0001193125-13-059845.txt : 20130214 0001193125-13-059845.hdr.sgml : 20130214 20130214152156 ACCESSION NUMBER: 0001193125-13-059845 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130214 DATE AS OF CHANGE: 20130214 EFFECTIVENESS DATE: 20130214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: U S GLOBAL INVESTORS INC CENTRAL INDEX KEY: 0000754811 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 741598370 STATE OF INCORPORATION: TX FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-02220 FILM NUMBER: 13612788 BUSINESS ADDRESS: STREET 1: 7900 CALLAGHAN RD CITY: SAN ANTONIO STATE: TX ZIP: 78229 BUSINESS PHONE: 2103081234 MAIL ADDRESS: STREET 1: 7900 CALLAGHAN ROAD CITY: SAN ANTONIO STATE: TX ZIP: 78229 FORMER COMPANY: FORMER CONFORMED NAME: UNITED SERVICES ADVISORS INC /TX/ DATE OF NAME CHANGE: 19950321 13F-HR 1 d487102d13fhr.txt FORM 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2012 Check here if Amendment [ ]; Amendment Number: ____________________ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: U.S. GLOBAL INVESTORS INC. Address: 7900 CALLAGHAN ROAD SAN ANTONIO, TEXAS 78229-2327 Form 13F File Number: 028-02220 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Susan McGee Title: President Phone: (210) 308-1234 Signature, Place, and Date of Signing: /s/ Susan B. McGee San Antonio, TX 02/14/2013 ------------------------ ------------------------ ------------------------ [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: Form 13F Information Table Entry Total (not including options) 442 Form 13F Information Table Total Value (x1000) 1,037,909 FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------------- --------- -------- ---------------------------- ---------- -------- ------------------ VOTING AUTHORITY VALUE SHARES OR PUT/ INVESTMENT OTHER ------------------ NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- ------- ----- ACE LTD SHS SHS H0023R105 227 2,850 SH Sole 2,850 AETNA INC NEW COM COM 00817Y108 185 4,000 SH Sole 4,000 AGNICO EAGLE MINES LTD COM COM 89V99M946 3,373 643 SH CALL Sole 643 AGNICO EAGLE MINES LTD COM COM 2ZL99U251 4,118 785 SH CALL Sole 785 AGNICO EAGLE MINES LTD COM COM 89V99M946 6,752 1,287 SH CALL Sole 1,287 AGNICO EAGLE MINES LTD COM COM 008474108 7,869 150,000 SH Sole 150,000 AGNICO EAGLE MINES LTD COM COM 2ZL99U251 12,354 2,355 SH CALL Sole 2,355 AGNICO EAGLE MINES LTD COM COM 008474108 18,361 350,000 SH Sole 350,000 AIRGAS INC COM COM 009363102 210 2,300 SH Sole 2,300 ALERIAN MLP ETF ALERIAN MLP 00162Q866 48 3,000 SH Sole 3,000 ALERIAN MLP ETF ALERIAN MLP 00162Q866 104 6,550 SH Sole 6,550 ALEXION PHARMACEUTICALS INC COM COM 015351109 188 2,000 SH Sole 2,000 ALEXION PHARMACEUTICALS INC COM COM 015351109 750 8,000 SH Sole 8,000 ALLSTATE CORP COM COM 020002101 225 5,600 SH Sole 5,600 ALLSTATE CORP COM COM 020002101 108 2,700 SH Sole 2,700 ALMADEN MINERALS LTD COM COM 020283107 1,858 580,000 SH Sole 580,000 ALTISOURCE PORTFOLIO SOLNS S REG SHS REG SHS L0175J104 607 7,000 SH Sole 7,000 ALTISOURCE RESIDENTIAL CORP CL B ADDED CL B 02153W100 18 1,166 SH Sole 1,166 ALTRIA GROUP INC COM COM 02209S103 101 3,200 SH Sole 3,200 AMEREN CORP COM COM 023608102 172 5,600 SH Sole 5,600 AMERICAN INTL GROUP INC COM NEW COM NEW 026874784 177 5,000 SH Sole 5,000 AMERICAN TOWER CORP NEW COM COM 03027X100 232 3,000 SH Sole 3,000 AMERIPRISE FINL INC COM COM 03076C106 213 3,400 SH Sole 3,400 AMGEN INC COM COM 031162100 216 2,500 SH Sole 2,500 AMIRA NATURE FOODS LTD SHS ADDED SHS G0335L102 127 16,000 SH Sole 16,000 AMIRA NATURE FOODS LTD SHS ADDED SHS G0335L102 278 35,000 SH Sole 35,000 AMIRA NATURE FOODS LTD SHS ADDED SHS G0335L102 3,617 455,000 SH Sole 455,000 ANADARKO PETE CORP COM COM 032511107 743 10,000 SH Sole 10,000 ANALOG DEVICES INC COM COM 032654105 84 2,000 SH Sole 2,000 ANALOG DEVICES INC COM COM 032654105 210 5,000 SH Sole 5,000 ANGLOGOLD ASHANTI LTD SPONSORED SPONSORED ADR ADR 9T199W959 1,437 458 SH CALL Sole 458 ANGLOGOLD ASHANTI LTD SPONSORED SPONSORED ADR ADR 9T199W959 3,253 1,037 SH CALL Sole 1,037 ANGLOGOLD ASHANTI LTD SPONSORED SPONSORED ADR ADR 9T199W934 6,412 2,044 SH CALL Sole 2,044 AON PLC SHS CL A SHS CL A G0408V102 222 4,000 SH Sole 4,000 APPLE INC COM COM 037833100 959 1,800 SH Sole 1,800 APPLE INC COM COM 037833100 2,345 4,400 SH Sole 4,400 APPLE