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, 2012
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 78229-2327
Form 13F File Number: 028-02220
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 B. McGee San Antonio, TX 02/14/2013
------------------------ ------------------------ ------------------------
[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:
Form 13F Information Table Entry Total (not including options) 442
Form 13F Information Table Total Value (x1000) 1,037,909
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------- -------------- --------- -------- ---------------------------- ---------- -------- ------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER ------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- ------- -----
ACE LTD SHS SHS H0023R105 227 2,850 SH Sole 2,850
AETNA INC NEW
COM COM 00817Y108 185 4,000 SH Sole 4,000
AGNICO EAGLE
MINES LTD COM COM 89V99M946 3,373 643 SH CALL Sole 643
AGNICO EAGLE
MINES LTD COM COM 2ZL99U251 4,118 785 SH CALL Sole 785
AGNICO EAGLE
MINES LTD COM COM 89V99M946 6,752 1,287 SH CALL Sole 1,287
AGNICO EAGLE
MINES LTD COM COM 008474108 7,869 150,000 SH Sole 150,000
AGNICO EAGLE
MINES LTD COM COM 2ZL99U251 12,354 2,355 SH CALL Sole 2,355
AGNICO EAGLE
MINES LTD COM COM 008474108 18,361 350,000 SH Sole 350,000
AIRGAS INC COM COM 009363102 210 2,300 SH Sole 2,300
ALERIAN MLP ETF ALERIAN MLP 00162Q866 48 3,000 SH Sole 3,000
ALERIAN MLP ETF ALERIAN MLP 00162Q866 104 6,550 SH Sole 6,550
ALEXION
PHARMACEUTICALS
INC COM COM 015351109 188 2,000 SH Sole 2,000
ALEXION
PHARMACEUTICALS
INC COM COM 015351109 750 8,000 SH Sole 8,000
ALLSTATE CORP
COM COM 020002101 225 5,600 SH Sole 5,600
ALLSTATE CORP
COM COM 020002101 108 2,700 SH Sole 2,700
ALMADEN
MINERALS LTD
COM COM 020283107 1,858 580,000 SH Sole 580,000
ALTISOURCE
PORTFOLIO
SOLNS S REG SHS REG SHS L0175J104 607 7,000 SH Sole 7,000
ALTISOURCE
RESIDENTIAL
CORP CL B
ADDED CL B 02153W100 18 1,166 SH Sole 1,166
ALTRIA GROUP INC
COM COM 02209S103 101 3,200 SH Sole 3,200
AMEREN CORP COM COM 023608102 172 5,600 SH Sole 5,600
AMERICAN INTL
GROUP INC COM
NEW COM NEW 026874784 177 5,000 SH Sole 5,000
AMERICAN TOWER
CORP NEW COM COM 03027X100 232 3,000 SH Sole 3,000
AMERIPRISE FINL
INC COM COM 03076C106 213 3,400 SH Sole 3,400
AMGEN INC COM COM 031162100 216 2,500 SH Sole 2,500
AMIRA NATURE
FOODS LTD SHS
ADDED SHS G0335L102 127 16,000 SH Sole 16,000
AMIRA NATURE
FOODS LTD SHS
ADDED SHS G0335L102 278 35,000 SH Sole 35,000
AMIRA NATURE
FOODS LTD SHS
ADDED SHS G0335L102 3,617 455,000 SH Sole 455,000
ANADARKO PETE
CORP COM COM 032511107 743 10,000 SH Sole 10,000
ANALOG DEVICES
INC COM COM 032654105 84 2,000 SH Sole 2,000
ANALOG DEVICES
INC COM COM 032654105 210 5,000 SH Sole 5,000
ANGLOGOLD
ASHANTI LTD SPONSORED
SPONSORED ADR ADR 9T199W959 1,437 458 SH CALL Sole 458
ANGLOGOLD
ASHANTI LTD SPONSORED
SPONSORED ADR ADR 9T199W959 3,253 1,037 SH CALL Sole 1,037
ANGLOGOLD
ASHANTI LTD SPONSORED
SPONSORED ADR ADR 9T199W934 6,412 2,044 SH CALL Sole 2,044
AON PLC SHS CL A SHS CL A G0408V102 222 4,000 SH Sole 4,000
APPLE INC COM COM 037833100 959 1,800 SH Sole 1,800
APPLE INC COM COM 037833100 2,345 4,400 SH Sole 4,400
APPLE INC COM COM 037833100 106 200 SH Sole 3,200
ASSURANT INC COM COM 04621X108 174 5,000 SH Sole 5,000
AT&T INC COM COM 00206R102 101 3,000 SH Sole 3,000
ATLAS ENERGY LP COM UNITS
COM UNITS LP LP 04930A104 1,911 55,000 SH Sole 55,000
AURICO GOLD INC
COM COM 2WK993838 1,126 1,377 SH CALL Sole 1,377
AURICO GOLD INC
COM COM 2WK993838 2,452 2,998 SH CALL Sole 2,998
AUTONATION INC
COM COM 05329W102 179 4,500 SH Sole 4,500
AVIS BUDGET
GROUP COM COM 053774105 496 25,000 SH Sole 25,000
BALL CORP COM COM 058498106 183 4,100 SH Sole 4,100
BALL CORP COM COM 058498106 206 4,600 SH Sole 4,600
BANK OF AMERICA
CORPORATION
COM COM 060505104 267 23,000 SH Sole 23,000
BARRICK GOLD
CORP COM COM 067901108 1,751 50,000 SH Sole 50,000
BARRICK GOLD
CORP COM COM 067901108 1,751 50,000 SH Sole 50,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------- -------------- --------- -------- ---------------------------- ---------- -------- --------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER --------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- -----
