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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2013
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 B. McGee
Title: President
Phone: 210-308-1234
Signature, Place, and Date of Signing:
/s/ Susan B. McGee San Antonio, TX May 15, 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: None
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-
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[Repeat as necessary.]
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: None
Form 13F Information Table Entry Total: 420
Form 13F Information Table Value Total: 698,004 (thousands)
List of Other Included Managers: None
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]
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 PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
ACE LTD SHS SHS H0023R105 254 2,850 SH Sole 2,850
ACTAVIS INC COM ADDED COM 00507K103 184 2,000 SH Sole 2,000
ACTAVIS INC COM ADDED COM 00507K103 461 5,000 SH Sole 5,000
AES CORP COM COM 00130H105 182 14,500 SH Sole 14,500
AGNICO EAGLE MINES LTD
COM COM 1KY99W604 772 188 SH CALL Sole 188
AGNICO EAGLE MINES LTD
COM COM 1KY99W604 1,486 362 SH CALL Sole 362
AGNICO EAGLE MINES LTD
COM COM 008474108 4,104 100,000 SH Sole 100,000
AGNICO EAGLE MINES LTD
COM COM 008474108 8,208 200,000 SH Sole 200,000
ALAMOS GOLD INC COM ADDED COM 011527108 2,747 200,000 SH Sole 200,000
ALAMOS GOLD INC COM ADDED COM 011527108 4,807 350,000 SH Sole 350,000
ALAMOS GOLD INC COM ADDED COM 011527108 5,013 365,000 SH Sole 365,000
ALERIAN MLP ETF ALERIAN MLP 00162Q866 53 3,000 SH Sole 3,000
ALERIAN MLP ETF ALERIAN MLP 00162Q866 116 6,550 SH Sole 6,550
ALLSTATE CORP COM COM 020002101 275 5,600 SH Sole 5,600
ALMADEN MINERALS LTD COM COM 020283107 1,222 580,000 SH Sole 580,000
ALTRIA GROUP INC COM COM 02209S103 110 3,200 SH Sole 3,200
AMERICAN INTL GROUP INC
COM NEW COM NEW 026874784 214 5,500 SH Sole 5,500
AMERICAN TOWER CORP NEW
COM COM 03027X100 231 3,000 SH Sole 3,000
AMERIPRISE FINL INC COM COM 03076C106 250 3,400 SH Sole 3,400
AMERISOURCEBERGEN CORP
COM COM 03073E105 190 3,700 SH Sole 3,700
AMGEN INC COM COM 031162100 256 2,500 SH Sole 2,500
AMGEN INC COM COM 031162100 256 2,500 SH Sole 2,500
AMIRA NATURE FOODS LTD
SHS SHS G0335L102 3,604 455,000 SH Sole 455,000
ANADARKO PETE CORP COM COM 032511107 875 10,000 SH Sole 10,000
ANADARKO PETE CORP COM COM 032511107 10,494 120,000 SH Sole 120,000
ANALOG DEVICES INC COM COM 032654105 232 5,000 SH Sole 5,000
ANALOG DEVICES INC COM COM 032654105 604 13,000 SH Sole 13,000
ANGLOGOLD ASHANTI LTD
SPONSORED ADR SPONSORED ADR 5HQ990713 707 300 SH CALL Sole 300
ANGLOGOLD ASHANTI LTD
SPONSORED ADR SPONSORED ADR 5HQ990713 1,413 600 SH CALL Sole 600
APPLE INC COM COM 037833100 443 1,000 SH Sole 1,000
APPLE INC COM COM 037833100 1,062 2,400 SH Sole 2,400
APPLIED MATLS INC COM COM 038222105 171 12,700 SH Sole 12,700
ASSURANT INC COM COM 04621X108 225 5,000 SH Sole 5,000
AT&T INC COM COM 00206R102 264 7,200 SH Sole 7,200
AT&T INC COM COM 00206R102 110 3,000 SH Sole 3,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------- -------------------- --------- -------- ---------------------- ---------- -------- ---------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
ATLAS ENERGY LP COM
UNITS LP COM UNITS LP 04930A104 2,422 55,000 SH Sole 55,000
AURICO GOLD INC COM COM 05155C105 1,258 200,000 SH Sole 200,000
AURICO GOLD INC COM COM 05155C105 1,573 250,000 SH Sole 250,000
AVIS BUDGET GROUP COM COM 053774105 557 20,000 SH Sole 20,000
AXIALL CORP COM ADDED COM 05463D100 62 1,000 SH Sole 1,000
BALL CORP COM COM 058498106 195 4,100 SH Sole 4,100
BANK OF AMERICA
CORPORATION COM COM 060505104 250 20,500 SH Sole 20,500
BANK OF AMERICA
CORPORATION COM COM 060505104 365 30,000 SH Sole 30,000
BANK OF AMERICA
CORPORATION COM COM 060505104 853 70,000 SH Sole 70,000
BANRO CORP COM COM 1UJ99W773 344 1,979 SH CALL Sole 1,979