INC COM COM 037833100 106 200 SH Sole 3,200 ASSURANT INC COM COM 04621X108 174 5,000 SH Sole 5,000 AT&T INC COM COM 00206R102 101 3,000 SH Sole 3,000 ATLAS ENERGY LP COM UNITS COM UNITS LP LP 04930A104 1,911 55,000 SH Sole 55,000 AURICO GOLD INC COM COM 2WK993838 1,126 1,377 SH CALL Sole 1,377 AURICO GOLD INC COM COM 2WK993838 2,452 2,998 SH CALL Sole 2,998 AUTONATION INC COM COM 05329W102 179 4,500 SH Sole 4,500 AVIS BUDGET GROUP COM COM 053774105 496 25,000 SH Sole 25,000 BALL CORP COM COM 058498106 183 4,100 SH Sole 4,100 BALL CORP COM COM 058498106 206 4,600 SH Sole 4,600 BANK OF AMERICA CORPORATION COM COM 060505104 267 23,000 SH Sole 23,000 BARRICK GOLD CORP COM COM 067901108 1,751 50,000 SH Sole 50,000 BARRICK GOLD CORP COM COM 067901108 1,751 50,000 SH Sole 50,000

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------------- --------- -------- ---------------------------- ---------- -------- -------------------- VOTING AUTHORITY VALUE SHARES OR PUT/ INVESTMENT OTHER -------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- ----- BARRICK GOLD CORP COM COM 93W99V293 2,174 621 SH CALL Sole 621 BARRICK GOLD CORP COM COM 93W99V285 11,700 3,342 SH CALL Sole 3,342 BARRICK GOLD CORP COM COM 93W99V293 13,265 3,789 SH CALL Sole 3,789 BARRICK GOLD CORP COM COM 93W99V285 21,664 6,188 SH CALL Sole 6,188 BAXTER INTERNATIONAL INC COM 071813109 100 1,500 SH Sole 1,500 BEST BUY INC COM COM 086516101 84 7,100 SH Sole 7,100 BHP BILLITON LTD SPONSORED SPONSORED ADR ADR 088606108 212 2,700 SH Sole 2,700 BHP BILLITON LTD SPONSORED SPONSORED ADR ADR 088606108 10,825 138,000 SH Sole 138,000 BIG LOTS INC COM COM 089302103 171 6,000 SH Sole 6,000 BLACKROCK CREDIT ALL INC TR COM 092508100 104 7,580 SH Sole 7,580 BRF-BRASIL FOODS S A SPONSORED SPONSORED ADR ADR 10552T107 6,966 330,000 SH Sole 330,000 BRISTOL MYERS SQUIBB CO COM 110122108 103 3,150 SH Sole 3,150 BUNGE LIMITED COM COM G16962105 9,813 135,000 SH Sole 135,000 CAPITAL ONE FINL CORP COM COM 14040H105 232 4,000 SH Sole 4,000 CARDTRONICS INC COM COM 14161H108 356 15,000 SH Sole 15,000 CELGENE CORP COM COM 151020104 394 5,000 SH Sole 5,000 CELGENE CORP COM COM 151020104 866 11,000 SH Sole 11,000 CENTURYLINK INC COM COM 156700106 156 4,000 SH Sole 4,000 CF INDS HLDGS INC COM COM 125269100 609 3,000 SH Sole 3,000 CF INDS HLDGS INC COM COM 125269100 6,196 30,500 SH Sole 30,500 CHART INDS INC COM PAR COM PAR $0.01 $0.01 16115Q308 400 6,000 SH Sole 6,000 CHEVRON CORP NEW COM COM 166764100 173 1,600 SH Sole 1,600 CHUYS HLDGS INC COM COM 171604101 112 5,000 SH Sole 5,000 CHUYS HLDGS INC COM COM 171604101 447 20,000 SH Sole 20,000 CIRRUS LOGIC INC COM COM 172755100 435 15,000 SH Sole 15,000 CLAUDE RES INC COM COM 182873109 304 549,500 SH Sole 549,500 CLAUDE RES INC COM COM 182873109 449 810,500 SH Sole 810,500 CLAYMORE EXCHANGE GUGG TRD FD TR TIMBER ETF 18383Q879 100 4,900 SH Sole 4,900 CLAYMORE EXCHANGE GUGG TRD FD TR TIMBER ETF 18383Q879 57 2,800 SH Sole 2,800 CLIFFS NATURAL RESOURCES INC COM COM 18683K101 231 6,000 SH Sole 6,000 COCA COLA CO COM COM 191216100 102 2,800 SH Sole 2,800 COCA COLA ENTERPRISES INC NE COM COM 19122T109 190 6,000 SH Sole 6,000 COEUR D ALENE MINES CORP IDA COM NEW COM NEW 192108504 2,639 107,271 SH Sole 107,271 COEUR D ALENE MINES CORP IDA COM NEW COM NEW 57N993217 4,721 1,919 SH CALL Sole 1,919 COEUR D ALENE MINES CORP IDA COM NEW COM NEW 192108504 5,946 241,700 SH Sole 241,700 COEUR D ALENE MINES CORP IDA COM NEW COM NEW 57N993217 7,136 2,901 SH CALL Sole 2,901 COHEN & STEERS CLOSED END OP COM 19248P106 101 8,150 SH Sole 8,150 COMMVAULT SYSTEMS INC COM COM 204166102 976 14,000 SH Sole 14,000 COMPANIA DE MINAS BUENAVENTU SPONSORED SPONSORED ADR ADR 204448104 1,438 40,000 SH Sole 40,000 COMPASS MINERALS INTL INC COM COM 20451N101 3,736 50,000 SH Sole 50,000 COMSTOCK MNG INC COM COM 205750102 1,197 525,000 SH Sole 525,000 COMSTOCK MNG INC COM COM 205750102 2,337 1,025,000 SH Sole 1,025,000 CONCHO RES INC COM COM 20605P101 8,056 100,000 SH Sole 100,000 CONOCOPHILLIPS COM COM 20825C104 145 2,500 SH Sole 2,500 CONOCOPHILLIPS COM COM 20825C104 110 1,900 SH Sole 1,900 CONSOL ENERGY INC COM COM 20854P109 11,396 355,000 SH Sole 355,000 CONSTELLATION BRANDS INC CL A CL A 21036P108 202 5,700 SH Sole 5,700 CORE LABORATORIES N V COM COM N22717107 547 5,000 SH Sole 5,000 COVENTRY HEALTH CARE INC COM COM 222862104 170 3,800 SH Sole 3,800 CVS CAREMARK CORPORATION COM 126650100 106 2,200 SH Sole 2,200 CYBERONICS INC COM COM 23251P102 525 10,000 SH Sole 10,000 D R HORTON INC COM COM 23331A109 253 12,800 SH Sole 12,800 D R HORTON INC COM COM 23331A109 316 16,000 SH Sole 16,000 D R HORTON INC COM COM 23331A109 692 35,000 SH Sole 35,000

