UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 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 May 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 436
Form 13F Information Table Total Value (x1000) 2,538,800
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
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
ABB LTD SPON ADR SPON ADR 000375204 269 10,000 SH Sole 10,000
ABN AMRO HLDG N V SPON ADR SPON ADR 000937102 300 5,000 SH Sole 5,000
ABRAXAS PETROLEUM CORP COM 003830106 4,835 1,465,000 SH Sole 1,465,000
ABRAXAS PETROLEUM CORP COM 003830106 50 15,000 SH Sole 15,000
ACTIVISION INC COM 004930202 273 10,000 SH Sole 10,000
ACTIVISION INC COM 004930202 1,092 40,000 SH Sole 40,000
AECOM TECHNOLOGY CORP COM 00766T100 130 5,000 SH Sole 5,000
AECOM TECHNOLOGY CORP COM 00766T100 234 9,000 SH Sole 9,000
AECOM TECHNOLOGY CORP COM 00766T100 416 16,000 SH Sole 16,000
AGNICO EAGLE MINES LTD /CAD/ COM 008474108 3,945 58,158 SH Sole 58,158
AGNICO EAGLE MINES LTD /CAD/ COM 008474108 12,475 183,920 SH Sole 183,920
AGNICO EAGLE MINES LTD /USD/ COM 008474108 555 8,200 SH CALL Sole 8,200
AGNICO EAGLE MINES LTD /USD/ COM 008474108 3,331 49,200 SH CALL Sole 49,200
AGNICO EAGLE MINES LTD /USD/ COM 008474108 4,076 60,200 SH Sole 60,200
AGNICO EAGLE MINES LTD /USD/ COM 008474108 5,958 88,000 SH Sole 88,000
AGRIUM INC COM COM 008916108 14,186 228,400 SH Sole 228,400
AIR PRODUCTS & CHEMICALS COM 009158106 350 3,800 SH Sole 3,800
ALCOA INC COM 013817101 7,212 200,000 SH CALL Sole 200,000
ALCOA INC COM 013817101 9,015 25,000 SH CALL Sole 25,000
ALCON INC COM H01301102 498 3,500 SH Sole 3,500
ALON USA ENERGY INC COM 020520102 4,951 325,500 SH Sole 325,500
ALON USA ENERGY INC COM 020520102 76 5,000 SH CALL Sole 5,000
ALTRIA GROUP INC COM 02209S103 178 8,000 SH Sole 8,000
AMERICA MOVIL SAB DE CV
SERIES L COM 02364W105 223 3,500 SH Sole 3,500
AMERICA MOVIL SAB DE CV
SERIES L COM 02364W105 701 11,000 SH Defined 1 11,000
AMERICAN INTERNATIONAL GROUP COM 026874107 519 12,000 SH Sole 12,000
ANGLOGOLD ASHANTI LTD SPON ADR COM 035128206 640 20,000 SH CALL Sole 20,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E108 1,228 375,000 SH Sole 375,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E108 9,325 2,848,800 SH Sole 2,848,800
APACHE CORP COM 037411105 12,082 100,000 SH CALL Sole 100,000
APACHE CORP COM 037411105 24,768 205,000 SH Sole 205,000
APACHE CORP COM 037411105 242 2,000 SH Sole 2,000
APACHE CORP COM 037411105 217 1,800 SH Sole 1,800
APACHE CORP COM 037411105 604 5,000 SH CALL Sole 5,000
APPLE INC COM 037833100 574 4,000 SH Sole 4,000
ARCHER DANIELS MIDLAND COM 039483102 370 9,000 SH Sole 9,000
ATWOOD OCEANICS COM 050095108 9,631 105,000 SH Sole 105,000
ATWOOD OCEANICS COM 050095108 642 7,000 SH Sole 7,000
AURIZON MINES LTD /CAD/ COM 05155P106 1,854 393,100 SH Sole 393,100
BAKER HUGHES INC COM 057224107 13,700 200,000 SH Sole 200,000
BAKER HUGHES INC COM 057224107 260 3,800 SH Sole 3,800
BAKER HUGHES INC COM 057224107 103 1,500 SH Sole 1,500
BANCOLOMBIA SA SPON ADR SPON ADR 05968L102 443 12,500 SH Sole 12,500
BARRICK GOLD CORP COM COM 067901108 6,518 150,000 SH CALL Sole 150,000
BARRICK GOLD CORP COM COM 067901108 10,863 250,000 SH CALL Sole 250,000
BARRICK GOLD CORP COM COM 067901108 1,192 27,429 SH Sole 27,429
BARRICK GOLD CORP COM COM 067901108 4,109 94,574 SH Sole 94,574
BARRICK GOLD CORP COM COM 067901108 239 5,500 SH Sole 5,500
BERKSHIRE HATHAWAY INC CL B CL B 084670207 760 170 SH Sole 170
BHP BILLITON LIMITED ADR SPON ADR 088606108 17,780 270,000 SH Sole 270,000
BHP BILLITON LIMITED ADR SPON ADR 088606108 988 15,000 SH Sole 15,000
BHP BILLITON LIMITED ADR SPON ADR 088606108 329 5,000 SH Sole 5,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------ --------------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
BJ SVCS CO COM 055482103 57 2,000 SH Sole 2,000
BPZ RESOURCES INC COM 055639108 10,322 475,000 SH Sole 475,000
BUCKLE INC COM 118440106 403 9,000 SH Sole 9,000
BURLINGTON NORTHN SANTA FE COM 12189T104 553 6,000 SH Sole 6,000
BURLINGTON NORTHN SANTA FE COM 12189T104 461 5,000 SH Sole 5,000
CAL MAINE FOODS INC COM 128030202 250 7,500 SH Sole 7,500
CAMERON INTERNATIONAL CORP COM 13342B105 17,905 430,000 SH Sole 430,000
CAMERON INTERNATIONAL CORP COM 13342B105 833 20,000 SH Sole 20,000
