0000919574-12-004921.txt : 20120814
0000919574-12-004921.hdr.sgml : 20120814
20120814121733
ACCESSION NUMBER: 0000919574-12-004921
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20120630
FILED AS OF DATE: 20120814
DATE AS OF CHANGE: 20120814
EFFECTIVENESS DATE: 20120814
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: 121030932
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
d1306895_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, 2012
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 14, 2012
----------------------- -------------------------- ----------------------
[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: 323
Form 13F Information Table Value Total: $2,108,590
(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, 2012
Prospector Partners, LLC
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 (x1000) PRN AMT PRN CALL DISCRETION MNGRS SOLE SHARED NONE
-------------- -------------- ----- ------- ------- --- ---- ---------- ----- ---- ------ ----
ABBOTT LABS COM 002824100 4,687 72,700 SH Shared 1 72,700
ABBOTT LABS COM 002824100 18,348 284,600 SH Sole 2 284,600
ADVANCED MICRO DEVICES INC NOTE 5.750% 8/1 007903AN7 2,105 2,100,000 PRN Shared 1 2,100,000
ADVANCED MICRO DEVICES INC NOTE 5.750% 8/1 007903AN7 10,426 10,400,000 PRN Sole NONE 10,400,000
AFLAC INC COM 001055102 877 20,600 SH Shared 1 20,600
AFLAC INC COM 001055102 1,980 46,500 SH Sole NONE 46,500
ALLIANT TECHSYSTEMS INC COM 018804104 723 14,300 SH Shared 1 14,300
ALLIANT TECHSYSTEMS INC COM 018804104 819 16,200 SH Sole NONE 16,200
ALLIANT TECHSYSTEMS INC NOTE 3.000% 8/1 018804AK0 1,227 1,225,000 PRN Shared 1 1,225,000
ALLIANT TECHSYSTEMS INC NOTE 3.000% 8/1 018804AK0 7,910 7,900,000 PRN Sole NONE 7,900,000
ALTERRA CAPITAL HOLDINGS LIM COM G0229R108 2,513 107,604 SH Shared 1 107,604
ALTERRA CAPITAL HOLDINGS LIM COM G0229R108 9,984 427,600 SH Sole 2 427,600
AMERICAN ELEC PWR INC COM 025537101 882 22,100 SH Shared 1 22,100
AMERICAN ELEC PWR INC COM 025537101 2,937 73,600 SH Sole NONE 73,600
AMERISAFE INC COM 03071H100 996 38,400 SH Sole NONE 38,400
AMGEN INC NOTE 0.375% 2/0 031162AQ3 3,666 3,525,000 PRN Shared 1 3,525,000
AMGEN INC NOTE 0.375% 2/0 031162AQ3 19,734 18,975,000 PRN Sole NONE 18,975,000
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 1,181 34,400 SH Shared 1 34,400
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 5,113 148,900 SH Sole 2 148,900
ANIXTER INTL INC NOTE 1.000% 2/1 035290AJ4 7,499 7,125,000 PRN Shared 1 7,125,000
ANIXTER INTL INC NOTE 1.000% 2/1 035290AJ4 29,338 27,875,000 PRN Sole NONE 27,875,000
AON PLC SHS CL A G0408V102 1,750 37,400 SH Shared 1 37,400
AON PLC SHS CL A G0408V102 9,675 206,820 SH Sole NONE 206,820
ARCH CAP GROUP LTD ORD G0450A105 1,484 37,400 SH Shared 1 37,400
ARCH CAP GROUP LTD ORD G0450A105 20,443 515,073 SH Sole 2 515,073
ARCHER DANIELS MIDLAND CO NOTE 0.875% 2/1 039483AW2 5,980 5,950,000 PRN Shared 1 5,950,000