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------------- --------- -------- ---------------------------- ---------- -------- --------------------- VOTING AUTHORITY VALUE SHARES OR PUT/ INVESTMENT OTHER --------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- ------ DAVITA HEALTHCARE PARTNERS I COM COM 23918K108 221 2,000 SH Sole 2,000 DAVITA HEALTHCARE PARTNERS I COM COM 23918K108 774 7,000 SH Sole 7,000 DEVON ENERGY CORP NEW COM COM 25179M103 651 12,500 SH Sole 12,500 DIAMOND OFFSHORE DRILLING IN COM COM 25271C102 170 2,500 SH Sole 2,500 DIRECT MKTS HLDGS CORP COM DELETED COM 25456U109 0 10,000 SH Sole 10,000 DIRECTV COM COM 25490A309 171 3,400 SH Sole 3,400 DISCOVER FINL SVCS COM COM 254709108 212 5,500 SH Sole 5,500 DISCOVERY COMMUNICATNS NEW COM SER A COM SER A 25470F104 254 4,000 SH Sole 4,000 DOLBY LABORATORIES INC COM 25659T107 47 1,600 SH Sole 1,600 DONNELLEY R R & SONS CO COM COM 257867101 153 17,000 SH Sole 17,000 DRDGOLD LIMITED SPON ADR SPON ADR REPSTG REPSTG 26152H301 887 110,000 SH Sole 110,000 DXP ENTERPRISES INC NEW COM NEW COM NEW 233377407 736 15,000 SH Sole 15,000 EATON VANCE TX MNG BY WRT OP COM 27828Y108 50 4,030 SH Sole 4,030 EBAY INC COM COM 278642103 306 6,000 SH Sole 6,000 EBAY INC COM COM 278642103 867 17,000 SH Sole 17,000 ECOLAB INC COM COM 278865100 209 2,900 SH Sole 2,900 ELDORADO GOLD CORP NEW COM COM 284902103 2,576 200,000 SH Sole 200,000 ELDORADO GOLD CORP NEW COM COM 284902103 4,250 330,000 SH Sole 330,000 EMERSON ELEC CO COM COM 291011104 185 3,500 SH Sole 3,500 ENERPLUS CORP COM 292766102 104 8,046 SH Sole 8,046 ENTERPRISE PRODS PARTNERS L COM COM 293792107 10,767 215,000 SH Sole 215,000 ENTREE GOLD INC COM COM 29383G100 680 1,500,000 SH Sole 1,500,000 ETFS PALLADIUM TR SH BEN INT SH BEN INT 26923A106 208 3,000 SH Sole 3,000 ETFS PLATINUM TR SH BEN INT SH BEN INT 26922V101 1,514 10,000 SH Sole 10,000 EXPRESS SCRIPTS HLDG CO COM COM 30219G108 162 3,000 SH Sole 3,000 EXPRESS SCRIPTS HLDG CO COM COM 30219G108 432 8,000 SH Sole 8,000 EXXON MOBIL CORP COM COM 30231G102 173 2,000 SH Sole 2,000 EXXON MOBIL CORP COM COM 30231G102 104 1,200 SH Sole 1,200 F M C CORP COM NEW COM NEW 302491303 205 3,500 SH Sole 3,500 FIRST MAJESTIC SILVER CORP COM COM 32076V103 2,625 130,000 SH Sole 130,000 FIRST MAJESTIC SILVER CORP COM COM 32076V103 3,230 160,000 SH Sole 160,000 FIRST MAJESTIC SILVER CORP COM COM 32076V103 4,947 245,000 SH Sole 245,000 FIRSTENERGY CORP COM COM 337932107 167 4,000 SH Sole 4,000 FORTINET INC COM COM 34959E109 316 15,000 SH Sole 15,000 FRANCO NEVADA CORP COM COM 351858105 3,047 53,300 SH Sole 53,300 FRANCO NEVADA CORP COM COM 351858105 5,145 90,000 SH Sole 90,000 FRANCO NEVADA CORP COM /CAD/ COM 351858105 11 29,000 SH WTS Sole 29,000 FRANCO NEVADA CORP COM /CAD/ COM 351858105 44 4,948 SH WTS Sole 4,948 FRONTIER COMMUNICATIONS CORP COM COM 35906A108 128 30,000 SH Sole 30,000 GARTNER INC COM COM 366651107 322 7,000 SH Sole 7,000 GARTNER INC COM COM 366651107 644 14,000 SH Sole 14,000 GIANT INTERACTIVE GROUP INC ADR ADR 374511103 93 17,100 SH Sole 17,100 GLOBAL X FDS GLB X URANIUM 37950E754 105 16,175 SH Sole 16,175 GLOBAL X FDS GLB X URANIUM 37950E754 59 9,025 SH Sole 9,025 GLOBAL X FDS FTSE FTSE COLOMBIA20 COLOMBIA20 37950E200 49 2,200 SH Sole 2,200 GOLD FIELDS LTD NEW SPONSORED SPONSORED ADR ADR 5MY99Q542 97 78 SH CALL Sole 78 GOLD FIELDS LTD NEW SPONSORED SPONSORED ADR ADR 5MY99Q518 2,429 1,945 SH CALL Sole 1,945 GOLD FIELDS LTD NEW SPONSORED SPONSORED ADR ADR 5MY99Q542 3,575 2,862 SH CALL Sole 2,862 GOLD FIELDS LTD NEW SPONSORED SPONSORED ADR ADR 5MY99Q518 6,070 4,860 SH CALL Sole 4,860 GOLD STD VENTURES CORP COM COM 380738104 1,162 880,000 SH Sole 880,000 GOLDCORP INC NEW COM COM 380956409 330 9,000 SH Sole 9,000 GOLDCORP INC NEW COM COM 6UN994635 2,393 652 SH CALL Sole 652 GOLDCORP INC NEW COM COM 3Z7992944 2,598 708 SH CALL Sole 708 GOLDCORP INC NEW COM COM 8AY99W591 3,670 1,000 SH CALL Sole 1,000

