UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2007
Check here if Amendment [ ]; Amendment Number:
--------
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: U.S. Global Investors Inc.
Address: 7900 Callaghan Road
San Antonio, Texas 78278-1234
Form 13F File Number: 28-
-------------
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Susan McGee
Title: President
Phone: (210) 308-1234
Signature, Place, and Date of Signing:
/s/ Susan McGee San Antonio, TX November 14, 2007
--------------------- -------------------------------------- ---------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-
------------- -----------------------------------------
[Repeat as necessary.]
FORM 13F
SUMMARY PAGE
Report Summary:
Number of Other Included Managers 2
Form 13F Information Table Entry Total 427
Form 13F Information Table Total Value (x1000) 2,023,977
List of Other Included Managers
1 Leeb Capital Mgmt., Inc.
500 5th Avenue 57th floor
NY, NY 10110
2 Charlemagne Capital (IOM) Limited
Regent House
16-18 Ridgeway Street
Douglas, Isle of Man IM1 1EN
United Kingdom
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
ABB LTD SPON ADR SPON ADR 000375204 262 10,000 SH Defined 1 10,000
ABER DIAMOND
CORP /CAD/ COM 002893105 862 22,000 SH Sole 22,000
ABER DIAMOND
CORP /CAD/ COM 002893105 3,410 87,000 SH Sole 87,000
ABRAXAS PETROLEUM
CORP COM 003830106 3,916 1,025,000 SH Sole 1,025,000
ACTIVISION INC COM 004930202 216 10,000 SH Sole 10,000
ACTIVISION INC COM 004930202 648 30,000 SH Sole 30,000
ACTUANT CORP
CLASS A CL A NEW 00508X203 487 7,500 SH Sole 7,500
AGNICO EAGLE MINES
LTD /USD/ COM 008474108 1,494 30,000 SH Sole 30,000
AGNICO EAGLE MINES
LTD /USD/ COM 008474108 2,490 50,000 SH Sole 50,000
AGNICO EAGLE MINES
WT 11/14/07 *W EXP 11/07/2007 008474132 34 1,100 SH Sole 1,100
AGNICO EAGLE MINES
WT 11/14/07 *W EXP 11/07/2007 008474132 5,461 177,600 SH Sole 177,600
AGNICO EAGLE MINES
WT 11/14/07 *W EXP 11/07/2007 008474132 9,790 318,380 SH Sole 318,380
AGNICO EAGLE MINES
WT 11/14/07 *W EXP 11/07/2007 008474132 31,193 1,014,420 SH Sole 1,014,420
AGNICO EAGLE MINES
WT 11/14/07 NASDAQ *W EXP 11/07/2007 008474132 273 8,900 SH Sole 8,900
AGRIUM INC COM COM 008916108 14,139 260,000 SH Sole 260,000
AIR PRODUCTS &
CHEMICALS COM 009158106 371 3,800 SH Defined 1 3,800
ALCON INC COM H01301102 504 3,500 SH Sole 3,500
ALKERMES INC COM 01642T108 184 10,000 SH Defined 1 10,000
ALUMINUM CORP CALL 022276909 14,006 200,000 SH CALL Sole 200,000
ALUMINUM CORP OF
CHINA/HKD/-H COM Y0094N109 574 200,000 SH Sole 200,000
ALVARION LTD SHS SHS M0861T100 145 10,000 SH Sole 10,000
AMERICAN EXPRESS
COMPANY COM 25816109 315 5,300 SH Defined 1 5,300
ANGICO-EAGLE PUT 008474958 1,327 14,000 SH PUT Sole 14,000
ANGICO-EAGLE PUT 008474958 1,517 16,000 SH PUT Sole 16,000
ANGICO-EAGLE PUT 008474958 5,309 56,000 SH PUT Sole 56,000
ANGICO-EAGLE PUT 008474958 6,068 64,000 SH PUT Sole 64,000
ANGLOGOLD ASAN CALL 035128906 844 18,000 SH CALL Sole 18,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
ANGLOGOLD ASHANTI
LTD SPON ADR SPON ADR 35128206 844 18,000 SH Sole 18,000
ANOORAQ RESOURCES
CORP COM 03633E108 648 208,400 SH Sole 208,400
ANOORAQ RESOURCES
CORP /CAD/ COM 03633E108 1,201 389,000 SH Sole 389,000
ANOORAQ RESOURCES
CORP /CAD/ COM 03633E108 7,411 2,401,000 SH Sole 2,401,000
APPLE INC COM 037833100 844 5,500 SH Sole 5,500
APPLE INC COM 037833100 1,535 10,000 SH Sole 10,000
ARIZONA STAR RES
CORP /CAD/ COM 04059G106 9,565 691,900 SH Sole 691,900
AURIZON MINES
LTD /CAD/ COM 05155P106 1,662 407,100 SH Sole 407,100
BAIDU COM INC COM 056752108 261 900 SH Sole 900
BAIDU COM INC COM 056752108 811 2,800 SH Sole 2,800
BAKER HUGHES INC COM 057224107 343 3,800 SH Defined 1 3,800
