0000919574-13-000922.txt : 20130213 0000919574-13-000922.hdr.sgml : 20130213 20130213162821 ACCESSION NUMBER: 0000919574-13-000922 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130213 DATE AS OF CHANGE: 20130213 EFFECTIVENESS DATE: 20130213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROSPECTOR PARTNERS LLC CENTRAL INDEX KEY: 0001080380 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-04685 FILM NUMBER: 13603567 BUSINESS ADDRESS: STREET 1: 370 CHURCH STREET CITY: GUILFORD STATE: CT ZIP: 06437 BUSINESS PHONE: (203) 458-1500 MAIL ADDRESS: STREET 1: 370 CHURCH STREET CITY: GUILFORD STATE: CT ZIP: 06437 13F-HR 1 d1357032_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 December 31, 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 February 13, 2013 ----------------------- -------------------------- ---------------------- [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: 322 Form 13F Information Table Value Total: $2,147,170 (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 December 31, 2012 Prospector Partners, LLC

COL 1 COL 2 COL 3 COL 4 COL 5 COL 6 COL 7 COL 8 VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MGRS SOLE SHARED NONE -------------- -------------- ----- -------- ------- --- ---- ---------- ---- ---- ------ ---- ABBOTT LABS COM 002824100 17,692 270,100 SH Sole 2 270,100 ABBOTT LABS COM 002824100 5,338 81,500 SH Shared 1 81,500 ABBOTT LABS EX DISTRIB WI 002824126 3,721 118,500 SH Sole NONE 118,500 ABBOTT LABS EX DISTRIB WI 002824126 1,231 39,200 SH Shared 1 39,200 AFLAC INC COM 001055102 1,482 27,900 SH Sole NONE 27,900 ALLIANT TECHSYSTEMS INC COM 018804104 898 14,500 SH Sole NONE 14,500 ALLIANT TECHSYSTEMS INC COM 018804104 799 12,900 SH Shared 1 12,900 ALLIANT TECHSYSTEMS INC NOTE 3.000% 8/1 018804AK0 10,298 9,750,000 PRN Sole 2 9,750,000 ALLIANT TECHSYSTEMS INC NOTE 3.000% 8/1 018804AK0 1,980 1,875,000 PRN Shared 1 1,875,000 ALTERRA CAPITAL HOLDINGS LIM COM G0229R108 8,437 299,300 SH Sole 2 299,300 ALTERRA CAPITAL HOLDINGS LIM COM G0229R108 2,540 90,104 SH Shared 1 90,104 AMERICAN ELEC PWR INC COM 025537101 341 8,000 SH Sole NONE 8,000 AMERICAN ELEC PWR INC COM 025537101 572 13,400 SH Shared 1 13,400 AMERICAN INTL GROUP INC COM NEW 026874784 7,095 201,000 SH Sole 2 201,000 AMERICAN INTL GROUP INC COM NEW 026874784 2,153 61,000 SH Shared 1 61,000 AMERISAFE INC COM 03071H100 1,046 38,400 SH Sole NONE 38,400 AMGEN INC NOTE 0.375% 2/0 031162AQ3 5,625 5,025,000 PRN Sole 2 5,025,000 AMGEN INC NOTE 0.375% 2/0 031162AQ3 1,651 1,475,000 PRN Shared 1 1,475,000 ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 4,003 127,600 SH Sole 2 127,600 ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 1,079 34,400 SH Shared 1 34,400 ANIXTER INTL INC NOTE 1.000% 2/1 035290AJ4 15,378 13,475,000 PRN Sole 2 13,475,000 ANIXTER INTL INC NOTE 1.000% 2/1 035290AJ4 4,308 3,775,000 PRN Shared 1 3,775,000 ARCH CAP GROUP LTD ORD G0450A105 21,679 492,473 SH Sole 2 