BARRICK GOLD CORP COM COM 3NQ995109 147 50 SH CALL Sole 50
BARRICK GOLD CORP COM COM 067901108 1,470 50,000 SH Sole 50,000
BARRICK GOLD CORP COM COM 067901108 1,470 50,000 SH Sole 50,000
BARRICK GOLD CORP COM COM 2HP993505 1,473 501 SH CALL Sole 501
BARRICK GOLD CORP COM COM 2HP993505 2,573 875 SH CALL Sole 875
BARRICK GOLD CORP COM COM 61E9954R5 2,940 1,000 SH CALL Sole 1,000
BARRICK GOLD CORP COM COM 3NQ995109 4,410 1,500 SH CALL Sole 1,500
BARRICK GOLD CORP COM COM 61E9954R5 4,410 1,500 SH CALL Sole 1,500
BARRICK GOLD CORP COM COM 067901108 10,584 360,000 SH Sole 360,000
BARRICK GOLD CORP COM COM 067901108 59 2,000 SH Sole 2,000
BARRICK GOLD CORP COM COM 067901908 6 25 SH CALL Sole 25
BECTON DICKINSON & CO COM COM 075887109 191 2,000 SH Sole 2,000
BEST BUY INC COM COM 086516101 157 7,100 SH Sole 7,100
BHP BILLITON LTD
SPONSORED ADR SPONSORED ADR 088606108 9,443 138,000 SH Sole 138,000
BLACKROCK BUILD AMER BD
TR SHS 09248X100 113 5,000 SH Sole 5,000
BLACKROCK CREDIT ALL INC
TR COM 092508100 106 7,580 SH Sole 7,580
BMC SOFTWARE INC COM COM 055921100 190 4,100 SH Sole 4,100
BP PRUDHOE BAY RTY TR
UNIT BEN INT UNIT BEN INT 055630107 25 300 SH Sole 300
BP PRUDHOE BAY RTY TR
UNIT BEN INT UNIT BEN INT 055630107 184 2,200 SH Sole 2,200
BP PRUDHOE BAY RTY TR
UNIT BEN INT UNIT BEN INT 055630107 376 4,500 SH Sole 4,500
BP PRUDHOE BAY RTY TR
UNIT BEN INT UNIT BEN INT 055630107 835 10,000 SH Sole 10,000
BP PRUDHOE BAY RTY TR
UNIT BEN INT UNIT BEN INT 055630107 83 1,000 SH Sole 1,000
BP PRUDHOE BAY RTY TR
UNIT BEN INT UNIT BEN INT 055630107 58 700 SH Sole 700
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------- -------------------- --------- -------- ---------------------- ---------- -------- ---------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
BRF-BRASIL FOODS S A
SPONSORED ADR SPONSORED ADR 10552T107 6,854 310,000 SH Sole 310,000
BRISTOL MYERS SQUIBB CO
COM COM 110122108 247 6,000 SH Sole 6,000
BUNGE LIMITED COM COM G16962105 10,705 145,000 SH Sole 145,000
CA INC COM COM 12673P105 201 8,000 SH Sole 8,000
CELGENE CORP COM COM 151020104 406 3,500 SH Sole 3,500
CELGENE CORP COM COM 151020104 927 8,000 SH Sole 8,000
CF INDS HLDGS INC COM COM 125269100 190 1,000 SH Sole 1,000
CF INDS HLDGS INC COM COM 125269100 571 3,000 SH Sole 3,000
CF INDS HLDGS INC COM COM 125269100 5,806 30,500 SH Sole 30,500
CHANGYOU COM LTD ADS REP
CL A ADS REP CL A 15911M107 168 5,800 SH Sole 5,800
CHART INDS INC COM PAR
$0.01 COM PAR $0.01 16115Q308 480 6,000 SH Sole 6,000
CHUYS HLDGS INC COM COM 171604101 652 20,000 SH Sole 20,000
CITIGROUP INC COM NEW COM NEW 172967424 221 5,000 SH Sole 5,000
CLAUDE RES INC COM COM 182873109 116 250,000 SH Sole 250,000
CLAUDE RES INC COM COM 182873109 174 375,000 SH Sole 375,000
CLIFFS NAT RES INC COM COM 18683K101 114 6,000 SH Sole 6,000
COCA COLA ENTERPRISES
INC NE COM COM 19122T109 222 6,000 SH Sole 6,000
COEUR D ALENE MINES CORP
IDA COM NEW COM NEW 192108504 628 33,300 SH Sole 33,300
COEUR D ALENE MINES CORP
IDA COM NEW COM NEW 192108504 1,258 66,700 SH Sole 66,700
COHEN & STEERS CLOSED
END OP COM 19248P106 109 8,150 SH Sole 8,150
COMCAST CORP NEW CL A CL A 20030N101 231 5,500 SH Sole 5,500
COMMVAULT SYSTEMS INC COM COM 204166102 1,148 14,000 SH Sole 14,000
COMPANIA DE MINAS
BUENAVENTU SPONSORED
ADR SPONSORED ADR 1UL996389 389 150 SH CALL Sole 150
COMPANIA DE MINAS
BUENAVENTU SPONSORED
ADR SPONSORED ADR 204448104 1,038 40,000 SH Sole 40,000
COMSTOCK MNG INC COM COM 205750102 2,082 1,035,908 SH Sole 1,035,908
COMSTOCK MNG INC COM COM 205750102 2,099 1,044,092 SH Sole 1,044,092
CONOCOPHILLIPS COM COM 20825C104 150 2,500 SH Sole 2,500
CONOCOPHILLIPS COM COM 20825C104 114 1,900 SH Sole 1,900
CONSTELLATION BRANDS INC
CL A CL A 21036P108 252 5,300 SH Sole 5,300
CONTINENTAL RESOURCES
INC COM COM 212015101 10,432 120,000 SH Sole 120,000
CORE LABORATORIES N V COM COM N22717107 552 4,000 SH Sole 4,000
D R HORTON INC COM COM 23331A109 243 10,000 SH Sole 10,000
