UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2009
Check here if Amendment [ ]; Amendment Number: ________
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: U.S. Global Investors, Inc.
Address: 7900 Callaghan Road
San Antonio, TX 78229
Form 13F File Number: 28-________
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 11/13/09
--------------------- -------------------- ---------------
[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:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-_______ __________________________
[Repeat as necessary.]
Number of Other Included Managers 0
Form 13F Information Table Entry Total 396
Form 13F Information Table Total Value (x1000) 1,300,949
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 SH/ PUT/ INVESTMENT OTHER ----------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
ABB LTD SPON ADR SPONSORED ADR 000375204 501 25,000 SH Sole 25,000
AECOM TECHNOLOGY CORP COM 00766T100 217 8,000 SH Sole 8,000
AEROPOSTALE INC COM 007865108 869 20,000 SH Sole 20,000
AGNICO EAGLE MINES LTD COM 008474108 6107 90,000 SH Sole 90,000
AGNICO EAGLE MINES LTD COM 008474108 8481 125,000 SH Sole 125,000
AGNICO EAGLE MINES LTD COM 008474108 4105 60,500 SH PUT Sole 60,500
AGNICO EAGLE MINES LTD COM 008474108 10211 150,500 SH PUT Sole 150,500
AGNICO EAGLE MINES LTD COM 008474108 1737 25,600 SH WTS Sole 25,600
AGNICO EAGLE MINES LTD COM 008474108 2320 34,200 SH WTS Sole 34,200
AGNICO EAGLE MINES LTD COM 008474108 4750 70,000 SH WTS Sole 70,000
AGNICO EAGLE MINES LTD COM 008474108 7464 110,000 SH WTS Sole 110,000
ALPHA NATURAL RESOURCES
INC COM 02076X102 7020 200,000 SH Sole 200,000
AMAZON COM INC COM 023135106 280 3,000 SH Sole 3,000
AMAZON COM INC COM 023135106 420 4,500 SH Sole 4,500
AMERICA MOVIL SAB DE CV
SERIES L SPON ADR L SHS 02364W105 394 9,000 SH Sole 9,000
AMERICA MOVIL SAB DE CV
SERIES L SPON ADR L SHS 02364W105 175 4,000 SH Sole 4,000
AMERICAN TOWER CORP CL A CL A 029912201 273 7,500 SH Sole 7,500
ANOORAQ RESOURCES CORP
/CAD/ COM 03633E108 333 375,000 SH Sole 375,000
ANOORAQ RESOURCES CORP
/CAD/ COM 03633E108 2573 2,900,000 SH Sole 2,900,000
ANOORAQ RESOURCES CORP
/CAD/ COM 03633E108 333 350,000 SH Sole 350,000
ANOORAQ RESOURCES CORP
/CAD/ COM 03633E108 618 650,000 SH Sole 650,000
APPLE INC COM 037833100 927 5,000 SH Sole 5,000
ARCSIGHT INC COM 039666102 241 10,000 SH Sole 10,000
ARCSIGHT INC COM 039666102 722 30,000 SH Sole 30,000
ARENA RESOURCES INC COM 040049108 8875 250,000 SH Sole 250,000
ASA LTD COM G3156P103 3070 40,500 SH Sole 40,500
ASA LTD COM G3156P103 1099 14,500 SH Sole 14,500
ATLAS ENERGY INC COM 049298102 12246 452,400 SH Sole 452,400
ATWOOD OCEANICS COM 050095108 317 9,000 SH Sole 9,000
AURIZON MINES LTD COM 05155P106 1727 396,000 SH Sole 396,000
AURIZON MINES LTD COM 05155P106 1849 424,100 SH Sole 424,100
BAIDU INC SPON ADR SPON ADR REP A 056752108 1173 3,000 SH Sole 3,000
BAIDU INC SPON ADR SPON ADR REP A 056752108 196 500 SH Sole 500
BANCO BRADESCO SPONSORED
ADR SP ADR PFD NEW 059460303 199 10,000 SH Sole 10,000
BANK NOVA SCOTIA HALIFAX COM 064149107 137 3,000 SH Sole 3,000
BANK OF AMERICA CORP COM 060505104 592 35,000 SH Sole 35,000
BANK OF AMERICA CORP COM 060505104 1015 60,000 SH Sole 60,000
BERKSHIRE HATHAWAY INC
DEL CL B CL B 084670207 565 170 SH Sole 170
BHP BILLITON LTD SPONSORED ADR 088606108 660 10,000 SH PUT Sole 10,000
BRISTOL MYERS SQUIBB CO COM 110122108 383 17,000 SH Sole 17,000
CALLAWAY GOLF CO COM 131193104 114 15,000 SH Sole 15,000
CAMERON INTERNATIONAL
CORPORATION COM 13342B105 9644 255,000 SH Sole 255,000
CAMERON INTERNATIONAL
CORPORATION COM 13342B105 238 6,300 SH Sole 6,300
CANADIAN NATURAL
