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, 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 2/12/10
--------------------- -------------------- ---------------
[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 400
Form 13F Information Table Total Value (x1000) 1,333,863
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLMUN 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
-------------------------------- ---------------- --------- --------- ---------- --- ---- ---------- -------- ---- --------- -------
ABBOTT LABORATORIES COM 002824100 324 6,000 SH Sole 6,000
ABOVENET INC COM 00374N107 650 10,000 SH Sole 10,000
ABOVENET INC COM 00374N107 650 10,000 SH Sole 10,000
ADVANCED MICRO DEVICES COM 007903107 194 20,000 SH Sole 20,000
AEGEAN MARINE PETROLEUM NETW COM Y0017S102 687 25,000 SH Sole 25,000
AEGEAN MARINE PETROLEUM NETW COM Y0017S102 769 28,000 SH Sole 28,000
AGNICO EAGLE MINES LTD COM 008474108 6480 120,000 SH Sole 120,000
AGNICO EAGLE MINES LTD COM 008474108 9450 175,000 SH Sole 175,000
AGNICO EAGLE MINES LTD /CAD/ COM 008474108 398 7,000 SH WTS Sole 7,000
AGNICO EAGLE MINES LTD /CAD/ COM 008474108 6261 110,000 SH WTS Sole 110,000
AGNICO EAGLE MINES LTD /CAD/ COM 008474108 1736 30,500 SH WTS Sole 30,500
AGNICO EAGLE MINES LTD /CAD/ COM 008474108 2300 40,400 SH WTS Sole 40,400
AGRIUM INC COM COM 008916108 7688 125,000 SH Sole 125,000
ALCOA INC COM 013817101 8060 500,000 SH Sole 500,000
ALCOA INC COM 013817101 89 5,500 SH Sole 5,500
ALEXION PHARMACEUTICALS INC COM 015351109 342 7,000 SH Sole 7,000
ALPHA NATURAL RESOURCES INC COM 02076X102 8676 200,000 SH Sole 200,000
AMAZON COM INC COM 023135106 336 2,500 SH Sole 2,500
AMAZON COM INC COM 023135106 605 4,500 SH Sole 4,500
AMERICA MOVIL SAB DE CV SERIES L SPON ADR L SHS 02364W105 423 9,000 SH Sole 9,000
AMERICA MOVIL SAB DE CV SERIES L SPON ADR L SHS 02364W105 188 4,000 SH Sole 4,000
AMERICAN TOWER CORP CL A 029912201 432 10,000 SH Sole 10,000
ANADARKO PETE CORP COM 032511107 7803 125,000 SH Sole 125,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E111 321 375,000 SH Sole 375,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E111 2484 2,900,000 SH Sole 2,900,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E111 315 350,000 SH Sole 350,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E111 585 650,000 SH Sole 650,000
APOLLO GROUP INC COM 037604105 242 4,000 SH Sole 4,000
APPLE INC COM 037833100 633 3,000 SH Sole 3,000
APPLE INC COM 037833100 1265 6,000 SH Sole 6,000
APPLE INC COM 037833100 211 1,000 SH CALL Sole 1,000
ARCSIGHT INC COM 039666102 256 10,000 SH Sole 10,000
ARCSIGHT INC COM 039666102 767 30,000 SH Sole 30,000
ARENA RESOURCES INC COM 040049108 8624 200,000 SH Sole 200,000
ASA LTD SHS G3156P103 3137 40,500 SH Sole 40,500
ASA LTD SHS G3156P103 1123 14,500 SH Sole 14,500
ATLAS ENERGY INC COM 049298102 13275 440,000 SH Sole 440,000
ATLAS ENERGY INC COM 049298102 151 5,000 SH Sole 5,000
ATWOOD OCEANICS COM 050095108 466 13,000 SH Sole 13,000
AURIZON MINES LTD COM COM 05155P106 1800 400,000 SH Sole 400,000
AURIZON MINES LTD COM COM 05155P106 2250 500,000 SH Sole 500,000
BAIDU INC SPON ADR REP A 056752108 822 2,000 SH Sole 2,000
BAIDU INC SPON ADR REP A 056752108 206 500 SH Sole 500
BANCO BRADESCO SP ADR PFD NEW 059460303 219 10,000 SH Sole 10,000
BANK OF AMERICA CORP COM 060505104 301 20,000 SH Sole 20,000
BANK OF AMERICA CORP COM 060505104 678 45,000 SH Sole 45,000
BANK OF AMERICA CORP COM 060505104 151 10,000 SH CALL Sole 10,000
BARRICK GOLD CORP COM COM 067901108 4332 110,000 SH Sole 110,000
BARRICK GOLD CORP COM COM 067901108 673 17,100 SH PUT Sole 17,100