D R HORTON INC COM COM 23331A109 389 16,000 SH Sole 16,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------- -------------------- --------- -------- ---------------------- ---------- -------- ---------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
D R HORTON INC COM COM 23331A109 851 35,000 SH Sole 35,000
DAVITA HEALTHCARE
PARTNERS I COM COM 23918K108 237 2,000 SH Sole 2,000
DAVITA HEALTHCARE
PARTNERS I COM COM 23918K108 237 2,000 SH Sole 2,000
DAVITA HEALTHCARE
PARTNERS I COM COM 23918K108 830 7,000 SH Sole 7,000
DEVON ENERGY CORP NEW COM COM 25179M103 181 3,200 SH Sole 3,200
DEVON ENERGY CORP NEW COM COM 25179M103 705 12,500 SH Sole 12,500
DIAMOND OFFSHORE
DRILLING IN COM COM 25271C102 174 2,500 SH Sole 2,500
DISCOVER FINL SVCS COM COM 254709108 247 5,500 SH Sole 5,500
DISCOVERY COMMUNICATNS
NEW COM SER A COM SER A 25470F104 236 3,000 SH Sole 3,000
DRDGOLD LIMITED SPON ADR
REPSTG SPON ADR REPSTG 26152H301 978 125,000 SH Sole 125,000
DRESSER-RAND GROUP INC
COM COM 261608103 1,850 30,000 SH Sole 30,000
DRIL-QUIP INC COM COM 262037104 262 3,000 SH Sole 3,000
DRIL-QUIP INC COM COM 262037104 610 7,000 SH Sole 7,000
DXP ENTERPRISES INC NEW
COM NEW COM NEW 233377407 672 9,000 SH Sole 9,000
EATON VANCE TX MNG BY
WRT OP COM 27828Y108 53 4,030 SH Sole 4,030
EBAY INC COM COM 278642103 380 7,000 SH Sole 7,000
EBAY INC COM COM 278642103 1,084 20,000 SH Sole 20,000
ELDORADO GOLD CORP NEW
COM COM 99G993563 608 626 SH CALL Sole 626
ELDORADO GOLD CORP NEW
COM COM 99G993563 719 740 SH CALL Sole 740
ELDORADO GOLD CORP NEW
COM COM 99G993555 1,889 1,945 SH CALL Sole 1,945
ELDORADO GOLD CORP NEW
COM COM 99G993555 3,112 3,205 SH CALL Sole 3,205
ELDORADO GOLD CORP NEW
COM COM 284902903 8 154 SH CALL Sole 154
ENSCO PLC SHS CLASS A SHS CLASS A G3157S106 300 5,000 SH Sole 5,000
ENSCO PLC SHS CLASS A SHS CLASS A G3157S106 780 13,000 SH Sole 13,000
ENTERGY CORP NEW COM COM 29364G103 164 2,600 SH Sole 2,600
ENTERPRISE PRODS
PARTNERS L COM COM 293792107 12,781 212,000 SH Sole 212,000
ENTREE GOLD INC COM COM 29383G100 546 1,500,000 SH Sole 1,500,000
ETFS PALLADIUM TR SH BEN
INT SH BEN INT 26923A106 227 3,000 SH Sole 3,000
ETFS PLATINUM TR SH BEN
INT SH BEN INT 26922V101 1,542 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 PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
EXPRESS SCRIPTS HLDG CO
COM COM 30219G108 231 4,000 SH Sole 4,000
FIRST MAJESTIC SILVER
CORP COM COM 32076V103 2,102 130,000 SH Sole 130,000
FIRST MAJESTIC SILVER
CORP COM COM 32076V103 2,587 160,000 SH Sole 160,000
FIRST MAJESTIC SILVER
CORP COM COM 1MZ994346 3,260 2,016 SH CALL Sole 2,016
FIRST MAJESTIC SILVER
CORP COM COM 32076V103 4,851 300,000 SH Sole 300,000
FIRST MAJESTIC SILVER
CORP COM COM 1MZ994346 8,132 5,029 SH CALL Sole 5,029
FLOTEK INDS INC DEL COM COM 343389102 294 18,000 SH Sole 18,000
FORD MTR CO DEL COM PAR
$0.01 COM PAR $0.01 345370860 224 17,000 SH Sole 17,000
FORTINET INC COM COM 34959E109 710 30,000 SH Sole 30,000
FRANCO NEVADA CORP COM COM 351858105 2,430 53,300 SH Sole 53,300
FRANCO NEVADA CORP COM COM 351858105 4,103 90,000 SH Sole 90,000
FRANCO NEVADA CORP COM
/CAD/ COM 351858105 1 29,000 SH WTS Sole 29,000
FRANCO NEVADA CORP COM
/CAD/ COM 351858105 34 4,948 SH WTS Sole 4,948
FREEPORT-MCMORAN COPPER
& GO COM COM 35671D857 9,930 300,000 SH Sole 300,000
FRONTIER COMMUNICATIONS
CORP COM COM 35906A108 119 30,000 SH Sole 30,000
GAMESTOP CORP NEW CL A CL A 36467W109 173 6,200 SH Sole 6,200
GARTNER INC COM COM 366651107 381 7,000 SH Sole 7,000
GARTNER INC COM COM 366651107 762 14,000 SH Sole 14,000
GIANT INTERACTIVE GROUP
INC ADR ADR 374511103 183 28,200 SH Sole 28,200
GILEAD SCIENCES INC COM COM 375558103 196 4,000 SH Sole 4,000
GILEAD SCIENCES INC COM COM 375558103 269 5,500 SH Sole 5,500
GLOBAL X FDS GLB X CDA PFD 37950E481 72 5,000 SH Sole 5,000
GLOBAL X FDS GLB X COPPER MNR ETF 37950E861 123 10,770 SH Sole 10,770
GLOBAL X FDS GLB X COPPER MNR ETF 37950E861 64 5,630 SH Sole 5,630
GLOBAL X FDS GLB X URANIUM 37950E754 91 14,100 SH Sole 14,100
