Portola Group

Portola as of June 30, 2012

Portfolio Holdings for Portola

Portola holds 0 positions in its portfolio as reported in the June 2012 quarterly 13F filing

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                                                          FORM 13F INFORMATION TABLE
                                                           VALUE   SHARES/  SH/ PUT/ INVSTMT    OTHER          VOTING AUTORITY
NAME OF ISSUER                 TITLE OF CLASS   CUSIP NO  (x$1000) PRN AMT  PRN CALL DSCRETN  MANAGERS      SOLE    SHARED   NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- -----------  -------- -------- --------

ABBOTT LABORATORIES            COM              002824100      645    10006 SH       DEFINED                     0        0    10006
ALLIED NEVADA GOLD CORP        COM              019344100     1886    66450 SH       DEFINED                     0        0    66450
ANGLOGOLD ASHANTI LTD ADR      COM              035128206     1977    57560 SH       DEFINED                     0        0    57560
APPLE INC                      COM              037833100     6932    11870 SH       DEFINED                     0        0    11870
BANK OF HAWAII CORP            COM              062540109      456     9931 SH       DEFINED                     0        0     9931
CATERPILLAR INC                COM              149123101     1027    12100 SH       DEFINED                     0        0    12100
CENTRAL FUND OF CANADA LIMITED COM              153501101     7566   382300 SH       DEFINED                     0        0   382300
COCA-COLA COMPANY              COM              191216100      573     7333 SH       DEFINED                     0        0     7333
COEUR D'ALENE MINES CORP       COM              192108504     5847   332970 SH       DEFINED                     0        0   332970
ETFS SILVER TRUST              COM              26922X107    14142   519149 SH       DEFINED                     0        0   519149
ENDEAVOUR SILVER CORP          COM              29258Y103     8446  1040150 SH       DEFINED                     0        0  1040150
EXXON MOBIL CORP (NEW)         COM              30231G102     1024    11963 SH       DEFINED                     0        0    11963
FIRST MAJESTIC SILVER CORP     COM              32076V103     8631   597300 SH       DEFINED                     0        0   597300
FRANCO NEVADA CORP             COM              351858105      600    13280 SH       DEFINED                     0        0    13280
GENERAC HOLDINGS INC           COM              368736104     3711   154250 SH       DEFINED                     0        0   154250
GENERAL MOLY INC               COM              370373102     1219   388150 SH       DEFINED                     0        0   388150
GENIE ENERGY LTD               COM              372284208      641    82450 SH       DEFINED                     0        0    82450
GLOBAL X SILVER MINERS ETF     COM              37950E853     1033    55492 SH       DEFINED                     0        0    55492
GOLD FIELDS LTD ADS            COM              38059T106    12969  1012392 SH       DEFINED                     0        0  1012392
GREAT BASIN GOLD LTD           COM              390124105      243   379500 SH       DEFINED                     0        0   379500
HANSEN MEDICAL INC             COM              411307101      542   238965 SH       DEFINED                     0        0   238965
HARDING INC                    COM              412324303     1694   186195 SH       DEFINED                     0        0   186195
HAWAIIAN ELECTRIC IND. INC.    COM              419870100      267     9376 SH       DEFINED                     0        0     9376
HEADWATERS INC                 COM              42210P102     1409   273550 SH       DEFINED                     0        0   273550
HECLA MNG CO                   COM              422704106     4470   941098 SH       DEFINED                     0        0   941098
IDT CORP                       COM              448947507     1347   137350 SH       DEFINED                     0        0   137350
IAMGOLD CORP                   COM              450913108     3926   332700 SH       DEFINED                     0        0   332700
KINROSS GOLD CORP (NEW)        COM              496902404     7912   970800 SH       DEFINED                     0        0   970800
KODIAK OIL & GAS CORP          COM              50015Q100     4808   585650 SH       DEFINED                     0        0   585650
MKT VECT GOLD MNRS             COM              57060U100      812    18129 SH       DEFINED                     0        0    18129
