UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 13F

                               Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 30, 2009

Check here if Amendment [ ]; Amendment Number: ________
This Amendment (Check only one.): [ ] is a restatement.
                                  [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    U.S. Global Investors, Inc.
Address: 7900 Callaghan Road
         San Antonio, TX 78229

Form 13F File Number: 28-________

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:  Susan B. McGee
Title: President
Phone: (210) 308-1234

Signature, Place, and Date of Signing:

/s/ Susan B. McGee            San Antonio, TX               11/13/09
---------------------         --------------------          ---------------
     [Signature]                 [City, State]                  [Date]

Report Type (Check only one.):

[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
      manager are reported in this report.)

[ ]   13F NOTICE. (Check here if no holdings reported are in this report, and
      all holdings are reported by other reporting manager(s).)

[ ]   13F COMBINATION REPORT. (Check here if a portion of the holdings for
      this reporting manager are reported in this report and a portion are
      reported by other reporting manager(s).)

List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]

      Form 13F File Number Name

      28-_______           __________________________
      [Repeat as necessary.]




                                              
Number of Other Included Managers                        0
Form 13F Information Table Entry Total                 396
Form 13F Information Table Total Value (x1000)   1,300,949




                           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             SPONSORED ADR    000375204      501     25,000 SH       Sole                        25,000
AECOM TECHNOLOGY CORP             COM         00766T100      217      8,000 SH       Sole                         8,000
AEROPOSTALE INC                   COM         007865108      869     20,000 SH       Sole                        20,000
AGNICO EAGLE MINES LTD            COM         008474108     6107     90,000 SH       Sole                        90,000
AGNICO EAGLE MINES LTD            COM         008474108     8481    125,000 SH       Sole                       125,000
AGNICO EAGLE MINES LTD            COM         008474108     4105     60,500 SH   PUT Sole                        60,500
AGNICO EAGLE MINES LTD            COM         008474108    10211    150,500 SH   PUT Sole                       150,500
AGNICO EAGLE MINES LTD            COM         008474108     1737     25,600 SH   WTS Sole                        25,600
AGNICO EAGLE MINES LTD            COM         008474108     2320     34,200 SH   WTS Sole                        34,200
AGNICO EAGLE MINES LTD            COM         008474108     4750     70,000 SH   WTS Sole                        70,000
AGNICO EAGLE MINES LTD            COM         008474108     7464    110,000 SH   WTS Sole                       110,000
ALPHA NATURAL RESOURCES
   INC                            COM         02076X102     7020    200,000 SH       Sole                       200,000
AMAZON COM INC                    COM         023135106      280      3,000 SH       Sole                         3,000
AMAZON COM INC                    COM         023135106      420      4,500 SH       Sole                         4,500
AMERICA MOVIL SAB DE CV
   SERIES L                  SPON ADR L SHS   02364W105      394      9,000 SH       Sole                         9,000
AMERICA MOVIL SAB DE CV
   SERIES L                  SPON ADR L SHS   02364W105      175      4,000 SH       Sole                         4,000
AMERICAN TOWER CORP CL A          CL A        029912201      273      7,500 SH       Sole                         7,500
ANOORAQ RESOURCES CORP
   /CAD/                          COM         03633E108      333    375,000 SH       Sole                       375,000
ANOORAQ RESOURCES CORP
   /CAD/                          COM         03633E108     2573  2,900,000 SH       Sole                     2,900,000
ANOORAQ RESOURCES CORP
   /CAD/                          COM         03633E108      333    350,000 SH       Sole                       350,000
ANOORAQ RESOURCES CORP
   /CAD/                          COM         03633E108      618    650,000 SH       Sole                       650,000
APPLE INC                         COM         037833100      927      5,000 SH       Sole                         5,000
ARCSIGHT INC                      COM         039666102      241     10,000 SH       Sole                        10,000
ARCSIGHT INC                      COM         039666102      722     30,000 SH       Sole                        30,000
ARENA RESOURCES INC               COM         040049108     8875    250,000 SH       Sole                       250,000
ASA LTD                           COM         G3156P103     3070     40,500 SH       Sole                        40,500
ASA LTD                           COM         G3156P103     1099     14,500 SH       Sole                        14,500
ATLAS ENERGY INC                  COM         049298102    12246    452,400 SH       Sole                       452,400
ATWOOD OCEANICS                   COM         050095108      317      9,000 SH       Sole                         9,000
AURIZON MINES LTD                 COM         05155P106     1727    396,000 SH       Sole                       396,000
AURIZON MINES LTD                 COM         05155P106     1849    424,100 SH       Sole                       424,100
BAIDU INC SPON ADR           SPON ADR REP A   056752108     1173      3,000 SH       Sole                         3,000
BAIDU INC SPON ADR           SPON ADR REP A   056752108      196        500 SH       Sole                           500
BANCO BRADESCO SPONSORED
   ADR                       SP ADR PFD NEW   059460303      199     10,000 SH       Sole                        10,000
BANK NOVA SCOTIA HALIFAX          COM         064149107      137      3,000 SH       Sole                         3,000
BANK OF AMERICA CORP              COM         060505104      592     35,000 SH       Sole                        35,000
BANK OF AMERICA CORP              COM         060505104     1015     60,000 SH       Sole                        60,000
BERKSHIRE HATHAWAY INC
   DEL CL B                       CL B        084670207      565        170 SH       Sole                           170
BHP BILLITON LTD             SPONSORED ADR    088606108      660     10,000 SH   PUT Sole                                10,000
BRISTOL MYERS SQUIBB CO           COM         110122108      383     17,000 SH       Sole                        17,000
CALLAWAY GOLF CO                  COM         131193104      114     15,000 SH       Sole                        15,000
CAMERON INTERNATIONAL
   CORPORATION                    COM         13342B105     9644    255,000 SH       Sole                       255,000
CAMERON INTERNATIONAL
   CORPORATION                    COM         13342B105      238      6,300 SH       Sole                         6,300
CANADIAN NATURAL
   RESOURCES                      COM         136385101    19149    285,000 SH       Sole                       285,000
CERNER CORP                       COM         156782104      449      6,000 SH       Sole                         6,000
CHESAPEAKE ENERGY CORP            COM         165167107    16046    565,000 SH       Sole                       565,000
CHESAPEAKE ENERGY CORP            COM         165167107      318     11,200 SH       Sole                        11,200
CHEVRON CORP                      COM         166764100    25003    355,000 SH       Sole                       355,000
CHINA PETROLEUM &
   CHEMICAL ADR              SPON ADR H SHS   16941R108      852     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
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
                                                                                       
