 1 1,450,000
SPDR GOLD TRUST GOLD SHS 78463V107 1,708 11,700 Sole NONE 11,700
SPDR S&P 500 ETF TR TR UNIT 78462F103 19,136 145,000 Sole NONE 145,000
STATE AUTO FINL CORP COM 855707105 16,393 940,500 Sole 2 940,500
STATE AUTO FINL CORP COM 855707105 2,693 154,500 Shared 1 154,500
STATE BANCORP INC N.Y COM 855716106 1,714 128,514 Sole NONE 128,514
STEWART INFORMATION SVCS COR COM 860372101 201 20,000 Sole NONE 20,000
SUNTRUST BKS INC COM 867914103 5,676 220,000 Call Sole NONE 220,000
SUPERVALU INC COM 868536103 6,522 693,098 Sole 2 693,098
SUPERVALU INC COM 868536103 1,081 114,900 Shared 1 114,900
SYMETRA FINL CORP COM 87151Q106 29,405 2,189,473 Sole NONE 2,189,473
SYMS CORP COM 871551107 129 12,000 Sole NONE 12,000
SYNOPSYS INC COM 871607107 1,553 60,400 Sole NONE 60,400
SYNOPSYS INC COM 871607107 229 8,900 Shared 1 8,900
TELEPHONE & DATA SYS INC COM 879433100 10,421 335,300 Sole 2 335,300
TELEPHONE & DATA SYS INC COM 879433100 1,700 54,700 Shared 1 54,700
TERADATA CORP DEL COM 88076W103 765 12,700 Sole NONE 12,700
TERRITORIAL BANCORP INC COM 88145X108 2,356 113,700 Sole NONE 113,700
THOMAS PPTYS GROUP INC COM 884453101 2,733 851,387 Sole 2 851,387
THOMAS PPTYS GROUP INC COM 884453101 337 104,900 Shared 1 104,900
TOOTSIE ROLL INDS INC COM 890516107 22,441 766,960 Sole 2 766,960
TOOTSIE ROLL INDS INC COM 890516107 3,695 126,286 Shared 1 126,286
TRINITY INDS INC NOTE 3.875% 6/0 896522AF6 16,309 15,625,000 Sole 2 15,625,000
TRINITY INDS INC NOTE 3.875% 6/0 896522AF6 2,479 2,375,000 Shared 1 2,375,000
TYCO INTERNATIONAL LTD SHS H89128104 12,076 244,300 Sole 2 244,300
TYCO INTERNATIONAL LTD SHS H89128104 262 5,300 Shared 1 5,300
UNISOURCE ENERGY CORP NOTE 4.500% 3/0 909205AB2 19,749 18,350,000 Sole 2 18,350,000
UNISOURCE ENERGY CORP NOTE 4.500% 3/0 909205AB2 2,852 2,650,000 Shared 1 2,650,000
UNITIL CORP COM 913259107 2,109 80,200 Sole NONE 80,200
UNUM GROUP COM 91529Y106 6,485 254,500 Sole NONE 254,500
USEC INC COM 90333E108 1,161 347,500 Sole 2 347,500
USEC INC COM 90333E108 192 57,500 Shared 1 57,500
USEC INC NOTE 3.000%10/0 90333EAC2 50,727 70,700,000 Sole 2 70,700,000
USEC INC NOTE 3.000%10/0 90333EAC2 7,390 10,300,000 Shared 1 10,300,000
VIEWPOINT FINL GROUP INC M COM 92672A101 3,852 279,100 Sole NONE 279,100
VIEWPOINT FINL GROUP INC M COM 92672A101 410 29,700 Shared 1 29,700
VIRGINIA COMM BANCORP INC COM 92778Q109 969 163,900 Sole NONE 163,900
VISA INC COM CL A 92826C839 4,929 58,500 Sole NONE 58,500
VISA INC COM CL A 92826C839 683 8,100 Shared 1 8,100
WAL MART STORES INC COM 931142103 17,844 335,800 Sole 2 335,800
WAL MART STORES INC COM 931142103 4,666 87,800 Shared 1 87,800
WAL MART STORES INC COM 931142103 4,251 80,000 Call Sole NONE 80,000
WALGREEN CO COM 931422109 23,013 542,000 Sole 2 542,000
WALGREEN CO COM 931422109 3,779 89,000 Shared 1 89,000
WATERSTONE FINANCIAL INC COM 941888109 409 181,900 Sole NONE 181,900
WELLPOINT INC COM 94973V107 12,312 156,300 Sole NONE 156,300
WELLPOINT INC COM 94973V107 1,906 24,200 Shared 1 24,200
WESTERN UN CO COM 959802109 210 10,500 Sole NONE 10,500
WESTFIELD FINANCIAL INC NEW COM 96008P104 1,216 149,700 Sole NONE 149,700
WHITE MTNS INS GROUP LTD COM G9618E107 21,008 50,000 Sole NONE 50,000
WHITE RIVER CAPITAL INC COM 96445P105 276 14,330 Sole NONE 14,330
WILLIAMS CLAYTON ENERGY INC COM 969490101 16,388 272,900 Sole 2 272,900
WILLIAMS CLAYTON ENERGY INC COM 969490101 2,648 44,100 Shared 1 44,100
XEROX CORP COM 984121103 25,485 2,448,135 Sole 2 2,448,135
XEROX CORP COM 984121103 4,132 396,900 Shared 1 396,900
XILINX INC COM 983919101 5,667 155,400 Sole NONE 155,400
XILINX INC COM 983919101 1,123 30,800 Shared 1 30,800
YUM BRANDS INC COM 988498101 2,922 52,900 Sole NONE 52,900
YUM BRANDS INC COM 988498101 398 7,200 Shared 1 7,200
SK 02081 0001 1215271