13F-HR 1 headstream13f-4qtr2008.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter December 31, 2008 Ended: -------------------- Check here if Amendment [|_|]; Amendment Number: ------ This Amendment (Check only one.): [] is a restatement. [] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Headstream Asset Management LP ------------------------------------- Address: 5949 Sherry Lane ------------------------------------- Suite 1735 ------------------------------------- Dallas, TX 75225 ------------------------------------- Form 13F File Number: 028-12432 --------- 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: William C. Ward ------------------------------------- Title: Managing Member ------------------------------------- Phone: 214-378-6303 ------------------------------------- Signature, Place, and Date of Signing: /s/ William C. Ward Dallas, TX 02/13/2009 ------------------------ ------------------------- ---------- [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 manager(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).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 -------------- Form 13F Information Table Entry 73 Total: -------------- Form 13F Information Table value $ 38,530 Total: -------------- (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. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] NONE

--------------------------------------------------------------------------------------------------------------------------------- COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 --------------------------------------------------------------------------------------------------------------------------------- TITLE OF CUSIP VALUE SHS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS (x$1000) PRN AMT PRN CALL DISCRETION MGRS SOLE SHARED NONE --------------------------------------------------------------------------------------------------------------------------------- ***GIGAMEDIA ~~Euroseas~~ LTD ~~COM~~ORD ~~NEW~~Y2711Y104 ~~Y23592200~~338 ~~713 50~~60,000 SH SOLE 5060,000 ***~~BLUEPHOENIX~~ITURAN ~~SOLUTIONS~~LOCATION ~~LTD~~AND ~~SHS~~CONTROLSHS ~~M20157109~~M6158M104 ~~1,130~~548 9575,000 SH SOLE 9575,000 ***~~ELTEK~~JINPAN INTERNATIONAL LTD ORD ~~M40184109~~G5138L100 ~~846~~580 ~~195~~40,000 SH SOLE ~~195~~40,000 ***~~SILICOM~~MINDRAY MED INTL LTD ~~ORD~~SPON ~~M84116108~~ADR ~~654~~602675100 32810 45,~~500~~000 SH SOLE 3245,~~500~~000 ***~~SILICON~~Oceanfreight ~~MOTION~~Inc ~~TECHNOLOGY~~SHS ~~SPONSORED~~Y64202107 ~~ADR~~223 ~~82706C108 2~~75,~~111 85,~~000 SH SOLE 8575,000 ~~ADDVANTAGE~~AECOM ~~TECHNOLOGIES~~TECHNOLOGY ~~GROUP~~CORPORATION COM ~~NEW~~00766T100 ~~006743306~~461 