CHIPOTLE MEXICAN GRILL
   INC                            COM         169656105      728      7,500 SH       Sole                         7,500
CIBT EDUCATION GROUP INC
   /CAD/                          COM         17163Y102      275    453,632 SH       Sole                       453,632
CITIGROUP INC                     COM         172967101      363     75,000 SH       Sole                        75,000
CLAUDE RESOURCES INC
   /CAD/                          COM         182873109     1166  1,560,000 SH       Sole                     1,560,000
CNOOC LTD ADR                SPONSORED ADR    126132109      406      3,000 SH       Sole                         3,000
CNOOC LTD ADR                SPONSORED ADR    126132109      135      1,000 SH       Sole                         1,000
COEUR D ALENE MINES CORP
   IDAHO                          COM         192108504      226     11,000 SH       Sole                        11,000
COEUR D ALENE MINES CORP
   IDAHO                          COM         192108504      554     27,000 SH       Sole                        27,000
COMPANHIA ENERGETICA DE
   MINAS GERAIS              SP ADR N-V PFD   204409601      611     40,201 SH       Sole                        40,201
CONCHO RESOURCES INC              COM         20605P101     9262    255,000 SH       Sole                       255,000
CONCHO RESOURCES INC              COM         20605P101      145      4,000 SH       Sole                         4,000
CONCHO RESOURCES INC              COM         20605P101      363     10,000 SH       Sole                        10,000
COPA HOLDINGS SA CLASS A          CL A        P31076105      245      5,500 SH       Sole                         5,500
COPA HOLDINGS SA CLASS A          CL A        P31076105      289      6,500 SH       Sole                         6,500
COPA HOLDINGS SA CLASS A          CL A        P31076105      133      3,000 SH       Sole                         3,000
COPART INC                        COM         217204106      299      9,000 SH       Sole                         9,000
CORE LABORATORIES N V             COM         N22717107    10309    100,000 SH       Sole                       100,000
CORE LABORATORIES N V             COM         N22717107      278      2,700 SH       Sole                         2,700
CPFL ENERGIA SA SP ADR
   /USD/                     SPONSORED ADR    126153105      675     12,500 SH       Sole                        12,500
CREE INC                          COM         225447101      294      8,000 SH       Sole                         8,000
CREE INC                          COM         225447101      662     18,000 SH       Sole                        18,000
CRYSTALLEX INTL CORP
   /CANADIAN/                     COM         22942F101      538  2,150,000 SH       Sole                     2,150,000
CRYSTALLEX INTL CORP
   /CANADIAN/                     COM         22942F101       28    100,000 SH       Sole                               100,000
CRYSTALLEX INTL CORP              COM         22942F101       58    230,000 SH       Sole                               230,000
CRYSTALLEX INTL CORP              COM         22942F101       19     75,000 SH   WTS Sole                                75,000
CRYSTALLEX INTL CORP              COM         22942F101       41    162,500 SH   WTS Sole                       162,500
CRYSTALLEX INTL CORP              COM         22942F101       16     62,500 SH   WTS Sole                        62,500
CSX CORP                          COM         126408103       46      1,100 SH       Sole                         1,100
CSX CORP                          COM         126408103      419     10,000 SH       Sole                        10,000
CSX CORP                          COM         126408103      419     10,000 SH       Sole                        10,000
CTC MEDIA INC                     COM         12642X106    11869    755,000 SH       Sole                       755,000
CTC MEDIA INC                     COM         12642X106      629     40,000 SH       Sole                        40,000
CTC MEDIA INC                     COM         12642X106      126      8,000 SH       Sole                         8,000
CTRIP.COM INTERNATIONAL
   LTD                            ADR         22943F100      882     15,000 SH       Sole                        15,000
DIANA SHIPPING INC                COM         Y2066G104     5850    450,000 SH       Sole                       450,000
DOLLAR TREE INC                   COM         256746108      365      7,500 SH       Sole                         7,500
DRDGOLD LTD SPONSORED ADR     SPON ADR NEW    26152H301     3620    500,000 SH       Sole                       500,000
DRDGOLD LTD SPONSORED ADR     SPON ADR NEW    26152H301      724    100,000 SH       Sole                       100,000
DRESSER-RAND GROUP INC            COM         261608103      497     16,000 SH       Sole                        16,000
DUOYUAN GLOBAL WATER
   INC-ADR                SPONSORED ADR ADDED 266043108      666     20,000 SH       Sole                        20,000
DUOYUAN GLOBAL WATER
   INC-ADR                SPONSORED ADR ADDED 266043108      200      6,000 SH       Sole                         6,000
DUOYUAN GLOBAL WATER
   INC-ADR                SPONSORED ADR ADDED 266043108      366     11,000 SH       Sole                        11,000
DUOYUAN GLOBAL WATER
   INC-ADR                SPONSORED ADR ADDED 266043108      500     15,000 SH       Sole                        15,000
DUOYUAN GLOBAL WATER
   INC-ADR                SPONSORED ADR ADDED 266043108      167      5,000 SH       Sole                         5,000
E TRADE FINANCIAL
   CORPORATION                    COM         269246104      105     60,000 SH       Sole                        60,000
EBIX INC COM NEW                  COM         278715206      941     17,000 SH       Sole                        17,000
EL PASO PIPELINE PARTNERS     COM UNIT LPI    283702108       91      4,400 SH       Sole                                 4,400
ELDORADO GOLD CORP
   /CANADIAN/                     COM         284902103     4104    360,000 SH       Sole                       360,000
ENERGY TRANSFER PRTNERS
   L P                       UNIT LTD PARTN   29273R109       64      1,500 SH       Sole                                 1,500
ENSCO INTERNATIONAL INC           COM         26874Q100     7870    185,000 SH       Sole                       185,000
ENTERPRISE PRODS PARTNERS         COM         293792107       71      2,500 SH       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
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
                                                                                       