RESOURCES COM 136385101 19149 285,000 SH Sole 285,000
CERNER CORP COM 156782104 449 6,000 SH Sole 6,000
CHESAPEAKE ENERGY CORP COM 165167107 16046 565,000 SH Sole 565,000
CHESAPEAKE ENERGY CORP COM 165167107 318 11,200 SH Sole 11,200
CHEVRON CORP COM 166764100 25003 355,000 SH Sole 355,000
CHINA PETROLEUM &
CHEMICAL ADR SPON ADR H SHS 16941R108 852 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 SH/ PUT/ INVESTMENT OTHER ----------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
CHIPOTLE MEXICAN GRILL
INC COM 169656105 728 7,500 SH Sole 7,500
CIBT EDUCATION GROUP INC
/CAD/ COM 17163Y102 275 453,632 SH Sole 453,632
CITIGROUP INC COM 172967101 363 75,000 SH Sole 75,000
CLAUDE RESOURCES INC
/CAD/ COM 182873109 1166 1,560,000 SH Sole 1,560,000
CNOOC LTD ADR SPONSORED ADR 126132109 406 3,000 SH Sole 3,000
CNOOC LTD ADR SPONSORED ADR 126132109 135 1,000 SH Sole 1,000
COEUR D ALENE MINES CORP
IDAHO COM 192108504 226 11,000 SH Sole 11,000
COEUR D ALENE MINES CORP
IDAHO COM 192108504 554 27,000 SH Sole 27,000
COMPANHIA ENERGETICA DE
MINAS GERAIS SP ADR N-V PFD 204409601 611 40,201 SH Sole 40,201
CONCHO RESOURCES INC COM 20605P101 9262 255,000 SH Sole 255,000
CONCHO RESOURCES INC COM 20605P101 145 4,000 SH Sole 4,000
CONCHO RESOURCES INC COM 20605P101 363 10,000 SH Sole 10,000
COPA HOLDINGS SA CLASS A CL A P31076105 245 5,500 SH Sole 5,500
COPA HOLDINGS SA CLASS A CL A P31076105 289 6,500 SH Sole 6,500
COPA HOLDINGS SA CLASS A CL A P31076105 133 3,000 SH Sole 3,000
COPART INC COM 217204106 299 9,000 SH Sole 9,000
CORE LABORATORIES N V COM N22717107 10309 100,000 SH Sole 100,000
CORE LABORATORIES N V COM N22717107 278 2,700 SH Sole 2,700
CPFL ENERGIA SA SP ADR
/USD/ SPONSORED ADR 126153105 675 12,500 SH Sole 12,500
CREE INC COM 225447101 294 8,000 SH Sole 8,000
CREE INC COM 225447101 662 18,000 SH Sole 18,000
CRYSTALLEX INTL CORP
/CANADIAN/ COM 22942F101 538 2,150,000 SH Sole 2,150,000
CRYSTALLEX INTL CORP
/CANADIAN/ COM 22942F101 28 100,000 SH Sole 100,000
CRYSTALLEX INTL CORP COM 22942F101 58 230,000 SH Sole 230,000
CRYSTALLEX INTL CORP COM 22942F101 19 75,000 SH WTS Sole 75,000
CRYSTALLEX INTL CORP COM 22942F101 41 162,500 SH WTS Sole 162,500
CRYSTALLEX INTL CORP COM 22942F101 16 62,500 SH WTS Sole 62,500
CSX CORP COM 126408103 46 1,100 SH Sole 1,100
CSX CORP COM 126408103 419 10,000 SH Sole 10,000
CSX CORP COM 126408103 419 10,000 SH Sole 10,000
CTC MEDIA INC COM 12642X106 11869 755,000 SH Sole 755,000
CTC MEDIA INC COM 12642X106 629 40,000 SH Sole 40,000
CTC MEDIA INC COM 12642X106 126 8,000 SH Sole 8,000
CTRIP.COM INTERNATIONAL
LTD ADR 22943F100 882 15,000 SH Sole 15,000
DIANA SHIPPING INC COM Y2066G104 5850 450,000 SH Sole 450,000
DOLLAR TREE INC COM 256746108 365 7,500 SH Sole 7,500
DRDGOLD LTD SPONSORED ADR SPON ADR NEW 26152H301 3620 500,000 SH Sole 500,000
DRDGOLD LTD SPONSORED ADR SPON ADR NEW 26152H301 724 100,000 SH Sole 100,000
DRESSER-RAND GROUP INC COM 261608103 497 16,000 SH Sole 16,000
DUOYUAN GLOBAL WATER
INC-ADR SPONSORED ADR ADDED 266043108 666 20,000 SH Sole 20,000
DUOYUAN GLOBAL WATER
INC-ADR SPONSORED ADR ADDED 266043108 200 6,000 SH Sole 6,000
DUOYUAN GLOBAL WATER
INC-ADR SPONSORED ADR ADDED 266043108 366 11,000 SH Sole 11,000
DUOYUAN GLOBAL WATER
INC-ADR SPONSORED ADR ADDED 266043108 500 15,000 SH Sole 15,000
DUOYUAN GLOBAL WATER
INC-ADR SPONSORED ADR ADDED 266043108 167 5,000 SH Sole 5,000
E TRADE FINANCIAL
CORPORATION COM 269246104 105 60,000 SH Sole 60,000
EBIX INC COM NEW COM 278715206 941 17,000 SH Sole 17,000
EL PASO PIPELINE PARTNERS COM UNIT LPI 283702108 91 4,400 SH Sole 4,400
ELDORADO GOLD CORP
/CANADIAN/ COM 284902103 4104 360,000 SH Sole 360,000
ENERGY TRANSFER PRTNERS
