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Black Horse Capital Advisors LLC
> SPY
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 03/31/2009 | SPDR S&P 500 ETF TRUST | SPY | 0 | -112,243 | 0 | -10,128,000 | |
| 12/31/2008 | SPDR S&P 500 ETF TRUST | SPY | 112,243 | 112,243 | 10,128,000 | 10,128,000 | $90.23 |
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