BARRICK GOLD CORP COM COM 067901108 1827 46,400 SH PUT Sole 46,400
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLMUN 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
-------------------------------- ---------------- --------- --------- ---------- --- ---- ---------- -------- ---- --------- -------
BAYTEX ENERGY TR TRUST UNIT 073176109 142 5,000 SH Sole 5,000
BERKSHIRE HATHAWAY INC DEL CL B 084670207 559 170 SH Sole 170
BRINKS CO COM 109696104 146 6,000 SH Sole 6,000
BRISTOL MYERS SQUIBB CO COM 110122108 429 17,000 SH Sole 17,000
BROADCOM CORP CL A 111320107 315 10,000 SH Sole 10,000
CAMERON INTERNATIONAL CORP COM 13342B105 10659 255,000 SH Sole 255,000
CAMERON INTERNATIONAL CORP COM 13342B105 523 12,500 SH Sole 12,500
CANADIAN NATURAL RESOURCES COM 136385101 23024 320,000 SH Sole 320,000
CANADIAN NATURAL RESOURCES COM 136385101 360 5,000 SH Sole 5,000
CANADIAN SOLAR INC COM 136635109 432 15,000 SH Sole 15,000
CAPELLA EDUCATION CO COM 139594105 904 12,000 SH Sole 12,000
CERNER CORP COM 156782104 247 3,000 SH Sole 3,000
CHEVRON CORP COM 166764100 27331 355,000 SH Sole 355,000
CHINA AGRITECH INC COM 16937A200 839 30,000 SH Sole 30,000
CHINA AGRITECH INC COM 16937A200 56 2,000 SH Sole 2,000
CHINA AUTOMOTIVE SYS INC COM 16936R105 468 25,000 SH Sole 25,000
CIBT EDUCATION GROUP INC /CAD/ COM 17163Y102 398 453,632 SH Sole 453,632
CIGNA CORP COM 125509109 176 5,000 SH Sole 5,000
CLAUDE RESOURCES INC /CAD/ COM 182873109 3221 2,597,600 SH Sole 2,597,600
CLAUDE RESOURCES INC /CAD/ COM 182873109 2138 1,724,400 SH Sole 1,724,400
CLIFFS NATURAL RESOURCES INC COM 18683K101 9218 200,000 SH Sole 200,000
CLIFFS NATURAL RESOURCES INC COM 18683K101 184 4,000 SH Sole 4,000
CMS ENERGY CORP COM 125896100 274 17,500 SH Sole 17,500
CNOOC LTD SPONSORED ADR 126132109 466 3,000 SH Sole 3,000
COEUR D ALENE MINES CORP IDAHO COM 192108504 2005 111,000 SH Sole 111,000
COEUR D ALENE MINES CORP IDAHO COM 192108504 5183 287,000 SH Sole 287,000
COEUR D ALENE MINES CORP IDAHO COM 192108504 181 10,000 SH Sole 10,000
COMPANHIA BRASILEIRA DE
DISTRIBUICAO SPN ADR PFD CL A 20440T201 225 3,000 SH Sole 3,000
COMPANHIA ENERGETICA DE MINAS
GERAIS SPN ADR PFD CL A 204409601 726 40,201 SH Sole 40,201
CONCHO RESOURCES INC COM 20605P101 180 4,000 SH Sole 4,000
CONCHO RESOURCES INC COM 20605P101 449 10,000 SH Sole 10,000
COPA HOLDINGS SA CL A P31076105 300 5,500 SH Sole 5,500
COPA HOLDINGS SA CL A P31076105 354 6,500 SH Sole 6,500
COPA HOLDINGS SA CL A P31076105 163 3,000 SH Sole 3,000
CORE LABORATORIES N V COM N22717107 11812 100,000 SH Sole 100,000
CORE LABORATORIES N V COM N22717107 638 5,400 SH Sole 5,400
CPFL ENERGIA SA SPONSORED ADR 126153105 772 12,500 SH Sole 12,500
CREE INC COM 225447101 451 8,000 SH Sole 8,000
CREE INC COM 225447101 1015 18,000 SH Sole 18,000
CRYSTALLEX INTL CORP COM 22942F101 817 2,150,000 SH Sole 2,150,000
CRYSTALLEX INTL CORP COM 22942F101 24 62,500 SH WTS Sole 62,500
CRYSTALLEX INTL CORP COM 22942F101 62 162,500 SH WTS Sole 162,500
CRYSTALLEX INTL CORP COM 22942F101 87 230,000 SH Sole 230,000
CRYSTALLEX INTL CORP /CANADIAN/ COM 22942F101 38 100,000 SH Sole 100,000
CSX CORP COM 126408103 8243 170,000 SH Sole 170,000
CSX CORP COM 126408103 388 8,000 SH Sole 8,000
CSX CORP COM 126408103 485 10,000 SH Sole 10,000
CTC MEDIA INC COM 12642X106 5260 353,000 SH Sole 353,000
CTRIP.COM INTERNATIONAL LTD ADR 22943F100 144 2,000 SH Sole 2,000
CTRIP.COM INTERNATIONAL LTD ADR 22943F100 1437 20,000 SH Sole 20,000
CTRIP.COM INTERNATIONAL LTD ADR 22943F100 503 7,000 SH Sole 7,000
DECKERS OUTDOOR CORP COM 243537107 509 5,000 SH Sole 5,000