L P UNIT LTD PARTN 29273R109 64 1,500 SH Sole 1,500
ENSCO INTERNATIONAL INC COM 26874Q100 7870 185,000 SH Sole 185,000
ENTERPRISE PRODS PARTNERS COM 293792107 71 2,500 SH Sole 2,500
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------- ------------------- --------- -------- ------------------- ---------- -------- ----------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ----------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
ENTREE GOLD INC /CAD/ COM 29383G100 2137 750,000 SH Sole 750,000
E-TRACS UBSLONG PLAT ETN LONG PLATN ETN18 902641786 187 12,000 SH Sole 12,000
E-TRACS UBSLONG PLAT ETN LONG PLATN ETN18 902641786 187 12,000 SH Sole 12,000
EXELON CORPORATION COM 30161N101 595 12,000 SH Sole 12,000
EXETER RESOURCE CORP COM 301835104 94 20,500 SH Sole 20,500
EXPRESS SCRIPTS INC
COMMON COM 302182100 931 12,000 SH Sole 12,000
F P L GROUP INC COM 302571104 1105 20,000 SH Sole 20,000
FIRSTENERGY CORP COM 337932107 594 13,000 SH Sole 13,000
FLEXTRONICS
INTERNATIONAL LTD ORD Y2573F102 112 15,000 SH Sole 15,000
FLOWSERVE CORPORATION COM 34354P105 9361 95,000 SH Sole 95,000
FLOWSERVE CORPORATION COM 34354P105 985 10,000 SH Sole 10,000
FLOWSERVE CORPORATION COM 34354P105 887 9,000 SH Sole 9,000
FLUOR CORP COM 343412102 763 15,000 SH Sole 15,000
FMC TECHNOLOGIES INC COM 30249U101 209 4,000 SH Sole 4,000
FOSSIL INC COM 349882100 142 5,000 SH Sole 5,000
FOSTER WHEELER AG COM COM H27178104 447 14,000 SH Sole 14,000
FREEPORT-MCMORAN COPPER
& GOLDINC COM 35671D857 18182 265,000 SH Sole 265,000
FREEPORT-MCMORAN COPPER
& GOLDINC COM 35671D857 343 5,000 SH Sole 5,000
FRONTLINE LTMITED SHS G3682E127 5380 230,000 SH Sole 230,000
GEN MILLS COM 370334104 161 2,500 SH Sole 2,500
GENERAL CABLE CORP COM 369300108 235 6,000 SH Sole 6,000
GENERAL CABLE CORP COM 369300108 509 13,000 SH Sole 13,000
GERDAU SA SPONSORED ADR SPONSORED ADR 373737105 806 60,000 SH Sole 60,000
GERDAU SA SPONSORED ADR SPONSORED ADR 373737105 202 15,000 SH Sole 15,000
GOLD FIELDS LTD
SPONSORED ADR SPONSORED ADR 38059T106 4823 350,000 SH Sole 350,000
GOLD FIELDS LTD
SPONSORED ADR SPONSORED ADR 38059T106 3445 250,000 SH Sole 250,000
GOLD FIELDS LTD
SPONSORED ADR SPONSORED ADR 38059T106 620 45,000 SH PUT Sole 45,000
GOLD FIELDS LTD
SPONSORED ADR SPONSORED ADR 38059T106 551 40,000 SH PUT Sole 40,000
GOLDCORP INC COM 380956409 4037 100,000 SH PUT Sole 100,000
GOLDCORP INC COM 380956409 10093 250,000 SH PUT Sole 250,000
GOLDCORP INC COM 380956409 4057 100,500 SH PUT Sole 100,500
GOLDCORP INC COM 380956409 4057 100,500 SH PUT Sole 100,500
GOLDCORP INC COM 380956409 7267 180,000 SH PUT Sole 180,000
GOLDCORP INC COM 380956409 25029 620,000 SH PUT Sole 620,000
GOLDCORP INC COM 380956409 6560 162,500 SH PUT Sole 162,500
GOLDCORP INC COM 380956409 4045 100,200 SH PUT Sole 100,200
GOLDCORP INC COM 380956409 12131 300,500 SH PUT Sole 300,500
GOLDCORP INC COM 380956409 1211 30,000 SH PUT Sole 30,000
GOLDCORP INC COM 380956409 2826 70,000 SH PUT Sole 70,000
GOLDCORP INC COM 380956409 807 20,000 SH PUT Sole 20,000
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 12198 1,447,841 SH Sole 1,447,841
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 8913 1,057,984 SH Sole 1,057,984
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 32884 3,903,231 SH Sole 3,903,231
GOLDEN STAR RES LTD
/CANADIAN/ COM 38119T104 3791 1,125,000 SH Sole 1,125,000
GOLDEN STAR RES LTD
/CANADIAN/ COM 38119T104 2275 675,000 SH Sole 675,000
GOLDMAN SACHS GROUP INC COM 38141G104 498 2,700 SH Sole 2,700
GOLDMAN SACHS GROUP INC COM 38141G104 1254 6,800 SH Sole 6,800
GREAT BASIN GOLD LTD
/CAD/ COM 390124105 3408 2,225,000 SH Sole 2,225,000
