Semaphore Management as of March 31, 2012
Portfolio Holdings for Semaphore Management
Semaphore Management holds 0 positions in its portfolio as reported in the March 2012 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
------------------------------ ----------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
AFFORD RESID7.5% 08/15/25 CONV CNV 00828UAB9 3380 3200000 PRN SOLE 3200000
AGCO CORP 1.25% 12/15/2036 CNV CNV 001084AM4 639 500000 PRN SOLE 500000
ALEXCO RESOURCE CORP. CMN COM 01535P106 1327 190163 SH SOLE 190163
AMAZON.COM INC CMN PUT 023135106 6116 30200 SH PUT SOLE 30200
AMEX ENERGY SELECT INDEX PUT 81369Y506 5568 77600 SH PUT SOLE 77600
ANNALY CAPITAL MANAGEMENT COM 035710409 724 45800 SH SOLE 45800
ARCHER-DAN-MID 0.875 2/14 CNV CNV 039483AW2 1534 1500000 PRN SOLE 1500000
CENOVUS ENERGY INC. COM 15135U109 869 24171 SH SOLE 24171
CENTRAL GOLDTRUST MUTUAL FUND COM 153546106 1994 31275 SH SOLE 31275
CLEARWATER PAPER CORP COM 18538R103 1175 35400 SH SOLE 35400
COEUR D'ALENE MINES CORP CMN COM 192108504 2554 107545 SH SOLE 107545
CVR ENERGY, INC. CMN COM 12662P108 4640 173460 SH SOLE 173460
DARDEN RESTAURANTS INC CMN PUT 237194105 1279 25000 SH PUT SOLE 25000
DOLLAR TREE INC. CMN PUT 256746108 12681 134200 SH PUT SOLE 134200
DOMTAR CORPORATION CMN CL COM 257559203 4933 51726 SH SOLE 51726
ENERGY PARTNERS LTD CMN COM 29270U303 1784 107372 SH SOLE 107372
FIRST MAJESTIC SILVER CORP COM 32076V103 2064 124455 SH SOLE 124455
FORTUNA SILVER MINES INC. COM 349915108 1733 383365 SH SOLE 383365
GENERAL CABLE 0.875% 11/13 CNV CNV 369300AD0 488 500000 PRN SOLE 500000
GOLDCORP 2% 08/01/2014 CONV CNV 380956AB8 4550 3772000 PRN SOLE 3772000
GOLDCORP INC CMN CALL 380956409 6777 150400 SH CALL SOLE 150400
GOLDCORP INC CMN COM 380956409 7445 165216 SH SOLE 165216
GREAT LAKES DREDGE & DOCK COM 390607109 4033 558644 SH SOLE 558644
HARLEY-DAVIDSON INC CMN PUT 412822108 4957 101000 SH PUT SOLE 101000
HELIX ENERGY SOLUTNS GROUP COM 42330P107 1552 87222 SH SOLE 87222
HILLTOP HOLDINGS INC CMN COM 432748101 1619 192894 SH SOLE 192894
INGLES MARKETS INC CL-A COM 457030104 4055 229867 SH SOLE 229867
ISHARES DOW JONES US REAL EST PUT 464287739 17207 276200 SH PUT SOLE 276200
ISHARES RUSSELL 2000 INDEX FD PUT 464287655 33894 409300 SH PUT SOLE 409300
ISHARES SILVER TRUST ETF ETF 46428Q109 1099 35000 SH SOLE 35000
J.C. PENNEY CO INC (HLDNG CO) PUT 708160106 627 17700 SH PUT SOLE 17700
KINROSS GOLD CORP CMN CALL 496902404 3799 388000 SH CALL SOLE 388000
KINROSS GOLD CORP CMN COM 496902404 1425 145499 SH SOLE 145499
