UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 2008
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-
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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 August 14, 2008
--------------------- -------------------------------------- -----------------
[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-
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[Repeat as necessary.]
Number of Other Included Managers 1
Form 13F Information Table Entry Total 410
Form 13F Information Table Total Value (x1000) 3,004,171
List of Other Included Managers
1 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
TITLE OF VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------- ---------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
ABB LTD SPON ADR SPON ADR 000375204 283 10,000 SH Sole 10,000
ABRAXAS PETROLEUM CORP COM 003830106 10,009 1,850,000 SH Sole 1,850,000
ABRAXAS PETROLEUM CORP COM 003830106 216 40,000 SH Sole 40,000
ACTIVISION INC COM 004930202 341 10,000 SH Sole 10,000
ACTIVISION INC COM 004930202 1,363 40,000 SH Sole 40,000
AECOM TECHNOLOGY CORP COM 00766T100 488 15,000 SH Sole 15,000
AECOM TECHNOLOGY CORP COM 00766T100 520 16,000 SH Sole 16,000
AGNICO EAGLE MINES LTD COM 008474108 4,700 63,200 SH Sole 63,200
AGNICO EAGLE MINES LTD COM 008474108 7,459 100,300 SH Sole 100,300
AGNICO EAGLE MINES LTD COM 008474108 892 12,000 SH PUT Sole 12,000
AGNICO EAGLE MINES LTD COM 008474108 2,082 28,000 SH PUT Sole 28,000
ALCOA INC COM 013817101 17,810 500,000 SH CALL Sole 500,000
ALCOA INC COM 013817101 356 10,000 SH CALL Sole 10,000
ALCOA INC COM 013817101 712 20,000 SH CALL Sole 20,000
ALCON INC COM H01301102 570 3,500 SH Sole 3,500
AMERICA MOVIL SAB DE CV SERIES L SPON ADR 02364W105 264 5,000 SH Sole 5,000
AMERICA MOVIL SAB DE CV SERIES L SPON ADR 02364W105 580 11,000 SH Defined 1 11,000
ANGLOGOLD ASHANTI LTD SPON ADR SPON ADR 035128206 685 20,000 SH CALL Sole 20,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E108 1,048 375,000 SH Sole 375,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E108 7,978 2,854,400 SH Sole 2,854,400
APACHE CORP COM 037411105 250 1,800 SH Sole 1,800
APACHE CORP COM 037411105 278 2,000 SH Sole 2,000
APACHE CORP COM 037411105 29,190 210,000 SH Sole 210,000
APACHE CORP COM 037411105 65,817 473,500 SH CALL Sole 473,500
APPLE INC COM 037833100 670 4,000 SH Sole 4,000
APPROACH RESOURCES INC COM 03834A103 13,931 520,000 SH Sole 520,000
ATWOOD OCEANICS COM 050095108 1,181 9,500 SH Sole 9,500
ATWOOD OCEANICS COM 050095108 22,381 180,000 SH Sole 180,000
AURIZON MINES LTD /CAD/ COM 05155P106 1,897 393,100 SH Sole 393,100
B J SERVICE CO COM 055482103 20,122 630,000 SH Sole 630,000
BAKER HUGHES INC COM 057224107 332 3,800 SH Sole 3,800
BAKER HUGHES INC COM 057224107 19,652 225,000 SH Sole 225,000
BANCOLOMBIA SA SPON ADR SPON ADR 05968L102 392 12,500 SH Sole 12,500
BARRICK GOLD CORP COM COM 067901108 250 5,500 SH Sole 5,500
BARRICK GOLD CORP COM COM 067901108 1,248 27,429 SH Sole 27,429
BARRICK GOLD CORP COM COM 067901108 4,303 94,574 SH Sole 94,574
BARRICK GOLD CORP COM COM 067901108 91 2,000 SH PUT Sole 2,000
BARRICK GOLD CORP COM COM 067901108 364 8,000 SH PUT Sole 8,000
BHP BILLITON LIMITED ADR SPON ADR 088606108 937 11,000 SH Sole 11,000
BHP BILLITON LIMITED ADR SPON ADR 088606108 1,278 15,000 SH Sole 15,000
BHP BILLITON LIMITED ADR SPON ADR 088606108 8,519 100,000 SH CALL Sole 100,000
BHP BILLITON LIMITED ADR SPON ADR 088606108 426 5,000 SH CALL Sole 5,000
BPZ RESOURCES INC COM 055639108 23,961 815,000 SH Sole 815,000
BUCKLE INC COM 118440106 412 9,000 SH Sole 9,000
BURLINGTON NORTHN SANTA FE COM 12189T104 599 6,000 SH Sole 6,000
BURLINGTON NORTHN SANTA FE COM 12189T104 999 10,000 SH Sole 10,000
CAMERON INTERNATIONAL CORP COM 13342B105 24,077 435,000 SH Sole 435,000
CAMERON INTERNATIONAL CORP COM 13342B105 1,107 20,000 SH Sole 20,000
CANO PETE INC COM 137801106 20,406 2,570,000 SH Sole 2,570,000
CANO PETE INC COM 137801106 397 50,000 SH Sole 50,000
CENTRAL EUROPEAN DISTR CORP COM 153435102 26,774 361,082 SH Defined 1 361,082