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------------- --------- -------- ---------------------------- ---------- -------- -------------------- VOTING AUTHORITY VALUE SHARES OR PUT/ INVESTMENT OTHER -------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- ----- GOLDCORP INC NEW COM COM 8AY99W591 3,670 1,000 SH CALL Sole 1,000 GOLDCORP INC NEW COM COM 6UN994635 5,112 1,393 SH CALL Sole 1,393 GOLDCORP INC NEW COM COM 3Z7992944 5,358 1,460 SH CALL Sole 1,460 GOLDCORP INC NEW COM COM 8AY99W823 6,338 1,727 SH CALL Sole 1,727 GOLDCORP INC NEW COM COM 8AY99W823 14,691 4,003 SH CALL Sole 4,003 GOLDEN MINERALS CO COM COM 5NQ991718 1,441 3,140 SH CALL Sole 3,140 GOLDEN STAR RES LTD CDA COM COM 38119T104 506 275,000 SH Sole 275,000 GOLDEN STAR RES LTD CDA COM COM 38119T104 1,012 550,000 SH Sole 550,000 GOOGLE INC CL A CL A 38259P508 284 400 SH Sole 400 GRAN TIERRA ENERGY INC COM COM 38500T101 6,860 1,245,000 SH Sole 1,245,000 GULFPORT ENERGY CORP COM NEW COM NEW 402635304 917 24,000 SH Sole 24,000 HARBINGER GROUP INC COM 41146A106 38 4,900 SH Sole 4,900 HARMONY GOLD MNG LTD SPONSORED ADR SPONSORED ADR 413216300 4,032 450,000 SH Sole 450,000 HARMONY GOLD MNG LTD SPONSORED ADR SPONSORED ADR 9XL994273 4,498 5,020 SH CALL Sole 5,020 HARMONY GOLD MNG LTD SPONSORED ADR SPONSORED ADR 413216300 5,376 600,000 SH Sole 600,000 HARMONY GOLD MNG LTD SPONSORED ADR SPONSORED ADR 9XL994273 5,492 6,130 SH CALL Sole 6,130 HCA HOLDINGS INC COM COM 40412C101 603 20,000 SH Sole 20,000 HCA HOLDINGS INC COM COM 40412C101 100 3,300 SH Sole 3,300 HEWLETT PACKARD CO COM COM 428236103 185 13,000 SH Sole 13,000 HEWLETT PACKARD CO COM COM 428236103 90 6,300 SH Sole 6,300 HOLLYFRONTIER CORP COM COM 436106108 8,146 175,000 SH Sole 175,000 HORNBECK OFFSHORE SVCS INC N COM COM 440543106 172 5,000 SH Sole 5,000 HORNBECK OFFSHORE SVCS INC N COM COM 440543106 412 12,000 SH Sole 12,000 HORNBECK OFFSHORE SVCS INC N COM COM 440543106 8,242 240,000 SH Sole 240,000 HUDSON CITY BANCORP COM COM 443683107 229 28,200 SH Sole 28,200 IAMGOLD CORP COM COM 7WJ99V304 266 232 SH CALL Sole 232 IAMGOLD CORP COM COM 7WJ99V304 267 233 SH CALL Sole 233 IAMGOLD CORP COM COM 7WJ99V312 2,881 2,512 SH CALL Sole 2,512 IAMGOLD CORP COM COM 7WJ99V312 3,083 2,688 SH CALL Sole 2,688 IAMGOLD CORP COM COM 7WJ99V296 3,301 2,878 SH CALL Sole 2,878 IAMGOLD CORP COM COM 7WJ99V296 6,334 5,522 SH CALL Sole 5,522 ICICI BK LTD ADR ADR 45104G104 240 5,500 SH Sole 5,500 INTEGRYS ENERGY GROUP INC COM COM 45822P105 162 3,100 SH Sole 3,100 INTEL CORP COM 458140100 103 5,000 SH Sole 5,000 INTERCONTINENTAL HTLS GRP PL SPON ADR NEW 12 SPON ADR NEW ADDED 12 45857P400 256 9,200 SH Sole 9,200 INTERNATIONAL BUSINESS MACHS COM COM 459200101 172 900 SH Sole 900 INTERNATIONAL BUSINESS MACHS COM COM 459200101 96 500 SH Sole 500 INTERNATIONAL FLAVORS&FRAGRA COM COM 459506101 206 3,100 SH Sole 3,100 INTEROIL CORP COM 460951106 146 2,626 SH Sole 2,626 INTL PAPER CO COM COM 460146103 207 5,200 SH Sole 5,200 INTL PAPER CO COM COM 460146103 10,757 270,000 SH Sole 270,000 IRON MTN INC COM COM 462846106 203 6,532 SH Sole 6,532 ISHARES INC MSCI BRAZIL MSCI BRAZIL 464286400 42 750 SH Sole 750 ISHARES INC MSCI MSCI CHILE CHILE INVES INVES 464286640 44 700 SH Sole 700 ISHARES INC MSCI MSCI HONG HONG KONG KONG 464286871 40 2,040 SH Sole 2,040 ISHARES INC MSCI MSCI HONG HONG KONG KONG 464286871 143 7,360 SH Sole 7,360 ISHARES INC MSCI MALAYSIA MSCI MALAYSIA 464286830 33 2,200 SH Sole 2,200 ISHARES INC MSCI MALAYSIA MSCI MALAYSIA 464286830 144 9,500 SH Sole 9,500 ISHARES INC MSCI S KOREA MSCI S KOREA 464286772 41 640 SH Sole 640 ISHARES INC MSCI S KOREA MSCI S KOREA 464286772 153 2,410 SH Sole 2,410 ISHARES INC MSCI SINGAPORE MSCI SINGAPORE 464286673 157 11,500 SH Sole 11,500 ISHARES INC MSCI TAIWAN MSCI TAIWAN 464286731 34 2,500 SH Sole 2,500 ISHARES INC MSCI TAIWAN MSCI TAIWAN 464286731 147 10,800 SH Sole 10,800 ISHARES INC MSCI THAILAND MSCI THAILAND 464286624 41 500 SH Sole 500

