UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 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 08/14/09
--------------------- -------------------- ---------------
[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 334
Form 13F Information Table Total Value (x1000) 1,033,597
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 SPON ADR 000375204 237 15,000 SH Sole 15,000
ACTIVISION BLIZZARD INC COM 00507V109 227 18,000 SH Sole 18,000
ACTIVISION BLIZZARD INC COM 00507V109 739 58,500 SH Sole 58,500
AECOM TECHNOLOGY CORP COM 00766T100 256 8,000 SH Sole 8,000
AEROVIRONMENT INC COM 008073108 278 9,000 SH Sole 9,000
AGFEED INDUSTRIES INC COM 00846L101 593 100,000 SH Sole 100,000
ALCON INC COM H01301102 581 5,000 SH Sole 5,000
AMAG PHARMACEUTICALS COM 00163U106 137 2,500 SH Sole 2,500
AMAZON COM INC COM 023135106 251 3,000 SH Sole 3,000
AMAZON COM INC COM 023135106 753 9,000 SH Sole 9,000
AMERICAN TOWER CORP CL A CL A 029912201 236 7,500 SH Sole 7,500
ANADARKO PETE CORP COM 032511107 7,716 170,000 SH Sole 170,000
ANADARKO PETE CORP COM 032511107 272 6,000 SH Sole 6,000
ANGLOGOLD ASHANTI LTD SPON ADR SPON ADR 035128206 5,861 160,000 SH Sole 160,000
ANGLOGOLD ASHANTI LTD SPON ADR SPON ADR 035128206 4,396 120,000 SH Sole 120,000
ANGLOGOLD ASHANTI LTD SPON ADR SPON ADR 035128206 220 6,000 SH Sole 6,000
ANGLOGOLD ASHANTI LTD SPON ADR SPON ADR 035128206 549 15,000 SH Sole 15,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E108 311 375,000 SH Sole 375,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E108 2,406 2,900,000 SH Sole 2,900,000
APPLE INC COM 037833100 570 4,000 SH Sole 4,000
APPLE INC COM 037833100 285 2,000 SH CALL Sole 2,000
ARCSIGHT INC COM 039666102 133 7,500 SH Sole 7,500
ARCSIGHT INC COM 039666102 284 16,000 SH Sole 16,000
ARENA RESOURCES INC COM 040049108 7,644 240,000 SH Sole 240,000
ASA LTD COM G3156P103 2,561 40,500 SH Sole 40,500
ASA LTD COM G3156P103 917 14,500 SH Sole 14,500
ATLAS ENERGY RESOURCE LLC COM 049303100 8,172 400,000 SH Sole 400,000
ATP OIL & GAS CO COM 00208J108 104 15,000 SH Sole 15,000
AURIZON MINES LTD COM COM 05155P106 359 101,000 SH Sole 101,000
AURIZON MINES LTD COM COM 05155P106 489 137,800 SH Sole 137,800
BAIDU INC SPON ADR SPON ADR REP A 056752108 452 1,500 SH Sole 1,500
BAIDU INC SPON ADR SPON ADR REP A 056752108 120 400 SH Sole 400
BANK OF AMERICA CORP COM 060505104 528 40,000 SH Sole 40,000
BANK OF AMERICA CORP COM 060505104 924 70,000 SH Sole 70,000
BANK OF AMERICA CORP COM 060505104 132 10,000 SH CALL Sole 10,000
BERKSHIRE HATHAWAY INC DEL CL B CL B 084670207 492 170 SH Sole 170
BLACKSTONE GROUP LP/THE COM UNIT LTD 09253U108 158 15,000 SH Sole 15,000
BMC SOFTWARE INC COM 055921100 253 7,500 SH Sole 7,500
