UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Quarter Ended: June 30, 2006
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
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 B. McGee
Title: President, General Counsel
Phone: 210-308-1234
/s/ Susan B. McGee
------------------
Susan B. McGee, President
San Antonio, TX
August 14, 2006
Report Type (Check only one.):
[] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [X ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager: Leeb Capital Management
500 5th Avenue, 57th Floor
NY, NY 10110
FORM 13F SUMMARY PAGE
REPORT SUMMARY:
*****************
Number of Other Included Managers: 1
Form 13F Information Table Entry Total: 298
Form 13F Information Table Value Total: $1,045,106 (thousands)
List of Other Included Managers:
NO. 13F FILE NUMBER: NAME:
--- --------------- ---------------------------
1 Unknown Charlemagne Capital (IOM) Limited
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
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VOTING AUTHORITY
TITLE OF VALUE SHARES OR SH/ PUT/ INVESTMT OTHER ----------------
NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETN MGRS SOLE SHARED NONE
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51JOB INC SP ADR /USD/ SP ADR REP COM 316827104 435 20,000 SH Sole 20,000
AARON RENTS INC COM 002535201 672 25,000 SH Sole 25,000
AGNICO EAGLE MINES LTD WT *W EXP 11/07/2007 2064952 278 17,000 SH Sole 17,000
AGNICO EAGLE MINES LTD WT *W EXP 11/07/2007 2064952 4,421 270,400 SH Sole 270,400
AGNICO EAGLE MINES LTD WT *W EXP 11/07/2007 2064952 13,505 826,000 SH Sole 826,000
AGNICO EAGLE MINES WT 11/14/07 *W EXP 11/07/2007 008474132 147 8,900 SH Sole 8,900
AIR PRODUCTS & CHEMICAL COM 009158106 639 10,000 SH Sole 10,000
AIRGAS INC COM 009363102 224 6,000 SH Sole 6,000
AKAMAI TECHNOLOGIES COM 00971T101 326 9,000 SH Sole 9,000
AKAMAI TECHNOLOGIES COM 00971T101 724 20,000 SH Sole 20,000
ALCAN INC CALL 013716905 1,878 40,000 SH CALL Sole 40,000
ALCAN INC CALL 013716905 2,347 50,000 SH CALL Sole 50,000
ALCAN INC COM 013716105 14,082 300,000 SH Sole 300,000
ALTRIA GROUP INC COM 02209S103 220 3,000 SH Sole 3,000
ANNTAYLOR STORES CORP COM 036115103 868 20,000 SH Sole 20,000
ANOORAQ RESOURCE CORP COM 03633E108 162 200,400 SH Sole 200,400
APPLERA CORP APPLIED BIO GRP COM 038020103 324 10,000 SH Sole 10,000
ARCHER DANIELS MIDLAND COM 039483102 413 10,000 SH Sole 10,000
ARCHER DANIELS MIDLAND COM 039483102 124 3,000 SH Sole 3,000
ARCHER DANIELS MIDLAND COM 039483102 6,811 165,000 SH Sole 165,000
ARROW ELECTRONICS COM 042735100 725 22,500 SH Sole 22,500
AVALONBAY COMMUNITIES INC COM 053484101 553 5,000 SH Sole 5,000
AVX CORPORATION COM 002444107 553 35,000 SH Sole 35,000
BAIDU COM INC SPON ADR REP A 056752108 619 7,500 SH Sole 7,500
BARD CORP COM 067383109 549 7,500 SH Sole 7,500