GRUPO AEROPORTUARIO DEL
SURESTE SAB DE CV SPON ADR SER B 400501102 853 20,000 SH Sole 20,000
GRUPO TELEVISA SA DE ADR SP ADR REP ORD 40049J206 139 7,500 SH Sole 7,500
HALLIBURTON CO HOLDING COM 406216101 11119 410,000 SH Sole 410,000
HARMONY GOLD MINING CO
LTD SPONSORED ADR SPONSORED ADR 413216300 2899 265,000 SH Sole 265,000
HARMONY GOLD MINING CO
LTD SPONSORED ADR SPONSORED ADR 413216300 2352 215,000 SH Sole 215,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------- ------------------- --------- -------- ------------------- ---------- -------- ----------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ----------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
HARTFORD FINL SVCS GROUP
INC COM 416515104 663 25,000 SH Sole 25,000
HECLA MINING COM 422704106 615 140,000 SH Sole 140,000
HECLA MINING COM 422704106 1580 360,000 SH Sole 360,000
HECLA MINING COM 422704106 184 42,000 SH CALL Sole 42,000
HECLA MINING COM 422704106 702 160,000 SH CALL Sole 160,000
HELIX ENERGY SOLUTIONS
GROUP COM 42330P107 7490 500,000 SH Sole 500,000
HELMERICH & PAYNE INC COM 423452101 759 19,200 SH Sole 19,200
HESS CORP COM 42809H107 9890 185,000 SH Sole 185,000
I SHARES INC MSCI HONG
KONG NDEX FUND ETF MSCI HONG KONG 464286871 233 15,000 SH Sole 15,000
I SHARES INC MSCI HONG
KONG INDEX FUND ETF MSCI HONG KONG 464286871 31 2,000 SH Sole 2,000
I SHARES MSCI BRAZIL
INDEX FUND ETF MSCI BRAZIL 464286400 34 500 SH Sole 500
I SHARES MSCI TAIWAN
INDEX FUND ETF MSCI TAIWAN 464286731 148 12,000 SH Sole 12,000
I SHARES MSCI TAIWAN
INDEX FUND ETF MSCI TAIWAN 464286731 37 3,000 SH Sole 3,000
IAMGOLD CORPORATION COM 450913108 4991 353,000 SH Sole 353,000
IAMGOLD CORPORATION COM 450913108 8229 582,000 SH Sole 582,000
IAMGOLD CORPORATION /CAD/ COM 450913108 919 65,000 SH Sole 65,000
INTERNATIONAL PAPER CO COM 460146103 4446 200,000 SH Sole 200,000
INTERNATIONAL ROYALTY
CORP/CAD COM 460277106 2833 702,000 SH Sole 702,000
INTERNATIONAL ROYALTY
CORP/CAD COM 460277106 35 8,000 SH Sole 8,000
INVERNESS MEDICAL
INNOVATION COM 46126P106 155 4,000 SH Sole 4,000
ISHARES MSCI CHILE MSCI CHILE INVES 464286640 34 700 SH Sole 700
ISHARES MSCI ISRAEL
CAPPED INDEX FUND ETF MSCI ISRAEL FD 464286632 68 1,400 SH Sole 1,400
ISHARES MSCI MALAYSIA ETF MSCI MALAYSIA 464286830 274 27,000 SH Sole 27,000
ISHARES MSCI MALAYSIA ETF MSCI MALAYSIA 464286830 32 3,200 SH Sole 3,200
ISHARES MSCI SINGAPORE
ETF MSCI SINGAPORE 464286673 32 3,000 SH Sole 3,000
ISHARES MSCI SOUTH KOREA
ETF MSCI S KOREA 464286772 166 3,500 SH Sole 3,500
ISHARES MSCI SOUTH KOREA
ETF MSCI S KOREA 464286772 38 800 SH Sole 800
ISHARES MSCI TURKEY ETF MSCI TURKEY FD 464286715 63 1,250 SH Sole 1,250
ISHARES TR INDEX DJ US
REAL EST DJ US REAL EST 464287739 149 3,500 SH Sole 3,500
ISHARES TR INDEX DJ US
REAL EST DJ US REAL EST 464287739 768 18,000 SH Sole 18,000
ITAU UNIBANCO HOLDING
SA/BRL/ COM P5968Q104 450 22,338 SH Sole 22,338
IVANHOE ENERGY INC /CAD/ COM 465790103 3461 1,500,000 SH Sole 1,500,000
IVANHOE ENERGY INC /CAD/ COM 465790103 86 35,000 SH Sole 35,000
IVANHOE ENERGY INC /CAD/ COM 465790103 124 50,000 SH WTS Sole 50,000
J CREW GROUP INC COM 46612H402 215 6,000 SH Sole 6,000
J CREW GROUP INC COM 46612H402 466 13,000 SH Sole 13,000
JAGUAR MINING INC COM 47009M103 1089 121,659 SH Sole 121,659
JAGUAR MINING INC COM 47009M103 2622 293,077 SH Sole 293,077
JOHNSON & JOHNSON COM 478160104 609 10,000 SH CALL Sole 10,000
JOY GLOBAL INC COM 481165108 7341 150,000 SH Sole 150,000
JPMORGAN CHASE & COMPANY COM 46625H100 175 4,000 SH Sole 4,000
KEY ENERGY SVCS INC COM 492914106 104 12,000 SH Sole 12,000
KINROSS GOLD CORP COM 496902404 1302 60,000 SH PUT Sole 60,000