492,473 ARCH CAP GROUP LTD ORD G0450A105 1,646 37,400 SH Shared 1 37,400 ARCHER DANIELS MIDLAND CO NOTE 0.875% 2/1 039483AW2 24,065 24,050,000 PRN Sole 2 24,050,000 ARCHER DANIELS MIDLAND CO NOTE 0.875% 2/1 039483AW2 5,954 5,950,000 PRN Shared 1 5,950,000 ASPEN INSURANCE HOLDINGS LTD SHS G05384105 16,595 517,303 SH Sole 2 517,303 ASPEN INSURANCE HOLDINGS LTD SHS G05384105 2,400 74,800 SH Shared 1 74,800 AURICO GOLD INC COM 05155C105 453 55,400 SH Sole 2 55,400 AURICO GOLD INC COM 05155C105 144 17,600 SH Shared 1 17,600 AUTOMATIC DATA PROCESSING IN COM 053015103 47,176 827,500 SH Sole 2 827,500 AUTOMATIC DATA PROCESSING IN COM 053015103 13,973 245,100 SH Shared 1 245,100 AXIS CAPITAL HOLDINGS INV SHS G0692U109 10,946 316,000 SH Sole NONE 316,000 AXIS CAPITAL HOLDINGS INV SHS G0692U109 1,649 47,600 SH Shared 1 47,600 BARRICK GOLD CORP COM 067901108 24,080 687,800 SH Sole 2 687,800 BARRICK GOLD CORP COM 067901108 7,076 202,100 SH Shared 1 202,100 BEAM INC COM 073730103 18,608 304,600 SH Sole 2 304,600 BEAM INC COM 073730103 5,455 89,300 SH Shared 1 89,300 BERKLEY W R CORP COM 084423102 2,985 79,100 SH Sole NONE 79,100 BERKLEY W R CORP COM 084423102 540 14,300 SH Shared 1 14,300 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 40,401 450,400 SH Sole 2 450,400 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 6,010 67,000 SH Shared 1 67,000 BMC SOFTWARE INC COM 055921100 3,910 98,600 SH Sole NONE 98,600 BMC SOFTWARE INC COM 055921100 1,091 27,500 SH Shared 1 27,500 BROADRIDGE FINL SOLUTIONS IN COM 11133T103 506 22,100 SH Sole NONE 22,100 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 7,566 506,400 SH Sole 2 506,400 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 2,286 153,000 SH Shared 1 153,000 CAMPBELL SOUP CO COM 134429109 15,495 444,100 SH Sole 2 444,100 CAMPBELL SOUP CO COM 134429109 4,612 132,200 SH Shared 1 132,200 CAPE BANCORP INC COM 139209100 692 79,662 SH Sole NONE 79,662 CARIBOU COFFEE INC COM 142042209 1,308 80,800 SH Sole NONE 80,800 CELADON GROUP INC COM 150838100 2,468 136,600 SH Sole NONE 136,600 CENTRAL PAC FINL CORP COM NEW 154760409 1,706 109,400 SH Sole NONE 109,400 CENTRAL PAC FINL CORP COM NEW 154760409 828 53,100 SH Shared 1 53,100 CHARLES RIV LABS INTL INC NOTE 2.250% 6/1 159864AB3 15,238 15,200,000 PRN Sole 2 15,200,000 CHARLES RIV LABS INTL INC NOTE 2.250% 6/1 159864AB3 3,810 3,800,000 PRN Shared 1 3,800,000 CHARTER FINL CORP WEST PT GA COM 16122M100 1,013 95,600 SH Sole 2 95,600 CHARTER FINL CORP WEST PT GA COM 16122M100 312 29,400 SH Shared 1 29,400 CHEMED CORP NEW NOTE 1.875% 5/1 16359RAC7 6,772 6,500,000 PRN Sole 2 6,500,000 CHEMED CORP NEW NOTE 1.875% 5/1 16359RAC7 1,563 1,500,000 PRN Shared 1 1,500,000 CHICOPEE BANCORP INC COM 168565109 1,887 118,771 SH Sole NONE 118,771 CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 3,828 4,400,000 PRN Sole 2 4,400,000 CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 957 1,100,000 PRN Shared 1 1,100,000 