ARCHER DANIELS MIDLAND CO NOTE 0.875% 2/1 039483AW2 27,185 27,050,000 PRN Sole NONE 27,050,000
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 480 16,600 SH Shared 1 16,600
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 10,193 352,703 SH Sole NONE 352,703
AUTOMATIC DATA PROCESSING IN COM 053015103 14,344 257,700 SH Shared 1 257,700
AUTOMATIC DATA PROCESSING IN COM 053015103 52,966 951,600 SH Sole 2 951,600
AXIS CAPITAL HOLDINGS INV SHS G0692U109 1,712 52,600 SH Shared 1 52,600
AXIS CAPITAL HOLDINGS INV SHS G0692U109 11,171 343,200 SH Sole NONE 343,200
BARRICK GOLD CORP COM 067901108 7,762 206,600 SH Shared 1 206,600
BARRICK GOLD CORP COM 067901108 29,425 783,200 SH Sole 2 783,200
BEAM INC COM 073730103 3,743 59,900 SH Shared 1 59,900
BEAM INC COM 073730103 17,953 287,300 SH Sole 2 287,300
BERKLEY W R CORP COM 084423102 557 14,300 SH Shared 1 14,300
BERKLEY W R CORP COM 084423102 3,943 101,300 SH Sole NONE 101,300
BERKSHIRE HATHAWAY INC DEL CL A 084670108 1,125 9 SH Sole NONE 9
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 3,367 40,400 SH Shared 1 40,400
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 34,704 416,467 SH Sole 2 416,467
BERKSHIRE HILLS BANCORP INC COM 084680107 488 22,167 SH Sole NONE 22,167
BMC SOFTWARE INC COM 055921100 1,174 27,500 SH Shared 1 27,500
BMC SOFTWARE INC COM 055921100 4,208 98,600 SH Sole NONE 98,600
BRIGGS & STRATTON CORP COM 109043109 617 35,300 SH Shared 1 35,300
BRIGGS & STRATTON CORP COM 109043109 1,002 57,300 SH Sole NONE 57,300
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 470 22,100 SH Sole NONE 22,100
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 1,740 130,900 SH Shared 1 130,900
CABLEVISION SYS CORP CL A NY CABLVS 12686C109 6,491 488,400 SH Sole 2 488,400
CAMPBELL SOUP CO COM 134429109 4,346 130,200 SH Shared 1 130,200
CAMPBELL SOUP CO COM 134429109 16,366 490,300 SH Sole 2 490,300
CAPE BANCORP INC COM 139209100 662 79,662 SH Sole NONE 79,662
CELADON GROUP INC COM 150838100 2,238 136,600 SH Sole NONE 136,600
CENTRAL PAC FINL CORP COM NEW 154760409 750 53,100 SH Shared 1 53,100
CENTRAL PAC FINL CORP COM NEW 154760409 1,545 109,400 SH Sole NONE 109,400
CHARLES RIV LABS INTL INC NOTE 2.250% 6/1 159864AB3 3,525 3,525,000 PRN Shared 1 3,525,000
CHARLES RIV LABS INTL INC NOTE 2.250% 6/1 159864AB3 15,475 15,475,000 PRN Sole NONE 15,475,000
CHARTER FINL CORP WEST PT GA COM 16122M100 447 46,100 SH Shared 1 46,100
CHARTER FINL CORP WEST PT GA COM 16122M100 1,704 175,700 SH Sole 2 175,700
CHEMED CORP NEW NOTE 1.875% 5/1 16359RAC7 1,504 1,500,000 PRN Shared 1 1,500,000
CHEMED CORP NEW NOTE 1.875% 5/1 16359RAC7 7,018 7,000,000 PRN Sole NONE 7,000,000
CHICOPEE BANCORP INC COM 168565109 1,720 118,771 SH Sole NONE 118,771
CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 796 1,100,000 PRN Shared 1 1,100,000
CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 3,185 4,400,000 PRN Sole NONE 4,400,000