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------------- --------- -------- ---------------------------- ---------- -------- --------------------- VOTING AUTHORITY VALUE SHARES OR PUT/ INVESTMENT OTHER --------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- ------ ISHARES INC MSCI MSCI THAILAND THAILAND 464286624 153 1,850 SH Sole 1,850 ISHARES INC MSCI MSCI TURKEY FD TURKEY FD 464286715 40 600 SH Sole 600 ISHARES SILVER TRUST ISHARES ISHARES 46428Q109 44 1,500 SH Sole 1,500 ISHARES TR FTSE FTSE CHINA25 IDX CHINA25 IDX 5QQ995597 81 20 SH CALL Sole 20 ISHARES TR FTSE FTSE CHINA25 IDX CHINA25 IDX 5QQ995613 81 20 SH CALL Sole 20 ISHARES TR FTSE FTSE CHINA25 IDX CHINA25 IDX 464287184 166 4,100 SH Sole 4,100 ISHARES TR FTSE FTSE CHINA25 IDX CHINA25 IDX 5QQ995688 202 50 SH CALL Sole 50 ISHARES TR FTSE FTSE CHINA25 IDX CHINA25 IDX 5QQ995720 1,214 300 SH CALL Sole 300 ISHARES TR MSCI MSCI PERU CAP PERU CAP 464289842 35 770 SH Sole 770 ISHARES TR US US PFD PFD STK IDX STK IDX 464288687 55 1,400 SH Sole 1,400 IVANHOE ENERGY INC COM COM 465790103 296 414,100 SH Sole 414,100 IVANHOE ENERGY INC /CAD/ COM 465790103 13 19,550 SH Sole 19,550 KIMBER RES INC COM COM 49435N101 570 1,500,000 SH Sole 1,500,000 KINDER MORGAN INC DEL COM COM 49456B101 11,609 328,600 SH Sole 328,600 KINROSS GOLD CORP COM NO COM NO PAR PAR 496902404 0 1 SH Sole 1 KINROSS GOLD CORP COM NO COM NO PAR PAR 496902404 1,118 115,000 SH Sole 115,000 KINROSS GOLD CORP COM NO COM NO PAR PAR 6W4992297 1,366 1,404 SH CALL Sole 1,404 KINROSS GOLD CORP COM NO COM NO PAR PAR 6W4992297 1,850 1,901 SH CALL Sole 1,901 KINROSS GOLD CORP COM NO COM NO PAR PAR 4XP99U219 2,597 2,669 SH CALL Sole 2,669 KINROSS GOLD CORP COM NO COM NO PAR PAR 496902404 2,673 275,000 SH Sole 275,000 KINROSS GOLD CORP COM NO COM NO PAR PAR 4XP99U219 5,199 5,342 SH CALL Sole 5,342 KROGER CO COM COM 501044101 169 6,500 SH Sole 6,500 LAS VEGAS SANDS CORP COM COM 517834107 231 5,000 SH Sole 5,000 LAS VEGAS SANDS CORP COM COM 517834107 508 11,000 SH Sole 11,000 LENNAR CORP CL A CL A 526057104 232 6,000 SH Sole 6,000 LILLY ELI & CO COM 532457108 99 2,000 SH Sole 2,000 LINKEDIN CORP COM CL A COM CL A 53578A108 804 7,000 SH Sole 7,000 LOCKHEED MARTIN CORP COM 539830109 111 1,200 SH Sole 1,200 LORILLARD INC COM COM 544147101 198 1,700 SH Sole 1,700 LYONDELLBASELL INDUSTRIES N SHS - A - SHS - A - N53745100 154 2,700 SH Sole 2,700 LYONDELLBASELL INDUSTRIES N SHS - A - SHS - A - N53745100 183 3,200 SH Sole 3,200 LYONDELLBASELL INDUSTRIES N SHS - A - SHS - A - N53745100 5,709 100,000 SH Sole 100,000 M/I HOMES INC COM COM 55305B101 265 10,000 SH Sole 10,000 MAG SILVER CORP COM COM 55903Q104 7,786 760,000 SH Sole 760,000 MARATHON PETE CORP COM COM 56585A102 214 3,400 SH Sole 3,400 MARATHON PETE CORP COM COM 56585A102 7,875 125,000 SH Sole 125,000 MARKET VECTORS ETF TR COAL ETF COAL ETF 57060U837 106 4,200 SH Sole 4,200 MARKET VECTORS ETF TR COAL ETF COAL ETF 57060U837 58 2,300 SH Sole 2,300 MARKET VECTORS GOLD ETF TR GOLD MINER MINER ETF ETF 57060U100 1 20 SH Sole 20 MARKET VECTORS GOLD ETF TR GOLD MINER MINER ETF ETF 57060U100 1 20 SH Sole 20 MARKET VECTORS GOLD ETF TR GOLD MINER MINER ETF ETF 04B993576 9,116 1,965 SH CALL Sole 1,965 MARKET VECTORS GOLD ETF TR GOLD MINER MINER ETF ETF 04B993576 9,116 1,965 SH CALL Sole 1,965 MARKET VECTORS GOLD ETF TR GOLD MINER MINER ETF ETF 04B993600 9,222 1,988 SH CALL Sole 1,988 MARKET VECTORS GOLD ETF TR GOLD MINER MINER ETF ETF 04B993600 18,449 3,977 SH CALL Sole 3,977 MARKET VECTORS ETF TR JR GOLD JR GOLD MINERS E MINERS E 57060U589 1 35 SH Sole 35 MARKET VECTORS ETF TR JR GOLD JR GOLD MINERS E MINERS E 57060U589 1 35 SH Sole 35 MARKET VECTORS ETF TR JR GOLD JR GOLD MINERS E MINERS E 999991755 5,792 2,925 SH CALL Sole 2,925 MARKET VECTORS ETF TR JR GOLD JR GOLD MINERS E MINERS E 999991755 5,891 2,975 SH CALL Sole 2,975 MARKET VECTORS ETF TR JR GOLD JR GOLD MINERS E MINERS E 6YH990467 9,799 4,949 SH CALL Sole 4,949 MARKET VECTORS ETF TR JR GOLD JR GOLD MINERS E MINERS E 6YH990467 17,664 8,921 SH CALL Sole 8,921 MARKET VECTORS ETF TR RUSSIA RUSSIA ETF ETF 57060U506 42 1,390 SH Sole 1,390 MARKET VECTORS ETF TR RUSSIA RUSSIA ETF ETF 7QG996164 14,985 5,000 SH CALL Sole 5,000 MARKET VECTORS ETF TR RUSSIA RUSSIA ETF ETF 7QG996172 15,785 5,267 SH CALL Sole 5,267 MARTIN MARIETTA MATLS INC COM COM 573284106 11,493 121,900 SH Sole 121,900