GLOBAL X FDS GLB X URANIUM 37950E754 44 6,900 SH Sole 6,900
GNC HLDGS INC COM CL A COM CL A 36191G107 589 15,000 SH Sole 15,000
GOLD FIELDS LTD NEW
SPONSORED ADR SPONSORED ADR 25Z993047 388 500 SH CALL Sole 500
GOLD FIELDS LTD NEW
SPONSORED ADR SPONSORED ADR 25Z993047 446 575 SH CALL Sole 575
GOLD STD VENTURES CORP
COM COM 380738104 968 880,000 SH Sole 880,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------- -------------------- --------- -------- ---------------------- ---------- -------- ---------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
GOLDCORP INC NEW COM COM 380956409 841 25,000 SH Sole 25,000
GOLDCORP INC NEW COM COM 3Z7992993 844 251 SH CALL Sole 251
GOLDCORP INC NEW COM COM 380956409 1,177 35,000 SH Sole 35,000
GOLDCORP INC NEW COM COM 3Z7992993 1,426 424 SH CALL Sole 424
GOLDCORP INC NEW COM COM 17E9953J6 1,702 506 SH CALL Sole 506
GOLDCORP INC NEW COM COM 58Y993700 2,267 674 SH CALL Sole 674
GOLDCORP INC NEW COM COM 3Z7992944 2,381 708 SH CALL Sole 708
GOLDCORP INC NEW COM COM 58Y993700 2,727 811 SH CALL Sole 811
GOLDCORP INC NEW COM COM 17E9953J6 3,097 921 SH CALL Sole 921
GOLDCORP INC NEW COM COM 3Z7992944 4,910 1,460 SH CALL Sole 1,460
GOLDCORP INC NEW COM COM 380956909 19 35 SH CALL Sole 35
GOLDEN STAR RES LTD CDA
COM COM 38119T104 440 275,000 SH Sole 275,000
GOLDEN STAR RES LTD CDA
COM COM 38119T104 880 550,000 SH Sole 550,000
GOOGLE INC CL A CL A 38259P508 318 400 SH Sole 400
GRAN TIERRA ENERGY INC
COM COM 38500T101 7,321 1,245,000 SH Sole 1,245,000
GULFPORT ENERGY CORP COM
NEW COM NEW 402635304 550 12,000 SH Sole 12,000
HARBINGER GROUP INC COM 41146A106 40 4,900 SH Sole 4,900
HARMONY GOLD MNG LTD
SPONSORED ADR SPONSORED ADR 2VT996222 678 1,057 SH CALL Sole 1,057
HARMONY GOLD MNG LTD
SPONSORED ADR SPONSORED ADR 2VT996222 844 1,317 SH CALL Sole 1,317
HARMONY GOLD MNG LTD
SPONSORED ADR SPONSORED ADR 413216300 2,885 450,000 SH Sole 450,000
HARMONY GOLD MNG LTD
SPONSORED ADR SPONSORED ADR 413216300 3,846 600,000 SH Sole 600,000
HCA HOLDINGS INC COM COM 40412C101 813 20,000 SH Sole 20,000
HOLLYFRONTIER CORP COM COM 436106108 9,261 180,000 SH Sole 180,000
HOME DEPOT INC COM COM 437076102 223 3,200 SH Sole 3,200
HOMEAWAY INC COM COM 43739Q100 390 12,000 SH Sole 12,000
HORNBECK OFFSHORE SVCS
INC N COM COM 440543106 232 5,000 SH Sole 5,000
HORNBECK OFFSHORE SVCS
INC N COM COM 440543106 558 12,000 SH Sole 12,000
HORNBECK OFFSHORE SVCS
INC N COM COM 440543106 12,312 265,000 SH Sole 265,000
IAMGOLD CORP COM COM 5M3997043 3 4 SH CALL Sole 4
IAMGOLD CORP COM COM 5M3997043 4 6 SH CALL Sole 6
IAMGOLD CORP COM COM 78N993981 653 907 SH CALL Sole 907
IAMGOLD CORP COM COM 78N993981 981 1,363 SH CALL Sole 1,363
IAMGOLD CORP COM COM 450913108 6,480 900,000 SH Sole 900,000
ICON PLC SHS ADDED SHS G4705A100 242 7,500 SH Sole 7,500
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------- -------------------- --------- -------- ---------------------- ---------- -------- ---------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
INTEGRYS ENERGY GROUP
INC COM COM 45822P105 180 3,100 SH Sole 3,100
INTEL CORP COM 458140100 109 5,000 SH Sole 5,000
INTERCONTINENTAL
HTLS GRP PL SPON ADR
NEW 12 SPON ADR NEW 12 45857P400 237 7,800 SH Sole 7,800
INTEROIL CORP COM 460951106 200 2,626 SH Sole 2,626
INTL PAPER CO COM COM 460146103 466 10,000 SH Sole 10,000
IRON MTN INC COM COM 462846106 237 6,532 SH Sole 6,532
ISHARES INC MSCI ISHARES INC MSCI
BRAZIL CAPP BRAZIL 464286400 37 670 SH Sole 670
ISHARES INC MSCI
MEXICO CAP MSCI MEXICO CAP 464286822 39 520 SH Sole 520
ISHARES SILVER TRUST
ISHARES ISHARES 46428Q109 41 1,500 SH Sole 1,500
ISHARES TR IBOXX INV CPBD 464287242 180 1,500 SH Sole 1,500
ISHARES TR FTSE CHINA25
IDX FTSE CHINA25 IDX 5QQ995597 74 20 SH CALL Sole 20
ISHARES TR FTSE CHINA25
IDX FTSE CHINA25 IDX 5QQ995613 74 20 SH CALL Sole 20
ISHARES TR FTSE CHINA25
IDX FTSE CHINA25 IDX 5QQ995688 185 50 SH CALL Sole 50
ISHARES TR FTSE CHINA25
