UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2007
Check here if Amendment [ ]; Amendment Number:
--------
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: U.S. Global Investors Inc.
Address: 7900 Callaghan Road
San Antonio, Texas 78278-1234
Form 13F File Number: 28-
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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 February 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.]
FORM 13F
SUMMARY PAGE
Number of Other Included Managers 1
Form 13F Information Table Entry Total 453
Form 13F Information Table Total Value (x1000) 3,308,392
List of Other Included Managers
1 Charlemagne Capital (IOM) Limited
St Mary's Court
20 Hill Street
Douglas, Isle of Man IM1 1EN
British Isles
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 288 10,000 SH Sole 10,000
ABRAXAS PETROLEUM CORP COM 003830106 3,957 1,025,000 SH Sole 1,025,000
ACTIVISION INC COM 004930202 297 10,000 SH Sole 10,000
ACTIVISION INC COM 004930202 1,188 40,000 SH Sole 40,000
ACTUANT CORP CLASS A CL A 00508X203 510 15,000 SH Sole 15,000
ADOBE SYSTEMS INC COM 00724F101 192 4,500 SH Sole 4,500
AECOM TECHNOLOGY CORP COM 00766T100 143 5,000 SH Sole 5,000
AECOM TECHNOLOGY CORP COM 00766T100 257 9,000 SH Sole 9,000
AECOM TECHNOLOGY CORP COM 00766T100 457 16,000 SH Sole 16,000
AGNICO EAGLE MINES LTD /USD/ COM 008474108 1,743 31,900 SH Sole 31,900
AGNICO EAGLE MINES LTD /USD/ COM 008474108 3,136 57,400 SH Sole 57,400
AGNICO EAGLE MINES LTD /USD/ COM 008474108 4,452 81,500 SH Sole 81,500
AGNICO EAGLE MINES LTD /USD/ COM 008474108 7,473 136,800 SH CALL Sole 136,800
AGNICO EAGLE MINES LTD /USD/ COM 008474108 2,398 43,900 SH CALL Sole 43,900
AGNICO EAGLE MINES LTD /USD/ COM 008474108 14,395 263,500 SH CALL Sole 263,500
AGRIUM INC COM COM 008474108 25,635 355,000 SH Sole 355,000
AIR PRODUCTS & CHEMICALS COM 009158106 375 3,800 SH Sole 3,800
ALCON INC COM H01301102 501 3,500 SH Sole 3,500
ALON USA ENERGY INC COM 020520102 12,095 445,000 SH Sole 445,000
ALTRIA GROUP INC COM 02209S103 453 6,000 SH Sole 6,000
ALVARION LTD
SHS SHS M0861T100 95 10,000 SH Sole 10,000
AMERICA MOVIL SAB DE CV
SERIES L COM 02364W105 503 8,200 SH Defined 1 8,200
ANGLOGOLD ASHANTI LTD SPON ADR SPON ADR 035128206 1,627 38,000 SH Sole 38,000
ANGLOGOLD ASHANTI LTD SPON ADR SPON ADR 035128206 1,284 30,000 SH Sole 30,000
ANGLOGOLD ASHANTI LTD SPON ADR SPON ADR 035128206 771 18,000 SH CALL Sole 18,000
ANNALY CAPITAL MANAGEMENT INC COM 035710409 182 10,000 SH Sole 10,000
ANOORAQ RESOURCES CORP COM 03633E108 963 208,400 SH Sole 208,400
ANOORAQ RESOURCES CORP /CAD/ COM 03633E108 1,775 385,000 SH Sole 385,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E108 10,921 2,369,200 SH Sole 2,369,200
ANWORTH MORTGAGE ASSET REIT COM 037347101 165 20,000 SH Sole 20,000
APACHE CORP COM 037411105 22,046 205,000 SH Sole 205,000
APACHE CORP COM 037411105 215 2,000 SH Sole 2,000
APACHE CORP COM 037411105 194 1,800 SH Sole 1,800
APPLE INC COM 037833100 1,387 7,000 SH Sole 7,000
APPLE INC COM 037833100 1,981 10,000 SH Sole 10,000
ATP OIL & GAS CORPORATION COM 00208J108 11,372 225,000 SH Sole 225,000
ATWOOD OCEANICS COM 050095108 15,036 150,000 SH Sole 150,000
ATWOOD OCEANICS COM 050095108 601 6,000 SH Sole 6,000
AURIZON MINES LTD /CAD/ COM 05155P106 1,555 399,100 SH Sole 399,100
BAIDU COM INC COM 056752108 1,952 5,000 SH Sole 5,000
BAIDU COM INC COM 056752108 468 1,200 SH Sole 1,200
BAKER HUGHES INC COM 057224107 308 3,800 SH Sole 3,800
BANCOLOMBIA SA SPON ADR SPON ADR 05968L102 425 12,500 SH Sole 12,500
BANK NEW YORK MELLON CORP COM 064058100 293 6,000 SH Sole 6,000
BARRICK GOLD CORP COM COM 067901108 1,153 27,429 SH Sole 27,429
BARRICK GOLD CORP COM COM 067901108 3,977 94,574 SH Sole 94,574
BARRICK GOLD CORP COM COM 067901108 231 5,500 SH Sole 5,500
BARRICK GOLD CORP COM COM 067901108 14,562 346,300 SH CALL Sole 346,300
BARRICK GOLD CORP COM COM 067901108 8,986 213,700 SH CALL Sole 213,700