BRISTOL MYERS SQUIBB CO COM 110122108 345 17,000 SH Sole 17,000
BUCKLE INC COM 118440106 477 15,000 SH Sole 15,000
CAMERON INTERNATIONAL
CORPORATION COM 13342B105 7,641 270,000 SH Sole 270,000
CAMERON INTERNATIONAL
CORPORATION COM 13342B105 340 12,000 SH Sole 12,000
CANO PETE INC COM COM 137801106 1,900 2,000,000 SH Sole 2,000,000
CERNER CORP COM 156782104 374 6,000 SH Sole 6,000
CF INDUSTRIES HOLDINGS INC COM 125269100 7,414 100,000 SH Sole 100,000
CHANGYOU COM LTD ADR ADS REP CL A 15911M107 385 10,000 SH Sole 10,000
CHANGYOU COM LTD ADR ADS REP CL A 15911M107 289 7,500 SH Sole 7,500
CHESAPEAKE ENERGY CORP COM 165167107 11,402 575,000 SH Sole 575,000
CHESAPEAKE ENERGY CORP COM 165167107 99 5,000 SH Sole 5,000
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
------------------------------- ---------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
CHINA MOBILE LTD SPONSORED ADR SPON ADR 16941M109 376 7,500 SH Sole 7,500
CHINA MOBILE LTD SPONSORED ADR SPON ADR 16941M109 125 2,500 SH Sole 2,500
CHINA UNICOM HONG KONG ADR SPON ADR 16945R104 267 20,000 SH Sole 20,000
CHIPOTLE MEXICAN GRILL INC COM 169656105 600 7,500 SH Sole 7,500
CIBT EDUCATION GROUP INC /CAD/ COM 17163Y102 222 453,632 SH Sole 453,632
CIENA CORP COM 171779309 279 27,000 SH Sole 27,000
CITIGROUP COM 1729679IW 15 5,000 SH CALL Sole 5,000
CLAUDE RESOURCES INC /CAD/ COM 182873109 1,135 1,500,000 SH Sole 1,500,000
CLAYMORE ALPHA/SHARES CHINA
REAL ESTATE ETF CLAY/ALPH CHN 18383Q861 108 6,300 SH Sole 6,300
CLAYMORE ALPHA/SHARES CHINA
REAL ESTATE ETF CLAY/ALPH CHN 18383Q861 27 1,600 SH Sole 1,600
CME GROUP INC COM 12572Q105 498 1,600 SH Sole 1,600
CNOOC LTD ADR SPON ADR 126132109 431 3,500 SH Sole 3,500
COEUR D ALENE MINES CORP IDAHO COM 192108504 2,091 170,000 SH Sole 170,000
COMPANHIA ENERGETICA SPON ADR SPON ADR 204409601 540 40,201 SH Sole 40,201
COMPANHIA SIDERURGICA NACIONAL
ADR SPON ADR 20440W105 391 17,500 SH Sole 17,500
CONCHO RESOURCES INC COM 20605P101 5,738 200,000 SH Sole 200,000
CONTANGO OIL & GAS COMPANY COM
NEW COM 21075N204 5,524 130,000 SH Sole 130,000
CONTANGO OIL & GAS COMPANY COM
NEW COM 2075N204 47 1,100 SH Sole 1,100
CONTINENTAL RESOURCES INC COM 212015101 8,325 300,000 SH Sole 300,000
COOPER COMPANIES INC COM 216648402 223 9,000 SH Sole 9,000
COPA HOLDINGS SA CLASS A CL A P31076105 225 5,500 SH Sole 5,500
COPA HOLDINGS SA CLASS A CL A P31076105 122 3,000 SH Sole 3,000
COPART INC COM 217204106 312 9,000 SH Sole 9,000
CORE LABORATORIES N V COM N22717107 6,536 75,000 SH Sole 75,000
CORE LABORATORIES N V COM N22717107 523 6,000 SH Sole 6,000
CPFL ENERGIA SA SP ADR /USD/ SPON ADR 126153105 606 12,500 SH Sole 12,500