CENTRAL EUROPEAN DISTR CORP COM 153435102 439 5,924 SH Defined 1 5,924
CENTRAL SUN MNG INC COM 155432107 2,589 1,320,098 SH Sole 1,320,098
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------- ---------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
TITLE OF VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------- ---------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
CENTURY ALUM CO COM 156431108 9,641 145,000 SH Sole 145,000
CF INDUSTRIES HOLDINGS INC COM 125269100 17,572 115,000 SH Sole 115,000
CHESAPEAKE CORP COM 165159104 13,192 200,000 SH CALL Sole 200,000
CHINA MOBILE LTD SPON ADR SPON ADR 16941M109 167 2,500 SH Sole 2,500
CHINA MOBILE LTD SPON ADR SPON ADR 16941M109 268 4,000 SH Sole 4,000
CHUNGHWA TELECOM CO LTD ADR SPON ADR 17133Q304 1,269 50,000 SH Sole 50,000
CIBT EDUCATION GROUP INC /CAD/ COM 17163Y102 1,517 836,032 SH Sole 836,032
CLEVELAND CLIFFS INC COM 185896107 715 6,000 SH Sole 6,000
COACH INC COM 189754104 318 11,000 SH Sole 11,000
COACH INC COM 189754104 1,011 35,000 SH Sole 35,000
COEUR D ALENE MINES CORP COM 192108108 1,220 420,850 SH Sole 420,850
COLFAX CORP COM 194014106 188 7,500 SH Sole 7,500
COMMERCIAL METALS CO COM 201723103 189 5,000 SH Sole 5,000
COMPANHIA DE BEBIDAS SPONS ADR SPON ADR 20441W203 317 5,000 SH Sole 5,000
COMPANHIA ENERGETICA SPON ADR SPON ADR 204409601 397 16,161 SH Sole 16,161
COMPANHIA SIDERURGICA NAC ADR SPON ADR 20440W105 533 12,000 SH Sole 12,000
COMPANHIA SIDERURGICA NAC ADR SPON ADR 20440W105 1,199 27,000 SH Sole 27,000
COMPASS MINERALS INTL INC COM 20451N101 725 9,000 SH Sole 9,000
CONSOL ENERGY INC COM 20854P109 20,508 182,500 SH CALL Sole 182,500
CONTANGO OIL & GAS COMPANY COM 21075N204 465 5,000 SH Sole 5,000
CORE LABORATORIES N V COM N22717107 22,420 157,500 SH Sole 157,500
CORE LABORATORIES N V COM N22717107 427 3,000 SH Sole 3,000
CORE LABORATORIES N V COM N22717107 1,068 7,500 SH Sole 7,500
CORNING INC COM 219350105 346 15,000 SH Sole 15,000
CORNING INC COM 219350105 406 17,600 SH Sole 17,600
CORNING INC COM 219350105 576 25,000 SH Sole 25,000
CORRIENTE RESOURCES INC /CAD/ COM 22027E409 2,561 577,800 SH Sole 577,800
COSTCO WHOLESALE CORP COM 22160K105 351 5,000 SH Sole 5,000
CPFL ENERGIA SA SP ADR/USD/ SPON ADR 126153105 410 6,000 SH Sole 6,000
CREDICORP LTD COM G2519Y108 616 7,500 SH Sole 7,500
CRYSTALLEX INTL CORP COM 22942F101 51 45,815 SH Sole 45,815
CRYSTALLEX INTL CORP COM 22942F101 858 766,185 SH Sole 766,185
CRYSTALLEX INTL CORP COM 22942F101 209 191,750 SH Sole 191,750
CRYSTALLEX INTL CORP COM 22942F101 985 905,250 SH Sole 905,250
CRYSTALLEX INTL CORP COM 22942F101 90 80,400 SH CALL Sole 80,400
CRYSTALLEX INTL CORP COM 22942F101 27 25,000 SH Sole 25,000
CRYSTALLEX INTL CORP COM 22942F101 82 75,000 SH WTS Sole 75,000
CRYSTALLEX INTL CORP COM 22942F101 163 150,000 SH Sole 150,000
CSX CORP COM 126408103 471 7,500 SH Sole 7,500
CSX CORP COM 126408103 1,005 16,000 SH Sole 16,000
DANAHER CORP COM 235851102 402 5,200 SH Sole 5,200
DEERE AND CO COM 244199105 404 5,600 SH Sole 5,600
DELTA AIR LINES INC COM 247361702 71 12,500 SH Sole 12,500
DENBURY RESOURCES INC COM 247916208 21,353 585,000 SH Sole 585,000
DENBURY RESOURCES INC COM 247916208 336 9,200 SH Sole 9,200
DENBURY RESOURCES INC COM 247916208 7,756 212,500 SH CALL Sole 212,500
DENISON MINES WTS WA CW11 COM 248356123 308 34,560 SH WTS Sole 34,560
DESARROLLADORA HOMEX SAB ADR SPON ADR 25030W100 703 12,000 SH Sole 12,000
DESARROLLADORA HOMEX SAB ADR SPON ADR 25030W100 410 7,000 SH Sole 7,000
DEVON ENERGY CORP COM 25179M103 28,838 240,000 SH Sole 240,000
DEVON ENERGY CORP COM 25179M103 55,874 465,000 SH CALL Sole 465,000
DIAMOND OFFSHORE DRILLING INC COM 25271C102 22,262 160,000 SH Sole 160,000
DIAMOND OFFSHORE DRILLING INC COM 25271C102 557 4,000 SH Sole 4,000
DIAMOND OFFSHORE DRILLING INC COM 25271C102 696 5,000 SH Sole 5,000
DRDGOLD LTD SPONSORED ADR SPON ADR 26152H301 77 10,000 SH Sole 10,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------- ---------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
TITLE OF VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------- ---------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