ENTREE GOLD INC /CAD/             COM         29383G100     2137    750,000 SH       Sole                       750,000
E-TRACS UBSLONG PLAT ETN    LONG PLATN ETN18  902641786      187     12,000 SH       Sole                        12,000
E-TRACS UBSLONG PLAT ETN    LONG PLATN ETN18  902641786      187     12,000 SH       Sole                        12,000
EXELON CORPORATION                COM         30161N101      595     12,000 SH       Sole                        12,000
EXETER RESOURCE CORP              COM         301835104       94     20,500 SH       Sole                                20,500
EXPRESS SCRIPTS INC
   COMMON                         COM         302182100      931     12,000 SH       Sole                        12,000
F P L GROUP INC                   COM         302571104     1105     20,000 SH       Sole                        20,000
FIRSTENERGY CORP                  COM         337932107      594     13,000 SH       Sole                        13,000
FLEXTRONICS
   INTERNATIONAL LTD              ORD         Y2573F102      112     15,000 SH       Sole                        15,000
FLOWSERVE CORPORATION             COM         34354P105     9361     95,000 SH       Sole                        95,000
FLOWSERVE CORPORATION             COM         34354P105      985     10,000 SH       Sole                        10,000
FLOWSERVE CORPORATION             COM         34354P105      887      9,000 SH       Sole                         9,000
FLUOR CORP                        COM         343412102      763     15,000 SH       Sole                        15,000
FMC TECHNOLOGIES INC              COM         30249U101      209      4,000 SH       Sole                         4,000
FOSSIL INC                        COM         349882100      142      5,000 SH       Sole                         5,000
FOSTER WHEELER AG COM             COM         H27178104      447     14,000 SH       Sole                        14,000
FREEPORT-MCMORAN COPPER
   & GOLDINC                      COM         35671D857    18182    265,000 SH       Sole                       265,000
FREEPORT-MCMORAN COPPER
   & GOLDINC                      COM         35671D857      343      5,000 SH       Sole                         5,000
FRONTLINE LTMITED                 SHS         G3682E127     5380    230,000 SH       Sole                       230,000
GEN MILLS                         COM         370334104      161      2,500 SH       Sole                         2,500
GENERAL CABLE CORP                COM         369300108      235      6,000 SH       Sole                         6,000
GENERAL CABLE CORP                COM         369300108      509     13,000 SH       Sole                        13,000
GERDAU SA SPONSORED ADR      SPONSORED ADR    373737105      806     60,000 SH       Sole                        60,000
GERDAU SA SPONSORED ADR      SPONSORED ADR    373737105      202     15,000 SH       Sole                        15,000
GOLD FIELDS LTD
   SPONSORED ADR             SPONSORED ADR    38059T106     4823    350,000 SH       Sole                       350,000
GOLD FIELDS LTD
   SPONSORED ADR             SPONSORED ADR    38059T106     3445    250,000 SH       Sole                       250,000
GOLD FIELDS LTD
   SPONSORED ADR             SPONSORED ADR    38059T106      620     45,000 SH   PUT Sole                        45,000
GOLD FIELDS LTD
   SPONSORED ADR             SPONSORED ADR    38059T106      551     40,000 SH   PUT Sole                        40,000
GOLDCORP INC                      COM         380956409     4037    100,000 SH   PUT Sole                       100,000
GOLDCORP INC                      COM         380956409    10093    250,000 SH   PUT Sole                       250,000
GOLDCORP INC                      COM         380956409     4057    100,500 SH   PUT Sole                       100,500
GOLDCORP INC                      COM         380956409     4057    100,500 SH   PUT Sole                       100,500
GOLDCORP INC                      COM         380956409     7267    180,000 SH   PUT Sole                       180,000
GOLDCORP INC                      COM         380956409    25029    620,000 SH   PUT Sole                       620,000
GOLDCORP INC                      COM         380956409     6560    162,500 SH   PUT Sole                       162,500
GOLDCORP INC                      COM         380956409     4045    100,200 SH   PUT Sole                       100,200
GOLDCORP INC                      COM         380956409    12131    300,500 SH   PUT Sole                       300,500
GOLDCORP INC                      COM         380956409     1211     30,000 SH   PUT Sole                        30,000
GOLDCORP INC                      COM         380956409     2826     70,000 SH   PUT Sole                        70,000
GOLDCORP INC                      COM         380956409      807     20,000 SH   PUT Sole                                20,000
GOLDCORP INC CW11 /CAD/     *W EXP 06/09/201  380956177    12198  1,447,841 SH       Sole                     1,447,841
GOLDCORP INC CW11 /CAD/     *W EXP 06/09/201  380956177     8913  1,057,984 SH       Sole                     1,057,984
GOLDCORP INC CW11 /CAD/     *W EXP 06/09/201  380956177    32884  3,903,231 SH       Sole                     3,903,231
GOLDEN STAR RES LTD
   /CANADIAN/                     COM         38119T104     3791  1,125,000 SH       Sole                     1,125,000
GOLDEN STAR RES LTD
   /CANADIAN/                     COM         38119T104     2275    675,000 SH       Sole                       675,000
GOLDMAN SACHS GROUP INC           COM         38141G104      498      2,700 SH       Sole                         2,700
GOLDMAN SACHS GROUP INC           COM         38141G104     1254      6,800 SH       Sole                         6,800
GREAT BASIN GOLD LTD
   /CAD/                          COM         390124105     3408  2,225,000 SH       Sole                     2,225,000
GRUPO AEROPORTUARIO DEL
   SURESTE SAB DE CV         SPON ADR SER B   400501102      853     20,000 SH       Sole                        20,000
GRUPO TELEVISA SA DE ADR     SP ADR REP ORD   40049J206      139      7,500 SH       Sole                         7,500
HALLIBURTON CO HOLDING            COM         406216101    11119    410,000 SH       Sole                       410,000
HARMONY GOLD MINING CO
   LTD SPONSORED ADR         SPONSORED ADR    413216300     2899    265,000 SH       Sole                       265,000
HARMONY GOLD MINING CO
   LTD SPONSORED ADR         SPONSORED ADR    413216300     2352    215,000 SH       Sole                       215,000






