0000919574-11-006269.txt : 20111114
0000919574-11-006269.hdr.sgml : 20111111
20111114144654
ACCESSION NUMBER: 0000919574-11-006269
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20110930
FILED AS OF DATE: 20111114
DATE AS OF CHANGE: 20111114
EFFECTIVENESS DATE: 20111114
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: 111201260
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
d1236963_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 September 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 November 14, 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: 317
Form 13F Information Table Value Total: $2,021,953
(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
September 30, 2011
Prospector Partners, LLC
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 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 3,181 62,200 SH Shared 1 62,200
ABBOTT LABS COM 002824100 15,997 312,800 SH Sole 2 312,800
ADVANCED MICRO DEVICES INC NOTE 5.750% 8/1 007903AN7 2,121 2,100,000 PRN Shared 1 2,100,000
ADVANCED MICRO DEVICES INC NOTE 5.750% 8/1 007903AN7 14,039 13,900,000 PRN Sole 2 13,900,000
AFLAC INC COM 001055102 668 19,100 SH Shared 1 19,100
AFLAC INC COM 001055102 2,765 79,100 SH Sole NONE 79,100
ALLEGHANY CORP DEL COM 017175100 4,221 14,631 SH Sole NONE 14,631
ALLIANT TECHSYSTEMS INC COM 018804104 660 12,100 SH Shared 1 12,100
ALLIANT TECHSYSTEMS INC COM 018804104 3,876 71,100 SH Sole NONE 71,100
ALLIANT TECHSYSTEMS INC NOTE 3.000% 8/1 018804AK0 880 875,000 PRN Shared 1 875,000
ALLIANT TECHSYSTEMS INC NOTE 3.000% 8/1 018804AK0 7,673 7,625,000 PRN Sole 2 7,625,000
ALTERRA CAPITAL HOLDINGS LIM COM G0229R108 1,660 87,504 SH Shared 1 87,504
ALTERRA CAPITAL HOLDINGS LIM COM G0229R108 12,810 675,300 SH Sole 2 675,300
AMEREN CORP COM 023608102 607 20,400 SH Shared 1 20,400
AMEREN CORP COM 023608102 3,814 128,100 SH Sole NONE 128,100
AMERICAN EAGLE OUTFITTERS NE COM 02553E106 254 21,700 SH Shared 1 21,700
AMERICAN EAGLE OUTFITTERS NE COM 02553E106 1,044 89,100 SH Sole NONE 89,100
AMERICAN ELEC PWR INC COM 025537101 840 22,100 SH Shared 1 22,100
AMERICAN ELEC PWR INC COM 025537101 2,871 75,500 SH Sole NONE 75,500
AMERISAFE INC COM 03071H100 707 38,400 SH Sole NONE 38,400
AMGEN INC NOTE 0.375% 2/0 031162AQ3 3,463 3,525,000 PRN Shared 1 3,525,000
AMGEN INC NOTE 0.375% 2/0 031162AQ3 20,608 20,975,000 PRN Sole 2 20,975,000
AMR CORP NOTE 6.250%10/1 001765BC9 133 225,000 PRN Shared 1 225,000
AMR CORP NOTE 6.250%10/1 001765BC9 1,049 1,775,000 PRN Sole 2 1,775,000
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 827 20,000 SH Shared 1 20,000
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 5,997 145,000 SH Sole 2 145,000
ANIXTER INTL INC NOTE 1.000% 2/1 035290AJ4 6,928 6,800,000 PRN Shared 1 6,800,000
ANIXTER INTL INC NOTE 1.000% 2/1 035290AJ4 38,916 38,200,000 PRN Sole 2 38,200,000
