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, 2009
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, TX 78229
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 B. McGee
Title: President
Phone: (210) 308-1234
Signature, Place, and Date of Signing:
/s/ Susan B. McGee San Antonio, TX 05/15/09
--------------------- -------------------- ---------------
[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: 0
Form 13F Information Table Entry Total: 357
Form 13F Information Table Value Total: 1,052,753
--------------
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]
No. Form 13F File Number Name
28-_____ _________________ _____________________
[Repeat as necessary.]
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
ABB LTD SPON ADR SPON ADR 000375204 209 15,000 SH Sole 15,000
ABRAXAS PETROLEUM
CORP COM 003830106 52 50,000 SH Sole 50,000
ACTIVISION BLIZZARD
INC COM 00507V109 188 18,000 SH Sole 18,000
ACTIVISION BLIZZARD
INC COM 00507V109 612 58,500 SH Sole 58,500
AECOM TECHNOLOGY CORP COM 00766T100 209 8,000 SH Sole 8,000
AEROVIRONMENT INC COM 008073108 188 9,000 SH Sole 9,000
AGNICO EAGLE MINES
LTD COM 008474108 1,612 28,322 SH Sole 28,322
AGNICO EAGLE MINES
LTD /CAD/ COM 008474108 3,342 58,158 SH Sole 58,158
AGNICO EAGLE MINES
LTD /CAD/ COM 008474108 8,467 147,320 SH Sole 147,320
AKAMAI TECHNOLOGIES COM 00971T101 116 6,000 SH Sole 6,000
ALCON INC COM H01301102 455 5,000 SH Sole 5,000
ALMOST FAMILY INC COM 020409108 305 16,000 SH Sole 16,000
ALTERA CORP COM 021441100 570 32,500 SH Sole 32,500
AMAZON COM INC COM 023135106 330 4,500 SH Sole 4,500
AMAZON COM INC COM 023135106 624 8,500 SH Sole 8,500
AMERICAN TOWER CORP
CL A CL A 029912201 228 7,500 SH Sole 7,500
ANADARKO PETE CORP COM 032511107 233 6,000 SH Sole 6,000
ANGLOGOLD ASHANTI
LTD SPON ADR SPON ADR 035128206 3,022 82,200 SH Sole 82,200
ANGLOGOLD ASHANTI
LTD SPON ADR SPON ADR 035128206 11,432 311,000 SH Sole 311,000
ANGLOGOLD ASHANTI
LTD SPON ADR SPON ADR 035128206 7,242 197,000 SH Sole 197,000
ANGLOGOLD ASHANTI
LTD SPON ADR SPON ADR 035128206 110 3,000 SH Sole 3,000
ANGLOGOLD ASHANTI
LTD SPON ADR SPON ADR 035128206 276 7,500 SH Sole 7,500
ANGLOGOLD ASHANTI
LTD SPON ADR SPON ADR 035128206 129 3,500 SH Sole 3,500
ANOORAQ RESOURCES
CORP /CAD/ COM 03633E108 241 375,000 SH Sole 375,000
ANOORAQ RESOURCES
CORP /CAD/ COM 03633E108 1,821 2,835,000 SH Sole 2,835,000
APPLE INC COM 037833100 526 5,000 SH Sole 5,000
ARENA RESOURCES INC COM 040049108 7,644 300,000 SH Sole 300,000
ASA LTD COM G3156P103 4,009 75,000 SH Sole 75,000
ASA LTD COM G3156P103 1,336 25,000 SH Sole 25,000
AT&T INC COM 00206R102 630 25,000 SH Sole 25,000
AT&T INC COM 00206R102 504 20,000 SH Sole 20,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
AURIZON MINES LTD COM COM 05155P106 266 59,021 SH Sole 59,021
AURIZON MINES LTD COM COM 05155P106 620 137,800 SH Sole 137,800
BAIDU INC SPON ADR SPON ADR REP A 056752108 265 1,500 SH Sole 1,500
BAIDU INC SPON ADR SPON ADR REP A 056752108 71 400 SH Sole 400
BANK OF AMERICA CORP COM 060505104 102 15,000 SH Sole 15,000
BARRICK GOLD CORP COM COM 067901108 5,090 157,000 SH Sole 157,000
BARRICK GOLD CORP COM COM 067901108 2,046 63,100 SH Sole 63,100
BARRICK GOLD CORP COM COM 067901108 259 8,000 SH Sole 8,000
BAXTER INTL INC COM 071813109 666 13,000 SH Sole 13,000
BERKSHIRE HATHAWAY
INC DEL CL B CL B 084670207 479 170 SH Sole 170
BHP BILLITON LIMITED
ADR SPON ADR 088606108 5,352 120,000 SH Sole 120,000
BLACKSTONE GROUP
LP/THE COM UNIT LTD 09253U108 51 7,000 SH Sole 7,000