CROSS TIMBERS ROYALTY TRUST TR UNIT 22757R109 76 2,000 SH Sole 2,000
CRYSTALLEX INTL CORP/CAD COM 22942F101 473 2,150,000 SH Sole 2,150,000
CRYSTALLEX INTL CORP COM 22942F101 22 100,000 SH Sole 100,000
CRYSTALLEX INTL CORP COM 22942F101 51 230,000 SH Sole 230,000
CRYSTALLEX INTL CORP COM 22942F101 14 62,500 SH WTS Sole 62,500
CRYSTALLEX INTL CORP COM 22942F101 36 162,500 SH WTS Sole 162,500
CSX CORP COM 126408103 277 8,000 SH Sole 8,000
CSX CORP COM 126408103 346 10,000 SH Sole 10,000
CTC MEDIA INC COM 12642X106 5,910 500,000 SH Sole 500,000
CTC MEDIA INC COM 12642X106 532 45,000 SH Sole 45,000
CTRIP.COM INTERNATIONAL LTD
ADR ADR 22943F100 463 10,000 SH Sole 10,000
DELL INC COM 24702R101 103 7,500 SH Sole 7,500
DRDGOLD LTD SPONSORED ADR SPON ADR NEW 26152H301 3,909 515,000 SH Sole 515,000
DRDGOLD LTD SPONSORED ADR SPON ADR NEW 26152H301 1,442 190,000 SH Sole 190,000
DRESSER-RAND GROUP INC COM 261608103 522 20,000 SH Sole 20,000
EBIX INC COM NEW COM 278715206 438 14,000 SH Sole 14,000
ELDORADO GOLD CORP /CAD/ COM 284902103 2,685 300,000 SH Sole 300,000
EL PASO PIPELINE PARTNERS LP COM UNIT LPI 283702108 77 4,400 SH Sole 4,400
ENERGY RECOVERY INC COM 29270J100 319 45,000 SH Sole 45,000
ENERGY TRANSFER UNIT LTD PARTN 29273R109 61 1,500 SH Sole 1,500
ENSCO INTERNATIONAL INC COM 26874Q100 7,323 210,000 SH Sole 210,000
ENTEPRISE PRODUCTS PARTNERS COM 293792107 62 2,500 SH Sole 2,500
ENTREE GOLD INC /CAD/ COM 29383G100 1,018 1,020,000 SH Sole 1,020,000
EXELON CORPORATION COM 30161N101 615 12,000 SH Sole 12,000
EXETER RESOURCE CORP COM 301835104 59 20,500 SH Sole 20,500
EXPRESS SCRIPTS INC COMMON COM 302182100 309 4,500 SH Sole 4,500
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
------------------------------- ---------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
F P L GROUP INC COM 302571104 1,251 22,000 SH Sole 22,000
F5 NETWORKS INC COM 315616102 311 9,000 SH Sole 9,000
FIRST SOLAR INC COM 336433107 162 1,000 SH Sole 1,000
FIRST SOLAR INC COM 336433107 648 4,000 SH Sole 4,000
FIRST SOLAR INC COM 336433107 730 4,500 SH Sole 4,500
FIRSTENERGY CORP COM 337932107 504 13,000 SH Sole 13,000
FLOWSERVE CORPORATION COM 34354P105 6,981 100,000 SH Sole 100,000
FLOWSERVE CORPORATION COM 34354P105 558 8,000 SH Sole 8,000
FLOWSERVE CORPORATION COM 34354P105 628 9,000 SH Sole 9,000
FLUOR CORP COM 343412102 692 13,500 SH Sole 13,500
FOSTER WHEELER AG COM COM H27178104 166 7,000 SH Sole 7,000
FREEPORT-MCMORAN COPPER & GOLD
INC COM 35671D857 14,281 285,000 SH Sole 285,000
FRONTLINE LIMITED COM G3682E127 6,090 250,000 SH Sole 250,000
FRONTLINE LIMITED COM G3682E127 29 1,200 SH Sole 1,200
GAMMON GOLD INC COM 36467T106 3,827 573,800 SH Sole 573,800