115,~~105 210,~~000 SH SOLE ~~210~~15,000 ~~AEROCENTURY~~AES CORP COM ~~007737109~~00130H105 1,~~501~~154 97140,~~500~~000 SH SOLE 97140,~~500~~000 ~~ALLIS~~AIR ~~CHALMERS~~T ~~CORPORATION~~INC COM ~~PAR~~009207101 ~~$.01NW~~382 ~~019645506 2~~65,~~299 100,~~000 SH SOLE ~~100~~65,000 ~~ALMOST~~ALTRA ~~FAMILY~~HLDGS INC COM ~~020409108~~02208R106 ~~914~~79 4710,~~500~~000 SH SOLE 4710,~~500~~000 ~~AMCOL~~AMERICAN ~~INTERNATIONAL~~ORIENTAL ~~CORP~~ COM ~~02341W103~~028731107 ~~2,117~~407 7760,~~500~~000 SH SOLE 7760,~~500~~000 ~~ATRION~~AMERON ~~CORP~~INC-W/RTS TO PUR P/STK COM ~~049904105~~030710107 ~~3,952~~629 4010,000 SH SOLE 4010,000 ~~AZZ~~ANDERSONS ~~Inc~~INC COM ~~002474104~~034164103 ~~2,103~~494 6230,~~500~~000 SH SOLE 6230,~~500~~000 ~~BOSTON~~APPLIANCE ~~BEER~~RECYCLING COCENTERS ~~INC~~OFCOM -NEW CL03814F205 A239 ~~CL A 100557107 2~~81,~~755~~175 ~~70,000~~ SH SOLE 7081,~~000~~175 ~~CAMDEN~~ATLANTIC ~~NATL~~TELE-NETWORK ~~CORP~~INC NEW COM ~~133034108~~NEW ~~1,174~~049079205 30531 20,000 SH SOLE 3020,000 ~~CARACO~~ATRION ~~PHARMACEUTICAL~~CORP COM ~~14075T107~~049904105 ~~683~~291 453,000 SH SOLE 453,000 ~~CHIPMOS~~AZZ ~~TECHNOLOGIES~~Inc ~~SHS~~COM ~~G2110R106~~002474104 ~~791~~879 ~~110~~35,~~000~~032 SH SOLE ~~110~~35,~~000~~032 ~~CIBER~~BILL ~~INC~~BARRETT CORPORATION COM ~~17163B102~~06846N104 ~~654~~951 8045,000 SH SOLE 8045,000 ~~CONSUMER~~BOLT ~~PORTFOLIO~~TECHNOLOGY ~~SERVICES~~CORP COM ~~210502100~~097698104 ~~656~~348 ~~105~~50,000 SH SOLE ~~105~~50,000 ~~CPI~~CARACO ~~INTL~~PHARMACEUTICAL ~~INC~~ COM ~~12618M100~~14075T107 ~~1,884~~710 95120,000 SH SOLE 95120,000 ~~CUBIC~~CHART ~~CORP~~INDUSTRIES INC COM ~~229669106~~16115Q308 ~~1,207~~425 40,000 SH SOLE 40,000 ~~DESWELL~~CHESAPEAKE ~~INDUSTRIES~~ENERGY ~~INC~~CORP COM ~~250639101~~165167107 ~~1,223~~501 ~~112~~31,000 SH SOLE ~~112~~31,000 ~~DXP~~CHINA ~~ENTERPRISES~~ARCHITECTURAL ENGR INC ~~NEW~~ COM ~~NEW~~16937S102 ~~233377407~~209 185,~~924 45,~~000 SH SOLE 4585,000 ~~EARTHGRAINS~~CIBER COINC COM ~~20061Q106~~17163B102 ~~320~~481 ~~160~~100,000 SH SOLE ~~160~~100,000 ~~EASTERN~~CLICKSOFTWARE COTECHNOLOGIES ~~COM~~LTDORD ~~276317104~~M25082104 ~~1,889~~130 6570,000 SH SOLE 6570,000 ~~EBIX.COM~~CYNOSURE INC ~~COM~~CL ~~NEW~~A ~~278715206~~232577205 ~~3,216~~457 8050,000 SH SOLE 8050,000 ~~EXPONENT~~DARLING ~~INDUSTRIES~~INTL INC COM ~~30214U102~~237266101 ~~1,734~~604 77110,~~500~~000 SH SOLE 77110,~~500~~000 ~~HARDINGE~~DATALINK ~~INC~~CORP COM ~~412324303~~237934104 ~~1,446~~176 4255,~~500 SH SOLE 42,500 HEALTH CARE PROPERTY INVS INC COM 421915109 1,302 45,~~000 SH SOLE 4555,000 ~~HOME~~DIGITAL ~~SOLUTIONS~~RECORDER ~~OF AMERICA~~ INC COM ~~437355100~~23330F109 ~~1,256~~136 ~~210~~125,000 SH SOLE ~~210~~125,000 ~~Houston~~DXP ~~Wire~~ENTERPRISES &INC ~~Cable~~NEW CO COM ~~44244K109~~NEW ~~1,989~~233377407 70365 25,000 SH SOLE 7025,000 ~~HURCO~~EBAY ~~COMPANIES~~ INC COM ~~447324104~~278642103 21,~~249~~117 4580,000 SH SOLE 4580,000 ~~ICO~~EBIX.COM INC COM ~~449293109~~NEW ~~1,903~~278715206 ~~180~~956 40,000 SH SOLE ~~180~~40,000 ~~INGLES~~EZCORP ~~MKTS~~ INC -CL A CL A ~~457030104~~302301106 ~~1,895~~152 5510,000 SH SOLE 5510,000 ~~JACLYN~~FOSTER ~~INC~~L B CO CL A COM ~~469772107~~350060109 ~~1,514~~938 ~~133~~30,000 SH SOLE ~~133~~30,000 KFUEL ~~TRON~~SYSTEMS ~~INTL~~SOLUTIONS INC COM ~~482730108~~35952W103 ~~3,267~~328 3210,~~500~~000 SH SOLE 3210,~~500~~000 ~~KOPPERS~~GYMBOREE ~~HLDGS~~CORP ~~INC~~ COM ~~50060P106~~403777105 ~~1,347~~391 4015,000 SH SOLE 4015,000 ~~LOJACK~~HANSEN NATURAL CORP COM ~~539451104~~411310105 ~~1,895~~838 8525,000 SH SOLE 8525,000 ~~LTC~~HCP ~~PROPERTIES~~ INC COM ~~502175102~~40414L109 1,~~593~~389 7050,000 SH SOLE 7050,000 ~~MEAD~~HI-TECH ~~CORP~~PHARMACAL CO INC COM ~~591176102~~42840B101 ~~557~~194 7035,000 SH SOLE 7035,000 ~~MEDICAL~~IMAGE ~~PROPERTIES~~SENSING ~~TRUST~~SYS INC COM ~~58463J304~~45244C104 ~~1,058~~344 8054,000 SH SOLE 8054,000 ~~MESA~~INDUSTRIAL ~~LABORATORIES~~SVCS AMER INC FLA COM ~~59064R109~~456314103 ~~816~~256 3547,000 SH SOLE 3547,000 ~~MILLER~~INFINERA ~~INDUSTRIES~~CORP ~~INC-TENN~~ COM ~~NEW~~45667G103 ~~600551204~~762 ~~2,134~~ 85,000 SH SOLE 85,000 ~~MKS~~INNOTRAC ~~INSTRUMENT~~CORPORATION ~~INC~~ COM ~~55306N104~~45767M109 ~~2,355~~303 85180,000 SH SOLE 85180,000 ~~NOBEL~~INSITUFORM ~~LEARNING~~TECHNOLOGIES ~~COMMUNITIES~~ INC ~~COM~~CL ~~654889104~~A ~~1,094~~457667103 75197 10,000 SH SOLE 7510,000 ~~NORTHRIM~~ISHARES ~~BANK-ANCHORAGE~~SILVER ~~ALASKA~~TR COM ~~666762109~~46428Q109 ~~410~~280 1525,000 SH SOLE 1525,000 ~~OMNI~~ITERIS ~~ENERGY~~INC ~~SERVICES~~ COM ~~NEW~~46564T107 ~~68210T208~~140 ~~1,010~~ 90,000 SH SOLE 90,000 ~~PMC~~JACOBS ~~COML~~ENGR TRGROUP SHINC ~~BEN~~COM ~~INT~~469814107 ~~693434102~~722 115,~~112~~000 ~~84,500~~ SH SOLE 8415,~~500~~000 ~~QUADRAMED~~KBR ~~CORP~~INC COM ~~74730W101~~48242W106 ~~351~~836 ~~115~~55,000 SH SOLE ~~115~~55,000 ~~REDDY~~KENDLE ~~ICE~~INTERNATIONAL ~~HOLDINGS~~ INC COM ~~75734R105~~48880L107 21,~~567~~929 9075,000 SH SOLE 9075,000 ~~RIVERVIEW~~KEWAUNEE ~~SVGS~~SCIENTIFIC BKEQUIP ~~FSB CAMAS WA~~ COM ~~769397100~~492854104 ~~821~~293 6032,~~000~~500 SH SOLE 6032,~~000~~500 ~~RPC~~KOPPERS ~~ENERGY~~HLDGS ~~SVCS~~ INC COM ~~749660106~~50060P106 ~~1,534~~541 9025,000 SH SOLE 9025,000 ~~SENSIENT~~LTC ~~TECHNOLOGIES~~PROPERTIES ~~CORP~~INC COM ~~81725T100~~502175102 21,~~222~~014 8750,~~500~~000 