BARRICK GOLD CORP COM COM 067901108 3,049 72,500 SH CALL Sole 72,500
BARRICK GOLD CORP COM COM 067901108 12,720 302,500 SH CALL Sole 302,500
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
-------------- --------------- ---------- --------- ---------- --- ---- ---------- -------- ---- --------- ---------
BE AEROSPACE INC COM 073302101 397 7,500 SH Sole 7,500
BERKSHIRE HATHAWAY INC CL B CL B 084670207 805 170 SH Sole 170
BHP BILLITON LIMITED ADR SPON ADR 088606108 21,712 310,000 SH Sole 310,000
BHP BILLITON LIMITED ADR SPON ADR 088606108 350 5,000 SH Sole 5,000
BOEING CO COM 097023105 175 2,000 SH Sole 2,000
BOEING CO COM 097023105 219 2,500 SH Sole 2,500
BOEING CO COM 097023105 656 7,500 SH Sole 7,500
BUNGE LIMITED COM G16962105 1,164 10,000 SH Sole 10,000
BURLINGTON NORTHN SANTA FE COM 12189T104 1,248 15,000 SH Sole 15,000
BURLINGTON NORTHN SANTA FE COM 12189T104 291 3,500 SH Sole 3,500
CAMERON INTERNATIONAL CORP
COM COM 13342B105 24,306 505,000 SH Sole 505,000
CAMERON INTERNATIONAL CORP
COM COM 13342B105 963 20,000 SH Sole 20,000
CANO PETE INC
COM COM 137801106 9,448 1,371,300 SH Sole 1,371,300
CANO PETE INC
COM COM 137801106 138 20,000 SH Sole 20,000
CANO PETE INC
COM COM 137801106 413 60,000 SH Sole 60,000
CANO PETE INC COM 137801106 172 25,000 SH Sole 25,000
CELLCOM ISRAEL LTD COM M2196U109 159 5,000 SH Sole 5,000
CENTRAL EUROPEAN DISTR CORP COM 153435102 17,853 307,381 SH Defined 1 307,381
CENTRAL SUN MNG INC COM 155432107 102 85,714 SH Sole 85,714
CENTRAL SUN MNG INC COM 155432107 551 463,999 SH Sole 463,999
CHESAPEAKE GOLD CORP /CAD/ COM 165184102 4,147 500,000 SH Sole 500,000
CHESAPEAKE GOLD CORP /CAD/ COM 165184102 9,061 1,092,549 SH Sole 1,092,549
CHICAGO BRIDGE & IRON ADR SPON ADR 167250109 21,154 350,000 SH Sole 350,000
CHICAGO BRIDGE & IRON ADR SPON ADR 167250109 665 11,000 SH Sole 11,000
CHINA MOBILE LTD SPON ADR SPON ADR 16941M109 347 4,000 SH Sole 4,000
CISCO SYSTEMS INC COM 17275R102 406 15,000 SH Sole 15,000
CISCO SYSTEMS INC COM 17275R102 379 14,000 SH Sole 14,000
CISCO SYSTEMS INC COM 17275R102 1,083 40,000 SH Sole 40,000
CITIGROUP INC COM 172967101 2,355 80,000 SH CALL Sole 80,000
CITIGROUP INC COM 172967101 1,766 60,000 SH CALL Sole 60,000
CITIGROUP INC COM 172967101 5,888 200,000 SH CALL Sole 200,000
CLEVELAND CLIFFS INC COM 185896107 19,374 192,205 SH Sole 192,205
CME GROUP INC COM 12572Q105 549 800 SH Sole 800
COCA-COLA CO COM 191216100 460 7,500 SH Sole 7,500
COEUR D ALENE MINES CORP COM 192108108 2,548 515,850 SH Sole 515,850
COMPANHIA SIDERURGICA NAC ADR SPON ADR 20440W105 10,748 120,000 SH Sole 120,000
COMPANHIA SIDERURGICA NAC ADR SPON ADR 20440W105 448 5,000 SH Sole 5,000
CONOCOPHILLIPS COM 20825C104 18,543 210,000 SH Sole 210,000
CONOCOPHILLIPS COM 20825C104 9,266 105,000 SH CALL Sole 105,000
CONOCOPHILLIPS call option COM 2,649 3,000 SH CALL Sole 3,000
CORE LABORATORIES N V COM N22717107 22,138 177,500 SH Sole 177,500
CORE LABORATORIES N V COM N22717107 374 3,000 SH Sole 3,000
CORE LABORATORIES N V COM N22717107 935 7,500 SH Sole 7,500
CORNING INC COM 219350105 422 17,600 SH Sole 17,600
CORRIENTE RES INC COM NEW COM 22027E409 3,230 593,200 SH Sole 593,200
COSTCO WHOLESALE CORP COM 22160K105 349 5,000 SH Sole 5,000
CREDICORP LTD COM G2519Y108 572 7,500 SH Sole 7,500
CRYSTALLEX INTL CORP COM 22942F101 353 155,000 SH Sole 155,000
CRYSTALLEX INTL CORP COM 22942F101 104 45,815 SH Sole 45,815
CRYSTALLEX INTL CORP COM 22942F101 1,747 766,185 SH Sole 766,185
CRYSTALLEX INTL CORP /CAD/ COM 22942F101 78 33,750 SH Sole 33,750
CRYSTALLEX INTL CORP /CAD/ COM 22942F101 209 90,250 SH Sole 90,250
CRYSTALLEX INTL CORP COM 22942F101 10 4,500 SH CALL Sole 4,500
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
-------------- --------------- ---------- --------- ---------- --- ---- ---------- -------- ---- --------- ---------
CRYSTALLEX INTL CORP COM 22942F101 149 64,400 SH CALL Sole 64,400
CRYSTALLEX INTL CORP COM 22942F101 536 231,400 SH CALL Sole 231,400