BARRICK GOLD CALL 067901908 3,424 85,000 SH CALL Sole 85,000
BARRICK GOLD CALL 067901908 3,424 85,000 SH CALL Sole 85,000
BARRICK GOLD CALL 067901908 8,560 212,500 SH CALL Sole 212,500
BARRICK GOLD CALL 067901908 8,560 212,500 SH CALL Sole 212,500
BARRICK GOLD CALL 067901908 13,695 340,000 SH CALL Sole 340,000
BARRICK GOLD CALL 067901908 17,925 445,000 SH CALL Sole 445,000
BARRICK GOLD CORP
COM COM 067901108 222 5,500 SH Defined 1 5,500
BARRICK GOLD CORP
COM COM 067901108 1,105 27,429 SH Sole 27,429
BARRICK GOLD CORP
COM COM 067901108 3,809 94,574 SH Sole 94,574
BAYTEX ENERGY TRUST TRUST UNIT 073176109 152 7,500 SH Sole 7,500
BAYTEX ENERGY TRUST TRUST UNIT 073176109 386 19,000 SH Sole 19,000
BE AEROSPACE INC COM 073302101 311 7,500 SH Sole 7,500
BERKSHIRE HATHAWAY
INC CL B CL B 084670207 632 160 SH Defined 1 160
BHP BILLITON
LIMITED ADR SPON ADR 088606108 291 3,700 SH Defined 1 3,700
BOEING CO COM 097023105 315 3,000 SH Sole 3,000
BOEING CO COM 097023105 787 7,500 SH Sole 7,500
BUNGE LIMITED COM G16962105 1,075 10,000 SH Sole 10,000
BURLINGTON NORTHN
SANTA FE COM 12189T104 284 3,500 SH Defined 1 3,500
BURLINGTON NORTHN
SANTA FE COM 12189T104 1,218 15,000 SH Sole 15,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
CAMERON
INTERNATIONAL
CORP COM COM 13342B105 923 10,000 SH Sole 10,000
CAMERON
INTERNATIONAL
CORP COM COM 13342B105 23,073 250,000 SH Sole 250,000
CANETIC RESOURCES
TRUST COM 137513107 490 32,000 SH Sole 32,000
CANO PETE
INC COM COM 137801106 37 5,000 SH Sole 5,000
CANO PETE
INC COM COM 137801106 126 15,000 SH Sole 15,000
CANO PETE
INC COM COM 137801106 3,710 500,000 SH Sole 500,000
CELGENE CORP COM 151020104 713 10,000 SH Sole 10,000
CENTRAL EUROPEAN
DISTR CORP COM 153435102 14,013 292,481 SH Defined 2 292,481
CENTRAL EUROPEAN
MEDIA CL A CL A G20045202 7,237 78,916 SH Defined 2 78,916
CHESAPEAKE GOLD
CORP /CAD/ COM 165184102 3,268 500,000 SH Sole 500,000
CHESAPEAKE GOLD
CORP /CAD/ COM 165184102 7,028 1,075,449 SH Sole 1,075,449
CHICAGO BRIDGE &
IRON ADR SPON ADR 167250109 14,210 330,000 SH Sole 330,000
CHINA LIFE INS
CO LTD SPON ADR REP
HSPON ADR 16939P106 517 6,000 SH Sole 6,000
CHINA MOBILE LTD
SPON ADR SPON ADR 16941M109 492 6,000 SH Sole 6,000
CIENA CORP COM 171779309 381 10,000 SH Sole 10,000
CIENA CORP COM 171779309 762 20,000 SH Sole 20,000
CISCO SYSTEMS INC COM 17275R102 464 14,000 SH Defined 1 14,000
CISCO SYSTEMS INC COM 17275R102 497 15,000 SH Sole 15,000
CISCO SYSTEMS INC COM 17275R102 1,324 40,000 SH Sole 40,000
CITIGROUP INC COM 172967101 364 7,800 SH Defined 1 7,800
CME GROUP INC COM 12572Q105 411 700 SH Sole 700
CNOOC LTD ADR SPON ADR 126132109 12,482 75,000 SH Sole 75,000
COACH INC COM 189754104 473 10,000 SH Sole 10,000
COMMSCOPE INC COM 203372107 402 8,000 SH Sole 8,000
CONOCOPHILLIPS COM 20825C104 16,676 190,000 SH Sole 190,000
CORE LABORATORIES
N V COM N22717107 382 3,000 SH Sole 3,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
CORE LABORATORIES
N V COM N22717107 955 7,500 SH Sole 7,500
CORE LABORATORIES
N V COM N22717107 21,019 165,000 SH Sole 165,000
CORNING INC COM 219350105 434 17,600 SH Defined 1 17,600
CORRIENTE RESOURCES
INC /CAD/ COM 22027E409 2,980 594,000 SH Sole 594,000
CREDICORP LTD COM G2519Y108 508 7,500 SH Sole 7,500
CROCS INC COM 227046109 538 8,000 SH Sole 8,000
CRYSTALLEX INTL
CORP CALL 22942F112 9 2,700 SH CALL Sole 2,700
CRYSTALLEX INTL
CORP CALL 22942F108 14 4,500 SH CALL Sole 4,500
CRYSTALLEX INTL
CORP CALL 22942F113 87 27,300 SH CALL Sole 27,300
CRYSTALLEX INTL
CORP COM 22942F104 91 28,750 SH Sole 28,750
CRYSTALLEX INTL
CORP COM 22942F102 145 45,815 SH Sole 45,815
CRYSTALLEX INTL
CORP CALL 22942F109 204 64,400 SH CALL Sole 64,400
CRYSTALLEX INTL
CORP COM 22942F105 239 75,250 SH Sole 75,250