DIANA SHIPPING INC COM Y2066G104 6516 450,000 SH Sole 450,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLMUN 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
-------------------------------- ---------------- --------- --------- ---------- --- ---- ---------- -------- ---- --------- -------
DOLLAR TREE INC COM 256746108 362 7,500 SH Sole 7,500
DRDGOLD LTD SPONSORED ADR 26152H301 3420 500,000 SH Sole 500,000
DRDGOLD LTD SPONSORED ADR 26152H301 684 100,000 SH Sole 100,000
DTE ENERGY CO COM 233331107 153 3,500 SH Sole 3,500
DUOYUAN GLOBAL WATER INC SPONSORED ADR 266043108 716 20,000 SH Sole 20,000
DUOYUAN GLOBAL WATER INC SPONSORED ADR 266043108 215 6,000 SH Sole 6,000
DUOYUAN GLOBAL WATER INC SPONSORED ADR 266043108 394 11,000 SH Sole 11,000
DUOYUAN GLOBAL WATER INC SPONSORED ADR 266043108 537 15,000 SH Sole 15,000
DUOYUAN GLOBAL WATER INC SPONSORED ADR 266043108 179 5,000 SH Sole 5,000
ELDORADO GOLD CORP COM 284902103 5668 400,000 SH Sole 400,000
ELDORADO GOLD CORP COM 284902103 5668 400,000 SH Sole 400,000
ELDORADO GOLD CORP COM 284902103 142 10,000 SH Sole 10,000
EL PASO PIPELINE PARTNERS COM UNIT LPI 283702108 114 4,400 SH Sole 4,400
EMERGING GLOBAL SHARES DOW JONES
EMERGING MARKETS ENERGY
TITANS ETF DJ MKT ENERGY 268461860 47 1,000 SH Sole 1,000
ENERGY TRANSFER PARTNERS UNIT LTD PARTN 29273R109 67 1,500 SH Sole 1,500
ENSCO INTERNATIONAL PLC COM 29358Q109 7389 185,000 SH Sole 185,000
ENTERPRISE PRODS PARTNERS COM 293792107 79 2,500 SH Sole 2,500
ENTREE GOLD INC /CAD/ COM 29383G100 1913 750,000 SH Sole 750,000
E-TRACS UBSLONG PLAT ETN LONG PLATN ETN18 902641786 221 12,000 SH Sole 12,000
E-TRACS UBSLONG PLAT ETN LONG PLATN ETN19 902641786 221 12,000 SH Sole 12,000
EXELON CORPORATION COM 30161N101 293 6,000 SH Sole 6,000
EXETER RES CORP COM 301835104 146 20,500 SH Sole 20,500
EXPRESS SCRIPTS INC COMMON COM 302182100 1037 12,000 SH Sole 12,000
F P L GROUP INC COM 302571104 792 15,000 SH Sole 15,000
FIRSTENERGY CORP COM 337932107 604 13,000 SH Sole 13,000
FLOWSERVE CORPORATION COM 34354P105 8980 95,000 SH Sole 95,000
FLOWSERVE CORPORATION COM 34354P105 378 4,000 SH Sole 4,000
FLOWSERVE CORPORATION COM 34354P105 350 3,700 SH Sole 3,700
FMC TECHNOLOGIES INC COM 30249U101 231 4,000 SH Sole 4,000
FORD MOTOR CO COM 345370860 200 20,000 SH CALL Sole 20,000
FOSSIL INC COM 349882100 168 5,000 SH Sole 5,000
FOSTER WHEELER AG COM COM H27178104 412 14,000 SH Sole 14,000
FRANKLIN RESOURCES INC COM 354613101 316 3,000 SH Sole 3,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 602 7,500 SH Sole 7,500
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 401 5,000 SH Sole 5,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 21678 270,000 SH Sole 270,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 2409 30,000 SH Sole 30,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 3212 40,000 SH Sole 40,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 201 2,500 SH Sole 2,500
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 321 4,000 SH Sole 4,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 161 2,000 SH Sole 2,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 482 6,000 SH CALL Sole 6,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 161 2,000 SH CALL Sole 2,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 201 2,500 SH CALL Sole 2,500
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 321 4,000 SH CALL Sole 4,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 120 1,500 SH CALL Sole 1,500
GENERAL MILLS COM 370334104 248 3,500 SH Sole 3,500
GERDAU SA S SPONSORED ADR 373737105 255 15,000 SH Sole 15,000
GERDAU SA S SPONSORED ADR 373737105 1022 60,000 SH Sole 60,000
GOLAR LNG LTD COM G9456A100 256 20,000 SH Sole 20,000