        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
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
                                                                                       
HARTFORD FINL SVCS GROUP
   INC                            COM         416515104      663     25,000 SH       Sole                        25,000
HECLA MINING                      COM         422704106      615    140,000 SH       Sole                       140,000
HECLA MINING                      COM         422704106     1580    360,000 SH       Sole                       360,000
HECLA MINING                      COM         422704106      184     42,000 SH  CALL Sole                        42,000
HECLA MINING                      COM         422704106      702    160,000 SH  CALL Sole                       160,000
HELIX ENERGY SOLUTIONS
   GROUP                          COM         42330P107     7490    500,000 SH       Sole                       500,000
HELMERICH & PAYNE INC             COM         423452101      759     19,200 SH       Sole                        19,200
HESS CORP                         COM         42809H107     9890    185,000 SH       Sole                       185,000
I SHARES INC MSCI HONG
   KONG NDEX FUND ETF        MSCI HONG KONG   464286871      233     15,000 SH       Sole                        15,000
I SHARES INC MSCI HONG
   KONG INDEX FUND ETF       MSCI HONG KONG   464286871       31      2,000 SH       Sole                         2,000
I SHARES MSCI BRAZIL
   INDEX FUND ETF             MSCI BRAZIL     464286400       34        500 SH       Sole                           500
I SHARES MSCI TAIWAN
   INDEX FUND ETF             MSCI TAIWAN     464286731      148     12,000 SH       Sole                        12,000
I SHARES MSCI TAIWAN
   INDEX FUND ETF             MSCI TAIWAN     464286731       37      3,000 SH       Sole                         3,000
IAMGOLD CORPORATION               COM         450913108     4991    353,000 SH       Sole                       353,000
IAMGOLD CORPORATION               COM         450913108     8229    582,000 SH       Sole                       582,000
IAMGOLD CORPORATION /CAD/         COM         450913108      919     65,000 SH       Sole                        65,000
INTERNATIONAL PAPER CO            COM         460146103     4446    200,000 SH       Sole                       200,000
INTERNATIONAL ROYALTY
   CORP/CAD                       COM         460277106     2833    702,000 SH       Sole                       702,000
INTERNATIONAL ROYALTY
   CORP/CAD                       COM         460277106       35      8,000 SH       Sole                                 8,000
INVERNESS MEDICAL
   INNOVATION                     COM         46126P106      155      4,000 SH       Sole                         4,000
ISHARES MSCI CHILE          MSCI CHILE INVES  464286640       34        700 SH       Sole                           700
ISHARES MSCI ISRAEL
   CAPPED INDEX FUND ETF     MSCI ISRAEL FD   464286632       68      1,400 SH       Sole                         1,400
ISHARES MSCI MALAYSIA ETF    MSCI MALAYSIA    464286830      274     27,000 SH       Sole                        27,000
ISHARES MSCI MALAYSIA ETF    MSCI MALAYSIA    464286830       32      3,200 SH       Sole                         3,200
ISHARES MSCI SINGAPORE
   ETF                       MSCI SINGAPORE   464286673       32      3,000 SH       Sole                         3,000
ISHARES MSCI SOUTH KOREA
   ETF                        MSCI S KOREA    464286772      166      3,500 SH       Sole                         3,500
ISHARES MSCI SOUTH KOREA
   ETF                        MSCI S KOREA    464286772       38        800 SH       Sole                           800
ISHARES MSCI TURKEY ETF      MSCI TURKEY FD   464286715       63      1,250 SH       Sole                         1,250
ISHARES TR INDEX DJ US
   REAL EST                  DJ US REAL EST   464287739      149      3,500 SH       Sole                         3,500
ISHARES TR INDEX DJ US
   REAL EST                  DJ US REAL EST   464287739      768     18,000 SH       Sole                        18,000
ITAU UNIBANCO HOLDING
   SA/BRL/                        COM         P5968Q104      450     22,338 SH       Sole                        22,338
IVANHOE ENERGY INC /CAD/          COM         465790103     3461  1,500,000 SH       Sole                     1,500,000
IVANHOE ENERGY INC /CAD/          COM         465790103       86     35,000 SH       Sole                                35,000
IVANHOE ENERGY INC /CAD/          COM         465790103      124     50,000 SH   WTS Sole                                50,000
J CREW GROUP INC                  COM         46612H402      215      6,000 SH       Sole                         6,000
J CREW GROUP INC                  COM         46612H402      466     13,000 SH       Sole                        13,000
JAGUAR MINING INC                 COM         47009M103     1089    121,659 SH       Sole                       121,659
JAGUAR MINING INC                 COM         47009M103     2622    293,077 SH       Sole                       293,077
JOHNSON & JOHNSON                 COM         478160104      609     10,000 SH  CALL Sole                        10,000
JOY GLOBAL INC                    COM         481165108     7341    150,000 SH       Sole                       150,000
JPMORGAN CHASE & COMPANY          COM         46625H100      175      4,000 SH       Sole                         4,000
KEY ENERGY SVCS INC               COM         492914106      104     12,000 SH       Sole                        12,000
KINROSS GOLD CORP                 COM         496902404     1302     60,000 SH   PUT Sole                        60,000
KINROSS GOLD CORP                 COM         496902404     4340    200,000 SH   PUT Sole                       200,000
KINROSS GOLD CORP                 COM         496902404     2170    100,000 SH   PUT Sole                       100,000
KINROSS GOLD CORP                 COM         496902404     4340    200,000 SH   PUT Sole                       200,000
KINROSS GOLD CORP                 COM         496902404    14506    668,500 SH   WTS Sole                       668,500
KINROSS GOLD CORP                 COM         496902404    19890    916,600 SH   WTS Sole                       916,600
KINROSS GOLD CORP                 COM         496902404    16527    761,634 SH   WTS Sole                       761,634
KINROSS GOLD CORP                 COM         496902404    20018    922,471 SH   WTS Sole                       922,471
KIRKLAND LAKE GOLD INC
   COM                            COM         49740P106     2859    332,700 SH       Sole                       332,700
KNIGHT CAPITAL GROUP              COM         499005106      435     20,000 SH       Sole                        20,000