CRYSTALLEX INTL
CORP COM 22942F101 491 155,000 SH Sole 155,000
CRYSTALLEX INTL
CORP CALL 22942F106 644 203,100 SH CALL Sole 203,100
CRYSTALLEX INTL
CORP CALL 22942F110 718 226,400 SH CALL Sole 226,400
CRYSTALLEX INTL
CORP CALL 22942F107 878 276,900 SH CALL Sole 276,900
CRYSTALLEX INTL
CORP CALL 22942F111 944 297,700 SH CALL Sole 297,700
CRYSTALLEX INTL
CORP COM 22942F103 2,429 766,185 SH Sole 766,185
CRYSTALLEX INTL
CORP CALL 22942F114 2,498 788,100 SH CALL Sole 788,100
CURRENCYSHARES CAN
TRUST PUT 23129X955 202 2,000 SH PUT Sole 2,000
CURRENCYSHARES CAN
TRUST PUT 23129X955 202 2,000 SH PUT Sole 2,000
CURRENCYSHARES CAN
TRUST PUT 23129X955 262 2,600 SH PUT Sole 2,600
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
CURRENCYSHARES CAN
TRUST PUT 23129X955 6,682 66,200 SH PUT Sole 66,200
CURRENCYSHARES CAN
TRUST PUT 23129X955 40,114 397,400 SH PUT Sole 397,400
CURRENCYSHARES CAN
TRUST PUT 23129X955 63,572 629,800 SH PUT Sole 629,800
CVS CAREMARK
CORPORATION COM 126650100 159 4,000 SH Sole 4,000
CVS CAREMARK
CORPORATION COM 126650100 404 10,200 SH Defined 1 10,200
DANAHER CORP COM 235851102 430 5,200 SH Defined 1 5,200
DEERE & CO COM 244199105 148 1,000 SH Sole 1,000
DEERE & CO COM 244199105 416 2,800 SH Defined 1 2,800
DENBURY RESOURCES
INC COM 247916208 206 4,600 SH Defined 1 4,600
DENBURY RESOURCES
INC COM 247916208 7,821 175,000 SH Sole 175,000
DENTSPLY INTL INC COM 249030107 208 5,000 SH Sole 5,000
DIAMOND OFFSHORE
DRILLING INC COM 25271C102 340 3,000 SH Sole 3,000
DIAMOND OFFSHORE
DRILLING INC COM 25271C102 566 5,000 SH Sole 5,000
DIAMOND OFFSHORE
DRILLING INC COM 25271C102 16,427 145,000 SH Sole 145,000
DOLLAR FINANCIAL
CORP COM 256664103 428 15,000 SH Sole 15,000
DRDGOLD LTD
SPONSORED ADR SPON ADR 26152H301 20 2,500 SH Sole 2,500
DRDGOLD LTD
SPONSORED ADR SPON ADR 26152H301 80 10,000 SH Sole 10,000
DRYSHIPS CALL Y2109Q901 1,817 20,000 SH CALL Sole 20,000
DRYSHIPS INC COM Y2109Q101 545 6,000 SH Sole 6,000
DRYSHIPS INC COM Y2109Q101 818 9,000 SH Sole 9,000
DRYSHIPS INC COM Y2109Q101 51,330 565,000 SH Sole 565,000
ELDORADO GOLD
CORP /CAD/ COM 284902103 1,007 163,100 SH Sole 163,100
ELDORADO GOLD
CORP /CAD/ COM 284902103 2,000 324,000 SH Sole 324,000
EMC CORP MASS COM 268648102 187 9,000 SH Sole 9,000
EMC CORP MASS COM 268648102 478 23,000 SH Sole 23,000
ENTREE GOLD INC
/CAD/ COM 29383G100 2,514 1,000,000 SH Sole 1,000,000
EXELON CORPORATION COM 30161N101 414 5,500 SH Defined 1 5,500
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
FIRST PACIFIC CORP
/HKD/ COM G34804107 372 500,000 SH Sole 500,000
FIRST SOLAR INC COM 336433107 341 2,900 SH Defined 1 2,900
FLOTEK INDUSTRIES
INC COM 343389102 530 12,000 SH Sole 12,000
FMC TECHNOLOGIES
INC COM 30249U101 173 3,000 SH Sole 3,000
FMC TECHNOLOGIES
INC COM 30249U101 490 8,500 SH Sole 8,500
FOCUS MEDIA HOLDING
ADS SPON ADR 34415V109 1,160 20,000 SH Sole 20,000
FREEPORT-MCMORAN
C & G COMMON COM 35671D857 472 4,500 SH Sole 4,500
FREEPORT-MCMORAN
C & G COMMON COM 35671D857 524 5,000 SH Sole 5,000
FREEPORT-MCMORAN
C & G COMMON COM 35671D857 8,129 77,500 SH Sole 77,500
FREEPORT-MCMORAN
C & G COMMON COM 35671D857 15,996 152,500 SH Sole 152,500
FREEPORT-MCMORAN
C & G COMMON COM 35671D857 31,467 300,000 SH Sole 300,000
FRONTEER
DEVELOPMENT
GROUP INC COM 35903Q106 7,597 730,000 SH Sole 730,000
FRONTIER OIL CORP COM 35914P105 625 15,000 SH Sole 15,000
GAMESTOP CORP
CLASS A CL A 36467W109 564 10,000 SH Sole 10,000
GAMESTOP CORP
CLASS A CL A 36467W109 1,409 25,000 SH Sole 25,000
GAMMON GOLD PUT 36467T956 118 10,000 SH PUT Sole 1,000
GAMMON GOLD PUT 36467T956 1,184 100,000 SH PUT Sole 100,000
GARMIN LTD /USD/ COM G37260109 836 7,000 SH Sole 7,000
GENENTECH INC COM 368710406 234 3,000 SH Sole 3,000