GOLD FIELDS LTD SPONSORED ADR 38059T106 2294 175,000 SH Sole 175,000
GOLD FIELDS LTD SPONSORED ADR 38059T106 1639 125,000 SH Sole 125,000
GOLDCORP INC COM 380956409 4013 102,000 SH PUT Sole 102,000
GOLDCORP INC COM 380956409 9973 253,500 SH PUT Sole 253,500
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLMUN 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
-------------------------------- ---------------- --------- --------- ---------- --- ---- ---------- -------- ---- --------- -------
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 58859 1,423,441 SH WTS Sole 1,423,441
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 43016 1,040,284 SH WTS Sole 1,040,284
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 157891 3,818,402 SH WTS Sole 3,818,402
GOLDEN STAR RES LTD COMMON STOCK 38119T104 2917 935,000 SH Sole 935,000
GOLDEN STAR RES LTD COM 38119T104 1763 565,000 SH Sole 565,000
GOLDMAN SACHS GROUP INC COM 38141G104 169 1,000 SH Sole 1,000
GOLDMAN SACHS GROUP INC COM 38141G104 692 4,100 SH Sole 4,100
GOOGLE INC COM 38259P508 310 500 SH CALL Sole 500
GREAT BASIN GOLD LTD /CAD/ COM 390124105 3833 2,225,000 SH Sole 2,225,000
GRUPO AEROPORTUARIO DEL SURESTE
SAB DE CV SPON ADR 40051E206 1036 20,000 SH Sole 20,000
GRUPO TELEVISA SA DE SPON ADR 40049J206 156 7,500 SH Sole 7,500
HALLIBURTON CO HOLDING COM 406216101 12337 410,000 SH Sole 410,000
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 1459 143,500 SH Sole 143,500
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 1185 116,500 SH Sole 116,500
HARTFORD FINL SVCS GROUP INC COM 416515104 174 7,500 SH Sole 7,500
HECLA MINING COM 422704106 5655 915,000 SH Sole 915,000
HECLA MINING COM 422704106 7169 1,160,000 SH Sole 1,160,000
HECLA MINING COM 422704106 260 42,000 SH CALL Sole 42,000
HECLA MINING COM 422704106 989 160,000 SH CALL Sole 160,000
HECLA MINING COM 422704106 1049 169,750 SH WTS Sole 169,750
HECLA MINING COM 422704106 1948 315,250 SH WTS Sole 315,250
HESS CORP COM 42809H107 12100 200,000 SH Sole 200,000
HUNTSMAN CORP COM 447011107 169 15,000 SH Sole 15,000
I SHARES MSCI TAIWAN INDEX FUND
ETF MSCI TAIWAN 464286731 253 19,500 SH Sole 19,500
I SHARES MSCI TAIWAN INDEX FUND
ETF MSCI TAIWAN 464286731 64 4,900 SH Sole 4,900
IAMGOLD CORPORATION COM 450913108 4692 300,000 SH Sole 300,000
IAMGOLD CORPORATION COM 450913108 6256 400,000 SH Sole 400,000
IAMGOLD CORPORATION COM 450913108 1314 84,000 SH PUT Sole 84,000
IAMGOLD CORPORATION COM 450913108 1814 116,000 SH PUT Sole 116,000
INFOSYS TECHNOLOGIES SPONSORED ADR 456788108 193 3,500 SH Sole 3,500
INTERNATIONAL ROYALTY CORP COM 460277106 5026 702,000 SH Sole 702,000
INVERNESS MEDICAL INNOVATION COM 46126P106 166 4,000 SH Sole 4,000
ISHARES MSCI CHILE INVEST MARKET
INDEX FUND MSCI CHILE INVES 464286640 71 1,300 SH Sole 1,300
ISHARES MSCI ISRAEL CAPPED INDEX
FUND ETF MSCI ISRAEL FD 464286632 71 1,300 SH Sole 1,300
ISHARES MSCI SOUTH KOREA
INDEXFUND ETF MSCI S KOREA 464286772 238 5,000 SH Sole 5,000
ISHARES MSCI SOUTH KOREA
INDEXFUND ETF MSCI S KOREA 464286772 60 1,250 SH Sole 1,250
ISHARES MSCI THAILAND INDEX FUND
ETF MSCI THAILAND 464286624 263 6,200 SH Sole 6,200
ISHARES MSCI THAILAND INDEX FUND
ETF MSCI THAILAND 464286624 68 1,600 SH Sole 1,600
ISHARES MSCI TURKEY INDEX
FUNDETF MSCI TURKEY FD 464286715 162 3,000 SH Sole 3,000
ISHARES SOUTH AFRICA INDEX FUND
ETF MSCI STH AFRCA 464286780 56 1,000 SH Sole 1,000
ISHARES TR INDEX DJ US REAL EST REAL EST 50 IN 464287739 230 5,000 SH Sole 5,000
ISHARES TR INDEX DJ US REAL EST REAL EST 50 IN 464287739 459 10,000 SH Sole 10,000
ISHARES TR INDEX DJ US TELECOMM DJ US TELECOMM 464287713 300 15,000 SH Sole 15,000