CANO PETE INC COM COM 137801106 10,198 2,179,091 SH Sole 2,179,091
CANO PETE INC COM COM 137801106 94 20,000 SH Sole 20,000
CANO PETE INC COM COM 137801106 281 60,000 SH Sole 60,000
CANO PETE INC COM 137801106 196 41,909 SH Sole 41,909
CENTRAL EUROPEAN DISTR CORP COM 153435102 25,608 440,072 SH Defined 1 440,072
CENTRAL EUROPEAN DISTR CORP COM 153435102 604 10,373 SH Defined 1 10,373
CENTRAL SUN MNG INC COM 155432107 163 85,713 SH Sole 85,713
CENTRAL SUN MNG INC COM 155432107 2,158 1,135,698 SH Sole 1,135,698
CENTRAL SUN MNG INC COM 155432107 585 300,000 SH WTS Sole 300,000
CENTRAL SUN MNG INC COM 155432107 1,804 925,000 SH WTS Sole 925,000
CENTRAL SUN MNG INC COM 155432107 173 88,500 SH WTS Sole 88,500
CENTRAL SUN MNG INC COM 155432107 403 206,500 SH WTS Sole 206,500
CENTRAL SUN MNG INC COM 155432107 664 340,300 SH WTS Sole 340,300
CENTURY ALUM CO COM 156431108 12,586 190,000 SH Sole 190,000
CHICAGO BRIDGE & IRON ADR SPON ADR 167250109 353 9,000 SH Sole 9,000
CHINA LIFE INSURANCE CO /HKD/ COM Y1477R204 1,031 300,000 SH Sole 300,000
CHINA LIFE INSURANCE CO /HKD/ COM Y1477R204 378 110,000 SH Defined 1 110,000
CHINA MOBILE LTD /HKD/ COM Y14965100 5,951 400,000 SH Sole 400,000
CHINA MOBILE LTD /HKD/ COM Y14965100 1,227 82,500 SH Defined 1 82,500
CHINA MOBILE LTD SPON ADR SPON ADR 16941M109 188 2,500 SH Sole 2,500
CISCO SYSTEMS INC COM 17275R102 361 15,000 SH Sole 15,000
CITIGROUP INC COM 172967101 8,000 8,000 SH CALL Sole 8,000
CITIGROUP INC COM 172967101 5,000 5,000 SH CALL Sole 5,000
CITIGROUP INC COM 172967101 18,000 18,000 SH CALL Sole 18,000
CITIGROUP INC COM 172967101 8,000 8,000 SH CALL Sole 8,000
CITIGROUP INC COM 172967101 6,000 6,000 SH CALL Sole 6,000
CITIGROUP INC COM 172967101 20,000 20,000 SH CALL Sole 20,000
CLEVELAND CLIFFS INC COM 185896107 300 2,500 SH Sole 2,500
COACH INC COM 189754104 211 7,000 SH Sole 7,000
COACH INC COM 189754104 784 26,000 SH Sole 26,000
COEUR D ALENE MINES CORP COM 192108108 2,104 520,850 SH Sole 520,850
COMMERCIAL METALS CO COM 201723103 450 15,000 SH Sole 15,000
COMPANHIA DE BEBIDAS SPONS ADR SPON ADR 20441W203 378 5,000 SH Sole 5,000
COMPANHIA SIDERURGICA NAC ADR SPON ADR 20440W105 504 14,000 SH Sole 14,000
COMPANHIA SIDERURGICA NAC ADR SPON ADR 20440W105 648 18,000 SH Sole 18,000
COMPASS MINERALS INTL INC COM 20451N101 590 10,000 SH Sole 10,000
CONTANGO OIL & GAS COMPANY COM
NEW COM 21075N204 194 3,000 SH Sole 3,000
CORE LABORATORIES N V COM N22717107 18,790 157,500 SH Sole 157,500
CORE LABORATORIES N V COM N22717107 358 3,000 SH Sole 3,000
CORE LABORATORIES N V COM N22717107 895 7,500 SH Sole 7,500
CORNING INC COM 219350105 423 17,600 SH Sole 17,600
CORRIENTE RESOURCES INC /CAD/ COM 22027E409 2,717 587,200 SH Sole 587,200
COSTCO WHOLESALE CORP COM 22160K105 325 5,000 SH Sole 5,000
CPFL ENERGIA SA SP ADR/USD/ COM 126153105 183 3,000 SH Sole 3,000
CREDICORP LTD COM G2519Y108 538 7,500 SH Sole 7,500
CREE INC COM 225447101 168 6,000 SH Sole 6,000
CRYSTALLEX INTL CORP COM 22942F101 104 45,815 SH Sole 45,815
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------ --------------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
CRYSTALLEX INTL CORP COM 22942F101 1,739 766,185 SH Sole 766,185
CRYSTALLEX INTL CORP COM 22942F101 424 186,750 SH Sole 186,750
CRYSTALLEX INTL CORP COM 22942F101 2,055 905,250 SH Sole 905,250
CRYSTALLEX INTL CORP COM 22942F101 10 4,500 SH CALL Sole 4,500
CRYSTALLEX INTL CORP COM 22942F101 531 233,900 SH CALL Sole 233,900
CRYSTALLEX INTL CORP COM 22942F101 142 62,500 SH WTS Sole 62,500
CRYSTALLEX INTL CORP COM 22942F101 369 162,500 SH WTS Sole 162,500
CRYSTALLEX INTL CORP COM 22942F101 57 25,000 SH Sole 25,000
CRYSTALLEX INTL CORP COM 22942F101 170 75,000 SH WTS Sole 75,000
CRYSTALLEX INTL CORP COM 22942F101 341 150,000 SH Sole 150,000
CSX CORP COM 126408103 421 7,500 SH Sole 7,500
CSX CORP COM 126408103 449 8,000 SH Sole 8,000
DANAHER CORP COM 235851102 395 5,200 SH Sole 5,200
DEERE AND CO COM 244199105 161 2,000 SH Sole 2,000
DEERE AND CO COM 244199105 450 5,600 SH Sole 5,600
DELL INC COM 24702R101 598 30,000 SH CALL Sole 30,000
DENBURY RESOURCES INC COM 247916208 14,846 520,000 SH Sole 520,000
DENBURY RESOURCES INC COM 247916208 263 9,200 SH Sole 9,200
DENISON MINES WTS 3/1/11 /CAD/ COM 248356123 4,275 659,664 SH WTS Sole 659,664
