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, 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-_____________

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 17, 2009
-------------------------------------   ---------------   -----------------
[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.]



Number of Other Included Managers                        0

Form 13F Information Table Entry Total                 424

Form 13F Information Table Total Value (x1000)   1,253,296



                           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       225      15,000 SH       Sole                        15,000
ABRAXAS PETROLEUM CORP      COM                 003830106       424     589,294 SH       Sole                       589,294
ACTIVISION BLIZZARD INC     COM                 00507V109       216      25,000 SH       Sole                        25,000
ACTIVISION BLIZZARD INC     COM                 00507V109       691      80,000 SH       Sole                        80,000
AECOM TECHNOLOGY CORP       COM                 00766T100       246       8,000 SH       Sole                         8,000
AGNICO EAGLE MINES LTD      COM                 008474108     2,455      47,822 SH       Sole                        47,822
AGNICO EAGLE MINES LTD
   /CAD/                    COM                 008474108     3,000      58,158 SH       Sole                        58,158
AGNICO EAGLE MINES LTD
   /CAD/                    COM                 008474108     9,364     181,520 SH       Sole                       181,520
AGNICO EAGLE MINES LTD
   /CAD/                    COM                 008474108     1,283      25,000 SH  WTS  Sole                                25,000
AGNICO EAGLE MINES LTD
   /CAD/                    COM                 008474108     2,567      50,000 SH       Sole                                50,000
AGNICO EAGLE MINES LTD
   /CAD/                    COM                 008474108     5,356     104,340 SH       Sole                       104,340
AGNICO EAGLE MINES LTD
   /CAD/                    COM                 008474108     9,124     177,760 SH       Sole                       177,760
AGNICO EAGLE MINES LTD
   /CAD/                    COM                 008474108     7,186     140,000 SH       Sole                       140,000
AGNICO EAGLE MINES LTD
   /CAD/                    COM                 008474108    11,293     220,000 SH       Sole                       220,000
ALCOA INC                   COM                 013817101        24       2,100 SH  CALL Sole                         2,100
ALCON INC                   COM                 H01301102       446       5,000 SH       Sole                         5,000
ALLIANCEBERNSTEIN HLDG L P  UNIT LTD PARTN      01881G106       208      10,000 SH       Sole                        10,000
ALMOST FAMILY INC           COM                 020409108       720      16,000 SH       Sole                        16,000
ALPHA NATURAL RESOURCES     COM                 02076X102     3,319     205,000 SH  CALL Sole                       205,000
ALTERA CORP                 COM                 021441100       334      20,000 SH       Sole                        20,000
AMERICA MOVIL SAB DE CV
   SERIES L                 SPON ADR L SHS'     02364W105       496      16,000 SH       Sole                        16,000
AMERICA MOVIL SAB DE CV
   SERIES L                 SPON ADR L SHS'     02364W105       359      11,600 SH       Sole                        11,600
ANADARKO PETE CORP          COM                 032511107       347       9,000 SH       Sole                         9,000
ANGLOGOLD ASHANTI LTD
   SPON ADR                 SPON ADR            035128206     6,463     233,237 SH       Sole                       233,237
ANGLOGOLD ASHANTI LTD
   SPON ADR                 SPON ADR            035128206     5,154     186,000 SH       Sole                       186,000
ANGLOGOLD ASHANTI LTD
   SPON ADR                 SPON ADR            035128206       554      20,000 SH  CALL Sole                        20,000
ANOORAQ RESOURCES CORP
   /CAD/                    COM                 03633E108       117     375,000 SH       Sole                       375,000
ANOORAQ RESOURCES CORP
   /CAD/                    COM                 03633E108       881   2,822,400 SH       Sole                     2,822,400
APPLE INC                   COM                 037833100       341       4,000 SH       Sole                         4,000
ARCHER DANIELS MIDLAND      COM                 039483102     8,649     300,000 SH       Sole                       300,000
ARENA RESOURCES INC         COM                 040049108     7,023     250,000 SH       Sole                       250,000
ASA LTD                     COM                 G3156P103     5,100     100,000 SH       Sole                       100,000
ASA LTD                     COM                 G3156P103     1,632      32,000 SH       Sole                        32,000
AT&T INC                    COM                 00206R102       713      25,000 SH       Sole                        25,000
AT&T INC                    COM                 00206R102       570      20,000 SH       Sole                        20,000
ATLAS AIR WORLDWIDE
   HOLDINGS                 COM                 049164205       151       8,000 SH       Sole                         8,000
AURIZON MINES LTD COM       COM                 05155P106       400     123,365 SH       Sole                       123,365
AURIZON MINES LTD COM       COM                 05155P106       907     280,000 SH       Sole                       280,000
AURIZON MINES LTD /CAD/     COM                 05155P106     1,148     350,000 SH       Sole                       350,000
AVON PRODUCTS               COM                 054303102       481      20,000 SH       Sole                        20,000
BANCOLOMBIA SA SPON ADR     SPON ADR            05968L102       292      12,500 SH       Sole                        12,500
BARRICK GOLD CORP COM       COM                 067901108    10,172     276,647 SH       Sole                       276,647
BARRICK GOLD CORP COM       COM                 067901108     4,912     133,574 SH       Sole                       133,574
BAXTER INTL INC             COM                 071813109     1,125      21,000 SH       Sole                        21,000
BERKSHIRE HATHAWAY INC CL B CL B                084670207       546         170 SH       Sole                           170
BHP BILLITON LIMITED ADR    SPON ADR            088606108    10,725     250,000 SH       Sole                       250,000
BHP BILLITON LIMITED ADR    SPON ADR            088606108    47,190   1,100,000 SH  CALL Sole                     1,100,000
BHP BILLITON PLC            COM                 05545E209       129       3,000 SH  CALL Sole                                 3,000
BHP BILLITON PLC            COM                 05545E209       257       6,000 SH  CALL Sole                                 6,000
BOSTON PROPERTIES INC REIT  COM                 101121101       248       4,500 SH       Sole                         4,500
BP PLC SPONSORED ADR        SPON ADR            055622104     7,478     160,000 SH       Sole                       160,000
BRISTOL MYERS SQUIBB CO     COM                 110122108       988      42,500 SH       Sole                        42,500
BUCKLE INC                  COM                 118440106       327      15,000 SH       Sole                        15,000
BURLINGTON NORTHN SANTA FE  COM                 12189T104       984      13,000 SH       Sole                        13,000
BURLINGTON NORTHN SANTA FE
   CORP                     COM                 12189T104       227       3,000 SH  CALL Sole                                 3,000
CALIFORNIA WTR SVC GRP      COM                 130788102        93       2,000 SH       Sole                         2,000
CAMERON INTERNATIONAL CORP  COM                 13342B105       410      20,000 SH       Sole                        20,000
CANO PETE INC COM           COM                 137801106     1,199   2,725,000 SH       Sole                     2,725,000
CANO PETE INC               COM                 137801106        44     100,000 SH       Sole                               100,000