        COLUMN 1                COLUMN 2       COLUMN 3 COLUMN 4       COLUMN 5       COLUMN 6  COLUMN 7        COLUMN 8
------------------------- ------------------- --------- -------- ------------------- ---------- -------- ----------------------
                                                                  SHARES OR                                 VOTING AUTHORITY
                                                          VALUE   PRINCIPAL SH/ PUT/ INVESTMENT   OTHER  ----------------------
     NAME OF ISSUER          TITLE OF CLASS     CUSIP   (X$1000)   AMOUNT   PRN CALL DISCRETION MANAGERS SOLE   SHARED    NONE
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
                                                                                       
LIHIR GOLD LTD SPON ADR      SPONSORED ADR    532349107     2505    100,000 SH       Sole                       100,000
LIHIR GOLD LTD SPON ADR      SPONSORED ADR    532349107     3419    136,500 SH       Sole                       136,500
LIHIR GOLD LTD SPON ADR      SPONSORED ADR    532349107      251     10,000 SH       Sole                        10,000
LINCOLN NATL CORP IND             COM         534187109      453     17,500 SH       Sole                        17,500
LINN ENERGY LLC UNIT LTD
   LIAB                      UNIT LTD LIAB    536020100      275     12,000 SH       Sole                        12,000
MACYS INC                         COM         55616P104      137      7,500 SH       Sole                         7,500
MAG SILVER CORPORATION
   /CAD/                          COM         55903Q104     2909    500,000 SH       Sole                       500,000
MAG SILVER CORPORATION
   /CAD/                          COM         55903Q104       93     15,000 SH       Sole                                15,000
MARKET VECTORS INDONESIA
   ETF                       INDONESIA ETF    57060U753      243      4,100 SH       Sole                         4,100
MARKET VECTORS INDONESIA
   ETF                       INDONESIA ETF    57060U753       30        500 SH       Sole                           500
MARKET VECTORS RUSSIA ETF      RUSSIA ETF     57060U506       75      2,700 SH       Sole                         2,700
MARKET VECTORS ETF TR        GOLD MINER ETF   57060U100     2944     65,000 SH   PUT Sole                                65,000
MARKET VECTORS ETF TR        GOLD MINER ETF   57060U100     5661    125,000 SH   PUT Sole                               125,000
MASTERCARD INC                    COM         57636Q104      404      2,000 SH       Sole                         2,000
MECHEL STEEL GROUP OAO       SPONSORED ADR    583840103     4864    270,500 SH       Sole                       270,500
MECHEL STEEL GROUP OAO       SPONSORED ADR    583840103      270     15,000 SH       Sole                        15,000
MECHEL STEEL GROUP OAO       SPONSORED ADR    583840103       72      4,000 SH       Sole                         4,000
MEDCO HEALTH SOLUTIONS
   INC                            COM         58405U102      415      7,500 SH       Sole                         7,500
MEDCO HEALTH SOLUTIONS
   INC                            COM         58405U102      608     11,000 SH       Sole                        11,000
MINES MANAGEMENT INC              COM         603432105      104     40,900 SH       Sole                        40,900
MINES MANAGEMENT INC              COM         603432105     2193    860,000 SH       Sole                       860,000
MINES MANAGEMENT INC              COM         603432105       49     19,250 SH       Sole                                19,250
MINES MANAGEMENT INC              COM         603432105       33     13,000 SH   WTS Sole                                13,000
MINES MANAGEMENT INC              COM         603432105        6      2,500 SH   WTS Sole                                 2,500
MINES MANAGEMENT INC              COM         603432105      113     44,000 SH   WTS Sole                        44,000
MINES MANAGEMENT INC              COM         603432105     1852    723,300 SH   WTS Sole                       723,300
MOBILE TELESYSTEMS /USD/          COM         X5430T109     5999    888,391 SH       Sole                       888,391
MOBILE TELESYSTEMS OJSC
   SPONSORED ADR             SPONSORED ADR    607409109    15060    312,000 SH       Sole                       312,000
MOBILE TELESYSTEMS OJSC
   SPONSORED ADR             SPONSORED ADR    607409109      772     16,000 SH       Sole                        16,000
MOBILE TELESYSTEMS OJSC
   SPONSORED ADR             SPONSORED ADR    607409109      579     12,000 SH       Sole                        12,000
MOBILE TELESYSTEMS OJSC
   SPONSORED ADR             SPONSORED ADR    607409109      290      6,000 SH       Sole                         6,000
NATIONAL OILWELL VARCO
   INC                            COM         637071101    10783    250,000 SH       Sole                       250,000
NETAPP INC                        COM         64110D104      200      7,500 SH       Sole                         7,500
NETEASE.COM INC ADR          SPONSORED ADR    64110W102      822     18,000 SH       Sole                        18,000
NETEASE.COM INC ADR          SPONSORED ADR    64110W102      274      6,000 SH       Sole                         6,000
NETFLIX.COM INC                   COM         64110L106      462     10,000 SH       Sole                        10,000
NEW GOLD INC                      COM         644535106       18      4,823 SH       Sole                         4,823
NEW GOLD INC                      COM         644535106       19      5,000 SH       Sole                         5,000
NEW GOLD INC /CAD/                COM         644535106     2483    650,000 SH       Sole                       650,000
NEW GOLD INC /CAD/                COM         644535106     1337    350,000 SH       Sole                       350,000
NEW GOLD INC /CAD/                COM         644535106     3364    822,570 SH   WTS Sole                       822,570
NEW GOLD INC /CAD/                COM         644535106     1442    352,530 SH   WTS Sole                       352,530
NEW GOLD INC /CAD/                COM         644535106     1030    251,800 SH   WTS Sole                       251,800
NEW GOLD INC /CAD/                COM         644535106     4499  1,099,900 SH   WTS Sole                     1,099,900
NEW GOLD INC /CAD/                COM         644535106       36      8,850 SH   WTS Sole                         8,850
NEW GOLD INC /CAD/                COM         644535106     1259    307,840 SH   WTS Sole                       307,840
NEW GOLD INC /CAD/                COM         644535106     1020    249,510 SH   WTS Sole                       249,510
NEW GOLD INC /CAD/                COM         644535106       24      5,750 SH   WTS Sole                                 5,750
NEW GOLD INC /CAD/                COM         644535106      120     29,400 SH   WTS Sole                        29,400
NEW GOLD INC /CAD/                COM         644535106      443    108,250 SH   WTS Sole                       108,250
NEW GOLD INC /CAD/                COM         644535106      133     32,600 SH   WTS Sole                        32,600
NEW GOLD INC /CAD/                COM         644535106      245     59,950 SH   WTS Sole                                59,950
NEW GOLD INC /CAD/                COM         644535106      117     28,500 SH   WTS Sole                                28,500
NOBLE CORPORATION                 COM         H5833N103     6643    175,000 SH       Sole                       175,000