BARRICK GOLD CALL 067901908 121 4,100 SH CALL Sole 4,100
BARRICK GOLD CALL 067901908 121 4,100 SH CALL Sole 4,100
BARRICK GOLD CALL 067901908 148 5,000 SH CALL Sole 5,000
BARRICK GOLD CALL 067901908 148 5,000 SH CALL Sole 5,000
BARRICK GOLD CALL 067901908 210 7,100 SH CALL Sole 7,100
BARRICK GOLD CALL 067901908 471 15,900 SH CALL Sole 15,900
BARRICK GOLD CALL 067901908 485 16,400 SH CALL Sole 16,400
BARRICK GOLD CALL 067901908 592 20,000 SH CALL Sole 20,000
BARRICK GOLD CALL 067901908 592 20,000 SH CALL Sole 20,000
BARRICK GOLD CALL 067901908 666 22,500 SH CALL Sole 22,500
BARRICK GOLD CALL 067901908 485 16,400 SH CALL Sole 16,400
BARRICK GOLD CALL 067901908 592 20,000 SH CALL Sole 20,000
BARRICK GOLD CALL 067901908 666 22,500 SH CALL Sole 22,500
BARRICK GOLD CALL 067901908 471 15,900 SH CALL Sole 15,900
BARRICK GOLD CALL 067901908 210 7,100 SH CALL Sole 7,100
BARRICK GOLD CORPORATION COM 067901108 592 20,000 SH Sole 20,000
BARRICK GOLD CORPORATION COM 067901108 2,799 94,574 SH Sole 94,574
BELDEN CDT INC COM 077454106 744 22,500 SH Sole 22,500
BELLSOUTH CORP COM 079860102 434 12,000 SH Sole 12,000
BIO REFERENCE LABS INC COM $.01 NEW 09057G602 544 25,000 SH Sole 25,000
BOEING CO COM 097023105 246 3,000 SH Sole 3,000
BRISTOW GROUP INC COM 110394103 4,046 112,400 SH Sole 112,400
BUFFALO WILD WINGS INC COM 119848109 575 15,000 SH Sole 15,000
BURL NTH S F C CALL 12189T904 3,963 50,000 SH CALL Sole 50,000
BURLINGTON NORTH SANTA FE CORP COM 12189T104 277 3,500 SH Sole 3,500
BURLINGTON NORTH SANTA FE CORP COM 12189T104 13,076 165,000 SH Sole 165,000
CAMBIOR INC COM 13201L103 324 120,400 SH Sole 120,400
CAMBIOR INC COM 13201L103 471 175,000 SH Sole 175,000
CAMERON INTERNATIONAL CORP COM 13342B105 478 10,000 SH Sole 10,000
CAMERON INTERNATIONAL CORP COM 13342B105 7,166 150,000 SH Sole 150,000
CAMPBELL SOUP CO COM 134429109 557 15,000 SH Sole 15,000
CELGENE CORP COM 151020104 593 12,500 SH Sole 12,500
CEMEX S A SPON ADR SPON ADR 5 ORD 151290889 404 7,084 SH Sole 7,084
CENTRAL EUROPEAN DISTR CORP COM 153435102 331 13,155 SH Defined 1 13,155
CENTRAL EUROPEAN DISTR CORP COM 153435102 18,228 724,489 SH Defined 1 724,489
CIRCUIT CITY STORES INC COM 172737108 681 25,000 SH Sole 25,000
CITIGROUP INC COM 172967101 434 9,000 SH Sole 9,000
CLOROX COMPANY COM 189054109 366 6,000 SH Sole 6,000
CNOOC LTD ADR SPON ADR 126132109 1,206 15,000 SH Sole 15,000
COLONIAL BANCGROUP INC COM 195493309 514 20,000 SH Sole 20,000
CONOCOPHILLIPS COM 20825C104 6,553 100,000 SH Sole 100,000
CONSOL ENERGY CALL 20854P909 2,803 60,000 SH CALL Sole 60,000
CONSOL ENERGY INC COM 20854P109 4,672 100,000 SH Sole 100,000
CONSOLIDATED WATER COMPANY ORD G23773107 307 12,500 SH Sole 12,500
CORE LABORATORIES N V COM N22717107 458 7,500 SH Sole 7,500
CRYSTALLEX INTL CORP COM 22942F101 344 119,400 SH Sole 119,400
CRYSTALLEX INTL CORP COM 22942F101 733 254,500 SH Sole 254,500