AON CORP COM 037389103 1,570 37,400 SH Shared 1 37,400
AON CORP COM 037389103 11,586 276,000 SH Sole NONE 276,000
ARCH CAP GROUP LTD ORD G0450A105 1,323 40,500 SH Shared 1 40,500
ARCH CAP GROUP LTD ORD G0450A105 22,293 682,273 SH Sole 2 682,273
ARCHER DANIELS MIDLAND CO NOTE 0.875% 2/1 039483AW2 4,975 5,000,000 PRN Shared 1 5,000,000
ARCHER DANIELS MIDLAND CO NOTE 0.875% 2/1 039483AW2 28,855 29,000,000 PRN Sole 2 29,000,000
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 382 16,600 SH Shared 1 16,600
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 8,235 357,403 SH Sole NONE 357,403
ASSURANT INC COM 04621X108 6,283 175,500 SH Sole NONE 175,500
AUTOMATIC DATA PROCESSING IN COM 053015103 10,439 221,400 SH Shared 1 221,400
AUTOMATIC DATA PROCESSING IN COM 053015103 49,060 1,040,500 SH Sole 2 1,040,500
AVATAR HLDGS INC NOTE 7.500% 2/1 053494AG5 357 375,000 PRN Shared 1 375,000
AVATAR HLDGS INC NOTE 7.500% 2/1 053494AG5 2,497 2,625,000 PRN Sole 2 2,625,000
BARRICK GOLD CORP COM 067901108 7,856 168,400 SH Shared 1 168,400
BARRICK GOLD CORP COM 067901108 39,764 852,400 SH Sole 2 852,400
BERKSHIRE HATHAWAY INC DEL CL A 084670108 961 9 SH Sole NONE 9
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 3,900 54,900 SH Shared 1 54,900
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 34,395 484,167 SH Sole 2 484,167
BMC SOFTWARE INC COM 055921100 1,928 50,000 Call Sole NONE 50,000
BMC SOFTWARE INC COM 055921100 1,141 29,600 SH Shared 1 29,600
BMC SOFTWARE INC. COM 055921100 1,816 47,100 SH Sole NONE 47,100
BRIGGS & STRATTON CORP COM 109043109 1,040 77,000 SH Shared 1 77,000
BRIGGS & STRATTON CORP COM 109043109 2,865 212,100 SH Sole NONE 212,100
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 445 22,100 SH Sole NONE 22,100
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 282 17,900 SH Shared 1 17,900
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 1,449 92,100 SH Sole 2 92,100
CALPINE CORP COM NEW 131347304 310 22,040 SH Shared 1 22,040
CALPINE CORP COM NEW 131347304 2,547 180,867 SH Sole 2 180,867
CAMPBELL SOUP CO COM 134429109 3,124 96,500 SH Shared 1 96,500
CAMPBELL SOUP CO COM 134429109 15,975 493,500 SH Sole 2 493,500
CAPE BANCORP INC COM 139209100 563 79,662 SH Sole NONE 79,662
CELADON GROUP INC COM 150838100 1,380 155,400 SH Sole NONE 155,400
CHARLES RIV LABS INTL INC NOTE 2.250% 6/1 159864AB3 2,530 2,575,000 PRN Shared 1 2,575,000
CHARLES RIV LABS INTL INC NOTE 2.250% 6/1 159864AB3 14,664 14,925,000 PRN Sole 2 14,925,000
CHARTER FINL CORP WEST PT GA COM 16122M100 457 48,700 SH Shared 1 48,700
CHARTER FINL CORP WEST PT GA COM 16122M100 2,357 251,300 SH Sole 2 251,300
CHEMED CORP NEW NOTE 1.875% 5/1 16359RAC7 968 975,000 PRN Shared 1 975,000
CHEMED CORP NEW NOTE 1.875% 5/1 16359RAC7 6,476 6,525,000 PRN Sole 2 6,525,000
CHICOPEE BANCORP INC COM 168565109 1,586 118,771 SH Sole NONE 118,771
CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 623 700,000 PRN Shared 1 700,000
CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 3,827 4,300,000 PRN Sole 2 4,300,000
CHUBB CORP COM 171232101 17,734 295,609 SH Sole NONE 295,609
CHURCH & DWIGHT INC COM 171340102 1,030 23,300 SH Shared 1 23,300
CHURCH & DWIGHT INC COM 171340102 6,231 140,982 SH Sole NONE 140,982
CIGNA CORP COM 125509109 1,535 36,600 SH Sole NONE 36,600
CINCINNATI FINL CORP COM 172062101 5,810 220,650 SH Sole NONE 220,650
CISCO SYS INC COM 17275R102 1,509 97,400 SH Shared 1 97,400
CISCO SYS INC COM 17275R102 5,590 360,900 SH Sole NONE 360,900
CIT GROUP INC COM NEW 125581801 3,037 100,000 Call Sole NONE 100,000
CITIGROUP INC COM NEW 172967424 881 34,390 SH Shared 1 34,390
CITIGROUP INC COM NEW 172967424 8,488 331,309 SH Sole NONE 331,309
CLIFTON SVGS BANCORP INC COM 18712Q103 758 82,700 SH Sole NONE 82,700
CLOROX CO DEL COM 189054109 2,792 42,100 SH Shared 1 42,100
CLOROX CO DEL COM 189054109 8,115 122,350 SH Sole NONE 122,350
CLOROX CO DEL COM 189054109 3,449 52,000 Call Sole NONE 52,000
CNA FINL CORP COM 126117100 7,467 332,300 SH Sole NONE 332,300
COCA COLA CO COM 191216100 3,993 59,100 SH Shared 1 59,100
COCA COLA CO COM 191216100 11,539 170,800 SH Sole 2 170,800
COCA COLA ENTERPRISES INC NE COM 19122T109 2,672 107,400 SH Shared 1 107,400
COCA COLA ENTERPRISES INC NE COM 19122T109 13,251 532,600 SH Sole 2 532,600
COMTECH TELECOMMUNICATIONS C NOTE 3.000% 5/0 205826AF7 994 950,000 PRN Shared 1 950,000
COMTECH TELECOMMUNICATIONS C NOTE 3.000% 5/0 205826AF7 6,853 6,550,000 PRN Sole 2 6,550,000
CONNECTICUT BK&TR CO HART NE COM 207546102 646 101,686 SH Sole NONE 101,686
CORNING INC COM 219350105 800 64,700 SH Shared 1 64,700
CORNING INC COM 219350105 4,144 335,300 SH Sole 2 335,300
CURTISS WRIGHT CORP COM 231561101 1,568 54,400 SH Shared 1 54,400
CURTISS WRIGHT CORP COM 231561101 8,522 295,600 SH Sole 2 295,600
DISNEY WALT CO COM DISNEY 254687106 716 23,739 SH Sole 2 23,739
DOMTAR CORP COM NEW 257559203 4,963 72,800 SH Shared 1 72,800
DOMTAR CORP COM NEW 257559203 26,962 395,507 SH Sole 2 395,507
DONEGAL GROUP INC CL A 257701201 544 45,200 SH Shared 1 45,200
DONEGAL GROUP INC CL A 257701201 2,695 223,800 SH Sole 2 223,800
DREAMWORKS ANIMATION SKG INC CL A 26153C103 1,745 96,000 SH Shared 1 96,000
DREAMWORKS ANIMATION SKG INC CL A 26153C103 9,163 504,000 SH Sole 2 504,000
DU PONT E I DE NEMOURS & CO COM 263534109 9,537 238,600 SH Shared 1 238,600
DU PONT E I DE NEMOURS & CO COM 263534109 44,019 1,101,300 SH Sole 2 1,101,300
E M C CORP MASS COM 268648102 1,012 48,200 SH Shared 1 48,200
E M C CORP MASS COM 268648102 5,678 270,500 SH Sole NONE 270,500
EL PASO CORP COM 28336L109 794 45,400 SH Shared 1 45,400
EL PASO CORP COM 28336L109 4,545 260,000 SH Sole 2 260,000
EL PASO ENERGY CAP TR I PFD CV TR SECS 283678209 649 14,500 SH Shared 1 14,500