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------------- --------- -------- ---------------------------- ---------- -------- ------------------ VOTING AUTHORITY VALUE SHARES OR PUT/ INVESTMENT OTHER ------------------ NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- ------- ----- MASTERCARD INC CL A CL A 57636Q104 737 1,500 SH Sole 1,500 MASTERCARD INC CL A CL A 57636Q104 1,326 2,700 SH Sole 2,700 MAXIM INTEGRATED PRODS INC COM COM 57772K101 118 4,000 SH Sole 4,000 MAXIM INTEGRATED PRODS INC COM COM 57772K101 176 6,000 SH Sole 6,000 MAXIM INTEGRATED PRODS INC COM COM 57772K101 412 14,000 SH Sole 14,000 MCDONALDS CORP COM 580135101 115 1,300 SH Sole 1,300 MCEWEN MNG INC COM COM 58039P107 1,149 300,000 SH Sole 300,000 MCKESSON CORP COM COM 58155Q103 271 2,800 SH Sole 2,800 MEADWESTVACO CORP COM COM 583334107 207 6,500 SH Sole 6,500 MERCK & CO INC NEW COM COM 58933Y105 250 6,100 SH Sole 6,100 MICHAEL KORS HLDGS LTD SHS SHS G60754101 612 12,000 SH Sole 12,000 MIDWAY GOLD CORP COM COM 598153104 795 571,863 SH Sole 571,863 MONSANTO CO NEW COM COM 61166W101 208 2,200 SH Sole 2,200 MONSANTO CO NEW COM COM 61166W101 10,459 110,500 SH Sole 110,500 MOSAIC CO NEW COM COM 61945C103 181 3,200 SH Sole 3,200 MOTOROLA SOLUTIONS INC COM NEW COM NEW 620076307 195 3,500 SH Sole 3,500 MYLAN INC COM COM 628530107 330 12,000 SH Sole 12,000 NATIONAL OILWELL VARCO INC COM COM 637071101 10,936 160,000 SH Sole 160,000 NATIONAL OILWELL VARCO INC COM COM 637071101 68 1,000 SH Sole 1,000 NETEASE INC SPONSORED SPONSORED ADR ADR 64110W102 170 4,000 SH Sole 4,000 NEVSUN RES LTD COM COM 64156L101 1,605 375,000 SH Sole 375,000 NEW GOLD INC CDA COM COM 644535106 2,206 200,000 SH Sole 200,000 NEWFIELD EXPL CO COM COM 651290108 3,883 145,000 SH Sole 145,000 NEWMONT MINING CORP COM COM 4X299W020 4,653 1,002 SH CALL Sole 1,002 NEWMONT MINING CORP COM COM 4X299W020 9,302 2,003 SH CALL Sole 2,003 NEWMONT MINING CORP COM COM 08N99V721 13,361 2,877 SH CALL Sole 2,877 NEWMONT MINING CORP COM COM 08N99V721 26,717 5,753 SH CALL Sole 5,753 NEWS CORP CL A CL A 65248E104 255 10,000 SH Sole 10,000 NORFOLK SOUTHERN CORP COM COM 655844108 173 2,800 SH Sole 2,800 NORTHROP GRUMMAN CORP COM COM 666807102 203 3,000 SH Sole 3,000 NRG ENERGY INC COM NEW COM NEW 629377508 186 8,100 SH Sole 8,100 NUCOR CORP COM COM 670346105 207 4,800 SH Sole 4,800 NUVEEN PFD INCOME OPPRTNY FD COM 67073B106 52 5,375 SH Sole 5,375 NUVEEN CR STRATEGIES INCM FD COM SHS 67073D102 53 5,500 SH Sole 5,500 OCCIDENTAL PETROLEUM CORP COM 674599105 77 1,000 SH Sole 1,000 OI S.A. SPN ADR SPN ADR REP PFD REP PFD 670851203 88 22,000 SH Sole 22,000 OIL STS INTL INC COM COM 678026105 11,089 155,000 SH Sole 155,000 OLD DOMINION FGHT LINES INC COM COM 679580100 686 20,000 SH Sole 20,000 PAN AMERICAN SILVER CORP COM COM 97K99V214 431 230 SH CALL Sole 230 PAN AMERICAN SILVER CORP COM COM 697900108 937 50,000 SH Sole 50,000 PAN AMERICAN SILVER CORP COM COM 697900108 4,683 250,000 SH Sole 250,000 PAN AMERICAN SILVER CORP COM COM 97K99V214 5,376 2,870 SH CALL Sole 2,870 PATTERSON COMPANIES INC COM COM 703395103 171 5,000 SH Sole 5,000 PEOPLES UNITED FINANCIAL INC COM COM 712704105 166 13,700 SH Sole 13,700 PEPCO HOLDINGS INC COM COM 713291102 173 8,800 SH Sole 8,800 PEREGRINE SEMICONDUCTOR CORP COM COM 71366R703 536 35,000 SH Sole 35,000 PERFECT WORLD CO LTD SPON SPON ADR ADR REP B REP B 71372U104 95 8,900 SH Sole 8,900 PERRIGO CO COM COM 714290103 416 4,000 SH Sole 4,000 PHILIP MORRIS INTERNATIONAL INC COM 718172109 100 1,200 SH Sole 1,200 PHILLIPS 66 COM COM 718546104 133 2,500 SH Sole 2,500 PHILLIPS 66 COM COM 718546104 7,965 150,000 SH Sole 150,000 PIMCO ETF TR 0-5 HIGH YIELD 72201R783 114 1,100 SH Sole 1,100 PIONEER ENERGY SVCS CORP COM COM 723664108 6,534 900,000 SH Sole 900,000 PIONEER NAT RES CO COM COM 723787107 11,362 106,600 SH Sole 106,600

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------------- --------- -------- ---------------------------- ---------- -------- --------------------- VOTING AUTHORITY VALUE SHARES OR PUT/ INVESTMENT OTHER --------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- ------ PLATINUM GROUP METALS LTD COM NEW COM NEW 72765Q205 1,848 2,265,000 SH Sole 2,265,000 PLATINUM GROUP METALS /CAD/ COM 72765Q205 61 75,000 SH Sole 75,000 PLUM CREEK TIMBER CO INC COM COM 729251108 10,871 245,000 SH Sole 245,000 POLARIS INDS INC COM COM 731068102 842 10,000 SH Sole 10,000 POTASH CORP SASK INC COM COM 73755L107 9,200 226,100 SH Sole 226,100 POWERSHARES DB MULTI SECT COMM DB OIL FUND 73936B507 97 3,730 SH Sole 3,730 POWERSHARES