CRYSTALLEX INTL CORP COM 22942F101 1,809 628,000 SH Sole 628,000
CTRIP.COM INTERNATIONAL LTD ADR 22943F100 2,042 40,000 SH Sole 40,000
CYMER INC COM 232572107 465 10,000 SH Sole 10,000
DAKTRONICS INC COM 234264109 577 20,000 SH Sole 20,000
DIAMONDS TRUST UNIT SER 1 UNIT SER 1 252787106 447 4,000 SH Sole 4,000
DISNEY WALT CO COM DISNEY 254687106 450 15,000 SH Sole 15,000
DOVER CORP COM 260003108 494 10,000 SH Sole 10,000
DOW CHEM CO CALL 260543903 1,952 50,000 SH CALL Sole 50,000
DRDGOLD LIMITED SPONSORED ADR SPON ADR 26152H103 137 100,000 SH Sole 100,000
DRIL QUIP INC COM 262037104 618 7,500 SH Sole 7,500
DUNE ENERGY INC /RESTRICTED/ COM 416065 1,090 377,358 SH Sole 377,358
EAGLE MATERIALS INC COM 26969P108 11,638 245,000 SH Sole 245,000
EMCOR GROUP INC COM 29084Q100 487 10,000 SH Sole 10,000
ENCANA CORP COM 292505104 14,476 275,000 SH Sole 275,000
ENCANA CORP PUT 292505954 3,750 66,200 SH PUT Sole 66,200
ENERPLUS RESOURCES FUND UNIT TR G 29274D604 4,499 80,000 SH Sole 80,000
ENSCO INTERNATIONAL INC COM 26874Q100 8,054 175,000 SH Sole 175,000
EXPLORATION CO COM 302133202 8,688 815,000 SH Sole 815,000
FEDEX CORPORATION COM 31428X106 234 2,000 SH Sole 2,000
FIRST CASH FINL SERVICES INC COM 31942D107 691 35,000 SH Sole 35,000
FLORIDA ROCK INDUSTRIES COM 341140101 497 10,000 SH Sole 10,000
FMC CORP COM NEW 302491303 258 4,000 SH Sole 4,000
FMC CORP COM NEW 302491303 483 7,500 SH Sole 7,500
FOCUS MEDIA HOLDING ADS SPONSERED ADR 34415V109 489 7,500 SH Sole 7,500
FOCUS MEDIA HOLDING ADS SPONSERED ADR 34415V109 1,955 30,000 SH Sole 30,000
FREEPORT MCMOR PUT 35671D957 6,372 115,000 SH PUT Sole 115,000
FREEPORT MCMOR PUT 35671D957 6,649 120,000 SH PUT Sole 120,000
FREEPORT MCMORAN COPPER
& GOLD B CL B 35671D857 6,372 115,000 SH Sole 115,000
FREEPORT MCMORAN COPPER
& GOLD B CL B 35671D857 6,649 120,000 SH Sole 120,000
FRONTIER OIL C CALL 35914P905 648 20,000 SH CALL Sole 20,000
FRONTIER OIL CORP COM 35914P105 162 5,000 SH Sole 5,000
FRONTIER OIL CORP COM 35914P105 421 13,000 SH Sole 13,000
FRONTIER OIL CORP COM 35914P105 13,932 430,000 SH Sole 430,000
GARMIN LTD /USD/ ORD G37260109 527 5,000 SH Sole 5,000
GARTNER GROUP COM 366651107 355 25,000 SH Sole 25,000
GATX CORP COM 361448103 531 12,500 SH Sole 12,500
GLAMIS GOLD LTD COM 376775102 1,477 39,000 SH Sole 39,000
GLAMIS GOLD LTD COM 376775102 2,877 76,000 SH Sole 76,000
GLOBAL SANTAFE CALL G3930E901 2,888 50,000 SH CALL Sole 50,000
GLOBALSANTAFE CORP SHS G3930E101 11,550 200,000 SH Sole 200,000
GOLD FIELDS LTD CALL 38059T907 1,832 80,000 SH CALL Sole 80,000
GOLD FIELDS LTD CALL 38059T906 458 20,000 SH CALL Sole 20,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 1,374 60,000 SH Sole 60,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 5,153 225,000 SH Sole 225,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 13,076 571,000 SH Sole 571,000