EL PASO ENERGY CAP TR I PFD CV TR SECS 283678209 4,175 93,300 SH Sole 2 93,300
EMPIRE DIST ELEC CO COM 291641108 754 38,900 SH Shared 1 38,900
EMPIRE DIST ELEC CO COM 291641108 2,492 128,600 SH Sole NONE 128,600
EMPLOYERS HOLDINGS INC COM 292218104 540 42,300 SH Sole NONE 42,300
FIFTH THIRD BANCORP COM 316773100 1,451 143,700 SH Shared 1 143,700
FIFTH THIRD BANCORP COM 316773100 7,849 777,100 SH Sole NONE 777,100
FIRST AMERN FINL CORP COM 31847R102 1,188 92,800 SH Shared 1 92,800
FIRST AMERN FINL CORP COM 31847R102 6,076 474,700 SH Sole 2 474,700
FIRST CONN BANCORP INC MD COM 319850103 1,053 93,052 SH Shared 1 93,052
FIRST CONN BANCORP INC MD COM 319850103 2,376 209,900 SH Sole NONE 209,900
FIRST DEFIANCE FINL CORP COM 32006W106 1,134 84,631 SH Sole NONE 84,631
FIRSTENERGY CORP COM 337932107 6,179 137,597 SH Shared 1 137,597
FIRSTENERGY CORP COM 337932107 32,408 721,616 SH Sole 2 721,616
FORESTAR GROUP INC COM 346233109 1,030 94,400 SH Shared 1 94,400
FORESTAR GROUP INC COM 346233109 6,229 570,900 SH Sole 2 570,900
FORTUNE BRANDS INC COM 349631101 3,239 59,900 SH Shared 1 59,900
FORTUNE BRANDS INC COM 349631101 16,813 310,900 SH Sole 2 310,900
FOX CHASE BANCORP INC NEW COM 35137T108 317 25,000 SH Shared 1 25,000
FOX CHASE BANCORP INC NEW COM 35137T108 2,807 221,403 SH Sole NONE 221,403
FRANKLIN RES INC COM 354613101 2,190 22,900 SH Shared 1 22,900
FRANKLIN RES INC COM 354613101 19,329 202,101 SH Sole NONE 202,101
FULLER H B CO COM 359694106 805 44,200 SH Shared 1 44,200
FULLER H B CO COM 359694106 1,651 90,600 SH Sole NONE 90,600
GALLAGHER ARTHUR J & CO COM 363576109 3,590 136,500 SH Sole NONE 136,500
GENON ENERGY INC COM 37244E107 5,047 1,815,514 SH Shared 1 1,815,514
GENON ENERGY INC COM 37244E107 30,648 11,024,540 SH Sole 2 11,024,540
GILEAD SCIENCES INC NOTE 1.000% 5/0 375558AN3 2,541 2,350,000 PRN Shared 1 2,350,000
GILEAD SCIENCES INC NOTE 1.000% 5/0 375558AN3 13,678 12,650,000 PRN Sole 2 12,650,000
GILEAD SCIENCES INC NOTE 0.625% 5/0 375558AH6 914 800,000 PRN Shared 1 800,000
GILEAD SCIENCES INC NOTE 0.625% 5/0 375558AH6 5,941 5,200,000 PRN Sole 2 5,200,000
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 10,349 675,500 SH Shared 1 675,500
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 47,898 3,126,500 SH Sole 2 3,126,500
GOLDMAN SACHS GROUP INC COM 38141G104 2,770 29,300 SH Sole NONE 29,300
GRACO INC COM 384109104 737 21,600 SH Sole NONE 21,600
GREATBATCH INC SDCV 2.250% 6/1 39153LAB2 3,335 3,425,000 PRN Shared 1 3,425,000
GREATBATCH INC SDCV 2.250% 6/1 39153LAB2 19,061 19,575,000 PRN Sole 2 19,575,000
GUARANTY BANCORP DEL COM 40075T102 1,552 1,293,628 SH Shared 1 1,293,628
GUARANTY BANCORP DEL COM 40075T102 676 563,350 SH Sole NONE 563,350
HAEMONETICS CORP COM 405024100 678 11,600 SH Sole NONE 11,600
HALLMARK FINL SVCS INC EC COM NEW 40624Q203 313 42,500 SH Sole NONE 42,500