DENISON MINES WTS 3/1/11 /CAD/ COM 248356123 2,782 429,394 SH WTS Sole 429,394
DENSION MINES CORP CW09 /CAD/ COM 248356115 22 3,456 SH WTS Sole 3,456
DENSION MINES CORP CW09 /CAD/ COM 248356115 767 118,368 SH WTS Sole 118,368
DENISON MINES CORP /CAD/ COM 248356107 211 32,544 SH WTS Sole 32,544
DEVON ENERGY CORP COM 25179M103 26,083 250,000 SH CALL Sole 250,000
DEVON ENERGY CORP COM 25179M103 23,996 230,000 SH Sole 230,000
DEVON ENERGY CORP COM 25179M103 1,043 10,000 SH CALL Sole 10,000
DIAMOND OFFSHORE DRILLING INC COM 25271C102 19,229 165,200 SH Sole 165,200
DIAMOND OFFSHORE DRILLING INC COM 25271C102 466 4,000 SH Sole 4,000
DIAMOND OFFSHORE DRILLING INC COM 25271C102 873 7,500 SH Sole 7,500
DRDGOLD LTD SPONSORED ADR SPON ADR 26152H301 98 10,000 SH Sole 10,000
DRDGOLD LTD SPONSORED ADR SPON ADR 26152H301 25 2,500 SH Sole 2,500
DRYSHIPS INC COM Y2109Q101 3,894 65,000 SH Sole 65,000
DRYSHIPS INC SHS Y2109Q101 150 2,500 SH CALL Sole 2,500
ENERGY CONVERSION DEVICES COM 292659109 164 5,500 SH Sole 5,500
ENERGY XXI BERMUDA COM SHS G10082108 1,634 419,000 SH Sole 419,000
ENTREE GOLD INC /CAD/ COM 29383G100 1,978 1,015,000 SH Sole 1,015,000
EQUITY RESIDENTIAL REIT SH BEN INT 29476L107 249 6,000 SH Sole 6,000
EXELON CORPORATION COM 30161N101 244 3,000 SH Sole 3,000
EXELON CORPORATION COM 30161N101 650 8,000 SH Sole 8,000
EXELON CORPORATION COM 30161N101 488 6,000 SH Sole 6,000
EXETER RES CORP COM 301835104 105 25,000 SH Sole 25,000
FIRST SOLAR INC COM 336433107 347 1,500 SH Sole 1,500
FIRST SOLAR INC COM 336433107 670 2,900 SH Sole 2,900
FIRST SOLAR INC COM 336433107 462 2,000 SH Sole 2,000
FMC TECHNOLOGIES INC COM 30249U101 15,360 270,000 SH Sole 270,000
FMC TECHNOLOGIES INC COM 30249U101 256 4,500 SH Sole 4,500
FMC TECHNOLOGIES INC COM 30249U101 484 8,500 SH Sole 8,500
FORDING CANADIAN COAL
TRUST/CA TR UNIT 345425102 18,099 345,700 SH Sole 345,700
FORDING CDN COAL TR TR UNIT 345425102 245 4,686 SH Sole 4,686
FOSTER WHEELER LTD COM G36535139 8,776 155,000 SH Sole 155,000
FOSTER WHEELER LTD COM G36535139 510 9,000 SH Sole 9,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 20,110 209,000 SH Sole 209,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 2,733 28,400 SH Sole 28,400
FREEPORT-MCMORAN C & G COMMON COM 35671D857 5,408 56,200 SH Sole 56,200
FREEPORT-MCMORAN C & G COMMON COM 35671D857 962 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
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
FREEPORT-MCMORAN C & G COMMON COM 35671D857 192 2,000 SH Sole 2,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 481 5,000 SH Sole 5,000
FREEPORT-MCMORAN COPPER & GO COM 35671D857 2,406 25,000 SH CALL Sole 25,000
GAMESTOP CORP CLASS A CL A 36467W109 465 9,000 SH Sole 9,000
GAMESTOP CORP CLASS A CL A 36467W109 1,551 30,000 SH Sole 30,000
GENERAL CABLE CORP COM 369300108 266 4,500 SH Sole 4,500
GENERAL CABLE CORP COM 369300108 532 9,000 SH Sole 9,000
GENERAL ELECTRIC CO COM 369604103 622 16,800 SH Sole 16,800
GERDAU SA SPONSORED ADR SPON ADR 373737105 245 8,000 SH Sole 8,000
GERDAU SA SPONSORED ADR SPON ADR 373737105 459 15,000 SH Sole 15,000
GILDAN ACTIVEWEAR INC COM 375916103 560 15,000 SH Sole 15,000
GILEAD SCIENCES INC COM 375558103 464 9,000 SH Sole 9,000
GOLAR LNG LTD BERMUDA SHS SHS G9456A100 7,308 400,000 SH Sole 400,000
GOLAR LNG LTD BERMUDA SHS SHS G9456A100 110 6,000 SH Sole 6,000
GOLAR LNG LTD BERMUDA SHS G9456A100 37 2,000 SH Sole 2,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 7,214 521,620 SH Sole 521,620
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 18,878 1,364,980 SH Sole 1,364,980
GOLDCORP INC COM 380956409 3,271 84,400 SH CALL Sole 84,400
GOLDCORP INC COM 380956409 8,761 226,100 SH CALL Sole 226,100
GOLDCORP INC COM 380956409 581 15,000 SH CALL Sole 15,000
GOLDCORP INC COM 380956409 329 8,500 SH CALL Sole 8,500
GOLDCORP INC COM 380956409 1,980 51,100 SH CALL Sole 51,100
GOLDCORP INC COM 380956409 5,576 143,900 SH CALL Sole 143,900
GOLDCORP INC COM 380956409 174 4,500 SH CALL Sole 4,500
GOLDCORP INC COM 380956409 97 2,500 SH CALL Sole 2,500
GOLDCORP INC COM 380956409 4,340 112,000 SH CALL Sole 112,000
GOLDCORP INC COM 380956409 12,241 315,900 SH CALL Sole 315,900
GOLDCORP INC COM 380956409 388 10,000 SH CALL Sole 10,000
GOLDCORP INC COM 380956409 213 5,500 SH CALL Sole 5,500