BMC SOFTWARE INC COM 055921100 413 12,500 SH Sole 12,500
BRISTOL MYERS SQUIBB
CO COM 110122108 789 36,000 SH Sole 36,000
BUCKLE INC COM 118440106 718 22,500 SH Sole 22,500
CABELA'S INC. CL A COM 126804301 182 20,000 SH Sole 20,000
CAMERON INTERNATIONAL
CORP COM 13342B105 439 20,000 SH Sole 20,000
CANO PETE INC COM COM 137801106 1,140 2,650,000 SH Sole 2,650,000
CARRIZO OIL & GAS INC COM 144577103 2,886 325,000 SH Sole 325,000
CARRIZO OIL & GAS INC COM 144577103 53 6,000 SH Sole 6,000
CEPHALON INC COM 156708109 204 3,000 SH Sole 3,000
CF INDUSTRIES
HOLDINGS INC COM 125269100 4,268 60,000 SH Sole 60,000
CHESAPEAKE ENERGY
CORP COM 165167107 819 48,000 SH Sole 48,000
CHEVRON CORP COM 166764100 168 2,500 SH Sole 2,500
CHINA MEDICAL
TECHNOLOGIES ADR SPON ADR 169483104 207 15,000 SH Sole 15,000
CHINA MEDICAL
TECHNOLOGIES ADR SPON ADR 169483104 41 3,000 SH Sole 3,000
CHIPOTLE MEXICAN
GRILL INC CL A 169656105 498 7,500 SH Sole 7,500
CIBT EDUCATION GROUP
INC /CAD/ COM 17163Y102 188 492,632 SH Sole 492,632
CIENA CORP COM NEW 171779309 86 11,000 SH Sole 11,000
CITRIX SYSTEMS INC COM 177376100 113 5,000 SH Sole 5,000
CNOOC LTD /HKD/ SPON ADR Y1662W117 1,194 1,200,000 SH Sole 1,200,000
COMPAHNIA VALE DO RIO
DOCE ADR SPON ADR 204412209 4,655 350,000 SH Sole 350,000
COMPANHIA ENERGETICA
SPON ADR SPON ADR 204409601 475 32,161 SH Sole 32,161
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
COMPANHIA SIDERURGICA
NAC ADR SPON ADR 20440W105 260 17,500 SH Sole 17,500
CONCHO RESOURCES INC COM 20605P101 4,222 165,000 SH Sole 165,000
CONCHO RESOURCES INC COM 20605P101 76 3,000 SH Sole 3,000
CONSOL ENERGY INC COM 20854P109 2,515 99,624 SH Sole 99,624
COOPER COMPANIES INC COM NEW 216648402 238 9,000 SH Sole 9,000
COPART INC COM 217204106 237 8,000 SH Sole 8,000
CORE LABORATORIES N V COM N22717107 293 4,000 SH Sole 4,000
CORRIENTE RESOURCES
INC /CAD/ COM NEW 22027E409 2,109 450,000 SH Sole 450,000
COUER D ALENE
MINES-US /CAD/ COM 192108108 98 100,000 SH Sole 100,000
CPFL ENERGIA SA SP
ADR/USD/ SPON ADR 126153105 507 12,500 SH Sole 12,500
CRYSTALLEX INTL CORP COM 22942F101 559 2,150,000 SH Sole 2,150,000
CRYSTALLEX INTL CORP COM 22942F101 25 100,000 SH Sole 100,000
CRYSTALLEX INTL CORP COM 22942F101 60 230,000 SH Sole 230,000
CRYSTALLEX INTL CORP COM 22942F101 20 75,000 SH WTS Sole 75,000
CRYSTALLEX INTL CORP COM 22942F101 16 62,500 SH WTS Sole 62,500
CRYSTALLEX INTL CORP COM 22942F101 42 162,500 SH WTS Sole 162,500
CTRIP.COM
INTERNATIONAL LTD
ADR ADR 22943F100 274 10,000 SH Sole 10,000
DENBURY RESOURCES INC COM NEW 247916208 149 10,000 SH Sole 10,000
DENISON MINES /CAD/ COM 248356107 259 281,088 SH WTS Sole 281,088
DIREXIONSHARES
FINANCIAL BULL 3X
SHARES FINL BULL 3X 25459W508 55 10,000 SH Sole 10,000
DRDGOLD LTD SPONSORED
ADR SPON ADR NEW 26152H301 4,225 500,000 SH Sole 500,000
DRDGOLD LTD SPONSORED
ADR SPON ADR NEW 26152H301 1,542 182,500 SH Sole 182,500
EBIX INC COM NEW COM NEW 278715206 249 10,000 SH Sole 10,000
EL PASO PIPELINE
PARTNERS LP COM UNIT LPI 283702108 3,612 210,000 SH Sole 210,000
EL PASO PIPELINE
PARTNERS LP COM UNIT LPI 283702108 34 2,000 SH Sole 2,000
ELDORADO GOLD CORP
/CANADIAN/ COM 284902103 3,240 360,000 SH Sole 360,000
EMERGENT BIOSOLUTIONS
INC COM 29089Q105 270 20,000 SH Sole 20,000
ENERGY CONVERSION
DEVICES COM 292659109 186 14,000 SH Sole 14,000
ENERGY RECOVERY INC COM 29270J100 342 45,000 SH Sole 45,000
ENSCO INTERNATIONAL
INC COM 26874Q100 3,168 120,000 SH Sole 120,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