IDX FTSE CHINA25 IDX 5QQ995720 1,108 300 SH CALL Sole 300
ISHARES TR US
PFD STK IDX US PFD STK IDX 464288687 57 1,400 SH Sole 1,400
IVANHOE ENERGY INC COM COM 465790103 273 414,100 SH Sole 414,100
IVANHOE ENERGY INC /CAD/ COM 465790103 13 19,550 SH Sole 19,550
JOHNSON & JOHNSON COM COM 478160104 245 3,000 SH Sole 3,000
JPMORGAN CHASE & CO COM COM 46625H100 214 4,500 SH Sole 4,500
KIMBER RES INC COM COM 49435N101 190 1,000,000 SH Sole 1,000,000
KINDER MORGAN INC
DEL COM COM 49456B101 12,710 328,600 SH Sole 328,600
KINROSS GOLD CORP COM NO
PAR COM NO PAR 496902404 0 1 SH Sole 1
KINROSS GOLD CORP COM NO
PAR COM NO PAR 496902404 912 115,000 SH Sole 115,000
KINROSS GOLD CORP COM NO
PAR COM NO PAR 6W4992297 1,140 1,438 SH CALL Sole 1,438
KINROSS GOLD CORP COM NO
PAR COM NO PAR 6W4992297 1,536 1,937 SH CALL Sole 1,937
KINROSS GOLD CORP COM NO
PAR COM NO PAR 496902404 2,181 275,000 SH Sole 275,000
KOHLS CORP COM COM 500255104 171 3,700 SH Sole 3,700
KROGER CO COM COM 501044101 215 6,500 SH Sole 6,500
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------- -------------------- --------- -------- ---------------------- ---------- -------- ---------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
L-3 COMMUNICATIONS HLDGS
INC COM COM 502424104 186 2,300 SH Sole 2,300
LAKE SHORE GOLD CORP COM COM 510728108 300 500,000 SH Sole 500,000
LAS VEGAS SANDS CORP COM COM 517834107 282 5,000 SH Sole 5,000
LAS VEGAS SANDS CORP COM COM 517834107 620 11,000 SH Sole 11,000
LEGG MASON BW GLB INC
OPP FD COM 52469B100 121 6,000 SH Sole 6,000
LENNAR CORP CL A CL A 526057104 249 6,000 SH Sole 6,000
LINCOLN NATL CORP
IND COM COM 534187109 189 5,800 SH Sole 5,800
LINKEDIN CORP COM CL A COM CL A 53578A108 1,056 6,000 SH Sole 6,000
LITHIA MTRS INC CL A CL A 536797103 475 10,000 SH Sole 10,000
LOCKHEED MARTIN CORP COM 539830109 116 1,200 SH Sole 1,200
LORILLARD INC COM COM 544147101 206 5,100 SH Sole 5,100
LYONDELLBASELL
INDUSTRIES N SHS
- A - SHS - A - N53745100 203 3,200 SH Sole 3,200
LYONDELLBASELL
INDUSTRIES N SHS
- A - SHS - A - N53745100 6,329 100,000 SH Sole 100,000
M/I HOMES INC COM COM 55305B101 611 25,000 SH Sole 25,000
MAG SILVER CORP COM COM 55903Q104 7,251 764,000 SH Sole 764,000
MARATHON PETE CORP COM COM 56585A102 305 3,400 SH Sole 3,400
MARATHON PETE CORP COM COM 56585A102 10,752 120,000 SH Sole 120,000
MARKET VECTORS ETF TR
GOLD MINER ETF GOLD MINER ETF 57060U100 1 20 SH Sole 20
MARKET VECTORS ETF TR
GOLD MINER ETF GOLD MINER ETF 57060U100 1 20 SH Sole 20
MARKET VECTORS ETF TR
GOLD MINER ETF GOLD MINER ETF 08L996JW9 2,449 647 SH CALL Sole 647
MARKET VECTORS ETF TR
GOLD MINER ETF GOLD MINER ETF 08L996JW9 4,050 1,070 SH CALL Sole 1,070
MARKET VECTORS ETF TR
GOLD MINER ETF GOLD MINER ETF 57060U900 30 100 SH CALL Sole 100
MARKET VECTORS ETF TR JR
GOLD MINERS E JR GOLD MINERS E 57060U589 1 35 SH Sole 35
MARKET VECTORS ETF TR JR
GOLD MINERS E JR GOLD MINERS E 57060U589 1 35 SH Sole 35
MARKET VECTORS ETF TR JR
GOLD MINERS E JR GOLD MINERS E 6NR993936 661 395 SH CALL Sole 395
MARKET VECTORS ETF TR JR
GOLD MINERS E JR GOLD MINERS E 6NR993936 1,222 730 SH CALL Sole 730
MARKET VECTORS ETF TR JR
GOLD MINERS E JR GOLD MINERS E 57060U909 6 25 SH CALL Sole 25
MARTIN MARIETTA MATLS
INC COM COM 573284106 11,222 110,000 SH Sole 110,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------- -------------------- --------- -------- ---------------------- ---------- -------- ---------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
MASTERCARD INC CL A CL A 57636Q104 812 1,500 SH Sole 1,500
MASTERCARD INC CL A CL A 57636Q104 1,461 2,700 SH Sole 2,700
MAXIM INTEGRATED PRODS
INC COM COM 57772K101 196 6,000 SH Sole 6,000
MAXIM INTEGRATED PRODS
INC COM COM 57772K101 457 14,000 SH Sole 14,000
MCEWEN MNG INC COM COM 58039P107 858 300,000 SH Sole 300,000
MCKESSON CORP COM COM 58155Q103 227 2,100 SH Sole 2,100
MERCK & CO INC NEW COM COM 58933Y105 221 5,000 SH Sole 5,000
MICHAEL KORS HLDGS LTD