GENERAL CABLE CORP COM 369300108 201 3,000 SH Sole 3,000
GENERAL CABLE CORP COM 369300108 1,342 20,000 SH Sole 20,000
GENERAL ELECTRIC CO COM 369604103 696 16,800 SH Defined 1 16,800
GFI GROUP INC COM 361652209 258 3,000 SH Sole 3,000
GFI GROUP INC COM 361652209 646 7,500 SH Sole 7,500
GILEAD SCIENCES INC COM 375558103 245 6,000 SH Sole 6,000
GLENCAIRN GOLD CORP
/CAD/ COM 377903109 23 100,000 SH Sole 100,000
GLENCAIRN GOLD CORP
/CAD/ COM 377903109 745 3,223,000 SH Sole 3,223,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
GLENCAIRN GOLD CORP
/REST//CAD COM 377903109 41 177,000 SH Sole 177,000
GLENCAIRN GOLD CORP
/REST//CAD COM 377903109 139 600,000 SH Sole 600,000
GLOBALSANTAFE CORP COM G3930E101 228 3,000 SH Sole 3,000
GLOBALSANTAFE CORP COM G3930E101 760 10,000 SH Sole 10,000
GOLD FIELDS LTD CALL 38059T906 724 40,000 SH CALL Sole 40,000
GOLD FIELDS LTD CALL 38059T906 1,111 61,400 SH CALL Sole 61,400
GOLD FIELDS LTD CALL 38059T906 3,457 191,100 SH CALL Sole 191,100
GOLD FIELDS LTD
/ZAR/ COM S31755101 1,712 95,000 SH Sole 95,000
GOLD FIELDS LTD
/ZAR/ COM S31755101 4,325 240,000 SH Sole 240,000
GOLD FIELDS LTD
/ZAR/ COM S31755101 4,775 265,000 SH Sole 265,000
GOLD FIELDS LTD
SPON ADR SPON ADR 38059T106 1,085 60,000 SH Sole 60,000
GOLD FIELDS LTD
SPON ADR SPON ADR 38059T106 7,736 427,620 SH Sole 427,620
GOLD FIELDS LTD
SPON ADR SPON ADR 38059T106 19,392 1,071,980 SH Sole 1,071,980
GOLDCORP INC CALL 380956177 39 8,500 SH CALL Sole 8,500
GOLDCORP INC CALL 380956177 54 8,000 SH CALL Sole 8,000
GOLDCORP INC CALL 380956177 97 14,500 SH CALL Sole 14,500
GOLDCORP INC CALL 380956177 69 15,000 SH CALL Sole 15,000
GOLDCORP INC CALL 380956177 915 29,000 SH CALL Sole 29,000
GOLDCORP INC CALL 380956177 937 29,700 SH CALL Sole 29,700
GOLDCORP INC CALL 380956177 374 81,200 SH CALL Sole 81,200
GOLDCORP INC CALL 380956177 1,032 154,000 SH CALL Sole 154,000
GOLDCORP INC CALL 380956177 721 156,800 SH CALL Sole 156,800
GOLDCORP INC CALL 380956177 1,072 160,000 SH CALL Sole 160,000
GOLDCORP INC CALL 380956177 972 211,300 SH CALL Sole 211,300
GOLDCORP INC CALL 380956177 2,968 443,000 SH CALL Sole 443,000
GOLDCORP INC COM 380956409 1 23 SH Sole 23
GOLDCORP INC COM 380956409 64 2,101 SH Sole 2,101
GOLDCORP INC COM 380956409 168 5,500 SH Sole 5,500
GOLDCORP INC W EXP 06/09/199 380956177 31 1,000 SH Sole 1,000
GOLDCORP INC W EXP 06/09/200 380956177 1,492 48,826 SH Sole 48,826
GOLDCORP INC W EXP 06/09/201 380956177 9 302 SH Sole 302
GOLDCORP INC W EXP 06/09/201 380956177 331 10,836 SH Sole 10,836
GOLDCORP INC W EXP 06/09/201 380956177 5,951 194,724 SH Sole 194,724
GOLDCORP INC W EXP 06/09/201 380956177 32,557 1,065,334 SH Sole 1,065,334
GOLDCORP INC W EXP 06/09/201 380956177 44,702 1,462,766 SH Sole 1,462,766
GOLDCORP INC W EXP 06/09/201 380956177 128,873 4,217,042 SH Sole 4,217,042
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
GOLDMAN SACHS
GROUP INC COM 38141G104 433 2,000 SH Defined 1 2,000
GOLDMAN SACHS
GROUP INC COM 38141G104 433 2,000 SH Sole 2,000
GOODRICH PETROLEUM
CORP COM 382410405 12,509 394,600 SH Sole 394,600
GOOGLE INC CLASS A CL A 38259P508 227 400 SH Sole 400
GOOGLE INC CLASS A CL A 38259P508 383 675 SH Defined 1 675
GOOGLE INC CLASS A CL A 38259P508 851 1,500 SH Sole 1,500
GRANT PRIDECO INC COM 38821G101 218 4,000 SH Sole 4,000
GRANT PRIDECO INC COM 38821G101 818 15,000 SH Sole 15,000
GREAT BASIN GOLD
LTD /CAD/ COM 390124105 6,616 2,186,000 SH Sole 2,186,000
GULFMARK OFFSHORE
INC COM 402629109 146 3,000 SH Sole 3,000
GULFMARK OFFSHORE
INC COM 402629109 584 12,000 SH Sole 12,000
HARMONY GOLD CALL 413216900 1,197 100,500 SH CALL Sole 100,500
HARMONY GOLD CALL 413216900 1,491 125,200 SH CALL Sole 125,200