CRYSTALLEX INTL CORP COM 22942F101 689 297,700 SH CALL Sole 297,700
CVS CAREMARK CORPORATION_ COM 126650100 159 4,000 SH Sole 4,000
DANAHER CORP COM 235851102 456 5,200 SH Sole 5,200
DEERE & CO COM 244199105 372 4,000 SH Sole 4,000
DEERE & CO COM 244199105 521 5,600 SH Sole 5,600
DELL INC COM 24702R101 490 20,000 SH CALL Sole 20,000
DENBURY RESOURCES INC COM 247916208 17,106 575,000 SH Sole 575,000
DENBURY RESOURCES INC COM 247916208 274 9,200 SH Sole 9,200
DENISON MINES WTS 3/1/11 /CAD/ COM 248356123 5,662 634,752 SH WTS Sole 634,752
DENISON MINES WTS 3/1/11 /CAD/ COM 248356123 2,853 319,810 SH WTS Sole 319,810
DENISON MINES CORP Warrants COM 248356123 288 32,256 SH WTS Sole 32,256
DENTSPLY INTL INC COM 249030107 225 5,000 SH Sole 5,000
DEVON ENERGY CORP COM 25179M103 17,782 200,000 SH Sole 200,000
DIAMOND OFFSHORE DRILLING INC COM 25271C102 22,748 160,200 SH Sole 160,200
DIAMOND OFFSHORE DRILLING INC COM 25271C102 568 4,000 SH Sole 4,000
DIAMOND OFFSHORE DRILLING INC COM 25271C102 1,065 7,500 SH Sole 7,500
DOLLAR FINANCIAL CORP COM 256664103 460 15,000 SH Sole 15,000
DRDGOLD LTD SPONSORED ADR SPON ADR 26152H301 71 10,000 SH Sole 10,000
DRDGOLD LTD SPONSORED ADR SPON ADR 26152H301 18 2,500 SH Sole 2,500
DRYSHIPS INC COM Y2109Q101 1,161 15,000 SH Sole 15,000
EMC CORP MASS COM 268648102 167 9,000 SH Sole 9,000
EMC CORP MASS COM 268648102 426 23,000 SH Sole 23,000
ENERGY CONVERSION DEVICES COM 292659109 185 5,500 SH Sole 5,500
ENTREE GOLD INC /CAD/ COM 29383G100 2,564 1,015,000 SH Sole 1,015,000
EXELON CORPORATION COM 30161N101 163 2,000 SH Sole 2,000
EXELON CORPORATION COM 30161N101 653 8,000 SH Sole 8,000
EXELON CORPORATION COM 30161N101 490 6,000 SH Sole 6,000
EXETER RESOURCE CORP COM 301835104 135 25,000 SH Sole 25,000
EXPRESS SCRIPTS INC COMMON COM 302182100 548 7,500 SH Sole 7,500
EXXON MOBIL CORP COM 30231G102 9,369 100,000 SH CALL Sole 100,000
F M C CORP COM 302491303 1,184 21,700 SH Sole 21,700
F P L GROUP INC COM 302571104 678 10,000 SH Sole 10,000
FIRST SOLAR INC COM 336433107 935 3,500 SH Sole 3,500
FIRST SOLAR INC COM 336433107 775 2,900 SH Sole 2,900
FIRST SOLAR INC COM 336433107 267 1,000 SH Sole 1,000
FLOTEK INDUSTRIES INC COM 343389102 649 18,000 SH Sole 18,000
FMC TECHNOLOGIES INC COM 30249U101 24,381 430,000 SH Sole 430,000
FMC TECHNOLOGIES INC COM 30249U101 255 4,500 SH Sole 4,500
FMC TECHNOLOGIES INC COM 30249U101 482 8,500 SH Sole 8,500
FORDING CANADIAN COAL TRUST TR UNIT 345425102 153 3,986 SH Sole 3,986
FOSTER WHEELER LTD COM G36535139 589 3,800 SH Sole 3,800
FREEPORT-MCMORAN C & G COMMON COM 35671D857 34,830 340,000 SH Sole 340,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 2,561 25,000 SH Sole 25,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 5,634 55,000 SH Sole 55,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 307 3,000 SH Sole 3,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 512 5,000 SH Sole 5,000
GAMESTOP CORP CLASS A CL A 36467W109 621 10,000 SH Sole 10,000
GAMESTOP CORP CLASS A CL A 36467W109 1,863 30,000 SH Sole 30,000
GARMIN LTD /USD/ COM G37260109 679 7,000 SH Sole 7,000
GENERAL ELECTRIC CO COM 369604103 623 16,800 SH Sole 16,800
GFI GROUP INC COM 361652209 431 4,500 SH Sole 4,500
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
-------------- --------------- ---------- --------- ---------- --- ---- ---------- -------- ---- --------- ---------
GFI GROUP INC COM 361652209 1,053 11,000 SH Sole 11,000
GILEAD SCIENCES INC COM 375558103 276 6,000 SH Sole 6,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 6,072 427,620 SH Sole 427,620
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 15,222 1,071,980 SH Sole 1,071,980
GOLDCORP INC COM 380956409 187 5,500 SH Sole 5,500
GOLDCORP INC CW11 COM 380956177 34 1,000 SH WTS Sole 1,000
GOLDCORP INC CW11 COM 380956177 1,663 49,026 SH WTS Sole 49,026
GOLDCORP INC CW11 /CAD/ COM 380956177 49,632 1,462,766 SH WTS Sole 1,462,766
GOLDCORP INC CW11 /CAD/ COM 380956177 36,178 1,066,254 SH WTS Sole 1,066,254