SHS SHS G60754101 994 17,500 SH Sole 17,500
MIDWAY GOLD CORP COM COM 598153104 698 571,863 SH Sole 571,863
MONSANTO CO NEW COM COM 61166W101 11,355 107,500 SH Sole 107,500
MORGAN STANLEY COM NEW COM NEW 617446448 214 9,750 SH Sole 9,750
MOSAIC CO NEW COM COM 61945C103 191 3,200 SH Sole 3,200
MOSAIC CO NEW COM COM 61945C103 9,538 160,000 SH Sole 160,000
MOTOROLA SOLUTIONS INC
COM NEW COM NEW 620076307 224 3,500 SH Sole 3,500
MYLAN INC COM COM 628530107 217 7,500 SH Sole 7,500
MYLAN INC COM COM 628530107 521 18,000 SH Sole 18,000
NETEASE INC SPONSORED ADR SPONSORED ADR 64110W102 219 4,000 SH Sole 4,000
NEVSUN RES LTD COM COM 64156L101 1,053 275,000 SH Sole 275,000
NEW GOLD INC CDA COM COM 644535106 1,820 200,000 SH Sole 200,000
NEWMONT MINING CORP COM COM 2ZU993178 2,258 539 SH CALL Sole 539
NEWMONT MINING CORP COM COM 2ZU993178 4,269 1,019 SH CALL Sole 1,019
NEWMONT MINING CORP COM COM 651639106 11,101 265,000 SH Sole 265,000
NEWMONT MINING CORP COM COM 651639106 63 1,500 SH Sole 1,500
NEWS CORP CL A CL A 65248E104 262 8,600 SH Sole 8,600
NORTHROP GRUMMAN CORP COM COM 666807102 210 3,000 SH Sole 3,000
OASIS PETE INC NEW COM COM 674215108 571 15,000 SH Sole 15,000
OCWEN FINL CORP COM NEW COM NEW 675746309 228 6,000 SH Sole 6,000
OI S.A. SPN ADR REP PFD SPN ADR REP PFD 670851203 116 38,100 SH Sole 38,100
OIL STS INTL INC COM COM 678026105 12,643 155,000 SH Sole 155,000
OLD DOMINION FGHT LINES
INC COM COM 679580100 57 1,500 SH Sole 1,500
OLD DOMINION FGHT LINES
INC COM COM 679580100 955 25,000 SH Sole 25,000
ONEOK INC NEW COM COM 682680103 181 3,800 SH Sole 3,800
OPENTABLE INC COM COM 68372A104 756 12,000 SH Sole 12,000
PAN AMERICAN SILVER CORP
COM COM 37X994687 216 132 SH CALL Sole 132
PAN AMERICAN SILVER CORP
COM COM 37X994687 439 268 SH CALL Sole 268
PAN AMERICAN SILVER CORP
COM COM 697900108 819 50,000 SH Sole 50,000
PAN AMERICAN SILVER CORP
COM COM 697900108 4,095 250,000 SH Sole 250,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------- -------------------- --------- -------- ---------------------- ---------- -------- ---------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
PAN AMERICAN SILVER CORP
COM COM 697900908 7 27 SH CALL Sole 27
PENTAIR LTD SHS SHS H6169Q108 174 3,300 SH Sole 3,300
PFIZER INC COM COM 717081103 231 8,000 SH Sole 8,000
PFIZER INC COM COM 717081103 101 3,500 SH Sole 3,500
PHILLIPS 66 COM COM 718546104 9,096 130,000 SH Sole 130,000
PIMCO ETF TR 0-5 HIGH YIELD 72201R783 115 1,100 SH Sole 1,100
PIONEER ENERGY SVCS CORP
COM COM 723664108 6,023 730,000 SH Sole 730,000
PIONEER NAT RES CO COM COM 723787107 7,306 58,800 SH Sole 58,800
PLATINUM GROUP METALS
LTD COM NEW COM NEW 72765Q205 1,760 1,250,000 SH Sole 1,250,000
PLATINUM GROUP METALS
/CAD/ COM 72765Q205 57 40,000 SH Sole 40,000
PLUM CREEK TIMBER CO INC
COM COM 729251108 1,305 25,000 SH Sole 25,000
POLARIS INDS INC COM COM 731068102 925 10,000 SH Sole 10,000
POWERSHARES DB MULTI
SECT COMM DB GOLD FUND 73936B606 95 1,740 SH Sole 1,740
POWERSHARES DB MULTI
SECT COMM DB GOLD FUND 73936B606 183 3,360 SH Sole 3,360
POWERSHARES DB MULTI
SECT COMM DB OIL FUND 73936B507 100 3,700 SH Sole 3,700
POWERSHARES DB MULTI
SECT COMM DB OIL FUND 73936B507 57 2,100 SH Sole 2,100
POWERSHARES DB MULTI
SECT COMM DB SILVER FUND 73936B309 179 3,685 SH Sole 3,685
POWERSHARES DB MULTI
SECT COMM DB SILVER FUND 73936B309 93 1,915 SH Sole 1,915
POWERSHARES DB MULTI
SECT COMM PS DB AGRICUL FD 73936B408 126 4,860 SH Sole 4,860
POWERSHARES DB MULTI
SECT COMM PS DB AGRICUL FD 73936B408 68 2,640 SH Sole 2,640
POWERSHARES ETF TRUST FINL PFD PTFL 73935X229 54 2,900 SH Sole 2,900
PRETIUM RES INC COM COM 74139C102 1,825 230,000 SH Sole 230,000
PRICELINE COM INC COM NEW COM NEW 741503403 275 400 SH Sole 400
PRICELINE COM INC COM NEW COM NEW 741503403 550 800 SH Sole 800
PROTO LABS INC COM COM 743713109 491 10,000 SH Sole 10,000
PRUDENTIAL PLC ADR ADR 74435K204 227 7,000 SH Sole 7,000
PULTE GROUP INC COM COM 745867101 243 12,000 SH Sole 12,000