HARMONY GOLD CALL 413216900 1,925 161,600 SH CALL Sole 161,600
HARMONY GOLD CALL 413216900 2,654 222,800 SH CALL Sole 222,800
HARMONY GOLD MINING
SPND ADR SPON ADR 413216300 1,547 129,900 SH Sole 129,900
HARMONY GOLD MINING
SPND ADR SPON ADR 413216300 2,592 217,600 SH Sole 217,600
HARVEST ENERGY
TRUST-UNITS TRUST UNIT 41752X101 40 1,500 SH Sole 1,500
HARVEST ENERGY
TRUST-UNITS TRUST UNIT 41752X101 67 2,500 SH Sole 2,500
HARVEST ENERGY
TRUST-UNITS TRUST UNIT 41752X101 539 20,000 SH Sole 20,000
HARVEST ENERGY
TRUST-UNITS TRUST UNIT 41752X101 6,199 230,000 SH Sole 230,000
HECLA MINING COM 422704106 806 90,000 SH Sole 90,000
HECLA MNG CO CALL 422704906 40 4,500 SH CALL Sole 4,500
HECLA MNG CO CALL 422704906 2,148 240,000 SH CALL Sole 240,000
HELMERICH & PAYNE
INC COM 423452101 575 17,500 SH Sole 17,500
HERBALIFE LTD COM G4412G101 205 4,500 SH Sole 4,500
HESS CORP COM 42809H107 379 5,700 SH Defined 1 5,700
HEWLETT PACKARD COM 428236103 224 4,500 SH Sole 4,500
HOLLY CORP COM 435758305 598 10,000 SH Sole 10,000
IAMGOLD CORPORATION COM 450913108 0 1 SH Sole 1
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
IAMGOLD CORPORATION
/CAD/ COM 450913108 1,609 185,000 SH Sole 185,000
IMMUCOR INC COM 452526106 715 20,000 SH Sole 20,000
INFINITY BIO ENERGY
LTD COM G4770S101 3,501 682,400 SH Sole 682,400
INTEL CORP COM 458140100 380 14,700 SH Defined 1 14,700
INTERCONTINENTAL-
EXCHANGE INC COM 45865V100 1,063 7,000 SH Sole 7,000
INTERNATIONAL
MINERALS /CAD/ COM 459875100 830 144,100 SH Sole 144,100
INTERNATIONAL
MINERALS /CAD/ COM 459875100 5,877 1,020,100 SH Sole 1,020,100
INTERNATIONAL
ROYALTY CORP COM 460277107 54 8,000 SH Sole 8,000
INTERNATIONAL
ROYALTY CORP COM 460277106 4,269 631,450 SH Sole 631,450
INTERNATIONAL
ROYALTY CORP COM 460277106 8,290 1,226,350 SH Sole 1,226,350
ISHARES SILVER
TRUST I SHARES 46428Q109 7 50 SH Sole 50
ISHARES SILVER
TRUST I SHARES 46428Q109 34 250 SH Sole 250
ISHARES SILVER
TRUST I SHARES 46428Q109 79 575 SH Sole 575
ISHARES SILVER
TRUST I SHARES 46428Q109 137 1,000 SH Sole 1,000
ISHARES SILVER
TRUST I SHARES 46428Q109 430 3,150 SH Sole 3,150
ISHARES SILVER
TRUST I SHARES 46428Q109 519 3,800 SH Sole 3,800
ISHARES SILVER
TRUST I SHARES 46428Q109 10,965 80,300 SH Sole 80,300
ISHARES SILVER
TRUST I SHARES 46428Q109 13,648 99,950 SH Sole 99,950
ITT CORP COM 450911102 374 5,500 SH Defined 1 5,500
IVANHOE MINES LTD
/CAD/ COM 46579N103 1,742 134,100 SH Sole 134,100
IVANHOE MINES LTD
/CAD/ COM 46579N103 3,965 305,200 SH Sole 305,200
IVANHOE MINES LTD
/CAD/ COM 46579N103 9,572 736,900 SH Sole 736,900
JAGUAR MINING INC
/CAD/ COM 47009M103 1,936 217,300 SH Sole 217,300
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
JAGUAR MINING INC
/CAD/ COM 47009M103 10,930 1,227,000 SH Sole 1,227,000
JOHNSON & JOHNSON COM 478160104 335 5,100 SH Defined 1 5,100
JUNIPER NETWORKS
INC COM 48203R104 366 10,000 SH Sole 10,000
KINROSS GOLD CORP
/CAD/ COM 496902404 13 875 SH Sole 875
KINROSS GOLD CORP
/CAD/ COM 496902404 118 7,875 SH Sole 7,875
KINROSS GOLD CORP
/CAD/ COM 496902404 1,139 76,250 SH Sole 76,250
KLA TENCOR CORP COM 482480100 446 8,000 SH Sole 8,000
KOOKMIN BANK SP ADR SPON ADR 50049M109 523 6,381 SH Defined 2 6,381
LIHIR GOLD LTD SPON
ADR SPON ADR 532349107 396 11,000 SH Sole 11,000
LIHIR GOLD LTD SPON
ADR SPON ADR 532349107 1,153 32,000 SH Sole 32,000
LILLY /ELI/ & CO COM 532457108 535 9,400 SH Defined 1 9,400
LULULEMON ATHLETICA
INC COM 550021109 315 7,500 SH Sole 7,500
LULULEMON ATHLETICA
INC COM 550021109 525 12,500 SH Sole 12,500
LUNDIN MINING CORP
/CAD/ COM 550372106 394 30,860 SH Sole 30,860
LUNDIN MINING CORP
/CAD/ COM 550372106 3,455 270,375 SH Sole 270,375
LUNDIN MINING CORP
/CAD/ COM 550372106 6,960 544,625 SH Sole 544,625