CHUBB CORP COM 171232101 22,295 296,009 SH Sole NONE 296,009 CHURCH & DWIGHT INC COM 171340102 6,567 122,582 SH Sole NONE 122,582 CHURCH & DWIGHT INC COM 171340102 1,179 22,000 SH Shared 1 22,000 CIRCOR INTL INC COM 17273K109 2,092 52,840 SH Sole NONE 52,840 CISCO SYS INC COM 17275R102 3,936 200,300 SH Sole NONE 200,300 CISCO SYS INC COM 17275R102 1,093 55,600 SH Shared 1 55,600 CIT GROUP INC COM NEW 125581801 1,669 43,200 SH Sole 2 43,200 CIT GROUP INC COM NEW 125581801 518 13,400 SH Shared 1 13,400 CIT GROUP INC COM NEW 125581801 3,864 100,000 CALL Sole NONE 100,000 CITIGROUP INC COM NEW 172967424 5,397 136,429 SH Sole NONE 136,429 CITIGROUP INC COM NEW 172967424 1,266 31,990 SH Shared 1 31,990 CITY NATL CORP COM 178566105 1,367 27,600 SH Sole NONE 27,600 CITY NATL CORP COM 178566105 540 10,900 SH Shared 1 10,900 CLIFTON SVGS BANCORP INC COM 18712Q103 932 82,700 SH Sole NONE 82,700 CNA FINL CORP COM 126117100 17,646 630,000 SH Sole 2 630,000 CNA FINL CORP COM 126117100 1,851 66,100 SH Shared 1 66,100 COCA COLA CO COM 191216100 1,878 51,800 SH Sole NONE 51,800 COCA COLA CO COM 191216100 566 15,600 SH Shared 1 15,600 COCA COLA ENTERPRISES INC NE COM 19122T109 13,431 423,300 SH Sole 2 423,300 COCA COLA ENTERPRISES INC NE COM 19122T109 4,033 127,100 SH Shared 1 127,100 COMTECH TELECOMMUNICATIONS C NOTE 3.000% 5/0 205826AF7 7,590 7,450,000 PRN Sole 2 7,450,000 COMTECH TELECOMMUNICATIONS C NOTE 3.000% 5/0 205826AF7 1,579 1,550,000 PRN Shared 1 1,550,000 CONOCOPHILLIPS COM 20825C104 19,299 332,800 SH Sole 2 332,800 CONOCOPHILLIPS COM 20825C104 5,851 100,900 SH Shared 1 100,900 CORNING INC COM 219350105 16,735 1,326,100 SH Sole 2 1,326,100 CORNING INC COM 219350105 5,059 400,900 SH Shared 1 400,900 CURTISS WRIGHT CORP COM 231561101 11,783 358,900 SH Sole 2 358,900 CURTISS WRIGHT CORP COM 231561101 3,542 107,900 SH Shared 1 107,900 DOMTAR CORP COM NEW 257559203 32,857 393,407 SH Sole 2 393,407 DOMTAR CORP COM NEW 257559203 9,104 109,000 SH Shared 1 109,000 DONEGAL GROUP INC CL A 257701201 3,075 219,000 SH Sole 2 219,000 DONEGAL GROUP INC CL A 257701201 914 65,100 SH Shared 1 65,100 DREAMWORKS ANIMATION SKG INC CL A 26153C103 7,435 448,700 SH Sole 2 448,700 DREAMWORKS ANIMATION SKG INC CL A 26153C103 2,210 133,400 SH Shared 1 133,400 DU PONT E I DE NEMOURS & CO COM 263534109 36,749 817,200 SH Sole 2 817,200 DU PONT E I DE NEMOURS & CO COM 263534109 12,245 272,300 SH Shared 1 272,300 E M C CORP MASS COM 268648102 1,551 61,300 SH Sole NONE 61,300 E M C CORP MASS COM 268648102 835 33,000 SH Shared 1 33,000 EMPIRE DIST ELEC CO COM 291641108 2,315 113,600 SH Sole NONE 113,600 EMPIRE DIST ELEC CO COM 291641108 793 38,900 SH Shared 1 38,900 ENDURANCE SPECIALTY HLDGS LT SHS G30397106 8,144 205,200 SH Sole NONE 205,200 ENERGIZER HLDGS INC COM 29266R108 11,909 148,900 SH Sole 2 148,900 ENERGIZER HLDGS INC COM 29266R108 3,575 44,700 SH Shared 1 44,700 FIFTH THIRD BANCORP COM 316773100 11,353 747,400 SH Sole