CHUBB CORP COM 171232101 21,330 292,909 SH Sole NONE 292,909
CHURCH & DWIGHT INC COM 171340102 777 14,000 SH Shared 1 14,000
CHURCH & DWIGHT INC COM 171340102 4,426 79,782 SH Sole NONE 79,782
CINCINNATI FINL CORP COM 172062101 9,759 256,350 SH Sole NONE 256,350
CIRCOR INTL INC COM 17273K109 1,694 49,700 SH Sole NONE 49,700
CISCO SYS INC COM 17275R102 2,002 116,600 SH Shared 1 116,600
CISCO SYS INC COM 17275R102 8,171 475,900 SH Sole NONE 475,900
CIT GROUP INC COM NEW 125581801 150 4,200 SH Shared 1 4,200
CIT GROUP INC COM NEW 125581801 563 15,800 SH Sole 2 15,800
CIT GROUP INC COM NEW 125581801 3,564 100,000 CALL Sole NONE 100,000
CITIGROUP INC COM NEW 172967424 1,006 36,690 SH Shared 1 36,690
CITIGROUP INC COM NEW 172967424 3,959 144,429 SH Sole NONE 144,429
CITY NATL CORP COM 178566105 530 10,900 SH Shared 1 10,900
CITY NATL CORP COM 178566105 1,341 27,600 SH Sole NONE 27,600
CLIFTON SVGS BANCORP INC COM 18712Q103 861 82,700 SH Sole NONE 82,700
CNA FINL CORP COM 126117100 1,283 46,300 SH Shared 1 46,300
CNA FINL CORP COM 126117100 16,136 582,100 SH Sole 2 582,100
COCA COLA CO COM 191216100 1,110 14,200 SH Shared 1 14,200
COCA COLA CO COM 191216100 2,799 35,800 SH Sole NONE 35,800
COCA COLA ENTERPRISES INC NE COM 19122T109 3,676 131,100 SH Shared 1 131,100
COCA COLA ENTERPRISES INC NE COM 19122T109 13,832 493,300 SH Sole 2 493,300
COMTECH TELECOMMUNICATIONS C NOTE 3.000% 5/0 205826AF7 1,005 950,000 PRN Shared 1 950,000
COMTECH TELECOMMUNICATIONS C NOTE 3.000% 5/0 205826AF7 6,927 6,550,000 PRN Sole NONE 6,550,000
CONOCOPHILLIPS COM 20825C104 1,285 23,000 SH Shared 1 23,000
CONOCOPHILLIPS COM 20825C104 4,828 86,400 SH Sole 2 86,400
CORNING INC COM 219350105 4,191 324,100 SH Shared 1 324,100
CORNING INC COM 219350105 15,689 1,213,400 SH Sole 2 1,213,400
CURTISS WRIGHT CORP COM 231561101 2,916 93,900 SH Shared 1 93,900
CURTISS WRIGHT CORP COM 231561101 10,840 349,100 SH Sole 2 349,100
DOMTAR CORP COM NEW 257559203 6,996 91,200 SH Shared 1 91,200
DOMTAR CORP COM NEW 257559203 28,483 371,307 SH Sole 2 371,307
DONEGAL GROUP INC CL A 257701201 854 64,300 SH Shared 1 64,300
DONEGAL GROUP INC CL A 257701201 3,236 243,700 SH Sole 2 243,700
DREAMWORKS ANIMATION SKG INC CL A 26153C103 2,543 133,400 SH Shared 1 133,400
DREAMWORKS ANIMATION SKG INC CL A 26153C103 9,559 501,500 SH Sole 2 501,500
DU PONT E I DE NEMOURS & CO COM 263534109 13,801 272,900 SH Shared 1 272,900
DU PONT E I DE NEMOURS & CO COM 263534109 46,140 912,400 SH Sole 2 912,400
E M C CORP MASS COM 268648102 620 24,200 SH Shared 1 24,200
E M C CORP MASS COM 268648102 648 25,300 SH Sole NONE 25,300
EMPIRE DIST ELEC CO COM 291641108 821 38,900 SH Shared 1 38,900
EMPIRE DIST ELEC CO COM 291641108 2,397 113,600 SH Sole NONE 113,600
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 410 10,700 SH Sole NONE 10,700
ENERGIZER HLDGS INC COM 29266R108 1,121 14,900 SH Shared 1 14,900
ENERGIZER HLDGS INC COM 29266R108 4,146 55,100 SH Sole 2 55,100