KINROSS GOLD CORP COM 496902404 4340 200,000 SH PUT Sole 200,000
KINROSS GOLD CORP COM 496902404 2170 100,000 SH PUT Sole 100,000
KINROSS GOLD CORP COM 496902404 4340 200,000 SH PUT Sole 200,000
KINROSS GOLD CORP COM 496902404 14506 668,500 SH WTS Sole 668,500
KINROSS GOLD CORP COM 496902404 19890 916,600 SH WTS Sole 916,600
KINROSS GOLD CORP COM 496902404 16527 761,634 SH WTS Sole 761,634
KINROSS GOLD CORP COM 496902404 20018 922,471 SH WTS Sole 922,471
KIRKLAND LAKE GOLD INC
COM COM 49740P106 2859 332,700 SH Sole 332,700
KNIGHT CAPITAL GROUP COM 499005106 435 20,000 SH Sole 20,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------- ------------------- --------- -------- ------------------- ---------- -------- ----------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ----------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
LIHIR GOLD LTD SPON ADR SPONSORED ADR 532349107 2505 100,000 SH Sole 100,000
LIHIR GOLD LTD SPON ADR SPONSORED ADR 532349107 3419 136,500 SH Sole 136,500
LIHIR GOLD LTD SPON ADR SPONSORED ADR 532349107 251 10,000 SH Sole 10,000
LINCOLN NATL CORP IND COM 534187109 453 17,500 SH Sole 17,500
LINN ENERGY LLC UNIT LTD
LIAB UNIT LTD LIAB 536020100 275 12,000 SH Sole 12,000
MACYS INC COM 55616P104 137 7,500 SH Sole 7,500
MAG SILVER CORPORATION
/CAD/ COM 55903Q104 2909 500,000 SH Sole 500,000
MAG SILVER CORPORATION
/CAD/ COM 55903Q104 93 15,000 SH Sole 15,000
MARKET VECTORS INDONESIA
ETF INDONESIA ETF 57060U753 243 4,100 SH Sole 4,100
MARKET VECTORS INDONESIA
ETF INDONESIA ETF 57060U753 30 500 SH Sole 500
MARKET VECTORS RUSSIA ETF RUSSIA ETF 57060U506 75 2,700 SH Sole 2,700
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 2944 65,000 SH PUT Sole 65,000
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 5661 125,000 SH PUT Sole 125,000
MASTERCARD INC COM 57636Q104 404 2,000 SH Sole 2,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 4864 270,500 SH Sole 270,500
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 270 15,000 SH Sole 15,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 72 4,000 SH Sole 4,000
MEDCO HEALTH SOLUTIONS
INC COM 58405U102 415 7,500 SH Sole 7,500
MEDCO HEALTH SOLUTIONS
INC COM 58405U102 608 11,000 SH Sole 11,000
MINES MANAGEMENT INC COM 603432105 104 40,900 SH Sole 40,900
MINES MANAGEMENT INC COM 603432105 2193 860,000 SH Sole 860,000
MINES MANAGEMENT INC COM 603432105 49 19,250 SH Sole 19,250
MINES MANAGEMENT INC COM 603432105 33 13,000 SH WTS Sole 13,000
MINES MANAGEMENT INC COM 603432105 6 2,500 SH WTS Sole 2,500
MINES MANAGEMENT INC COM 603432105 113 44,000 SH WTS Sole 44,000
MINES MANAGEMENT INC COM 603432105 1852 723,300 SH WTS Sole 723,300
MOBILE TELESYSTEMS /USD/ COM X5430T109 5999 888,391 SH Sole 888,391
MOBILE TELESYSTEMS OJSC
SPONSORED ADR SPONSORED ADR 607409109 15060 312,000 SH Sole 312,000
MOBILE TELESYSTEMS OJSC
SPONSORED ADR SPONSORED ADR 607409109 772 16,000 SH Sole 16,000
MOBILE TELESYSTEMS OJSC
SPONSORED ADR SPONSORED ADR 607409109 579 12,000 SH Sole 12,000
MOBILE TELESYSTEMS OJSC
SPONSORED ADR SPONSORED ADR 607409109 290 6,000 SH Sole 6,000
NATIONAL OILWELL VARCO
INC COM 637071101 10783 250,000 SH Sole 250,000
NETAPP INC COM 64110D104 200 7,500 SH Sole 7,500
NETEASE.COM INC ADR SPONSORED ADR 64110W102 822 18,000 SH Sole 18,000
NETEASE.COM INC ADR SPONSORED ADR 64110W102 274 6,000 SH Sole 6,000
NETFLIX.COM INC COM 64110L106 462 10,000 SH Sole 10,000
NEW GOLD INC COM 644535106 18 4,823 SH Sole 4,823
NEW GOLD INC COM 644535106 19 5,000 SH Sole 5,000
NEW GOLD INC /CAD/ COM 644535106 2483 650,000 SH Sole 650,000
NEW GOLD INC /CAD/ COM 644535106 1337 350,000 SH Sole 350,000
NEW GOLD INC /CAD/ COM 644535106 3364 822,570 SH WTS Sole 822,570