ISHARES TR INDEX DJ US TELECOMM DJ US TELECOMM 464287713 450 22,500 SH Sole 22,500
ISHARES TR INDEX TRANSP AVE IDX TRANSP AVE IDX 464287192 148 2,000 SH Sole 2,000
ISHARES TR INDEX TRANSP AVE IDX TRANSP AVE IDX 464287192 369 5,000 SH Sole 5,000
ISHARES TR INDEX TRANSP AVE IDX TRANSP AVE IDX 464287192 591 8,000 SH Sole 8,000
ISHARES TRUST RUSSELL 2000 ETF RUSSELL 2000 464287655 156 2,500 SH Sole 2,500
ITAU UNIBANCO HOLDING SA/BRL/ COM P5968U113 256 11,337 SH Sole 11,337
IVANHOE ENERGY INC /CAD/ COM 465790103 4440 1,500,000 SH Sole 1,500,000
IVANHOE ENERGY INC /CAD/ COM 465790103 101 35,000 SH Sole 35,000
IVANHOE ENERGY INC /CAD/ COM 465790103 148 50,000 SH WTS Sole 50,000
IVANHOE MINES LTD COM 46579N103 1050 71,900 SH Sole 71,900
IVANHOE MINES LTD COM 46579N103 451 30,900 SH Sole 30,900
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLMUN 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
-------------------------------- ---------------- --------- --------- ---------- --- ---- ---------- -------- ---- --------- -------
IVANHOE MINES LTD COM 46579N103 1232 84,300 SH Sole 84,300
J CREW GROUP INC COM 46612H402 403 9,000 SH Sole 9,000
J CREW GROUP INC COM 46612H402 716 16,000 SH Sole 16,000
JOHNSON & JOHNSON COM 478160104 644 10,000 SH CALL Sole 10,000
JOY GLOBAL INC COM 481165108 7739 150,000 SH Sole 150,000
KEEGAN RESOURCES INC /CAD/ COM 487275109 332 50,000 SH Sole 50,000
KEY ENERGY SVCS INC COM 492914106 6027 685,700 SH Sole 685,700
KEY ENERGY SVCS INC COM 492914106 176 20,000 SH Sole 20,000
KINROSS GOLD CORP COM 496902404 1472 80,000 SH Sole 80,000
KINROSS GOLD CORP COM 496902404 4048 220,000 SH Sole 220,000
KINROSS GOLD CORP /CAD/ COM 496902404 5861 302,574 SH WTS Sole 302,574
KINROSS GOLD CORP /CAD/ COM 496902404 8033 414,727 SH WTS Sole 414,727
KINROSS GOLD CORP /CAD/ COM 496902404 2799 144,528 SH WTS Sole 144,528
KINROSS GOLD CORP /CAD/ COM 496902404 5944 306,843 SH WTS Sole 306,843
KINROSS GOLD CORP /CAD/ COM 496902404 15148 782,034 SH WTS Sole 782,034
KINROSS GOLD CORP /CAD/ COM 496902404 18351 947,371 SH WTS Sole 947,371
LIHIR GOLD LTD SPONSORED ADR 532349107 3984 136,500 SH Sole 136,500
LIHIR GOLD LTD SPONSORED ADR 532349107 292 10,000 SH Sole 10,000
LIHIR GOLD LTD SPON ADR SPONSORED ADR 532349107 2919 100,000 SH Sole 100,000
LINCOLN NATL CORP IND COM 534187109 249 10,000 SH Sole 10,000
LINN ENERGY LLC UNIT LTD LIAB 536020100 335 12,000 SH Sole 12,000
MAG SILVER CORPORATION /CAD/ COM 55903Q104 3213 510,000 SH Sole 510,000
MAG SILVER CORPORATION /CAD/ COM 55903Q104 97 15,000 SH Sole 15,000
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 2380 51,500 SH PUT Sole 51,500
MARKET VECTORS INDONESIA INDEX
ETF INDONESIA ETF 57060U753 236 3,800 SH Sole 3,800
MARKET VECTORS INDONESIA INDEX
ETF INDONESIA ETF 57060U753 59 950 SH Sole 950
MARKET VECTORS JR GOLD MINERS GOLD MINER ETF 57060U589 2574 100,000 SH PUT Sole 100,000
MARKET VECTORS RUSSIA ETF RUSSIA ETF 57060U506 62 2,000 SH Sole 2,000
MARKET VECTORS RUSSIA ETF RUSSIA ETF 57060U506 4679 150,000 SH CALL Sole 150,000
MASTERCARD INC COM 57636Q104 896 3,500 SH Sole 3,500
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 2258 120,000 SH Sole 120,000
MEDCO HEALTH SOLUTIONS INC COM 58405U102 479 7,500 SH Sole 7,500
MEDCO HEALTH SOLUTIONS INC COM 58405U102 895 14,000 SH Sole 14,000
MERCK & CO INC NEW COM 58933Y105 215 5,883 SH Sole 5,883
MINES MANAGEMENT INC COM 603432105 2212 784,500 SH Sole 784,500
MINES MANAGEMENT INC /CAD COM 603432105 117 40,900 SH Sole 40,900
MINES MANAGEMENT INC /CAD COM 603432105 2212 44,000 SH WTS Sole 44,000