DB MULTI SECT COMM DB OIL FUND 73936B507 56 2,170 SH Sole 2,170 POWERSHARES ETF TRUST FINL PFD PTFL 73935X229 53 2,900 SH Sole 2,900 POWERSHARES INDIA ETF TR INDIA PORT INDIA PORT 73935L100 34 1,850 SH Sole 1,850 PRETIUM RES INC COM COM 74139C102 2,972 225,000 SH Sole 225,000 PRUDENTIAL PLC ADR ADR 74435K204 223 7,820 SH Sole 7,820 PULTE GROUP INC COM COM 745867101 254 14,000 SH Sole 14,000 QEP RES INC COM COM 74733V100 757 25,000 SH Sole 25,000 QIHOO 360 TECHNOLOGY CO LTD ADS ADS 74734M109 208 7,000 SH Sole 7,000 QUEST DIAGNOSTICS INC COM COM 74834L100 175 3,000 SH Sole 3,000 RANDGOLD RES LTD ADR ADR 752344309 199 2,000 SH Sole 2,000 RANDGOLD RES LTD ADR ADR 752344309 248 2,500 SH Sole 2,500 RANDGOLD RES LTD ADR ADR 44L990114 2,114 213 SH CALL Sole 213 RANDGOLD RES LTD ADR ADR 44L990114 4,933 497 SH CALL Sole 497 RANDGOLD RES LTD ADR ADR 0ZR99S443 5,568 561 SH CALL Sole 561 RANDGOLD RES LTD ADR ADR 752344309 9,925 100,000 SH Sole 100,000 RANDGOLD RES LTD ADR ADR 752344309 50 500 SH Sole 500 RANDGOLD RES LTD ADR ADR 0ZR99S443 13,984 1,409 SH CALL Sole 1,409 RAYTHEON CO COM 755111507 109 1,900 SH Sole 1,900 RDA MICROELECTRONICS INC SPONSORED ADR SPONSORED ADR 749394102 82 7,600 SH Sole 7,600 RELIANCE STEEL & ALUMINUM CO COM COM 759509102 7,949 128,000 SH Sole 128,000 REVETT MINERALS INC COM NEW COM NEW 761505205 703 250,000 SH Sole 250,000 RICHMONT MINES INC COM COM 76547T106 151 50,000 SH Sole 50,000 RICHMONT MINES INC COM COM 76547T106 632 210,000 SH Sole 210,000 RIO TINTO PLC SPONSORED ADR SPONSORED ADR 767204100 209 3,600 SH Sole 3,600 ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 SPONS ADR 20 ORD ORD 780097689 259 24,000 SH Sole 24,000 ROYAL GOLD INC COM COM 780287108 3,252 40,000 SH Sole 40,000 RUBICON MINERALS CORP COM COM 780911103 1,927 750,000 SH Sole 750,000 SAFEWAY INC COM NEW COM NEW 786514208 217 12,000 SH Sole 12,000 SANDSTORM GOLD LTD COM NEW COM NEW 80013R206 4,833 410,000 SH Sole 410,000 SANDSTORM GOLD LTD COM /CAD/ COM 80013R206 175 15,000 SH Sole 15,000 SEAGATE TECHNOLOGY PLC SHS SHS G7945M107 201 6,600 SH Sole 6,600 SHANDA GAMES LTD SP ADR REPTG A SP ADR REPTG A 81941U105 53 17,500 SH Sole 17,500 SILVER BULL RES INC COM COM 827458100 453 1,054,400 SH Sole 1,054,400 SILVER STD RES INC COM COM 78D99V261 1,622 1,089 SH CALL Sole 1,089 SILVER STD RES INC COM COM 78D99V261 3,091 2,076 SH CALL Sole 2,076 SILVER WHEATON CORP COM COM 55C993924 1,811 502 SH CALL Sole 502 SILVER WHEATON CORP COM COM 55C993924 3,637 1,008 SH CALL Sole 1,008 SILVER WHEATON CORP COM COM 828336107 7,216 200,000 SH Sole 200,000 SILVER WHEATON CORP COM COM 828336107 9,922 275,000 SH Sole 275,000 SILVERCREST MINES INC COM COM 828365106 384 150,000 SH Sole 150,000 SILVERCREST MINES INC COM COM 828365106 832 325,000 SH Sole 325,000 SINA CORP ORD ORD 6YJ992834 151 30 SH CALL Sole 30 SLM CORP COM COM 78442P106 188 11,000 SH Sole 11,000 SM ENERGY CO COM COM 78454L100 1,305 25,000 SH Sole 25,000 SMITHFIELD FOODS INC COM COM 832248108 10,785 500,000 SH Sole 500,000 SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B SPON ADR SER B 833635105 14,698 255,000 SH Sole 255,000 SOLITARIO EXPL & RTY CORP COM COM 8342EP107 1,623 966,200 SH Sole 966,200 SOUTHERN COPPER CORP COM COM 84265V105 10,601 280,000 SH Sole 280,000

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------------- --------- -------- ---------------------------- ---------- -------- ------------------- VOTING AUTHORITY VALUE SHARES OR PUT/ INVESTMENT OTHER ------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- ------- ------ SOUTHWESTERN ENERGY CO COM COM 845467109 7,016 210,000 SH Sole 210,000 SPDR GOLD TRUST GOLD SHS GOLD SHS 8SS99W128 486 30 SH CALL Sole 30 SPDR GOLD TRUST GOLD SHS GOLD SHS 1TH996791 486 30 SH CALL Sole 30 SPDR GOLD TRUST GOLD SHS GOLD SHS 78463V107 4,455 27,500 SH Sole 27,500 SPDR GOLD TRUST GOLD SHS GOLD SHS 78463V107 5,265 32,500 SH Sole 32,500 SPDR GOLD TRUST GOLD SHS GOLD SHS 78463V107 405 2,500 SH Sole 2,500 SPDR GOLD TRUST GOLD SHS GOLD SHS 78463V107 259 1,600 SH Sole 1,600 SPDR SERIES TRUST S&P BK ETF S&P BK ETF 78464A797 191 8,000 SH Sole 8,000 SPDR SERIES TRUST S&P BK ETF S&P BK ETF 78464A797 357 15,000 SH Sole 15,000 SPDR SERIES TRUST S&P REGL BKG S&P REGL BKG 78464A698 280 10,000 SH Sole 10,000 SPDR SERIES TRUST S&P REGL BKG S&P