           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
--------------------------- ------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
                                                                                           
CARBO CERAMICS INC          COM                 140781105     6,573     185,000 SH       Sole                       185,000
CELGENE CORP                COM                 151020104       221       4,000 SH       Sole                         4,000
CELGENE CORP                COM                 151020104       332       6,000 SH       Sole                         6,000
CENTRAL SUN MNG INC         COM                 155432107       318   1,335,098 SH       Sole                     1,335,098
CHESAPEAKE GOLD CORP /CAD/  COM                 165184102     1,872     716,350 SH       Sole                       716,350
CHESAPEAKE GOLD CORP /CAD/  COM                 165184102     5,159   1,974,219 SH       Sole                     1,974,219
CHEVRON CORP                COM                 166764100       185       2,500 SH       Sole                         2,500
CHINA MOBILE LTD SPON ADR   SPON ADR            16941M109       509      10,000 SH       Sole                        10,000
CHINA MOBILE LTD SPON ADR   SPON ADR            16941M109       254       5,000 SH       Sole                         5,000
CHINA MOBILE LTD SPON ADR   SPON ADR            16941M109       305       6,000 SH       Sole                         6,000
CHINA MOBILE LTD SPON ADR   SPON ADR            16941M109       305       6,000 SH       Sole                         6,000
CHINA MOBILE LTD SPON ADR   SPON ADR            16941M109       164       3,223 SH       Sole                         3,223
CHIPOTLE MEXICAN GRILL INC  COM                 169656105       310       5,000 SH       Sole                         5,000
CHUNGHWA TELECOM CO LTD ADR SPON ADR            17133Q304       163      10,480 SH       Sole                        10,480
CIBT EDUCATION GROUP INC
   /CAD/                    COM                 17163Y102       203     533,632 SH       Sole                       533,632
CITIGROUP INC               COM                 172967101       168      25,000 SH       Sole                        25,000
CITRIX SYSTEMS INC          COM                 177376100       118       5,000 SH       Sole                         5,000
CNOOC LTD ADR               SPON ADR            126132109       476       5,000 SH       Sole                         5,000
CNOOC LTD ADR               SPON ADR            126132109       190       2,000 SH       Sole                         2,000
COEUR D ALENE MINES CORP    COM                 192108108        20      22,549 SH       Sole                        22,549
COEUR D ALENE MINES CO
   /CAD/                    COM                 192108108       342     378,000 SH       Sole                       378,000
COMPAHNIA VALE DO RIO DOCE
   ADR                      SPON ADR            204412209       303      25,000 SH       Sole                        25,000
COMPAHNIA VALE DO RIO DOCE
   ADR                      SPON ADR            204412209       424      35,000 SH       Sole                        35,000
COMPAHNIA VALE DO RIO DOCE
   ADR                      SPON ADR            204412209       606      50,000 SH       Sole                        50,000
COMPAHNIA VALE DO RIO DOCE
   ADR                      SPON ADR            204412209       194      16,000 SH       Sole                        16,000
COMPANHIA ENERGETICA SPON
   ADR                      SPON ADR            204409601       442      32,161 SH       Sole                        32,161
COMPANHIA SIDERURGICA NAC
   ADR                      SPON ADR            20440W105       224      17,500 SH       Sole                        17,500
CONOCOPHILLIPS              COM                 20825C104    10,878     210,000 SH       Sole                       210,000
CONOCOPHILLIPS              COM                 20825C104       130       2,500 SH  CALL Sole                                 2,500
CONSOL ENERGY INC           COM                 20854P109     7,574     265,000 SH       Sole                       265,000
CORRIENTE RESOURCES INC
   /CAD/                    COM                 22027E409     1,598     500,000 SH       Sole                       500,000
CPFL ENERGIA SA SP ADR/USD/ SPON ADR            126153105       488      12,500 SH       Sole                        12,500
CRYSTALLEX INTL CORP        COM                 22942F101        20     120,000 SH       Sole                       120,000
CRYSTALLEX INTL CORP        COM                 22942F101        53     312,000 SH       Sole                       312,000
CRYSTALLEX INTL CORP        COM                 22942F101        13      75,000 SH  WTS  Sole                                75,000
CRYSTALLEX INTL CORP        COM                 22942F101        11      62,500 SH  WTS  Sole                        62,500
CRYSTALLEX INTL CORP        COM                 22942F101        28     162,500 SH  WTS  Sole                       162,500
CUBIST PHARMACEUTICALS INC  COM                 229678107       966      40,000 SH       Sole                        40,000
DENISON MINES /CAD/         COM                 248356107       972     665,424 SH  WTS  Sole                       665,424
DENISON MINES /CAD/         COM                 248356107       792     542,290 SH  WTS  Sole                       542,290
DENISON MINES /CAD/         COM                 248356107       410     281,088 SH  WTS  Sole                       281,088
DEVON ENERGY CORP           COM                 25179M103     8,871     135,000 SH       Sole                       135,000
DIANA SHIPPING INC          COM                 Y2066G104     3,509     275,000 SH       Sole                       275,000
DIANA SHIPPING INC          COM                 Y2066G104       128      10,000 SH       Sole                                10,000
DOW CHEM CO                 COM                 260543103     2,264     150,000 SH       Sole                       150,000
DOW CHEM CO                 COM                 260543103        91       6,000 SH       Sole                         6,000
DRDGOLD LTD SPONSORED ADR   SPON ADR            26152H301       334      60,000 SH       Sole                        60,000
DRDGOLD LTD SPONSORED ADR   SPON ADR            26152H301        14       2,500 SH       Sole                         2,500
ELDORADO GOLD CORP          COM                 284902103     4,077     512,859 SH       Sole                       512,859
ELDORADO GOLD CORP          COM                 284902103     1,670     210,000 SH       Sole                       210,000
ELDORADO GOLD CORP /CAD/    COM                 284902103       317      40,000 SH       Sole                        40,000
EMERGENT BIOSOLUTIONS INC   COM                 29089Q105       522      20,000 SH       Sole                        20,000
ENERGY CONVERSION DEVICES   COM                 292659109       353      14,000 SH       Sole                        14,000
ENERGY RECOVERY INC         COM                 29270J100       341      45,000 SH       Sole                        45,000
ENTREE GOLD INC /CAD/       COM                 29383G100       889   1,020,000 SH       Sole                     1,020,000
ENTREE GOLD INC /CAD/       COM                 29383G100        87     100,000 SH       Sole                               100,000
ENTREE GOLD INC /CAD/       COM                 29383G100        87     100,000 SH       Sole                               100,000
EXELON CORPORATION          COM                 30161N101       779      14,000 SH       Sole                        14,000
EXETER RES CORP             COM                 301835104        40      20,500 SH       Sole                                20,500
EXXON MOBIL CORP            COM                 30231G102    19,958     250,000 SH       Sole                       250,000
EXXON MOBIL CORP            COM                 30231G102       718       9,000 SH       Sole                         9,000
EXXON MOBIL CORP            COM                 30231G102       200       2,500 SH  CALL Sole                                 2,500