GAMMON GOLD INC COM 36467T106 2,088 313,000 SH Sole 313,000
GAMMON GOLD INC COM 36467T106 4,524 678,200 SH Sole 678,200
GENERAL CABLE CORP COM 369300108 470 12,500 SH Sole 12,500
GENERAL CABLE CORP COM 369300108 940 25,000 SH Sole 25,000
GERDAU SA SPONSORED ADR SPON ADR 373737105 733 70,000 SH Sole 70,000
GERDAU SA SPONSORED ADR SPON ADR 373737105 157 15,000 SH Sole 15,000
GOLD FIELDS LTD SPONSORED ADR SPON ADR 38059T106 259 21,500 SH Sole 21,500
GOLD FIELDS LTD SPONSORED ADR SPON ADR 38059T106 5,603 465,000 SH Sole 465,000
GOLD FIELDS LTD SPONSORED ADR SPON ADR 38059T106 4,760 395,000 SH Sole 395,000
GOLD FIELDS LTD SPONSORED ADR SPON ADR 38059T106 687 57,000 SH Sole 57,000
GOLD FIELDS LTD SPONSORED ADR SPON ADR 38059T106 259 21,500 SH Sole 21,500
GOLDCORP INC COM 380956409 1,699 48,900 SH Sole 48,900
GOLDCORP INC COM 380956409 6,033 173,600 SH Sole 173,600
GOLDCORP INC COM 380956409 1,717 49,400 SH PUT Sole 49,400
GOLDCORP INC COM 380956409 6,033 173,600 SH PUT Sole 173,600
GOLDCORP INC CW11 *W EXP 06/09/201 380956177 205 24,846 SH Sole 24,846
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/202 380956177 12,332 1,456,066 SH Sole 1,456,066
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/203 380956177 9,040 1,067,409 SH Sole 1,067,409
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/204 380956177 33,142 3,913,252 SH Sole 3,913,252
GOLDEN STAR RES LTD /CAD/ COM 38119T104 2,768 1,350,000 SH Sole 1,350,000
GOLDEN STAR RES LTD /CAD/ COM 38119T104 2,306 1,125,000 SH Sole 1,125,000
GOLDMAN SACHS GROUP INC COM 38141G104 369 2,500 SH Sole 2,500
GOLDMAN SACHS GROUP INC COM 38141G104 885 6,000 SH Sole 6,000
GOOGLE INC CLASS A CL A 38259P508 253 600 SH Sole 600
GREAT BASIN GOLD LTD /CAD/ COM 390124105 3,020 2,208,500 SH Sole 2,208,500
GRUPO AEROPORTUARIO DEL SURESTE
SAB DE CV SPON ADR 40051E206 858 22,000 SH Sole 22,000
HALLIBURTON CO HOLDING COM 406216101 9,315 450,000 SH Sole 450,000
HARMONY GOLD MINING CO LTD ADR SPON ADR 413216300 1,858 180,000 SH Sole 180,000
HARMONY GOLD MINING CO LTD ADR SPON ADR 413216300 722 70,000 SH Sole 70,000
HARTFORD FINL SVCS GROUP INC COM 416515104 297 25,000 SH Sole 25,000
HECLA MINING COM 422704106 1,997 745,000 SH Sole 745,000
HECLA MINING COM 422704106 113 42,000 SH CALL Sole 42,000
HECLA MINING COM 422704106 429 160,000 SH CALL Sole 160,000
HECLA MINING COM 422704106 455 169,750 SH WTS Sole 169,750
HECLA MINING COM 422704106 845 315,250 SH WTS Sole 315,250
HELIX ENERGY SOLUTIONS GROUP COM 42330P107 5,761 530,000 SH Sole 530,000
HELMERICH & PAYNE INC COM 423452101 7,563 245,000 SH Sole 245,000
HELMERICH & PAYNE INC COM 423452101 741 24,000 SH Sole 24,000
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
