SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                            _________________________

                                  SCHEDULE 13G
                                 (Rule 13d-102)

                    INFORMATION TO BE INCLUDED IN STATEMENTS
                  FILED PURSUANT TO RULES 13d-1(b), (c) AND (d)
                AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(b)
                                 (Amendment No.)

                           Natural Health Trends Corp.

                                (Name of Issuer)

                     Common Stock, $.001 par value per share
-------------------------------------------------------------------------------

                         (Title of Class of Securities)

                                    63888P103
-------------------------------------------------------------------------------
                                 (CUSIP NUMBER)

                                   May 5, 2004

             (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                  / /      Rule 13d-1(b)
                  /X/      Rule 13d-1(c)
                  / /      Rule 13d-1(d)








--------------------------------------------------------------------------------
        NAME OF REPORTING PERSONS: Goodwood Inc.
        I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
--------------------------------------------------------------------------------
        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                  (a)  0
                                  (b) |X|
--------------------------------------------------------------------------------
        SEC USE ONLY
--------------------------------------------------------------------------------
        CITIZENSHIP OR PLACE OF ORGANIZATION        Canada

--------------------------------------------------------------------------------
     NUMBER OF   |SOLE VOTING POWER                                           0
      SHARES     |
   BENEFICIALLY  |
    OWNED BY     |
      EACH       |
    REPORTING    |
   PERSON WITH   |
--------------------------------------------------------------------------------
 SHARED VOTING POWER                                                     285,200
--------------------------------------------------------------------------------
 SOLE DISPOSITIVE POWER                                                        0
--------------------------------------------------------------------------------
 SHARED DISPOSITIVE POWER                                                285,200
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON             285,200
--------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                           5.2%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*                                                    CO
--------------------------------------------------------------------------------

                      *SEE INSTRUCTION BEFORE FILLING OUT!




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--------------------------------------------------------------------------------
NAME OF REPORTING PERSONS: Peter Puccetti
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                      (a)  0
                                      (b) |X|
--------------------------------------------------------------------------------
SEC USE ONLY
--------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION        Canada

--------------------------------------------------------------------------------
     NUMBER OF   |SOLE VOTING POWER                                           0
      SHARES     |
   BENEFICIALLY  |
    OWNED BY     |
      EACH       |
    REPORTING    |
   PERSON WITH   |
--------------------------------------------------------------------------------
 SHARED VOTING POWER                                                     285,200
--------------------------------------------------------------------------------
 SOLE DISPOSITIVE POWER                                                        0
--------------------------------------------------------------------------------
 SHARED DISPOSITIVE POWER                                                285,200
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON             285,200
--------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
--------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                           5.2%
--------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*                                                    IN
--------------------------------------------------------------------------------

                      *SEE INSTRUCTION BEFORE FILLING OUT*



                                      -3-







Item 1(a).        Name of Issuer:

                           Natural Health Trends Corp.

Item 1(b).        Address of Issuer's Principal Executive Offices:

                           12901 Hutton Drive
                           Dallas, Texas 75234

Item 2(a).        Name of Persons Filing:

                           This Schedule 13G is being filed with respect to
                           shares of Common Stock of the Issuer which are
                           beneficially owned by Goodwood Inc. ("Goodwood") and
                           Peter Puccetti (collectively, the "Reporting
                           Persons").

Item 2(b).        Address of Principal Business Office or, if None, Residence:

                           The principal business address of each of the
                           Reporting Persons is:

                           212 King Street West, Suite 201
                           Toronto, Canada M5H 1K5

Item 2(c).        Citizenship:

                           Mr. Puccetti is a Canadian citizen.

                           Goodwood is organized in Canada.