FIFTH THIRD BANCORP COM 316773100 1,926 143,700 SH Shared 1 143,700
FIFTH THIRD BANCORP COM 316773100 10,015 747,400 SH Sole NONE 747,400
FIRST AMERN FINL CORP COM 31847R102 2,493 147,000 SH Shared 1 147,000
FIRST AMERN FINL CORP COM 31847R102 9,202 542,600 SH Sole 2 542,600
FIRST CONN BANCORP INC MD COM 319850103 932 69,052 SH Shared 1 69,052
FIRST CONN BANCORP INC MD COM 319850103 1,563 115,800 SH Sole NONE 115,800
FIRSTENERGY CORP COM 337932107 4,830 98,200 SH Shared 1 98,200
FIRSTENERGY CORP COM 337932107 17,932 364,544 SH Sole 2 364,544
FORESTAR GROUP INC COM 346233109 2,126 166,000 SH Shared 1 166,000
FORESTAR GROUP INC COM 346233109 9,317 727,300 SH Sole 2 727,300
FORTUNE BRANDS HOME & SEC IN COM 34964C106 1,334 59,900 SH Shared 1 59,900
FORTUNE BRANDS HOME & SEC IN COM 34964C106 5,236 235,100 SH Sole 2 235,100
FOX CHASE BANCORP INC NEW COM 35137T108 361 25,000 SH Shared 1 25,000
FOX CHASE BANCORP INC NEW COM 35137T108 3,197 221,403 SH Sole NONE 221,403
FRANKLIN RES INC COM 354613101 3,341 30,100 SH Shared 1 30,100
FRANKLIN RES INC COM 354613101 21,562 194,269 SH Sole NONE 194,269
FULLER H B CO COM 359694106 1,047 34,100 SH Shared 1 34,100
FULLER H B CO COM 359694106 1,839 59,900 SH Sole NONE 59,900
GALLAGHER ARTHUR J & CO COM 363576109 487 13,900 SH Shared 1 13,900
GALLAGHER ARTHUR J & CO COM 363576109 4,671 133,200 SH Sole NONE 133,200
GENON ENERGY INC COM 37244E107 4,000 2,339,400 SH Shared 1 2,339,400
GENON ENERGY INC COM 37244E107 16,768 9,805,635 SH Sole 2 9,805,635
GENTEX CORP COM 371901109 653 31,300 SH Sole NONE 31,300
GILEAD SCIENCES INC NOTE 1.000% 5/0 375558AN3 3,665 2,950,000 PRN Shared 1 2,950,000
GILEAD SCIENCES INC NOTE 1.000% 5/0 375558AN3 14,972 12,050,000 PRN Sole NONE 12,050,000
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 10,625 829,400 SH Shared 1 829,400
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 39,283 3,066,600 SH Sole 2 3,066,600
GRACO INC COM 384109104 608 13,200 SH Sole NONE 13,200
GREATBATCH INC SDCV 2.250% 6/1 39153LAB2 4,882 4,925,000 PRN Shared 1 4,925,000
GREATBATCH INC SDCV 2.250% 6/1 39153LAB2 20,891 21,075,000 PRN Sole NONE 21,075,000
GREENHILL & CO INC COM 395259104 2,777 77,900 SH Sole NONE 77,900
GUARANTY BANCORP DEL COM 40075T102 2,005 950,334 SH Shared 1 950,334
GUARANTY BANCORP DEL COM 40075T102 873 413,850 SH Sole NONE 413,850
HAEMONETICS CORP COM 405024100 860 11,600 SH Sole NONE 11,600
HALLMARK FINL SVCS INC EC COM NEW 40624Q203 332 42,500 SH Sole NONE 42,500
HESS CORP COM 42809H107 10,471 241,000 SH Shared 1 241,000
HESS CORP COM 42809H107 40,017 921,000 SH Sole 2 921,000
HILLSHIRE BRANDS CO COM 432589109 1,620 55,880 SH Shared 1 55,880
HILLSHIRE BRANDS CO COM 432589109 5,646 194,760 SH Sole 2 194,760
HOLOGIC INC FRNT 2.000%12/1 436440AA9 1,197 1,225,000 PRN Shared 1 1,225,000
HOLOGIC INC FRNT 2.000%12/1 436440AA9 5,645 5,775,000 PRN Sole NONE 5,775,000
HOME DEPOT INC COM 437076102 3,503 66,100 SH Shared 1 66,100