REGL BKG 78464A698 559 20,000 SH Sole 20,000 SPREADTRUM COMMUNICATIONS IN ADR ADR 849415203 63 3,600 SH Sole 3,600 SPROTT PHYSICAL SILVER TR TR UNIT TR UNIT 85207K107 1,204 100,000 SH Sole 100,000 SPROTT RESOURCE LENDING CORP COM COM 85207J100 853 550,000 SH Sole 550,000 SUSSER PETE PARTNERS LP COM U REP LP 869239103 25 1,000 SH Sole 1,000 SYNOVUS FINL CORP COM COM 87161C105 230 94,000 SH Sole 94,000 TAHOE RES INC COM COM 873868103 5,496 300,000 SH Sole 300,000 TARGET CORP COM 87612E106 107 1,800 SH Sole 1,800 TESORO CORP COM COM 881609101 132 3,000 SH Sole 3,000 TIMMINS GOLD CORP COM COM 88741P103 678 225,000 SH Sole 225,000 TIMMINS GOLD CORP COM COM 88741P103 1,551 515,000 SH Sole 515,000 TJX COS INC NEW COM COM 872540109 233 5,500 SH Sole 5,500 TOYOTA MOTOR CORP SP ADR SP ADR REP2COM REP2COM 892331307 280 3,000 SH Sole 3,000 TURKCELL ILETISIM HIZMETLERI SPON ADR SPON ADR NEW NEW 900111204 2,771 171,700 SH Sole 171,700 TYSON FOODS INC CL A CL A 902494103 10,592 546,000 SH Sole 546,000 ULTA SALON COSMETCS & FRAG I COM COM 90384S303 197 2,000 SH Sole 2,000 ULTA SALON COSMETCS & FRAG I COM COM 90384S303 688 7,000 SH Sole 7,000 UNION PAC CORP COM COM 907818108 377 3,000 SH Sole 3,000 UNION PAC CORP COM COM 907818108 754 6,000 SH Sole 6,000 UNITED RENTALS INC COM COM 911363109 137 3,000 SH Sole 3,000 UNITED RENTALS INC COM COM 911363109 228 5,000 SH Sole 5,000 UNITED RENTALS INC COM COM 911363109 1,001 22,000 SH Sole 22,000 UNITED STATES UNIT PAR NATL GAS FUND $0.001 912318201 82 4,355 SH Sole 4,355 UNITED STATES UNIT PAR NATL GAS FUND $0.001 912318201 48 2,545 SH Sole 2,545 UNITED STATES STL CORP NEW COM COM 912909108 208 8,700 SH Sole 8,700 URANIUM ENERGY CORP COM 916896103 140 54,500 SH Sole 54,500 V F CORP COM COM 918204108 268 1,775 SH Sole 1,775 VALERO ENERGY CORP NEW COM COM 91913Y100 171 5,000 SH Sole 5,000 VALERO ENERGY CORP NEW COM COM 91913Y100 341 10,000 SH Sole 10,000 VALERO ENERGY CORP NEW COM COM 91913Y100 6,824 200,000 SH Sole 200,000 VALERO ENERGY CORP COM COM 91913Y100 205 6,000 SH Sole 6,000 VALERO ENERGY CORP COM COM 91913Y100 102 3,000 SH Sole 3,000 VALERO ENERGY CORP COM COM 91913Y100 34 1,000 SH Sole 1,000 VANGUARD NATURAL RESOURCES LLC COM UNIT 92205F106 155 5,950 SH Sole 5,950 VERIZON COMMUNICATIONS INC COM COM 92343V104 195 4,500 SH Sole 4,500 WABTEC CORP COM COM 929740108 438 5,000 SH Sole 5,000 WABTEC CORP COM COM 929740108 1,050 12,000 SH Sole 12,000 WALGREEN CO COM 931422109 111 3,000 SH Sole 3,000 WATSON PHARMACEUTICALS INC COM COM 942683103 344 4,000 SH Sole 4,000 WATSON PHARMACEUTICALS INC COM COM 942683103 946 11,000 SH Sole 11,000 WEATHERFORD INTERNATIONAL LT REG SHS REG SHS H27013103 9,512 850,000 SH Sole 850,000 WEATHERFORD INTERNATIONAL LT REG SHS REG SHS H27013103 112 10,000 SH Sole 10,000 WELLPOINT INC COM COM 94973V107 146 2,400 SH Sole 2,400

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------------- --------- --------- ---------------------------- ---------- -------- ------------------ VOTING AUTHORITY VALUE SHARES OR PUT/ INVESTMENT OTHER ------------------ NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- --------- --------- ---------------- ------ ---- ---------- -------- ---- ------- ----- WELLS FARGO & CO NEW COM COM 949746101 239 7,000 SH Sole 7,000 WELLS FARGO & CO NEW COM COM 949746101 109 3,200 SH Sole 3,200 WESTERN ASSET GLOBAL CP DEFI COM 95790C107 56 2,700 SH Sole 2,700 WESTERN GAS PARTNERS COM UNIT LP LP COM UNIT LP IN IN 958254104 10,431 219,000 SH Sole 219,000 WESTLAKE CHEM CORP COM COM 960413102 5,551 70,000 SH Sole 70,000 WEYERHAEUSER CO COM COM 962166104 10,293 370,000 SH Sole 370,000 WILLIAMS COS INC DEL COM COM 969457100 10,018 306,000 SH Sole 306,000 WYNDHAM WORLDWIDE CORP COM COM 98310W108 250 4,700 SH Sole 4,700 WYNN RESORTS LTD COM COM 983134107 202 1,800 SH Sole 1,800 XEROX CORP COM COM 984121103 164 24,000 SH Sole 24,000 YAMANA GOLD INC COM COM 36L992892 5,008 2,910 SH CALL Sole 2,910 YAMANA GOLD INC COM COM 98462Y100 6,024 350,000 SH Sole 350,000 YAMANA GOLD INC COM COM 98462Y100 6,024 350,000 SH Sole 350,000 YAMANA GOLD INC COM COM 98462Y100 7,745 450,000 SH Sole 450,000 YAMANA GOLD INC COM COM 36L992892 11,686 6,790 SH CALL Sole 6,790 YANDEX N V SHS CLASS A SHS CLASS A N97284108 3,035 140,700 SH Sole 140,700 GRAND TOTAL 1,037,909 38,145,008