ENTERPRISE PRODS
PARTNERS L P COM COM 293792107 7,454 335,000 SH Sole 335,000
ENTEPRISE PRODUCTS
PARTNERS COM 293792107 45 2,000 SH Sole 2,000
ENTREE GOLD INC /CAD/ COM 29383G100 1,294 1,020,000 SH Sole 1,020,000
EXELON CORPORATION COM 30161N101 545 12,000 SH Sole 12,000
EXETER RESOURCE CORP COM 301835104 66 20,500 SH Sole 20,500
F P L GROUP INC COM 302571104 1,116 22,000 SH Sole 22,000
F5 NETWORKS INC COM 315616102 210 10,000 SH Sole 10,000
FAMILY DOLLAR STORES
INC COM 307000109 317 9,500 SH Sole 9,500
FIRST SOLAR INC COM 336433107 199 1,500 SH Sole 1,500
FIRST SOLAR INC COM 336433107 664 5,000 SH Sole 5,000
FIRST SOLAR INC COM 336433107 929 7,000 SH Sole 7,000
FIRSTENERGY CORP COM 337932107 502 13,000 SH Sole 13,000
FLUOR CORP COM 343412102 518 15,000 SH Sole 15,000
FLUOR CORP COM 343412102 207 6,000 SH Sole 6,000
FOSTER WHEELER AG COM COM H27178104 122 7,000 SH Sole 7,000
FREEPORT-MCMORAN
COPPER & GOLDINC
COMMON COM 35671D857 11,814 310,000 SH Sole 310,000
GAMMON GOLD INC COM 36467T106 155 24,000 SH Sole 24,000
GENERAL CABLE CORP COM 369300108 248 12,500 SH Sole 12,500
GENERAL CABLE CORP COM 369300108 694 35,000 SH Sole 35,000
GERDAU SA SPONSORED
ADR SPON ADR 373737105 383 70,000 SH Sole 70,000
GERDAU SA SPONSORED
ADR SPON ADR 373737105 82 15,000 SH Sole 15,000
GILEAD SCIENCES INC COM 375558103 232 5,000 SH Sole 5,000
GOLD FIELDS LTD SPON
ADR SPON ADR 38059T106 5,443 480,000 SH Sole 480,000
GOLD FIELDS LTD SPON
ADR SPON ADR 38059T106 5,914 521,500 SH Sole 521,500
GOLD FIELDS LTD SPON
ADR SPON ADR 38059T106 3,515 310,000 SH Sole 310,000
GOLD FIELDS LTD SPON
ADR SPON ADR 38059T106 306 27,000 SH Sole 27,000
GOLD FIELDS LTD SPON
ADR SPON ADR 38059T106 340 30,000 SH Sole 30,000
GOLD FIELDS LTD SPON
ADR SPON ADR 38059T106 794 70,000 SH Sole 70,000
GOLD FIELDS LTD SPON
ADR SPON ADR 38059T106 306 27,000 SH Sole 27,000
GOLDCORP INC COM 380956409 201 6,023 SH Sole 6,023
GOLDCORP INC CW11 *W EXP 06/09/201 380956177 828 24,846 SH Sole 24,846
GOLDCORP INC CW11
/CAD/ *W EXP 06/09/201 380956177 61,791 1,455,966 SH Sole 1,455,966
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
GOLDCORP INC CW11
/CAD/ *W EXP 06/09/201 380956177 45,337 1,068,269 SH Sole 1,068,269
GOLDCORP INC CW11
/CAD/ *W EXP 06/09/201 380956177 166,314 3,918,792 SH Sole 3,918,792
GOLDEN STAR RES LTD COM 38119T104 1,752 1,200,000 SH Sole 1,200,000
GOLDEN STAR RES LTD COM 38119T104 1,752 1,200,000 SH Sole 1,200,000
GOLDMAN SACHS GROUP
INC COM 38141G104 265 2,500 SH Sole 2,500
GOLDMAN SACHS GROUP
INC COM 38141G104 477 4,500 SH Sole 4,500
GRAN TIERRA ENERGY
INC COM 38500T101 6,777 2,700,000 SH Sole 2,700,000
GRAN TIERRA ENERGY
INC COM 38500T101 50 20,000 SH Sole 20,000
GREAT BASIN GOLD LTD
/CAD/ COM 390124105 2,837 2,208,500 SH Sole 2,208,500
HARMONY GOLD MINING
SPND ADR SPON ADR 413216300 4,321 395,000 SH Sole 395,000
HARMONY GOLD MINING
SPND ADR SPON ADR 413216300 2,407 220,000 SH Sole 220,000
HATTERAS FINL CORP
REIT COM 41902R103 175 7,000 SH Sole 7,000
HECLA MINING COM 422704106 442 220,800 SH Sole 220,800
HECLA MINING COM 422704106 820 410,000 SH Sole 410,000
HECLA MINING COM 422704106 84 42,000 SH CALL Sole 42,000
HECLA MINING COM 422704106 320 160,000 SH CALL Sole 160,000
HECLA MINING COM 422704106 340 169,750 SH WTS Sole 169,750
HECLA MINING COM 422704106 631 315,250 SH WTS Sole 315,250
HELMERICH & PAYNE INC COM 423452101 5,237 230,000 SH Sole 230,000
HELMERICH & PAYNE INC COM 423452101 546 24,000 SH Sole 24,000
HOME DEPOT INC COM 437076102 283 12,000 SH Sole 12,000