GOLD RESERVE INC CL A CL A 38068N108 173 30,000 SH Sole 30,000
GOLDCORP INC COM 380956409 1,679 55,568 SH Sole 55,568
GOLDCORP INC COM 380956409 5,227 172,962 SH Sole 172,962
GOLDCORP INC COM 380956409 13,384 442,874 SH Sole 442,874
GOLDCORP INC CW11 W EXP 06/09/201 380956177 64 5,472 SH Sole 5,472
GOLDCORP INC CW11 W EXP 06/09/201 380956177 309 26,610 SH Sole 26,610
GOLDCORP INC CW11 W EXP 06/09/201 380956177 791 68,134 SH Sole 68,134
GOLDMAN SACHS GROUP INC COM 38141G104 527 3,500 SH Sole 3,500
GOODRICH PETROLEUM CORP COM 382410405 9,641 339,600 SH Sole 339,600
GRANITE CONSTRUCTION INC COM 387328107 340 7,500 SH Sole 7,500
GRANT PRIDECO INC COM 38821G101 11,411 255,000 SH Sole 255,000
GREAT BASIN GOLD LTD COM 390124105 34 19,700 SH Sole 19,700
GYMBOREE CORP COM 403777105 695 20,000 SH Sole 20,000
HAIN CELESTIAL GROUP INC COM 405217100 644 25,000 SH Sole 25,000
HALLIBURTON CO COM 406216101 13,729 185,000 SH Sole 185,000
HANCOCK HLDG CO COM 410120109 840 15,000 SH Sole 15,000
HARMONY GOLD CALL 413216900 815 50,000 SH CALL Sole 50,000
HARMONY GOLD MINING SPON ADR SPON ADR 413216300 1,271 78,000 SH Sole 78,000
HARMONY GOLD MINING SPON ADR SPON ADR 413216300 2,476 152,000 SH Sole 152,000
HARMONY GOLD MINING SPON ADR SPON ADR 413216300 4,073 250,000 SH Sole 250,000
HARRAHS ENTERTAINMENT INC COM 413619107 534 7,500 SH Sole 7,500
HEALTH NET INC COM 42222G108 452 10,000 SH Sole 10,000
HECLA MINING COM 422704106 788 150,000 SH Sole 150,000
HECLA MINING COM 422704106 2,100 400,000 SH Sole 400,000
HERCULES INC COM 427056106 610 40,000 SH Sole 40,000
HILTON HOTELS CORP COM 432848109 707 25,000 SH Sole 25,000
HITTITE MICROWAVE CORP COM 43365Y104 542 15,000 SH Sole 15,000
HOLLY CORP COM 435758305 121 2,500 SH Sole 2,500
HOLLY CORP COM 435758305 313 6,500 SH Sole 6,500
IAMGOLD CORPORATION COM 450913108 364 40,909 SH Sole 40,909
ICONIX BRAND GROUP COM 451055107 490 30,000 SH Sole 30,000
IDACORP INC COM 451107106 686 20,000 SH Sole 20,000
ILLUMINA INC COM 452327109 742 25,000 SH Sole 25,000
INTEL CORP COM 458140100 227 12,000 SH Sole 12,000
INTERNATIONAL GAME TECHNOLOGY COM 459902102 569 15,000 SH Sole 15,000
INTEVAC INC COM 461148108 325 15,000 SH Sole 15,000
ISHARES LEHMAN AGGR BD FD LEHMAN AGG BND 464287226 234 2,400 SH Sole 2,400
ISHARES MSCI EMERGING MKTS IND MSCI EMERG MKT 464287234 470 5,000 SH Sole 5,000
ISHARES MSCI JAPAN IDEX FD MSCI JAPAN 464286848 205 15,000 SH Sole 15,000
ISHARES MSCI JAPAN IDEX FD MSCI JAPAN 464286848 409 30,000 SH Sole 30,000
ISHARES MSCI SINGAPORE FREE MSCI SINGAPORE 464286673 264 30,000 SH Sole 30,000
ISHARES MSCI SOUTH KOREA INDEX MSCI S KOREA 464286772 339 7,500 SH Sole 7,500
ISHARES SILVER TRUST ISHARES 46428Q109 2,228 20,000 SH Sole 20,000
ISHARES TAIWAN WEBS INDEX MSCI TAIWAN 464286731 321 25,000 SH Sole 25,000