BARRICK GOLD
CORP COM COM 93W99V293 2,174 621 SH CALL Sole 621
BARRICK GOLD
CORP COM COM 93W99V285 11,700 3,342 SH CALL Sole 3,342
BARRICK GOLD
CORP COM COM 93W99V293 13,265 3,789 SH CALL Sole 3,789
BARRICK GOLD
CORP COM COM 93W99V285 21,664 6,188 SH CALL Sole 6,188
BAXTER
INTERNATIONAL
INC COM 071813109 100 1,500 SH Sole 1,500
BEST BUY INC
COM COM 086516101 84 7,100 SH Sole 7,100
BHP BILLITON
LTD
SPONSORED SPONSORED
ADR ADR 088606108 212 2,700 SH Sole 2,700
BHP BILLITON
LTD
SPONSORED SPONSORED
ADR ADR 088606108 10,825 138,000 SH Sole 138,000
BIG LOTS INC
COM COM 089302103 171 6,000 SH Sole 6,000
BLACKROCK
CREDIT ALL
INC TR COM 092508100 104 7,580 SH Sole 7,580
BRF-BRASIL
FOODS S A
SPONSORED SPONSORED
ADR ADR 10552T107 6,966 330,000 SH Sole 330,000
BRISTOL MYERS
SQUIBB CO COM 110122108 103 3,150 SH Sole 3,150
BUNGE LIMITED
COM COM G16962105 9,813 135,000 SH Sole 135,000
CAPITAL ONE
FINL CORP
COM COM 14040H105 232 4,000 SH Sole 4,000
CARDTRONICS
INC COM COM 14161H108 356 15,000 SH Sole 15,000
CELGENE CORP
COM COM 151020104 394 5,000 SH Sole 5,000
CELGENE CORP
COM COM 151020104 866 11,000 SH Sole 11,000
CENTURYLINK
INC COM COM 156700106 156 4,000 SH Sole 4,000
CF INDS HLDGS
INC COM COM 125269100 609 3,000 SH Sole 3,000
CF INDS HLDGS
INC COM COM 125269100 6,196 30,500 SH Sole 30,500
CHART INDS INC COM PAR
COM PAR $0.01 $0.01 16115Q308 400 6,000 SH Sole 6,000
CHEVRON CORP
NEW COM COM 166764100 173 1,600 SH Sole 1,600
CHUYS HLDGS
INC COM COM 171604101 112 5,000 SH Sole 5,000
CHUYS HLDGS
INC COM COM 171604101 447 20,000 SH Sole 20,000
CIRRUS LOGIC
INC COM COM 172755100 435 15,000 SH Sole 15,000
CLAUDE RES INC
COM COM 182873109 304 549,500 SH Sole 549,500
CLAUDE RES INC
COM COM 182873109 449 810,500 SH Sole 810,500
CLAYMORE
EXCHANGE GUGG
TRD FD TR TIMBER ETF 18383Q879 100 4,900 SH Sole 4,900
CLAYMORE
EXCHANGE GUGG
TRD FD TR TIMBER ETF 18383Q879 57 2,800 SH Sole 2,800
CLIFFS NATURAL
RESOURCES
INC COM COM 18683K101 231 6,000 SH Sole 6,000
COCA COLA CO
COM COM 191216100 102 2,800 SH Sole 2,800
COCA COLA
ENTERPRISES
INC NE COM COM 19122T109 190 6,000 SH Sole 6,000
COEUR D ALENE
MINES CORP
IDA COM NEW COM NEW 192108504 2,639 107,271 SH Sole 107,271
COEUR D ALENE
MINES CORP
IDA COM NEW COM NEW 57N993217 4,721 1,919 SH CALL Sole 1,919
COEUR D ALENE
MINES CORP
IDA COM NEW COM NEW 192108504 5,946 241,700 SH Sole 241,700
COEUR D ALENE
MINES CORP
IDA COM NEW COM NEW 57N993217 7,136 2,901 SH CALL Sole 2,901
COHEN & STEERS
CLOSED END
OP COM 19248P106 101 8,150 SH Sole 8,150
COMMVAULT
SYSTEMS INC
COM COM 204166102 976 14,000 SH Sole 14,000
COMPANIA DE
MINAS
BUENAVENTU
SPONSORED SPONSORED
ADR ADR 204448104 1,438 40,000 SH Sole 40,000
COMPASS
MINERALS
INTL INC COM COM 20451N101 3,736 50,000 SH Sole 50,000
COMSTOCK MNG
INC COM COM 205750102 1,197 525,000 SH Sole 525,000
COMSTOCK MNG
INC COM COM 205750102 2,337 1,025,000 SH Sole 1,025,000
CONCHO RES INC
COM COM 20605P101 8,056 100,000 SH Sole 100,000
CONOCOPHILLIPS
COM COM 20825C104 145 2,500 SH Sole 2,500
CONOCOPHILLIPS
COM COM 20825C104 110 1,900 SH Sole 1,900
CONSOL ENERGY
INC COM COM 20854P109 11,396 355,000 SH Sole 355,000
CONSTELLATION
BRANDS INC
CL A CL A 21036P108 202 5,700 SH Sole 5,700
CORE
LABORATORIES
N V COM COM N22717107 547 5,000 SH Sole 5,000
COVENTRY
HEALTH CARE
INC COM COM 222862104 170 3,800 SH Sole 3,800
CVS CAREMARK
CORPORATION COM 126650100 106 2,200 SH Sole 2,200
CYBERONICS INC
COM COM 23251P102 525 10,000 SH Sole 10,000
D R HORTON INC
COM COM 23331A109 253 12,800 SH Sole 12,800
D R HORTON INC
COM COM 23331A109 316 16,000 SH Sole 16,000
D R HORTON INC
COM COM 23331A109 692 35,000 SH Sole 35,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------- -------------- --------- -------- ---------------------------- ---------- -------- ---------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- ------
DAVITA
HEALTHCARE
PARTNERS I COM COM 23918K108 221 2,000 SH Sole 2,000
DAVITA
HEALTHCARE
PARTNERS I COM COM 23918K108 774 7,000 SH Sole 7,000
DEVON ENERGY
CORP NEW COM COM 25179M103 651 12,500 SH Sole 12,500
