Semaphore Management as of Dec. 31, 2011
Portfolio Holdings for Semaphore Management
Semaphore Management holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing
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Value Shares/ SH/ Put/ Invstmt Other Voting Authoriy
Name of Issuer Title of Cl Cusip (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None
------------------------------ ----------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ACCURIDE CORP CMN COM 00439T206 551 77320 SH SOLE 77320
AFFORD RESID 7.5% 08//25 CONV CNV 00828UAB9 3384 3200000 PRN SOLE 3200000
AGCO CORP1.25% 12/36 CONV CNV 001084AM4 627 500000 PRN SOLE 500000
ALEXCO RESOURCE CORP. CMN COM 01535P106 1206 177051 SH SOLE 177051
AMAZON.COM INC CMN PUT 023135106 4120 23800 SH PUT SOLE 23800
AMEX CONSUMER DISCR SEC PUT 81369Y407 5853 150000 SH PUT SOLE 150000
ARCHER-DAN-MID 0.875 02/14 CNV CNV 039483AW2 1507 1500000 PRN SOLE 1500000
AUTONATION, INC. CMN PUT 05329W102 1460 39600 SH PUT SOLE 39600
CAMECO CORPORATION CMN COM 13321L108 5606 310586 SH SOLE 310586
CENTRAL GOLDTRUST FUND COM 153546106 2391 40400 SH SOLE 40400
COEUR D'ALENE MINES CORP COM 192108504 3447 142800 SH SOLE 142800
CVR ENERGY, INC. CMN COM 12662P108 3427 183001 SH SOLE 183001
DENISON MINES CORP. CMN COM 248356107 305 243802 SH SOLE 243802
DOMINO'S PIZZA, INC. CMN PUT 25754A201 3959 116600 SH PUT SOLE 116600
DOMTAR CORPORATION COM 257559203 9403 117593 SH SOLE 117593
ENERGY PARTNERS LTD CMN COM 29270U303 1592 109090 SH SOLE 109090
EXTERRAN 4.25% 06/14 CONV CNV 30225XAA1 1331 1500000 PRN SOLE 1500000
EXTERRAN HOLDINGS, INC. CMN COM 30225X103 4273 469503 SH SOLE 469503
FIRST MAJESTIC SILVER COM 32076V103 982 58295 SH SOLE 58295
FORTUNA SILVER MINES INC. COM 349915108 2170 395318 SH SOLE 395318
GENERAL CABLE 0.875 11/13 CNV CNV 369300AD0 460 500000 PRN SOLE 500000
GOLDCORP INC 2% 08/14 CONV CNV 380956AB8 4616 3772000 PRN SOLE 3772000
GOLDCORP INC CMN CALL 380956409 1668 37700 SH CALL SOLE 37700
GOLDCORP INC CMN COM 380956409 5830 131746 SH SOLE 131746
GREAT LAKES DREDGE & DOCK COM 390607109 6175 1110634 SH SOLE 1110634
HELIX ENERGY SOLUTNS GROUP COM 42330P107 1646 104227 SH SOLE 104227
HILLTOP HOLDINGS INC CMN COM 432748101 3676 435054 SH SOLE 435054
INGLES MARKETS INC CL-A COM 457030104 3488 231570 SH SOLE 231570
ISHARES DJ U.S. REAL ESTATE PUT 464287739 9430 166000 SH PUT SOLE 166000
ISHARES RUSSELL 2000 INDEX PUT 464287655 30606 415000 SH PUT SOLE 415000
KINROSS GOLD CORP CMN CALL 496902404 6498 570000 SH CALL SOLE 570000
KINROSS GOLD CORP CMN COM 496902404 7373 646774 SH SOLE 646774
LIMITED BRANDS, INC. CMN PUT 532716107 3700 91700 SH PUT SOLE 91700
M.D.C.HOLDINGS,INC COM 552676108 932 52800 SH SOLE 52800
MARATHON PETROLEUM COM 56585A102 8401 252364 SH SOLE 252364
MASTEC INC 4.00 06/15/2014 CNV CNV 576323AL3 1693 1300000 PRN SOLE 1300000
MGIC INVESTMENT CORP COM 552848103 413 111046 SH SOLE 111046
MGP INGREDIENTS INC CMN COM 55302G103 217 43039 SH SOLE 43039
MITCHAM INDS INC CMN COM 606501104 659 30178 SH SOLE 30178
N V R INC CMN COM 62944T105 10314 15036 SH SOLE 15036
NEVADA GOLD & CASINO COM 64126Q206 908 789421 SH SOLE 789421
NEWMONT MINING CORP CALL 651639106 13352 222500 SH CALL SOLE 222500
NEWPARK RES 4% 10/17 CONV CNV 651718AC2 1574 1375000 PRN SOLE 1375000
NORFOLK SOUTHERN CORP PUT 655844108 2186 30000 SH PUT SOLE 30000
NOVAGOLD RESOURCES INC COM 66987E206 2067 243730 SH SOLE 243730
OWENS-ILLINOIS INC CMN COM 690768403 472 24333 SH SOLE 24333
PENFORD CORPORATION COM 707051108 76 14884 SH SOLE 14884
PULTE HOMES, INC. CMN COM 745867101 177 28300 SH SOLE 28300
QLT INC. CMN COM 746927102 1730 240329 SH SOLE 240329
RALPH LAUREN CORP PUT 751212101 1063 7700 SH PUT SOLE 7700
RUBICON MINERALS CORP COM 780911103 290 76400 SH SOLE 76400
SEACOR HOLDINGS INC. CMN COM 811904101 6426 72232 SH SOLE 72232
SILVER WHEATON CORP CMN COM 828336107 535 18472 SH SOLE 18472
SPROTT RESOURCE LENDING COM 85207J100 288 207129 SH SOLE 207129
SUNCOKE ENERGY INC CMN COM 86722A103 3524 314604 SH SOLE 314604
SUSSER HLDGS CORP CMN COM 869233106 4101 181280 SH SOLE 181280
TALISMAN ENERGY INC. CMN COM 87425E103 5705 447400 SH SOLE 447400
TARGET CORPORATION CMN PUT 87612E106 7908 154400 SH PUT SOLE 154400
TESORO CORPORATION CMN COM 881609101 16991 727360 SH SOLE 727360
TETRA TECHNOLOGIES INC COM 88162F105 1721 184236 SH SOLE 184236
UNION PACIFIC CORP. CMN PUT 907818108 3178 30000 SH PUT SOLE 30000
VERSO PAPER CORP. CMN COM 92531L108 42 44094 SH SOLE 44094
WEBMD HEALTH CORP. CMN COM 94770V102 2798 74510 SH SOLE 74510
WYNN RESORTS, LIMITED COM 983134107 829 7500 SH SOLE 7500