DRDGOLD LTD SPONSORED ADR SPON ADR 26152H301 19 2,500 SH Sole 2,500
ELDORADO GOLD CORP COM 284902103 1,289 149,000 SH Sole 149,000
ENERGY CONVERSION DEVICES COM 292659109 405 5,500 SH Sole 5,500
ENERGY XXI BERMUDA COM G10082108 2,226 321,649 SH Sole 321,649
ENTREE GOLD INC /CAD/ COM 29383G100 1,971 1,020,000 SH Sole 1,020,000
ENTREE GOLD INC COM 29383G100 193 100,000 SH Sole 100,000
ENTREE GOLD INC COM 29383G100 193 100,000 SH Sole 100,000
EOG RESOURCES COM 26875P101 26,568 202,500 SH CALL Sole 202,500
EXELON CORPORATION COM 30161N101 270 3,000 SH Sole 3,000
EXELON CORPORATION COM 30161N101 1,259 14,000 SH Sole 14,000
EXELON CORPORATION COM 30161N101 540 6,000 SH Sole 6,000
EXETER RES CORP COM 301835104 111 25,000 SH Sole 25,000
F M C CORP COM 302491303 11,616 150,000 SH Sole 150,000
FIRST FINL BANKSHARES INC COM 32020R109 458 10,000 SH Sole 10,000
FIRST SOLAR INC COM 336433107 409 1,500 SH Sole 1,500
FIRST SOLAR INC COM 336433107 1,364 5,000 SH Sole 5,000
FIRST SOLAR INC COM 336433107 818 3,000 SH Sole 3,000
FIRSTENERGY CORP COM 337932107 741 9,000 SH Sole 9,000
FLOTEK INDUSTRIES INC COM 343389102 14,846 720,000 SH Sole 720,000
FLOWSERVE CORPORATION COM 34354P105 1,640 12,000 SH Sole 12,000
FLOWSERVE CORPORATION COM 34354P105 1,025 7,500 SH Sole 7,500
FLUOR CORP COM 343412102 9,304 50,000 SH Sole 50,000
FLUOR CORP COM 343412102 372 2,000 SH Sole 2,000
FLUOR CORP COM 343412102 9,490 51,000 SH CALL Sole 51,000
FLUOR CORPORATION COM 343412102 186 2,000 SH CALL Sole 2,000
FMC TECHNOLOGIES INC COM 30249U101 20,002 260,000 SH Sole 260,000
FMC TECHNOLOGIES INC COM 30249U101 346 4,500 SH Sole 4,500
FMC TECHNOLOGIES INC COM 30249U101 654 8,500 SH Sole 8,500
FORDING CAN COAL TRUST /CAD/ COM 345425102 31,555 330,000 SH Sole 330,000
FORDING CANADIAN COAL TRUST COM 345425102 478 5,000 SH Sole 5,000
FORDING CANADIAN COAL TRUST COM 345425102 430 4,500 SH Sole 4,500
FORDING CANADIAN COAL TRUST TR UNIT 345425102 416 4,350 SH Sole 4,350
FOSTER WHEELER LTD COM G36535139 14,996 205,000 SH Sole 205,000
FOSTER WHEELER LTD COM G36535139 805 11,000 SH Sole 11,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 37,501 320,000 SH Sole 320,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 4,043 34,500 SH Sole 34,500
FREEPORT-MCMORAN C & G COMMON COM 35671D857 6,586 56,200 SH Sole 56,200
FREEPORT-MCMORAN C & G COMMON COM 35671D857 1,172 10,000 SH Sole 10,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 234 2,000 SH Sole 2,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 703 6,000 SH Sole 6,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 879 7,500 SH Sole 7,500
FREEPORT-MCMORAN C & G COMMON COM 35671D858 23,731 202,500 SH CALL Sole 202,500
FREEPORT-MCMORAN COPPER & GO COM 35671D857 1,465 12,500 SH CALL Sole 12,500
GAFISA SA /ADR/ SPON ADR 362607301 172 5,000 SH Sole 5,000
GAMESTOP CORP CLASS A CL A 36467W109 364 9,000 SH Sole 9,000
GAMESTOP CORP CLASS A CL A 36467W109 1,454 36,000 SH Sole 36,000
GENERAL CABLE CORP COM 369300108 639 10,500 SH Sole 10,500
GENERAL CABLE CORP COM 369300108 669 11,000 SH Sole 11,000
GENERAL ELECTRIC CO COM 369604103 448 16,800 SH Sole 16,800
GILEAD SCIENCES INC COM 375558103 477 9,000 SH Sole 9,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 6,598 521,620 SH Sole 521,620
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 17,267 1,364,980 SH Sole 1,364,980
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 67 5,300 SH PUT Sole 5,300
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 312 24,700 SH PUT Sole 24,700
GOLDCORP INC COM 380956409 2,101 45,500 SH Sole 45,500
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------- ---------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
TITLE OF VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------- ---------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
GOLDCORP INC COM 380956409 4,548 98,500 SH Sole 98,500
GOLDCORP INC /CAD/ COM 380956409 236 5,101 SH Sole 5,101
GOLDCORP INC /CAD/ COM 380956409 555 12,023 SH Sole 12,023
GOLDCORP INC COM 380956409 300 6,500 SH PUT Sole 6,500
GOLDCORP INC COM 380956409 785 17,000 SH PUT Sole 17,000
