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BLACK HORSE CAPITAL MANAGEMENT LLC
> GLD
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2012 | SPDR GOLD TRUST | GLD | 27,300 | 3,300 | 4,693,000 | 968,000 | $171.90 |
| 06/30/2012 | SPDR GOLD TRUST | GLD | 24,000 | 0 | 3,725,000 | -166,000 | $155.21 |
| 03/31/2012 | SPDR GOLD TRUST | GLD | 24,000 | -163,337 | 3,891,000 | -16,212,000 | $162.13 |
| 12/31/2009 | SPDR GOLD TRUST | GLD | 187,337 | 0 | 20,103,000 | 1,585,000 | $107.31 |
| 09/30/2009 | SPDR GOLD TRUST | GLD | 187,337 | -63,963 | 18,518,000 | -4,396,000 | $98.85 |
| 06/30/2009 | SPDR GOLD TRUST | GLD | 251,300 | 1,600 | 22,914,000 | 371,000 | $91.18 |
| 03/31/2009 | SPDR GOLD TRUST | GLD | 249,700 | 249,700 | 22,543,000 | 22,543,000 | $90.28 |
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