MINES MANAGEMENT INC /CAD COM 603432105 2076 723,300 SH WTS Sole 723,300
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 391 8,000 SH Sole 8,000
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 147 3,000 SH Sole 3,000
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 15254 312,000 SH Sole 312,000
NATIONAL OILWELL VARCO INC COM 637071101 11023 250,000 SH Sole 250,000
NETAPP INC COM 64110D104 413 12,000 SH Sole 12,000
NETFLIX.COM INC COM 64110L106 717 13,000 SH Sole 13,000
NEW GOLD INC COM 644535106 18 4,823 SH Sole 4,823
NEW GOLD INC COM 644535106 18 5,000 SH Sole 5,000
NEW GOLD INC /CAD/ COM 644535106 1862 490,000 SH Sole 490,000
NEW GOLD INC /CAD/ COM 644535106 988 260,000 SH Sole 260,000
NEW GOLD INC /CAD/ COM 644535106 3126 822,570 SH WTS Sole 822,570
NEW GOLD INC /CAD/ COM 644535106 1340 352,530 SH WTS Sole 352,530
NEW GOLD INC /CAD/ COM 644535106 988 260,000 SH WTS Sole 260,000
NEW GOLD INC /CAD/ COM 644535106 957 251,800 SH WTS Sole 251,800
NEW GOLD INC /CAD/ COM 644535106 34 8,850 SH WTS Sole 8,850
NEW GOLD INC /CAD/ COM 644535106 1170 307,840 SH WTS Sole 307,840
NEW GOLD INC /CAD/ COM 644535106 948 249,510 SH WTS Sole 249,510
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLMUN 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
-------------------------------- ---------------- --------- --------- ---------- --- ---- ---------- -------- ---- --------- -------
NEW GOLD INC /CAD/ COM 644535106 112 29,400 SH WTS Sole 29,400
NEW GOLD INC /CAD/ COM 644535106 411 108,250 SH WTS Sole 108,250
NEW GOLD INC /CAD/ COM 644535106 124 32,600 SH WTS Sole 32,600
NEW GOLD INC /CAD/ COM 644535106 21 5,750 SH WTS Sole 5,750
NEW GOLD INC /CAD/ COM 644535106 218 59,950 SH WTS Sole 59,950
NEW GOLD INC /CAD/ COM 644535106 104 28,500 SH WTS Sole 28,500
NEWMONT MINING CORP /USD/ COM 651639106 2366 50,000 SH Sole 50,000
NEWMONT MINING CORP /USD/ COM 651639106 2957 62,500 SH Sole 62,500
NEWMONT MINING CORP /USD/ COM 651639106 672 14,200 SH PUT Sole 14,200
NEWMONT MINING CORP /USD/ COM 651639106 1812 38,300 SH PUT Sole 38,300
NOBLE CORPORATION COM H5833N103 7937 195,000 SH Sole 195,000
NOBLE ENERGY INC COM 655044105 11039 155,000 SH Sole 155,000
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 6125 700,000 SH Sole 700,000
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 6125 700,000 SH Sole 700,000
NUSTAR ENERGY LP UNIT COM 67058H102 421 7,500 SH Sole 7,500
NUSTAR ENERGY LP UNIT COM 67058H102 112 2,000 SH Sole 2,000
OCCIDENTAL PETROLEUM COM 674599105 21151 260,000 SH Sole 260,000
OCCIDENTAL PETROLEUM COM 674599105 1627 20,000 SH CALL Sole 20,000
OIL SERVICES HLD TR COM 678002106 11888 100,000 SH CALL Sole 100,000
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 187 3,000 SH Sole 3,000
PACIFIC RIM MINING CORP COM 694915208 806 4,738,813 SH Sole 4,738,813
PACIFIC RIM MINING CORP /CAD/ COM 694915208 110 611,900 SH Sole 611,900
PAN AMERICAN SILVER CORP
/CANADIAN/ COM 697900108 2381 100,000 SH Sole 100,000
PAN AMERICAN SILVER CORP
/CANADIAN/ COM 697900108 3095 130,000 SH Sole 130,000
PEABODY ENERGY CORP COM 704549104 16954 375,000 SH Sole 375,000
PEABODY ENERGY CORP COM 704549104 339 7,500 SH Sole 7,500
PEPCO HOLDINGS INC COM 713291102 253 15,000 SH Sole 15,000
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 789 20,000 SH Sole 20,000
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 592 15,000 SH Sole 15,000
PETROCHINA CO LTD H /HKD/ COMMON STOCK Y6883Q104 126 106,000 SH Sole 106,000
PHILIP MORRIS INTERNATIONAL COM 718172109 289 6,000 SH Sole 6,000
PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTN 726503105 172 3,250 SH Sole 3,250
PLATINUM GROUP METALS /CAD/ COM 72765Q205 2322 1,070,000 SH Sole 1,070,000