GOLDCORP INC COM 380956409 1,745 45,023 SH Sole 45,023
GOLDCORP INC COM 380956409 186 4,800 SH Sole 4,800
GOLDCORP INC COM 380956409 856 22,101 SH Sole 22,101
GOLDCORP INC CW11 WTS 380956177 39 1,000 SH Sole 1,000
GOLDCORP INC CW11 WTS 380956177 986 25,446 SH Sole 25,446
GOLDCORP INC CW11 /CAD/ WTS 380956177 56,682 1,462,766 SH Sole 1,462,766
GOLDCORP INC CW11 /CAD/ WTS 380956177 41,155 1,062,074 SH Sole 1,062,074
GOLDCORP INC CW11 /CAD/ WTS 380956177 162,921 4,204,402 SH Sole 4,204,402
GOLDCORP INC * W EXP
06/09/201 380956177 420 10,836 SH WTS Sole 10,836
GOLDCORP INC * W EXP
06/09/201 380956177 12 302 SH WTS Sole 302
GOLDCORP INC * W EXP
06/09/201 380956177 7,546 194,724 SH WTS Sole 194,724
GOLDEN STAR RES LTD COM 38119T104 1,105 322,100 SH Sole 322,100
GOLDEN STAR RES LTD COM 38119T104 4,692 1,367,900 SH Sole 1,367,900
GREAT BASIN GOLD LTD /CAD/ COM 390124105 8,860 2,444,700 SH Sole 2,444,700
GREAT BASIN GOLD LTD /CAD/ COM 390124105 2,120 570,000 SH WTS Sole 570,000
GRUPO AEROPORTUARIO SPON ADR SPON ADR 400501102 285 5,000 SH Sole 5,000
HALLIBURTON CO HOLDING COM 406216101 7,866 200,000 SH Sole 200,000
HALLIBURTON CO COM 406216101 98 2,500 SH Sole 2,500
HARMONY GOLD MINING SPND ADR SPON ADR 413216300 2,763 233,400 SH Sole 233,400
HARMONY GOLD MINING SPND ADR SPON ADR 413216300 1,587 134,000 SH Sole 134,000
HARRY WINSTON DIAMON CORP
/CAD/ COM 41587B100 527 22,000 SH Sole 22,000
HARRY WINSTON DIAMON CORP
/CAD/ COM 41587B100 2,084 87,000 SH Sole 87,000
HARVEST ENERGY TRUST-UNITS TRUST UNIT 41752X101 112 5,000 SH Sole 5,000
HARVEST ENERGY TRUST-UNITS TRUST UNIT 41752X101 22 1,000 SH Sole 1,000
HECLA MINING COM 422704106 1,116 100,000 SH Sole 100,000
HELMERICH & PAYNE INC COM 423452101 820 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
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
HESS CORP COM 42809H107 15,432 175,000 SH Sole 175,000
HESS CORP COM 42809H107 503 5,700 SH Sole 5,700
HESS CORP COM 42809H107 132 1,500 SH Sole 1,500
HOLLY CORP COM 435758305 13,891 320,000 SH Sole 320,000
HOLLY CORP COM 435758305 217 5,000 SH CALL Sole 5,000
HORNBECK OFFSHORE SERVICES
INC COM 440543106 18,268 400,000 SH Sole 400,000
IAMGOLD CORPORATION COM 450913108 513 70,000 SH CALL Sole 70,000
IAMGOLD CORPORATION COM 450913108 953 130,000 SH CALL Sole 130,000
IAMGOLD CORPORATION COM 450913108 0 1 SH Sole 1
IAMGOLD CORPORATION COM 450913108 2,536 342,000 SH Sole 342,000
IAMGOLD CORPORATION COM 450913108 4,581 617,900 SH Sole 617,900
IAMGOLD CORP WTS 8/12/08
/CAD/ WTS 450913116 955 125,446 SH Sole 125,446
IAMGOLD CORP WTS 8/12/08
/CAD/ WTS 450913116 2,180 286,505 SH Sole 286,505
IAMGOLD CORP WTS 8/12/08
/CAD/ WTS 450913116 10,811 1,420,635 SH Sole 1,420,635
ILLUMINA INC COM 452327109 607 8,000 SH Sole 8,000
ILLUMINA INC COM 452327109 683 9,000 SH Sole 9,000
INTERCONTINENTALEXCHANGE INC COM 45865V100 914 7,000 SH Sole 7,000
INTERNATIONAL ROYALTY
CORP/CAD COM 460277106 3,096 625,550 SH Sole 625,550
INTERNATIONAL ROYALTY CORP COM 460277106 40 8,000 SH Sole 8,000
ISHARES DJ US BROKER DEALERS I SHARES 464288794 522 14,000 SH Sole 14,000
ISHARES MSCI SOUTH KOREA
INDEX I SHARES 464286772 865 15,508 SH Defined 1 15,508
ISHARES SILVER TRUST I SHARES 46428Q109 14,056 82,483 SH Sole 82,483
ISHARES SILVER TRUST I SHARES 46428Q109 23,282 136,623 SH Sole 136,623
ISHARES SILVER TRUST I SHARES 46428Q109 1,815 10,650 SH Sole 10,650
ISHARES SILVER TRUST I SHARES 46428Q109 324 1,900 SH Sole 1,900
ISHARES SILVER TRUST I SHARES 46428Q109 136 800 SH Sole 800
ISHARES TRUST TRANSP AVE IDX 464287192 171 2,000 SH Sole 2,000
ISHARES SILVER TRUST I SHARES 46428Q109 77 450 SH Sole 450
ISHARES SILVER TRUST I SHARES 46428Q109 833 4,875 SH Sole 4,875
ITT CORP COM 450911102 285 5,500 SH Sole 5,500
IVANHOE MINES LTD /CAD/ COM 46579N103 1,318 126,400 SH Sole 126,400
IVANHOE MINES LTD /CAD/ COM 46579N103 7,423 712,100 SH Sole 712,100
IVANHOE ENERGY LTD COM 465790103 275 150,000 SH Sole 150,000
JA SOLAR HOLDINGS CO LTD-ADS ADS 466090107 698 37,500 SH Sole 37,500
JAGUAR MINING INC /CAD/ COM 47009M103 5,046 475,200 SH Sole 475,200
JAGUAR MINING INC /CAD/ COM 47009M103 25,340 2,386,300 SH Sole 2,386,300
KBW REGIONAL BANKING
EXHCANGE COM 78464A698 527 15,000 SH Sole 15,000
KINROSS GOLD CORP /CAD/ COM 496902404 7,260 325,429 SH Sole 325,429