           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
--------------------------- ------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
                                                                                           
EZCORP INC CL A NON VTG     CL A NON VTG        302301106       913      60,000 SH       Sole                        60,000
F P L GROUP INC             COM                 302571104     1,107      22,000 SH       Sole                        22,000
F5 NETWORKS INC             COM                 315616102       286      12,500 SH       Sole                        12,500
FAMILY DOLLAR STORES INC    COM                 307000109       196       7,500 SH       Sole                         7,500
FIRST FINL BANKSHARES INC   COM                 32020R109       690      12,500 SH       Sole                        12,500
FIRST SOLAR INC             COM                 336433107       207       1,500 SH       Sole                         1,500
FIRST SOLAR INC             COM                 336433107       690       5,000 SH       Sole                         5,000
FIRST SOLAR INC             COM                 336433107       759       5,500 SH       Sole                         5,500
FIRSTENERGY CORP            COM                 337932107       632      13,000 SH       Sole                        13,000
FLIR SYSTEMS INC            COM                 302445101       460      15,000 SH       Sole                        15,000
FLUOR CORP                  COM                 343412102       583      13,000 SH       Sole                        13,000
FLUOR CORP                  COM                 343412102       269       6,000 SH       Sole                         6,000
FLUOR CORP                  COM                 343412102     4,577     102,000 SH  CALL Sole                       102,000
FOMENTO ECONOMICS MEX
   SPON ADR                 SPON ADR            344419106       199       6,600 SH       Sole                         6,600
FREEPORT-MCMORAN C & G
   COMMON                   COM                 35671D857     2,444     100,000 SH       Sole                       100,000
GAMMON GOLD INC             COM                 36467T106        68      12,500 SH  CALL Sole                                12,500
GENERAL CABLE CORP          COM                 369300108       221      12,500 SH       Sole                        12,500
GENERAL CABLE CORP          COM                 369300108       310      17,500 SH       Sole                        17,500
GERDAU SA SPONSORED ADR     SPON ADR            373737105       396      60,000 SH       Sole                        60,000
GERDAU SA SPONSORED ADR     SPON ADR            373737105        99      15,000 SH       Sole                        15,000
GILEAD SCIENCES INC         COM                 375558103       460       9,000 SH       Sole                         9,000
GOLD FIELDS LTD SPON ADR    SPON ADR            38059T106     5,525     556,357 SH       Sole                       556,357
GOLD FIELDS LTD SPON ADR    SPON ADR            38059T106     3,630     365,600 SH       Sole                       365,600
GOLD FIELDS LTD SPON ADR    SPON ADR            38059T106     9,712     978,000 SH  CALL Sole                       978,000
GOLDCORP INC                COM                 380956409     4,030     127,800 SH  PUT  Sole                       127,800
GOLDCORP INC                COM                 380956409     5,370     170,300 SH  PUT  Sole                       170,300
GOLDCORP INC                COM                 380956409    14,810     469,700 SH  PUT  Sole                       469,700
GOLDCORP INC                COM                 380956409       189       6,000 SH  CALL Sole                                 6,000
GOLDCORP INC                COM                 380956409       190       6,023 SH  WTS  Sole                         6,023
GOLDCORP INC                W. EXP 6/9/201      380956409        10         302 SH  WTS  Sole                                   302
GOLDCORP INC                W. EXP 6/9/201      380956409        32       1,000 SH  WTS  Sole                         1,000
GOLDCORP INC                W. EXP 6/9/201      380956409       783      24,846 SH  WTS  Sole                        24,846
GOLDCORP INC /CAD/          W. EXP 6/9/201      380956409    41,483   1,080,574 SH  WTS  Sole                     1,080,574
GOLDCORP INC /CAD/          W. EXP 6/9/201      380956409    56,156   1,462,766 SH  WTS  Sole                     1,462,766
GOLDCORP INC /CAD/          W. EXP 6/9/201      380956409   152,296   3,967,087 SH  WTS  Sole                     3,967,087
GOLDEN STAR RES LTD         COM                 38119T104     1,445   1,445,364 SH       Sole                     1,445,364
GOLDEN STAR RES LTD         COM                 38119T104     1,463   1,462,900 SH       Sole                     1,462,900
GOLD FIELDS LTD             COM                 38059T106       248      25,000 SH  CALL Sole                                25,000
GOLDMAN SACHS GROUP INC     COM                 38141G104       380       4,500 SH       Sole                         4,500
GOODRICH PETROLEUM CORP     COM                 382410405       150       5,000 SH       Sole                         5,000
GRAN TIERRA ENERGY INC      COM                 38500T101     7,736   2,763,000 SH       Sole                     2,763,000
GRANITE CONSTRUCTION INC    COM                 387328107       220       5,000 SH       Sole                         5,000
GREAT BASIN GOLD LTD /CAD/  COM                 390124105     2,850   2,208,500 SH       Sole                     2,208,500
GRUPO AEROPORTUARIO SPON
   ADR                      SPON ADR            40051E202       822      22,000 SH       Sole                        22,000
HARMONY GOLD MINING SPND
   ADR                      SPON ADR            413216300     5,787     527,566 SH       Sole                       527,566
HARMONY GOLD MINING SPND
   ADR                      SPON ADR            413216300     3,477     317,000 SH       Sole                       317,000
HARMONY GOLD MINING SPND
   ADR                      SPON ADR            413216300     1,426     130,000 SH  CALL Sole                       130,000
HARMONY GOLD MINING SPND
   ADR                      SPON ADR            413216300     2,084     190,000 SH  CALL Sole                       190,000
HARMONY GOLD MNG LTD        COM                 413216300       208      19,000 SH  CALL Sole                                19,000
HATTERAS FINL CORP          COM                 41902R103       532      20,000 SH       Sole                        20,000
HECLA MINING                COM                 422704106       118      42,000 SH  CALL Sole                        42,000
HECLA MINING                COM                 422704106       448     160,000 SH  CALL Sole                       160,000
HELMERICH & PAYNE INC       COM                 423452101     4,550     200,000 SH       Sole                       200,000
HELMERICH & PAYNE INC       COM                 423452101       546      24,000 SH       Sole                        24,000
HELMERICH & PAYNE INC       COM                 423452101     4,493     197,500 SH  CALL Sole                       197,500
HILL INTERNATIONAL INC      COM                 431466101       352      50,000 SH       Sole                        50,000
HUANENG PWR INTL SPSD ADR N SPON ADR            443304100       875      30,000 SH       Sole                        30,000
HUANENG PWR INTL SPSD ADR N SPON ADR            443304100       292      10,000 SH       Sole                        10,000
HUANENG PWR INTL SPSD ADR N SPON ADR            443304100       409      14,000 SH       Sole                        14,000
HUANENG PWR INTL SPSD ADR N SPON ADR            443304100       131       4,500 SH       Sole                         4,500
HUMANA INC                  COM                 444859102       746      20,000 SH       Sole                        20,000
IAMGOLD CORPORATION         COM                 450913108     3,463     566,722 SH       Sole                       566,722