QEP RES INC COM COM 74733V100 796 25,000 SH Sole 25,000
RANDGOLD RES LTD ADR ADR 752344309 172 2,000 SH Sole 2,000
RANDGOLD RES LTD ADR ADR 752344309 215 2,500 SH Sole 2,500
RANDGOLD RES LTD ADR ADR 85C993038 1,376 160 SH CALL Sole 160
RANDGOLD RES LTD ADR ADR 519996565 2,141 249 SH CALL Sole 249
RANDGOLD RES LTD ADR ADR 85C993038 2,640 307 SH CALL Sole 307
RANDGOLD RES LTD ADR ADR 519996565 5,425 631 SH CALL Sole 631
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------- -------------------- --------- -------- ---------------------- ---------- -------- ---------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
RANDGOLD RES LTD ADR ADR 752344309 5,589 65,000 SH Sole 65,000
RELIANCE STEEL &
ALUMINUM CO COM COM 759509102 7,829 110,000 SH Sole 110,000
REVETT MINERALS INC COM
NEW COM NEW 761505205 556 250,000 SH Sole 250,000
RICHMONT MINES INC COM COM 76547T106 275 100,000 SH Sole 100,000
RICHMONT MINES INC COM COM 76547T106 578 210,000 SH Sole 210,000
RIO ALTO MNG LTD NEW COM
ADDED COM 76689T104 2,759 600,000 SH Sole 600,000
RIO ALTO MNG LTD NEW COM
ADDED COM 76689T104 3,453 751,000 SH Sole 751,000
ROYAL GOLD INC COM COM 780287108 2,841 40,000 SH Sole 40,000
SAFEWAY INC COM NEW COM NEW 786514208 211 8,000 SH Sole 8,000
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 30 2,000 SH Sole 2,000
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 26 1,700 SH Sole 1,700
SANDSTORM GOLD LTD COM
NEW COM NEW 80013R206 3,315 350,000 SH Sole 350,000
SANDSTORM GOLD LTD COM
/CAD/ COM 80013R206 96 10,000 SH Sole 10,000
SEAGATE TECHNOLOGY PLC
SHS SHS G7945M107 241 6,600 SH Sole 6,600
SELECT SECTOR SPDR TR
SBI CONS DISCR SBI CONS DISCR 81369Y407 212 4,000 SH Sole 4,000
SELECT SECTOR SPDR TR
SBI HEALTHCARE SBI HEALTHCARE 81369Y209 230 5,000 SH Sole 5,000
SELECT SECTOR SPDR TR
SBI INT-FINL SBI INT-FINL 81369Y605 218 12,000 SH Sole 12,000
SILVER BULL RES INC COM COM 827458100 920 2,077,426 SH Sole 2,077,426
SILVER WHEATON CORP COM COM 83W992041 803 256 SH CALL Sole 256
SILVER WHEATON CORP COM COM 83W992041 984 314 SH CALL Sole 314
SILVER WHEATON CORP COM COM 828336107 6,270 200,000 SH Sole 200,000
SILVER WHEATON CORP COM COM 828336107 8,621 275,000 SH Sole 275,000
SILVERCREST MINES INC COM COM 828365106 347 150,000 SH Sole 150,000
SILVERCREST MINES INC COM COM 828365106 752 325,000 SH Sole 325,000
SLM CORP COM COM 78442P106 178 8,700 SH Sole 8,700
SM ENERGY CO COM COM 78454L100 1,481 25,000 SH Sole 25,000
SMITHFIELD FOODS INC COM COM 832248108 11,122 420,000 SH Sole 420,000
SOCIEDAD QUIMICA MINERA
DE C SPON ADR SER B SPON ADR SER B 833635105 12,199 220,000 SH Sole 220,000
SOLITARIO EXPL & RTY
CORP COM COM 8342EP107 1,552 970,000 SH Sole 970,000
SOUTHERN COPPER CORP COM COM 84265V105 10,520 280,000 SH Sole 280,000
SPDR GOLD TRUST GOLD SHS GOLD SHS 78463V107 4,247 27,500 SH Sole 27,500
SPDR GOLD TRUST GOLD SHS GOLD SHS 78463V107 4,634 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 PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
SPDR GOLD TRUST GOLD SHS GOLD SHS 78463V107 417 2,700 SH Sole 2,700
SPDR GOLD TRUST GOLD SHS GOLD SHS 78463V107 263 1,700 SH Sole 1,700
SPDR S&P 500 ETF TR TR
UNIT TR UNIT 4ZV995PV1 392 25 SH PUT Sole 25
SPDR SERIES TRUST S&P BK
ETF S&P BK ETF 78464A797 215 8,000 SH Sole 8,000
SPDR SERIES TRUST S&P BK
ETF S&P BK ETF 78464A797 404 15,000 SH Sole 15,000
SPDR SERIES TRUST S&P
REGL BKG S&P REGL BKG 78464A698 318 10,000 SH Sole 10,000
SPDR SERIES TRUST S&P
REGL BKG S&P REGL BKG 78464A698 636 20,000 SH Sole 20,000
SPLUNK INC COM COM 848637104 400 10,000 SH Sole 10,000
SPROTT PHYSICAL PLAT
PALLAD UNIT ADDED UNIT 85207Q104 841 85,000 SH Sole 85,000
SPROTT PHYSICAL PLAT
PALLAD UNIT ADDED UNIT 85207Q104 989 100,000 SH Sole 100,000
SPROTT PHYSICAL PLAT
PALLAD UNIT ADDED UNIT 85207Q104 1,027 103,804 SH Sole 103,804
SPROTT PHYSICAL PLAT
PALLAD UNIT ADDED UNIT 85207Q104 1,978 200,000 SH Sole 200,000
SPROTT PHYSICAL PLAT