HAMPDEN BANCORP INC COM 40867E107 844 64,066 SH Sole NONE 64,066
HESS CORP COM 42809H107 6,862 130,800 SH Shared 1 130,800
HESS CORP COM 42809H107 34,595 659,451 SH Sole 2 659,451
HEWLETT PACKARD CO COM 428236103 350 15,600 SH Shared 1 15,600
HEWLETT PACKARD CO COM 428236103 1,733 77,200 SH Sole 2 77,200
HOLOGIC INC FRNT 2.000%12/1 436440AA9 679 725,000 PRN Shared 1 725,000
HOLOGIC INC FRNT 2.000%12/1 436440AA9 4,939 5,275,000 PRN Sole 2 5,275,000
HOME DEPOT INC COM 437076102 2,768 84,200 SH Shared 1 84,200
HOME DEPOT INC COM 437076102 6,265 190,600 SH Sole NONE 190,600
HUMANA INC COM 444859102 647 8,900 SH Sole NONE 8,900
INVESCO LTD SHS G491BT108 1,478 95,300 SH Shared 1 95,300
INVESCO LTD SHS G491BT108 4,357 280,900 SH Sole NONE 280,900
JANUS CAP GROUP INC NOTE 3.250% 7/1 47102XAG0 243 250,000 PRN Shared 1 250,000
JANUS CAP GROUP INC NOTE 3.250% 7/1 47102XAG0 1,704 1,750,000 PRN Sole 2 1,750,000
JOHNSON & JOHNSON COM 478160104 8,454 132,700 SH Shared 1 132,700
JOHNSON & JOHNSON COM 478160104 37,576 589,800 SH Sole 2 589,800
JPMORGAN CHASE & CO COM 46625H100 2,789 92,600 SH Shared 1 92,600
JPMORGAN CHASE & CO COM 46625H100 19,894 660,500 SH Sole NONE 660,500
JUNIPER NETWORKS INC COM 48203R104 1,036 60,000 Put Sole NONE 60,000
KINROSS GOLD CORP COM NO PAR 496902404 1,274 86,200 SH Shared 1 86,200
KINROSS GOLD CORP COM NO PAR 496902404 3,039 205,600 SH Sole NONE 205,600
KINROSS GOLD CORP NOTE 1.750% 3/1 496902AD9 3,920 4,000,000 PRN Shared 1 4,000,000
KINROSS GOLD CORP NOTE 1.750% 3/1 496902AD9 16,170 16,500,000 PRN Sole 2 16,500,000
LANCASTER COLONY CORP COM 513847103 1,422 23,300 SH Shared 1 23,300
LANCASTER COLONY CORP COM 513847103 2,019 33,100 SH Sole NONE 33,100
LEUCADIA NATL CORP COM 527288104 1,030 45,400 SH Shared 1 45,400
LEUCADIA NATL CORP COM 527288104 12,351 544,584 SH Sole NONE 544,584
LOCKHEED MARTIN CORP COM 539830109 2,797 38,500 SH Sole NONE 38,500
LOEWS CORP COM 540424108 4,706 136,200 SH Shared 1 136,200
LOEWS CORP COM 540424108 24,074 696,800 SH Sole 2 696,800
MAIDEN HOLDINGS LTD SHS G5753U112 1,184 160,200 SH Sole NONE 160,200
MARATHON OIL CORP COM 565849106 4,383 203,100 SH Shared 1 203,100
MARATHON OIL CORP COM 565849106 19,478 902,600 SH Sole 2 902,600
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 2,136 38,700 SH Sole NONE 38,700
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 368 25,300 SH Shared 1 25,300
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 2,870 197,500 SH Sole NONE 197,500
MATTHEWS INTL CORP CL A 577128101 920 29,900 SH Shared 1 29,900
MATTHEWS INTL CORP CL A 577128101 1,926 62,600 SH Sole NONE 62,600
MEDTRONIC INC NOTE 1.625% 4/1 585055AM8 2,428 2,425,000 PRN Shared 1 2,425,000
MEDTRONIC INC NOTE 1.625% 4/1 585055AM8 13,592 13,575,000 PRN Sole 2 13,575,000
MERCK & CO INC NEW COM 58933Y105 1,341 41,000 SH Shared 1 41,000
MERCK & CO INC NEW COM 58933Y105 912 27,893 SH Sole NONE 27,893