LUNDIN MINING CORP
/REST/ COM 550372106 197 15,430 SH Sole 15,430
MANITOWOC CO INC COM 563571108 531 12,000 SH Sole 12,000
MARATHON OIL CALL 565849906 2,851 50,000 SH CALL Sole 50,000
MARATHON OIL CORP COM 565849106 456 8,000 SH Sole 8,000
MARATHON OIL CORP COM 565849106 32,501 570,000 SH Sole 570,000
MARKET VECTORS GOLD
MINERS ETF GOLD MINER ETF 57060U100 426 9,400 SH Sole 9,400
MARKET VECTORS GOLD
MINERS ETF GOLD MINER ETF 57060U100 1,751 38,600 SH Sole 38,600
MASTERCARD INC COM 57636Q104 296 2,000 SH Sole 2,000
MC DONALDS CORP COM 580135101 218 4,000 SH Sole 4,000
MCDERMOTT INTL INC COM 580037109 1,352 25,000 SH Sole 25,000
MCDERMOTT INTL INC COM 580037109 52,458 970,000 SH Sole 970,000
MEMC ELECTRONIC
MATERIALS INC COM 552715104 353 6,000 SH Sole 6,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
MEMC ELECTRONIC
MATERIALS INC COM 552715104 589 10,000 SH Sole 10,000
MENS WEARHOUSE INC COM 587118100 758 15,000 SH Sole 15,000
MERIDIAN
BIOSCIENCE INC COM 589584101 227 7,500 SH Sole 7,500
MERIDIAN
BIOSCIENCE INC COM 589584101 682 22,500 SH Sole 22,500
MERIDIAN GOLD INC COM 589975101 6,962 210,320 SH Sole 210,320
MERIDIAN GOLD INC COM 589975101 29,551 892,780 SH Sole 892,780
MERIDIAN GOLD INC
/CAD/ COM 589975101 1,283 38,600 SH Sole 38,600
MERIDIAN GOLD INC
/CAD/ COM 589975101 3,109 93,500 SH Sole 93,500
METALLICA RES INC
/CAD/ /REST/ COM 59125J104 1,106 250,000 SH Sole 250,000
METALLICA RESOURCES
INC /CAD/ COM 59125J104 2,212 499,900 SH Sole 499,900
MINEFINDERS LTD
/CAD/ COM 602900102 4,331 404,134 SH Sole 404,134
MINEFINDERS LTD
/CAD/ COM 602900102 9,215 859,766 SH Sole 859,766
MINES MANAGEMENT
INC COM 603432105 18 5,000 SH Sole 5,000
MINES MANAGEMENT
INC COM 603432105 55 15,000 SH Sole 15,000
MINES MANAGEMENT
INC COM 603432105 66 18,000 SH Sole 18,000
MINES MANAGEMENT
INC COM 603432105 92 25,000 SH Sole 25,000
MINES MANAGEMENT
INC COM 603432105 622 170,000 SH Sole 170,000
MINES MANAGEMENT
INC COM 603432105 962 262,970 SH Sole 262,970
MINES MANAGEMENT
INC COM 603432105 3,063 836,930 SH Sole 836,930
MIRANT CORP NEW COM 60467R100 10,373 255,000 SH Sole 255,000
MOBILE TELESYSTEMS
SPON ADR SPON ADR 607409109 72,221 1,042,002 SH Defined 2 1,042,002
MONSANTO CO COM 61166W101 472 5,500 SH Sole 5,500
MONSANTO CO COM 61166W101 13,976 163,000 SH Sole 163,000
MOODYS CORPORATION COM 615369105 302 6,000 SH Defined 1 6,000
MOSAIC COMPANY COM 61945A107 408 7,625 SH Sole 7,625
MOSAIC COMPANY COM 61945A107 1,224 22,875 SH Sole 22,875
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
NATIONAL OILWELL
VARCO INC COM 637071101 506 3,500 SH Defined 1 3,500
NEVSUN RES LTD
/CAD/ COM 64156L101 175 100,000 SH Sole 100,000
NEWMONT MINING CALL 651639906 6,222 139,100 SH CALL Sole 139,100
NEWMONT MINING CALL 651639906 13,526 302,400 SH CALL Sole 302,400
NEWMONT MINING CORP
/USD/ COM 651639106 2,907 65,000 SH Sole 65,000
NEWMONT MINING CORP
/USD/ COM 651639106 4,473 100,000 SH Sole 100,000
NII HOLDINGS INC
CL B CL B 62913F201 822 10,000 SH Sole 10,000
NOBLE CORP COM G65422100 98 2,000 SH Sole 2,000
NOBLE CORP COM G65422100 687 14,000 SH Sole 14,000
NOBLE CORP COM G65422100 13,489 275,000 SH Sole 275,000
NOBLE ENERGY INC COM 655044105 168 2,400 SH Sole 2,400
NOBLE ENERGY INC COM 655044105 25,214 360,000 SH Sole 360,000
NORTHERN DYNASTY
MINERALS/CAD/ COM 66510M204 9,666 866,150 SH Sole 866,150
NORTHERN DYNASTY
MINERALS/CAD/ COM 66510M204 13,560 1,215,000 SH Sole 1,215,000
NORTHERN ORION
RESOURCES INC COM 665575106 2 500 SH Sole 500
NORTHERN ORION
RESOURCES INC COM 665575106 763 161,000 SH Sole 161,000
NORTHERN ORION
RESOURCES INC COM 665575106 1,030 217,400 SH Sole 217,400
NORTHERN ORION
RESOURCES INC COM 665575106 7,062 1,489,895 SH Sole 1,489,895
NORTHERN ORION