HOME DEPOT INC COM 437076102 7,853 148,200 SH Sole NONE 148,200
HOWARD HUGHES CORP COM 44267D107 505 8,200 SH Sole NONE 8,200
HYATT HOTELS CORP COM CL A 448579102 606 16,300 SH Shared 1 16,300
HYATT HOTELS CORP COM CL A 448579102 3,014 81,100 SH Sole NONE 81,100
INVESCO LTD SHS G491BT108 2,154 95,300 SH Shared 1 95,300
INVESCO LTD SHS G491BT108 5,605 248,000 SH Sole NONE 248,000
J & J SNACK FOODS CORP COM 466032109 1,584 26,800 SH Sole NONE 26,800
JANUS CAP GROUP INC NOTE 3.250% 7/1 47102XAG0 968 950,000 PRN Shared 1 950,000
JANUS CAP GROUP INC NOTE 3.250% 7/1 47102XAG0 4,126 4,050,000 PRN Sole NONE 4,050,000
JOHNSON & JOHNSON COM 478160104 10,823 160,200 SH Shared 1 160,200
JOHNSON & JOHNSON COM 478160104 37,043 548,300 SH Sole 2 548,300
JPMORGAN CHASE & CO COM 46625H100 3,309 92,600 SH Shared 1 92,600
JPMORGAN CHASE & CO COM 46625H100 22,771 637,300 SH Sole NONE 637,300
KINROSS GOLD CORP COM NO PAR 496902404 1,709 209,700 SH Shared 1 209,700
KINROSS GOLD CORP COM NO PAR 496902404 5,283 648,200 SH Sole 2 648,200
KINROSS GOLD CORP NOTE 1.750% 3/1 496902AD9 2,966 3,000,000 PRN Shared 1 3,000,000
KINROSS GOLD CORP NOTE 1.750% 3/1 496902AD9 11,865 12,000,000 PRN Sole NONE 12,000,000
KNIGHT CAP GROUP INC NOTE 3.500% 3/1 499005AE6 351 375,000 PRN Shared 1 375,000
KNIGHT CAP GROUP INC NOTE 3.500% 3/1 499005AE6 2,454 2,625,000 PRN Sole NONE 2,625,000
L-3 COMMUNICATIONS CORP DEBT 3.000% 8/0 502413AW7 341 350,000 PRN Shared 1 350,000
L-3 COMMUNICATIONS CORP DEBT 3.000% 8/0 502413AW7 1,609 1,650,000 PRN Sole NONE 1,650,000
LANCASTER COLONY CORP COM 513847103 1,965 27,600 SH Shared 1 27,600
LANCASTER COLONY CORP COM 513847103 3,432 48,200 SH Sole NONE 48,200
LEUCADIA NATL CORP COM 527288104 1,944 91,400 SH Shared 1 91,400
LEUCADIA NATL CORP COM 527288104 13,931 654,962 SH Sole NONE 654,962
LOEWS CORP COM 540424108 8,227 201,100 SH Shared 1 201,100
LOEWS CORP COM 540424108 30,809 753,100 SH Sole 2 753,100
MAIDEN HOLDINGS LTD SHS G5753U112 1,391 160,200 SH Sole NONE 160,200
MARATHON OIL CORP COM 565849106 2,363 92,400 SH Shared 1 92,400
MARATHON OIL CORP COM 565849106 9,479 370,700 SH Sole 2 370,700
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 1,733 38,700 SH Sole NONE 38,700
MARSH & MCLENNAN COS INC COM 571748102 422 13,100 SH Sole NONE 13,100
MATTHEWS INTL CORP CL A 577128101 971 29,900 SH Shared 1 29,900
MATTHEWS INTL CORP CL A 577128101 1,797 55,300 SH Sole NONE 55,300
MAXIM INTEGRATED PRODS INC COM 57772K101 915 35,700 SH Shared 1 35,700
MAXIM INTEGRATED PRODS INC COM 57772K101 1,503 58,600 SH Sole NONE 58,600
MEDTRONIC INC NOTE 1.625% 4/1 585055AM8 2,431 2,425,000 PRN Shared 1 2,425,000
MEDTRONIC INC NOTE 1.625% 4/1 585055AM8 13,609 13,575,000 PRN Sole NONE 13,575,000
MERCK & CO INC NEW COM 58933Y105 1,712 41,000 SH Shared 1 41,000
MERCK & CO INC NEW COM 58933Y105 599 14,348 SH Sole NONE 14,348
MERIDIAN BIOSCIENCE INC COM 589584101 745 36,400 SH Sole NONE 36,400