GOLDCORP INC CW11 WTS 380956177 46 1,000 SH Sole 1,000
GOLDCORP INC CW11 WTS 380956177 1,147 24,846 SH Sole 24,846
GOLDCORP INC CW11 WTS 380956177 14 302 SH WTS Sole 302
GOLDCORP INC CW11 /CAD/ WTS 380956177 67,536 1,462,766 SH Sole 1,462,766
GOLDCORP INC CW11 /CAD/ WTS 380956177 48,981 1,060,874 SH Sole 1,060,874
GOLDCORP INC CW11 /CAD/ WTS 380956177 193,408 4,189,051 SH Sole 4,189,051
GOLDCORP INC CW11 /CAD/ WTS 380956177 500 10,836 SH WTS Sole 10,836
GOLDCORP INC CW11 /CAD/ WTS 380956177 8,857 191,824 SH WTS Sole 191,824
GOLDEN STAR RES LTD COM 38119T104 1,297 482,100 SH Sole 482,100
GOLDEN STAR RES LTD COM 38119T104 4,379 1,627,900 SH Sole 1,627,900
GRAN TIERRA ENERGY INC COM 38500T101 29,016 3,640,600 SH Sole 3,640,600
GREAT BASIN GOLD LTD /CAD/ COM 390124105 9,010 2,647,700 SH Sole 2,647,700
GRUPO AEROPORTUARIO SPON ADR SPON ADR 40051E202 515 10,000 SH Sole 10,000
GUARANTY FINANCIAL GROUP W/I COM 40108N106 322 60,000 SH Sole 60,000
GUESS INC COM 401617105 562 15,000 SH Sole 15,000
HALLIBURTON CO COM 406216101 21,228 400,000 SH Sole 400,000
HALLIBURTON CO COM 406216101 159 3,000 SH Sole 3,000
HARRY WINSTON DIAMON CORP /CAD/ COM 41587B100 629 22,000 SH Sole 22,000
HARRY WINSTON DIAMON CORP /CAD/ COM 41587B100 2,489 87,000 SH Sole 87,000
HECLA MINING COM 422704106 389 42,000 SH CALL Sole 42,000
HECLA MINING COM 422704106 1,482 160,000 SH CALL Sole 160,000
HELMERICH & PAYNE INC COM 423452101 936 13,000 SH Sole 13,000
HELMERICH & PAYNE INC COM 423452101 14,224 197,500 SH CALL Sole 197,500
HESS CORP COM 42809H107 22,714 180,000 SH Sole 180,000
HESS CORP COM 42809H107 315 2,500 SH Sole 2,500
HESS CORP COM 42809H107 719 5,700 SH Sole 5,700
HESS CORP COM 42809H107 757 6,000 SH Sole 6,000
HESS CORP COM 42809H108 18,298 145,000 SH CALL Sole 145,000
HESS CORP COM 42809H109 12,934 102,500 SH CALL Sole 102,500
HESS CORP COM 42809H107 315 2,500 SH CALL Sole 2,500
HILL INTERNATIONAL INC COM 431466101 822 50,000 SH Sole 50,000
HORNBECK OFFSHORE SERVICES INC COM 440543106 24,582 435,000 SH Sole 435,000
IAMGOLD CORPORATION /CAD/ COM 450913108 2,034 340,000 SH Sole 340,000
IAMGOLD CORPORATION /CAD/ COM 450913108 3,697 617,900 SH Sole 617,900
IAMGOLD CORPORATION /CAD/ COM 450913108 406 67,100 SH CALL Sole 67,100
IAMGOLD CORPORATION /CAD/ COM 450913108 753 124,500 SH CALL Sole 124,500
ILLUMINA INC COM 452327109 697 8,000 SH Sole 8,000
ILLUMINA INC COM 452327109 784 9,000 SH Sole 9,000
INTEL CORP COM 458140100 172 8,000 SH Sole 8,000
INTERCONTINENTALEXCHANGE INC COM 45865V100 798 7,000 SH Sole 7,000
INTERNATIONAL COAL GROUP INC COM 45928H106 261 20,000 SH Sole 20,000
INTERNATIONAL ROYALTY CORP/CAD COM 460277106 3,444 645,550 SH Sole 645,550
INTERNATIONAL ROYALTY CORP COM 460277106 43 8,000 SH Sole 8,000
INTREPID POTASH INC COM 46121Y102 296 4,500 SH Sole 4,500
INTREPID POTASH INC COM 46121Y102 756 11,500 SH Sole 11,500
INTUITIVE SURGICAL INC COM 46120E602 404 1,500 SH Sole 1,500
ISHARES MSCI TAIWAN IND FD I SHARES 464286731 339 23,971 SH Defined 1 23,971
ISHARES SILVER TRUST I SHARES 46428Q109 10,849 62,883 SH Sole 62,883
ISHARES SILVER TRUST I SHARES 46428Q109 16,498 95,623 SH Sole 95,623
ISHARES SILVER TRUST I SHARES 46428Q109 1,648 9,550 SH Sole 9,550
ITT CORP COM 450911102 348 5,500 SH Sole 5,500
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------- ---------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
TITLE OF VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------- ---------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
IVANHOE ENERGY INC /CAD/ COM 465790103 2,842 814,000 SH Sole 814,000
IVANHOE ENERGY LTD COM 465790103 534 150,000 SH Sole 150,000
IVANHOE ENERGY LTD COM 465790103 21 6,000 SH WTS Sole 6,000
IVANHOE MINES LTD /CAD/ COM 46579N103 1,378 127,200 SH Sole 127,200
IVANHOE MINES LTD /CAD/ COM 46579N103 7,730 713,300 SH Sole 713,300
JAGUAR MINING INC /CAD/ COM 47009M103 5,921 612,980 SH Sole 612,980
JAGUAR MINING INC /CAD/ COM 47009M103 24,541 2,540,420 SH Sole 2,540,420
JAKKS PACIFIC INC COM 47012E106 131 6,000 SH Sole 6,000
JETBLUE AIRWAYS CORP COM 477143101 93 25,000 SH Sole 25,000