ITRON INC COM 465741106 593 10,000 SH Sole 10,000
IVANHOE MINES LTD COM 46579N103 509 75,000 SH Sole 75,000
JOHNSON & JOHNSON COM 478160104 419 7,000 SH Sole 7,000
JOHNSON CTLS INC COM 478366107 206 2,500 SH Sole 2,500
JOY GLOBAL INC COM 481165108 391 7,500 SH Sole 7,500
JOY GLOBAL INC COM 481165108 13,023 250,000 SH Sole 250,000
KELLOGG CO COM 487836108 484 40,000 SH Sole 40,000
KNOT INC COM 499184109 523 25,000 SH Sole 25,000
LAM RESERACH CORP COM 512807108 163 3,500 SH Sole 3,500
LAM RESERACH CORP COM 512807108 466 10,000 SH Sole 10,000
LAS VEGAS SANDS CORP COM 517834107 467 6,000 SH Sole 6,000
LOOPNET INC COM 543524300 558 30,000 SH Sole 30,000
LYONDELL CHEM CALL 552078907 3,399 150,000 SH CALL Sole 150,000
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 426 11,000 SH Sole 11,000
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 1,896 49,000 SH Sole 49,000
MARTIN MARIETTA MATERIALS COM 580037109 21,485 472,500 SH Sole 472,500
MERIDIAN GOLD INC COM 589975101 1,014 32,000 SH Sole 32,000
MERIDIAN GOLD INC COM 589975101 6,859 216,500 SH Sole 216,500
MERIDIAN GOLD INC COM 589975101 21,558 680,500 SH Sole 680,500
MICROSOFT CORP COM 594918104 466 20,000 SH Sole 20,000
MOBILE TELESYSTEMS SPON ADR SPON ADR 607409109 37,753 1,282,362 SH Defined 1 1,282,362
MOLEX INC COM 608554101 235 100,000 SH Sole 100,000
NASDAQ STOCK MK INC COM 631103108 299 10,000 SH Sole 10,000
NAVIGATORS GROUP INC COM 638904102 438 10,000 SH Sole 10,000
NDS GROUP PLC SPONSORED ADR SPONSORED ADR 628891103 466 10,000 SH Sole 10,000
NETEASE.COM INC ADR SPONSORED ADR 64110W102 670 30,000 SH Sole 30,000
NETFLIX.COM INC COM 64110L106 544 20,000 SH Sole 20,000
NEW CORP INC CL B CL B 65248E203 404 20,000 SH Sole 20,000
NEWELL RUBBERMAID INC COM 651229106 517 20,000 SH Sole 20,000
NEWFIELD EXPLORATION CO COM 651290108 9,788 200,000 SH Sole 200,000
NEWMONT MINING CALL 651639906 1,059 20,000 SH CALL Sole 20,000
NEWMONT MINING CALL 651639906 265 5,000 SH CALL Sole 5,000
NEWMONT MINING CALL 651639906 1,059 20,000 SH CALL Sole 20,000
NEWMONT MINING CALL 651639906 265 5,000 SH CALL Sole 5,000
NEWMONT MINING CORP COM 651639106 2,911 55,000 SH Sole 55,000
NEWMONT MINING CORP COM 651639106 5,293 100,000 SH Sole 100,000
NII HOLDINGS INC CL B CL B NEW 62913F201 564 10,000 SH Sole 10,000
NORTHERN ORION RESOURCES COM 665575106 548 111,400 SH Sole 111,400
NORTHERN ORION RESOURCES COM 665575106 1,020 207,500 SH Sole 207,500
NORTHGATE EXPLORATION LTD/USD/ COM 666416102 81 21,900 SH Sole 21,900
NORTHGATE EXPLORATION LTD/USD/ COM 666416102 202 55,000 SH Sole 55,000
NORTHGATE EXPLORATION LTD/USD/ COM 666416102 258 70,000 SH Sole 70,000
NUCOR CORP COM 670346105 11,393 210,000 SH Sole 210,000
OCEANEERING INTNATL INC COM 675232102 688 15,000 SH Sole 15,000
OIL SERVICE HOLDERS TR DEPOSTRY RCPT 678002106 224 1,500 SH Sole 1,500