METLIFE INC COM 59156R108 409 14,600 SH Shared 1 14,600
METLIFE INC COM 59156R108 6,312 225,351 SH Sole NONE 225,351
METRO BANCORP INC PA COM 59161R101 633 73,180 SH Sole NONE 73,180
MF GLOBAL HLDGS LTD NOTE 1.875% 2/0 55277JAA6 417 525,000 PRN Shared 1 525,000
MF GLOBAL HLDGS LTD NOTE 1.875% 2/0 55277JAA6 1,173 1,475,000 PRN Sole NONE 1,475,000
MF GLOBAL HLDGS LTD COM 55277J108 1,232 298,200 SH Sole NONE 298,200
MICROSOFT CORP COM 594918104 3,256 130,800 SH Shared 1 130,800
MICROSOFT CORP COM 594918104 15,788 634,300 SH Sole 2 634,300
MOLINA HEALTHCARE INC COM 60855R100 835 54,100 SH Sole NONE 54,100
MOLSON COORS BREWING CO CL B 60871R209 1,652 41,700 SH Shared 1 41,700
MOLSON COORS BREWING CO CL B 60871R209 5,977 150,900 SH Sole NONE 150,900
MONTPELIER RE HOLDINGS LTD SHS G62185106 1,078 61,000 SH Sole 2 61,000
NAVIGATORS GROUP INC COM 638904102 4,147 96,002 SH Sole NONE 96,002
NCR CORP NEW COM 62886E108 888 52,600 SH Shared 1 52,600
NCR CORP NEW COM 62886E108 1,703 100,800 SH Sole NONE 100,800
NEENAH PAPER INC COM 640079109 1,299 91,600 SH Shared 1 91,600
NEENAH PAPER INC COM 640079109 6,500 458,400 SH Sole 2 458,400
NETAPP INC COM 64110D104 1,039 30,600 SH Shared 1 30,600
NETAPP INC COM 64110D104 5,230 154,100 SH Sole NONE 154,100
NEWMONT MINING CORP COM 651639106 11,618 184,700 SH Shared 1 184,700
NEWMONT MINING CORP COM 651639106 64,045 1,018,200 SH Sole 2 1,018,200
NEXEN INC COM 65334H102 7,217 465,900 SH Shared 1 465,900
NEXEN INC COM 65334H102 34,142 2,204,100 SH Sole 2 2,204,100
NORTHERN TR CORP COM 665859104 1,025 29,300 SH Shared 1 29,300
NORTHERN TR CORP COM 665859104 7,891 225,600 SH Sole NONE 225,600
NORTHGATE MINERALS CORP COM 666416102 128 38,900 SH Sole 2 38,900
NORTHGATE MINERALS CORP NOTE 3.500%10/0 666416AB8 332 300,000 PRN Shared 1 300,000
NORTHGATE MINERALS CORP NOTE 3.500%10/0 666416AB8 2,987 2,700,000 PRN Sole 2 2,700,000
NORTHWEST BANCSHARES INC MD COM 667340103 1,042 87,500 SH Shared 1 87,500
NORTHWEST BANCSHARES INC MD COM 667340103 2,624 220,300 SH Sole NONE 220,300
NV ENERGY INC COM 67073Y106 533 36,200 SH Shared 1 36,200
NV ENERGY INC COM 67073Y106 12,152 826,080 SH Sole NONE 826,080
OCEAN SHORE HLDG CO NEW COM 67501R103 605 56,449 SH Sole NONE 56,449
OMNIAMERICAN BANCORP INC COM 68216R107 2,420 177,300 SH Sole NONE 177,300
ORACLE CORP COM 68389X105 851 29,600 SH Shared 1 29,600
ORACLE CORP COM 68389X105 3,078 107,100 SH Sole NONE 107,100
ORIENTAL FINL GROUP INC COM 68618W100 1,199 124,000 SH Sole NONE 124,000
ORITANI FINL CORP DEL COM 68633D103 1,727 134,300 SH Shared 1 134,300
ORITANI FINL CORP DEL COM 68633D103 8,855 688,561 SH Sole NONE 688,561
PENN MILLERS HLDG CORP COM 707561106 3,171 157,839 SH Sole NONE 157,839
PEOPLES UNITED FINANCIAL INC COM 712704105 342 30,000 Call Sole NONE 30,000
PEPSICO INC COM 713448108 2,909 47,000 Call Sole NONE 47,000
