13F-HR 1 form13fhr.txt REPORT FOR THE PERIOD ENDED DECEMBER 31, 2008 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter December 31, 2008 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 Passport Management, LLC Address 30 Hotaling Place, Ste 300 San Francisco, CA 94111 Form 13F File Number 028-10809 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing this 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 Joanne Cormican Title Chief Financial Officer Phone 415-321-4618 Signature, Place, and Date of Signing: /s/ Joanne Cormican San Francisco, CA February 13, 2009 ------------------- ----------------- ----------------- 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 managers ( ) 13F COMBINATION REPORT List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name 28-__________________ _______________________ [Repeat as necessary] FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 44 Form 13F Information Table Value Total: 375,159 List of Other Included Managers 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 No. Form 13F File Number Name _____ 28-_________________ ______________________ [Repeat as necessary] FORM 13F INFORMATION TABLE

~~TITLE~~COL OF1 ~~VALUE~~COL ~~SHARES/~~2 COL 3 COL4 COL 5 COL 6 COL 7 COL8 Title INVEST- OTHER of Value SHRS or SH/ PUT/ ~~INVSTMT~~MENT ~~OTHER~~MAN- ~~VOTING AUTHORITY~~ NAME OF ISSUER ~~CLASS~~Class CUSIP (x$1000) PRN AMT PRN CALL ~~DSCRETN~~DISCRETION ~~MANAGERS~~AGERS SOLE SHARED NONE ~~-----------------------~~AKAMAI ~~--------~~TECHNOLOGIES ~~--------- -------- ------- --- ---- ------- -------- ------ ------- ------ D AMAZON~~ COM ~~INC~~00971T101 ~~COM~~34,328 ~~OPTIONS~~2,274,871 ~~- PUTS 0231350PG 7426 216700~~ SH ~~PUT~~ SOLE ~~216700~~2,274,871 0 0 DALPHA ~~AMAZON~~NATURAL ~~COM~~RESOURCES INC ~~COM OPTIONS - PUTS 023135SPF 8568 250000 SH PUT SOLE 250000 0 0 D BJ SERVICES CO COM OPTIONS - CALLS 0554820DK 22148 426900 SH~~ CALL ~~SOLE 426900 0 0 D BP PLC ADRC SPONS ADR OPTIONS - CALLS 0556220DN 10870 174200 SH~~ CALL ~~SOLE~~02076X902 ~~174200~~2,250 0139,000 ~~0 D BP PLC ADRC SPONS ADR OPTIONS - CALLS 0556220GN 17703 283700~~ SH CALL SOLE ~~283700~~139,000 0 0 DBAIDU.COM ~~BP PLC ADRC SPONS ADR OPTIONS~~ - ~~CALLS 0556220JN 736 11800 SH CALL SOLE 11800 0 0 D BP PLC ADRC SPONS~~ ADR ~~OPTIONS~~COM -056752108 ~~CALLS~~9,662 ~~0556220JO~~74,000 ~~17310 277400~~ SH ~~CALL~~ SOLE ~~277400~~74,000 0 0 DBIOFORM BPMEDICAL ~~PLC~~INC ~~ADRC~~COM ~~SPONS~~09065G107 ~~ADR~~629 ~~OPTIONS~~690,834 ~~- CALLS 0556222AN 2777 44500~~ SH ~~CALL~~ SOLE ~~44500~~690,834 0 0 DCITRIX ~~CANYON~~SYSTEMS RESOURCES CORP (NEW) COMMON STOCK 138869300 1767 2454015 SH SOLE 1614015 0 0 D CARDERO RSC CORP (USD) COMMON STOCK 14140U105 10892 3662200 SH SOLE 3662200 0 0 D CRITICAL PATH NOTE 22674VAB6 1887 2620833 SH SOLE 0 0 D CRYSTALLEX INTL CORP CAD NPV C COMMON STOCK 22942F101 112 31879 SH SOLE 31879 0 0 D CYPRESS BIOSCIENCE INC COMMON STOCK 232674507 434 47494 SH SOLE 47494 0 0 D DESERT SUN MINING CORP PP RSTD COMMON STOCK 25043V107 2211 1345000 SH SOLE 0 0 D DRC RSCS CP COMMON STOCK 233296102 1191+338 278300 SH SOLE 216800 0 0 D DRYSHIPSINC COM ~~COMMON~~177376100 ~~STOCK~~4,085 ~~Y2109Q101~~173,300 ~~7796 400000~~ SH SOLE ~~400000~~173,300 0 0 DDIANA ~~ENERGY~~SHIPPING SELECT SECTOR SPDR US E OPTIONS - PUTS 81369Y1PP 11253 262500 SH PUT SOLE 262500 0 0 D ENERGY SELECT SECTOR SPDR US E OPTIONS - PUTS 81369Y1RL 2396 55900 SH PUT SOLE 55900 0 0 D ENERGY SELECT SECTOR SPDR US E OPTIONS - PUTS 81369Y1RM 4458 104000 SH PUT SOLE 104000 0 0 D ENSCO INTL INC COM ~~OPTIONS~~Y2066G104 -447 ~~CALLS~~35,000 ~~26874Q0FH 3013 80000~~ SH ~~CALL~~ SOLE ~~80000~~35,000 0 0 DENERGY ~~EOG~~CONVERSION ~~RESOURCES~~DEVICES ~~INC~~ COM ~~STK~~292659109 ~~OPTIONS~~2,108 -83,600 ~~CALLS 26875PEDJ 692 14200~~ SH ~~CALL~~ SOLE ~~14200~~83,600 0 0 D EXCEL MARITIME CARRIERS LTD ~~COMMON~~COM ~~STOCK~~ V3267N107 ~~12915~~704 ~~700000~~100,000 SH SOLE ~~700000~~100,000 0 0 DFIRST ~~FOREST~~SOLAR ~~LABS~~ INC COM ~~OPTIONS~~336433107 -5,084 ~~CALLS~~36,850 ~~3458380DH 3695 100000~~ SH ~~CALL~~ SOLE ~~100000~~36,850 0 0 DFRIEDMAN ~~FOREST~~BILLINGS ~~LABS~~RAMSEY ~~INC~~GROUP COM ~~OPTIONS~~358434108 -2,938 ~~PUTS~~17,283,541 ~~3458380TE 3510 95000~~ SH ~~PUT~~ SOLE ~~95000~~17,283,541 0 0 DGOOGLE ~~GENERAL~~INC ~~MTRS CORP COM OPTIONS~~ - PUTS 3704421PU 5878 200000 SH PUT SOLE 200000 0 0 D GERDAU AMERISTEEL CORP COMMON STOCK 37373P105 2738 448385 SH SOLE 448385 0 0 D GLOBALSANTAFE CORP OPTIONS - CALLS G3930E0DH 444 12000 SH CALL SOLE 12000 0 0 D GOLD RESERVE INC CL- A COM ~~STK~~38259P508 ~~COMMON~~4,646 ~~STOCK~~15,100 ~~38068N108 773 195000~~ SH SOLE ~~169800~~15,100 0 0 DINTERNATIONAL ~~HURRAY~~TOWER ~~HOLDING~~HILL COMINES LTD.COM ~~ADR~~46051L104 ~~COMMON~~0 ~~STOCK~~100 ~~447773102 1832 216800~~ SH SOLE ~~216800~~100 0 0 DJDS ~~INDYMAC~~UNIPHASE ~~BANCORP,~~CORP ~~INC~~ COM ~~STK~~46612J507 ~~OPTIONS~~15,037 -4,119,683 ~~PUTS 4566070PF 918 27000~~ SH ~~PUT~~ SOLE ~~27000~~4,119,683 0 0 DLOGITECH ~~INDYMAC~~INTERNATIONAL-REG ~~BANCORP, INC~~ COM ~~STK~~H50430232 ~~OPTIONS~~5,469 -351,020 ~~PUTS 4566070PG 1037 30500~~ SH ~~PUT~~ SOLE ~~30500 0 0 D INDYMAC BANCORP~~351,020 ~~INC COM STK OPTIONS - PUTS 4566070SF 459 13500 SH PUT SOLE 13500~~ 0 0 DMOSAIC ~~INFINITY~~CO/THE ~~INC COMMON STOCK 45663L403 5663 566277 SH SOLE 566277 0 0 D INTRAWARE INC COMMON STOCK 46118M103 4746 7190758 SH SOLE 6940758 0 0 D IPSCO INC CAD~~ COM NP61945A107 V87,030 ~~COMMON~~2,515,310 ~~STOCK 462622101 46278 901000~~ SH SOLE ~~901000~~2,515,310 0 0 DNEXEN ~~ISTA PHARMACEUTICALS~~ INC ~~COMMON STOCK 45031X204 407 41170 SH SOLE 41170 0 0 D JPMORGAN CHASE & CO~~ COM ~~OPTIONS~~65334H102 -703 ~~PUTS~~40,000 ~~46625H1QG 13840 400000~~ SH ~~PUT~~ SOLE ~~400000~~40,000 0 0 DNVIDIA ~~JPMORGAN~~CORP ~~CHASE & CO~~ COM ~~OPTIONS~~67066G104 -726 ~~PUTS~~90,000 ~~6168800RZ 5190 150000~~ SH ~~PUT~~ SOLE ~~150000~~90,000 0 0 DPETROHAWK ~~KONGZHONG~~ENERGY CORP ~~SPONS~~COM ~~ADR~~716495106 ~~ADRS~~1,297 ~~STOCKS~~83,000 ~~50047P104 274 34278~~ SH SOLE ~~34278~~83,000 0 0 DPETROLEO ~~LONE STAR TECHNOLOGIES INC COMMON STOCK 542312103 1451 36800 SH SOLE 36800 0 0 D LUMINA COPPER CP COMMON STOCK 55025R105 3164 449000 SH SOLE 100000 0 0 D MARTEK BIOSCIENCES CORP OPTIONS~~ BRASILEIRO-SPON ~~PUTS~~ADR ~~5729010PL 2246 38600 SH PUT SOLE 38600 0 0 D MBIA INC~~ COM ~~OPTIONS~~71654V101 -2,041 ~~PUTS~~100,000 ~~55262C0QL 3315 63400~~ SH ~~PUT~~ SOLE ~~63400~~100,000 0 0 DPRICELINE.COM ~~METALLICA RESOURCES~~ INC ~~CAD~~COM CO741503403 ~~COMMON~~4,471 ~~STOCK~~60,700 ~~59125J104 657 500000~~ SH SOLE ~~500000~~60,700 0 0 DPRIDE MLINTERNATIONAL ~~BIOTECH~~COM ~~HLDG~~74153Q102 US2,717 ~~ETFS~~170,000 ~~OPTIONS - PUTS 09067D0PF 10827 76900~~ SH ~~PUT~~ SOLE ~~76900~~170,000 0 0 DPROSHARES MLTR ~~BIOTECH~~BASIC ~~HLDG~~MTRL USPRO ~~ETFS~~ETF ~~OPTIONS~~74347R651 -67 ~~PUTS~~1,725 ~~09067D0PG 7926 56300~~ SH ~~PUT~~ SOLE ~~56300~~1,725 0 0 DPROSHARES MLTR ~~BIOTECH~~REAL ~~HLDG~~EST USPRO ~~ETFS~~ETF ~~OPTIONS~~74347R552 -77 ~~PUTS~~1,510 ~~09067D0PH 7152 50800~~ SH ~~PUT~~ SOLE ~~50800~~1,510 0 0 DPROSHARES ~~NABORS~~TR ~~INDUSTRIES~~ULTR ~~LTD~~SHRT ~~OPTIONS~~MSCI -ETF ~~CALLS~~74347R339 ~~G6359F0DL~~79 ~~11964~~900 ~~202300~~ SH ~~CALL~~ SOLE ~~202300~~900 0 0 DPROSHARES ~~NABORS~~TR ~~INDUSTRIES~~ULTR ~~LTD~~SHRT ~~OPTIONS~~MSCI -ETF ~~CALLS~~74347R354 ~~G6359F0DM~~79 ~~7505~~1,500 ~~126900~~ SH ~~CALL~~ SOLE ~~126900~~1,500 0 0 DPROSHARES ~~NEVSUN~~TR ~~RES~~ULTRA ~~LTD~~XIN ~~COM~~CH25 ~~COMMON~~ETF ~~STOCK~~74347R321 ~~64156L101~~71 ~~7610~~2,000 ~~3111800~~ SH SOLE ~~2911800~~2,000 0 0 DPROSHARES ~~NEW~~TR ~~CENTURY~~ULTRASHRT ~~FINANCIA~~FINL LETF ~~CORP~~74347R628 ~~OPTIONS~~78 -755 ~~PUTS 6435EV0PI 5501 117500~~ SH ~~PUT~~ SOLE ~~117500~~755 0 0 DPROSHARES ~~NEW~~TR ~~CENTURY~~ULTRASHRT ~~FINANCIA~~O&G LETF ~~CORP~~74347R586 ~~OPTIONS~~89 -3,550 ~~PUTS 6435EV0QH 9364 200000~~ SH ~~PUT~~ SOLE ~~200000~~3,550 0 0 DPROSHARES ~~NEW~~TR ~~CENTURY~~ULTRASHT ~~FINANCIA~~MD400 LETF ~~CORP~~74347R859 ~~OPTIONS~~71 -1,220 ~~PUTS 6435EV0QI 796 17000~~ SH ~~PUT~~ SOLE ~~17000~~1,220 0 0 DPROSHARES ~~NOBLE~~TR ~~CORP~~ULTRASHT ~~OPTIONS~~SP500 -ETF ~~CALLS~~74347R883 ~~G654220DL~~113 ~~2794~~1,595 ~~49700~~ SH ~~CALL~~ SOLE ~~49700~~1,595 0 0 DPROSHARES ~~NOBLE~~TR ~~CORP~~ULTSHT ~~OPTIONS~~RUS2000 -ETF ~~CALLS~~74347R834 ~~G654220DM~~61 ~~5621~~955 ~~100000~~ SH ~~CALL~~ SOLE ~~100000~~955 0 0 DQUALCOMM ~~NOBLE CORP OPTIONS - CALLS G654220FM 10983 195400 SH CALL SOLE 195400 0 0 D PATTERSON-UTI ENERGY~~ INC ~~OPTIONS - CALLS 7034140EX 4091 163500 SH~~ CALL ~~SOLE 163500 0 0 D PATTERSON-UTI ENERGY INC OPTIONS - CALLS 7034811HE 5294 211600 SH~~ CALL ~~SOLE~~747525903 ~~211600~~71,660 02,000,000 ~~0 D PATTERSON-UTI ENERGY INC OPTIONS - CALLS 7034811HF 3017 120600~~ SH CALL SOLE ~~120600~~2,000,000 0 0 DRIVERBED ~~PHARMACYCLICS~~TECHNOLOGY INC COM ~~COMMON~~768573107 ~~STOCK~~8,160 ~~716933106~~716,400 ~~768 95688~~ SH SOLE ~~95688~~716,400 0 0 D PHELPS DODGE OPTIONS - CALLS 717265902 3052 30000 SH SOLE 0 0 D PHELPS DODGE OPTIONS - CALLS 717265902 10173 100000 SH SOLE 0 0 D PHELPS DODGE OPTIONS - CALLS 717265902 5087 50000 SH SOLE 0 0 D PIONEER DRILLING CORP COMMON STOCK 723655106 3 200 SH SOLE 0 0 D POGO PRODUCING CO COM OPTIONS - CALLS 7304480DJ 492 10000 SH CALL SOLE 10000 0 0 D POGO PRODUCING CO COM OPTIONS - CALLS 730448DEK 197 4000 SH SOLE 0 0 D PROGRESS ENERGY INC COMMON STOCK 743263105 12727 1055131 SH SOLE 0 0 D RYLAND GROUP INC COM COMMON STOCK 783764103 4652 75000 SH SOLE 75000 0 0 D SCHLUMBERGER LTD ~~USD .01~~ COM ~~OPTIONS~~806857108 -1,270 ~~CALLS~~30,000 ~~8068570DP 5335 75700~~ SH ~~CALL~~ SOLE ~~75700~~30,000 0 0 D SCHNITZER STEEL INDS INC COM OPTIONS - CALLS 8068820DI 469 13900 SH CALL SOLE 13900 0 0 D SEABRIDGE GOLD INC COMMON STOCK 811916105 1003 373600 SH SOLE 375500 0 0 D SEMI CONDUCTOR COM STK US ETFS OPTIONS - PUTS 8166360PZ 9759 300000 SH PUT SOLE 300000 0 0 D SHIP FINANCE