NEW GOLD INC /CAD/ COM 644535106 1442 352,530 SH WTS Sole 352,530
NEW GOLD INC /CAD/ COM 644535106 1030 251,800 SH WTS Sole 251,800
NEW GOLD INC /CAD/ COM 644535106 4499 1,099,900 SH WTS Sole 1,099,900
NEW GOLD INC /CAD/ COM 644535106 36 8,850 SH WTS Sole 8,850
NEW GOLD INC /CAD/ COM 644535106 1259 307,840 SH WTS Sole 307,840
NEW GOLD INC /CAD/ COM 644535106 1020 249,510 SH WTS Sole 249,510
NEW GOLD INC /CAD/ COM 644535106 24 5,750 SH WTS Sole 5,750
NEW GOLD INC /CAD/ COM 644535106 120 29,400 SH WTS Sole 29,400
NEW GOLD INC /CAD/ COM 644535106 443 108,250 SH WTS Sole 108,250
NEW GOLD INC /CAD/ COM 644535106 133 32,600 SH WTS Sole 32,600
NEW GOLD INC /CAD/ COM 644535106 245 59,950 SH WTS Sole 59,950
NEW GOLD INC /CAD/ COM 644535106 117 28,500 SH WTS Sole 28,500
NOBLE CORPORATION COM H5833N103 6643 175,000 SH Sole 175,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------- ------------------- --------- -------- ------------------- ---------- -------- ----------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ----------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
NORTHERN DYNASTY
MINERALS/CAD/ COM 66510M204 5948 800,000 SH Sole 800,000
NORTHERN DYNASTY
MINERALS/CAD/ COM 66510M204 5026 676,000 SH Sole 676,000
NUSTAR ENERGY LP UNIT COM 67058H102 5702 110,000 SH Sole 110,000
NUSTAR ENERGY LP UNIT COM 67058H102 389 7,500 SH Sole 7,500
NUSTAR ENERGY LP UNIT COM 67058H102 104 2,000 SH Sole 2,000
NVE CORP COM 629445206 585 11,000 SH Sole 11,000
NVIDIA CORP COM 67066G104 361 24,000 SH Sole 24,000
NVIDIA CORP COM 67066G104 744 49,500 SH Sole 49,500
OCCIDENTAL PETROLEUM COM 674599105 16072 205,000 SH Sole 205,000
OCEANEERING INTNATL INC COM 675232102 136 2,400 SH Sole 2,400
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 159 3,000 SH Sole 3,000
PACIFIC RIM MINING CORP COM 694915208 1469 4,738,813 SH Sole 4,738,813
PACIFIC RIM MINING CORP
/CAD/ COM 694915208 188 591,900 SH Sole 591,900
PATTERSON UTI ENERGY INC COM 703481101 6795 450,000 SH Sole 450,000
PEABODY ENERGY CORP COM 704549104 13027 350,000 SH Sole 350,000
PERFECT WORLD CO LTD-ADR SPON ADR REP B 71372U104 722 15,000 SH Sole 15,000
PERFECT WORLD CO LTD-ADR SPON ADR REP B 71372U104 481 10,000 SH Sole 10,000
PETROCHINA CO LTD ADR SPONSORED ADR 71646E100 455 4,000 SH Sole 4,000
PETROCHINA CO LTD H /HKD/ COM Y6883Q104 120 106,000 SH Sole 106,000
PHARMASSET INC COM 71715N106 106 5,000 SH Sole 5,000
PHILIP MORRIS
INTERNATIONAL COM 718172109 292 6,000 SH Sole 6,000
PLAINS ALL AMERN
PIPELINE L P UNIT LTD PARTN 726503105 6481 140,000 SH Sole 140,000
PLAINS ALL AMERN
PIPELINE L P UNIT LTD PARTN 726503105 150 3,250 SH Sole 3,250
PLAINS EXPLORATION &
PRODUCT COM 726505100 4149 150,000 SH CALL Sole 150,000
PLAINS EXPLORATION &
PRODUCT COM 726505100 138 5,000 SH CALL Sole 5,000
PLATINUM GROUP METALS
/CAD/ COM 72765Q205 1349 1,070,000 SH Sole 1,070,000
PRECISION CASTPARTS CORP COM 740189105 204 2,000 SH Sole 2,000
PRICELINE.COM INC COM 741503403 332 2,000 SH Sole 2,000
PRIDE INTERNATIONAL INC COM 74153Q102 219 7,200 SH Sole 7,200
PROCTER & GAMBLE COM 742718109 145 2,500 SH Sole 2,500
QUALITY SYSTEMS INC COM 747582104 493 8,000 SH Sole 8,000
QUICKSILVER RESOURCES INC COM 74837R104 7805 550,000 SH Sole 550,000
RANGE RESOURCES CORP COM 75281A109 197 4,000 SH Sole 4,000
RANGOLD RESOURCES LTD ADR ADR 752344309 19916 285,000 SH Sole 285,000
RANGOLD RESOURCES LTD ADR ADR 752344309 42976 615,000 SH Sole 615,000
RANGOLD RESOURCES LTD ADR ADR 752344309 2481 35,500 SH PUT Sole 35,500
RANGOLD RESOURCES LTD ADR ADR 752344309 5311 76,000 SH PUT Sole 76,000
RESEARCH IN MOTION COM 760975102 507 7,500 SH Sole 7,500