KINROSS GOLD CORP /CAD/ COM 496902404 6,999 313,696 SH Sole 313,696
KINROSS GOLD CORP /CAD/
/REST/ COM 496902404 0 1 SH Sole 1
KINROSS GOLD CORP CW11
WARRANT EXPIRES 9/7/11
/CAD/ WTS 496902164 5,352 233,725 SH Sole 233,725
KINROSS GOLD CORP CW11
WARRANT EXPIRES 9/7/11
/CAD/ WTS 496902164 13,483 588,792 SH Sole 588,792
KOOKMIN BANK SP ADR SPON ADR 50049M109 401 7,153 SH Defined 1 7,153
LAKE SHORE GOLD CORP /CAD/ COM 510728108 1,352 771,200 SH Sole 771,200
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 328 10,300 SH Sole 10,300
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 1,973 62,000 SH Sole 62,000
LUNDIN MINING CORP /CAD/ COM 550372106 210 30,860 SH Sole 30,860
LUNDIN MINING CORP /CAD/ COM 550372106 7,034 1,031,500 SH Sole 1,031,500
LUNDIN MINING CORP /CAD/ COM 550372106 105 15,430 SH Sole 15,430
LUNDIN MINING CORP COM 550372106 82 12,500 SH Sole 12,500
MACROSHARES OIL DOWN TRADEAB SHS 55610N105 224 20,000 SH Sole 20,000
MAG SILVER CORPORATION /CAD/ COM 55903Q104 2,539 200,000 SH Sole 200,000
MAG SILVER CORP COM 55903Q104 114 9,000 SH Sole 9,000
MANITOWOC CO INC COM 563571108 612 15,000 SH Sole 15,000
MANITOWOC CO INC COM 563571108 816 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 SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
MARATHON OIL CORP COM 565849106 34,884 765,000 SH Sole 765,000
MARKET VECTORS GOLD MINERS
ETF GOLD MINER ETF 57060U100 7,295 152,816 SH Sole 152,816
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 7,543 158,008 SH Sole 158,008
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 38 800 SH Sole 800
MARKET VECTORS ETF TR COAL ETF 57060U837 190 5,000 SH Sole 5,000
MARTIN MARIETTA MATERIALS INC COM 573284106 159 1,500 SH Sole 1,500
MASTERCARD INC COM 57636Q104 557 2,500 SH Sole 2,500
MC DONALDS CORP COM 580135101 446 8,000 SH Sole 8,000
MCDERMOTT INTL INC COM 580037109 49,338 900,000 SH Sole 900,000
MCDERMOTT INTL INC COM 580037109 1,371 25,000 SH Sole 25,000
MECHEL STEEL GROUP OAO COM 583840103 910 8,000 SH Sole 8,000
MECHEL STEEL GROUP OAO COM 583840103 853 7,500 SH Sole 7,500
MEMC ELECTRONIC MATERIALS INC COM 552715104 7,799 110,000 SH Sole 110,000
MEMC ELECTRONIC MATERIALS INC COM 552715104 213 3,000 SH Sole 3,000
MEMC ELECTRONIC MATERIALS INC COM 552715104 851 12,000 SH Sole 12,000
MERIDIAN BIOSCIENCE INC COM 589584101 251 7,500 SH Sole 7,500
MERIDIAN BIOSCIENCE INC COM 589584101 752 22,500 SH Sole 22,500
MERRILL LYNCH COM 590188108 122 3,000 SH CALL Sole 3,000
MERRILL LYNCH COM 590188108 81 2,000 SH CALL Sole 2,000
MERRILL LYNCH COM 590188108 285 7,000 SH CALL Sole 7,000
METALLICA RESOURCES INC /CAD/ COM 59125J104 2,989 507,100 SH Sole 507,100
METALLICA RESOURCES INC /CAD/ COM 59125J104 2,874 475,000 SH WTS Sole 475,000
METALLICA RESOURCES INC /CAD/ COM 59125J104 11,306 1,868,800 SH WTS Sole 1,868,800
MILLICOM INTERNATIONAL CELLULA COM L6388F110 236 2,500 SH Sole 2,500
MILLICOM INTERNATIONAL CELLULA COM L6388F110 709 7,500 SH Sole 7,500
MINAS BUENAVENTURA SP ADR A SPON ADR 204448104 480 7,000 SH Sole 7,000
MINES MANAGEMENT INC COM 603432105 132 846,930 SH Sole 846,930
MINES MANAGEMENT INC COM 603432105 132 15,000 SH Sole 15,000
MINES MANAGEMENT INC COM 603432105 54 36,000 SH Sole 36,000
MINES MANAGEMNT WT EXP 4/19/12 WTS 603432113 194 54,000 SH Sole 54,000
MINES MANAGEMNT WT EXP 4/19/12 WTS 603432113 2,035 566,800 SH Sole 566,800
MINES MANAGEMNT WT EXP 4/19/12 WTS 603432113 27 7,500 SH Sole 7,500
MINES MANAGEMENT INC COM 603432105 18 5,000 SH Sole 5,000
MINES MANAGEMENT INC COM 603432105 90 25,000 SH Sole 25,000
MINES MANAGEMENT INC COM 603432105 610 170,000 SH Sole 170,000
MINES MANAGEMENT INC COM 603432105 9 2,500 SH WTS Sole 2,500
MINES MANAGEMENT INC COM 603432105 47 13,000 SH WTS Sole 13,000
MINES MANAGEMENT INC COM 603432105 316 88,100 SH WTS Sole 88,100
MOBILE TELESYSTEMS SPON ADR SPON ADR 607409109 52,501 692,169 SH Defined 1 692,169
MOBILE TELESYSTEMS SPON ADR SPON ADR 607409109 137 1,800 SH Sole 1,800
MONSANTO CO COM 61166W101 11,150 100,000 SH CALL Sole 100,000
MONSANTO CO COM 61166W101 19,736 177,000 SH Sole 177,000
MONSANTO CO COM 61166W101 223 2,000 SH Sole 2,000
MOSAIC COMPANY COM 61945A107 10,260 100,000 SH CALL Sole 100,000
MOSAIC COMPANY COM 61945A107 15,390 150,000 SH Sole 150,000
MOSAIC COMPANY COM 61945A107 718 7,000 SH Sole 7,000