NONE 747,400 FIFTH THIRD BANCORP COM 316773100 2,183 143,700 SH Shared 1 143,700 FIRST AMERN FINL CORP COM 31847R102 9,229 383,100 SH Sole 2 383,100 FIRST AMERN FINL CORP COM 31847R102 2,802 116,300 SH Shared 1 116,300 FIRST CONN BANCORP INC MD COM 319850103 1,191 86,600 SH Sole NONE 86,600 FIRST CONN BANCORP INC MD COM 319850103 761 55,352 SH Shared 1 55,352 FIRST DEFIANCE FINL CORP COM 32006W106 1,384 72,100 SH Sole NONE 72,100 FIRSTENERGY CORP COM 337932107 12,128 290,420 SH Sole 2 290,420 FIRSTENERGY CORP COM 337932107 3,662 87,700 SH Shared 1 87,700 FORESTAR GROUP INC COM 346233109 13,635 786,800 SH Sole 2 786,800 FORESTAR GROUP INC COM 346233109 3,679 212,300 SH Shared 1 212,300 FORTUNE BRANDS HOME & SEC IN COM 34964C106 4,763 163,000 SH Sole 2 163,000 FORTUNE BRANDS HOME & SEC IN COM 34964C106 1,376 47,100 SH Shared 1 47,100 FOX CHASE BANCORP INC NEW COM 35137T108 3,686 221,403 SH Sole NONE 221,403 FOX CHASE BANCORP INC NEW COM 35137T108 416 25,000 SH Shared 1 25,000 FRANKLIN RES INC COM 354613101 24,168 192,269 SH Sole NONE 192,269 FRANKLIN RES INC COM 354613101 3,784 30,100 SH Shared 1 30,100 FULLER H B CO COM 359694106 2,086 59,900 SH Sole NONE 59,900 FULLER H B CO COM 359694106 1,187 34,100 SH Shared 1 34,100 GALLAGHER ARTHUR J & CO COM 363576109 4,615 133,200 SH Sole NONE 133,200 GALLAGHER ARTHUR J & CO COM 363576109 482 13,900 SH Shared 1 13,900 GENERAL MLS INC COM 370334104 170 4,200 SH Sole NONE 4,200 GENERAL MLS INC COM 370334104 1,758 43,500 SH Shared 1 43,500 GENTEX CORP COM 371901109 565 30,000 SH Sole NONE 30,000 GLOBAL CASH ACCESS HLDGS INC COM 378967103 1,145 146,000 SH Sole NONE 146,000 GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 36,217 2,899,700 SH Sole 2 2,899,700 GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 10,924 874,600 SH Shared 1 874,600 GREATBATCH INC SDCV 2.250% 6/1 39153LAB2 18,098 18,075,000 PRN Sole 2 18,075,000 GREATBATCH INC SDCV 2.250% 6/1 39153LAB2 4,931 4,925,000 PRN Shared 1 4,925,000 GREENHILL & CO INC COM 395259104 4,206 80,900 SH Sole NONE 80,900 HAEMONETICS CORP COM 405024100 947 23,200 SH Sole NONE 23,200 HESS CORP COM 42809H107 49,957 943,300 SH Sole 2 943,300 HESS CORP COM 42809H107 14,871 280,800 SH Shared 1 280,800 HILLSHIRE BRANDS CO COM 432589109 12,308 437,380 SH Sole 2 437,380 HILLSHIRE BRANDS CO COM 432589109 3,956 140,580 SH Shared 1 140,580 HOLOGIC INC FRNT 2.000%12/1 436440AA9 4,262 4,275,000 PRN Sole 2 4,275,000 HOLOGIC INC FRNT 2.000%12/1 436440AB7 5,268 4,725,000 PRN Sole 2 4,725,000 HOLOGIC INC FRNT 2.000%12/1 436440AA9 1,221 1,225,000 PRN Shared 1 1,225,000 HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,422 1,275,000 PRN Shared 1 1,275,000 HOME DEPOT INC COM 437076102 8,906 144,000 SH Sole NONE 144,000 HOME DEPOT INC COM 437076102 3,934 63,600 SH Shared 1 63,600 HOMETRUST BANCSHARES INC COM 437872104 4,006 296,500 SH Sole NONE 296,500 HOMETRUST BANCSHARES INC COM 437872104 1,636 121,100 SH Shared 1 121,100 