GOLDCORP INC CW11 /CAD/ COM 380956177 143,348 4,224,822 SH WTS Sole 4,224,822
GOLDCORP Warrants COM 3880956177 6,985 205,862 SH WTS Sole 205,862
GOLDCORP INC COM 380956177 5,500 162,100 SH CALL Sole 162,100
GOLDCORP INC COM 380956409 15,401 453,900 SH CALL Sole 453,900
GOLDCORP INC COM 380956409 492 14,500 SH CALL Sole 14,500
GOLDCORP INC COM 380956409 271 8,000 SH CALL Sole 8,000
GOLDCORP INC COM 380956409 2,826 83,300 SH CALL Sole 83,300
GOLDCORP INC COM 380956409 7,539 222,200 SH CALL Sole 222,200
GOLDCORP INC COM 380956409 509 15,000 SH CALL Sole 15,000
GOLDCORP INC COM 380956409 288 8,500 SH CALL Sole 8,500
GOLDMAN CW09 WT 10/26/09 COM G397BD532 14,794 68,794 SH WTS Defined 1 68,794
GOODRICH PETROLEUM CORP COM 382410405 10,057 444,600 SH Sole 444,600
GOOGLE INC CLASS A CL A 38259P508 553 800 SH Sole 800
GOOGLE INC CLASS A CL A 38259P508 467 675 SH Sole 675
GOOGLE INC CLASS A CL A 38259P508 1,037 1,500 SH Sole 1,500
GREAT BASIN GOLD LTD /CAD/ COM 390124105 6,084 2,281,000 SH Sole 2,281,000
GRUPO AEROPORTUARIO SPON ADR COM 400501102 306 5,000 SH Sole 5,000
HARMONY GOLD MINING SPND ADR SPON ADR 413216300 2,243 217,600 SH Sole 217,600
HARMONY GOLD MINING SPND ADR SPON ADR 413216300 1,339 129,900 SH Sole 129,900
HARMONY GOLD MINING SPND ADR SPON ADR 413216300 2,297 222,800 SH CALL Sole 222,800
HARMONY GOLD MINING SPND ADR SPON ADR 413216300 1,291 125,200 SH CALL Sole 125,200
HARRY WINSTON DIAMON CORP
/CAD/ COM 41587B100 719 22,000 SH Sole 22,000
HARRY WINSTON DIAMON CORP
/CAD/ COM 41587B100 2,841 87,000 SH Sole 87,000
HARVEST ENERGY TRUST-UNIT
/CAD TRUST UNIT 41752X101 4,983 240,000 SH Sole 240,000
HARVEST ENERGY TRUST TRUST UNIT 41752X101 124 6,000 SH Sole 6,000
HECLA MINING COM 422704106 842 90,000 SH Sole 90,000
HECLA MINING COM 422704106 1,328 142,000 SH CALL Sole 142,000
HECLA MINING COM 422704106 23 2,500 SH CALL Sole 2,500
HELMERICH & PAYNE INC COM 423452101 701 17,500 SH Sole 17,500
HESS CORP COM 42809H107 10,086 100,000 SH Sole 100,000
HESS CORP COM 42809H107 575 5,700 SH Sole 5,700
HESS CORP COM 42809H107 5,931 58,800 SH CALL Sole 58,800
HESS CORP COM 121 1,200 SH CALL Sole 1,200
HEWLETT PACKARD COM 428236103 303 6,000 SH Sole 6,000
HOLLY CORP COM 435758305 15,267 300,000 SH Sole 300,000
HOLLY CORP COM 4357589FI 254 5,000 SH CALL Sole 5,000
HORNBECK OFFSHORE SERVICES INC COM 440543106 14,159 315,000 SH Sole 315,000
IAMGOLD CORP WTS 8/12/08 /CAD/ COM 450913116 1,203 148,546 SH WTS Sole 148,546
IAMGOLD CORP WTS 8/12/08 /CAD/ COM 450913116 2,406 297,089 SH WTS Sole 297,089
IAMGOLD CORP WTS 8/12/08 /CAD/ COM 450913116 11,954 1,475,781 SH WTS Sole 1,475,781
IAMGOLD CORPORATION COM 450913108 0 1 SH Sole 1
IAMGOLD CORPORATION /CAD/ COM 450913108 1,506 185,000 SH Sole 185,000
IMMUCOR INC COM 452526106 680 20,000 SH Sole 20,000
INFINITY BIO ENERGY LTD COM G4770S101 3,156 682,400 SH Sole 682,400
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
-------------- --------------- ---------- --------- ---------- --- ---- ---------- -------- ---- --------- ---------
INTEL CORP COM 458140100 392 14,700 SH Sole 14,700
INTERCONTINENTALEXCHANGE INC COM 45865V100 1,348 7,000 SH Sole 7,000
INTERNATIONAL ROYALTY CORP/CAD COM 460277106 3,604 647,450 SH Sole 647,450
INTERNATIONAL ROYALTY CORP COM 460277106 44 8,000 SH Sole 8,000
ISHARES SILVER TRUST I SHARES 46428Q109 3,873 26,350 SH Sole 26,350
ISHARES SILVER TRUST I SHARES 46428Q109 19,730 134,243 SH Sole 134,243
ISHARES SILVER TRUST I SHARES 46428Q109 1,565 10,650 SH Sole 10,650
ISHARES SILVER TRUST I SHARES 46428Q109 279 1,900 SH Sole 1,900
ISHARES SILVER TRUST I SHARES 46428Q109 118 800 SH Sole 800
ISHARES SILVER TRUST ISHARES 46428Q109 680 4,625 SH Sole 4,625
ITT CORP COM 450911102 363 5,500 SH Sole 5,500
IVANHOE MINES LTD /CAD/ COM 46579N103 3,285 302,200 SH Sole 302,200
IVANHOE MINES LTD /CAD/ COM 46579N103 1,447 133,100 SH Sole 133,100
IVANHOE MINES LTD /CAD/ COM 46579N103 7,934 729,900 SH Sole 729,900