MATSON, INC                    COM              57686G105      485     9102 SH       DEFINED                     0        0     9102
MCDONALDS CORP                 COM              580135101     2760    31180 SH       DEFINED                     0        0    31180
MINERA ANDES INC               COM              580394104      274    90990 SH       DEFINED                     0        0    90990
MCEWEN MINING INC              COM              58039P107     2402   797850 SH       DEFINED                     0        0   797850
NEW GOLD INC.                  COM              644535106     6516   685915 SH       DEFINED                     0        0   685915
NEWMONT MINING CORP            COM              651639106     4015    82760 SH       DEFINED                     0        0    82760
NORTHERN OIL AND GAS INC       COM              665531109     3157   198050 SH       DEFINED                     0        0   198050
ORACLE SYSTEMS CORPORATION     COM              68389X105      209     7050 SH       DEFINED                     0        0     7050
OSISKO MINING CORP             COM              688278100      644    94050 SH       DEFINED                     0        0    94050
PAN AMERICAN SILVER CORP       COM              697900108     5060   299750 SH       DEFINED                     0        0   299750
PARAMOUNT GOLD AND SILVER CORP COM              69924P102     1630   679260 SH       DEFINED                     0        0   679260
PARKER DRILLING CO             COM              701081101     1100   243850 SH       DEFINED                     0        0   243850
POTASH CORP OF SASKATCHEWAN    COM              73755L107     5529   126550 SH       DEFINED                     0        0   126550
ULTRASHORT LEHMAN 20 YEAR      TREASURY         74347R297     6285   396778 SH       DEFINED                     0        0   396778
QUALCOMM INC                   COM              747525103      218     3908 SH       DEFINED                     0        0     3908
RANDGOLD RESOURCES LIMITED     COM              752344309     6168    68530 SH       DEFINED                     0        0    68530
RARE ELEMENT RESOURCES LTD     COM              75381M102     1439   290720 SH       DEFINED                     0        0   290720
SEABRIDGE GOLD INC             COM              811916105     4852   334845 SH       DEFINED                     0        0   334845
SILVER WHEATON CORP            COM              828336107     6184   230400 SH       DEFINED                     0        0   230400
SPROTT PHYSICAL GOLDTR UNITS   COM              85207H104    27721  2010239 SH       DEFINED                     0        0  2010239
SPROTT PHYSICAL SILVER TRUST   COM              85207K107    18298  1580150 SH       DEFINED                     0        0  1580150
STARBUCKS CORPORATION          COM              855244109      235     4400 SH       DEFINED                     0        0     4400
STATOILHYDRO ASA - SPON ADR    COM              85771P102    10933   458200 SH       DEFINED                     0        0   458200
STILLWATER MINING CO.          COM              86074Q102     4390   514100 SH       DEFINED                     0        0   514100
SWIFT ENERGY CO                COM              870738101     5856   314650 SH       DEFINED                     0        0   314650
TANZANIAN ROYALTY EXPLORATION  CORPORATION      87600U104      882   212560 SH       DEFINED                     0        0   212560
TASEKO MINES LTD               COM              876511106      489   184000 SH       DEFINED                     0        0   184000
TITAN MACHINERY INC.           COM              88830R101     4431   145905 SH       DEFINED                     0        0   145905
VERIZON COMMUNICATIONS         COM              92343V104      473    10650 SH       DEFINED                     0        0    10650
YAMANA GOLD INC                COM              98462Y100    19912  1292995 SH       DEFINED                     0        0  1292995
COVIDIEN PLC                   COM              G2554F105      342     6397 SH       DEFINED                     0        0     6397
WEATHERFORD INTERNATION LTD    COM              H27013103     5165   408950 SH       DEFINED                     0        0   408950
TYCO INTERNATIONAL LTD         COM              H89128104      403     7617 SH       DEFINED                     0        0     7617
SODASTREAM INTERNATIONAL       COM              M9068E105     6903   168500 SH       DEFINED                     0        0   168500
COPA HOLDINGS S.A.             COM              P31076105      206     2500 SH       DEFINED                     0        0     2500