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Ishares Trust (IAU)

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No.	Hedge Fund	Shares	Value (x$1000)	Activity	% Port
1.)	International Value Advisers Charles De Vaulx	11,914,645	$193,961	+6%	4.34%
2.)	Dialectic Capital Management John Fichthorn	1,000,000	$16,280	-67%	1.71%
3.)	Silver Capital Management Llc Bruce Silver	33,000	$537		0.58%
4.)	Horseman Capital Management John Horseman	14,000	$228		0.11%

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