RICHMONT MINES INC COM COM 76547T106 1033 350,000 SH Sole 350,000
ROWAN COMPANIES COM 779382100 7152 310,000 SH Sole 310,000
ROYAL BK CDA MONTREAL
QUE COM COM 780087102 321 6,000 SH Sole 6,000
ROYAL GOLD INC COM 780287108 7706 169,000 SH Sole 169,000
ROYAL GOLD INC COM 780287108 6886 151,000 SH Sole 151,000
ROYAL GOLD INC COM 780287108 935 20,500 SH PUT Sole 20,500
ROYAL GOLD INC COM 780287108 798 17,500 SH PUT Sole 17,500
RUBICON MINERALS CORP
/CAD/ COM 780911103 7241 1,750,000 SH Sole 1,750,000
RUBICON MINERALS CORP
/CAD/ COM 780911103 219 49,500 SH Sole 49,500
RUBICON MINERALS CORP
/CAD/ COM 780911103 751 169,600 SH Sole 169,600
SALESFORCE.COM INC COM 79466L302 342 6,000 SH Sole 6,000
SALESFORCE.COM INC COM 79466L302 285 5,000 SH Sole 5,000
SAN JUAN BASIN ROYALTY TR UNIT BEN INT 798241105 1806 100,000 SH Sole 100,000
SAN JUAN BASIN ROYALTY
TR UNIT BEN INT 798241105 130 7,200 SH Sole 7,200
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------- ------------------- --------- -------- ------------------- ---------- -------- ----------------------
SHARES OR VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ----------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
SAN JUAN BASIN ROYALTY TR UNIT BEN INT 798241105 361 20,000 SH Sole 20,000
SCHERING PLOUGH COM 806605101 141 5,000 SH Sole 5,000
SCHLUMBERGER LTD
/SCHLUMBERGERN V/ COM 806857108 143 2,400 SH Sole 2,400
SILVERCORP METALS INC
/CAD/ COM 82835P103 4046 849,290 SH Sole 849,290
SILVERCORP METALS INC
/CAD/ COM 82835P103 8165 1,714,030 SH Sole 1,714,030
SILVERCORP METALS INC
/CAD/ COM 82835P103 376 79,000 SH Sole 79,000
SILVER WHEATON CORP COM COM 828336107 1265 100,500 SH PUT Sole 100,500
SILVER WHEATON CORP COM COM 828336107 3154 250,500 SH PUT Sole 250,500
SILVER WHEATON CORP COM COM 828336107 1007 80,000 SH PUT Sole 80,000
SILVER WHEATON CORP COM COM 828336107 2518 200,000 SH PUT Sole 200,000
SILVER WHEATON CORP COM
/CAD/ COM 828336107 9251 680,740 SH WTS Sole 680,740
SILVER WHEATON CORP COM
/CAD/ COM 828336107 7527 553,840 SH WTS Sole 553,840
SILVER WHEATON CORP COM
/CAD/ COM 828336107 31711 2,333,420 SH WTS Sole 2,333,420
SILVER WHEATON CORP COM
/CAD/ COM 828336107 61 4,500 SH WTS Sole 4,500
SILVER WHEATON CORP COM
/CAD/ COM 828336107 9251 680,740 SH WTS Sole 680,740
SILVER WHEATON CORP COM
/CAD/ COM 828336107 7527 553,840 SH WTS Sole 553,840
SILVER WHEATON CORP COM
/CAD/ COM 828336107 31711 2,333,420 SH WTS Sole 2,333,420
SILVER WHEATON CORP COM
/CAD/ COM 828336107 150 11,071 SH WTS Sole 11,071
SOLITARIO EXPLORATION &
ROYALTY /CAD/ COM 8342EP107 1787 942,522 SH Sole 942,522
SOUTHWESTERN ENERGY CO COM 845467109 13017 305,000 SH Sole 305,000
SPDR GOLD TRUST GOLD SHS 78463V107 147 1,500 SH Sole 1,500
SPDR GOLD TRUST GOLD SHS 78463V107 29655 300,000 SH CALL Sole 300,000
SPDR GOLD TRUST GOLD SHS 78463V107 9885 100,000 SH CALL Sole 100,000
SPDR GOLD TRUST GOLD SHS 78463V107 19770 200,000 SH CALL Sole 200,000
SPDR GOLD TRUST GOLD SHS 78463V107 989 10,000 SH CALL Sole 10,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 4448 45,000 SH Sole 45,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 2471 25,000 SH Sole 25,000
SPDR KBW BANK ETF SPDR KBW BK ETF 78464A797 397 17,000 SH Sole 17,000
SPDR KBW CAPITAL MARKETS
ETF SPDR KBW CAP ETF 78464A771 349 9,000 SH Sole 9,000
SPDR KBW INSURANCE ETF SPDR KBW INS ETF 78464A789 181 5,000 SH Sole 5,000
SPDR KBW INSURANCE ETF SPDR KBW INS ETF 78464A789 542 15,000 SH Sole 15,000
SPDR S AND P
HOMEBUILDERS ETF S&P HOMEBUILD 78464A888 113 7,500 SH Sole 7,500
SPDR S AND P
HOMEBUILDERS ETF S&P HOMEBUILD 78464A888 301 20,000 SH Sole 20,000
SPDR S&P EMERGING EUROPE
ETF EUROPE ETF 78463X608 81 2,000 SH Sole 2,000