METLIFE INC COM 59156R108 654 21,200 SH Shared 1 21,200
METLIFE INC COM 59156R108 4,589 148,751 SH Sole NONE 148,751
METRO BANCORP INC PA COM 59161R101 700 58,180 SH Sole NONE 58,180
MICROSOFT CORP COM 594918104 3,808 124,500 SH Shared 1 124,500
MICROSOFT CORP COM 594918104 15,219 497,500 SH Sole 2 497,500
MINE SAFETY APPLIANCES CO COM 602720104 350 8,700 SH Sole NONE 8,700
MOLINA HEALTHCARE INC COM 60855R100 1,117 47,600 SH Sole NONE 47,600
MOLSON COORS BREWING CO CL B 60871R209 1,735 41,700 SH Shared 1 41,700
MOLSON COORS BREWING CO CL B 60871R209 5,401 129,800 SH Sole NONE 129,800
MONTPELIER RE HOLDINGS LTD SHS G62185106 3,098 145,500 SH Shared 1 145,500
MONTPELIER RE HOLDINGS LTD SHS G62185106 14,656 688,400 SH Sole 2 688,400
MURPHY OIL CORP COM 626717102 2,328 46,300 SH Shared 1 46,300
MURPHY OIL CORP COM 626717102 3,812 75,800 SH Sole 2 75,800
NAVIGATORS GROUP INC COM 638904102 6,196 123,802 SH Sole NONE 123,802
NEENAH PAPER INC COM 640079109 1,828 68,500 SH Shared 1 68,500
NEENAH PAPER INC COM 640079109 6,721 251,800 SH Sole 2 251,800
NETAPP INC COM 64110D104 974 30,600 SH Shared 1 30,600
NETAPP INC COM 64110D104 4,493 141,200 SH Sole NONE 141,200
NEWMONT MINING CORP COM 651639106 10,905 224,800 SH Shared 1 224,800
NEWMONT MINING CORP COM 651639106 45,672 941,500 SH Sole 2 941,500
NEXEN INC COM 65334H102 10,289 609,200 SH Shared 1 609,200
NEXEN INC COM 65334H102 36,481 2,159,900 SH Sole 2 2,159,900
NORTHERN TR CORP COM 665859104 681 14,800 SH Shared 1 14,800
NORTHERN TR CORP COM 665859104 4,482 97,400 SH Sole NONE 97,400
NV ENERGY INC COM 67073Y106 510 29,000 SH Shared 1 29,000
NV ENERGY INC COM 67073Y106 3,088 175,680 SH Sole NONE 175,680
OCEAN SHORE HLDG CO NEW COM 67501R103 973 76,949 SH Sole NONE 76,949
OCEANFIRST FINL CORP COM 675234108 991 69,000 SH Sole NONE 69,000
OMNIAMERICAN BANCORP INC COM 68216R107 2,235 104,300 SH Sole NONE 104,300
ORACLE CORP COM 68389X105 950 32,000 SH Shared 1 32,000
ORACLE CORP COM 68389X105 2,922 98,400 SH Sole NONE 98,400
ORITANI FINL CORP DEL COM 68633D103 1,799 125,000 SH Shared 1 125,000
ORITANI FINL CORP DEL COM 68633D103 8,022 557,461 SH Sole NONE 557,461
OVERSEAS SHIPHOLDING GROUP I COM 690368105 63 5,700 SH Shared 1 5,700
OVERSEAS SHIPHOLDING GROUP I COM 690368105 270 24,300 SH Sole 2 24,300
P F CHANGS CHINA BISTRO INC COM 69333Y108 875 17,000 SH Shared 1 17,000
P F CHANGS CHINA BISTRO INC COM 69333Y108 2,141 41,600 SH Sole NONE 41,600
PEOPLES FED BANCSHARES INC COM 711037101 394 23,600 SH Sole NONE 23,600
PEPSICO INC COM 713448108 3,321 47,000 CALL Sole NONE 47,000
PEPSICO INC COM 713448108 4,586 64,900 SH Shared 1 64,900
PEPSICO INC COM 713448108 14,330 202,800 SH Sole NONE 202,800
PFIZER INC COM 717081103 11,581 503,500 SH Shared 1 503,500
PFIZER INC COM 717081103 42,040 1,827,815 SH Sole 2 1,827,815
PHH CORP NOTE 4.000% 9/0 693320AN3 4,174 4,200,000 PRN Shared 1 4,200,000
PHH CORP NOTE 4.000% 9/0 693320AN3 17,689 17,800,000 PRN Sole NONE 17,800,000
