Portola Group

Portola as of March 31, 2013

Portfolio Holdings for Portola

Portola holds 0 positions in its portfolio as reported in the March 2013 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      353    10000 SH       DEFINED                     0        0    10000
ABBVIE INC                     COM              00287Y109      408    10000 SH       DEFINED                     0        0    10000
AGRIUM INC                     COM              008916108     3573    36650 SH       DEFINED                     0        0    36650
ALASKA AIR GROUP INC           COM              011659109     5983    93550 SH       DEFINED                     0        0    93550
ALEXANDER & BALDWIN INC NEW    COM              014491104      325     9102 SH       DEFINED                     0        0     9102
ALLIANT TECHSYSTEMS INC        COM              018804104     2727    37650 SH       DEFINED                     0        0    37650
ANGLOGOLD ASHANTI LTD ADR      COM              035128206     1066    45255 SH       DEFINED                     0        0    45255
ANPATH GROUP                   COM              03634J304     3639    15840 SH       DEFINED                     0        0    15840
APPLE INC                      COM              037833100     6498    14679 SH       DEFINED                     0        0    14679
BCE INC                        COM              05534B760      343     7350 SH       DEFINED                     0        0     7350
BANK OF HAWAII CORP            COM              062540109      505     9931 SH       DEFINED                     0        0     9931
CAESARS ENTMT CORP             COM              127686103     1421    89600 SH       DEFINED                     0        0    89600
CAMECO CORP                    FULLY PAID SHARES13321L108     4754   228800 SH       DEFINED                     0        0   228800
CENTRAL FUND OF CANADA LIMITED COM              153501101     6914   356937 SH       DEFINED                     0        0   356937
CHEVRON CORP NEW               COM              166764100      469     3950 SH       DEFINED                     0        0     3950
CISCO SYSTEMS INC              COM              17275R102     4357   208525 SH       DEFINED                     0        0   208525
COCA-COLA COMPANY              COM              191216100      644    15928 SH       DEFINED                     0        0    15928
COEUR D'ALENE MINES CORP       COM              192108504     5550   294260 SH       DEFINED                     0        0   294260
ETFS SILVER TRUST              COM              26922X107    11781   419756 SH       DEFINED                     0        0   419756
ENDEAVOUR SILVER CORP          COM              29258Y103     5740   922750 SH       DEFINED                     0        0   922750
EXXON MOBIL CORP (NEW)         COM              30231G102      862     9562 SH       DEFINED                     0        0     9562
FIRST MAJESTIC SILVER CORP     COM              32076V103     8683   537010 SH       DEFINED                     0        0   537010
GENERAL MOLY INC               COM              370373102      722   326750 SH       DEFINED                     0        0   326750
GENIE ENERGY LTD               COM              372284208      387    41800 SH       DEFINED                     0        0    41800
GOLD FIELDS LTD ADS            COM              38059T106     6263   808092 SH       DEFINED                     0        0   808092
HANSEN MEDICAL INC             COM              411307101      376   187173 SH       DEFINED                     0        0   187173
HARDING INC                    COM              412324303     2001   146795 SH       DEFINED                     0        0   146795
HAWAIIAN ELECTRIC IND. INC.    COM              419870100      257     9276 SH       DEFINED                     0        0     9276
HERSHEY CO                     COM              427866108      219     2500 SH       DEFINED                     0        0     2500
HERTZ GLOBAL HOLDINGS          COM              42805T105     4553   204550 SH       DEFINED                     0        0   204550
IDT CORP                       COM              448947507     1096    90900 SH       DEFINED                     0        0    90900
IAMGOLD CORP                   COM              450913108     2054   285250 SH       DEFINED                     0        0   285250
ISHARES COMEX GOLD TRUST       COM              464285105      275    17700 SH       DEFINED                     0        0    17700
ISHARES TRUST DOW JONES SEL    DIVIDEND INDEX FU464287168      276     4350 SH       DEFINED                     0        0     4350
KODIAK OIL & GAS CORP          COM              50015Q100     6863   755000 SH       DEFINED                     0        0   755000
MAGELLAN MIDSTREAM PTNRS       COM              559080106      214     4000 SH       DEFINED                     0        0     4000
MATSON, INC                    COM              57686G105      224     9102 SH       DEFINED                     0        0     9102
MATTEL INC                     COM              577081102      223     5100 SH       DEFINED                     0        0     5100
MCDONALDS CORP                 COM              580135101      409     4100 SH       DEFINED                     0        0     4100
MINERA ANDES INC               COM              580394104      268    94027 SH       DEFINED                     0        0    94027