DIAMOND
OFFSHORE
DRILLING IN
COM COM 25271C102 170 2,500 SH Sole 2,500
DIRECT MKTS
HLDGS CORP
COM DELETED COM 25456U109 0 10,000 SH Sole 10,000
DIRECTV COM COM 25490A309 171 3,400 SH Sole 3,400
DISCOVER FINL
SVCS COM COM 254709108 212 5,500 SH Sole 5,500
DISCOVERY
COMMUNICATNS
NEW COM SER A COM SER A 25470F104 254 4,000 SH Sole 4,000
DOLBY
LABORATORIES
INC COM 25659T107 47 1,600 SH Sole 1,600
DONNELLEY R R &
SONS CO COM COM 257867101 153 17,000 SH Sole 17,000
DRDGOLD LIMITED
SPON ADR SPON ADR
REPSTG REPSTG 26152H301 887 110,000 SH Sole 110,000
DXP ENTERPRISES
INC NEW COM
NEW COM NEW 233377407 736 15,000 SH Sole 15,000
EATON VANCE TX
MNG BY WRT OP COM 27828Y108 50 4,030 SH Sole 4,030
EBAY INC COM COM 278642103 306 6,000 SH Sole 6,000
EBAY INC COM COM 278642103 867 17,000 SH Sole 17,000
ECOLAB INC COM COM 278865100 209 2,900 SH Sole 2,900
ELDORADO GOLD
CORP NEW COM COM 284902103 2,576 200,000 SH Sole 200,000
ELDORADO GOLD
CORP NEW COM COM 284902103 4,250 330,000 SH Sole 330,000
EMERSON ELEC CO
COM COM 291011104 185 3,500 SH Sole 3,500
ENERPLUS CORP COM 292766102 104 8,046 SH Sole 8,046
ENTERPRISE
PRODS
PARTNERS L
COM COM 293792107 10,767 215,000 SH Sole 215,000
ENTREE GOLD INC
COM COM 29383G100 680 1,500,000 SH Sole 1,500,000
ETFS PALLADIUM
TR SH BEN INT SH BEN INT 26923A106 208 3,000 SH Sole 3,000
ETFS PLATINUM TR
SH BEN INT SH BEN INT 26922V101 1,514 10,000 SH Sole 10,000
EXPRESS SCRIPTS
HLDG CO COM COM 30219G108 162 3,000 SH Sole 3,000
EXPRESS SCRIPTS
HLDG CO COM COM 30219G108 432 8,000 SH Sole 8,000
EXXON MOBIL
CORP COM COM 30231G102 173 2,000 SH Sole 2,000
EXXON MOBIL
CORP COM COM 30231G102 104 1,200 SH Sole 1,200
F M C CORP COM
NEW COM NEW 302491303 205 3,500 SH Sole 3,500
FIRST MAJESTIC
SILVER CORP
COM COM 32076V103 2,625 130,000 SH Sole 130,000
FIRST MAJESTIC
SILVER CORP
COM COM 32076V103 3,230 160,000 SH Sole 160,000
FIRST MAJESTIC
SILVER CORP
COM COM 32076V103 4,947 245,000 SH Sole 245,000
FIRSTENERGY
CORP COM COM 337932107 167 4,000 SH Sole 4,000
FORTINET INC
COM COM 34959E109 316 15,000 SH Sole 15,000
FRANCO NEVADA
CORP COM COM 351858105 3,047 53,300 SH Sole 53,300
FRANCO NEVADA
CORP COM COM 351858105 5,145 90,000 SH Sole 90,000
FRANCO NEVADA
CORP COM /CAD/ COM 351858105 11 29,000 SH WTS Sole 29,000
FRANCO NEVADA
CORP COM /CAD/ COM 351858105 44 4,948 SH WTS Sole 4,948
FRONTIER
COMMUNICATIONS
CORP COM COM 35906A108 128 30,000 SH Sole 30,000
GARTNER INC COM COM 366651107 322 7,000 SH Sole 7,000
GARTNER INC COM COM 366651107 644 14,000 SH Sole 14,000
GIANT
INTERACTIVE
GROUP INC ADR ADR 374511103 93 17,100 SH Sole 17,100
GLOBAL X FDS GLB X
URANIUM 37950E754 105 16,175 SH Sole 16,175
GLOBAL X FDS GLB X
URANIUM 37950E754 59 9,025 SH Sole 9,025
GLOBAL X FDS
FTSE FTSE
COLOMBIA20 COLOMBIA20 37950E200 49 2,200 SH Sole 2,200
GOLD FIELDS LTD
NEW SPONSORED
SPONSORED ADR ADR 5MY99Q542 97 78 SH CALL Sole 78
GOLD FIELDS LTD
NEW SPONSORED
SPONSORED ADR ADR 5MY99Q518 2,429 1,945 SH CALL Sole 1,945
GOLD FIELDS LTD
NEW SPONSORED
SPONSORED ADR ADR 5MY99Q542 3,575 2,862 SH CALL Sole 2,862
GOLD FIELDS LTD
NEW SPONSORED
SPONSORED ADR ADR 5MY99Q518 6,070 4,860 SH CALL Sole 4,860
GOLD STD
VENTURES CORP
COM COM 380738104 1,162 880,000 SH Sole 880,000
GOLDCORP INC
NEW COM COM 380956409 330 9,000 SH Sole 9,000
GOLDCORP INC
NEW COM COM 6UN994635 2,393 652 SH CALL Sole 652
GOLDCORP INC
NEW COM COM 3Z7992944 2,598 708 SH CALL Sole 708
GOLDCORP INC
NEW COM COM 8AY99W591 3,670 1,000 SH CALL Sole 1,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------- -------------- --------- -------- ---------------------------- ---------- -------- --------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER --------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- -----
GOLDCORP INC NEW
COM COM 8AY99W591 3,670 1,000 SH CALL Sole 1,000
GOLDCORP INC NEW
COM COM 6UN994635 5,112 1,393 SH CALL Sole 1,393
GOLDCORP INC NEW
COM COM 3Z7992944 5,358 1,460 SH CALL Sole 1,460
GOLDCORP INC NEW
COM COM 8AY99W823 6,338 1,727 SH CALL Sole 1,727
GOLDCORP INC NEW
COM COM 8AY99W823 14,691 4,003 SH CALL Sole 4,003
GOLDEN MINERALS
CO COM COM 5NQ991718 1,441 3,140 SH CALL Sole 3,140
GOLDEN STAR RES