        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
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
                                                                                       
NORTHERN DYNASTY
   MINERALS/CAD/                  COM         66510M204     5948    800,000 SH       Sole                       800,000
NORTHERN DYNASTY
   MINERALS/CAD/                  COM         66510M204     5026    676,000 SH       Sole                       676,000
NUSTAR ENERGY LP                UNIT COM      67058H102     5702    110,000 SH       Sole                       110,000
NUSTAR ENERGY LP                UNIT COM      67058H102      389      7,500 SH       Sole                         7,500
NUSTAR ENERGY LP                UNIT COM      67058H102      104      2,000 SH       Sole                                 2,000
NVE CORP                          COM         629445206      585     11,000 SH       Sole                        11,000
NVIDIA CORP                       COM         67066G104      361     24,000 SH       Sole                        24,000
NVIDIA CORP                       COM         67066G104      744     49,500 SH       Sole                        49,500
OCCIDENTAL PETROLEUM              COM         674599105    16072    205,000 SH       Sole                       205,000
OCEANEERING INTNATL INC           COM         675232102      136      2,400 SH       Sole                         2,400
ONEOK PARTNERS LP            UNIT LTD PARTN   68268N103      159      3,000 SH       Sole                                 3,000
PACIFIC RIM MINING CORP           COM         694915208     1469  4,738,813 SH       Sole                     4,738,813
PACIFIC RIM MINING CORP
   /CAD/                          COM         694915208      188    591,900 SH       Sole                       591,900
PATTERSON UTI ENERGY INC          COM         703481101     6795    450,000 SH       Sole                       450,000
PEABODY ENERGY CORP               COM         704549104    13027    350,000 SH       Sole                       350,000
PERFECT WORLD CO LTD-ADR     SPON ADR REP B   71372U104      722     15,000 SH       Sole                        15,000
PERFECT WORLD CO LTD-ADR     SPON ADR REP B   71372U104      481     10,000 SH       Sole                        10,000
PETROCHINA CO LTD ADR        SPONSORED ADR    71646E100      455      4,000 SH       Sole                         4,000
PETROCHINA CO LTD H /HKD/         COM         Y6883Q104      120    106,000 SH       Sole                       106,000
PHARMASSET INC                    COM         71715N106      106      5,000 SH       Sole                         5,000
PHILIP MORRIS
   INTERNATIONAL                  COM         718172109      292      6,000 SH       Sole                         6,000
PLAINS ALL AMERN
   PIPELINE L P              UNIT LTD PARTN   726503105     6481    140,000 SH       Sole                       140,000
PLAINS ALL AMERN
   PIPELINE L P              UNIT LTD PARTN   726503105      150      3,250 SH       Sole                                 3,250
PLAINS EXPLORATION &
   PRODUCT                        COM         726505100     4149    150,000 SH  CALL Sole                       150,000
PLAINS EXPLORATION &
   PRODUCT                        COM         726505100      138      5,000 SH  CALL Sole                                 5,000
PLATINUM GROUP METALS
   /CAD/                          COM         72765Q205     1349  1,070,000 SH       Sole                     1,070,000
PRECISION CASTPARTS CORP          COM         740189105      204      2,000 SH       Sole                         2,000
PRICELINE.COM INC                 COM         741503403      332      2,000 SH       Sole                         2,000
PRIDE INTERNATIONAL INC           COM         74153Q102      219      7,200 SH       Sole                         7,200
PROCTER & GAMBLE                  COM         742718109      145      2,500 SH       Sole                         2,500
QUALITY SYSTEMS INC               COM         747582104      493      8,000 SH       Sole                         8,000
QUICKSILVER RESOURCES INC         COM         74837R104     7805    550,000 SH       Sole                       550,000
RANGE RESOURCES CORP              COM         75281A109      197      4,000 SH       Sole                         4,000
RANGOLD RESOURCES LTD ADR         ADR         752344309    19916    285,000 SH       Sole                       285,000
RANGOLD RESOURCES LTD ADR         ADR         752344309    42976    615,000 SH       Sole                       615,000
RANGOLD RESOURCES LTD ADR         ADR         752344309     2481     35,500 SH   PUT Sole                        35,500
RANGOLD RESOURCES LTD ADR         ADR         752344309     5311     76,000 SH   PUT Sole                        76,000
RESEARCH IN MOTION                COM         760975102      507      7,500 SH       Sole                         7,500
RICHMONT MINES INC COM            COM         76547T106     1033    350,000 SH       Sole                       350,000
ROWAN COMPANIES                   COM         779382100     7152    310,000 SH       Sole                       310,000
ROYAL BK CDA MONTREAL
   QUE COM                        COM         780087102      321      6,000 SH       Sole                         6,000
ROYAL GOLD INC                    COM         780287108     7706    169,000 SH       Sole                       169,000
ROYAL GOLD INC                    COM         780287108     6886    151,000 SH       Sole                       151,000
ROYAL GOLD INC                    COM         780287108      935     20,500 SH   PUT Sole                        20,500
ROYAL GOLD INC                    COM         780287108      798     17,500 SH   PUT Sole                        17,500
RUBICON MINERALS CORP
   /CAD/                          COM         780911103     7241  1,750,000 SH       Sole                     1,750,000
RUBICON MINERALS CORP
   /CAD/                          COM         780911103      219     49,500 SH       Sole                                49,500
RUBICON MINERALS CORP
   /CAD/                          COM         780911103      751    169,600 SH       Sole                       169,600
SALESFORCE.COM INC                COM         79466L302      342      6,000 SH       Sole                         6,000
SALESFORCE.COM INC                COM         79466L302      285      5,000 SH       Sole                         5,000
SAN JUAN BASIN ROYALTY TR     UNIT BEN INT    798241105     1806    100,000 SH       Sole                       100,000
SAN JUAN BASIN ROYALTY
   TR                         UNIT BEN INT    798241105      130      7,200 SH       Sole                         7,200






