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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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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 20,624 450,000 SH   SOLE   450,000 0 0
ALAMOS GOLD INC COM CL A 011532108 4,989 875,000 SH   SOLE   875,000 0 0
B2GOLD CORP COM 11777Q209 4,139 1,594,338 SH   SOLE   1,594,338 0 0
BARRICK GOLD CORP COM 067901108 14,771 1,125,000 SH   SOLE   1,125,000 0 0
COMPANIA DE MINAS BUENAVENTURA SPONSORED ADR 204448104 9,527 699,000 SH   SOLE   699,000 0 0
FRANCO NEVADA CORP COM 351858105 11,687 160,000 SH   SOLE   160,000 0 0
GOLDCORP INC COM 380956409 12,783 932,400 SH   SOLE   932,400 0 0
GOLDEN STAR RESOURCES LTD COM 38119T104 1,958 2,900,000 SH   SOLE   2,900,000 0 0
IAMGOLD CORP COM 450913108 2,034 350,000 SH   SOLE   350,000 0 0
KINROSS GOLD CORP COM NO PAR 496902404 3,008 800,000 SH   SOLE   800,000 0 0
MAG SILVER CORP COM 55903Q104 3,513 325,000 SH   SOLE   325,000 0 0
NEW GOLD INC COM 644535106 1,040 500,000 SH   SOLE   500,000 0 0
NEWMONT MINING CORP COM 651639106 21,509 570,368 SH   SOLE   570,368 0 0
PRETIUM RESOURCES INC COM 74139C102 5,322 725,000 SH   SOLE   725,000 0 0
RANDGOLD RESOURCES LTD ADR 752344309 17,661 229,100 SH   SOLE   229,100 0 0
ROYAL GOLD INC COM 780287108 17,640 190,000 SH   SOLE   190,000 0 0
TAHOE RESOURCES INC COM 873868103 3,488 708,200 SH   SOLE   708,200 0 0