           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
--------------------------- ------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
                                                                                           
IAMGOLD CORPORATION         COM                 450913108     3,605     590,001 SH       Sole                       590,001
IAMGOLD CORPORATION /CAD/   COM                 450913108     2,124     340,000 SH       Sole                       340,000
IAMGOLD CORPORATION /CAD/   COM                 450913108     3,859     617,900 SH       Sole                       617,900
ILLUMINA INC                COM                 452327109       287      11,000 SH       Sole                        11,000
ILLUMINA INC                COM                 452327109       782      30,000 SH       Sole                        30,000
INTERNATIONAL ROYALTY
   CORP/CAD                 COM                 460277106       905     655,550 SH       Sole                       655,550
INTERNATIONAL ROYALTY
   CORP/CAD                 COM                 460277106        11       8,000 SH       Sole                                 8,000
ISHARES SILVER TRUST        COM                 46428Q109     1,800     160,000 SH       Sole                       160,000
ITT CORP                    COM                 450911102       253       5,500 SH       Sole                         5,500
ITT EDUCATIONAL
   SERVICES INC             COM                 45068B109     1,140      12,000 SH       Sole                        12,000
IVANHOE ENERGY INC /CAD/    COM                 465790103       872   1,830,000 SH       Sole                     1,830,000
IVANHOE ENERGY LTD /CAD/    COM                 465790103        28      60,000 SH       Sole                                60,000
IVANHOE ENERGY LTD /CAD/    COM                 465790103        12      24,000 SH  WTS  Sole                                24,000
IVANHOE MINES LTD /CAD/     COM                 46579N103       294     109,400 SH       Sole                       109,400
IVANHOE MINES LTD /CAD/     COM                 46579N103     1,696     631,100 SH       Sole                       631,100
JAGUAR MINING INC /CAD/     COM                 47009M103       759     121,659 SH       Sole                       121,659
JAGUAR MINING INC /CAD/     COM                 47009M103     1,829     293,077 SH       Sole                       293,077
JAGUAR MINING INC /CAD/     COM                 47009M103     5,331     854,400 SH       Sole                       854,400
JAGUAR MINING INC /CAD/     COM                 47009M103    12,861   2,061,120 SH       Sole                     2,061,120
JNR RESOURCES INC /CAD/     COM                 465927101       109     456,800 SH       Sole                       456,800
JOHNSON & JOHNSON           COM                 478160104       479       8,000 SH       Sole                         8,000
JPMORGAN CHASE & COMPANY    COM                 46625H100       252       8,000 SH       Sole                         8,000
KB FINANCIAL GROUP INC ADR  SPON ADR            48241A105       297      11,331 SH       Sole                        11,331
KINROSS GOLD CORP           COM                 496902404    11,103     602,749 SH       Sole                       602,749
KINROSS GOLD CORP           COM                 496902404    13,958     757,754 SH       Sole                       757,754
KINROSS GOLD CORP           COM                 496902404       276      15,000 SH  CALL Sole                                15,000
KINROSS GOLD CORP /CAD/     COM                 496902404     5,064     225,054 SH  WTS  Sole                       225,054
KINROSS GOLD CORP /CAD/     COM                 496902404     8,422     374,313 SH  WTS  Sole                       374,313
KINROSS GOLD CORP /CAD/     COM                 496902404    11,015     489,535 SH  WTS  Sole                       489,535
KINROSS GOLD CORP /CAD/     COM                 496902404    10,043     446,371 SH  WTS  Sole                       446,371
KINROSS GOLD CORP /CAD/     COM                 496902404     3,252     144,528 SH  WTS  Sole                       144,528
KINROSS GOLD CORP /CAD/     COM                 496902404     6,904     306,843 SH  WTS  Sole                       306,843
LHC GROUP LLC               COM                 50187A107       720      20,000 SH       Sole                        20,000
LIHIR GOLD LTD SPON ADR     SPON ADR            532349107     3,739     170,488 SH       Sole                       170,488
LIHIR GOLD LTD SPON ADR     SPON ADR            532349107     5,599     255,300 SH       Sole                       255,300
LIHIR GOLD LTD SPON ADR     SPON ADR            532349107       439      20,000 SH       Sole                        20,000
LINN ENERGY LLC UNIT LTD
   LIAB                     UNIT LTD LIAB       536020100       225      15,000 SH       Sole                        15,000
LOWE'S COMPANIES INC        COM                 548661107       430      20,000 SH       Sole                        20,000
LUNDIN MINING CORP /CAD/    COM                 550372106       333     340,900 SH       Sole                       340,900
LUNDIN MINING CORP /CAD/    COM                 550372106     1,355   1,386,000 SH       Sole                     1,386,000
LUNDIN MINING CORP /REST/   COM                 550372106        15      15,430 SH       Sole                        15,430
LUNDIN MINING CORP /CAD/    COM                 550372106        26      26,500 SH       Sole                                26,500