Item 2(d).        Title of Class of Securities:

                           Common Stock, $.001 par value per share

Item 2(e).        CUSIP Number:

                           63888P103




                                      -4-







Item 3.           If this statement is filed pursuant to Rule 13d-1(b), or
                  13d-2(b) or (c), check whether the person filing is a:

                                     Not Applicable

                      (a) [ ] Broker or dealer registered under
                              Section 15 of the Exchange Act;

                      (b) [ ] Bank as defined in Section 3(a)(6) of
                              the Exchange Act;

                      (c) [ ] Insurance Company as defined in Section
                              3(a)(19) of the Exchange Act;

                      (d) [ ] Investment Company registered under
                              Section 8 of the Investment Company Exchange
                              Act;

                      (e) [ ] Investment Adviser in accordance with
                              Rule 13d-1(b)(1)(ii)(E);

                      (f) [ ] Employee Benefit Plan or Endowment Fund
                              in accordance with Rule 13d-1(b)(1)(ii)(F);

                      (g) [ ] Parent Holding Company or Control Person
                              in accordance with Rule 13d-1(b)(1)(ii)(G);

                      (h) [ ] Saving Association as defined in Section
                              3(b) of The Federal Deposit Insurance Act;

                      (i) [ ] Church Plan that is excluded from the
                              definition of an Investment Company under
                              Section 3(c)(14) of the Investment Company
                              Act;

                      (j) [ ] Group, in accordance with Rule
                              13d-1(b)(1)(ii)(J).

Item 4.           Ownership.

                  (a) Amount beneficially owned:  Goodwood: 285,200
                                                  Mr. Puccetti: 285,200

                  (b) Percent of Class:           Goodwood: 5.2%
                                                  Mr. Puccetti: 5.2%

                  (c) Number of shares as to which such person has:

                      (i)  Sole power to vote or direct the vote:
                                                  Goodwood: 0
                                                  Mr. Puccetti:  0

                      (ii) Shared power to vote or to direct the vote:
                                                  Goodwood: 285,200
                                                  Mr. Puccetti:  285,200

                      (iii)Sole power to dispose or direct the disposition of:


                                      -5-






                                                  Goodwood:  0
                                                  Mr. Puccetti:  0

                      (iv) Shared power to dispose or to direct the disposition
                           of:                    Goodwood:  285,200
                                                  Mr. Puccetti:  285,200

Goodwood does not directly own any shares of Common Stock. Goodwood acts as the
investment manager of each of Goodwood Fund, Arrow Goodwood Fund, Goodwood
Capital Fund, Goodwood Fund 2.0 and KBSH Goodwood Fund and is deemed to
beneficially own the 285,200 shares of Common Stock beneficially held by them.
Mr. Puccetti is a controlling person of Goodwood Inc. and is thereby deemed to
beneficially own 285,200 shares of Common Stock.

Item 5.           Ownership of Five Percent or Less of a Class.

                           If this statement is being filed to report the fact
                           that as of the date hereof the reporting person has
                           ceased to be the beneficial owner of more than five
                           percent of the class of securities, check the
                           following: [ ]

Item 6.           Ownership of More than Five Percent on Behalf of Another
                  Person.

Item 7.           Identification and Classification of the Subsidiary Which
                  Acquired the Security Being Reported on by the Parent Holding
                  Company.

                           Not Applicable

Item 8.           Identification and Classification of Members of the Group.

                           Not Applicable

Item 9.           Notice of Dissolution of Group.

                           Not Applicable

Item 10. Certification.

         By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.



                                      -6-







                                    SIGNATURE


         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated:  July 16, 2004

GOODWOOD INC.
                                   By:      /s/ Cameron MacDonald
                                   ------------------------------
                                   Name:    Cameron MacDonald
                                   Title:   President


PETER PUCCETTI
                                   By:      /s/ Peter Puccetti
                                   ---------------------------
                                   Name:    Peter Puccetti

        Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (see 18 U.S.C. 1001).




                                      -7-







                                    EXHIBIT A



                                    AGREEMENT
                          JOINT FILING OF SCHEDULE 13G

         The undersigned hereby agree jointly to prepare and file with
regulatory authorities a Schedule 13G and any amendments thereto reporting each
of the undersigned's ownership of securities of Natural Health Trends Corp. and
hereby affirm that such Schedule 13G is being filed on behalf of each of the
undersigned.

Date:  July 16, 2004


Goodwood Inc.

By: /s/ Cameron MacDonald
-------------------------
Name: Cameron MacDonald
Title: President


Peter Puccetti

    /s/ Peter Puccetti
--------------------------
Peter Puccetti



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