LTD CDA COM COM 38119T104 506 275,000 SH Sole 275,000
GOLDEN STAR RES
LTD CDA COM COM 38119T104 1,012 550,000 SH Sole 550,000
GOOGLE INC CL A CL A 38259P508 284 400 SH Sole 400
GRAN TIERRA
ENERGY INC COM COM 38500T101 6,860 1,245,000 SH Sole 1,245,000
GULFPORT ENERGY
CORP COM NEW COM NEW 402635304 917 24,000 SH Sole 24,000
HARBINGER GROUP
INC COM 41146A106 38 4,900 SH Sole 4,900
HARMONY GOLD
MNG LTD
SPONSORED ADR SPONSORED ADR 413216300 4,032 450,000 SH Sole 450,000
HARMONY GOLD
MNG LTD
SPONSORED ADR SPONSORED ADR 9XL994273 4,498 5,020 SH CALL Sole 5,020
HARMONY GOLD
MNG LTD
SPONSORED ADR SPONSORED ADR 413216300 5,376 600,000 SH Sole 600,000
HARMONY GOLD
MNG LTD
SPONSORED ADR SPONSORED ADR 9XL994273 5,492 6,130 SH CALL Sole 6,130
HCA HOLDINGS INC
COM COM 40412C101 603 20,000 SH Sole 20,000
HCA HOLDINGS INC
COM COM 40412C101 100 3,300 SH Sole 3,300
HEWLETT PACKARD
CO COM COM 428236103 185 13,000 SH Sole 13,000
HEWLETT PACKARD
CO COM COM 428236103 90 6,300 SH Sole 6,300
HOLLYFRONTIER
CORP COM COM 436106108 8,146 175,000 SH Sole 175,000
HORNBECK
OFFSHORE SVCS
INC N COM COM 440543106 172 5,000 SH Sole 5,000
HORNBECK
OFFSHORE SVCS
INC N COM COM 440543106 412 12,000 SH Sole 12,000
HORNBECK
OFFSHORE SVCS
INC N COM COM 440543106 8,242 240,000 SH Sole 240,000
HUDSON CITY
BANCORP COM COM 443683107 229 28,200 SH Sole 28,200
IAMGOLD CORP
COM COM 7WJ99V304 266 232 SH CALL Sole 232
IAMGOLD CORP
COM COM 7WJ99V304 267 233 SH CALL Sole 233
IAMGOLD CORP
COM COM 7WJ99V312 2,881 2,512 SH CALL Sole 2,512
IAMGOLD CORP
COM COM 7WJ99V312 3,083 2,688 SH CALL Sole 2,688
IAMGOLD CORP
COM COM 7WJ99V296 3,301 2,878 SH CALL Sole 2,878
IAMGOLD CORP
COM COM 7WJ99V296 6,334 5,522 SH CALL Sole 5,522
ICICI BK LTD ADR ADR 45104G104 240 5,500 SH Sole 5,500
INTEGRYS ENERGY
GROUP INC COM COM 45822P105 162 3,100 SH Sole 3,100
INTEL CORP COM 458140100 103 5,000 SH Sole 5,000
INTERCONTINENTAL
HTLS GRP PL SPON
ADR NEW 12 SPON ADR NEW
ADDED 12 45857P400 256 9,200 SH Sole 9,200
INTERNATIONAL
BUSINESS MACHS
COM COM 459200101 172 900 SH Sole 900
INTERNATIONAL
BUSINESS MACHS
COM COM 459200101 96 500 SH Sole 500
INTERNATIONAL
FLAVORS&FRAGRA
COM COM 459506101 206 3,100 SH Sole 3,100
INTEROIL CORP COM 460951106 146 2,626 SH Sole 2,626
INTL PAPER CO COM COM 460146103 207 5,200 SH Sole 5,200
INTL PAPER CO COM COM 460146103 10,757 270,000 SH Sole 270,000
IRON MTN INC COM COM 462846106 203 6,532 SH Sole 6,532
ISHARES INC MSCI
BRAZIL MSCI BRAZIL 464286400 42 750 SH Sole 750
ISHARES INC MSCI MSCI CHILE
CHILE INVES INVES 464286640 44 700 SH Sole 700
ISHARES INC MSCI MSCI HONG
HONG KONG KONG 464286871 40 2,040 SH Sole 2,040
ISHARES INC MSCI MSCI HONG
HONG KONG KONG 464286871 143 7,360 SH Sole 7,360
ISHARES INC MSCI
MALAYSIA MSCI MALAYSIA 464286830 33 2,200 SH Sole 2,200
ISHARES INC MSCI
MALAYSIA MSCI MALAYSIA 464286830 144 9,500 SH Sole 9,500
ISHARES INC MSCI S
KOREA MSCI S KOREA 464286772 41 640 SH Sole 640
ISHARES INC MSCI S
KOREA MSCI S KOREA 464286772 153 2,410 SH Sole 2,410
ISHARES INC MSCI
SINGAPORE MSCI SINGAPORE 464286673 157 11,500 SH Sole 11,500
ISHARES INC MSCI
TAIWAN MSCI TAIWAN 464286731 34 2,500 SH Sole 2,500
ISHARES INC MSCI
TAIWAN MSCI TAIWAN 464286731 147 10,800 SH Sole 10,800
ISHARES INC MSCI
THAILAND MSCI THAILAND 464286624 41 500 SH Sole 500
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------- -------------- --------- -------- ---------------------------- ---------- -------- ---------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- ------
ISHARES INC MSCI MSCI
THAILAND THAILAND 464286624 153 1,850 SH Sole 1,850
ISHARES INC MSCI MSCI
TURKEY FD TURKEY
FD 464286715 40 600 SH Sole 600
ISHARES SILVER
TRUST ISHARES ISHARES 46428Q109 44 1,500 SH Sole 1,500
ISHARES TR FTSE FTSE
CHINA25 IDX CHINA25
IDX 5QQ995597 81 20 SH CALL Sole 20
ISHARES TR FTSE FTSE
CHINA25 IDX CHINA25
IDX 5QQ995613 81 20 SH CALL Sole 20
ISHARES TR FTSE FTSE
CHINA25 IDX CHINA25
IDX 464287184 166 4,100 SH Sole 4,100
ISHARES TR FTSE FTSE
CHINA25 IDX CHINA25
IDX 5QQ995688 202 50 SH CALL Sole 50
ISHARES TR FTSE FTSE
CHINA25 IDX CHINA25
IDX 5QQ995720 1,214 300 SH CALL Sole 300
ISHARES TR MSCI MSCI
PERU CAP PERU CAP 464289842 35 770 SH Sole 770