MAG SILVER CORPORATION
   /CAD/                    COM                 55903Q104       677     150,600 SH       Sole                       150,600
MAG SILVER CORPORATION
   /CAD/                    COM                 55903Q104     1,649     366,800 SH       Sole                       366,800
MAG SILVER /CAD/            COM                 55903Q104        56      12,500 SH       Sole                                12,500
MANITOWOC CO INC            COM                 563571108       173      20,000 SH       Sole                        20,000
MANITOWOC CO INC            COM                 563571108       260      30,000 SH       Sole                        30,000
MARKET VECTORS GOLD MINERS
   ETF                      GOLD MINER ETF      57060U100    10,164     300,000 SH       Sole                       300,000
MARKET VECTORS GOLD MINERS
   ETF                      GOLD MINER ETF      57060U100    12,874     380,000 SH  PUT  Sole                       380,000
MARKET VECTORS GOLD MINERS
   ETF                      GOLD MINER ETF      57060U100    23,547     695,000 SH  PUT  Sole                       695,000
MARKET VECTORS ETF TR       MV STEEL INDEX      5706OU308       147       5,000 SH       Sole                                 5,000
MC DONALDS CORP             COM                 580135101       373       6,000 SH       Sole                         6,000
MINAS BUENAVENTURA SP ADR A SPON ADR            204448104     3,203     160,770 SH       Sole                       160,770
MINES MANAGEMENT INC        COM                 603432105     1,059     846,930 SH       Sole                       846,930
MINES MANAGEMENT INC        COM                 603432105        25      20,250 SH       Sole                                20,250
MINES MANAGEMENT INC /CAD/  COM                 603432105        63      40,900 SH       Sole                        40,900
MINES MANAGEMENT INC /CAD/  COM                 603432105     1,072     691,300 SH  WTS  Sole                       691,300
MINES MANAGEMENT INC        COM                 603432105         4       2,500 SH  WTS  Sole                                 2,500
MINES MANAGEMENT INC        COM                 603432105        20      13,000 SH  WTS  Sole                                13,000
MOSAIC CO                   COM                 61945A107     3,806     110,000 SH  CALL Sole                       110,000
MONSANTO CO                 COM                 61166W101     5,452      77,500 SH       Sole                        77,500
MURPHY OIL CORP             COM                 626717102     6,653     150,000 SH       Sole                       150,000
NEW GOLD INC                COM                 644535106         7       4,823 SH       Sole                         4,823
NEW GOLD INC                COM                 644535106         7       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       776     776,400 SH       Sole                       776,400
NEW GOLD INC /CAD/          COM                 644535106     1,007   1,006,590 SH       Sole                     1,006,590
NEW GOLD INC /CAD/          COM                 644535106       464     262,014 SH       Sole                       262,014
NEW GOLD INC /CAD/          COM                 644535106     2,259   1,276,521 SH       Sole                     1,276,521
NEW GOLD INC /CAD/          COM                 644535106     2,352   1,328,576 SH       Sole                     1,328,576
NEW GOLD INC /CAD/          COM                 644535106         8       4,338 SH       Sole                         4,338
NEW GOLD INC /CAD/          COM                 644535106        71      40,000 SH       Sole                                40,000
NEW GOLD INC /CAD/          COM                 644535106       410     231,800 SH  WTS  Sole                       231,800
NEW GOLD INC /CAD/          COM                 644535106     1,947   1,099,900 SH  WTS  Sole                     1,099,900
NEW GOLD INC /CAD/          COM                 644535106     1,456     822,570 SH  WTS  Sole                       822,570
NEW GOLD INC /CAD/          COM                 644535106       624     352,530 SH  WTS  Sole                       352,530
NEW GOLD INC /CAD/          COM                 644535106       489     276,240 SH  WTS  Sole                       276,240
NEW GOLD INC /CAD/          COM                 644535106        16       8,850 SH  WTS  Sole                         8,850
NEW GOLD INC /CAD/          COM                 644535106     4,351   2,458,100 SH  WTS  Sole                     2,458,100
NEW GOLD INC /CAD/          COM                 644535106        10       5,750 SH  WTS  Sole                                 5,750
NEW GOLD INC /CAD/          COM                 644535106       179     101,300 SH  WTS  Sole                       101,300
NEW GOLD INC /CAD/          COM                 644535106       246     138,950 SH  WTS  Sole                       138,950
NEW GOLD INC /CAD/          COM                 644535106       721     407,350 SH  WTS  Sole                       407,350
NEW GOLD INC /CAD/          COM                 644535106         4       2,350 SH  WTS  Sole                         2,350
NEW GOLD INC /CAD/          COM                 644535106        84      47,200 SH  WTS  Sole                        47,200
NEW GOLD INC /CAD/          COM                 644535106        52      29,400 SH  WTS  Sole                        29,400
NEW GOLD INC /CAD/          COM                 644535106        57      32,000 SH  WTS  Sole                        32,000