HORSEHEAD HLDG CORP NOTE 3.800% 7/0 440694AB3 1,282 1,325,000 PRN Sole 2 1,325,000 HORSEHEAD HLDG CORP NOTE 3.800% 7/0 440694AB3 290 300,000 PRN Shared 1 300,000 HOSPIRA INC COM 441060100 5,967 191,000 SH Sole 2 191,000 HOSPIRA INC COM 441060100 1,812 58,000 SH Shared 1 58,000 HOWARD HUGHES CORP COM 44267D107 599 8,200 SH Sole NONE 8,200 HYATT HOTELS CORP COM CL A 448579102 5,125 132,865 SH Sole NONE 132,865 HYATT HOTELS CORP COM CL A 448579102 1,111 28,800 SH Shared 1 28,800 INTEROIL CORP NOTE 2.750%11/1 460951AC0 676 775,000 PRN Sole 2 775,000 INTEROIL CORP NOTE 2.750%11/1 460951AC0 196 225,000 PRN Shared 1 225,000 INVESCO LTD SHS G491BT108 7,892 302,500 SH Sole NONE 302,500 INVESCO LTD SHS G491BT108 2,854 109,400 SH Shared 1 109,400 J & J SNACK FOODS CORP COM 466032109 1,963 30,700 SH Sole NONE 30,700 JACK IN THE BOX INC COM 466367109 1,250 43,700 SH Sole NONE 43,700 JACK IN THE BOX INC COM 466367109 632 22,100 SH Shared 1 22,100 JANUS CAP GROUP INC NOTE 3.250% 7/1 47102XAG0 6,596 6,350,000 PRN Sole 2 6,350,000 JANUS CAP GROUP INC NOTE 3.250% 7/1 47102XAG0 1,714 1,650,000 PRN Shared 1 1,650,000 JOHNSON & JOHNSON COM 478160104 37,973 541,700 SH Sole 2 541,700 JOHNSON & JOHNSON COM 478160104 12,303 175,500 SH Shared 1 175,500 JPMORGAN CHASE & CO COM 46625H100 21,114 480,200 SH Sole NONE 480,200 JPMORGAN CHASE & CO COM 46625H100 3,091 70,300 SH Shared 1 70,300 KINROSS GOLD CORP COM NO PAR 496902404 2,264 232,900 SH Sole 2 232,900 KINROSS GOLD CORP COM NO PAR 496902404 933 96,000 SH Shared 1 96,000 KINROSS GOLD CORP NOTE 1.750% 3/1 496902AD9 6,596 6,600,000 PRN Sole 2 6,600,000 KINROSS GOLD CORP NOTE 1.750% 3/1 496902AD9 2,399 2,400,000 PRN Shared 1 2,400,000 L-3 COMMUNICATIONS CORP DEBT 3.000% 8/0 502413AW7 4,075 4,025,000 PRN Sole 2 4,025,000 L-3 COMMUNICATIONS CORP DEBT 3.000% 8/0 502413AW7 987 975,000 PRN Shared 1 975,000 LANCASTER COLONY CORP COM 513847103 3,335 48,200 SH Sole NONE 48,200 LANCASTER COLONY CORP COM 513847103 1,910 27,600 SH Shared 1 27,600 LEUCADIA NATL CORP COM 527288104 15,582 654,962 SH Sole NONE 654,962 LEUCADIA NATL CORP COM 527288104 2,174 91,400 SH Shared 1 91,400 LOEWS CORP COM 540424108 27,323 670,500 SH Sole 2 670,500 LOEWS CORP COM 540424108 8,150 200,000 SH Shared 1 200,000 MAIDEN HOLDINGS LTD SHS G5753U112 1,178 128,200 SH Sole NONE 128,200 MARATHON OIL CORP COM 565849106 5,850 190,800 SH Sole NONE 190,800 MARATHON OIL CORP COM 565849106 1,530 49,900 SH Shared 1 49,900 MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 1,253 27,000 SH Sole NONE 27,000 MARSH & MCLENNAN COS INC COM 571748102 1,789 51,900 SH Sole NONE 51,900 MATTHEWS INTL CORP CL A 577128101 1,323 41,200 SH Sole NONE 41,200 MATTHEWS INTL CORP CL A 577128101 831 25,900 SH Shared 1 25,900 MAXIM INTEGRATED PRODS INC COM 57772K101 1,793 61,000 SH Sole NONE 61,000 MAXIM INTEGRATED PRODS INC COM 57772K101 1,050 35,700 SH Shared 1 35,700 MEDTRONIC INC NOTE 1.625% 4/1 585055AM8 9,605 9,575,000 PRN Sole 