The same holdings are listed on the website as are listed in the financial reports.
Look at all the news releases since late September - none of those purchases are included on the website or any official report.
About 27-28% of the value of their reported assets are undisclosed on the lists. If you look closely you will notice they only list the companies whose shares are worth >1 million $. There were 320+ companies that were undisclosed in the financials/website.
Here is an example. Look at the Pinetree website and the news release section. Since October 1, 2010, there are have been separate news releases for share purchsses for each of the following companies. Pinetree has bought into some companies more than 1 time in this period.
You will see that only 6 of the 35 companies bought last quarter are listed on the website or in the finanancial report. Pinetree did not previously hold a position in only 1 of the 35 companies on this list.
! = Means that, according to the news release, Pinetree held shares of this company prior to announced purchase.
@ = Means that this company was disclosed in the Pinetree website/Financial report.
The shares and warrants noted are additions to Pinetree's position in each company.
Company (Shares/Warrants)
!Solitaire 4,000,000/4,000,000(.125)
!AurCrest Gold 1,500,000/750,000(.3)
!Pacific Ridge Exploration 2,500,000/1,250,000(.45)
!Cream Minerals 5,000,000/5,000,000(.24)
@!Lithium Americas 506,300
!Strait Gold 1,500,000/1,500,000(.25)
!Southern Andes Energy 2,000,000/2,000,000(.60)
El Tigre Silver 2,000,000/2,000,000(.40)
!RJK Explorations 5,000,000/5,000,000(.15)
!Abcourt Mines 4,000,000/4,000,000(.195)
@!Mega Precious Metals 3,630,000/600,000(.75)
!Pacific Bay Minerals 2,400,000/2,400,000(.15)
!Mesa Uranium 750,000/750,000(.35)
!Knick Exploration 1,000,000/1,000,000(.30)
!Excalibur Resources 600,000/600,000(.30)
!Golden Tag Resources 2,000,000/2,000,000(.60)
!Western Potash 250,000/2,500,000(acquired privately)
!Valgold Resources 1,000,000/1,000,000(.50)
!Northern Lion Gold 1,000,000/500,000(.30)
!Pacific Bay Minerals 2,500,000/2,500,000(.25)
@!Rare Earth Metals 500,000/250,000(.60)
!Strategic Resources 3,000,000/3,000,000(.11)
!Lago Dorado Minerals 350,000
!La Quinta Resources 2,000,000/2,000,000(.15)
!Cream Minerals 2,908,500
!Weststar Resources 600,000/600,000(.23)
!Sofame Technologies 10,000,000/10,000,000(.10)
!Oroco Resource 1,000,000/500,000(.30)
@!Mawson Resources 750,000/375,000(1.20)
!Canadian Arrow Mines 3,571,430/3,571,430(.10)
!Virgin Metas 1,000,000/1,000,000 (.25)
!Greenock Resources 1,400,000/1,400,000(.10)
!La Quinta Resources 838,000
!Halo Resources 1,000,000/1,000,000(.35)
!Bolero Resources 2,000,000/2,000,000(.30)
@!Goldeye Resources 5,000,000/5,000,000(.125)
@!UC Resources 1,500,000/750,000(.13)