MOSAIC COMPANY COM 61945A107 2,052 20,000 SH Sole 20,000
NABORS INDUSTRIES LTD COM G6359F103 338 10,000 SH Sole 10,000
NATIONAL OILWELL VARCO INC COM 637071101 409 7,000 SH Sole 7,000
NAUTILUS MINERALS INC /CAD/ COM 639097104 562 252,000 SH Sole 252,000
NEVSUN RES LTD /CAD/ COM 64156L101 178 103,000 SH Sole 103,000
NEVSUN RES LTD /CAD/ COM 64156L101 114 64,320 SH WTS Sole 64,320
NEVSUN RES LTD /CAD/ COM 64156L101 8 4,600 SH WTS Sole 4,600
NEVSUN RES LTD /CAD/ COM 64156L101 530 299,680 SH WTS Sole 299,680
NEVSUN RES LTD /CAD/ COM 64156L101 61 34,600 SH WTS Sole 34,600
NEW GOLD INC COM 644535106 35 5,000 SH Sole 5,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------ --------------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
NEW GOLD INC /CAD/ COM 644535106 114 16,300 SH Sole 16,300
NEW GOLD INC COM 644535106 4,900 700,000 SH WTS Sole 700,000
NEW GOLD INC COM 644535106 2,100 300,000 SH WTS Sole 300,000
NEW GOLD INC COM 644535106 7,148 1,021,200 SH WTS Sole 1,021,200
NEWMONT MINING CORP /USD/ COM 651639106 2,374 52,400 SH CALL Sole 52,400
NEWMONT MINING CORP /USD/ COM 651639106 11,194 247,100 SH CALL Sole 247,100
NEWMONT MINING CORP /USD/ COM 651639106 680 15,000 SH CALL Sole 15,000
NEWMONT MINING CORP /USD/ COM 651639106 3,851 85,000 SH CALL Sole 85,000
NEWMONT MINING CORP /USD/ COM 651639106 4,439 98,000 SH Sole 98,000
NEWMONT MINING CORP /USD/ COM 651639106 6,659 147,000 SH Sole 147,000
NOBLE CORP COM G65422100 99 2,000 SH Sole 2,000
NOBLE CORP COM G65422100 695 14,000 SH Sole 14,000
NOBLE ENERGY INC COM 655044105 25,116 345,000 SH Sole 345,000
NOBLE ENERGY INC COM 655044105 175 2,400 SH Sole 2,400
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 11,072 1,209,000 SH Sole 1,209,000
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 7,917 864,550 SH Sole 864,550
NORTHROP GRUMMAN CORP COM 666807102 303 3,900 SH Sole 3,900
NUCOR CORP COM 670346105 13,548 200,000 SH Sole 200,000
OCCIDENTAL PETROLEUM COM 674599105 47,561 650,000 SH Sole 650,000
ORACLE CORP COM 68389X105 489 25,000 SH Sole 25,000
PACIFIC RIM MINING CORP COM 694915208 5,743 5,082,600 SH Sole 5,082,600
PACIFIC RIM MINING CORP /CAD/ COM 694915208 377 336,900 SH Sole 336,900
PARAMOUNT GOLD AND SILVER /CAD COM 69924P102 297 159,800 SH Sole 159,800
PARAMOUNT GOLD AND SILVER CORP COM 69924P102 1,144 618,200 SH Sole 618,200
PENN WEST ENERGY TRUST TR UNIT 707885109 28 1,000 SH Sole 1,000
PENN WEST ENERGY TRUST TR UNIT 707885109 533 19,000 SH Sole 19,000
PERMIAN BASIN RTY TR UNIT BEN
INT UNIT BEN INT 714236106 332 15,000 SH Sole 15,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 86 70,000 SH CALL Sole 70,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 388 3,100 SH Defined 1 3,100
PETROCHINA CO LTD SPONSORED ADR 71646E100 125 1,000 SH CALL Sole 1,000
PETROLEO BRASILEIRO SA ADR SPON ADR 71654V408 5,106 50,000 SH Sole 50,000
PETROLEO BRASILEIRO SPON ADR SPON ADR 71654V101 45,394 536,000 SH Sole 536,000
PETROLEO BRASILEIRO SPON ADR SPON ADR 71654V101 1,156 13,644 SH Defined 1 13,644
PLATINUM GROUP METALS /CAD/ COM 72765Q205 1,440 492,700 SH Sole 492,700
PLATINUM GROUP METALS /CAD/ COM 72765Q205 2,877 984,400 SH Sole 984,400
POSCO SPONSORED ADR SPON ADR 693483109 10,411 87,500 SH Sole 87,500
POSCO SPONSORED ADR SPON ADR 693483109 36 300 SH Sole 300
POTASH CORP SASKATCHEWAN /CAD/ COM 73755L107 388 2,500 SH Sole 2,500
POTASH CORP SASKATCHEWAN /USD/ COM 73755L107 39,967 257,500 SH Sole 257,500
POTASH CORP SASKATCHEWAN /USD/ COM 73755L107 776 5,000 SH Sole 5,000
POTASH CORP SASKATCHEWAN /USD/ COM 73755L107 1,863 12,000 SH Sole 12,000
PRICELINE.COM INC COM 741503403 423 3,500 SH Sole 3,500
PRICELINE.COM INC COM 741503403 1,088 9,000 SH Sole 9,000
RAYTHEON COMPANY COM 755111507 381 5,900 SH Sole 5,900
RESEARCH IN MOTION COM 760975102 786 7,000 SH Sole 7,000
RESEARCH IN MOTION COM 760975102 1,683 15,000 SH Sole 15,000
REX ENERGY CORP COM 761565100 11,653 700,295 SH Sole 700,295
RIO TINTO PLC SPONSORED ADR SPON ADR 767204100 20,592 50,000 SH CALL Sole 50,000
RIO TINTO PLC SPONSORED ADR SPON ADR 767204100 2,039 4,950 SH Sole 4,950
ROYAL GOLD INC COM 780287108 8,070 267,500 SH Sole 267,500
ROYAL GOLD INC COM 780287108 9,326 309,100 SH Sole 309,100
RUBICON MINERALS /CAD//REST/ COM 780911103 210 169,600 SH Sole 169,600
RYDER SYSTEM INC COM 783549108 609 10,000 SH Sole 10,000
