13F-HR 1 rapidan13fhr051509.txt FORM 13F-HR - RAPIDAN CAPITAL LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F Report for the Calendar Year or Quarter Ended: March 31, 2009 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: Rapidan Capital, LLC Address: 510 Thornall Street, Suite 320 Edison, NJ 08837 Form 13F File Number: 28-11846 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 the 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: David L. Berkowitz Title: Managing Member Phone: 732.632.8835 Signature, Place, and Date of Signing: /s/ David L. Berkowitz Edison, NJ 05/15/09 ---------------------- ------------- ------------ [Signature] [City, State] [Date] Report Type: [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT Form 13F SUMMARY PAGE REPORT SUMMARY Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 58 Form 13F Information Table Value Total: $63,805 (in thousands) List of Other Included Managers: None

TITLE VALUE SHRS OR SH/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (x$1000) PRN AMT PRN DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- ----- -------- ------- --- ---------- -------- ---- ------ ---- ~~MICROSOFT~~3M ~~CORP~~CO COM COM ~~594918104~~88579Y101 ~~5148~~1878 ~~264807~~37780 SH SHARED-OTHER 07100 ~~13000~~30680 0A ~~251807~~C ~~GENERAL~~MOORE ~~ELECTRIC~~ARTS CO& ~~COM~~CRAFTS INC COM ~~369604103~~00086T103 ~~2982~~244 ~~184083~~129000 SH ~~SHARED-OTHER~~SOLE 0129000 0 0ACCENTURE ~~184083~~LTD ~~BORDERS GROUP INC~~ COM COM ~~099709107~~g1150g111 57567 ~~142000~~20640 SH ~~SOLE~~SHARED-OTHER 08500 ~~142000~~12140 0ALLIANCE 0BERSTEIN APORTFOLIOS C- ~~MOORE~~ALLIANCEBER ~~ARTS & CRAFTS INC~~ COM ~~00086T103~~01877f666 ~~181~~165 ~~129000~~22529.982 SH ~~SOLE~~SHARED-OTHER 0 ~~129000~~22529.982 0AMGEN ~~0 PFIZER~~ INC COM COM ~~717081103~~031162100 ~~2140~~1942 ~~120820~~39220 SH SHARED-OTHER 03900 ~~15700~~35320 0AUTOZONE ~~105120~~INC ~~LODGENET INTERACTIVE CORP~~ COM COM ~~540211109~~053332102 84490 ~~120700~~3014 SH ~~SOLE~~SHARED-OTHER 0 ~~120700~~3014 ~~0 0 JOHNSON~~ BB&T ~~JOHNSON~~CORP COM COM ~~478160104~~054937107 ~~6365~~245 ~~106390~~14476 SH SHARED-OTHER 0 ~~11100~~14476 0BEST ~~95290~~BUY ~~UNUM~~COMPANY ~~PROVIDENT~~INC COM ~~91529Y106~~086516101 ~~1912~~835 ~~102800~~22000 SH SHARED-OTHER 0 022000 0BMC ~~102800~~SOFTWARE ~~MEDTRONIC~~ INC COM ~~585055106~~COM ~~2945~~055921100 ~~93726~~1320 40000 SH SHARED-OTHER 0 ~~7860~~40000 0BORDERS ~~85866~~GROUP ELINC ~~PASO CORP~~ COM COM ~~28336l109~~099709107 ~~690~~89 ~~88087~~142000 SH ~~SHARED-OTHER~~SOLE 0142000 0 0BP ~~88087~~PLC USSPONSORED ~~BANCORP~~ADR ~~DEL~~SPON ~~COM~~ADR ~~COM~~055622104 ~~902973304~~201 ~~2041~~5002 ~~81615~~ SH SHARED-OTHER 0 05002 ~~0 81615~~ BRISTOL -MYERS SQUIBB