ISHARES TR US US PFD
PFD STK IDX STK IDX 464288687 55 1,400 SH Sole 1,400
IVANHOE ENERGY
INC COM COM 465790103 296 414,100 SH Sole 414,100
IVANHOE ENERGY
INC /CAD/ COM 465790103 13 19,550 SH Sole 19,550
KIMBER RES INC
COM COM 49435N101 570 1,500,000 SH Sole 1,500,000
KINDER MORGAN
INC DEL COM COM 49456B101 11,609 328,600 SH Sole 328,600
KINROSS GOLD
CORP COM NO COM NO
PAR PAR 496902404 0 1 SH Sole 1
KINROSS GOLD
CORP COM NO COM NO
PAR PAR 496902404 1,118 115,000 SH Sole 115,000
KINROSS GOLD
CORP COM NO COM NO
PAR PAR 6W4992297 1,366 1,404 SH CALL Sole 1,404
KINROSS GOLD
CORP COM NO COM NO
PAR PAR 6W4992297 1,850 1,901 SH CALL Sole 1,901
KINROSS GOLD
CORP COM NO COM NO
PAR PAR 4XP99U219 2,597 2,669 SH CALL Sole 2,669
KINROSS GOLD
CORP COM NO COM NO
PAR PAR 496902404 2,673 275,000 SH Sole 275,000
KINROSS GOLD
CORP COM NO COM NO
PAR PAR 4XP99U219 5,199 5,342 SH CALL Sole 5,342
KROGER CO COM COM 501044101 169 6,500 SH Sole 6,500
LAS VEGAS SANDS
CORP COM COM 517834107 231 5,000 SH Sole 5,000
LAS VEGAS SANDS
CORP COM COM 517834107 508 11,000 SH Sole 11,000
LENNAR CORP CL
A CL A 526057104 232 6,000 SH Sole 6,000
LILLY ELI & CO COM 532457108 99 2,000 SH Sole 2,000
LINKEDIN CORP
COM CL A COM CL A 53578A108 804 7,000 SH Sole 7,000
LOCKHEED
MARTIN CORP COM 539830109 111 1,200 SH Sole 1,200
LORILLARD INC
COM COM 544147101 198 1,700 SH Sole 1,700
LYONDELLBASELL
INDUSTRIES N
SHS - A - SHS - A - N53745100 154 2,700 SH Sole 2,700
LYONDELLBASELL
INDUSTRIES N
SHS - A - SHS - A - N53745100 183 3,200 SH Sole 3,200
LYONDELLBASELL
INDUSTRIES N
SHS - A - SHS - A - N53745100 5,709 100,000 SH Sole 100,000
M/I HOMES INC
COM COM 55305B101 265 10,000 SH Sole 10,000
MAG SILVER CORP
COM COM 55903Q104 7,786 760,000 SH Sole 760,000
MARATHON PETE
CORP COM COM 56585A102 214 3,400 SH Sole 3,400
MARATHON PETE
CORP COM COM 56585A102 7,875 125,000 SH Sole 125,000
MARKET VECTORS
ETF TR COAL
ETF COAL ETF 57060U837 106 4,200 SH Sole 4,200
MARKET VECTORS
ETF TR COAL
ETF COAL ETF 57060U837 58 2,300 SH Sole 2,300
MARKET VECTORS GOLD
ETF TR GOLD MINER
MINER ETF ETF 57060U100 1 20 SH Sole 20
MARKET VECTORS GOLD
ETF TR GOLD MINER
MINER ETF ETF 57060U100 1 20 SH Sole 20
MARKET VECTORS GOLD
ETF TR GOLD MINER
MINER ETF ETF 04B993576 9,116 1,965 SH CALL Sole 1,965
MARKET VECTORS GOLD
ETF TR GOLD MINER
MINER ETF ETF 04B993576 9,116 1,965 SH CALL Sole 1,965
MARKET VECTORS GOLD
ETF TR GOLD MINER
MINER ETF ETF 04B993600 9,222 1,988 SH CALL Sole 1,988
MARKET VECTORS GOLD
ETF TR GOLD MINER
MINER ETF ETF 04B993600 18,449 3,977 SH CALL Sole 3,977
MARKET VECTORS
ETF TR JR GOLD JR GOLD
MINERS E MINERS E 57060U589 1 35 SH Sole 35
MARKET VECTORS
ETF TR JR GOLD JR GOLD
MINERS E MINERS E 57060U589 1 35 SH Sole 35
MARKET VECTORS
ETF TR JR GOLD JR GOLD
MINERS E MINERS E 999991755 5,792 2,925 SH CALL Sole 2,925
MARKET VECTORS
ETF TR JR GOLD JR GOLD
MINERS E MINERS E 999991755 5,891 2,975 SH CALL Sole 2,975
MARKET VECTORS
ETF TR JR GOLD JR GOLD
MINERS E MINERS E 6YH990467 9,799 4,949 SH CALL Sole 4,949
MARKET VECTORS
ETF TR JR GOLD JR GOLD
MINERS E MINERS E 6YH990467 17,664 8,921 SH CALL Sole 8,921
MARKET VECTORS
ETF TR RUSSIA RUSSIA
ETF ETF 57060U506 42 1,390 SH Sole 1,390
MARKET VECTORS
ETF TR RUSSIA RUSSIA
ETF ETF 7QG996164 14,985 5,000 SH CALL Sole 5,000
MARKET VECTORS
ETF TR RUSSIA RUSSIA
ETF ETF 7QG996172 15,785 5,267 SH CALL Sole 5,267
MARTIN
MARIETTA
MATLS INC COM COM 573284106 11,493 121,900 SH Sole 121,900
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------- -------------- --------- -------- ---------------------------- ---------- -------- ------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER ------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- ------- -----
MASTERCARD
INC CL A CL A 57636Q104 737 1,500 SH Sole 1,500
MASTERCARD
INC CL A CL A 57636Q104 1,326 2,700 SH Sole 2,700
MAXIM
INTEGRATED
PRODS INC
COM COM 57772K101 118 4,000 SH Sole 4,000
MAXIM
INTEGRATED
PRODS INC
COM COM 57772K101 176 6,000 SH Sole 6,000
MAXIM
INTEGRATED
PRODS INC
COM COM 57772K101 412 14,000 SH Sole 14,000
MCDONALDS
CORP COM 580135101 115 1,300 SH Sole 1,300
MCEWEN MNG
INC COM COM 58039P107 1,149 300,000 SH Sole 300,000