NEW GOLD INC /CAD/          COM                 644535106        50      28,500 SH  WTS  Sole                                28,500
NEW GOLD INC /CAD/          COM                 644535106       106      59,950 SH  WTS  Sole                                59,950
NEW GOLD INC /CAD/          COM                 644535106       133      75,000 SH  WTS  Sole                        75,000
NEW GOLD INC /CAD/          COM                 644535106       903     510,000 SH  WTS  Sole                       510,000
NEW GOLD INC /CAD/          COM                 644535106       735     415,000 SH  WTS  Sole                       415,000
NEW JERSEY RES CORP         COM                 646025106       236       6,000 SH       Sole                         6,000
NEW PACIFIC METALS CORP
   /CAD/                    COM                 647823103       246     610,700 SH       Sole                       610,700
NEWMONT MINING CORP /USD/   COM                 651639106     8,314     204,281 SH       Sole                       204,281
NEWMONT MINING CORP /USD/   COM                 651639106     7,851     192,900 SH       Sole                       192,900
NEWMONT MINING CORP /USD/   COM                 651639106     4,477     110,000 SH  CALL Sole                       110,000
NEWMONT MINING CORP /USD/   COM                 651639106     4,477     110,000 SH  CALL Sole                       110,000
NEWMONT MINING CORP         COM                 651639106       244       6,000 SH  CALL Sole                                 6,000
NEXEN INC /CAD/             COM                 65334H102       105       6,000 SH       Sole                                 6,000
NOBLE ENERGY INC            COM                 655044105       295       6,000 SH       Sole                         6,000
NORDIC AMERICAN TANK
   SHIPPING                 COM                 G65773106       253       7,500 SH       Sole                         7,500
NORTHERN DYNASTY
   MINERALS/CAD/            COM                 66510M204     4,253   4,252,959 SH       Sole                     4,252,959
NORTHERN DYNASTY
   MINERALS/CAD/            COM                 66510M204     2,769   2,769,046 SH       Sole                     2,769,046
NORTHERN TRUST CORP         COM                 665859104       156       3,000 SH       Sole                         3,000
NOVARTIS AG SPON ADR        SPON ADR            66987V109       199       4,000 SH       Sole                         4,000
NTT DOCOMO INC SPON ADR     SPON ADR            62942M201       245      12,500 SH       Sole                        12,500
NUSTAR ENERGY LP            UNIT COM            67058H102     4,517     110,000 SH       Sole                       110,000
NUSTAR ENERGY LP            UNIT COM            67058H102       205       5,000 SH       Sole                         5,000
NVIDIA CORP                 COM                 67066G104       161      20,000 SH       Sole                        20,000
OCCIDENTAL PETROLEUM        COM                 674599105    11,098     185,000 SH       Sole                       185,000
OCWEN FINANCIAL CORPORATION COM                 675746309       367      40,000 SH       Sole                        40,000
OFFICE DEPOT INC            COM                 676220106        89      30,000 SH       Sole                        30,000
OIL SERVICES HOLDRS TRUST   COM                 678002106       258       3,500 SH  CALL Sole                                 3,500
OIL STATES
   INTERNATIONAL INC        COM                 678026105     3,738     200,000 SH       Sole                       200,000
ORACLE CORP                 COM                 68389X105       665      37,500 SH       Sole                        37,500
PACIFIC RIM MINING CORP     COM                 694915208       712   5,082,600 SH       Sole                     5,082,600
PACIFIC RIM MINING CORP
   /CAD/                    COM                 694915208        92     591,900 SH       Sole                       591,900
PAN AMERICAN SILVER CORP    COM                 697900108       256      15,000 SH       Sole                        15,000
PARAMOUNT GOLD AND SILVER
   /CAD                     COM                 69924P102       152     307,500 SH       Sole                       307,500
PARAMOUNT GOLD AND SILVER
   CORP                     COM                 69924P102       264     550,000 SH       Sole                       550,000
PARAMOUNT GOLD AND SILVER   COM                 69924P102        12      25,000 SH       Sole                                25,000
PEABODY ENERGY CORP         COM                 704549104     6,484     285,000 SH       Sole                       285,000
PEABODY ENERGY CORP         COM                 704549104       228      10,000 SH       Sole                        10,000
PEABODY ENERGY CORP         COM                 704549104       341      15,000 SH       Sole                        15,000
PEABODY ENERGY CORP         COM                 704549104       130       5,700 SH  CALL Sole                                 5,700
PEOPLES UNITED
   FINANCIAL INC            COM                 712704105       178      10,000 SH       Sole                        10,000
PERMIAN BASIN RTY TR UNIT
   BEN INT                  UNIT BEN INT        714236106       137      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
--------------------------- ------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
                                                                                           