HUMANA INC COM 444859102 391 15,000 SH Sole 15,000
IAMGOLD CORPORATION COM 450913108 360 42,100 SH Sole 42,100
IAMGOLD CORPORATION
/CAD/ COM 450913108 1,035 120,000 SH Sole 120,000
IAMGOLD CORPORATION
/CAD/ COM 450913108 2,029 235,100 SH Sole 235,100
ILLUMINA INC COM 452327109 298 8,000 SH Sole 8,000
ILLUMINA INC COM 452327109 745 20,000 SH Sole 20,000
INTERNATIONAL TOWER
HILL MIN COM 46051L104 166 70,000 SH Sole 70,000
INTERNATIONAL ROYALTY
CORP/CAD COM 460277106 1,339 670,000 SH Sole 670,000
INTERNATIONAL ROYALTY
CORP COM 460277106 16 8,000 SH Sole 8,000
ISHARES INC MSCI MALAYSIA 464286830 84 12,000 SH Sole 12,000
ISHARES INC MSCI MALAYSIA 464286830 21 3,000 SH Sole 3,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
ISHARES INC SILVER TRUST ETF 46428Q109 2,048 160,000 SH Sole 160,000
ITT EDUCATIONAL
SERVICES INC COM 45068B109 765 6,300 SH Sole 6,300
IVANHOE ENERGY INC
/CAD/ COM 465790103 2,099 1,730,000 SH Sole 1,730,000
IVANHOE ENERGY INC -
CW11 /CAD/ COM 465790103 37 24,000 SH WTS Sole 24,000
IVANHOE MINES LTD
/CAD/ COM 46579N103 617 100,000 SH Sole 100,000
IVANHOE MINES LTD
/CAD/ COM 46579N103 3,702 600,000 SH Sole 600,000
JAGUAR MINING INC
/CAD/ COM 47009M103 5,667 956,636 SH Sole 956,636
JAGUAR MINING INC
/CAD/ COM 47009M103 12,268 2,070,884 SH Sole 2,070,884
JAGUAR MINING INC COM 47009M103 722 121,659 SH Sole 121,659
JAGUAR MINING INC COM 47009M103 1,738 293,077 SH Sole 293,077
JANUS CAPITAL GROUP
INC COM 47102X105 100 15,000 SH Sole 15,000
KINROSS GOLD CORP COM NO PAR 496902404 4,418 247,249 SH Sole 247,249
KINROSS GOLD CORP COM NO PAR 496902404 5,508 308,254 SH Sole 308,254
KINROSS GOLD CORP
/CAD/ COM NO PAR 496902404 0 1 SH Sole 1
KINROSS GOLD CORP
/CAD/ COM 496902404 6,314 275,616 SH WTS Sole 275,616
KINROSS GOLD CORP
/CAD/ COM 496902404 9,045 394,814 SH WTS Sole 394,814
KINROSS GOLD CORP
/CAD/ COM 496902404 3,311 144,528 SH WTS Sole 144,528
KINROSS GOLD CORP
/CAD/ COM 496902404 7,030 306,843 SH WTS Sole 306,843
KINROSS GOLD CORP
/CAD/ COM 496902404 3,252 686,034 SH WTS Sole 686,034
KINROSS GOLD CORP
/CAD/ COM 496902404 6,904 873,171 SH WTS Sole 873,171
LHC GROUP LLC COM 50187A107 446 20,000 SH Sole 20,000
LIHIR GOLD LTD SPON
ADR SPON ADR 532349107 3,872 170,488 SH Sole 170,488
LIHIR GOLD LTD SPON
ADR SPON ADR 532349107 5,798 255,300 SH Sole 255,300
LIHIR GOLD LTD SPON
ADR SPON ADR 532349107 454 20,000 SH Sole 20,000
LINN ENERGY LLC UNIT
LTD LIAB UNIT LTD LIAB 536020100 224 15,000 SH Sole 15,000
LUNDIN MINING CORP
/CAD/ COM 550372106 541 340,900 SH Sole 340,900
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
LUNDIN MINING CORP
/CAD/ COM 550372106 2,198 1,386,000 SH Sole 1,386,000
LUNDIN MINING CORP
/REST/ PP COM 550372106 24 15,430 SH Sole 15,430
LUNDIN MINING CORP COM 550372106 79 50,000 SH Sole 50,000
LUNDIN MINING CORP COM 550372106 476 300,000 SH Sole 300,000
MAG SILVER
CORPORATION /CAD/ COM 55903Q104 1,660 371,800 SH Sole 371,800
MAG SILVER CORP COM 55903Q104 56 12,500 SH Sole 12,500
MARKET VECTORS ETF
TRUST RUSSIA ETF 57060U506 407 29,000 SH Sole 29,000
MARKET VECTORS ETF
TRUST RUSSIA ETF 57060U506 141 10,000 SH Sole 10,000
MARKET VECTORS ETF
TRUST RUSSIA ETF 57060U506 14 1,000 SH Sole 1,000
MASTEC INC COM 576323109 151 12,500 SH Sole 12,500
MASTEC INC COM 576323109 242 20,000 SH Sole 20,000
MASTERCARD INC CL A 57636Q104 218 1,300 SH Sole 1,300
MECHEL STEEL GROUP
OAO ADR/ SPON ADR 583840103 2,170 520,500 SH Sole 520,500
MECHEL STEEL GROUP
OAO ADR/ SPON ADR 583840103 186 44,600 SH Sole 44,600