        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
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
                                                                                       
SAN JUAN BASIN ROYALTY TR     UNIT BEN INT    798241105      361     20,000 SH       Sole                        20,000
SCHERING PLOUGH                   COM         806605101      141      5,000 SH       Sole                         5,000
SCHLUMBERGER LTD
   /SCHLUMBERGERN V/              COM         806857108      143      2,400 SH       Sole                         2,400
SILVERCORP METALS INC
   /CAD/                          COM         82835P103     4046    849,290 SH       Sole                       849,290
SILVERCORP METALS INC
   /CAD/                          COM         82835P103     8165  1,714,030 SH       Sole                     1,714,030
SILVERCORP METALS INC
   /CAD/                          COM         82835P103      376     79,000 SH       Sole                        79,000
SILVER WHEATON CORP COM           COM         828336107     1265    100,500 SH   PUT Sole                       100,500
SILVER WHEATON CORP COM           COM         828336107     3154    250,500 SH   PUT Sole                       250,500
SILVER WHEATON CORP COM           COM         828336107     1007     80,000 SH   PUT Sole                        80,000
SILVER WHEATON CORP COM           COM         828336107     2518    200,000 SH   PUT Sole                       200,000
SILVER WHEATON CORP COM
   /CAD/                          COM         828336107     9251    680,740 SH   WTS Sole                       680,740
SILVER WHEATON CORP COM
   /CAD/                          COM         828336107     7527    553,840 SH   WTS Sole                       553,840
SILVER WHEATON CORP COM
   /CAD/                          COM         828336107    31711  2,333,420 SH   WTS Sole                     2,333,420
SILVER WHEATON CORP COM
   /CAD/                          COM         828336107       61      4,500 SH   WTS Sole                                 4,500
SILVER WHEATON CORP COM
   /CAD/                          COM         828336107     9251    680,740 SH   WTS Sole                       680,740
SILVER WHEATON CORP COM
   /CAD/                          COM         828336107     7527    553,840 SH   WTS Sole                       553,840
SILVER WHEATON CORP COM
   /CAD/                          COM         828336107    31711  2,333,420 SH   WTS Sole                     2,333,420
SILVER WHEATON CORP COM
   /CAD/                          COM         828336107      150     11,071 SH   WTS Sole                                11,071
SOLITARIO EXPLORATION &
   ROYALTY /CAD/                  COM         8342EP107     1787    942,522 SH       Sole                       942,522
SOUTHWESTERN ENERGY CO            COM         845467109    13017    305,000 SH       Sole                       305,000
SPDR GOLD TRUST                 GOLD SHS      78463V107      147      1,500 SH       Sole                         1,500
SPDR GOLD TRUST                 GOLD SHS      78463V107    29655    300,000 SH  CALL Sole                       300,000
SPDR GOLD TRUST                 GOLD SHS      78463V107     9885    100,000 SH  CALL Sole                       100,000
SPDR GOLD TRUST                 GOLD SHS      78463V107    19770    200,000 SH  CALL Sole                       200,000
SPDR GOLD TRUST                 GOLD SHS      78463V107      989     10,000 SH  CALL Sole                                10,000
SPDR GOLD TRUST ETF             GOLD SHS      78463V107     4448     45,000 SH       Sole                        45,000
SPDR GOLD TRUST ETF             GOLD SHS      78463V107     2471     25,000 SH       Sole                        25,000
SPDR KBW BANK ETF           SPDR KBW BK ETF   78464A797      397     17,000 SH       Sole                        17,000
SPDR KBW CAPITAL MARKETS
   ETF                      SPDR KBW CAP ETF  78464A771      349      9,000 SH       Sole                         9,000
SPDR KBW INSURANCE ETF      SPDR KBW INS ETF  78464A789      181      5,000 SH       Sole                         5,000
SPDR KBW INSURANCE ETF      SPDR KBW INS ETF  78464A789      542     15,000 SH       Sole                        15,000
SPDR S AND P
   HOMEBUILDERS ETF          S&P HOMEBUILD    78464A888      113      7,500 SH       Sole                         7,500
SPDR S AND P
   HOMEBUILDERS ETF          S&P HOMEBUILD    78464A888      301     20,000 SH       Sole                        20,000
SPDR S&P EMERGING EUROPE
   ETF                         EUROPE ETF     78463X608       81      2,000 SH       Sole                         2,000
SPDR SERIES TRUST            S&P METALS MNG   78464A755     2282     50,000 SH   PUT Sole                                50,000
SPDR SERIES TRUST            S&P METALS MNG   78464A755     4564    100,000 SH   PUT Sole                               100,000
SPDR SERIES TRUST            S&P OILGAS EXP   78464A730     3866    100,000 SH   PUT Sole                               100,000
STANTEC INC                       COM         85472N109      502     20,000 SH       Sole                        20,000
STAR GAS PARTNERS L P       UNIT LTD PARTNR   85512C105       73     20,000 SH       Sole                                20,000
STEC INC                          COM         784774101      118      4,000 SH       Sole                         4,000
SUNOCO INC                        COM         86764P109     7113    250,000 SH       Sole                       250,000
SUNTRUST BK INC                   COM         867914103      406     18,000 SH       Sole                        18,000
SUPERIOR ENERGY SERVICES
   INC                            COM         868157108     7094    315,000 SH       Sole                       315,000
TAIWAN SEMICONDUCTOR
   MANUFACTURING CO LTD      SPONSORED ADR    Y84629107       47     23,230 SH       Sole                        23,230
TECK RESOURCES LTD CLS B          CL B        878742204    13647    495,000 SH       Sole                       495,000
TECK RESOURCES LTD CLS B          CL B        878742204      331     12,000 SH       Sole                        12,000
TENARIS SA ADR               SPONSORED ADR    88031M109    10686    300,000 SH       Sole                       300,000
TESORO CORP                       COM         881609101     6741    450,000 SH       Sole                       450,000
TEXTRON INC                       COM         883203101      209     11,000 SH       Sole                        11,000
THOMPSON CREEK METALS CO          COM         884768102     6397    530,000 SH       Sole                       530,000
THOMPSON CREEK METALS CO          COM         884768102       97      7,500 SH       Sole                                 7,500
TRINA SOLAR LIMITED             SPON ADR      89628E104      643     20,000 SH       Sole                        20,000
TRUE RELIGION APPAREL INC         COM         89784N104      778     30,000 SH       Sole                        30,000