PETMED EXPRESS INC          COM                 716382106       970      55,000 SH       Sole                        55,000
PETROCHINA CO LTD ADR       SPON ADR            71646E100    14,237     160,000 SH       Sole                       160,000
PETROCHINA CO LTD ADR       SPON ADR            71646E100       890      10,000 SH       Sole                        10,000
PETROCHINA CO LTD ADR       SPON ADR            71646E100       356       4,000 SH       Sole                         4,000
PETROCHINA CO LTD           COM                 71646E100       178       2,000 SH  CALL Sole                                 2,000
PETROHAWK ENERGY CORP       COM                 716495106     9,378     600,000 SH       Sole                       600,000
PETROLEO BRASILEIRO SA ADR  SPON ADR            71654V408     7,347     300,000 SH       Sole                       300,000
PFIZER INC                  COM                 717081103       266      15,000 SH       Sole                        15,000
PFIZER INC                  COM                 717081103       708      40,000 SH       Sole                        40,000
PHILIP MORRIS INTERNATIONAL COM                 718172109       348       8,000 SH       Sole                         8,000
PIEDMONT NATURAL GAS        COM                 720186105       317      10,000 SH       Sole                        10,000
PLATINUM GROUP METALS /CAD/ COM                 72765Q205       753     492,700 SH       Sole                       492,700
PLATINUM GROUP METALS /CAD/ COM                 72765Q205     1,507     985,900 SH       Sole                       985,900
POTASH CORP SASKATCHEWAN    COM                 73755L107     6,041      82,500 SH       Sole                        82,500
QUALCOMM INC                COM                 747525103       322       9,000 SH       Sole                         9,000
QUALITY SYSTEMS INC         COM                 747582104       218       5,000 SH       Sole                         5,000
RANGE RESOURCES CORP        COM                 75281A109    12,552     365,000 SH       Sole                       365,000
RANGE RESOURCES CORP        COM                 75281A109        21         600 SH  CALL Sole                           600
RANDGOLD RESOURCES LTD ADR  SPON ADR            752344309    13,176     300,000 SH       Sole                       300,000
RANDGOLD RESOURCES LTD ADR  SPON ADR            752344309    38,650     880,000 SH       Sole                       880,000
RANDGOLD RESOURCES LTD ADR  SPON ADR            752344309     1,537      35,000 SH  CALL Sole                        35,000
RANDGOLD RESOURCES LTD ADR  SPON ADR            752344309     3,997      91,000 SH  CALL Sole                        91,000
RANDGOLD RESOURCES LTD ADR  COM                 752185108       198       4,500 SH  CALL Sole                                 4,500
RESMED INC                  COM                 761152107       169       4,500 SH       Sole                         4,500
ROYAL GOLD INC              COM                 780287108     8,266     167,971 SH       Sole                       167,971
ROYAL GOLD INC              COM                 780287108     7,765     157,800 SH       Sole                       157,800
RUBICON MINERALS
   /CAD//REST/              COM                 780911103       198     169,600 SH       Sole                       169,600
RUBICON MINERALS CORP /CAD/ COM                 780911103     1,179   1,010,000 SH       Sole                     1,010,000
RUBICON MINERALS CORP /CAD/ COM                 780911103       122     105,000 SH       Sole                               105,000
SAN JUAN BASIN RTY TR UBI   UNIT BEN INT        798241105       496      16,000 SH       Sole                        16,000
SASOL LTD /ZAR/             COM                 803866102       286       9,528 SH       Sole                         9,528
SCHLUMBERGER LTD            COM                 806857108     4,233     100,000 SH       Sole                       100,000
SCHLUMBERGER LTD            COM                 806857108       127       3,000 SH       Sole                         3,000
SCHLUMBERGER LTD            COM                 806857108       127       3,000 SH       Sole                         3,000
SCHNITZER STEEL
   INDUSTRIES INC           COM                 806882106     7,530     200,000 SH       Sole                       200,000
SCHWAB /CHARLES/ CORP       COM                 808513105       323      20,000 SH       Sole                        20,000
SECTOR SPDR TR SBI INT
   UTILS                    SBI INT UTILS       81369Y886       523      18,000 SH       Sole                        18,000
SEQUENOM INC                COM                 817337405       159       8,000 SH       Sole                         8,000
SILVER STD RES INC COM      COM                 82823L106       239      15,000 SH       Sole                        15,000
SILVER WHEATON CORP /CAD/   COM                 828336107     2,701     337,640 SH  WTS  Sole                       337,640
SILVER WHEATON CORP /CAD/   COM                 828336107     5,627     703,340 SH  WTS  Sole                       703,340
SILVER WHEATON CORP /CAD/   COM                 828336107    19,176   2,397,020 SH  WTS  Sole                     2,397,020
SILVER WHEATON CORP         COM                 828336107        36       4,500 SH  WTS  Sole                                 4,500
SILVER WHEATON CORP /CAD/   COM                 828336107     1,505     188,106 SH  WTS  Sole                       188,106
SILVER WHEATON CORP /CAD/   COM                 828336107     1,912     239,044 SH  WTS  Sole                       239,044
SILVER WHEATON CORP /CAD/   COM                 828336107     3,438     429,695 SH  WTS  Sole                       429,695
SILVER WHEATON CORP         COM                 828336107        89      11,071 SH  WTS  Sole                                11,071
SL GREEN REALTY CORP REIT   COM                 78440X101       194       7,500 SH       Sole                         7,500
SOLITARIO EXPLOR &
   ROYALTY/CAD              COM                 8342EP107     1,397     934,100 SH       Sole                       934,100
SOUTHWESTERN ENERGY CO      COM                 845467109     8,112     280,000 SH       Sole                       280,000
SOUTHWESTERN ENERGY CO      COM                 845467109     3,839     132,500 SH  CALL Sole                       132,500
SOUTHWESTERN ENERGY CO      COM                 845467109        87       3,000 SH  CALL Sole                                 3,000
SPDR GOLD TRUST             GOLD TRUST          78463V107    18,176     210,000 SH       Sole                       210,000
SPDR GOLD TRUST             GOLD TRUST          78463V107     7,764      89,700 SH       Sole                        89,700
SPDR GOLD TRUST             GOLD TRUST          78463V107     4,206      48,600 SH       Sole                        48,600
SPDR GOLD TRUST             GOLD TRUST          78463V107       128       1,500 SH       Sole                         1,500
SPDR GOLD TRUST             GOLD TRUST          78463V107       173       2,000 SH       Sole                         2,000
SPDR GOLD TRUST             GOLD TRUST          78463V107       260       3,000 SH       Sole                         3,000
SPDR GOLD TRUST             GOLD TRUST          78463V107       346       4,000 SH       Sole                         4,000
SPDR GOLD TRUST             GOLD TRUST          78463V107       130       1,500 SH       Sole                         1,500
SPDR KBW INSURANCE ETF      KBW INSURANCE ETF   78464A789       179       6,500 SH       Sole                         6,500
SPDR KBW INSURANCE ETF      KBW INSURANCE ETF   78464A789       345      12,500 SH       Sole                        12,500
SPDR KBW REGIONAL BK ETF    KBW REGIONAL BK ETF 78464A698       219       7,500 SH       Sole                         7,500