MCKESSON CORP
COM COM 58155Q103 271 2,800 SH Sole 2,800
MEADWESTVACO
CORP COM COM 583334107 207 6,500 SH Sole 6,500
MERCK & CO INC
NEW COM COM 58933Y105 250 6,100 SH Sole 6,100
MICHAEL KORS
HLDGS LTD SHS SHS G60754101 612 12,000 SH Sole 12,000
MIDWAY GOLD
CORP COM COM 598153104 795 571,863 SH Sole 571,863
MONSANTO CO
NEW COM COM 61166W101 208 2,200 SH Sole 2,200
MONSANTO CO
NEW COM COM 61166W101 10,459 110,500 SH Sole 110,500
MOSAIC CO NEW
COM COM 61945C103 181 3,200 SH Sole 3,200
MOTOROLA
SOLUTIONS INC
COM NEW COM NEW 620076307 195 3,500 SH Sole 3,500
MYLAN INC COM COM 628530107 330 12,000 SH Sole 12,000
NATIONAL
OILWELL
VARCO INC
COM COM 637071101 10,936 160,000 SH Sole 160,000
NATIONAL
OILWELL
VARCO INC
COM COM 637071101 68 1,000 SH Sole 1,000
NETEASE INC
SPONSORED SPONSORED
ADR ADR 64110W102 170 4,000 SH Sole 4,000
NEVSUN RES LTD
COM COM 64156L101 1,605 375,000 SH Sole 375,000
NEW GOLD INC
CDA COM COM 644535106 2,206 200,000 SH Sole 200,000
NEWFIELD EXPL
CO COM COM 651290108 3,883 145,000 SH Sole 145,000
NEWMONT
MINING CORP
COM COM 4X299W020 4,653 1,002 SH CALL Sole 1,002
NEWMONT
MINING CORP
COM COM 4X299W020 9,302 2,003 SH CALL Sole 2,003
NEWMONT
MINING CORP
COM COM 08N99V721 13,361 2,877 SH CALL Sole 2,877
NEWMONT
MINING CORP
COM COM 08N99V721 26,717 5,753 SH CALL Sole 5,753
NEWS CORP CL A CL A 65248E104 255 10,000 SH Sole 10,000
NORFOLK
SOUTHERN
CORP COM COM 655844108 173 2,800 SH Sole 2,800
NORTHROP
GRUMMAN
CORP COM COM 666807102 203 3,000 SH Sole 3,000
NRG ENERGY INC
COM NEW COM NEW 629377508 186 8,100 SH Sole 8,100
NUCOR CORP
COM COM 670346105 207 4,800 SH Sole 4,800
NUVEEN PFD
INCOME
OPPRTNY FD COM 67073B106 52 5,375 SH Sole 5,375
NUVEEN CR
STRATEGIES
INCM FD COM SHS 67073D102 53 5,500 SH Sole 5,500
OCCIDENTAL
PETROLEUM
CORP COM 674599105 77 1,000 SH Sole 1,000
OI S.A. SPN ADR SPN ADR
REP PFD REP PFD 670851203 88 22,000 SH Sole 22,000
OIL STS INTL INC
COM COM 678026105 11,089 155,000 SH Sole 155,000
OLD DOMINION
FGHT LINES
INC COM COM 679580100 686 20,000 SH Sole 20,000
PAN AMERICAN
SILVER CORP
COM COM 97K99V214 431 230 SH CALL Sole 230
PAN AMERICAN
SILVER CORP
COM COM 697900108 937 50,000 SH Sole 50,000
PAN AMERICAN
SILVER CORP
COM COM 697900108 4,683 250,000 SH Sole 250,000
PAN AMERICAN
SILVER CORP
COM COM 97K99V214 5,376 2,870 SH CALL Sole 2,870
PATTERSON
COMPANIES
INC COM COM 703395103 171 5,000 SH Sole 5,000
PEOPLES UNITED
FINANCIAL INC
COM COM 712704105 166 13,700 SH Sole 13,700
PEPCO HOLDINGS
INC COM COM 713291102 173 8,800 SH Sole 8,800
PEREGRINE
SEMICONDUCTOR
CORP COM COM 71366R703 536 35,000 SH Sole 35,000
PERFECT WORLD
CO LTD SPON SPON ADR
ADR REP B REP B 71372U104 95 8,900 SH Sole 8,900
PERRIGO CO COM COM 714290103 416 4,000 SH Sole 4,000
PHILIP MORRIS
INTERNATIONAL
INC COM 718172109 100 1,200 SH Sole 1,200
PHILLIPS 66 COM COM 718546104 133 2,500 SH Sole 2,500
PHILLIPS 66 COM COM 718546104 7,965 150,000 SH Sole 150,000
PIMCO ETF TR 0-5 HIGH
YIELD 72201R783 114 1,100 SH Sole 1,100
PIONEER ENERGY
SVCS CORP
COM COM 723664108 6,534 900,000 SH Sole 900,000
PIONEER NAT RES
CO COM COM 723787107 11,362 106,600 SH Sole 106,600
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------- -------------- --------- -------- ---------------------------- ---------- -------- ---------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- ------
PLATINUM GROUP
METALS LTD COM
NEW COM NEW 72765Q205 1,848 2,265,000 SH Sole 2,265,000
PLATINUM GROUP
METALS /CAD/ COM 72765Q205 61 75,000 SH Sole 75,000
PLUM CREEK
TIMBER CO INC
COM COM 729251108 10,871 245,000 SH Sole 245,000
POLARIS INDS INC
COM COM 731068102 842 10,000 SH Sole 10,000
POTASH CORP SASK
INC COM COM 73755L107 9,200 226,100 SH Sole 226,100
POWERSHARES DB
MULTI SECT
COMM DB OIL FUND 73936B507 97 3,730 SH Sole 3,730
POWERSHARES DB
MULTI SECT
COMM DB OIL FUND 73936B507 56 2,170 SH Sole 2,170
POWERSHARES ETF
TRUST FINL PFD PTFL 73935X229 53 2,900 SH Sole 2,900
POWERSHARES
INDIA ETF TR
INDIA PORT INDIA PORT 73935L100 34 1,850 SH Sole 1,850
PRETIUM RES INC
COM COM 74139C102 2,972 225,000 SH Sole 225,000
PRUDENTIAL PLC
ADR ADR 74435K204 223 7,820 SH Sole 7,820
PULTE GROUP INC