MECHEL STEEL GROUP
OAO ADR/ SPON ADR 583840103 62 14,900 SH Sole 14,900
METHANEX CORP COM COM 59151K108 2,029 259,800 SH Sole 259,800
MINAS BUENAVENTURA
SP ADR A SPON ADR 204448104 3,237 135,000 SH Sole 135,000
MINES MANAGEMENT INC COM 603432105 78 40,900 SH Sole 40,900
MINES MANAGEMENT INC COM 603432105 1,626 846,930 SH Sole 846,930
MINES MANAGEMENT INC COM 603432105 39 20,250 SH Sole 20,250
MINES MANAGEMENT
INC - CW12 /CAD/ COM 603432105 6 2,500 SH WTS Sole 2,500
MINES MANAGEMENT
INC - CW12 /CAD/ COM 603432105 31 13,000 SH WTS Sole 13,000
MINES MANAGEMENT
INC - CW12 /CAD/ COM 603432105 63 26,000 SH WTS Sole 26,000
MINES MANAGEMENT
INC - CW12 /CAD/ COM 603432105 1,693 702,300 SH WTS Sole 702,300
MOBILE TELESYSTEMS
OJSC SPONSORED ADR SPON ADR 607409109 4,488 150,000 SH Sole 150,000
MOBILE TELESYSTEMS
OJSC SPONSORED ADR SPON ADR 607409109 150 5,000 SH Sole 5,000
MOBILE TELESYSTEMS
OJSC SPONSORED ADR SPON ADR 607409109 120 4,000 SH Sole 4,000
MORGAN STANLEY COM 617446448 273 12,000 SH Sole 12,000
MURPHY OIL CORP COM 626717102 7,611 170,000 SH Sole 170,000
MYLAN INC COM 628530107 201 15,000 SH Sole 15,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
MYRIAD GENETICS INC COM 62855J104 409 9,000 SH Sole 9,000
NABORS INDUSTRIES LTD SHS G6359F103 4,645 465,000 SH Sole 465,000
NETFLIX.COM INC COM 64110L106 858 20,000 SH Sole 20,000
NEW GOLD INC COM 644535106 9 4,823 SH Sole 4,823
NEW GOLD INC COM 644535106 9 5,000 SH Sole 5,000
NEW GOLD INC /CAD/ COM 644535106 1,502 776,400 SH Sole 776,400
NEW GOLD INC /CAD/ COM 644535106 1,948 1,006,590 SH Sole 1,006,590
NEW GOLD INC /CAD/ COM 644535106 508 262,014 SH Sole 262,014
NEW GOLD INC /CAD/ COM 644535106 2,279 1,176,522 SH Sole 1,176,522
NEW GOLD INC /CAD/ COM 644535106 2,884 1,181,876 SH Sole 1,181,876
NEW GOLD INC /CAD/ COM 644535106 8 4,338 SH Sole 4,338
NEW GOLD INC/CAD/ COM 644535106 77 40,000 SH Sole 40,000
NEW GOLD INC /CAD/ COM 644535106 614 251,800 SH WTS Sole 251,800
NEW GOLD INC /CAD/ COM 644535106 2,684 1,099,900 SH WTS Sole 1,099,900
NEW GOLD INC /CAD/ COM 644535106 2,007 822,570 SH WTS Sole 822,570
NEW GOLD INC /CAD/ COM 644535106 860 352,530 SH WTS Sole 352,530
NEW GOLD INC /CAD/ COM 644535106 733 300,340 SH WTS Sole 300,340
NEW GOLD INC /CAD/ COM 644535106 22 8,850 SH WTS Sole 8,850
NEW GOLD INC /CAD/ COM 644535106 600 245,810 SH WTS Sole 245,810
NEW GOLD - CW12 /CAD/ COM 644535106 14 5,750 SH WTS Sole 5,750
NEW GOLD INC /CAD/ COM 644535106 247 101,300 SH WTS Sole 101,300
NEW GOLD INC /CAD/ COM 644535106 339 138,950 SH WTS Sole 138,950
NEW GOLD INC /CAD/ COM 644535106 994 407,350 SH WTS Sole 407,350
NEW GOLD INC /CAD/ COM 644535106 6 2,350 SH WTS Sole 2,350
NEW GOLD INC /CAD/ COM 644535106 239 97,900 SH WTS Sole 97,900
NEW GOLD INC /CAD/ COM 644535106 72 29,400 SH WTS Sole 29,400
NEW GOLD INC /CAD/ COM 644535106 78 32,000 SH WTS Sole 32,000
NEW GOLD - CW12 /CAD/ COM 644535106 70 28,500 SH WTS Sole 28,500
NEW GOLD - CW12 /CAD/ COM 644535106 146 59,950 SH WTS Sole 59,950
NEW GOLD INC /CAD/ COM 644535106 183 75,000 SH WTS Sole 75,000
NEW GOLD INC /CAD/ COM 644535106 1,244 510,000 SH WTS Sole 510,000
NEW GOLD INC /CAD/ COM 644535106 1,013 415,000 SH WTS Sole 415,000
NEW JERSEY RES CORP COM 646025106 204 6,000 SH Sole 6,000
NEWMONT MINING CORP
/USD/ COM 651639106 4,924 110,000 SH Sole 110,000
NOBLE ENERGY INC COM 655044105 485 9,000 SH Sole 9,000
NORTHERN DYNASTY
MINERALS/CAD/ COM NEW 66510M204 5,802 840,000 SH Sole 840,000
NORTHERN DYNASTY