KINROSS GOLD CORP COM 496902404 99 4,200 SH Sole 4,200
KINROSS GOLD CORP COM 496902404 451 19,100 SH Sole 19,100
KINROSS GOLD CORP /CAD/ COM 496902404 6,557 277,429 SH Sole 277,429
KINROSS GOLD CORP /CAD/ COM 496902404 7,414 313,696 SH Sole 313,696
KINROSS GOLD CORP COM 496902404 484 20,500 SH PUT Sole 20,500
KINROSS GOLD CORP COM 496902404 578 24,500 SH PUT Sole 24,500
KOOKMIN BANK SP ADR SPON ADR 50049M109 660 11,281 SH Defined 1 11,281
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 311 9,800 SH Sole 9,800
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 1,906 60,000 SH Sole 60,000
LUNDIN MINING CORP /CAD/ COM 550372106 188 30,860 SH Sole 30,860
LUNDIN MINING CORP /CAD/ COM 550372106 6,292 1,031,500 SH Sole 1,031,500
LUNDIN MINING CORP /REST/ COM 550372106 94 15,430 SH Sole 15,430
LUNDIN MINING CORP COM 550372106 76 12,500 SH Sole 12,500
MAG SILVER CORPORATION /CAD/ COM 55903Q104 1,862 189,700 SH Sole 189,700
MAG SILVER CORPORATION /CAD/ COM 55903Q104 2,575 262,300 SH Sole 262,300
MANITOWOC CO INC COM 563571108 488 15,000 SH Sole 15,000
MANITOWOC CO INC COM 563571108 651 20,000 SH Sole 20,000
MARKET VECTORS GOLD MINERS ETF GOLD MINER
ETF 57060U100 1,279 26,316 SH Sole 26,316
MARKET VECTORS GOLD MINERS ETF GOLD MINER
ETF 57060U100 671 13,808 SH Sole 13,808
MARKET VECTORS GOLD MINERS ETF GOLD MINER
ETF 57060U100 42,249 869,500 SH PUT Sole 869,500
MARTIN MARIETTA MATERIALS INC COM 573284106 155 1,500 SH Sole 1,500
MASTERCARD INC COM 57636Q104 664 2,500 SH Sole 2,500
MASTERCARD INC COM 57636Q104 531 2,000 SH Sole 2,000
MASSEY ENERGY CO COM 576206106 8,438 90,000 SH CALL Sole 90,000
MC DONALDS CORP COM 580135101 225 4,000 SH Sole 4,000
MCDERMOTT INTL INC COM 580037109 48,119 777,500 SH Sole 777,500
MCDERMOTT INTL INC COM 580037109 1,547 25,000 SH Sole 25,000
MCMORAN EXPLORATION CO COM 582411104 138 5,000 SH Sole 5,000
MECHEL STEEL GROUP OAO COM 583840103 11,890 240,000 SH Sole 240,000
MECHEL STEEL GROUP OAO COM 583840103 446 9,000 SH Sole 9,000
MECHEL STEEL GROUP OAO COM 583840103 297 6,000 SH Sole 6,000
MECHEL STEEL GROUP OAO COM 583840103 7,160 144,528 SH Defined 1 144,528
MECHEL STEEL GROUP OAO COM 583840103 1,536 31,000 SH Sole 31,000
MECHEL STEEL GROUP OAO COM 583840103 1,115 22,500 SH Sole 22,500
MILLICOM INTERNATIONAL CELLULA COM L6388F110 259 2,500 SH Sole 2,500
MILLICOM INTERNATIONAL CELLULA COM L6388F110 776 7,500 SH Sole 7,500
MINES MANAGEMENT INC COM 603432105 2,354 846,930 SH Sole 846,930
MINES MANAGEMENT INC COM 603432105 42 15,000 SH Sole 15,000
MOBILE TELESYSTEMS SPON ADR SPON ADR 607409109 32,529 424,602 SH Defined 1 424,602
MOBILE TELESYSTEMS SPON ADR SPON ADR 607409109 268 3,500 SH Sole 3,500
MONSANTO CO COM 61166W101 22,759 180,000 SH Sole 180,000
MONSANTO CO COM 61166W101 253 2,000 SH Sole 2,000
MONSANTO CO COM 61166W101 632 5,000 SH Sole 5,000
MOSAIC COMPANY COM 61945A107 23,152 160,000 SH Sole 160,000
MOSAIC COMPANY COM 61945A107 868 6,000 SH Sole 6,000
MOSAIC COMPANY COM 61945A107 2,532 17,500 SH Sole 17,500
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------- ---------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
TITLE OF VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------- ---------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
MOSAIC COMPANY COM 61945A107 15,194 105,000 SH CALL Sole 105,000
NABORS INDUSTRIES LTD COM G6359F103 9,846 200,000 SH Sole 200,000
NABORS INDUSTRIES LTD COM G6359F103 689 14,000 SH Sole 14,000
NABORS INDUSTRIES LTD COM G6359F104 14,769 300,000 SH CALL Sole 300,000
NABORS INDUSTRIES LTD COM G6359F103 492 10,000 SH CALL Sole 10,000
NATIONAL OILWELL VARCO INC COM 637071101 1,331 15,000 SH Sole 15,000
NATIONAL OILWELL VARCO INC COM 637071101 444 5,000 SH Sole 5,000
NATIONAL OILWELL VARCO INC COM 637071101 19,962 225,000 SH CALL Sole 225,000
NATIONAL OILWELL VARCO INC COM 637071101 444 5,000 SH CALL Sole 5,000
NEVSUN RES LTD /CAD/ COM 64156L101 215 103,000 SH Sole 103,000
NEW GOLD INC COM 644535106 38 5,000 SH Sole 5,000
NEW GOLD INC /CAD/ COM 644535106 14,487 1,853,421 SH Sole 1,853,421
NEW GOLD INC /CAD/ COM 644535106 2,078 265,914 SH Sole 265,914