MCEWEN MINING INC              COM              58039P107     2152   752360 SH       DEFINED                     0        0   752360
NATIONAL OILWELL VARCO INC     COM              637071101     1353    19125 SH       DEFINED                     0        0    19125
NATURAL GROCERS BY VITAMIN     COTTAGE INC      63888U108      219     9700 SH       DEFINED                     0        0     9700
NEW GOLD INC.                  COM              644535106     6216   683115 SH       DEFINED                     0        0   683115
NORTHERN OIL AND GAS INC       COM              665531109     2899   201600 SH       DEFINED                     0        0   201600
OCCIDENTAL PETROLEUM           COM              674599105      709     9050 SH       DEFINED                     0        0     9050
OLIN CORP COM PAR $1           COM              680665205      348    13800 SH       DEFINED                     0        0    13800
ORACLE SYSTEMS CORPORATION     COM              68389X105      204     6300 SH       DEFINED                     0        0     6300
OSISKO MINING CORP             COM              688278100      550    92750 SH       DEFINED                     0        0    92750
PAN AMERICAN SILVER CORP       COM              697900108     4499   274650 SH       DEFINED                     0        0   274650
PARAMOUNT GOLD AND SILVER CORP COM              69924P102     1287   577010 SH       DEFINED                     0        0   577010
PARKER DRILLING CO             COM              701081101      568   132650 SH       DEFINED                     0        0   132650
PROSHARES TR                   COM              74347B201     6272    95452 SH       DEFINED                     0        0    95452
PROSHARES TRUST                COM              74347B300     2546    57950 SH       DEFINED                     0        0    57950
ULTRASHORT FTSE/XINHUA CHINA   25 PROSHARES     74347X567     2505   122800 SH       DEFINED                     0        0   122800
QUALCOMM INC                   COM              747525103      467     6970 SH       DEFINED                     0        0     6970
RARE ELEMENT RESOURCES LTD     COM              75381M102      560   244420 SH       DEFINED                     0        0   244420
SPDR S^P DIVIDEND ETF          COM              78464A763      307     4650 SH       DEFINED                     0        0     4650
SASOL LTD SPON ADR             COM              803866300      716    16150 SH       DEFINED                     0        0    16150
SEABRIDGE GOLD INC             COM              811916105     3953   286420 SH       DEFINED                     0        0   286420
SIBANYE GOLD LTD               COM              825724206     1142   202060 SH       DEFINED                     0        0   202060
SILVER WHEATON CORP            COM              828336107     4481   142950 SH       DEFINED                     0        0   142950
SMITH A O CORP                 COM              831865209     4811    65400 SH       DEFINED                     0        0    65400
SPROTT PHYSICAL GOLDTR UNITS   COM              85207H104    24469  1808489 SH       DEFINED                     0        0  1808489
SPROTT PHYSICAL SILVER TRUST   COM              85207K107    17021  1518375 SH       DEFINED                     0        0  1518375
STATOILHYDRO ASA - SPON ADR    COM              85771P102     4811   195400 SH       DEFINED                     0        0   195400
SWIFT ENERGY CO                COM              870738101     4667   315100 SH       DEFINED                     0        0   315100
TANZANIAN ROYALTY EXPLORATION  CORPORATION      87600U104      830   212810 SH       DEFINED                     0        0   212810
TASEKO MINES LTD               COM              876511106      411   148350 SH       DEFINED                     0        0   148350
TELEFONICA BRASIL S.A.         COM              87936R106     4638   173824 SH       DEFINED                     0        0   173824
TIME WARNER INC                COM              887317303     3449    59850 SH       DEFINED                     0        0    59850
TITAN MACHINERY INC.           COM              88830R101     6988   251656 SH       DEFINED                     0        0   251656
TOCQUEVILLE GOLD               FUND             888894862      683    12965 SH       DEFINED                     0        0    12965
TRINITY INDUSTRIES INC.        COM              896522109     2083    45950 SH       DEFINED                     0        0    45950
VERIZON COMMUNICATIONS         COM              92343V104     5959   121250 SH       DEFINED                     0        0   121250
YAMANA GOLD INC                COM              98462Y100    16430  1070344 SH       DEFINED                     0        0  1070344
ZYNGA INC                      COM              98986T108     1517   451450 SH       DEFINED                     0        0   451450
COVIDIEN PLC                   COM              G2554F113      434     6397 SH       DEFINED                     0        0     6397
EATON CORP PLC                 COM              G29183103      392     6400 SH       DEFINED                     0        0     6400
TYCO INTERNATIONAL LTD         COM              H89128104      244     7617 SH       DEFINED                     0        0     7617
COPA HOLDINGS S.A.             COM              P31076105      299     2500 SH       DEFINED                     0        0     2500