The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES LTD COM 008474108 4,532 171,200 SH   SOLE   171,200 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 3,263 245,700 SH   SOLE   245,700 0 0
AURICO GOLD INC COM 05155C105 473 124,107 SH   SOLE   124,107 0 0
BARRICK GOLD CORP COM 067901108 691 37,100 SH   SOLE   37,100 0 0
ELDORADO GOLD CORP NEW COM 284902103 3,072 457,800 SH   SOLE   457,800 0 0
FORTUNA SILVER MINES COM 349915959 730 200,000 SH   SOLE   200,000 0 0
FRANCO NEVADA CORP COM 351858105 1,963 43,336 SH   SOLE   43,336 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 1,505 329,400 SH   SOLE   329,400 0 0
GOLDCORP INC NEW COM 380956409 12,874 494,950 SH   SOLE   494,950 0 0
IAMGOLD CORP COM 450913108 3,232 680,400 SH   SOLE   680,400 0 0
KINROSS GOLD CORP COM NO PAR 496902404 2,201 436,000 SH   SOLE   436,000 0 0
MAG SILVER CORP COM 55903Q104 885 150,000 SH   SOLE   150,000 0 0
NEW GOLD INC CDA COM 644535106 896 149,900 SH   SOLE   149,900 0 0
NEWMONT MINING CORP COM 651639106 3,830 136,300 SH   SOLE   136,300 0 0
PAN AMERICAN SILVER CORP COM 697900108 264 25,000 SH   SOLE   25,000 0 0
RANDGOLD RES LTD ADR 752344309 9,213 128,800 SH   SOLE   128,800 0 0
ROYAL GOLD INC COM 780287108 3,090 63,500 SH   SOLE   63,500 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 1,727 331,500 SH   SOLE   331,500 0 0
SILVER WHEATON CORP COM 828336107 5,482 221,300 SH   SOLE   221,300 0 0
SPDR GOLD TRUST COM 863307104 7,899 61,800 SH   SOLE   61,800 0 0
TAHOE RES INC COM 873868103 100 5,600 SH   SOLE   5,600 0 0
YAMANA GOLD INC COM 98462Y100 5,220 502,000 SH   SOLE   502,000 0 0