NEW GOLD INC /CAD/ COM 644535106 14,319 1,831,966 SH Sole 1,831,966
NEWMONT MINING CORP /USD/ COM 651639106 1,518 29,100 SH Sole 29,100
NEWMONT MINING CORP /USD/ COM 651639106 5,487 105,200 SH Sole 105,200
NEWMONT MINING CORP /USD/ COM 651639106 235 4,500 SH PUT Sole 4,500
NEWMONT MINING CORP /USD/ COM 651639106 808 15,500 SH PUT Sole 15,500
NOBLE CORP COM G65422100 130 2,000 SH Sole 2,000
NOBLE CORP COM G65422100 909 14,000 SH Sole 14,000
NOBLE CORP COM G65422100 16,078 247,500 SH CALL Sole 247,500
NOBLE ENERGY INC COM 655044105 26,146 260,000 SH Sole 260,000
NOBLE ENERGY INC COM 655044105 352 3,500 SH Sole 3,500
NOBLE ENERGY INC COM 655044105 704 7,000 SH Sole 7,000
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 10,098 1,255,600 SH Sole 1,255,600
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 7,060 877,950 SH Sole 877,950
NORTHROP GRUMMAN CORP COM 666807102 261 3,900 SH Sole 3,900
NOVO-NORDISK A S ADR SPON ADR 670100205 264 4,000 SH Sole 4,000
OCCIDENTAL PETROLEUM COM 674599105 60,656 675,000 SH Sole 675,000
OCCIDENTAL PETROLEUM COM 674599105 21,297 237,000 SH CALL Sole 237,000
OIL SERVICE DEPOSTRY
RCPT 678002106 22,201 100,000 SH CALL Sole 100,000
ORACLE CORP COM 68389X105 525 25,000 SH Sole 25,000
PACIFIC RIM MINING CORP COM 694915208 4,117 5,082,600 SH Sole 5,082,600
PARAMOUNT GOLD AND SILVER /CAD COM 69924P102 496 287,500 SH Sole 287,500
PARAMOUNT GOLD AND SILVER CORP COM 69924P102 850 500,000 SH Sole 500,000
PATRIOT COAL CORP COM 70336T104 15,329 100,000 SH Sole 100,000
PENN VIRGINIA CORP COM 707882106 17,347 230,000 SH Sole 230,000
PERMIAN BASIN RTY TR UNIT BEN
INT 714236106 396 15,000 SH Sole 15,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 1,289 10,000 SH Sole 10,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 567 4,400 SH Defined 1 4,400
PETROHAWK ENERGY CORP COM 716495106 23,155 500,000 SH Sole 500,000
PETROHAWK ENERGY CORP COM 716495106 4,631 100,000 SH CALL Sole 100,000
PETROHAWK ENERGY CORP COM 716495106 463 10,000 SH CALL Sole 10,000
PETROLEO BRASILEIRO SA ADR SPON ADR 71654V408 10,625 150,000 SH Sole 150,000
PETROLEO BRASILEIRO SPON ADR SPON ADR 71654V101 62,122 1,072,000 SH Sole 1,072,000
PETROLEO BRASILEIRO SPON ADR SPON ADR 71654V101 2,323 40,088 SH Defined 1 40,088
PETROLEO BRASILEIRO SPON ADR SPON ADR 71654V101 13,444 232,000 SH CALL Sole 232,000
PHILIP MORRIS INTERNATIONAL COM 718172109 395 8,000 SH Sole 8,000
PLAINS EXPLORATION & PRODUCT COM 726505100 12,770 175,000 SH Sole 175,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 1,392 492,700 SH Sole 492,700
PLATINUM GROUP METALS /CAD/ COM 72765Q205 2,785 985,900 SH Sole 985,900
POSCO SPONSORED ADR SPON ADR 693483109 130 1,000 SH Sole 1,000
POTASH CORP SASKATCHEWAN COM 73755L107 56,000 245,000 SH Sole 245,000
POTASH CORP SASKATCHEWAN COM 73755L107 800 3,500 SH Sole 3,500
POTASH CORP SASKATCHEWAN COM 73755L107 2,400 10,500 SH Sole 10,500
POTASH CORP SASKATCHEWAN /CAD/ COM 73755L107 580 2,500 SH Sole 2,500
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------- ---------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
TITLE OF VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------- ---------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
POTASH CORP SASKATCHEWAN COM 73755L107 11,429 50,000 SH CALL Sole 50,000
PRICELINE.COM INC COM 741503403 231 2,000 SH Sole 2,000
PRICELINE.COM INC COM 741503403 693 6,000 SH Sole 6,000
QUALCOMM INC COM 747525103 355 8,000 SH Sole 8,000
QUICKSILVER RESOURCES INC COM 74837R104 16,422 425,000 SH Sole 425,000
QUICKSILVER RESOURCES INC COM 74837R104 193 5,000 SH Sole 5,000
RANGE RESOURCES CORP COM 75281A109 15,074 230,000 SH Sole 230,000
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 8,437 182,700 SH Sole 182,700
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 46,452 1,005,884 SH Sole 1,005,884
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 231 5,000 SH CALL Sole 5,000
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 924 20,000 SH CALL Sole 20,000
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 5,200 112,600 SH CALL Sole 112,600