RESOURCES INC COM 665575106 7,568 1,596,645 SH Sole 1,596,645
NORTHERN ORION
RESOURCES INC COM 665575106 28,809 6,077,760 SH Sole 6,077,760
NOVARTIS AG SPON
ADR SPON ADR 66987V109 451 8,200 SH Defined 1 8,200
NOVO-NORDISK A S
ADR SPON ADR 670100205 242 2,000 SH Sole 2,000
NUCOR CORP COM 670346105 14,868 250,000 SH Sole 250,000
NUSTAR ENERGY LP UNIT 67058H102 89 1,500 SH Sole 1,500
NUSTAR ENERGY LP UNIT 67058H102 238 4,000 SH Sole 4,000
NVIDIA CORP COM 67066G104 435 12,000 SH Sole 12,000
NVIDIA CORP COM 67066G104 815 22,500 SH Sole 22,500
OCCIDENTAL
PETROLEUM COM 674599105 36,526 570,000 SH Sole 570,000
OCEANEERING INTNATL
INC COM 675232102 265 3,500 SH Sole 3,500
OCEANEERING INTNATL
INC COM 675232102 22,361 295,000 SH Sole 295,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
ODYSSEY RESOURCES
LTD /CAD/ COM P73515101 213 2,819,000 SH Sole 2,819,000
ORACLE CORP COM 68389X105 162 7,500 SH Sole 7,500
ORACLE CORP COM 68389X105 541 25,000 SH Sole 25,000
PACIFIC RIM MINING
CORP COM 694915208 5,891 5,122,600 SH Sole 5,122,600
PACIFIC RIM MINING
CORP /CAD/ COM 694915208 23 20,000 SH Sole 20,000
PENN WEST ENERGY
TRUST TR UNIT 707885109 31 1,000 SH Sole 1,000
PENN WEST ENERGY
TRUST TR UNIT 707885109 233 7,500 SH Sole 7,500
PENN WEST ENERGY
TRUST TR UNIT 707885109 590 19,000 SH Sole 19,000
PERMIAN BASIN
ROYALTY TRUST UNIT BEN INT 714236106 38 2,500 SH Sole 2,500
PERMIAN BASIN
ROYALTY TRUST UNIT BEN INT 714236107 152 10,000 SH Sole 10,000
PETROCHINA CO LTD
ADR SPON ADR 71646E100 500 2,700 SH Defined 1 2,700
PETROCHINA CO LTD
ADR SPON ADR 71646E100 574 3,100 SH Defined 2 3,100
PETROCHINA CO LTD
ADR SPON ADR 71646E100 2,129 11,500 SH Sole 11,500
PETROCHINA CO LTD
ADR SPON ADR 71646E100 33,320 180,000 SH Sole 180,000
PETROLEO BRASILEIRO
SPON ADR SPON ADR 71654V101 1,103 17,044 SH Defined 2 17,044
PETROLEO BRASILEIRO
SPON ADR SPON ADR 71654V101 38,497 595,000 SH Sole 595,000
PHASE FORWARD INC COM 71721R406 700 35,000 SH Sole 35,000
PLATINUM GROUP
METALS /CAD/ COM 72765Q205 976 242,700 SH Sole 242,700
PLATINUM GROUP
METALS /CAD/ COM 72765Q205 1,948 484,400 SH Sole 484,400
POSCO SPONSORED ADR SPON ADR 693483109 778 4,351 SH Defined 2 4,351
POSCO SPONSORED ADR SPON ADR 693483109 14,302 80,000 SH Sole 80,000
POTASH CORP
SASKATCHEWAN /USD/ COM 73755L107 370 3,500 SH Sole 3,500
POTASH CORP
SASKATCHEWAN /USD/ COM 73755L107 951 9,000 SH Sole 9,000
POTASH CORP
SASKATCHEWAN /USD/ COM 73755L107 15,855 150,000 SH Sole 150,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
PRECISION CASTPARTS
CORP COM 740189105 1,850 12,500 SH Sole 12,500
PRICELINE.COM INC COM 741503403 311 3,500 SH Sole 3,500
PRICELINE.COM INC COM 741503403 888 10,000 SH Sole 10,000
PROCTER & GAMBLE COM 742718109 422 6,000 SH Defined 1 6,000
RAYTHEON COMPANY COM 755111507 377 5,900 SH Defined 1 5,900
RELIANT ENERGY INC COM 75952B105 13,312 520,000 SH Sole 520,000
RESEARCH IN MOTION COM 760975102 690 7,000 SH Sole 7,000
RESEARCH IN MOTION COM 760975102 739 7,500 SH Sole 7,500
RIO TINTO PLC
SPONSORED ADR SPON ADR 767204100 34,340 100,000 SH Sole 100,000
ROGERS
COMMUNICATIONS
/USD/ COM 775109200 820 18,000 SH Sole 18,000
ROYAL GOLD INC COM 780287108 4,176 127,500 SH Sole 127,500
ROYAL GOLD INC COM 780287108 7,876 240,500 SH Sole 240,500
RUBICON MINERALS
/CAD//REST/ COM 780911103 300 169,600 SH Sole 169,600
SAN JUAN BASIN RTY
TR UBI UNIT BEN INT 798241105 541 16,000 SH Sole 16,000
SAN JUAN BASIN RTY
TR UBI UNIT BEN INT 798241105 541 16,000 SH Sole 16,000
SAN JUAN BASIN RTY
TR UBI UNIT BEN INT 798241105 6,760 200,000 SH Sole 200,000
SANDISK CORP COM 80004C101 413 7,500 SH Sole 7,500
SCHEIN/HENRY/INC COM 806407102 608 10,000 SH Sole 10,000
SCHERING PLOUGH COM 806605101 237 7,500 SH Sole 7,500