SALESFORCE.COM INC COM 79466L302 723 12,500 SH Sole 12,500
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 596 16,000 SH Sole 16,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------ --------------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
SCHEIN/HENRY/INC COM 806407102 574 10,000 SH Sole 10,000
SCHLUMBERGER LTD COM 806857108 348 4,000 SH Sole 4,000
SCHWAB /CHARLES/ CORP COM 808513105 753 40,000 SH Sole 40,000
SILVER WHEATON CORP COM COM 828336107 544 35,000 SH Sole 35,000
SILVER WHEATON CORP /CAD/ COM 828336107 16,295 1,050,000 SH Sole 1,050,000
SILVER WHEATON CORP /CAD/ COM 828336107 4,889 315,000 SH Sole 315,000
SILVER WHEATON CORP /CAD/ COM 828336107 9,312 600,000 SH Sole 600,000
SILVER WHEATON CORP /CAD/ COM 828336107 155 10,000 SH Sole 10,000
SILVER WHEATON CORP /CAD/ COM 828336107 621 40,000 SH Sole 40,000
SILVER WHEATON COR WARRANT/CAD WTS 828336115 20,961 1,315,814 SH Sole 1,315,814
SILVER WHEATON COR WARRANT/CAD WTS 828336115 50,535 3,172,298 SH Sole 3,172,298
SILVER WHEATON COR WARRANT/CAD WTS 828336115 38,122 2,393,088 SH Sole 2,393,088
SILVER WHEATON WRTS /CAD/ WTS 828336123 1,336 838,604 SH Sole 838,604
SILVER WHEATON WRTS /CAD/ WTS 828336123 2,662 167,082 SH Sole 167,082
SILVER WHEATON WRTS /CAD/ WTS 828336123 22,628 1,420,474 SH Sole 1,420,474
SILVER WHEATON WTS 12/22/10 WTS 828336131 22,076 1,385,840 SH Sole 1,385,840
SILVER WHEATON WTS 12/22/10 WTS 828336131 5,084 319,140 SH Sole 319,140
SILVER WHEATON WTS 12/22/10 WTS 828336131 45,183 2,836,320 SH Sole 2,836,320
SILVER WTS 12/22/10 /CAD/ REST WTS 828336131 518 32,500 SH Sole 32,500
SILVER WHEATON CORP /CAD/ COM 828336107 388 25,000 SH Sole 25,000
SILVER WHEATON CORP COM 828336107 2,355 151,614 SH WTS Sole 151,614
SILVER WHEATON CORP COM 828336107 78 5,000 SH WTS Sole 5,000
SINA CORPORATION COM G81477104 705 20,000 SH Sole 20,000
SKECHERS USA INC CL A CL A 830566105 404 20,000 SH Sole 20,000
SOLITARIO RESOURCES CORP /CAD/ COM 83422R106 4,738 907,400 SH Sole 907,400
SOUTHERN COPPER CORP COM 84265V105 12,356 119,000 SH Sole 119,000
SPDR S AND P HOMEBUILDERS ETF S&P HOMEBUILD 78464A888 542 25,000 SH Sole 25,000
ST JUDE MEDICAL INC COM 790849103 540 12,500 SH Sole 12,500
STONE ENERGY CORP COM 861642106 314 6,000 SH Sole 6,000
STREETTRACKS GOLD TRUST GOLD SHS 863307104 19,432 215,000 SH Sole 215,000
STREETTRACKS GOLD TRUST GOLD SHS 863307104 13,620 150,701 SH Sole 150,701
STREETTRACKS GOLD TRUST GOLD SHS 863307104 13,977 154,649 SH Sole 154,649
STREETTRACKS GOLD TRUST GOLD SHS 863307104 136 1,500 SH Sole 1,500
STREETTRACKS GOLD TRUST GOLD SHS 863307104 398 4,400 SH Sole 4,400
STREETTRACKS GOLD TR GOLD SHS 863307104 33 350 SH Sole 350
SUNCOR ENERGY INC COM 867229106 11,755 122,000 SH Sole 122,000
SUNTECH POWER HOLDINGS ADR SPON ADR 86800C104 406 10,017 SH Defined 1 10,017
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 719 70,000 SH Sole 70,000
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 205 20,000 SH Sole 20,000
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 564 54,942 SH Defined 1 54,942
TASEKO MINES LTD /CAD/ COM 876511106 3,167 624,000 SH Sole 624,000
TASEKO MINES LTD /CAD/ COM 876511106 1,822 359,000 SH Sole 359,000
TEREX CORP COM 880779103 156 2,500 SH Sole 2,500
TERRA INDS INC COM 880915103 711 20,000 SH Sole 20,000
TESORO CORP COM 881609101 15,000 500,000 SH Sole 500,000
THOMPSON CREEK METALS CO /CAD/ COM 884768102 6,717 367,932 SH Sole 367,932
THOMPSON CRE WTS 10/23/11
/CAD/ WTS 884768110 1,510 80,591 SH Sole 80,591
THOMPSON CRE WTS 10/23/11
/CAD/ WTS 884768110 2,260 120,600 SH Sole 120,600
THOMPSON CRE WTS 10/23/11
/CAD/ WTS 884768110 2,436 130,000 SH WTS Sole 130,000
THOMPSON CRE WTS 10/23/11
/CAD/ WTS 884768110 1,874 100,000 SH WTS Sole 100,000
THOMPSON CREEK METALS CO INC
/CAD/ COM 884768102 83 4,409 SH WTS Sole 4,409
THOMPSON CREEK METALS CO INC
/CAD/ COM 884768102 47 2,500 SH WTS Sole 2,500
THOMPSON CREEK METALS CO INC
/CAD/ COM 884768102 309 16,500 SH WTS Sole 16,500
TIDEWATER INC COM 886423102 10,746 195,000 SH Sole 195,000
TITAN MACHY INC COM COM 88830R101 374 20,000 SH Sole 20,000
TOLL BROTHERS INC COM 889478103 188 8,000 SH Sole 8,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------ --------------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