MINERALS/CAD/ COM NEW 66510M204 4,570 661,650 SH Sole 661,650
NORTHERN TRUST CORP COM 665859104 359 6,000 SH Sole 6,000
NORTHGATE MINERALS
CORP/CANADIAN/ COM 666416102 965 720,000 SH Sole 720,000
NORTHGATE MINERALS
CORP/CANADIAN/ COM 666416102 482 360,000 SH Sole 360,000
NUSTAR ENERGY LP COM 67058H102 4,611 100,000 SH Sole 100,000
NUSTAR ENERGY LP COM 67058H102 346 7,500 SH Sole 7,500
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
NUSTAR ENERGY LP UNIT COM 67058H102 46 1,000 SH Sole 1,000
NVIDIA CORP COM 67066G104 296 30,000 SH Sole 30,000
NVIDIA CORP COM 67066G104 222 22,500 SH Sole 22,500
OCCIDENTAL PETROLEUM COM 674599105 12,243 220,000 SH Sole 220,000
OCWEN FINANCIAL
CORPORATION COM NEW 675746309 457 40,000 SH Sole 40,000
ODYSSEY RESOURCES LTD
/CAD/ COM 67612V100 39 414,900 SH Sole 414,900
OIL SERVICES HOLDRS
TRUST DEPOSTRY RCPT 678002106 74 1,000 SH Sole 1,000
ONEOK PARTNERS LP
UNIT LTD PARTN UNIT LTD PARTN 68268N103 4,675 115,000 SH Sole 115,000
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 122 3,000 SH Sole 3,000
PACIFIC RIM MINING
CORP COM NEW 694915208 806 4,738,813 SH Sole 4,738,813
PACIFIC RIM MINING
CORP /CAD/ COM NEW 694915208 99 591,900 SH Sole 591,900
PARAMOUNT GOLD AND
SILVER /CAD COM 69924P102 232 307,500 SH Sole 307,500
PARAMOUNT GOLD AND
SILVER CORP COM 69924P102 413 550,000 SH Sole 550,000
PARAMOUNT GOLD AND
SILVER COM 69924P102 19 25,000 SH Sole 25,000
PEABODY ENERGY CORP COM 704549104 7,011 280,000 SH Sole 280,000
PEABODY ENERGY CORP COM 704549104 250 10,000 SH Sole 10,000
PEABODY ENERGY CORP COM 704549104 376 15,000 SH Sole 15,000
PENN VIRGINIA CORP COM 707882106 4,003 364,600 SH Sole 364,600
PENN VIRGINIA CORP COM 707882106 55 5,000 SH Sole 5,000
PEOPLES UNITED
FINANCIAL INC COM 712704105 198 11,000 SH Sole 11,000
PETMED EXPRESS INC COM 716382106 989 60,000 SH Sole 60,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 17,136 215,000 SH Sole 215,000
PETROHAWK ENERGY CORP COM 716495106 11,634 605,000 SH Sole 605,000
PETROLEO BRASILEIRO
SA ADR SPON ADR 71654V408 12,340 405,000 SH Sole 405,000
PETROLEO BRASILEIRO
SA ADR SPON ADR 71654V408 229 7,500 SH Sole 7,500
PETROLEO BRASILEIRO
SA ADR SPON ADR 71654V408 579 19,000 SH Sole 19,000
PETROLEO BRASILEIRO
SA ADR SPON ADR 71654V408 305 10,000 SH Sole 10,000
PETROLEO BRASILEIRO
S.A.-ADR SPONSORED ADR 71654V408 76 2,500 SH Sole 2,500
PETROCHINA CO LTD-ADR SPONSORED ADR 71646E100 319 4,000 SH CALL Sole 4,000
PFIZER INC COM 717081103 545 40,000 SH Sole 40,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
PHILIP MORRIS
INTERNATIONAL COM 718172109 213 6,000 SH Sole 6,000
PIONEER NATURAL
RESOURCES CO COM 723787107 3,294 200,000 SH Sole 200,000
PIONEER NATURAL
RESOURCES CO COM 723787107 49 3,000 SH Sole 3,000
PLAINS ALL AMERN
PIPELINE L P UNIT
LTD PARTN UNIT LTD PARTN 726503105 4,779 130,000 SH Sole 130,000
PLAINS ALL AMER
PIPELINE LP UNIT LTD PARTN 726503105 92 2,500 SH Sole 2,500
PLATINUM GROUP METALS
/CAD/ COM NEW 72765Q205 621 492,700 SH Sole 492,700
PLATINUM GROUP METALS
/CAD/ COM NEW 72765Q205 1,261 1,000,000 SH Sole 1,000,000
POSCO SPONSORED ADR SPON ADR 693483109 6,683 100,000 SH Sole 100,000
POSCO SPONSORED ADR SPON ADR 693483109 167 2,500 SH Sole 2,500
POSCO SPONSORED ADR SPON ADR 693483109 134 2,000 SH Sole 2,000
POTASH CORP
SASKATCHEWAN COM 73755L107 4,849 60,000 SH Sole 60,000
PRIDE INTERNATIONAL
INC COM 74153Q102 108 6,000 SH Sole 6,000
PROSHARES TRUST ULTRA FINANCIALS ETF 74347R743 117 45,000 SH Sole 45,000
PROSHARES TRUST ULTRA FINANCIALS ETF 74347R743 209 80,000 SH Sole 80,000