IVANHOE ENERGY COM 465790103 203 130,000 SH Sole 130,000
JA SOLAR HOLDINGS CO LTD-ADS SPON ADR 466090107 873 12,500 SH Sole 12,500
JAGUAR MINING INC /CAD/ COM 47009M103 4,718 387,700 SH Sole 387,700
JAGUAR MINING INC /CAD/ COM 47009M103 26,514 2,178,900 SH Sole 2,178,900
JANUS CAPITAL GROUP INC COM 47102X105 329 10,000 SH Sole 10,000
JOS A BANK CLOTHIERS INC COM 480838101 498 17,500 SH Sole 17,500
JUNIPER NETWORKS INC COM 48203R104 498 15,000 SH Sole 15,000
KINROSS GOLD CORP /CAD/ COM 496902404 6,064 329,230 SH Sole 329,230
KINROSS GOLD CORP /CAD/ COM 496902404 5,763 312,896 SH Sole 312,896
KINROSS GOLD CORP /CAD/ /REST/ COM 496902404 501 27,184 SH Sole 27,184
KINROSS GOLD CORP /CAD/ /REST/ COM 496902404 8,092 439,323 SH Sole 439,323
KINROSS GOLD CORP /CAD/ /REST/ COM 496902404 17,030 924,621 SH Sole 924,621
KINROSS GOLD CORP CW11
WARRANT EXPIRES 9/7/11
/CAD/ COM 496902164 895 48,650 SH WTS Sole 48,650
KINROSS GOLD CORP CW11 WARRANT
EXPIRES 9/7/11 /CAD/ COM 496902164 4,053 220,260 SH WTS Sole 220,260
KINROSS GOLD CORP CW11 WARRANT
EXPIRES 9/7/11 /CAD/ COM 496902164 10,141 551,161 SH WTS Sole 551,161
KINROSS Warrants COM PP4F15UL0 811 44,100 SH WTS Sole 44,100
KOOKMIN BANK SP ADR COM 50049M109 468 6,381 SH Defined 1 6,381
KRAFT FOODS INC CL A I SHARES 50075N104 90 2,768 SH Sole 2,768
LIHIR GOLD LTD SPON ADR I SHARES 532349107 343 11,000 SH Sole 11,000
LIHIR GOLD LTD SPON ADR I SHARES 532349107 1,934 62,000 SH Sole 62,000
LINDSAY CORP I SHARES 535555106 353 5,000 SH Sole 5,000
LINN ENERGY LLC UNIT LTD LIAB 536020100 63 2,500 SH Sole 2,500
LULULEMON ATHLETICA INC COM 550021109 355 7,500 SH Sole 7,500
LULULEMON ATHLETICA INC COM 550021109 592 12,500 SH Sole 12,500
LUNDIN MINING CORP /CAD/ COM 550372106 296 30,860 SH Sole 30,860
LUNDIN MINING CORP /CAD/ COM 550372106 5,185 540,000 SH Sole 540,000
LUNDIN MINING CORP /REST/ COM 550372106 148 15,430 SH Sole 15,430
MANITOWOC CO INC COM 563571108 586 12,000 SH Sole 12,000
MANITOWOC CO INC COM 563571108 781 16,000 SH Sole 16,000
MARATHON OIL CORP COM 565849106 39,863 655,000 SH Sole 655,000
MARATHON OIL CORP COM 565849106 487 8,000 SH Sole 8,000
MARATHON OIL CORP COM 565849106 3,250 53,400 SH CALL Sole 53,400
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 560 12,224 SH Sole 12,224
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 2,650 57,800 SH Sole 57,800
MARKET VECTORS GOLD MINERS GOLD MINER ETF 57060U100 37 800 SH Sole 800
MASTERCARD INC COM 57636Q104 646 3,000 SH Sole 3,000
MC DONALDS CORP COM 580135101 471 8,000 SH Sole 8,000
MCDERMOTT INTL INC COM 580037109 58,735 995,000 SH Sole 995,000
MCDERMOTT INTL INC COM 580037109 1,476 25,000 SH Sole 25,000
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
-------------- --------------- ---------- --------- ---------- --- ---- ---------- -------- ---- --------- ---------
MECHEL STEEL GROUP OAO COM 583840103 389 4,000 SH Sole 4,000
MECHEL STEEL GROUP OAO COM 583840103 486 5,000 SH Sole 5,000
MEMC ELECTRONIC MATERIALS INC COM 552715104 265 3,000 SH Sole 3,000
MEMC ELECTRONIC MATERIALS INC COM 552715104 885 10,000 SH Sole 10,000
MERIDIAN BIOSCIENCE INC COM 589584101 226 7,500 SH Sole 7,500
MERIDIAN BIOSCIENCE INC COM 589584101 677 22,500 SH Sole 22,500
METALLICA RES INC /CAD/ /REST/ COM 59125J104 1,344 250,000 SH Sole 250,000
METALLICA RESOURCES INC /CAD/ COM 59125J104 2,832 526,900 SH Sole 526,900
MICROSOFT CORP COM 594918104 356 10,000 SH Sole 10,000
MILLICOM INTERNATIONAL CELLULA COM L6388F110 295 2,500 SH Sole 2,500
MILLICOM INTERNATIONAL CELLULA COM L6388F110 885 7,500 SH Sole 7,500
MINEFINDERS LTD /CAD/ COM 602900102 4,564 404,134 SH Sole 404,134
MINEFINDERS LTD /CAD/ COM 602900102 9,766 864,766 SH Sole 864,766
MINES MANAGEMENT INC COM 603432105 897 262,970 SH Sole 262,970
MINES MANAGEMENT INC COM 603432105 2,888 846,930 SH Sole 846,930
MINES MANAGEMENT INC COM 603432105 51 15,000 SH Sole 15,000
MINES MANAGEMNT WT EXP 4/19/12 COM 603432113 476 140,000 SH WTS Sole 140,000