SPDR SERIES TRUST S&P METALS MNG 78464A755 2282 50,000 SH PUT Sole 50,000
SPDR SERIES TRUST S&P METALS MNG 78464A755 4564 100,000 SH PUT Sole 100,000
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 3866 100,000 SH PUT Sole 100,000
STANTEC INC COM 85472N109 502 20,000 SH Sole 20,000
STAR GAS PARTNERS L P UNIT LTD PARTNR 85512C105 73 20,000 SH Sole 20,000
STEC INC COM 784774101 118 4,000 SH Sole 4,000
SUNOCO INC COM 86764P109 7113 250,000 SH Sole 250,000
SUNTRUST BK INC COM 867914103 406 18,000 SH Sole 18,000
SUPERIOR ENERGY SERVICES
INC COM 868157108 7094 315,000 SH Sole 315,000
TAIWAN SEMICONDUCTOR
MANUFACTURING CO LTD SPONSORED ADR Y84629107 47 23,230 SH Sole 23,230
TECK RESOURCES LTD CLS B CL B 878742204 13647 495,000 SH Sole 495,000
TECK RESOURCES LTD CLS B CL B 878742204 331 12,000 SH Sole 12,000
TENARIS SA ADR SPONSORED ADR 88031M109 10686 300,000 SH Sole 300,000
TESORO CORP COM 881609101 6741 450,000 SH Sole 450,000
TEXTRON INC COM 883203101 209 11,000 SH Sole 11,000
THOMPSON CREEK METALS CO COM 884768102 6397 530,000 SH Sole 530,000
THOMPSON CREEK METALS CO COM 884768102 97 7,500 SH Sole 7,500
TRINA SOLAR LIMITED SPON ADR 89628E104 643 20,000 SH Sole 20,000
TRUE RELIGION APPAREL INC COM 89784N104 778 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 SH/ PUT/ INVESTMENT OTHER ----------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------- ------------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
TURKCELL ILETISIM HIZMET
ADR SPON ADR NEW 900111204 3574 200,000 SH Sole 200,000
TURKCELL ILETISIM HIZMET
ADR SPON ADR NEW 900111204 625 35,000 SH Sole 35,000
ULTRA PETROLEUM CORP COM 903914109 9302 190,000 SH Sole 190,000
UNIVERSAL HEALTH
SERVICES INC CLASS B CL B 913903100 248 4,000 SH Sole 4,000
UNIVERSAL HEALTH
SERVICES INC CLASS B CL B 913903100 619 10,000 SH Sole 10,000
US NATURAL GAS LP UNIT 912318102 5870 500,000 SH CALL Sole 500,000
US NATURAL GAS LP UNIT 912318102 176 15,000 SH CALL Sole 15,000
VALERO ENERGY CORP COM 91913Y100 7756 400,000 SH Sole 400,000
VANTAGE DRILL WTS EXP
5/24/11 *W EXP 05/24/201 G93205121 4504 2,461,400 SH Sole 2,461,400
VANTAGE DRILLING COMPANY COM G93205113 3810 2,082,069 SH Sole 2,082,069
VIMPEL COMMUNICATIONS
SPON ADR SPONSORED ADR 68370R109 14645 783,157 SH Sole 783,157
VIMPEL COMMUNICATIONS
SPON ADR SPONSORED ADR 68370R109 468 25,000 SH Sole 25,000
VIMPEL COMMUNICATIONS
SPON ADR SPONSORED ADR 68370R109 187 10,000 SH Sole 10,000
VIVO PARTICIPACOES SA
-ADR SPON ADR PFD NEW 92855S200 631 25,000 SH Sole 25,000
VIVO PARTICIPACOES SA
-ADR SPON ADR PFD NEW 92855S200 316 12,500 SH Sole 12,500
WALTER ENERGY INC COM 93317Q105 6907 115,000 SH Sole 115,000
WEATHERFORD INTL LTD REG H27013103 8707 420,000 SH Sole 420,000
WESTERN DIGITAL CORP COM 958102105 365 10,000 SH Sole 10,000
WEYERHAEUSER CO COM 962166104 110 3,000 SH Sole 3,000
WHITINIG PETROLEUM CORP COM 966387102 10652 185,000 SH Sole 185,000
WMS INDUSTRIES INC COM 929297109 267 6,000 SH Sole 6,000
WYNN RESORTS LTD COM 983134107 106 1,500 SH Sole 1,500
XTO ENERGY INC COM 98385X106 132 3,200 SH Sole 3,200
YAMANA GOLD INC COM 98462Y100 2035 190,000 SH Sole 190,000
YAMANA GOLD INC COM 98462Y100 3909 365,000 SH Sole 365,000
YAMANA GOLD INC COM 98462Y100 1158 100,500 SH PUT Sole 100,500
YAMANA GOLD INC COM 98462Y100 2310 200,500 SH PUT Sole 200,500
YAMANA GOLD INC COM 98462Y100 1152 100,000 SH PUT Sole 100,000
YAMANA GOLD INC COM 98462Y100 2880 250,000 SH PUT Sole 250,000
YAMANA GOLD INC COM 98462Y100 15518 1,347,031 SH WTS Sole 1,347,031
YAMANA GOLD INC COM 98462Y100 43641 3,788,263 SH WTS Sole 3,788,263
YINGLI GREEN ENERGY HOLD
ADR ADR 98584B103 368 29,500 SH Sole 29,500
GRAND 1,300,949 94,425,728