PALLAD UNIT ADDED UNIT 85207Q104 148 15,000 SH Sole 15,000
SPROTT PHYSICAL SILVER
TR TR UNIT TR UNIT 85207K107 1,121 100,000 SH Sole 100,000
SPROTT RESOURCE LENDING
CORP COM COM 85207J100 758 550,000 SH Sole 550,000
STARBUCKS CORP COM COM 855244109 228 4,000 SH Sole 4,000
STARBUCKS CORP COM COM 855244109 427 7,500 SH Sole 7,500
STARBUCKS CORP COM COM 855244109 854 15,000 SH Sole 15,000
STILLWATER MNG CO COM COM 9UA996060 679 525 SH CALL Sole 525
STILLWATER MNG CO COM COM 9UA996060 1,362 1,053 SH CALL Sole 1,053
SUPERIOR ENERGY SVCS INC
COM COM 868157108 8,440 325,000 SH Sole 325,000
SYNOVUS FINL CORP COM COM 87161C105 235 85,000 SH Sole 85,000
TECK RESOURCES LTD CL B CL B 96Q995159 2,816 1,000 SH CALL Sole 1,000
TECO ENERGY INC COM COM 872375100 178 10,000 SH Sole 10,000
TEUCRIUM COMMODITY TR CORN FD SHS 88166A102 70 1,700 SH Sole 1,700
TEUCRIUM COMMODITY TR CORN FD SHS 88166A102 127 3,100 SH Sole 3,100
TEVA PHARMACEUTICAL INDS
LTD ADR ADR 881624209 238 6,000 SH Sole 6,000
THOR INDS INC COM COM 885160101 206 5,600 SH Sole 5,600
TIMMINS GOLD CORP COM COM 88741P103 579 200,000 SH Sole 200,000
TIMMINS GOLD CORP COM COM 88741P103 1,302 450,000 SH Sole 450,000
TJX COS INC NEW COM COM 872540109 94 2,000 SH Sole 2,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------- -------------------- --------- -------- ---------------------- ---------- -------- ---------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------- -------------------- --------- -------- ---------- ------ ---- ---------- -------- ---- --------- ------
TJX COS INC NEW COM COM 872540109 187 4,000 SH Sole 4,000
TORCHMARK CORP COM COM 891027104 179 3,000 SH Sole 3,000
TURKCELL ILETISIM
HIZMETLERI SPON ADR NEW SPON ADR NEW 900111204 2,857 171,700 SH Sole 171,700
TYSON FOODS INC CL A CL A 902494103 12,410 500,000 SH Sole 500,000
UNION PAC CORP COM COM 907818108 427 3,000 SH Sole 3,000
UNION PAC CORP COM COM 907818108 854 6,000 SH Sole 6,000
UNITED RENTALS INC COM COM 911363109 275 5,000 SH Sole 5,000
UNITED RENTALS INC COM COM 911363109 1,099 20,000 SH Sole 20,000
URANIUM ENERGY CORP COM 916896103 120 54,500 SH Sole 54,500
VALERO ENERGY CORP NEW
COM COM 91913Y100 164 3,600 SH Sole 3,600
VALERO ENERGY CORP NEW
COM COM 91913Y100 6,596 145,000 SH Sole 145,000
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 167 2,000 SH Sole 2,000
VANGUARD NATURAL
RESOURCES LLC COM UNIT 92205F106 169 5,950 SH Sole 5,950
VERIZON COMMUNICATIONS
INC COM COM 92343V104 221 4,500 SH Sole 4,500
VERIZON COMMUNICATIONS
INC COM COM 92343V104 98 2,000 SH Sole 2,000
VIMPELCOM LTD SPONSORED
ADR SPONSORED ADR 92719A106 2,760 232,100 SH Sole 232,100
VIRTUS GLOBAL MULTI-SEC
INC COM 92829B101 116 6,000 SH Sole 6,000
VULCAN MATLS CO COM COM 929160109 9,048 175,000 SH Sole 175,000
WABTEC CORP COM COM 929740108 459 4,500 SH Sole 4,500
WABTEC CORP COM COM 929740108 1,123 11,000 SH Sole 11,000
WEATHERFORD
INTERNATIONAL LT REG
SHS REG SHS H27013103 1,518 125,000 SH Sole 125,000
WELLPOINT INC COM COM 94973V107 179 2,700 SH Sole 2,700
WELLS FARGO & CO NEW COM COM 949746101 222 6,000 SH Sole 6,000
WELLS FARGO & CO NEW COM COM 949746101 118 3,200 SH Sole 3,200
WESTERN ASSET GLOBAL CP
DEFI COM 95790C107 80 4,000 SH Sole 4,000
WESTERN GAS PARTNERS LP
COM UNIT LP IN COM UNIT LP IN 958254104 12,417 209,000 SH Sole 209,000
WEYERHAEUSER CO COM COM 962166104 10,826 345,000 SH Sole 345,000
WILLIAMS COS INC DEL COM COM 969457100 11,575 309,000 SH Sole 309,000
WYNDHAM WORLDWIDE CORP
COM COM 98310W108 226 3,500 SH Sole 3,500
WYNN RESORTS LTD COM COM 983134107 225 1,800 SH Sole 1,800
YAMANA GOLD INC COM COM 5ZG991050 516 336 SH CALL Sole 336
YAMANA GOLD INC COM COM 5ZG991050 1,065 694 SH CALL Sole 694
YAMANA GOLD INC COM COM 98462Y100 5,373 350,000 SH Sole 350,000
YAMANA GOLD INC COM COM 98462Y100 5,373 350,000 SH Sole 350,000
YAMANA GOLD INC COM COM 98462Y900 20 100 SH CALL Sole 100
YANDEX N V SHS CLASS A SHS CLASS A N97284108 3,947 170,700 SH Sole 170,700
GRAND TOTAL 698,004 38,349,741