CO COM COM 110122108 ~~1787~~1316 ~~76852~~60052 SH SHARED-OTHER 0 ~~14550~~60052 0CARDINAL ~~62302~~HEALTH ~~WESTERN~~INC ~~UNION CO~~ COM COM ~~959802109~~14149Y108 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~~40220~~56400 SH ~~SHARED-OTHER~~SOLE 056400 ~~3900~~ 0 ~~36320~~GENZYME ~~BMC~~CORP ~~SOFTWARE~~COM ~~INC~~FORMERLY COM GEN DIV TO 5 COM ~~055921100~~372917104 ~~1076~~1247 ~~40000~~21001 SH SHARED-OTHER 0 021001 0GOOGLE ~~40000 ROYAL~~INC-~~DUTCH-SHELL-A~~CL ~~Spon ADR~~ A ~~780259206~~COM ~~2107~~38259p508 ~~39806~~388 1115 SH SHARED-OTHER 01100 015 0HARSCO ~~39806~~CORP ~~STANDARD~~COM &COM ~~POORS~~415864107 ~~DEPOSITARY~~398 ~~Unit~~17940 ~~RECEIPTS (SPDR Ser 1 78462F103 3513 38930~~ SH SHARED-OTHER 011450 ~~25220~~6490 0HUBBELL ~~13710~~INC 3MCL COB COM COM ~~88579Y101~~443510201 ~~2174~~906 ~~37780~~33600 SH SHARED-OTHER 0 ~~7500~~33600 0IBM ~~30280~~CORP ~~PROCTER~~COM &459200101 ~~GAMBLE~~533 5500 SH SOLE 5500 0 INGERSOLL-RAND CO LTD COM ~~742718109~~COM ~~2165~~g4776g101 ~~35018~~216 15634 SH SHARED-OTHER 0 8715634 0JOHNSON ~~34931~~& ~~BEST~~JOHNSON ~~BUY~~COM ~~COMPANY INC~~ COM ~~086516101~~478160104 ~~962~~5596 ~~34210~~106390 SH SHARED-OTHER 010700 ~~12210~~95690 0LEAP 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SOLE 56000 0 ~~12100~~TRIAN 0ACQUISITION 0I ~~LITTELFUSE~~CORP ~~INC~~UNIT 1 COM ~~537008104~~& ~~167~~1 ~~10032~~WT SHCOM ~~SHARED-OTHER~~89582E207 0415 044000 0SH ~~10032~~SOLE ~~QUEST~~44000 ~~DIAGNOSTICS~~0 ~~INC~~UNUM ~~COM~~PROVIDENT COM ~~74834L100~~91529Y106 ~~467~~1185 ~~9005~~94800 SH SHARED-OTHER 0 ~~8900~~94800 0US ~~105~~BANCORP ~~ZIMMER~~DEL ~~HLDGS INC~~ COM COM ~~98956P102~~902973304 ~~313~~1539 ~~7732~~105315 SH SHARED-OTHER 023700 ~~1266~~81615 0VODAFONE ~~6466~~GROUP BP PLC ~~SPONSORED~~COM ~~ADR~~ SPON ADR ~~055622104~~92857w209 ~~234~~482 ~~5002~~27656 SH SHARED-OTHER 0 027656 0WAL ~~5002~~MART ~~VANGUARD~~STORES ~~INDEX~~INC ~~FDS~~COM ~~VANGUARD~~931142103 ~~STK~~1577 ~~MRK~~30270 ~~TOTAL~~SH ~~STK~~SHARED-OTHER ~~MKT~~10780 ~~ETF~~19490 ~~922908769~~WESTERN ~~206~~UNION ~~4600~~CO SHCOM ~~SOLE~~COM 0959802109 ~~4600~~908 072218 0SH ~~TELEFONICA~~SHARED-OTHER S0 A72218 ~~SPONSORED~~WILLIAMS ~~ADR~~COS ~~SPON~~INC ~~ADR~~COM ~~879382208~~COM ~~251~~969457100 ~~3723~~377 33140 SH SHARED-OTHER 017850 015290 0WYETH ~~3723 GENENTECH INC~~ COM ~~NEW~~983024100 ~~COM~~2161 ~~368710406~~50200 ~~298 3600~~ SH ~~SOLE~~SHARED-OTHER 0 ~~3600~~50200 0XILINX 0INC ~~IBM CORP~~ COM ~~459200101~~983919101 ~~295~~860 ~~3500~~44900 SH ~~SOLE~~SHARED-OTHER 0 ~~3500~~44900 0ZIMMER 0HOLDINGS ~~AUTOZONE~~ INC COM COM ~~053332102~~98956p102 ~~420~~282 ~~3014~~7732 SH SHARED-OTHER 01266 ~~0 0 3014~~6466

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