2 9,575,000 MEDTRONIC INC NOTE 1.625% 4/1 585055AM8 2,433 2,425,000 PRN Shared 1 2,425,000 MERCK & CO INC NEW COM 58933Y105 546 13,348 SH Sole NONE 13,348 MERCK & CO INC NEW COM 58933Y105 1,679 41,000 SH Shared 1 41,000 MERCURY GENL CORP NEW COM 589400100 1,425 35,900 SH Sole NONE 35,900 METLIFE INC COM 59156R108 5,074 154,051 SH Sole NONE 154,051 METLIFE INC COM 59156R108 945 28,700 SH Shared 1 28,700 METRO BANCORP INC PA COM 59161r101 769 58,180 SH Sole NONE 58,180 MICROSOFT CORP COM 594918104 12,568 470,200 SH Sole 2 470,200 MICROSOFT CORP COM 594918104 3,328 124,500 SH Shared 1 124,500 MOLINA HEALTHCARE INC COM 60855R100 1,288 47,600 SH Sole NONE 47,600 MONTPELIER RE HOLDINGS LTD SHS g62185106 14,738 644,700 SH Sole 2 644,700 MONTPELIER RE HOLDINGS LTD SHS g62185106 3,376 147,700 SH Shared 1 147,700 MURPHY OIL CORP COM 626717102 22,492 377,700 SH Sole 2 377,700 MURPHY OIL CORP COM 626717102 9,153 153,700 SH Shared 1 153,700 NAVIGATORS GROUP INC COM 638904102 5,056 99,002 SH Sole NONE 99,002 NEENAH PAPER INC COM 640079109 3,917 137,600 SH Sole 2 137,600 NEENAH PAPER INC COM 640079109 1,196 42,000 SH Shared 1 42,000 NETAPP INC COM 64110D104 5,100 152,000 SH Sole NONE 152,000 NETAPP INC COM 64110D104 1,027 30,600 SH Shared 1 30,600 NETAPP INC COM 64110D104 2,349 70,000 CALL Sole NONE 70,000 NEWMONT MINING CORP COM 651639106 40,677 875,900 SH Sole 2 875,900 NEWMONT MINING CORP COM 651639106 10,440 224,800 SH Shared 1 224,800 NEXEN INC COM 65334H102 37,406 1,388,500 SH Sole 2 1,388,500 NEXEN INC COM 65334H102 11,277 418,600 SH Shared 1 418,600 NORTHGATE MINERALS CORP NOTE 3.500%10/0 666416AB8 1,708 1,575,000 PRN Sole 2 1,575,000 NORTHGATE MINERALS CORP NOTE 3.500%10/0 666416AB8 461 425,000 PRN Shared 1 425,000 NRG ENERGY INC COM NEW 629377508 22,561 981,342 SH Sole 2 981,342 NRG ENERGY INC COM NEW 629377508 6,069 263,974 SH Shared 1 263,974 NV ENERGY INC COM 67073Y106 2,554 140,780 SH Sole NONE 140,780 NV ENERGY INC COM 67073Y106 479 26,400 SH Shared 1 26,400 OCEAN SHORE HLDG CO NEW COM 67501R103 1,139 76,949 SH Sole NONE 76,949 OCEANFIRST FINL CORP COM 675234108 1,827 132,900 SH Sole NONE 132,900 OMNIAMERICAN BANCORP INC COM 68216R107 1,638 70,800 SH Sole NONE 70,800 ORACLE CORP COM 68389X105 3,005 90,200 SH Sole NONE 90,200 ORACLE CORP COM 68389X105 1,066 32,000 SH Shared 1 32,000 ORITANI FINL CORP DEL COM 68633D103 8,540 557,461 SH Sole NONE 557,461 ORITANI FINL CORP DEL COM 68633D103 1,915 125,000 SH Shared 1 125,000 PACWEST BANCORP DEL COM 695263103 1,878 75,800 SH Sole NONE 75,800 PACWEST BANCORP DEL COM 695263103 788 31,800 SH Shared 1 31,800 PEOPLES FED BANCSHARES INC COM 711037101 457 26,280 SH Sole NONE 26,280 PEPSICO INC COM 713448108 13,652 199,500 SH Sole NONE 199,500 PEPSICO INC COM 713448108 4,243 62,000 SH Shared 1 62,000 PEPSICO INC COM 713448108 3,216 47,000 CALL Sole NONE 47,000 PFIZER INC COM 717081103 42,275 1,685,615 SH Sole 2 1,685,615 PFIZER INC COM 717081103 12,625 503,400 