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 24,032 520,400 SH CALL Sole 520,400
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 716 15,500 SH PUT Sole 15,500
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 3,902 84,500 SH PUT Sole 84,500
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 1,385 30,000 SH PUT Sole 30,000
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 7,851 170,000 SH PUT Sole 170,000
RAYTHEON COMPANY COM 755111507 332 5,900 SH Sole 5,900
RESEARCH IN MOTION COM 760975102 585 5,000 SH Sole 5,000
RESEARCH IN MOTION COM 760975102 2,046 17,500 SH Sole 17,500
REX ENERGY CORP COM 761565100 21,595 817,995 SH Sole 817,995
RIO TINTO PLC SPONSORED ADR SPON ADR 767204100 2,450 4,950 SH Sole 4,950
RIO TINTO PLC SPONSORED ADR SPON ADR 767204100 248 500 SH Sole 500
RIO TINTO PLC SPONSORED ADR SPON ADR 767204100 4,138 57,000 SH CALL Sole 57,000
ROYAL GOLD INC COM 780287108 8,389 267,500 SH Sole 267,500
ROYAL GOLD INC COM 780287108 9,693 309,100 SH Sole 309,100
ROYAL GOLD INC COM 780287108 251 8,000 SH PUT Sole 8,000
ROYAL GOLD INC COM 780287108 847 27,000 SH PUT Sole 27,000
RUBICON MINERALS /CAD//REST/ COM 780911103 206 169,600 SH Sole 169,600
RYDER SYSTEM INC COM 783549108 689 10,000 SH Sole 10,000
SALESFORCE.COM INC COM 79466L302 1,194 17,500 SH Sole 17,500
SAN JUAN BASIN RTY TR UBI UNIT BEN
INT 798241105 740 16,000 SH Sole 16,000
SANDRIDGE ENERGY INC COM 80007P307 16,145 250,000 SH Sole 250,000
SCHLUMBERGER LTD COM 806857108 430 4,000 SH Sole 4,000
SCHLUMBERGER LTD COM 806857108 30,080 280,000 SH CALL Sole 280,000
SCHWAB /CHARLES/ CORP COM 808513105 822 40,000 SH Sole 40,000
SHORT MIDCAP400 PROSHARES COM 74347R800 184 3,000 SH Sole 3,000
SILVER WHEATON CORP COM 828336107 293 20,000 SH Sole 20,000
SILVER WHEATON CORP /CAD/ COM 828336107 5,884 400,000 SH Sole 400,000
SILVER WHEATON CORP /CAD/ COM 828336107 4,634 315,000 SH Sole 315,000
SILVER WHEATON CORP /CAD/ COM 828336107 8,827 600,000 SH Sole 600,000
SILVER WHEATON CORP /CAD/REST/ COM 828336107 588 40,000 SH Sole 40,000
SILVER WHEATON CORP COM 828336107 2,198 150,000 SH PUT Sole 150,000
SILVER WHEATON CORP COM 828336107 2,930 200,000 SH PUT Sole 200,000
SILVER WHEATON CORP COM 828336107 4,395 300,000 SH PUT Sole 300,000
SILVER WHEATON CORP COM 828336107 2,198 150,000 SH PUT Sole 150,000
SILVER WHEATON CORP COM 828336107 2,930 200,000 SH PUT Sole 200,000
SILVER WHEATON CORP COM 828336107 4,395 300,000 SH PUT Sole 300,000
SILVER WHEATON CORP COM 828336107 368 25,000 SH Sole 25,000
SILVER WHEATON CORP W CW09 COM 828336107 2,201 149,614 SH WTS Sole 149,614
SILVER WHEATON CORP WB CW 10 COM 828336107 74 5,000 SH WTS Sole 5,000
SINA CORPORATION COM G81477104 851 20,000 SH Sole 20,000
SOUTHERN COPPER CORP COM 84265V105 18,127 170,000 SH Sole 170,000
SOUTHERN COPPER CORP COM 84265V105 800 7,500 SH CALL Sole 7,500
SOUTHERN COPPER CORP COM 84265V105 1,599 15,000 SH CALL Sole 15,000
SOUTHWESTERN ENERGY CO COM 845467109 11,903 250,000 SH CALL Sole 250,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------- ---------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
TITLE OF VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------- ---------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
SPDR GOLD TRUST GOLD SHS 78463V107 6,476 70,858 SH Sole 70,858
SPDR GOLD TRUST GOLD SHS 78463V107 776 8,492 SH Sole 8,492
SPDR GOLD TRUST GOLD SHS 78463V107 138 1,500 SH Sole 1,500
SPDR GOLD TRUST GOLD SHS 78463V107 402 4,400 SH Sole 4,400
SPDR GOLD TRUST GOLD SHS 78463V107 9,140 100,000 SH CALL Sole 100,000
SPDR GOLD TRUST GOLD SHS 78463V107 457 5,000 SH CALL Sole 5,000
SPDR GOLD TRUST GOLD SHS 78463V107 914 10,000 SH CALL Sole 10,000
ST JUDE MEDICAL INC COM 790849103 511 12,500 SH Sole 12,500
STONE ENERGY CORP COM 861642106 659 10,000 SH Sole 10,000
STRAYER EDUCATION INC COM 863236105 627 3,000 SH Sole 3,000
SUNCOR ENERGY INC COM 867229106 13,019 224,000 SH Sole 224,000
SUNCOR ENERGY INC COM 867229106 18,744 322,500 SH CALL Sole 322,500
SUNTECH POWER HOLDINGS ADR SPON ADR 86800C104 365 9,733 SH Defined 1 9,733
SYBASE INC COM 871130100 353 12,000 SH Sole 12,000