MINES MANAGEMNT WT EXP 4/19/12 COM 603432113 1,747 513,700 SH WTS Sole 513,700
MINES MANAGEMNT WT EXP 4/19/12 COM 603432113 26 7,500 SH WTS Sole 7,500
MINES MANAGEMENT INC COM 603432105 17 5,000 SH Sole 5,000
MINES MANAGEMENT INC COM 603432105 85 25,000 SH Sole 25,000
MINES MANAGEMENT INC COM 603432105 578 170,000 SH Sole 170,000
MINES MANAGEMNT WT EXP 4/19/12 COM 603432113 9 2,500 SH WTS Sole 2,500
MINES MANAGEMNT WT EXP 4/19/12 COM 603432113 44 13,000 SH WTS Sole 13,000
MINES MANAGEMNT WT EXP 4/19/12 COM 603432113 300 88,100 SH WTS Sole 88,100
MOBILE TELESYSTEMS SPON ADR COM 607409109 73,360 720,702 SH Defined 1 720,702
MONSANTO CO COM 61166W101 19,546 175,000 SH Sole 175,000
MONSANTO CO COM 61166W101 614 5,500 SH Sole 5,500
MONSANTO CO COM 61166W101 6,143 55,000 SH CALL Sole 55,000
MOSAIC COMPANY COM 61945A107 9,434 100,000 SH Sole 100,000
MOSAIC COMPANY COM 61945A107 660 7,000 SH Sole 7,000
MOSAIC COMPANY COM 61945A107 1,887 20,000 SH Sole 20,000
NATIONAL OILWELL VARCO INC COM 637071101 514 7,000 SH Sole 7,000
NEVSUN RES LTD /CAD/ COM 64156L101 231 100,000 SH Sole 100,000
NEW GOLD INC COM 644535106 25 5,000 SH Sole 5,000
NEW GOLD INC /CAD/ COM 644535106 560 109,000 SH Sole 109,000
NEWMONT MINING CORP /USD/ COM 651639106 3,174 65,000 SH Sole 65,000
NEWMONT MINING CORP /USD/ COM 651639106 4,883 100,000 SH Sole 100,000
NEWMONT MINING CORP /USD/ COM 651639106 732 15,000 SH CALL Sole 15,000
NEWMONT MINING CORP /USD/ COM 651639106 4,151 85,000 SH CALL Sole 85,000
NEXEN INC COM 65334H102 2,607 80,700 SH Sole 80,700
NEXEN INC COM 65334H102 623 19,300 SH Sole 19,300
NOBLE CORP COM G65422100 16,388 290,000 SH Sole 290,000
NOBLE CORP COM G65422100 113 2,000 SH Sole 2,000
NOBLE CORP COM G65422100 791 14,000 SH Sole 14,000
NOBLE ENERGY INC COM 655044105 29,025 365,000 SH Sole 365,000
NOBLE ENERGY INC COM 655044105 191 2,400 SH Sole 2,400
NOKIA CORP SPONSORED ADR COM 654902204 192 5,000 SH Sole 5,000
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 15,892 1,209,000 SH Sole 1,209,000
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 11,359 864,150 SH Sole 864,150
NORTHROP GRUMMAN CORP COM 666807102 307 3,900 SH Sole 3,900
NOVO-NORDISK A S ADR SPON ADR 670100205 259 4,000 SH Sole 4,000
NVIDIA CORP COM 67066G104 408 12,000 SH Sole 12,000
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
-------------- --------------- ---------- --------- ---------- --- ---- ---------- -------- ---- --------- ---------
NVIDIA CORP COM 67066G104 765 22,500 SH Sole 22,500
OCCIDENTAL PETROLEUM COM 674599105 45,809 595,000 SH Sole 595,000
OCCIDENTAL PETROLEUM COM 674599105 7,699 100,000 SH CALL Sole 100,000
OCCIDENTAL PETE COM 154 2,000 SH CALL Sole 2,000
OCEANEERING INTNATL INC COM 675232102 22,394 332,500 SH Sole 332,500
OCEANEERING INTNATL INC COM 675232102 236 3,500 SH Sole 3,500
OIL SVC HOLDRS DEPOSTRY RCPT 678002106 56,706 300,000 SH CALL Sole 300,000
ORACLE CORP COM 68389X105 169 7,500 SH Sole 7,500
ORACLE CORP COM 68389X105 565 25,000 SH Sole 25,000
PACCAR INC COM 693718108 123 2,250 SH Sole 2,250
PACIFIC RIM MINING CORP COM 694915208 5,481 5,122,600 SH Sole 5,122,600
PENN WEST ENERGY TRUST TR UNIT 70788509 711,774 27,500 SH Sole 27,500
PERMIAN BASIN ROYALTY TRUST UNIT BEN INT 714236106 159,800 10,000 SH Sole 10,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 544 3,100 SH Defined 1 3,100
PETROLEO BRASILEIRO SPON ADR SPON ADR 71654V101 54,749 569,000 SH Sole 569,000
PETROLEO BRASILEIRO SPON ADR SPON ADR 71654V101 1,640 17,044 SH Defined 1 17,044
PHASE FORWARD INC COM 71721R406 761 35,000 SH Sole 35,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 1,964 492,700 SH Sole 492,700
PLATINUM GROUP METALS /CAD/ COM 72765Q205 3,959 993,400 SH Sole 993,400
POSCO SPONSORED ADR SPON ADR 693483109 12,785 85,000 SH Sole 85,000
POSCO SPONSORED ADR SPON ADR 693483109 45 300 SH Sole 300
POSCO SPONSORED ADR SPON ADR 693483109 705 4,688 SH Defined 1 4,688
POTASH CORP SASKATCHEWAN /CAD/ COM 73755L107 361 2,500 SH Sole 2,500