PEPSICO INC COM 713448108 4,017 64,900 SH Shared 1 64,900
PEPSICO INC COM 713448108 14,949 241,500 SH Sole NONE 241,500
PFIZER INC COM 717081103 7,565 427,900 SH Shared 1 427,900
PFIZER INC COM 717081103 35,659 2,016,915 SH Sole 2 2,016,915
PHH CORP NOTE 4.000% 9/0 693320AN3 2,107 2,200,000 PRN Shared 1 2,200,000
PHH CORP NOTE 4.000% 9/0 693320AN3 13,214 13,800,000 PRN Sole 2 13,800,000
PICO HLDGS INC COM NEW 693366205 1,360 66,300 SH Sole NONE 66,300
PLATINUM UNDERWRITER HLDGS L COM G7127P100 5,495 178,700 SH Shared 1 178,700
PLATINUM UNDERWRITER HLDGS L COM G7127P100 47,409 1,541,756 SH Sole 2 1,541,756
POST PPTYS INC COM 737464107 3,710 106,800 SH Shared 1 106,800
POST PPTYS INC COM 737464107 19,819 570,500 SH Sole 2 570,500
PROCTER & GAMBLE CO COM 742718109 2,085 33,000 SH Shared 1 33,000
PROCTER & GAMBLE CO COM 742718109 4,944 78,258 SH Sole NONE 78,258
PROGRESSIVE CORP OHIO COM 743315103 6,969 392,400 SH Sole NONE 392,400
PRUDENTIAL FINL INC COM 744320102 4,302 91,800 SH Sole NONE 91,800
PSB HLDGS INC COM 69360W108 504 114,486 SH Sole NONE 114,486
PUBLIC SVC ENTERPRISE GROUP COM 744573106 2,062 61,800 SH Shared 1 61,800
PUBLIC SVC ENTERPRISE GROUP COM 744573106 11,186 335,200 SH Sole 2 335,200
ROMA FINANCIAL CORP COM 77581P109 384 47,110 SH Sole NONE 47,110
RPM INTL INC COM 749685103 851 45,500 SH Shared 1 45,500
RPM INTL INC COM 749685103 1,333 71,300 SH Sole NONE 71,300
RTI INTL METALS INC NOTE 3.000%12/0 74973WAA5 746 750,000 PRN Shared 1 750,000
RTI INTL METALS INC NOTE 3.000%12/0 74973WAA5 4,229 4,250,000 PRN Sole 2 4,250,000
SAFETY INS GROUP INC COM 78648T100 2,198 58,100 SH Sole NONE 58,100
SARA LEE CORP COM 803111103 2,657 162,500 SH Shared 1 162,500
SARA LEE CORP COM 803111103 13,366 817,500 SH Sole 2 817,500
SILGAN HOLDINGS INC COM 827048109 963 26,200 SH Shared 1 26,200
SILGAN HOLDINGS INC COM 827048109 1,653 45,000 SH Sole NONE 45,000
SMITHFIELD FOODS INC NOTE 4.000% 6/3 832248AR9 1,462 1,325,000 PRN Shared 1 1,325,000
SMITHFIELD FOODS INC NOTE 4.000% 6/3 832248AR9 8,471 7,675,000 PRN Sole 2 7,675,000
SPDR GOLD TRUST GOLD SHS 78463V107 1,850 11,700 SH Sole NONE 11,700
SPDR S&P 500 ETF TR TR UNIT 78462F103 16,410 145,000 SH Sole NONE 145,000
STATE AUTO FINL CORP COM 855707105 2,537 192,900 SH Shared 1 192,900
STATE AUTO FINL CORP COM 855707105 12,849 977,100 SH Sole 2 977,100
STATE BANCORP INC N.Y COM 855716106 1,253 118,514 SH Sole NONE 118,514
STEWART INFORMATION SVCS COR COM 860372101 177 20,000 SH Sole NONE 20,000
SUNCOR ENERGY INC NEW COM 867224107 649 25,500 SH Sole 2 25,500
SUPERVALU INC COM 868536103 953 143,100 SH Shared 1 143,100
SUPERVALU INC COM 868536103 4,761 714,898 SH Sole 2 714,898
SYMETRA FINL CORP COM 87151Q106 17,844 2,189,473 SH Sole NONE 2,189,473
SYMS CORP COM 871551107 105 12,000 SH Sole NONE 12,000
TELEPHONE & DATA SYS INC COM 879433100 1,798 84,600 SH Shared 1 84,600