INTL COMMON STOCK G81075106 35931 1769998 SH SOLE 1769998 0 0 D SOUTHWESTERN ENERGY CO COM ~~COMMON STOCK~~ 845467109 ~~8423~~1,449 ~~148400~~50,000 SH SOLE ~~148400~~50,000 0 0 DSPDR ~~SOUTHWESTERN~~GOLD ~~ENERGY~~TRUST CO COM ~~OPTIONS~~78463V107 -865 ~~CALLS~~10,000 ~~8454670DM 1720 30300~~ SH ~~CALL~~ SOLE ~~30300~~10,000 0 0 DSUN ~~SOUTHWESTERN~~MICROSYSTEMS ~~ENERGY~~INC CO COM ~~OPTIONS~~866810203 -2,182 ~~CALLS~~571,100 ~~8454670FM 2270 40000~~ SH ~~CALL~~ SOLE ~~40000~~571,100 0 0 DSUNPOWER ~~STAMPS~~CORP-CLASS ~~COM~~B ~~INC NEW COMMON STOCK 852857200 33200 2000000 SH SOLE 2000000 0 0 D SUNCOR ENERGY INC CAD~~ COM ~~OPTIONS~~867652307 -3,756 ~~CALLS~~123,400 ~~8672290DH 732 18200~~ SH ~~CALL~~ SOLE ~~18200~~123,400 0 0 DTERRA ~~SUNCOR~~INDUSTRIES ~~ENERGY~~ INC ~~CAD~~ COM ~~OPTIONS~~880915103 -19,190 ~~CALLS~~1,151,146 ~~8672290DI 4467 111100~~ SH ~~CALL~~ SOLE ~~111100~~1,151,146 0 0 DTRANSOCEAN ~~SUPERIOR ENERGY SERVICES INC~~LTD. ~~COMMON~~COM ~~STOCK~~H8817H100 ~~868157108~~52,920 ~~7196~~1,120,000 ~~418346~~ SH SOLE ~~418346~~1,120,000 0 0 DUNITED ~~TAIWAN~~STATES ~~SEMICONDUCTOR~~OIL ~~MANUFACTU~~FUND ~~OPTIONS~~LP -COM ~~PUTS~~91232N108 ~~8740390PB~~1,440 ~~2435~~43,500 ~~287200~~ SH ~~PUT~~ SOLE ~~287200~~43,500 0 0 DVMWARE ~~TALISMAN ENERGY~~ INC ~~CAD COM OPTIONS~~ -CLASS ~~CALLS~~A ~~87425E0DF 2032 59500 SH CALL SOLE 59500 0 0 D TEEKAY SHIPPING CORP~~ COM ~~STK~~928563402 ~~COMMON~~16,867 ~~STOCK~~712,000 ~~Y8564W103 22835 508000~~ SH SOLE ~~508000~~712,000 0 0 DWALTER ~~TODCO~~INDS ~~OPTIONS~~INC ~~- CALLS 88889T907 103 4000 SH SOLE 0 0 D TOP TANKERS COMMON STOCK Y8897Y107 9952 536488 SH SOLE 536488 0 0 D TOTAL S.A. ADR OPTIONS - CALLS 89151E0DF 293 2500 SH~~ CALL ~~SOLE 2500 0 0 D TOTAL S.A. ADR OPTIONS - CALLS 89151E0HE 8863 75600 SH~~ CALL ~~SOLE~~93317Q905 ~~75600~~1,571 089,700 ~~0 D TOTAL S.A. ADR OPTIONS - CALLS 89151E0HF 2626 22400~~ SH CALL SOLE ~~22400~~89,700 0 0 DZIP ~~TOTAL~~REALTY ~~S.A. ADR OPTIONS - CALLS 89151E0HG 1583 13500 SH CALL SOLE 13500 0 0 D VAALCO ENERGY INC~~ COM NEW COMMON STOCK 91851C201 11490 3000000 SH SOLE 3000000 0 0 D WEBZEN INC SPONSORED ADR 94846M102 11 2000 SH SOLE 0 0 D YAMANA GOLD INC COMMON STOCK 98462Y100 875 263600 SH SOLE 263600 0 0 D YAMANA GOLD INC WRNT EXP 7/31/ COMMON STOCK 98462Y118 8190 3726900 SH SOLE 2060200 0 0 D ZIPREALTY COMMON STOCK 98974V107 ~~18950~~6,677 ~~1344933~~2,519,550 SH SOLE ~~1319933~~2,519,550 0 0

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