PROSHARES TRUST ULTRA QQQ ETF 74347R206 270 10,000 SH Sole 10,000
PROSHARES TRUST ULTRA QQQ ETF 74347R206 135 5,000 SH CALL Sole 5,000
PROSHARES TRUST RUSSELL2000 ETF 74347R842 410 30,000 SH Sole 30,000
QUALCOMM INC COM 747525103 350 9,000 SH Sole 9,000
QUICKSILVER RESOURCES
INC COM 74837R104 2,770 500,000 SH Sole 500,000
RACKSPACE HOSTING INC COM 750086100 75 10,000 SH Sole 10,000
RACKSPACE HOSTING INC COM 750086100 112 15,000 SH Sole 15,000
RANGE RESOURCES CORP COM 75281A109 13,994 340,000 SH Sole 340,000
RANGE RESOURCES CORP COM 75281A109 82 2,000 SH Sole 2,000
RANGOLD RESOURCES LTD
ADR ADR 752344309 16,305 300,000 SH Sole 300,000
RANGOLD RESOURCES LTD
ADR ADR 752344309 46,556 856,600 SH Sole 856,600
RAYMOND JAMES
FINANCIAL INC COM 754730109 148 7,500 SH Sole 7,500
RESEARCH IN MOTION COM 760975102 129 3,000 SH Sole 3,000
RIO TINTO PLC
SPONSORED ADR SPON ADR 767204100 10,055 75,000 SH Sole 75,000
ROWAN COMPANIES COM 779382100 2,214 185,000 SH Sole 185,000
ROYAL BK CDA MONTREAL
QUE COM COM 780087102 116 4,000 SH Sole 4,000
ROYAL GOLD INC COM 780287108 7,854 167,971 SH Sole 167,971
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
ROYAL GOLD INC COM 780287108 7,379 157,800 SH Sole 157,800
RUBICON MINERALS
/CAD//REST/ COM 780911103 264 169,600 SH Sole 169,600
RUBICON MINERALS CORP
/CAD/ COM 780911103 1,990 1,280,000 SH Sole 1,280,000
RUBICON NIMERALS CORP COM 780911103 47 30,000 SH Sole 30,000
SANDISK CORP COM 80004C101 95 7,500 SH Sole 7,500
SAN JUAN BASIN
ROYALTY TR UNIT BEN INT 798241105 29 2,000 SH Sole 2,000
SBA COMMUNICATIONS
CORP COM 78388J106 291 12,500 SH Sole 12,500
SCHLUMBERGER LTD
/SCHLUMBERGERN V/ COM 806857108 122 3,000 SH Sole 3,000
SECTOR SPDR TR SBI INT UTILS ETF 81369Y886 2,554 100,000 SH Sole 100,000
SECTOR SPDR TR SBI INT UTILS ETF 81369Y886 153 6,000 SH Sole 6,000
SEMICONDUCTOR HOLDERS
TRUST DEP RCPT 816636203 252 13,500 SH Sole 13,500
SEMICONDUCTOR HOLDERS
TRUST DEP RCPT 816636203 505 27,000 SH Sole 27,000
SHANDA INTERACTIVE
ENTMT LTD SPONSORED
ADR SPON ADR 81941Q203 296 7,500 SH Sole 7,500
SHANDA INTERACTIVE
ENTMT LTD SPONSORED
ADR SPON ADR 81941Q203 593 15,000 SH Sole 15,000
SHANDA INTERACTIVE
ENTMT LTD SPONSORED
ADR SPON ADR 81941Q203 79 2,000 SH Sole 2,000
SHAW GROUP INC COM 820280105 5,893 215,000 SH Sole 215,000
SILVERCORP METALS INC
/CAD/ COM 82835P103 1,858 825,000 SH Sole 825,000
SILVERCORP METALS INC
/CAD/ COM 82835P103 6,336 2,813,020 SH Sole 2,813,020
SILVERCORP METALS INC
/CAD/ COM 82835P103 203 90,000 SH Sole 90,000
SILVER WHEATON CORP
/CAD/ COM 828336107 5,141 496,740 SH WTS Sole 496,740
SILVER WHEATON CORP
/CAD/ COM 828336107 7,280 703,340 SH WTS Sole 703,340
SILVER WHEATON CORP
/CAD/ COM 828336107 24,909 2,406,620 SH WTS Sole 2,406,620
SILVER WHEATON CORP
/CAD/ COM 828336107 47 4,500 SH WTS Sole 4,500
SILVER WHEATON CORP
/CAD/ COM 828336107 4,640 448,306 SH WTS Sole 448,306
SILVER WHEATON CORP
/CAD/ COM 828336107 2,474 239,044 SH WTS Sole 239,044
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
SILVER WHEATON CORP
/CAD/ COM 828336107 4,366 421,795 SH WTS Sole 421,795
SILVER WHEATON CORP
/CAD/ COM 828336107 115 11,071 SH WTS Sole 11,071
SMITH & WESSON
HOLDING CORP COM 831756101 120 20,000 SH Sole 20,000
SOLITARIO EXPLORATION
& ROYALTY /CAD/ COM 8342EP107 1,175 941,100 SH Sole 941,100
SOUTHWESTERN ENERGY
CO COM 845467109 8,759 295,000 SH Sole 295,000
SPDR SERIES TRUST GOLD SHS 78463V107 136 1,500 SH Sole 1,500
SPDR SERIES TRUST GOLD SHS 78463V107 20,313 225,000 SH Sole 225,000