TOLL BROTHERS INC COM 889478103 176 7,500 SH Sole 7,500
TOYOTA MOTOR CORP ADR SPON ADR 892331307 303 3,000 SH Sole 3,000
TRANSOCEAN INC NEW SHS SHS G90073100 13,500 100,000 SH CALL Sole 100,000
TRANSOCEAN INC NEW SHS SHS G90073100 26,364 195,000 SH Sole 195,000
TRANSOCEAN INC NEW SHS SHS G90073100 203 1,500 SH Sole 1,500
TRANSOCEAN INC NEW SHS SHS G90073100 378 2,799 SH Sole 2,799
TRANSOCEAN INC NEW SHS SHS G90073100 946 7,000 SH Sole 7,000
TRANSOCEAN INC SHS G90073100 270 2,000 SH CALL Sole 2,000
TURKCELL ILETISIM HIZMET - ADR SPON ADR 900111204 167 8,000 SH Sole 8,000
TWEEN BRANDS INC COM 901166108 396 16,000 SH Sole 16,000
ULTRA DOW30 PROSHARES ULTRA DOW 74347R305 216 3,000 SH Sole 3,000
ULTRA OIL & GAS PROSHARES ULTRA O&G PRO 74347R719 44 500 SH Sole 500
ULTRA PETROLEUM CORP ULTRA PETROLEUM 903914109 18,213 235,000 SH Sole 235,000
ULTRA PETROLEUM CORP COM 903914109 124 1,600 SH Sole 1,600
ULTRA QQQ PROSHARES ULTRA QQQ 74347R206 420 6,000 SH Sole 6,000
ULTRA S&P 500 PRO SHARES ULTRA S&P 500 74347R107 330 5,000 SH Sole 5,000
ULTRASHORT BASIC MATERIALS P ULTRA SHRT 74347R651 316 8,000 SH Sole 8,000
ULTRASHORT FTSE/XINHUA CHINA ULTRA FTSE 74347R321 187 2,000 SH Sole 2,000
UNION DRILLING INC COM 90653P105 175 10,000 SH Sole 10,000
URBAN OUTFITTERS INC COM 917047102 533 17,000 SH Sole 17,000
URBAN OUTFITTERS INC COM 917047102 941 30,000 SH Sole 30,000
US GOLD CORP /CAD/ COM 912023207 4,913 1,961,506 SH Sole 1,961,506
US GOLD CORP COM 912023207 127 50,000 SH Sole 50,000
US GOLD CORP /CAD/ COM 912023207 100 39,000 SH WTS Sole 39,000
US GOLD CORP COM 912023207 120 48,000 SH Sole 48,000
VALERO ENERGY CORP COM 91913Y100 15,224 310,000 SH Sole 310,000
VALERO ENERGY CORP COM 91913Y100 123 2,500 SH Sole 2,500
VANTAGE ENERGY SERVICES WTS
5-24-11 WTS 92209F110 7,450 1,000,000 SH Sole 1,000,000
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 32,411 1,084,335 SH Defined 1 1,084,335
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 508 17,000 SH Sole 17,000
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 747 25,000 SH Sole 25,000
VISHAY INTERTECHNOLOGY INC COM 928298108 362 40,000 SH Sole 40,000
VISTAPRINT LTD COM G93762204 350 10,000 SH Sole 10,000
WEATHERFORD INTERNATIONAL LTD COM G95089101 652 9,000 SH Sole 9,000
WESTERN DIGITAL CORP COM 958102105 541 20,000 SH Sole 20,000
WESTERN DIGITAL CORP COM 958102105 324 12,000 SH Sole 12,000
WESTERN REFINING INC COM 959319104 10,803 802,000 SH Sole 802,000
XTO ENERGY INC COM 98385X106 17,939 290,000 SH Sole 290,000
YAMANA GOLD /CAD/ COM 98462Y100 2,779 189,396 SH Sole 189,396
YAMANA GOLD /CAD/ COM 98462Y100 1,824 124,300 SH Sole 124,300
YAMANA GOLD /CAD/ COM 98462Y100 1,271 86,623 SH Sole 86,623
YAMANA GOLD INC COM 98462Y100 6,799 465,065 SH Sole 465,065
YAMANA GOLD INC COM 98462Y100 28,880 1,975,363 SH Sole 1,975,363
YAMANA GOLD INC CW08 /CAD WTS 98462Y142 20,580 1,366,567 SH Sole 1,366,567
YAMANA GOLD INC CW08 /CAD WTS 98462Y142 10,133 672,833 SH Sole 672,833
YAMANA GOLD INC CW08 /CAD WTS 98462Y142 40,593 2,695,440 SH Sole 2,695,440
YAMANA GOLD INC-/CAD/ 02/17/10 WTS 98462Y167 5,828 386,965 SH Sole 386,965
YAMANA GOLD INC-/CAD/ 02/17/10 WTS 98462Y167 7,489 497,296 SH Sole 497,296
YAMANA GOLD INC-/CAD/ 02/17/10 WTS 98462Y167 31,693 2,104,461 SH Sole 2,104,461
YAMANA GOLD INC-/CAD/ 05/29/08 WTS 98462Y159 12,925 858,255 SH Sole 858,255
YAMANA GOLD INC-/CAD/ 05/29/08 WTS 98462Y159 13,253 880,031 SH Sole 880,031
YAMANA GOLD INC-/CAD/ 05/29/08 WTS 98462Y159 51,422 3,414,496 SH Sole 3,414,496
YAMANA GOLD INC-/CAD/ 05/29/08 WTS 98462Y159 133 8,851 SH Sole 8,851
YAMANA GOLD INC /CAD/ COM 98462Y100 4 271 SH Sole 271
YAMANA GOLD INC COM 98462Y100 51 3,480 SH WTS Sole 3,480
YAMANA GOLD INC COM 98462Y100 8 559 SH WTS Sole 559
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------ --------------- --------- --------- -------------------- ---------- -------- ------------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
YAMANA GOLD INC COM 98462Y100 7,658 523,811 SH WTS Sole 523,811
YAMANA GOLD INC COM 98462Y100 22 1,526 SH WTS Sole 1,526
YAMANA GOLD INC COM 98462Y100 1,534 104,915 SH WTS Sole 104,915
YANZHOU COAL MNG CO LTD SPON ADR H SHS 984846105 71 1,000 SH Sole 1,000
YANZHOU COAL MNG SPONS ADR H SPON ADR 984846105 17,047 240,000 SH Sole 240,000
GRAND TOTAL: 2,538,800 122,365,126