POTASH CORP SASKATCHEWAN /USD/ COM 73755L107 35,990 250,000 SH Sole 250,000
POTASH CORP SASKATCHEWAN /USD/ COM 73755L107 504 3,500 SH Sole 3,500
POTASH CORP SASKATCHEWAN /USD/ COM 73755L107 1,296 9,000 SH Sole 9,000
POTASH CORP SASKATCHEWAN /USD/ COM 73755L107 7,198 50,000 SH CALL Sole 50,000
PRECISION CASTPARTS CORP COM 740189105 1,734 12,500 SH Sole 12,500
PRICELINE.COM INC COM 741503403 402 3,500 SH Sole 3,500
PRICELINE.COM INC COM 741503403 1,149 10,000 SH Sole 10,000
PROCTER & GAMBLE COM 742718109 220 3,000 SH Sole 3,000
RAYTHEON COMPANY COM 755111507 358 5,900 SH Sole 5,900
RELIANT ENERGY INC COM 75952B105 13,645 520,000 SH Sole 520,000
RESEARCH IN MOTION COM 760975102 1,418 12,500 SH Sole 12,500
RESEARCH IN MOTION COM 760975102 1,191 10,500 SH Sole 10,500
RESEARCH IN MOTION COM 760975102 1,134 10,000 SH Sole 10,000
RIO TINTO PLC SPONSORED ADR SPON ADR 767204100 44,299 105,500 SH Sole 105,500
RIO TINTO PLC SPONSORED ADR SPON ADR 767204100 1,470 3,500 SH Sole 3,500
ROGERS COMMUNICATIONS /USD/ COM 775109200 815 18,000 SH Sole 18,000
ROYAL GOLD INC COM 780287108 4,154 136,100 SH Sole 136,100
ROYAL GOLD INC COM 780287108 7,999 262,100 SH Sole 262,100
RUBICON MINERALS /CAD//REST/ COM 780911103 251 169,600 SH Sole 169,600
SALESFORCE.COM INC COM 79466L302 219 3,500 SH Sole 3,500
SALESFORCE.COM INC COM 79466L302 784 12,500 SH Sole 12,500
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 534 16,000 SH Sole 16,000
SCHEIN/HENRY/INC COM 806407102 614 10,000 SH Sole 10,000
SCHLUMBERGER LTD COM 806857108 36,397 370,000 SH Sole 370,000
SCHLUMBERGER LTD COM 806857108 807 8,200 SH Sole 8,200
SCHLUMBERGER LTD COM 806857108 9,837 100,000 SH CALL Sole 100,000
SCHLUMBERGER COM 246 2,500 SH CALL Sole 2,500
SCHWAB /CHARLES/ CORP COM 808513105 1,022 40,000 SH Sole 40,000
SECTOR SPDR-EN SBI INT- ENERGY 81369Y506 18,811 25,250 SH Sole 25,250
SEAGATE TECHNOLOGY COM G7945J104 128 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
-------------- --------------- ---------- --------- ---------- --- ---- ---------- -------- ---- --------- ---------
SILVER WHEATON COR WARRANT/CAD COM 828336115 22,329 1,315,814 SH WTS Sole 1,315,814
SILVER WHEATON COR WARRANT/CAD COM 828336115 5,173 304,838 SH WTS Sole 304,838
SILVER WHEATON COR WARRANT/CAD COM 828336115 40,958 2,413,528 SH WTS Sole 2,413,528
SILVER WHEATON CORP COM 828336115 2,573 151,614 SH WTS Sole 151,614
SILVER WHEATON CORP
COM COM 828336107 594 35,000 SH Sole 35,000
SILVER WHEATON CORP /CAD/REST/ COM 828336107 676 40,000 SH Sole 40,000
SILVER WHEATON WRTS /CAD/ COM 828336123 14,231 838,604 SH WTS Sole 838,604
SILVER WHEATON WRTS /CAD/ COM 828336123 2,256 132,956 SH WTS Sole 132,956
SILVER WHEATON WRTS /CAD/ COM 828336123 22,329 1,315,780 SH WTS Sole 1,315,780
SILVER WHEATON CORP COM 828336123 7,407 436,480 SH WTS Sole 436,480
SILVER WHEATON WTS 12/22/10 COM 828336131 23,518 1,385,840 SH WTS Sole 1,385,840
SILVER WHEATON WTS 12/22/10 COM 828336131 4,757 280,340 SH WTS Sole 280,340
SILVER WHEATON WTS 12/22/10 COM 828336131 47,467 2,797,120 SH WTS Sole 2,797,120
SILVER WHEATON CORP COM 828336131 85 5,000 SH WTS Sole 5,000
SINA CORPORATION COM G81477104 886 20,000 SH Sole 20,000
SINA CORPORATION COM G81477104 886 20,000 SH Sole 20,000
SOLITARIO RESOURCES CORP /CAD/ COM 83422R106 4,699 880,900 SH Sole 880,900
ST JUDE MEDICAL INC COM 790849103 203 5,000 SH Sole 5,000
STANLEY INC COM COM 854532108 240 7,500 SH Sole 7,500
STREETTRACKS GOLD TRUST GOLD SHS 863307104 10,707 129,840 SH Sole 129,840
STREETTRACKS GOLD TRUST GOLD SHS 863307104 23,708 287,510 SH Sole 287,510
STREETTRACKS GOLD TRUST GOLD SHS 863307104 124 1,500 SH Sole 1,500
STREETTRACKS GOLD TRUST GOLD SHS 863307104 363 4,400 SH Sole 4,400
STREETTRACKS GOLD TRUST GOLD SHS 863307104 29 350 SH Sole 350
STRYKER CORP COM 863667101 299 4,000 SH Sole 4,000
STRYKER CORP COM 863667101 747 10,000 SH Sole 10,000
SUNCOR ENERGY INC COM 867229106 19,571 180,000 SH Sole 180,000