OIL STATES INTERNATIONAL INC COM 678026105 9,770 285,000 SH Sole 285,000
OIL SVC HOLDER CALL 678002906 2,615 17,500 SH CALL Sole 50,000
OIL SVC HOLDER CALL 678002906 7,471 50,000 SH CALL Sole 122,500
OIL SVC HOLDER CALL 678002906 18,304 122,500 SH CALL Sole 237,500
OIL SVC HOLDER CALL 678002906 35,487 237,500 SH CALL Sole 237,500
OMNICOM GROUP INC COM 681919106 356 4,000 SH Sole 4,000
PACIFIC RIM MNG CORP_/
CANADIAN/ COM 694915208 77 100,000 SH Sole 100,000
PACIFIC RIM MNG CORP_/
CANADIAN/ COM 694915208 261 338,787 SH Sole 338,787
PAN AMERICAN SILVER CORP COM 697900108 180 10,000 SH Sole 10,000
PANTRY INC COM 698657103 115 2,000 SH Sole 2,000
PANTRY INC COM 698657103 575 10,000 SH Sole 10,000
PARALLEL PETROLEUM CORP COM 699157103 494 20,000 SH Sole 20,000
PAREXEL INTL CORP COM 699462107 577 20,000 SH Sole 20,000
PARKER-HANNIFIN COM 701094104 582 7,500 SH Sole 7,500
PEABODY ENERGY CALL 704549904 5,575 100,000 SH CALL Sole 105,000
PEABODY ENERGY CALL 704549904 5,854 105,000 SH CALL Sole 5,000
PEABODY ENERGY CALL 704549905 279 5,000 SH CALL Sole 2,000
PEABODY ENERGY COM 704549104 112 2,000 SH Sole 2,000
PEABODY ENERGY COM 704549104 418 7,500 SH Sole 7,500
PENNEY J C INC COM 708160106 506 7,500 SH Sole 7,500
PETRO CANADA COM 71644E102 10,430 220,000 SH Sole 220,000
PETROBRAS SPONSORED ADR SPON ADR 71654V101 629 7,872 SH Defined 1 7,872
PETROBRAS SPONSORED ADR SPON ADR 71654V101 28,503 357,000 SH Sole 357,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 2,159 20,000 SH Sole 20,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 8,638 80,000 SH Sole 80,000
PETROQUEST ENERGY INC COM 716748108 553 45,000 SH Sole 45,000
POWERSHARES DYN BIOTECH&GENO DYN BIOT & GEN 73935X856 324 20,000 SH Sole 20,000
PRECISION CAST PARTS COM 740189105 448 7,500 SH Sole 7,500
QUALCOMM INC COM 747525103 601 15,000 SH Sole 15,000
QUANTA SERVICES INC COM 74762E102 693 40,000 SH Sole 40,000
RADIAN GROUP INC COM 750236101 618 10,000 SH Sole 10,000
RANGOLD RESOURCES LTD ADR ADR 752344309 3,192 152,000 SH Sole 152,000
RANGOLD RESOURCES LTD ADR ADR 752344309 8,148 388,000 SH Sole 388,000
RANGOLD RESOURCES LTD ADR ADR 752344309 36,694 1,747,334 SH Sole 1,747,334
RAYTHEON COMPANY COM 755111507 334 7,500 SH Sole 7,500
RES-CARE INC COM 760943100 600 30,000 SH Sole 30,000
RESMED INC COM 761152107 587 12,500 SH Sole 12,500
ROWAN COMPANIES COM 779382100 4,563 128,200 SH Sole 128,200
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 3,895 100,000 SH Sole 100,000
SASOL LTD SPONS ADR SPON ADR 803866300 313 8,105 SH Defined 1 8,105
SCHLUMBERGER CALL 806857908 7,162 110,000 SH CALL Sole 7,500
SCHLUMBERGER LTD COM 806857108 488 7,500 SH Sole 7,500
SCHLUMBERGER LTD COM 806857108 19,859 305,000 SH Sole 305,000
SCIENTIFIC GAMES CORP - A CL A 80874P109 534 15,000 SH Sole 15,000
SECTOR SPDR CALL 81369Y506 11,472 200,000 SH CALL Sole 1,010,000