        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
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
                                                                                       
TURKCELL ILETISIM HIZMET
   ADR                        SPON ADR NEW    900111204     3574    200,000 SH       Sole                       200,000
TURKCELL ILETISIM HIZMET
   ADR                        SPON ADR NEW    900111204      625     35,000 SH       Sole                        35,000
ULTRA PETROLEUM CORP              COM         903914109     9302    190,000 SH       Sole                       190,000
UNIVERSAL HEALTH
   SERVICES INC CLASS B           CL B        913903100      248      4,000 SH       Sole                         4,000
UNIVERSAL HEALTH
   SERVICES INC CLASS B           CL B        913903100      619     10,000 SH       Sole                        10,000
US NATURAL GAS LP                 UNIT        912318102     5870    500,000 SH  CALL Sole                       500,000
US NATURAL GAS LP                 UNIT        912318102      176     15,000 SH  CALL Sole                                15,000
VALERO ENERGY CORP                COM         91913Y100     7756    400,000 SH       Sole                       400,000
VANTAGE DRILL WTS EXP
   5/24/11                  *W EXP 05/24/201  G93205121     4504  2,461,400 SH       Sole                     2,461,400
VANTAGE DRILLING COMPANY          COM         G93205113     3810  2,082,069 SH       Sole                     2,082,069
VIMPEL COMMUNICATIONS
   SPON ADR                  SPONSORED ADR    68370R109    14645    783,157 SH       Sole                       783,157
VIMPEL COMMUNICATIONS
   SPON ADR                  SPONSORED ADR    68370R109      468     25,000 SH       Sole                        25,000
VIMPEL COMMUNICATIONS
   SPON ADR                  SPONSORED ADR    68370R109      187     10,000 SH       Sole                        10,000
VIVO PARTICIPACOES SA
   -ADR                     SPON ADR PFD NEW  92855S200      631     25,000 SH       Sole                        25,000
VIVO PARTICIPACOES SA
   -ADR                     SPON ADR PFD NEW  92855S200      316     12,500 SH       Sole                        12,500
WALTER ENERGY INC                 COM         93317Q105     6907    115,000 SH       Sole                       115,000
WEATHERFORD INTL LTD              REG         H27013103     8707    420,000 SH       Sole                       420,000
WESTERN DIGITAL CORP              COM         958102105      365     10,000 SH       Sole                        10,000
WEYERHAEUSER CO                   COM         962166104      110      3,000 SH       Sole                         3,000
WHITINIG PETROLEUM CORP           COM         966387102    10652    185,000 SH       Sole                       185,000
WMS INDUSTRIES INC                COM         929297109      267      6,000 SH       Sole                         6,000
WYNN RESORTS LTD                  COM         983134107      106      1,500 SH       Sole                         1,500
XTO ENERGY INC                    COM         98385X106      132      3,200 SH       Sole                         3,200
YAMANA GOLD INC                   COM         98462Y100     2035    190,000 SH       Sole                       190,000
YAMANA GOLD INC                   COM         98462Y100     3909    365,000 SH       Sole                       365,000
YAMANA GOLD INC                   COM         98462Y100     1158    100,500 SH   PUT Sole                       100,500
YAMANA GOLD INC                   COM         98462Y100     2310    200,500 SH   PUT Sole                       200,500
YAMANA GOLD INC                   COM         98462Y100     1152    100,000 SH   PUT Sole                       100,000
YAMANA GOLD INC                   COM         98462Y100     2880    250,000 SH   PUT Sole                       250,000
YAMANA GOLD INC                   COM         98462Y100    15518  1,347,031 SH   WTS Sole                     1,347,031
YAMANA GOLD INC                   COM         98462Y100    43641  3,788,263 SH   WTS Sole                     3,788,263
YINGLI GREEN ENERGY HOLD
   ADR                            ADR         98584B103      368     29,500 SH       Sole                        29,500
                          GRAND                        1,300,949 94,425,728