COM COM 745867101 254 14,000 SH Sole 14,000
QEP RES INC COM COM 74733V100 757 25,000 SH Sole 25,000
QIHOO 360
TECHNOLOGY CO
LTD ADS ADS 74734M109 208 7,000 SH Sole 7,000
QUEST
DIAGNOSTICS INC
COM COM 74834L100 175 3,000 SH Sole 3,000
RANDGOLD RES LTD
ADR ADR 752344309 199 2,000 SH Sole 2,000
RANDGOLD RES LTD
ADR ADR 752344309 248 2,500 SH Sole 2,500
RANDGOLD RES LTD
ADR ADR 44L990114 2,114 213 SH CALL Sole 213
RANDGOLD RES LTD
ADR ADR 44L990114 4,933 497 SH CALL Sole 497
RANDGOLD RES LTD
ADR ADR 0ZR99S443 5,568 561 SH CALL Sole 561
RANDGOLD RES LTD
ADR ADR 752344309 9,925 100,000 SH Sole 100,000
RANDGOLD RES LTD
ADR ADR 752344309 50 500 SH Sole 500
RANDGOLD RES LTD
ADR ADR 0ZR99S443 13,984 1,409 SH CALL Sole 1,409
RAYTHEON CO COM 755111507 109 1,900 SH Sole 1,900
RDA
MICROELECTRONICS
INC SPONSORED
ADR SPONSORED ADR 749394102 82 7,600 SH Sole 7,600
RELIANCE STEEL &
ALUMINUM CO
COM COM 759509102 7,949 128,000 SH Sole 128,000
REVETT MINERALS
INC COM NEW COM NEW 761505205 703 250,000 SH Sole 250,000
RICHMONT MINES
INC COM COM 76547T106 151 50,000 SH Sole 50,000
RICHMONT MINES
INC COM COM 76547T106 632 210,000 SH Sole 210,000
RIO TINTO PLC
SPONSORED ADR SPONSORED ADR 767204100 209 3,600 SH Sole 3,600
ROYAL BK
SCOTLAND GROUP
PLC SPONS ADR 20 SPONS ADR 20
ORD ORD 780097689 259 24,000 SH Sole 24,000
ROYAL GOLD INC
COM COM 780287108 3,252 40,000 SH Sole 40,000
RUBICON MINERALS
CORP COM COM 780911103 1,927 750,000 SH Sole 750,000
SAFEWAY INC COM
NEW COM NEW 786514208 217 12,000 SH Sole 12,000
SANDSTORM GOLD
LTD COM NEW COM NEW 80013R206 4,833 410,000 SH Sole 410,000
SANDSTORM GOLD
LTD COM /CAD/ COM 80013R206 175 15,000 SH Sole 15,000
SEAGATE
TECHNOLOGY PLC
SHS SHS G7945M107 201 6,600 SH Sole 6,600
SHANDA GAMES
LTD SP ADR
REPTG A SP ADR REPTG A 81941U105 53 17,500 SH Sole 17,500
SILVER BULL RES
INC COM COM 827458100 453 1,054,400 SH Sole 1,054,400
SILVER STD RES INC
COM COM 78D99V261 1,622 1,089 SH CALL Sole 1,089
SILVER STD RES INC
COM COM 78D99V261 3,091 2,076 SH CALL Sole 2,076
SILVER WHEATON
CORP COM COM 55C993924 1,811 502 SH CALL Sole 502
SILVER WHEATON
CORP COM COM 55C993924 3,637 1,008 SH CALL Sole 1,008
SILVER WHEATON
CORP COM COM 828336107 7,216 200,000 SH Sole 200,000
SILVER WHEATON
CORP COM COM 828336107 9,922 275,000 SH Sole 275,000
SILVERCREST MINES
INC COM COM 828365106 384 150,000 SH Sole 150,000
SILVERCREST MINES
INC COM COM 828365106 832 325,000 SH Sole 325,000
SINA CORP ORD ORD 6YJ992834 151 30 SH CALL Sole 30
SLM CORP COM COM 78442P106 188 11,000 SH Sole 11,000
SM ENERGY CO COM COM 78454L100 1,305 25,000 SH Sole 25,000
SMITHFIELD FOODS
INC COM COM 832248108 10,785 500,000 SH Sole 500,000
SOCIEDAD QUIMICA
MINERA DE C
SPON ADR SER B SPON ADR SER B 833635105 14,698 255,000 SH Sole 255,000
SOLITARIO EXPL &
RTY CORP COM COM 8342EP107 1,623 966,200 SH Sole 966,200
SOUTHERN COPPER
CORP COM COM 84265V105 10,601 280,000 SH Sole 280,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------- -------------- --------- -------- ---------------------------- ---------- -------- -------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER -------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- ------- ------
SOUTHWESTERN
ENERGY CO COM COM 845467109 7,016 210,000 SH Sole 210,000
SPDR GOLD TRUST
GOLD SHS GOLD SHS 8SS99W128 486 30 SH CALL Sole 30
SPDR GOLD TRUST
GOLD SHS GOLD SHS 1TH996791 486 30 SH CALL Sole 30
SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 4,455 27,500 SH Sole 27,500
SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 5,265 32,500 SH Sole 32,500
SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 405 2,500 SH Sole 2,500
SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 259 1,600 SH Sole 1,600
SPDR SERIES TRUST
S&P BK ETF S&P BK ETF 78464A797 191 8,000 SH Sole 8,000
SPDR SERIES TRUST
S&P BK ETF S&P BK ETF 78464A797 357 15,000 SH Sole 15,000
SPDR SERIES TRUST
S&P REGL BKG S&P REGL BKG 78464A698 280 10,000 SH Sole 10,000
SPDR SERIES TRUST
S&P REGL BKG S&P REGL BKG 78464A698 559 20,000 SH Sole 20,000
SPREADTRUM
COMMUNICATIONS
IN ADR ADR 849415203 63 3,600 SH Sole 3,600
SPROTT PHYSICAL
SILVER TR TR
UNIT TR UNIT 85207K107 1,204 100,000 SH Sole 100,000