SH SOLE 8750,~~500~~000 ~~SIMCLAR~~MARVELL ~~INC~~TECHNOLOGIES ~~COM~~GROUP ~~828599100~~ORD ~~1,046~~G5876H105 ~~170~~667 100,000 SH SOLE ~~170~~100,000 SLMFRI ~~INDUSTRIES~~ INC COM ~~784413106~~552721102 ~~612~~260 3560,000 SH SOLE 3560,000 ~~SMARTPROS~~NATURAL ~~LTD~~GAS SERVICES GROUP COM ~~83171G103~~63886Q109 ~~1,445~~456 ~~225~~45,000 SH SOLE ~~225~~45,000 ~~SMTC~~OM ~~CORPORATION~~GROUP INC COM ~~NEW~~670872100 ~~832682207~~569 126,~~986~~946 ~~340,000~~ SH SOLE ~~340~~26,~~000~~946 ~~SOUTHERN~~ON MOSEMICONDUCTOR ~~BANCORP INC~~ COM ~~843380106~~682189105 ~~486~~170 3250,~~500~~000 SH SOLE 3250,~~500~~000 ~~STURM~~PETROLEUM ~~RUGER~~DEVELOPMENT &CORP-NEVCOM CO716578109 ~~INC~~602 ~~COM 864159108 776 50~~25,000 SH SOLE 5025,000 ~~SYNERON~~PIKE ~~MEDICAL~~ELEC ~~LTD.~~CORP ~~ORD~~COM ~~SHS~~721283109 ~~M87245102~~492 140,~~871 75,~~000 SH SOLE 7540,000 ~~T-3~~POWELL ~~ENERGY~~INDS ~~SERVICES~~INC COM ~~87306E107~~739128106 ~~502~~1,161 1540,000 SH SOLE 1540,000 ~~TELESTONE~~PROSHARES ~~TECHNOLOGIES~~TR ~~CORP~~PSHS ~~COM~~74347R297 ~~87953J102~~755 ~~816 125~~20,000 SH SOLE ~~125~~20,000 ~~THOMAS~~QUESTOR ~~GROUP~~PHARMACEUTICALS INC COM ~~884402108~~74835Y101 ~~368~~838 3590,000 SH SOLE 3590,000 ~~TRIO~~RAYMOND ~~TECH~~JAMES ~~INTERNATIONAL~~FINANCIAL ~~NEW~~INC COM ~~NEW~~754730109 ~~896712205~~428 225,~~893 145,~~000 SH SOLE ~~145~~25,000 ~~TWIN~~RF ~~DISC~~INDS ~~INC~~LTD COM ~~901476101~~749552105 ~~719~~257 1053,~~000~~072 SH SOLE 1053,~~000~~072 ~~ULTRA~~RICKS ~~CLEAN~~CABARET ~~HOLDINGS~~INTL INC COM ~~90385V107~~NEW ~~1,678~~765641303 ~~120~~40 10,000 SH SOLE ~~120~~10,000 ~~UNITED~~SENSIENT ~~GUARDIAN~~TECHNOLOGIES ~~INC~~CORP COM ~~910571108~~81725T100 ~~570~~716 4730,~~500~~000 SH SOLE 4730,~~500~~000 ~~UNIVERSAL~~SPARTAN ~~STAINLESS~~STORES &INC ~~ALLOY~~ COM ~~913837100~~846822104 ~~1,673~~581 4725,~~500~~000 SH SOLE 4725,~~500~~000 ~~VALPEY~~STERLING ~~FISHER~~CONSTRUCTION ~~CORP~~COMPANY COM ~~920344108~~859241101 ~~189~~649 35,000 SH SOLE 35,000 ~~VERSANT~~SUPER ~~CORPORATION~~MICRO COMPUTER INC COM ~~NEW~~86800U104 ~~925284309~~475 175,~~760 73,~~000 SH SOLE 7375,000 ~~VERSAR~~VERSANT ~~INC~~CORPORATION COM ~~925297103~~NEW ~~1,262~~925284309 ~~150~~747 50,000 SH SOLE ~~150~~50,000 VICON INDS INC COM 925811101 ~~1,380~~335 ~~135~~60,000 SH SOLE ~~135~~60,000 ~~VOXWARE~~VIROPHARMA INC COM ~~NEW~~928241108 ~~92906L501~~260 ~~376 65~~20,000 SH SOLE 6520,000 ~~VSE~~VOLCOM ~~CORP~~INC COM ~~918284100~~92864N101 ~~1,287~~125 3511,~~000~~500 SH SOLE 3511,~~000~~500 ~~WVS~~VSE ~~FINL~~ CORP COM ~~929358109~~918284100 ~~410~~490 2512,~~000~~500 SH SOLE 2512,~~000~~500

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