PHILLIPS 66 COM 718546104 382 11,500 SH Shared 1 11,500
PHILLIPS 66 COM 718546104 1,446 43,500 SH Sole 2 43,500
PICO HLDGS INC COM NEW 693366205 1,170 52,200 SH Sole NONE 52,200
PIPER JAFFRAY COS COM 724078100 993 42,400 SH Sole NONE 42,400
PLATINUM UNDERWRITER HLDGS L COM G7127P100 9,022 236,800 SH Shared 1 236,800
PLATINUM UNDERWRITER HLDGS L COM G7127P100 58,783 1,542,856 SH Sole 2 1,542,856
PNC FINL SVCS GROUP INC COM 693475105 5,152 84,300 SH Sole NONE 84,300
POST HLDGS INC COM 737446104 1,039 33,800 SH Shared 1 33,800
POST HLDGS INC COM 737446104 6,168 200,575 SH Sole NONE 200,575
POST PPTYS INC COM 737464107 4,826 98,600 SH Shared 1 98,600
POST PPTYS INC COM 737464107 17,823 364,100 SH Sole 2 364,100
PROCTER & GAMBLE CO COM 742718109 2,475 40,400 SH Shared 1 40,400
PROCTER & GAMBLE CO COM 742718109 4,071 66,465 SH Sole NONE 66,465
PROGRESSIVE CORP OHIO COM 743315103 8,174 392,400 SH Sole NONE 392,400
PRUDENTIAL FINL INC COM 744320102 814 16,800 SH Sole NONE 16,800
PSB HLDGS INC COM 69360W108 479 114,486 SH Sole NONE 114,486
PUBLIC SVC ENTERPRISE GROUP COM 744573106 5,665 174,300 SH Shared 1 174,300
PUBLIC SVC ENTERPRISE GROUP COM 744573106 21,106 649,400 SH Sole 2 649,400
QLOGIC CORP COM 747277101 868 63,400 SH Sole NONE 63,400
ROMA FINANCIAL CORP COM 77581P109 401 47,110 SH Sole NONE 47,110
RPM INTL INC COM 749685103 1,238 45,500 SH Shared 1 45,500
RPM INTL INC COM 749685103 1,939 71,300 SH Sole NONE 71,300
RTI INTL METALS INC NOTE 3.000%12/0 74973WAA5 1,726 1,700,000 PRN Shared 1 1,700,000
RTI INTL METALS INC NOTE 3.000%12/0 74973WAA5 7,410 7,300,000 PRN Sole NONE 7,300,000
SAFETY INS GROUP INC COM 78648T100 2,361 58,100 SH Sole NONE 58,100
SELECTIVE INS GROUP INC COM 816300107 251 14,400 SH Sole NONE 14,400
SILGAN HOLDINGS INC COM 827048109 1,118 26,200 SH Shared 1 26,200
SILGAN HOLDINGS INC COM 827048109 1,921 45,000 SH Sole NONE 45,000
SMITHFIELD FOODS INC NOTE 4.000% 6/3 832248AR9 1,474 1,325,000 PRN Shared 1 1,325,000
SMITHFIELD FOODS INC NOTE 4.000% 6/3 832248AR9 7,426 6,675,000 PRN Sole NONE 6,675,000
SPDR GOLD TRUST GOLD SHS 78463V107 1,816 11,700 SH Sole NONE 11,700
SPDR S&P 500 ETF TR TR UNIT 78462F103 19,759 145,000 SH Sole NONE 145,000
STATE AUTO FINL CORP COM 855707105 3,597 256,000 SH Shared 1 256,000
STATE AUTO FINL CORP COM 855707105 13,568 965,700 SH Sole 2 965,700
SUNCOR ENERGY INC NEW COM 867224107 955 33,000 SH Shared 1 33,000
SUNCOR ENERGY INC NEW COM 867224107 119 4,100 SH Sole NONE 4,100
SUNTRUST BKS INC COM 867914103 1,018 42,000 CALL Sole NONE 42,000
SUPERVALU INC COM 868536103 831 160,500 SH Shared 1 160,500
SUPERVALU INC COM 868536103 3,137 605,600 SH Sole 2 605,600
SYMANTEC CORP COM 871503108 311 21,300 SH Sole NONE 21,300
SYMETRA FINL CORP COM 87151Q106 26,830 2,125,973 SH Sole NONE 2,125,973
SYSCO CORP COM 871829107 1,768 59,300 SH Shared 1 59,300
SYSCO CORP COM 871829107 6,579 220,700 SH Sole 2 220,700