           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
--------------------------- ------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
                                                                                           
STANTEC INC                 COM                 85472N109       618      25,000 SH       Sole                        25,000
STEWART INFORMATION
   SERV CORP                COM                 860372101       117       5,000 SH       Sole                         5,000
STIFEL FINANCIAL CORP       COM                 860630102       917      20,000 SH       Sole                        20,000
STRAYER EDUCATION INC       COM                 863236105     1,072       5,000 SH       Sole                         5,000
SUNOCO INC                  COM                 86764P109     5,650     130,000 SH       Sole                       130,000
TASEKO MINES LTD /CAD/      COM                 876511106       209     359,000 SH       Sole                       359,000
TEAM INC                    COM                 878155100       305      11,000 SH       Sole                        11,000
TEAM INC                    COM                 878155100       554      20,000 SH       Sole                        20,000
TESORO CORP                 COM                 881609101     5,268     400,000 SH       Sole                       400,000
THOMPSON CREEK METALS CO
   INC /CAD/                COM                 884768102       540     110,291 SH  WTS  Sole                       110,291
THOMPSON CREEK METALS CO
   INC /CAD/                COM                 884768102       857     174,900 SH  WTS  Sole                       174,900
THOMPSON CREEK METALS CO
   INC /CAD/                COM                 884768102        74      15,000 SH  WTS  Sole                                15,000
THOMPSON CREEK METALS CO
   INC /CAD/                COM                 884768102       637     130,000 SH  WTS  Sole                       130,000
THOMPSON CREEK METALS CO
   INC /CAD/                COM                 884768102       490     100,000 SH  WTS  Sole                       100,000
TRANSOCEAN LTD              COM                 H8817H100     9,379     198,500 SH       Sole                       198,500
TRANSOCEAN LTD              COM                 G90073100       165       3,500 SH  CALL Sole                                 3,500
TRUE RELIGION APPAREL INC   COM                 89784N104       373      30,000 SH       Sole                        30,000
TURKCELL ILETISIM HIZMET -
   ADR                      SPON ADR            900111204       437      30,000 SH       Sole                        30,000
ULTRA PETROLEUM CORP        COM                 903914109     8,110     235,000 SH       Sole                       235,000
UNITED STATES STEEL CORP    COM                 912909108     5,580     150,000 SH       Sole                       150,000
UNITED STATES STEEL CORP    COM                 912909108       558      15,000 SH       Sole                        15,000
UNITED STATES STEEL CORP    COM                 912909108       298       8,000 SH       Sole                         8,000
UNITED STATES STL CORP      COM                 912909108       112       3,000 SH  CALL Sole                                 3,000
UNITED THERAPEUTICS CORP
   DEL                      COM                 91307C102        94       1,500 SH       Sole                         1,500
UNITED THERAPEUTICS CORP
   DEL                      COM                 91307C102       500       8,000 SH       Sole                         8,000
UNITEDHEALTH GROUP INC      COM                 91324P102       372      14,000 SH       Sole                        14,000
US BANCORP                  COM                 902973304       300      12,000 SH       Sole                        12,000
US BANCORP                  COM                 902973304       175       7,000 SH       Sole                         7,000
VALERO ENERGY CORP          COM                 91913Y100     4,112     190,000 SH       Sole                       190,000
VANTAGE DRILL WTS EXP
   5/24/11                  WTS EXP 5/24/11     G93205121     2,708   2,461,400 SH       Sole                     2,461,400
VANTAGE DRILLING COMPANY    COM                 G93205113     2,941   2,674,000 SH       Sole                     2,674,000
VARIAN MEDICAL SYSTEMS INC  COM                 92220P105       701      20,000 SH       Sole                        20,000
VIMPEL COMMUNICATIONS SPON
   ADR                      SPON ADR            68370R109    14,880   2,078,157 SH       Sole                     2,078,157
VIMPEL COMMUNICATIONS SPON
   ADR                      SPON ADR            68370R109        45       6,333 SH       Sole                         6,333
VMWARE INC-CLASS A          CL A COM            928563402       474      20,000 SH       Sole                        20,000
VORNADO RLTY TRUST REIT     SH BEN INT          929042109       543       9,000 SH       Sole                         9,000
VORNADO RLTY TRUST REIT     SH BEN INT          929042109       483       8,000 SH       Sole                         8,000
WEATHERFORD
   INTERNATIONAL LTD        COM                 G95089101       135      12,500 SH       Sole                        12,500
WEATHERFORD
   INTERNATIONAL LTD        COM                 G95089101       281      26,000 SH       Sole                        26,000
WELLS FARGO & COMPANY       COM                 949746101       236       8,000 SH       Sole                         8,000
WELLS FARGO & COMPANY       COM                 949746101       265       9,000 SH       Sole                         9,000
WESTERN GOLDFIELDS INC
   /CAD/                    COM                 95828P203     1,699   1,055,000 SH       Sole                     1,055,000
XTO ENERGY INC              COM                 98385X106    11,463     325,000 SH       Sole                       325,000
YAMANA GOLD /CAD/ /REST/    COM                 98462Y100     1,319     169,785 SH       Sole                       169,785
YAMANA GOLD /CAD/ /REST/    COM                 98462Y100     2,767     356,293 SH       Sole                       356,293
YAMANA GOLD INC             COM                 98462Y100       255      33,000 SH  CALL Sole                                33,000
YAMANA GOLD INC /CAD/       COM                 98462Y100     5,741     607,525 SH  WTS  Sole                        607525
YAMANA GOLD INC /CAD/       COM                 98462Y100     3,657     386,965 SH  WTS  Sole                        386965
YAMANA GOLD INC /CAD/       COM                 98462Y100    19,408   2,053,769 SH  WTS  Sole                       2053769
YAMANA GOLD INC /CAD/       COM                 98462Y100        14       1,526 SH  WTS  Sole                                 1,526
YAHOO INC                   COM                 984332106       244      20,000 SH  CALL Sole                        20,000

                            GRAND TOTAL:                  1,253,296 117,429,966