SECTOR SPDR-EN CALL 81369Y506 57,934 1,010,000 SH CALL Sole 25,000
SECTOR SPDR-EN CALL 81369Y506 1,434 25,000 SH CALL Sole 100,000
SILVER WHEATON PUT 828336957 942 100,000 SH PUT Sole 50,000
SIRENZA MICRODEVICES INC COM 82966T106 607 50,000 SH Sole 50,000
SOUTHWESTERN ENERGY CO COM 845467109 7,011 225,000 SH Sole 225,000
STARBUCKS CORP COM 855244109 302 8,000 SH Sole 8,000
STREETTRACKS GOLD TRUST SHS 863307104 465 7,600 SH Sole 7,600
STREETTRACKS GOLD TRUST SHS 863307104 6,368 104,000 SH Sole 104,000
SUNCOR ENERGY INC CALL 867229906 1,620 20,000 SH CALL Sole 200
SUNCOR ENERGY INC COM 867229106 21,063 260,000 SH Sole 260,000
SUNCOR ENERGY INC CALL 867229906 4,861 60,000 SH CALL Sole 60,000
SUNCOR ENERGY INC CALL 867229906 4,861 60,000 SH CALL Sole 7,500
SUPERIOR ENERGY SERVICES INC COM 868157108 254 7,500 SH Sole 7,500
T ROWE PRICE GROUP INC COM 74144T108 567 15,000 SH Sole 15,000
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 558 60,838 SH Defined 1 60,838
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 946 102,999 SH Sole 102,999
TEKTRONIX INC COM 879131100 441 15,000 SH Sole 15,000
TELLABS INC COM 879664100 240 18,000 SH Sole 18,000
TEREX CORP COM 880779103 296 3,000 SH Sole 3,000
TESORO CORP COM 881609101 7,436 100,000 SH Sole 100,000
TETRA TECHNOLOGIES INC DEL COM 88162F105 227 7,500 SH Sole 7,500
TETRA TECHNOLOGIES INC DEL COM 88162F105 606 20,000 SH Sole 20,000
TRANSOCEAN CALL G90078909 6,426 80,000 SH CALL Sole 2,500
TRANSOCEAN INC ORD G90078109 201 2,500 SH Sole 2,500
TRANSOCEAN INC ORD G90078109 803 10,000 SH Sole 10,000
TRANSOCEAN INC ORD G90078109 12,048 150,000 SH Sole 150,000
TRIMBLE NAVIGATON LTD COM 896239100 558 12,500 SH Sole 12,500
UNION PACIFIC CORP COM 907818108 697 7,500 SH Sole 7,500
UNITED STATES STEEL CORP COM 912909108 12,972 185,000 SH Sole 185,000
UNIVERSAL COMPRESSION HLDGS COM 913431102 283 4,500 SH Sole 4,500
US BANCORP COM NEW 902973304 232 7,500 SH Sole 7,500
VALERO ENERGY CORP COM 91913Y100 25,278 380,000 SH Sole 380,000
VERITAS DGC INC FRNT 3/1 92343P107 5,674 110,000 SH Sole 110,000
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 51,914 1,133,006 SH Defined 1 1,133,006
VOTORANTIM CELULOSE E SPON ADR SPONSORED ADR 92906P106 623 40,000 SH Sole 40,000
WAL MART STORES INC COM 931142103 434 9,000 SH Sole 9,000
WARREN RESOURCES INC COM 93564A100 9,621 670,000 SH Sole 670,000
WEATHERFORD INTL LTD COM G95089101 248 5,000 SH Sole 5,000
WEATHERFORD INTL LTD COM G95089101 744 15,000 SH Sole 15,000
WEATHERFORD INTL LTD COM G95089101 12,306 248,000 SH Sole 248,000
WELLCARE HEALTH PLANS INC COM 94946T106 368 7,500 SH Sole 7,500
WELLCARE HEALTH PLANS INC COM 94946T106 613 12,500 SH Sole 12,500
W-H ENERGY SERVICES COM 92925E108 508 10,000 SH Sole 10,000
W-H ENERGY SERVICES COM 92925E108 10,166 200,000 SH Sole 200,000
ZORAN CORP COM 98975F101 365 15,000 SH Sole 15,000