LIMITED BRANDS, INC. CMN PUT 532716107 7910 164800 SH PUT SOLE 164800
M.D.C.HOLDINGS,INC (DELAWARE) COM 552676108 548 21301 SH SOLE 21301
MARATHON PETROLEUM CORP COM 56585A102 6480 149460 SH SOLE 149460
MARKET VECTORS ETF GOLD MINERS CALL 57060U100 10651 215000 SH CALL SOLE 215000
MARKET VECTORS ETF GOLD MINERS ETF 57060U100 2530 51000 SH SOLE 51000
MARKET VECTORS ETF JR GO ETF 57060U589 609 25000 SH SOLE 25000
MASTEC INC 4.0 06/15/14 CONV CNV 576323AL3 1760 1300000 PRN SOLE 1300000
MGIC INVESTMENT CORP COM 552848103 1732 349175 SH SOLE 349175
MGP INGREDIENTS INC CMN COM 55303J106 307 57009 SH SOLE 57009
MITCHAM INDS INC CMN COM 606501104 978 43563 SH SOLE 43563
MONSTER BEVERAGE CORP PUT 611740101 2800 45100 SH PUT SOLE 45100
N V R INC CMN COM 62944T105 8192 11278 SH SOLE 11278
NEVADA GOLD & CASINO INC CMN COM 64126Q206 1133 792381 SH SOLE 792381
NEWPARK RESOURCES 4% 10/17 CNV CNV 651718AC2 1525 1375000 PRN SOLE 1375000
NOVAGOLD RESOURCES INC COM 66987E206 4364 607751 SH SOLE 607751
PENFORD CORPORATION COM 707051108 160 23520 SH SOLE 23520
POWERSHARES QQQ ETF PUT 73935A104 7951 117700 SH PUT SOLE 117700
QLT INC. CMN COM 746927102 1664 237804 SH SOLE 237804
RALPH LAUREN CORP CL A PUT 751212101 1342 7700 SH PUT SOLE 7700
RENTECH INC CMN COM 760112102 484 233246 SH SOLE 233246
SALESFORCE.COM, INC CMN PUT 79466L302 2858 18500 SH PUT SOLE 18500
SEACOR HOLDINGS INC. CMN COM 811904101 5772 60258 SH SOLE 60258
SILVER WHEATON CORP CMN COM 828336107 663 19977 SH SOLE 19977
SIMON PROPERTY GROUP INC PUT 828806109 7430 51000 SH PUT SOLE 51000
SOUTHERN COPPER CORP PUT 84265V105 6352 200300 SH PUT SOLE 200300
SPDR GOLD TRUST ETF CALL 78463V107 9727 60000 SH CALL SOLE 60000
SPDR S^P RETAIL ETF ETF PUT 78464A714 15582 254400 SH PUT SOLE 254400
SUNCOKE ENERGY INC CMN COM 86722A103 4102 288653 SH SOLE 288653
SUSSER HLDGS CORP CMN COM 869233106 3526 137374 SH SOLE 137374
TARGET CORPORATION CMN PUT 87612E106 24363 418100 SH PUT SOLE 418100
TESORO CORPORATION CMN COM 881609101 15766 587407 SH SOLE 587407
TETRA TECHNOLOGIES INC COM 88162F105 2633 279561 SH SOLE 279561
THE MOSAIC COMPANY COM 61945C103 1548 28000 SH SOLE 28000
VF CORP CMN PUT 918204108 8029 55000 SH PUT SOLE 55000
WEBMD HEALTH CORP. CMN COM 94770V102 1877 73391 SH SOLE 73391
WELLS FARGO & CO (NEW) CMN PUT 949746101 5514 161500 SH PUT SOLE 161500
WHOLE FOODS MARKET INC PUT 966837106 18845 226500 SH PUT SOLE 226500
WPX ENERGY, INC. CMN COM 98212B103 506 28063 SH SOLE 28063
WYNN RESORTS, LIMITED COM 983134107 923 7395 SH SOLE 7395