Semaphore Management as of Sept. 30, 2012
Portfolio Holdings for Semaphore Management
Semaphore Management holds 0 positions in its portfolio as reported in the September 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% 8/15/25 CONV CNV 00828UAB9 3852 3200000 PRN SOLE 3200000
ALEXCO RESOURCE CORP COM 01535P106 1715 395132 SH SOLE 395132
AMAZON.COM INC CMN PUT 023135106 3662 14400 SH PUT SOLE 14400
AMERICAN WATER WORKS CO COM 030420103 904 24400 SH SOLE 24400
ANGLOGOLD ASHANTI CNV PFD CNV 03512Q206 1162 27925 SH SOLE 27925
CALIFORNIA WATER SERVICE COM 130788102 1270 68100 SH SOLE 68100
CATERPILLAR INC PUT 149123101 5162 60000 SH PUT SOLE 60000
CENTRAL GOLDTRUST FD COM 153546106 634 9312 SH SOLE 9312
CLEAN HARBORS INC CMN COM 184496107 758 15530 SH SOLE 15530
CLEARWATER PAPER CORP COM 18538R103 560 13559 SH SOLE 13559
DARDEN RESTAURANTS INC PUT 237194105 1951 35000 SH PUT SOLE 35000
DENBURY RESOURCES INC COM 247916208 307 19000 SH SOLE 19000
DICKS SPORTING GOODS INC PUT 253393102 2058 39700 SH PUT SOLE 39700
DOMTAR CORPORATION COM 257559203 1338 17085 SH SOLE 17085
EXXON MOBIL CORPORATION PUT 30231G102 30142 329600 SH PUT SOLE 329600
FOCUS MEDIA HOLDING LTD PUT 34415V109 1287 55000 SH PUT SOLE 55000
FORTUNA SILVER MINES INC COM 349915108 544 102322 SH SOLE 102322
GOLDCORP 2% 08/01/14 CONV CNV 380956AB8 1868 1550000 PRN SOLE 1550000
GREAT LAKES DREDGE & DOCK COM 390607109 452 58646 SH SOLE 58646
HELIX ENERGY SOLUTNS GROUP COM 42330P107 834 45600 SH SOLE 45600
INGLES MARKETS INC CL-A COM 457030104 3460 211578 SH SOLE 211578
ISHARES DJ US REAL ESTATE PUT 464287739 6502 101000 SH PUT SOLE 101000
ISHARES MSCI EMG MKT INDEX PUT 464287234 14340 347000 SH PUT SOLE 347000
ISHARES MSCI HONG KONG PUT 464286871 7007 385000 SH PUT SOLE 385000
ISHARES RUSSELL 2000 PUT 464287655 11098 133000 SH PUT SOLE 133000
KINROSS GOLD CORP CMN CALL 496902404 184 18000 SH CALL SOLE 18000
KINROSS GOLD CORP CMN COM 496902404 209 20407 SH SOLE 20407
MARATHON PETROLEUM CORP CALL 56585A102 10318 189000 SH CALL SOLE 189000
MARATHON PETROLEUM CORP COM 56585A102 1596 29236 SH SOLE 29236
MARKET VECTORS GLD MINERS CALL 57060U100 6599 122900 SH CALL SOLE 122900
MARKET VECTORS OIL SERV PUT 57060U191 1207 30000 SH PUT SOLE 30000
MASTEC INC 4% 06/15/14 CONV CNV 576323AL3 1806 1300000 PRN SOLE 1300000
MASTEC INC CMN COM 576323109 713 36195 SH SOLE 36195
MGIC INVESTMENT CORP COM 552848103 338 220681 SH SOLE 220681
MGP INGREDIENTS INC CMN COM 55303J106 153 39932 SH SOLE 39932
MITCHAM INDS INC CMN COM 606501104 1478 92711 SH SOLE 92711
N V R INC CMN COM 62944T105 2567 3040 SH SOLE 3040
NEVADA GOLD & CASINO COM 64126Q206 315 371068 SH SOLE 371068
NEWPARK RES 4% 10/1/17 CONV CNV 651718AC2 1430 1375000 PRN SOLE 1375000
NEXSTAR BROADCASTING COM 65336K103 393 37025 SH SOLE 37025
NOVAGOLD RESOURCES INC COM 66987E206 915 163513 SH SOLE 163513
PEP BOYS MANNY-MOE &JACK; COM 713278109 1228 120682 SH SOLE 120682
QLT INC. CMN COM 746927102 1840 236123 SH SOLE 236123
RENTECH INC CMN COM 760112102 1559 633807 SH SOLE 633807
SALESFORCE.COM, INC CMN PUT 79466L302 7558 49500 SH PUT SOLE 49500
SEADRILL LTD. CMN PUT G7945E105 3922 100000 SH PUT SOLE 100000
SIMON PROPERTY GROUP PUT 828806109 3006 19800 SH PUT SOLE 19800
SOUTHERN COPPER CORP PUT 84265V105 6075 176800 SH PUT SOLE 176800
SPDR GOLD TRUST ETF CALL 78463V107 5999 34900 SH CALL SOLE 34900
SPDR S^P 500 ETF TRUST PUT 78462F103 51440 357300 SH PUT SOLE 357300
SPDR S^P OIL & GAS EXP PUT 78464A730 1810 32500 SH PUT SOLE 32500
SPDR S^P RETAIL ETF ETF PUT 78464A714 11791 187900 SH PUT SOLE 187900
SPROTT PHYSICAL GOLD ETF 85207H104 1695 111500 SH SOLE 111500
SPROTT PHYSICAL SILVER ETF 85207K107 1784 126245 SH SOLE 126245
SPROTT RESOURCE LENDING COM 85207J100 326 229872 SH SOLE 229872
SUNCOKE ENERGY INC CMN COM 86722A103 1854 114995 SH SOLE 114995
SUNCOR ENERGY INC. CMN CALL 867224107 6166 187700 SH CALL SOLE 187700
SUSSER HLDGS CORP CMN COM 869233106 2247 62120 SH SOLE 62120
TALISMAN ENERGY INC. CMN COM 87425E103 470 35300 SH SOLE 35300
TESORO CORPORATION CMN COM 881609101 7607 181548 SH SOLE 181548
TETRA TECHNOLOGIES INC COM 88162F105 3116 515045 SH SOLE 515045
THE MOSAIC COMPANY CMN COM 61945C103 763 13243 SH SOLE 13243
TITAN INTERNATIONAL INC COM 88830M102 10128 573499 SH SOLE 573499
UNITED STATES OIL FUND PUT 91232N108 1706 50000 SH PUT SOLE 50000
VALERO ENERGY CORP COM 91913Y100 4392 138651 SH SOLE 138651
WEBMD HEALTH CORP COM 94770V102 619 44153 SH SOLE 44153
WPX ENERGY, INC. CMN COM 98212B103 749 45131 SH SOLE 45131