POSCO SPONSORED ADR SPONSORED ADR 693483109 459 3,500 SH Sole 3,500
POTASH CORP SASKATCHEWAN COM 73755L107 7595 70,000 SH Sole 70,000
POTASH CORP SASKATCHEWAN COM 73755L107 217 2,000 SH Sole 2,000
POTASH CORP SASKATCHEWAN COM 73755L107 434 4,000 SH Sole 4,000
POWERSHARES GLOBAL WATER
PORTFOLIO FUND GLOBAL WATER ETF 73936T623 254 14,000 SH Sole 14,000
POWERSHARES INDIA PORTFOLIO
TRUST ETF INDIA ETF 73935L100 60 2,700 SH Sole 2,700
PRECISION CASTPARTS CORP COM 740189105 110 1,000 SH Sole 1,000
PRICELINE.COM INC COM 741503403 874 4,000 SH Sole 4,000
PRIDE INTERNATIONAL INC COM 74153Q102 230 7,200 SH Sole 7,200
PROCTER & GAMBLE COM 742718109 212 3,500 SH Sole 3,500
PRUDENTIAL FINANCIAL INC COM 744320102 249 5,000 SH Sole 5,000
QUALITY SYSTEMS INC COM 747582104 502 8,000 SH Sole 8,000
RACKSPACE HOSTING INC COM 750086100 261 12,500 SH Sole 12,500
RANDGOLD RESOURCES LTD ADR 752344309 19464 246,000 SH Sole 246,000
RANDGOLD RESOURCES LTD ADR 752344309 14242 180,000 SH Sole 180,000
RANDGOLD RESOURCES LTD ADR 752344309 49450 625,000 SH Sole 625,000
RICHMONT MINES INC COM 76547T106 1875 500,000 SH Sole 500,000
RIVERBED TECHNOLOGY INC COM 768573107 861 37,500 SH Sole 37,500
ROYAL BK CDA MONTREAL QUE COM 780087102 161 3,000 SH Sole 3,000
ROYAL GOLD INC COM 780287108 8243 175,000 SH Sole 175,000
ROYAL GOLD INC COM 780287108 7301 155,000 SH Sole 155,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLMUN 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
-------------------------------- ---------------- --------- --------- ---------- --- ---- ---------- -------- ---- --------- -------
RUBICON MINERALS CORP /CAD/ COM 780911103 9000 1,800,000 SH Sole 1,800,000
RUBICON MINERALS CORP /CAD/ COM 780911103 848 169,600 SH Sole 169,600
RUBICON MINERALS CORP /CAD/ COM 780911103 144 30,000 SH Sole 30,000
SALESFORCE.COM INC COM 79466L302 516 7,000 SH Sole 7,000
SALESFORCE.COM INC COM 79466L302 553 7,500 SH Sole 7,500
SANDISK CORP COM 80004C101 362 12,500 SH Sole 12,500
SCHLUMBERGER LTD /SCHLUMBERGERN
V COM 806857108 98 1,500 SH Sole 1,500
SCHWEITZER-MAUDUIT INTL INC COM 808541106 281 4,000 SH Sole 4,000
SECTOR SPDR TR SBI INT UTILS ETF SBI INT-UTILS 81369Y886 7750 250,000 SH Sole 250,000
SECTOR SPDR TR SBI INT UTILS ETF SBI INT-UTILS 81369Y886 527 17,000 SH Sole 17,000
SECTOR SPDR TR SBI INT UTILS ETF SBI INT-UTILS 81369Y886 357 11,500 SH Sole 11,500
SECTOR SPDR TR SHS BEN INT
TECHNOLOGY ETF SBI INT-TECH 81369Y803 343 15,000 SH Sole 15,000
SILVER STD RES INC COM 82823L106 4374 200,000 SH Sole 200,000
SILVERCORP METALS INC /CAD/ COM 82835P103 5750 825,000 SH Sole 825,000
SILVERCORP METALS INC /CAD/ COM 82835P103 11501 1,650,000 SH Sole 1,650,000
SILVERCORP METALS INC /CAD/ COM 82835P103 523 75,000 SH Sole 75,000
SILVER WHEATON CORP /CAD/ COM 828336107 7,167 451,340 SH WTS Sole 451,340
SILVER WHEATON CORP /CAD/ COM 828336107 6,100 384,140 SH WTS Sole 384,140
SILVER WHEATON CORP /CAD/ COM 828336107 24,487 1,542,020 SH WTS Sole 1,542,020
SILVER WHEATON CORP /CAD/ COM 828336107 3,777 237,844 SH WTS Sole 237,844
SILVER WHEATON CORP /CAD/ COM 828336107 9,223 580,806 SH WTS Sole 580,806
SILVER WHEATON CORP /CAD/ COM 828336107 6,949 437,595 SH WTS Sole 437,595
SILVER WHEATON CORP COM /CAD/ COM 828336107 176 11,071 SH WTS Sole 11,071
SINA CORPORATION COM G81477104 565 12,500 SH Sole 12,500
SKECHERS USA INC CL A 830566105 221 7,500 SH Sole 7,500
SOLITARIO EXPLORATION & ROYALTY
/CAD/ COM 8342EP107 2387 994,522 SH Sole 994,522
SOUTHWESTERN ENERGY CO COM 845467109 15665 325,000 SH Sole 325,000
SPDR GOLD TRUST COM 78463V107 10731 100,000 SH CALL Sole 100,000