SCHERING PLOUGH COM 806605101 443 14,000 SH Sole 14,000
SCHLUMBERGER CALL 806857908 2,625 25,000 SH CALL Sole 25,000
SCHLUMBERGER LTD COM 806857108 861 8,200 SH Defined 1 8,200
SCHLUMBERGER LTD COM 806857108 54,075 515,000 SH Sole 515,000
SCHWAB /CHARLES/
CORP COM 808513105 432 20,000 SH Sole 20,000
SECTOR SPDR-EN CALL 81369Y906 74,800 1,000,000 SH CALL Sole 1,000,000
SHINHAN FINANCIAL
GROUP/KWR/ COM Y7749X101 464 7,097 SH Defined 2 7,097
SILICONWARE
PRECISION IND/TWD/ COM Y7934R109 1,312 582,472 SH Defined 2 582,472
SILVER WHEATON
CORP COM COM 828336107 491 35,000 SH Sole 35,000
SILVER WHEATON
CORP /CAD/REST/ COM 828336107 558 40,000 SH Sole 40,000
SINA CORPORATION COM G81477104 957 20,000 SH Sole 20,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
SMITH & WESSON
HOLDING CORP COM 831756101 573 30,000 SH Sole 30,000
SOLITARIO RESOURCES
CORP /CAD/ COM 83422R106 4,282 870,900 SH Sole 870,900
STRYKER CORP COM 863667101 275 4,000 SH Sole 4,000
STRYKER CORP COM 863667101 516 7,500 SH Sole 7,500
SUNCOR ENERGY CALL 867229906 12,325 130,000 SH CALL Sole 130,000
SUNCOR ENERGY CALL 867229906 23,086 243,500 SH CALL Sole 243,500
SUNCOR ENERGY INC COM 867229106 25,599 270,000 SH Sole 270,000
SUNOCO INC COM 86764P109 10,971 155,000 SH Sole 155,000
TAIWAN
SEMICONDUCTOR
SPON ADR SPON ADR 874039100 619 61,142 SH Defined 2 61,142
TASEKO MINES LTD
/CAD/ COM 876511106 1,914 366,000 SH Sole 366,000
TASEKO MINES LTD
/CAD/ COM 876511106 3,210 614,000 SH Sole 614,000
TASER INTERNATIONAL
UTS COM 87651B104 157 10,000 SH Sole 10,000
TEMPUR-PEDIC
INTERNATIONAL INC COM 88023U101 536 15,000 SH Sole 15,000
TENARIS SA ADR SPON ADR 88031M109 8,945 170,000 SH Sole 170,000
TEREX CORP COM 880779103 401 4,500 SH Sole 4,500
TEREX CORP COM 880779103 890 10,000 SH Sole 10,000
TERRA INDS INC COM 880915103 782 25,000 SH Sole 25,000
THERMO FISHER
SCIENTIFIC INC COM 883556102 577 10,000 SH Sole 10,000
TOYOTA MOTOR CORP
ADR SPON ADR 892331307 351 3,000 SH Defined 1 3,000
TRANSOCEAN INC COM G90078109 226 2,000 SH Defined 1 2,000
U S GOLD CORP COM 912023207 144 23,000 SH Sole 23,000
U S GOLD CORP COM 912023207 314 50,000 SH Sole 50,000
U S GOLD CORP /CAD/ COM 912023207 9,013 1,437,406 SH Sole 1,437,406
UNDER ARMOUR INC
CL A CL A 904311107 299 5,000 SH Sole 5,000
VALERO ENERGY CORP COM 91913Y100 269 4,000 SH Sole 4,000
VALERO ENERGY CORP COM 91913Y100 9,741 145,000 SH Sole 145,000
VERIFONE HOLDING
INC COM 92342Y109 887 20,000 SH Sole 20,000
VIMPEL
COMMUNICATIONS
SPON ADR SPON ADR 68370R109 541 20,000 SH Sole 20,000
VIMPEL
COMMUNICATIONS
SPON ADR SPON ADR 68370R109 42,920 1,587,260 SH Defined 2 1,587,260
VOCUS INC COM 92858J108 731 25,000 SH Sole 25,000
VOLCOM INC COM 92864N101 638 15,000 SH Sole 15,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------------- --------- -------- ----------------------- ---------- -------- -------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER -------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------------- --------- -------- --------- ------ ---- ---------- -------- ---- --------- ---------
WEATHERFORD
INTERNATIONAL LTD COM G95089101 605 9,000 SH Sole 9,000
WELLCARE HEALTH
PLANS INC COM 94946T106 211 2,000 SH Sole 2,000
WELLCARE HEALTH
PLANS INC COM 94946T106 1,054 10,000 SH Sole 10,000
WIMM-BILL-DANN
FOODS COM X98383106 19,945 241,972 SH Defined 2 241,972
WRIGHT EXPRESS CORP COM 98233Q105 456 12,500 SH Sole 12,500
YANZHOU COAL MNG
SPONS ADR H SPON ADR 984846105 204 2,000 SH Sole 2,000
YANZHOU COAL MNG
SPONS ADR H SPON ADR 984846105 511 5,000 SH Sole 5,000
YANZHOU COAL MNG
SPONS ADR H SPON ADR 984846105 4,089 40,000 SH Sole 40,000
ZOLTEK COS INC COM 98975W104 218 5,000 SH Sole 5,000
GRAND
TOTAL: 2,023,977 91,457,981