SPROTT RESOURCE
LENDING CORP
COM COM 85207J100 853 550,000 SH Sole 550,000
SUSSER PETE
PARTNERS LP COM U REP LP 869239103 25 1,000 SH Sole 1,000
SYNOVUS FINL
CORP COM COM 87161C105 230 94,000 SH Sole 94,000
TAHOE RES INC
COM COM 873868103 5,496 300,000 SH Sole 300,000
TARGET CORP COM 87612E106 107 1,800 SH Sole 1,800
TESORO CORP COM COM 881609101 132 3,000 SH Sole 3,000
TIMMINS GOLD
CORP COM COM 88741P103 678 225,000 SH Sole 225,000
TIMMINS GOLD
CORP COM COM 88741P103 1,551 515,000 SH Sole 515,000
TJX COS INC NEW
COM COM 872540109 233 5,500 SH Sole 5,500
TOYOTA MOTOR
CORP SP ADR SP ADR
REP2COM REP2COM 892331307 280 3,000 SH Sole 3,000
TURKCELL ILETISIM
HIZMETLERI SPON ADR
SPON ADR NEW NEW 900111204 2,771 171,700 SH Sole 171,700
TYSON FOODS INC
CL A CL A 902494103 10,592 546,000 SH Sole 546,000
ULTA SALON
COSMETCS &
FRAG I COM COM 90384S303 197 2,000 SH Sole 2,000
ULTA SALON
COSMETCS &
FRAG I COM COM 90384S303 688 7,000 SH Sole 7,000
UNION PAC CORP
COM COM 907818108 377 3,000 SH Sole 3,000
UNION PAC CORP
COM COM 907818108 754 6,000 SH Sole 6,000
UNITED RENTALS
INC COM COM 911363109 137 3,000 SH Sole 3,000
UNITED RENTALS
INC COM COM 911363109 228 5,000 SH Sole 5,000
UNITED RENTALS
INC COM COM 911363109 1,001 22,000 SH Sole 22,000
UNITED STATES UNIT PAR
NATL GAS FUND $0.001 912318201 82 4,355 SH Sole 4,355
UNITED STATES UNIT PAR
NATL GAS FUND $0.001 912318201 48 2,545 SH Sole 2,545
UNITED STATES STL
CORP NEW COM COM 912909108 208 8,700 SH Sole 8,700
URANIUM ENERGY
CORP COM 916896103 140 54,500 SH Sole 54,500
V F CORP COM COM 918204108 268 1,775 SH Sole 1,775
VALERO ENERGY
CORP NEW COM COM 91913Y100 171 5,000 SH Sole 5,000
VALERO ENERGY
CORP NEW COM COM 91913Y100 341 10,000 SH Sole 10,000
VALERO ENERGY
CORP NEW COM COM 91913Y100 6,824 200,000 SH Sole 200,000
VALERO ENERGY
CORP COM COM 91913Y100 205 6,000 SH Sole 6,000
VALERO ENERGY
CORP COM COM 91913Y100 102 3,000 SH Sole 3,000
VALERO ENERGY
CORP COM COM 91913Y100 34 1,000 SH Sole 1,000
VANGUARD
NATURAL
RESOURCES LLC COM UNIT 92205F106 155 5,950 SH Sole 5,950
VERIZON
COMMUNICATIONS
INC COM COM 92343V104 195 4,500 SH Sole 4,500
WABTEC CORP COM COM 929740108 438 5,000 SH Sole 5,000
WABTEC CORP COM COM 929740108 1,050 12,000 SH Sole 12,000
WALGREEN CO COM 931422109 111 3,000 SH Sole 3,000
WATSON
PHARMACEUTICALS
INC COM COM 942683103 344 4,000 SH Sole 4,000
WATSON
PHARMACEUTICALS
INC COM COM 942683103 946 11,000 SH Sole 11,000
WEATHERFORD
INTERNATIONAL
LT REG SHS REG SHS H27013103 9,512 850,000 SH Sole 850,000
WEATHERFORD
INTERNATIONAL
LT REG SHS REG SHS H27013103 112 10,000 SH Sole 10,000
WELLPOINT INC
COM COM 94973V107 146 2,400 SH Sole 2,400
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------- -------------- --------- --------- ---------------------------- ---------- -------- ------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER ------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------- -------------- --------- --------- ---------------- ------ ---- ---------- -------- ---- ------- -----
WELLS FARGO & CO NEW
COM COM 949746101 239 7,000 SH Sole 7,000
WELLS FARGO & CO NEW
COM COM 949746101 109 3,200 SH Sole 3,200
WESTERN ASSET GLOBAL
CP DEFI COM 95790C107 56 2,700 SH Sole 2,700
WESTERN GAS PARTNERS COM UNIT LP
LP COM UNIT LP IN IN 958254104 10,431 219,000 SH Sole 219,000
WESTLAKE CHEM CORP
COM COM 960413102 5,551 70,000 SH Sole 70,000
WEYERHAEUSER CO COM COM 962166104 10,293 370,000 SH Sole 370,000
WILLIAMS COS INC DEL
COM COM 969457100 10,018 306,000 SH Sole 306,000
WYNDHAM WORLDWIDE
CORP COM COM 98310W108 250 4,700 SH Sole 4,700
WYNN RESORTS LTD COM COM 983134107 202 1,800 SH Sole 1,800
XEROX CORP COM COM 984121103 164 24,000 SH Sole 24,000
YAMANA GOLD INC COM COM 36L992892 5,008 2,910 SH CALL Sole 2,910
YAMANA GOLD INC COM COM 98462Y100 6,024 350,000 SH Sole 350,000
YAMANA GOLD INC COM COM 98462Y100 6,024 350,000 SH Sole 350,000
YAMANA GOLD INC COM COM 98462Y100 7,745 450,000 SH Sole 450,000
YAMANA GOLD INC COM COM 36L992892 11,686 6,790 SH CALL Sole 6,790
YANDEX N V SHS CLASS A SHS CLASS A N97284108 3,035 140,700 SH Sole 140,700
GRAND TOTAL 1,037,909 38,145,008