SPDR GOLD TRUST GOLD SHS 78463V107 161 1,500 SH Sole 1,500
SPDR GOLD TRUST GOLD SHS 78463V107 1073 10,000 SH CALL Sole 10,000
SPDR S&P EMERGING EUROPE ETF ETF EUROPE ETF 78463X608 87 2,000 SH Sole 2,000
STANTEC INC COM 85472N109 575 20,000 SH Sole 20,000
SYBASE INC COM 871130100 174 4,000 SH Sole 4,000
TAIWAN SEMICONDUCTOR SPONSORED ADR 874039100 458 40,000 SH Sole 40,000
TAIWAN SEMICONDUCTOR SPONSORED ADR 874039100 114 10,000 SH Sole 10,000
TAIWAN SEMICONDUCTOR
MANUFACTURING CO LTD COM Y84629107 47 23,230 SH Sole 23,230
TECK RESOURCES LTD CL B 878742204 192 5,500 SH Sole 5,500
TECK RESOURCES LTD CL B 878742204 17835 510,000 SH Sole 510,000
TECK RESOURCES LTD CL B 878742204 2798 80,000 SH Sole 80,000
TECK RESOURCES LTD CL B 878742204 2448 70,000 SH Sole 70,000
TECK RESOURCES LTD CL B 878742204 699 20,000 SH Sole 20,000
TECK RESOURCES LTD CL B 878742204 629 18,000 SH Sole 18,000
TECK RESOURCES LTD CL B 878742204 157 4,500 SH Sole 4,500
TENARIS SA SPONSORED ADR 88031M109 12155 285,000 SH Sole 285,000
TESORO CORP COM 881609101 6301 465,000 SH Sole 465,000
TEXTRON INC COM 883203101 207 11,000 SH Sole 11,000
THOMPSON CREEK METALS CO COM 884768102 6505 555,000 SH Sole 555,000
THOMPSON CREEK METALS CO /CAD/ COM 884768102 123 10,000 SH WTS Sole 10,000
TIM PARTICIPACOES SA SPONS ADR PFD 88706P106 149 5,000 SH Sole 5,000
TRINA SOLAR LIMITED COMMON STOCK 89628E108 810 15,000 SH Sole 15,000
TURKCELL ILETISIM HIZMET SPON ADR NEW 900111204 5247 300,000 SH Sole 300,000
TURKCELL ILETISIM HIZMET SPON ADR NEW 900111204 394 22,500 SH Sole 22,500
ULTRA PETROLEUM CORP COM 903914109 9473 190,000 SH Sole 190,000
UNITED STATES NATURAL GAS ETF COM 912318102 5040 500,000 SH CALL Sole 500,000
UNITED STATES STEEL CORP COM 912909108 8268 150,000 SH Sole 150,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLMUN 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
-------------------------------- ---------------- --------- --------- ---------- --- ---- ---------- -------- ---- --------- -------
VALE S.A. ADR COM 91912E109 218 7,500 SH Sole 7,500
VALERO ENERGY CORP COM 91913Y100 7203 430,000 SH Sole 430,000
VANTAGE DRILL WTS *W EXP 05/24/201 G93205121 222 2,461,400 SH Sole 2,461,400
VANTAGE DRILLING COMPANY COM G93205113 3352 2,082,069 SH Sole 2,082,069
VIMPEL COMMUNICATIONS SPONSORED ADR 68370R109 14559 783,157 SH Sole 783,157
VIMPEL COMMUNICATIONS SPONSORED ADR 68370R109 465 25,000 SH Sole 25,000
VIMPEL COMMUNICATIONS SPONSORED ADR 68370R109 186 10,000 SH Sole 10,000
VISTAPRINT N V COM N93540107 567 10,000 SH Sole 10,000
VIVO PARTICIPACOES SA SPON ADR PFD NEW 92855S200 775 25,000 SH Sole 25,000
VIVO PARTICIPACOES SA SPON ADR PFD NEW 92855S200 388 12,500 SH Sole 12,500
WALTER ENERGY INC COM 93317Q105 9037 120,000 SH Sole 120,000
WALTER ENERGY INC COM 93317Q105 226 3,000 SH Sole 3,000
WALTER ENERGY INC COM 93317Q105 452 6,000 SH Sole 6,000
WELLPOINT INC COM 94973V107 291 5,000 SH Sole 5,000
WESTERN DIGITAL CORP COM 958102105 265 6,000 SH Sole 6,000
WEYERHAEUSER CO COM 962166104 129 3,000 SH Sole 3,000
WIMM BILL DANN FOODS SPONSORED ADR 97263M109 5,123 215,000 SH Sole 215,000
WIMM BILL DANN FOODS SPONSORED ADR 97263M109 119 5,000 SH Sole 5,000
YAMANA GOLD INC COM 98462Y100 9,616 845,000 SH Sole 845,000
YAMANA GOLD INC COM 98462Y100 14,282 1,255,000 SH Sole 1,255,000
YAMANA GOLD INC COM 98462Y100 324 28,500 SH CALL Sole 28,500
YAMANA GOLD INC COM 98462Y100 814 71,500 SH CALL Sole 71,500
YAMANA GOLD INC COM 98462Y100 1,526 134,100 SH PUT Sole 134,100
YAMANA GOLD INC COM 98462Y100 3,066 269,400 SH PUT Sole 269,400
YINGLI GREEN ENERGY HOLD ADR 98584B103 466 29,500 SH Sole 29,500
GRAND 1,333,863 83,958,757