SH Shared 1 503,400 PHH CORP NOTE 4.000% 9/0 693320AN3 19,707 17,625,000 PRN Sole 2 17,625,000 PHH CORP NOTE 4.000% 9/0 693320AN3 4,892 4,375,000 PRN Shared 1 4,375,000 PICO HLDGS INC COM NEW 693366205 1,253 61,800 SH Sole NONE 61,800 PLATINUM UNDERWRITER HLDGS L COM G7127P100 59,918 1,302,562 SH Sole 2 1,302,562 PLATINUM UNDERWRITER HLDGS L COM G7127P100 11,072 240,700 SH Shared 1 240,700 PNC FINL SVCS GROUP INC COM 693475105 4,916 84,300 SH Sole NONE 84,300 POST HLDGS INC COM 737446104 6,870 200,575 SH Sole NONE 200,575 POST HLDGS INC COM 737446104 1,158 33,800 SH Shared 1 33,800 POST PPTYS INC COM 737464107 16,029 320,900 SH Sole 2 320,900 POST PPTYS INC COM 737464107 4,820 96,500 SH Shared 1 96,500 PROASSURANCE CORP COM 74267C106 295 7,000 SH Sole NONE 7,000 PROCTER & GAMBLE CO COM 742718109 4,540 66,870 SH Sole NONE 66,870 PROCTER & GAMBLE CO COM 742718109 3,727 54,900 SH Shared 1 54,900 PROCTER & GAMBLE CO COM 742718109 2,716 40,000 CALL Sole NONE 40,000 PROGRESSIVE CORP OHIO COM 743315103 7,826 370,900 SH Sole NONE 370,900 PRUDENTIAL FINL INC COM 744320102 896 16,800 SH Sole NONE 16,800 PSB HLDGS INC COM 69360W108 550 114,486 SH Sole NONE 114,486 PUBLIC SVC ENTERPRISE GROUP COM 744573106 18,430 602,300 SH Sole 2 602,300 PUBLIC SVC ENTERPRISE GROUP COM 744573106 5,395 176,300 SH Shared 1 176,300 RPM INTL INC COM 749685103 2,093 71,300 SH Sole NONE 71,300 RPM INTL INC COM 749685103 1,336 45,500 SH Shared 1 45,500 RTI INTL METALS INC NOTE 3.000%12/0 74973WAA5 8,739 8,050,000 PRN Sole 2 8,050,000 RTI INTL METALS INC NOTE 3.000%12/0 74973WAA5 2,117 1,950,000 PRN Shared 1 1,950,000 SAFETY INS GROUP INC COM 78648T100 2,779 60,200 SH Sole NONE 60,200 SILGAN HOLDINGS INC COM 827048109 1,722 41,400 SH Sole NONE 41,400 SILGAN HOLDINGS INC COM 827048109 977 23,500 SH Shared 1 23,500 SMITHFIELD FOODS INC NOTE 4.000% 6/3 832248AR9 7,548 7,125,000 PRN Sole 2 7,125,000 SMITHFIELD FOODS INC NOTE 4.000% 6/3 832248AR9 1,986 1,875,000 PRN Shared 1 1,875,000 SPDR GOLD TRUST GOLD SHS 78463V107 1,896 11,700 SH Sole NONE 11,700 SPDR S&P 500 ETF TR TR UNIT 78462F103 20,665 145,000 SH Sole NONE 145,000 STATE AUTO FINL CORP COM 855707105 13,188 882,700 SH Sole 2 882,700 STATE AUTO FINL CORP COM 855707105 3,899 261,000 SH Shared 1 261,000 SUNCOR ENERGY INC NEW COM 867224107 409 12,400 SH Sole NONE 12,400 SUNCOR ENERGY INC NEW COM 867224107 1,837 55,700 SH Shared 1 55,700 SUNTRUST BKS INC COM 867914103 1,191 42,000 CALL Sole NONE 42,000 SUPERVALU INC COM 868536103 790 319,800 SH Sole 2 319,800 SUPERVALU INC COM 868536103 238 96,300 SH Shared 1 96,300 SYMANTEC CORP COM 871503108 5,724 304,300 SH Sole NONE 304,300 SYMANTEC CORP COM 871503108 1,896 100,800 SH Shared 1 100,800 SYMETRA FINL CORP COM 87151Q106 28,329 2,182,500 SH Sole NONE 2,182,500 SYSCO CORP COM 871829107 7,120 224,900 SH Sole 2 224,900 SYSCO CORP COM 871829107 2,162 68,300 SH Shared 1 68,300 TALISMAN ENERGY INC COM 87425E103 2,045 180,500 SH Sole 2 