SUNTECH POWER HOLDINGS ADR SPON ADR 86800C104 1,235 15,000 SH Sole 15,000
SUNTECH POWER HOLDINGS ADR SPON ADR 86800C104 247 3,000 SH Sole 3,000
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 547 54,942 SH Defined 1 54,942
TALISMAN ENERGY INC COM 87425E103 222 12,000 SH Sole 12,000
TASEKO MINES LTD /CAD/ COM 876511106 3,195 614,000 SH Sole 614,000
TASEKO MINES LTD /CAD/ COM 876511106 1,905 366,000 SH Sole 366,000
TASER INTERNATIONAL UTS COM 87651B104 144 10,000 SH Sole 10,000
TEMPUR-PEDIC INTERNATIONAL INC COM 88023U101 519 20,000 SH Sole 20,000
TERRA INDS INC COM 880915103 9,552 200,000 SH Sole 200,000
TERRA INDS INC COM 880915103 1,194 25,000 SH Sole 25,000
TESSERA TECHNOLOGIES INC COM 88164L100 250 6,000 SH Sole 6,000
TESSERA TECHNOLOGIES INC COM 88164L100 416 10,000 SH Sole 10,000
THERMO FISHER SCIENTIFIC INC COM 883556102 577 10,000 SH Sole 10,000
THOMPSON CREEK METALS CO /CAD/ COM 884768102 6,395 374,200 SH WTS Sole 374,200
THOMSON CRE WTS 10/23/11 /CAD/ COM 884768110 1,242 72,591 SH WTS Sole 72,591
THOMSON CRE WTS 10/23/11 /CAD/ COM 884768110 1,122 65,600 SH WTS Sole 65,600
THOMPSON CREEK METALS CO INC COM 884768110 401 23,409 SH WTS Sole 23,409
TIDEWATER INC COM 886423102 10,972 200,000 SH Sole 200,000
TOYOTA MOTOR CORP ADR COM 892331307 319 3,000 SH Sole 3,000
TRANSOCEAN INC NEW
SHS SHS G90073100 18,610 130,000 SH Sole 130,000
TRANSOCEAN INC NEW
SHS SHS G90073100 315 2,200 SH Sole 2,200
TRANSOCEAN INC NEW
SHS SHS G90073100 401 2,799 SH Sole 2,799
TRANSOCEAN INC NEW
SHS SHS G90073100 1,002 7,000 SH Sole 7,000
TRANSOCEAN INC NEW
SHS SHS G90073100 18,610 130,000 SH Sole 130,000
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
-------------- --------------- ---------- --------- ---------- --- ---- ---------- -------- ---- --------- ---------
TRANSOCEAN INC NEW
SHS SHS G90073100 315 2,200 SH Sole 2,200
TRANSOCEAN INC NEW
SHS SHS G90073100 401 2,799 SH Sole 2,799
TRANSOCEAN INC NEW
SHS SHS G90073100 1,002 7,000 SH Sole 7,000
TRANSOCEAN INC NEW
SHS SHS G90073100 14,315 100,000 SH CALL Sole 100,000
U S GOLD CORP COM 912023207 148 50,000 SH Sole 50,000
U S GOLD CORP /CAD/ COM 912023207 4,480 1,459,406 SH Sole 1,459,406
US GOLD CORPORATION COM 912023207 70 23,000 SH Sole 23,000
UNITED STATES OIL FUND LP
UNITS UNITS 91232N108 7,575 100,000 SH Sole 100,000
UNITED STATES OIL FUND LP UNITS 91232N108 76 1,000 SH Sole 1,000
VALERO ENERGY CORP COM 91913Y100 21,009 300,000 SH Sole 300,000
VALERO ENERGY CORP COM 91913Y100 280 4,000 SH Sole 4,000
VALERO ENERGY CORP COM 91913Y100 161 2,300 SH Sole 2,300
VALERO ENERGY CORP COM 91913Y100 210 3,000 SH Sole 3,000
VANTAGE ENERGY SERVICES WTS
5-24-11 COM 92209F110 7,600 1,000,000 SH WTS Sole 1,000,000
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 66,030 1,587,260 SH Defined 1 1,587,260
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 250 6,000 SH Sole 6,000
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 1,040 25,000 SH Sole 25,000
VISTAPRINT LTD COM G93762204 429 10,000 SH Sole 10,000
VOCUS INC COM 92858J108 863 25,000 SH Sole 25,000
WEATHERFORD INTERNATIONAL LTD COM G95089101 617 9,000 SH Sole 9,000
WRIGHT EXPRESS CORP COM 98233Q105 444 12,500 SH Sole 12,500
YAMANA GOLD /CAD/ COM 98462Y100 11,088 854,652 SH Sole 854,652
YAMANA GOLD /CAD/ COM 98462Y100 1,792 138,096 SH Sole 138,096
YAMANA GOLD /CAD/ COM 98462Y100 973 75,000 SH Sole 75,000
YAMANA GOLD /CAD/ COM 98462Y100 1,134 87,423 SH Sole 87,423
YAMANA GOLD INC COM 98462Y100 6,083 470,065 SH Sole 470,065
YAMANA GOLD INC COM 98462Y100 25,820 1,995,363 SH Sole 1,995,363
YAMANA GOLD INC COM 98462Y100 3 271 SH Sole 271
YAMANA GOLD INC COM 98462Y142 46 3,540 SH WTS Sole 3,540
YAMANA GOLD INC COM 98462Y159 6,785 524,370 SH WTS Sole 524,370
YAMANA GOLD INC COM 98462Y167 1,843 142,441 SH WTS Sole 142,441
YANZHOU COAL MNG SPONS ADR H SPON ADR 984846105 16,015 165,000 SH Sole 165,000
ZOLTEK COS INC COM 98975W104 214 5,000 SH Sole 5,000
GRAND TOTAL: 3,308,392 92,806,522