TELEPHONE & DATA SYS INC COM NEW 879433829 3,315 155,700 SH Shared 1 155,700
TELEPHONE & DATA SYS INC COM NEW 879433829 12,389 581,900 SH Sole 2 581,900
TERRITORIAL BANCORP INC COM 88145X108 1,241 54,502 SH Sole NONE 54,502
THOMAS PPTYS GROUP INC COM 884453101 577 106,100 SH Shared 1 106,100
THOMAS PPTYS GROUP INC COM 884453101 4,493 825,955 SH Sole NONE 825,955
TOOTSIE ROLL INDS INC COM 890516107 5,085 213,115 SH Shared 1 213,115
TOOTSIE ROLL INDS INC COM 890516107 19,391 812,690 SH Sole 2 812,690
TRINITY INDS INC NOTE 3.875% 6/0 896522AF6 3,970 4,025,000 PRN Shared 1 4,025,000
TRINITY INDS INC NOTE 3.875% 6/0 896522AF6 16,742 16,975,000 PRN Sole NONE 16,975,000
TYCO INTERNATIONAL LTD SHS H89128104 1,897 35,900 SH Sole NONE 35,900
UNITED FINANCIAL BANCORP INC COM 91030T109 441 30,700 SH Shared 1 30,700
UNITED FINANCIAL BANCORP INC COM 91030T109 1,317 91,600 SH Sole NONE 91,600
UNS ENERGY CORP COM 903119105 2,230 58,057 SH Shared 1 58,057
UNS ENERGY CORP COM 903119105 8,380 218,175 SH Sole 2 218,175
UNUM GROUP COM 91529Y106 700 36,600 SH Sole NONE 36,600
USEC INC COM 90333E108 9 9,000 SH Shared 1 9,000
USEC INC COM 90333E108 36 36,000 SH Sole 2 36,000
USEC INC NOTE 3.000%10/0 90333EAC2 7,227 14,900,000 PRN Shared 1 14,900,000
USEC INC NOTE 3.000%10/0 90333EAC2 33,271 68,600,000 PRN Sole NONE 68,600,000
VERISIGN INC COM 92343E102 1,542 35,400 SH Shared 1 35,400
VERISIGN INC COM 92343E102 2,357 54,100 SH Sole NONE 54,100
VIRGINIA COMM BANCORP INC COM 92778Q109 1,262 149,700 SH Sole NONE 149,700
WALGREEN CO COM 931422109 5,035 170,200 SH Shared 1 170,200
WALGREEN CO COM 931422109 18,804 635,700 SH Sole 2 635,700
WAL-MART STORES INC COM 931142103 5,578 80,000 CALL Sole NONE 80,000
WAL-MART STORES INC. COM 931142103 10,590 151,900 SH Shared 1 151,900
WAL-MART STORES INC. COM 931142103 30,189 433,000 SH Sole 2 433,000
WASHINGTON TR BANCORP COM 940610108 517 21,200 SH Sole NONE 21,200
WATERSTONE FINANCIAL INC COM 941888109 601 158,100 SH Sole NONE 158,100
WELLPOINT INC COM 94973V107 2,131 33,400 SH Shared 1 33,400
WELLPOINT INC COM 94973V107 11,495 180,200 SH Sole NONE 180,200
WEST COAST BANCORP ORE NEW COM NEW 952145209 588 29,900 SH Sole NONE 29,900
WESTERN UN CO COM 959802109 177 10,500 SH Sole NONE 10,500
WESTFIELD FINANCIAL INC NEW COM 96008P104 1,354 185,500 SH Sole NONE 185,500
WHITE MTNS INS GROUP LTD COM G9618E107 26,088 50,000 SH Sole NONE 50,000
WHITE RIVER CAPITAL INC COM 96445P105 326 14,330 SH Sole NONE 14,330
WILLIAMS CLAYTON ENERGY INC COM 969490101 3,740 77,300 SH Shared 1 77,300
WILLIAMS CLAYTON ENERGY INC COM 969490101 14,461 298,900 SH Sole 2 298,900
XEROX CORP COM 984121103 2,922 371,300 SH Shared 1 371,300
XEROX CORP COM 984121103 10,810 1,373,600 SH Sole 2 1,373,600
XILINX INC COM 983919101 1,326 39,500 SH Shared 1 39,500
XILINX INC COM 983919101 6,026 179,500 SH Sole NONE 179,500
XL GROUP PLC SHS G98290102 391 18,600 SH Sole NONE 18,600
SK 02081 0001 1306895