Semaphore Management as of June 30, 2012
Portfolio Holdings for Semaphore Management
Semaphore Management holds 0 positions in its portfolio as reported in the June 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 RESID 7.5% 08/15/25 CNV CNV 00828UAB9 3541 3200000 PRN SOLE 3200000
ALEXCO RESOURCE CORP. CMN COM 01535P106 400 90585 SH SOLE 90585
AMAZON.COM INC CMN PUT 023135106 2055 9000 SH PUT SOLE 9000
BOISE INC. CMN COM 09746Y105 105 16307 SH SOLE 16307
CENTRAL GOLDTRUST MUTUAL FUND COM 153546106 1851 30628 SH SOLE 30628
CLEARWATER PAPER CORPORATION COM 18538R103 1080 31659 SH SOLE 31659
COEUR D'ALENE MINES CORP COM 192108504 1064 60561 SH SOLE 60561
DICKS SPORTING GOODS INC PUT 253393102 797 16600 SH PUT SOLE 16600
DOLLAR TREE INC. PUT 256746108 7069 131400 SH PUT SOLE 131400
DOMTAR CORPORATION CMN CLASS COM 257559203 4509 58785 SH SOLE 58785
EXXON MOBIL CORPORATION PUT 30231G102 32320 377700 SH PUT SOLE 377700
FORTUNA SILVER MINES INC. COM 349915108 713 206522 SH SOLE 206522
GENERAL CABLE 0.875 11/13 CNV CNV 369300AD0 476 500000 PRN SOLE 500000
GOLDCORP INC 2% 08/01/14 CONV CNV 380956AB8 2871 2550000 PRN SOLE 2550000
GOLDCORP INC CMN CALL 380956409 7651 203600 SH CALL SOLE 203600
GOLDCORP INC CMN COM 380956409 953 25357 SH SOLE 25357
GREAT LAKES DREDGE & DOCK COM 390607109 1526 214409 SH SOLE 214409
HELIX ENERGY SOLUTNS GROUP INC COM 42330P107 177 10873 SH SOLE 10873
INGLES MARKETS INC CL-A COM 457030104 2584 161234 SH SOLE 161234
ISHARES DJ US REAL ESTATE SEC PUT 464287739 12084 189000 SH PUT SOLE 189000
ISHARES MSCI EMERGING MKT IND PUT 464287234 4954 126600 SH PUT SOLE 126600
ISHARES RUSSELL 2000 INDEX FD PUT 464287655 9810 123300 SH PUT SOLE 123300
ISHARES SILVER TRUST ETF ETF 46428Q109 796 29900 SH SOLE 29900
KINROSS GOLD CORP CMN CALL 496902404 147 18000 SH CALL SOLE 18000
KINROSS GOLD CORP CMN COM 496902404 688 84407 SH SOLE 84407
KROGER COMPANY CMN COM 501044101 813 35064 SH SOLE 35064
MARATHON PETROLEUM CORP CALL 56585A102 6010 133800 SH CALL SOLE 133800
MARATHON PETROLEUM CORP COM 56585A102 2183 48600 SH SOLE 48600
MARKET VECTORS GOLD MINERS IND CALL 57060U100 8954 200000 SH CALL SOLE 200000
MARKET VECTORS TRUST JR GO ETF 57060U589 405 21000 SH SOLE 21000
MASTEC INC 4% 6/15/14 CNV CNV 576323AL3 1563 1300000 PRN SOLE 1300000
MGIC INVESTMENT CORP COM 552848103 1432 497261 SH SOLE 497261
MGP INGREDIENTS INC CMN COM 55303J106 129 39932 SH SOLE 39932
MITCHAM INDS INC CMN COM 606501104 530 31276 SH SOLE 31276
NEVADA GOLD & CASINO INC COM 64126Q206 374 324656 SH SOLE 324656
NEWPARK RESOURCES 4% 10/17 CNV CNV 651718AC2 1301 1375000 PRN SOLE 1375000
NOVACOPPER INC. COM 66988K102 79 40178 SH SOLE 40178
NOVAGOLD RESOURCES INC. COM 66987E206 1444 273513 SH SOLE 273513
PEP BOYS MANNY-MOE &JACK; COM 713278109 2170 219275 SH SOLE 219275
POTASH CORP OF SASKATCHEWAN COM 73755L107 218 5000 SH SOLE 5000
QLT INC. CMN COM 746927102 1658 217523 SH SOLE 217523
RENTECH INC CMN COM 760112102 910 443007 SH SOLE 443007
SALESFORCE.COM, INC CMN PUT 79466L302 2005 14500 SH PUT SOLE 14500
SEACOR HOLDINGS INC. CMN COM 811904101 413 4620 SH SOLE 4620
SEADRILL LTD. CMN PUT G7945E105 3019 85000 SH PUT SOLE 85000
SILVER WHEATON CORP CMN COM 828336107 906 33713 SH SOLE 33713
SIMON PROPERTY GROUP INC CMN PUT 828806109 3082 19800 SH PUT SOLE 19800
SOUTHERN COPPER CORPORATION PUT 84265V105 5729 181800 SH PUT SOLE 181800
SPDR GOLD TRUST ETF CALL 78463V107 5587 36000 SH CALL SOLE 36000
SPDR S^P 500 ETF TRUST PUT 78462F103 23614 173500 SH PUT SOLE 173500
SPDR S^P OIL & GAS EXPLRTN PUT 78464A730 1945 38600 SH PUT SOLE 38600
SPDR S^P RETAIL ETF ETF PUT 78464A714 8355 141400 SH PUT SOLE 141400
SUNCOKE ENERGY INC CMN COM 86722A103 984 67178 SH SOLE 67178
TESORO CORPORATION CMN COM 881609101 7401 296520 SH SOLE 296520
TETRA TECHNOLOGIES INC COM 88162F105 1573 220542 SH SOLE 220542
THE MOSAIC COMPANY CMN CALL 61945C103 575 10500 SH CALL SOLE 10500
THE MOSAIC COMPANY CMN COM 61945C103 1804 32943 SH SOLE 32943
TITAN INTERNATIONAL INC COM 88830M102 4814 196268 SH SOLE 196268
VALERO ENERGY CORPORATION COM 91913Y100 1878 77751 SH SOLE 77751
WEBMD HEALTH CORP. CMN COM 94770V102 905 44153 SH SOLE 44153
WHOLE FOODS MARKET INC PUT 966837106 5004 52500 SH PUT SOLE 52500