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 1,309 120,000 SH Sole 120,000
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 526 48,242 SH Defined 1 48,242
TASEKO MINES LTD /CAD/ COM 876511106 3,201 624,000 SH Sole 624,000
TASEKO MINES LTD /CAD/ COM 876511106 1,841 359,000 SH Sole 359,000
TEREX CORP COM 880779103 257 5,000 SH Sole 5,000
THOMPSON CREEK METALS CO /CAD/ COM 884768102 7,326 375,000 SH Sole 375,000
TIDEWATER INC COM 886423102 13,656 210,000 SH Sole 210,000
TRANSOCEAN INC SHS G90073100 35,812 235,000 SH Sole 235,000
TRANSOCEAN INC SHS G90073100 229 1,500 SH Sole 1,500
TRANSOCEAN INC SHS G90073100 1,021 6,699 SH Sole 6,699
TRANSOCEAN INC SHS G90073100 1,676 11,000 SH Sole 11,000
TRANSOCEAN INC SHS G90073100 46,174 303,000 SH CALL Sole 303,000
TRANSOCEAN INC SHS G90073100 305 2,000 SH CALL Sole 2,000
TRUE RELIGION APPAREL INC COM 89784N104 200 7,500 SH Sole 7,500
U S GOLD CORP /CAD/ COM 912023207 3,501 1,500,000 SH Sole 1,500,000
ULTRA PETROLEUM CORP COM 903914109 23,077 235,000 SH Sole 235,000
ULTRA PETROLEUM CORP COM 903914109 10,066 102,500 SH CALL Sole 102,500
ULTRA OIL & GAS PROSHARES ULTRA
O&G PRO 74347R719 61 500 SH Sole 500
PROSHARES TR ULTRASHORT
O&G 74347R586 187 7,000 SH Sole 7,000
UNITED STATES OIL FUND LP PUT 91232N958 1,137 10,000 SH PUT Sole 10,000
UNITED STATES OIL FUND LP PUT 91232N958 1,137 10,000 SH PUT Sole 10,000
UNITED STATES STEEL CORP COM 912909108 370 2,000 SH Sole 2,000
UNITED STATES STEEL CORP COM 912909108 554 3,000 SH Sole 3,000
UNITED STATES STEEL CORP COM 912909108 12,011 65,000 SH CALL Sole 65,000
URBAN OUTFITTERS INC COM 917047102 530 17,000 SH Sole 17,000
URBAN OUTFITTERS INC COM 917047102 936 30,000 SH Sole 30,000
VANTAGE DRILL WTS EXP 5/24/11 WTS G93205121 20,755 2,405,000 SH Sole 2,405,000
VANTAGE DRILLING COMPANY COM G93205113 20,755 2,405,000 SH Sole 2,405,000
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 64,501 2,173,204 SH Defined 1 2,173,204
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 742 25,000 SH Sole 25,000
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 742 25,000 SH Sole 25,000
WEATHERFORD INTERNATIONAL LTD COM G95089101 11,158 225,000 SH Sole 225,000
WEATHERFORD INTERNATIONAL LTD COM G95089101 1,289 26,000 SH Sole 26,000
WEATHERFORD INTERNATIONAL LTD COM G95089101 14,877 300,000 SH CALL Sole 300,000
WEATHERFORD INTERNATIONAL LTD COM G95089101 496 10,000 SH CALL Sole 10,000
WESTERN DIGITAL CORP COM 958102105 691 20,000 SH Sole 20,000
WESTERN DIGITAL CORP COM 958102105 414 12,000 SH Sole 12,000
WOODWARD GOVERNOR CO COM 980745103 178 5,000 SH Sole 5,000
WUXI PHARMATECH INC-ADR SPON ADR 929352102 406 20,000 SH Sole 20,000
XTO ENERGY INC COM 98385X106 22,266 325,000 SH Sole 325,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------- ---------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
TITLE OF VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------- ---------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
XTO ENERGY INC COM 98385X106 13,531 197,500 SH CALL Sole 197,500
YAMANA GOLD /CAD/ COM 98462Y100 3,150 189,396 SH Sole 189,396
YAMANA GOLD /CAD/ COM 98462Y100 2,077 124,843 SH Sole 124,843
YAMANA GOLD /CAD/ COM 98462Y100 775 46,623 SH Sole 46,623
YAMANA GOLD /CAD/ COM 98462Y100 1,094 65,789 SH Sole 65,789
YAMANA GOLD /CAD/ COM 98462Y100 2,824 169,785 SH Sole 169,785
YAMANA GOLD /CAD/ COM 98462Y100 5,926 356,293 SH Sole 356,293
YAMANA GOLD INC COM 98462Y100 6,969 421,365 SH Sole 421,365
YAMANA GOLD INC COM 98462Y100 29,616 1,790,563 SH Sole 1,790,563
YAMANA GOLD INC COM 98462Y100 3,943 238,400 SH PUT Sole 238,400
YAMANA GOLD INC COM 98462Y100 18,220 1,101,600 SH PUT Sole 1,101,600
YAMANA GOLD INC COM 98462Y100 5 271 SH Sole 271
YAMANA GOLD INC WA CW8 WTS 98462Y142 104 6,228 SH Sole 6,228
YAMANA GOLD INC WA CW8 WTS 98462Y142 1,594 95,868 SH Sole 95,868
YAMANA GOLD INC WC CW10 WTS 98462Y167 25 1,503 SH Sole 1,503
YAMANA GOLD INC WC CW10 WTS 98462Y167 1,647 99,044 SH Sole 99,044
YANZHOU COAL MNG SPONS ADR H SPON ADR 984846105 22,322 240,000 SH Sole 240,000
YANZHOU COAL MNG SPONS ADR H SPON ADR 984846105 93 1,000 SH Sole 1,000
GRAND
TOTAL: 3,004,171 104,491,970