180,500 TALISMAN ENERGY INC COM 87425E103 617 54,500 SH Shared 1 54,500 TECO ENERGY INC COM 872375100 10,053 599,800 SH Sole 2 599,800 TECO ENERGY INC COM 872375100 3,365 200,800 SH Shared 1 200,800 TELEPHONE & DATA SYS INC COM NEW 879433829 14,190 640,900 SH Sole 2 640,900 TELEPHONE & DATA SYS INC COM NEW 879433829 4,295 194,000 SH Shared 1 194,000 THOMAS PPTYS GROUP INC COM 884453101 4,022 743,455 SH Sole NONE 743,455 THOMAS PPTYS GROUP INC COM 884453101 517 95,500 SH Shared 1 95,500 TOOTSIE ROLL INDS INC COM 890516107 18,713 721,971 SH Sole 2 721,971 TOOTSIE ROLL INDS INC COM 890516107 5,550 214,115 SH Shared 1 214,115 TRINITY INDS INC NOTE 3.875% 6/0 896522AF6 17,303 15,475,000 PRN Sole 2 15,475,000 TRINITY INDS INC NOTE 3.875% 6/0 896522AF6 4,500 4,025,000 PRN Shared 1 4,025,000 TYCO INTERNATIONAL LTD SHS H89128104 1,056 36,100 SH Sole NONE 36,100 TYCO INTERNATIONAL LTD SHS H89128104 1,369 46,800 SH Shared 1 46,800 UIL HLDG CORP COM 902748102 423 11,800 SH Sole NONE 11,800 UNITED FINANCIAL BANCORP INC COM 91030T109 2,018 128,400 SH Sole NONE 128,400 UNITED FINANCIAL BANCORP INC COM 91030T109 1,027 65,300 SH Shared 1 65,300 UNS ENERGY CORP COM 903119105 8,363 197,153 SH Sole 2 197,153 UNS ENERGY CORP COM 903119105 2,463 58,057 SH Shared 1 58,057 UNUM GROUP COM 91529Y106 1,137 54,600 SH Sole NONE 54,600 USEC INC NOTE 3.000%10/0 90333EAC2 25,536 67,200,000 PRN Sole 2 67,200,000 USEC INC NOTE 3.000%10/0 90333EAC2 5,662 14,900,000 PRN Shared 1 14,900,000 VERISIGN INC COM 92343E102 400 10,300 SH Sole NONE 10,300 VERISIGN INC COM 92343E102 753 19,400 SH Shared 1 19,400 VIRGINIA COMM BANCORP INC COM 92778Q109 1,340 149,700 SH Sole NONE 149,700 WALGREEN CO COM 931422109 21,625 584,300 SH Sole 2 584,300 WALGREEN CO COM 931422109 6,455 174,400 SH Shared 1 174,400 WAL-MART STORES INC COM 931142103 30,465 446,500 SH Sole 2 446,500 WAL-MART STORES INC COM 931142103 10,364 151,900 SH Shared 1 151,900 WASHINGTON TR BANCORP COM 940610108 558 21,200 SH Sole NONE 21,200 WATERSTONE FINANCIAL INC COM 941888109 519 66,600 SH Sole NONE 66,600 WELLPOINT INC COM 94973V107 11,051 181,400 SH Sole NONE 181,400 WELLPOINT INC COM 94973V107 2,035 33,400 SH Shared 1 33,400 WEST COAST BANCORP ORE NEW COM NEW 952145209 662 29,900 SH Sole NONE 29,900 WESTFIELD FINANCIAL INC NEW COM 96008P104 1,916 265,000 SH Sole NONE 265,000 WHITE MTNS INS GROUP LTD COM G9618E107 25,750 50,000 SH Sole NONE 50,000 WHITE RIVER CAPITAL INC COM 96445P105 305 14,330 SH Sole NONE 14,330 WILLIAMS CLAYTON ENERGY INC COM 969490101 11,172 279,300 SH Sole 2 279,300 WILLIAMS CLAYTON ENERGY INC COM 969490101 3,156 78,900 SH Shared 1 78,900 XEROX CORP COM 984121103 7,288 1,068,600 SH Sole 2 1,068,600 XEROX CORP COM 984121103 2,219 325,300 SH Shared 1 325,300 XILINX INC COM 983919101 6,444 179,500 SH Sole NONE 179,500 XILINX INC COM 983919101 1,418 39,500 SH Shared 1 39,500 XL GROUP PLC SHS G98290102 2,782 111,000 SH Sole NONE 111,000

SK 02081 0001 1357032