TELEPHONE & DATA SYS INC COM 879433100 9,465 445,400 SH Sole 2 445,400
TERRITORIAL BANCORP INC COM 88145X108 1,699 88,702 SH Sole NONE 88,702
THOMAS PPTYS GROUP INC COM 884453101 257 112,500 SH Shared 1 112,500
THOMAS PPTYS GROUP INC COM 884453101 2,126 932,487 SH Sole 2 932,487
TOOTSIE ROLL INDS INC COM 890516107 3,639 150,886 SH Shared 1 150,886
TOOTSIE ROLL INDS INC COM 890516107 18,943 785,360 SH Sole 2 785,360
TRINITY INDS INC NOTE 3.875% 6/0 896522AF6 2,629 2,925,000 PRN Shared 1 2,925,000
TRINITY INDS INC NOTE 3.875% 6/0 896522AF6 15,346 17,075,000 PRN Sole 2 17,075,000
TYCO INTERNATIONAL LTD SHS H89128104 481 11,800 SH Shared 1 11,800
TYCO INTERNATIONAL LTD SHS H89128104 6,113 150,000 SH Sole 2 150,000
UNISOURCE ENERGY CORP NOTE 4.500% 3/0 909205AB2 2,564 2,380,000 PRN Shared 1 2,380,000
UNISOURCE ENERGY CORP NOTE 4.500% 3/0 909205AB2 15,220 14,125,000 PRN Sole 2 14,125,000
UNITIL CORP COM 913259107 1,230 47,900 SH Sole NONE 47,900
USEC INC COM 90333E108 93 57,500 SH Shared 1 57,500
USEC INC COM 90333E108 559 347,500 SH Sole 2 347,500
USEC INC NOTE 3.000%10/0 90333EAC2 6,277 11,900,000 PRN Shared 1 11,900,000
USEC INC NOTE 3.000%10/0 90333EAC2 38,033 72,100,000 PRN Sole 2 72,100,000
VERISIGN INC COM 92343E102 1,013 35,400 SH Shared 1 35,400
VERISIGN INC COM 92343E102 1,657 57,900 SH Sole NONE 57,900
VIEWPOINT FINL GROUP INC MD COM 92672A101 340 29,700 SH Shared 1 29,700
VIEWPOINT FINL GROUP INC MD COM 92672A101 3,196 279,100 SH Sole NONE 279,100
VIRGINIA COMM BANCORP INC COM 92778Q109 962 163,900 SH Sole NONE 163,900
WAL MART STORES INC COM 931142103 6,524 125,700 SH Shared 1 125,700
WAL MART STORES INC COM 931142103 23,630 455,300 SH Sole 2 455,300
WAL MART STORES INC COM 931142103 4,152 80,000 Call Sole NONE 80,000
WALGREEN CO COM 931422109 3,631 110,400 SH Shared 1 110,400
WALGREEN CO COM 931422109 18,734 569,600 SH Sole 2 569,600
WATERSTONE FINANCIAL INC COM 941888109 506 181,900 SH Sole NONE 181,900
WELLPOINT INC COM 94973V107 1,684 25,800 SH Shared 1 25,800
WELLPOINT INC COM 94973V107 9,844 150,800 SH Sole NONE 150,800
WESTERN UN CO COM 959802109 161 10,500 SH Sole NONE 10,500
WESTFIELD FINANCIAL INC NEW COM 96008P104 1,222 185,500 SH Sole NONE 185,500
WHITE MTNS INS GROUP LTD COM G9618E107 20,288 50,000 SH Sole NONE 50,000
WHITE RIVER CAPITAL INC COM 96445P105 278 14,330 SH Sole NONE 14,330
WILLIAMS CLAYTON ENERGY INC COM 969490101 2,577 60,200 SH Shared 1 60,200
WILLIAMS CLAYTON ENERGY INC COM 969490101 13,845 323,400 SH Sole 2 323,400
XEROX CORP COM 984121103 3,346 480,000 SH Shared 1 480,000
XEROX CORP COM 984121103 17,802 2,554,035 SH Sole 2 2,554,035
XILINX INC COM 983919101 845 30,800 SH Shared 1 30,800
XILINX INC COM 983919101 4,264 155,400 SH Sole NONE 155,400
YUM BRANDS INC COM 988498101 237 4,800 SH Shared 1 4,800
YUM BRANDS INC COM 988498101 1,743 35,300 SH Sole NONE 35,300
SK 02081 0001 1236963