SPDR SERIES TRUST GOLD SHS 78463V107 6,934 76,800 SH Sole 76,800
SPDR SERIES TRUST GOLD SHS 78463V107 4,117 45,600 SH Sole 45,600
SPDR SERIES TRUST GOLD SHS 78463V107 163 1,800 SH Sole 1,800
SPDR SERIES TRUST GOLD SHS 78463V107 271 3,000 SH Sole 3,000
SPDR SERIES TRUST GOLD SHS 78463V107 361 4,000 SH Sole 4,000
SPDR SERIES TRUST GOLD SHS 78463V107 135 1,500 SH Sole 1,500
SPDR SERIES TRUST SPDR KBW BANK ETF 78464A797 249 18,000 SH Sole 18,000
SPDR SERIES TRUST SPDR KBW INSURANCE ETF 78464A789 150 7,500 SH Sole 7,500
SPDR SERIES TRUST SPDR KBW INSURANCE ETF 78464A789 389 19,500 SH Sole 19,500
SPDR SERIES TRUST SPDR S&P HOMEBUILDERS ETF 78464A888 319 30,000 SH Sole 30,000
SPDR SERIES TRUST SPDR TRUST SERIES 1 78462F103 159 2,000 SH Sole 2,000
STANTEC INC COM 85472N109 455 25,000 SH Sole 25,000
STATOILHYDRO ASA ADR SPON ADR 85771P102 6,453 370,000 SH Sole 370,000
STIFEL FINANCIAL CORP COM 860630102 650 15,000 SH Sole 15,000
STURM RUGER & CO COM 864159108 123 10,000 SH Sole 10,000
SUNTRUST BK INC COM 867914103 106 9,000 SH Sole 9,000
TASEKO MINES LTD
/CAD/ COM 876511106 444 359,000 SH Sole 359,000
TERRA INDS INC COM 880915103 112 4,000 SH Sole 4,000
THOMPSON CREEK METALS
CO INC /CAD/ COM 884768102 548 110,291 SH WTS Sole 110,291
THOMPSON CREEK METALS
CO INC /CAD/ COM 884768102 1,197 240,900 SH WTS Sole 240,900
THOMPSON CREEK METALS
CO INC /CAD/ COM 884768102 75 15,000 SH WTS Sole 15,000
TOWER GROUP INC COM 891777104 308 12,500 SH Sole 12,500
TRANSDIGM GROUP INC COM 893641100 197 6,000 SH Sole 6,000
TRUE RELIGION APPAREL
INC COM 89784N104 354 30,000 SH Sole 30,000
TURKCELL ILETISIM
HIZMET - ADR SPON ADR NEW 900111204 369 30,000 SH Sole 30,000
ULTRA PETROLEUM CORP COM 903914109 6,281 175,000 SH Sole 175,000
URS CORP COM 903236107 162 4,000 SH Sole 4,000
VANTAGE DRILL WTS EXP
5/24/11 *W EXP 05/24/201 G93205121 2,437 2,461,400 SH Sole 2,461,400
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- ------------------------- --------- --------- -------------------- ---------- -------- ----------------------
VOTING AUTHORITY
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ----------------------
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- ------------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
VANTAGE DRILLING
COMPANY ORD SHS G93205113 2,371 2,394,580 SH Sole 2,394,580
VERIZON
COMMUNICATIONS COM 92343V104 362 12,000 SH Sole 12,000
VIMPEL COMMUNICATIONS
SPON ADR SPON ADR 68370R109 7,051 1,078,157 SH Sole 1,078,157
VISA INC CLASS A
SHARES COM CL A 92826C839 195 3,500 SH Sole 3,500
VMWARE INC-CLASS A COM CL A 928563402 142 6,000 SH Sole 6,000
WEATHERFORD INTL LTD REG H27013103 4,151 375,000 SH Sole 375,000
WEATHERFORD INTL LTD REG H27013103 138 12,500 SH Sole 12,500
WEATHERFORD INTL LTD REG H27013103 288 26,000 SH Sole 26,000
WESTERN DIGITAL CORP COM 958102105 290 15,000 SH Sole 15,000
WESTERN GOLDFIELDS
INC /CAD/ COM NEW 95828P203 1,227 650,000 SH Sole 650,000
WHITINIG PETROLEUM
CORP COM 966387102 4,524 175,000 SH Sole 175,000
XILINX INC COM 983919101 144 7,500 SH Sole 7,500
XTO ENERGY INC COM 98385X106 11,176 365,000 SH Sole 365,000
XTO ENERGY INC COM 98385X106 276 9,000 SH Sole 9,000
YAMANA GOLD INC /CAD/ COM 98462Y100 7,873 668,884 SH WTS Sole 668,884
YAMANA GOLD INC /CAD/ COM 98462Y100 24,211 2,057,027 SH WTS Sole 2,057,027
YAMANA GOLD INC /CAD/ COM 98462Y100 4,555 386,965 SH WTS Sole 386,965
YAMANA GOLD INC /CAD/ COM 98462Y100 18 1,526 SH WTS Sole 1,526
GRAND TOTAL: 1,052,753 102,880,168