------------------------------- ---------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
HOLLY CORP COM 435758305 2,697 150,000 SH Sole 150,000
HUGOTON ROYALTY TRUST UNIT BEN INT 444717102 58 4,000 SH Sole 4,000
IAMGOLD CORPORATION COM 450913108 2,378 235,000 SH Sole 235,000
IAMGOLD CORPORATION COM 450913108 5,768 570,000 SH Sole 570,000
IAMGOLD CORPORATION /CAD/ COM 450913108 1,063 105,000 SH Sole 105,000
ILLUMINA INC COM 452327109 312 8,000 SH Sole 8,000
ILLUMINA INC COM 452327109 779 20,000 SH Sole 20,000
INTERNATIONAL ROYALTY CORP
/CAD/ COM 460277106 2,276 700,000 SH Sole 700,000
INTERNATIONAL ROYALTY CORP
/CAD/ COM 460277106 26 8,000 SH Sole 8,000
INTERNATIONAL TOWER HILL MIN COM 46051L104 91 30,000 SH Sole 30,000
INTERNATIONAL TOWER HILL MIN COM 46051L104 212 70,000 SH Sole 70,000
INVERNESS MEDICAL INNOVATION COM 46126P106 142 4,000 SH Sole 4,000
ISHARES SILVER TRUST ETF ISHARES 46428Q109 2,141 160,000 SH Sole 160,000
IVANHOE ENERGY INC /CAD/ COM 465790103 2,756 1,800,000 SH Sole 1,800,000
IVANHOE ENERGY INC /CAD/ COM 465790103 45 25,000 SH Sole 25,000
IVANHOE ENERGY INC - CW11 /CAD/ COM 465790103 43 24,000 SH WTS Sole 24,000
JAGUAR MINING INC /CAD/ COM 47009M103 7,191 948,200 SH Sole 948,200
JAGUAR MINING INC /CAD/ COM 47009M103 15,219 2,006,800 SH Sole 2,006,800
JAGUAR MINING INC COM 47009M103 922 121,659 SH Sole 121,659
JAGUAR MINING INC COM 47009M103 2,222 293,077 SH Sole 293,077
JANUS CAPITAL GROUP INC COM 47102X105 137 12,000 SH Sole 12,000
JOHNSON & JOHNSON COM 478160104 142 2,500 SH Sole 2,500
JOY GLOBAL INC COM 481165108 5,715 160,000 SH Sole 160,000
KINROSS GOLD CORP COM 496902404 1,815 100,000 SH Sole 100,000
KINROSS GOLD CORP COM 496902404 2,269 125,000 SH Sole 125,000
KINROSS GOLD CORP /CAD/ COM 496902404 3,064 144,528 SH WTS Sole 144,528
KINROSS GOLD CORP /CAD/ COM 496902404 6,505 306,843 SH WTS Sole 306,843
KINROSS GOLD CORP /CAD/ COM 496902404 6,227 293,724 SH WTS Sole 293,724
KINROSS GOLD CORP /CAD/ COM 496902404 8,641 407,612 SH WTS Sole 407,612
KINROSS GOLD CORP /CAD/ COM 496902404 15,619 736,734 SH WTS Sole 736,734
KINROSS GOLD CORP /CAD/ COM 496902404 19,126 902,171 SH WTS Sole 902,171
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 4,807 207,000 SH Sole 207,000
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 372 16,000 SH Sole 16,000
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 3,181 137,000 SH Sole 137,000
LINCOLN NATL CORP IND COM 534187109 301 17,500 SH Sole 17,500
LINN ENERGY LLC UNIT LTD LIAB UNIT LTD LIAB 536020100 294 15,000 SH Sole 15,000
LIZ CLAIBORNE INC COM 539320101 58 20,000 SH Sole 20,000
LUFKIN INDS INC COM 549764108 5,467 130,000 SH Sole 130,000
LUNDIN MINING CORP /CAD/ COM 550372106 490 170,000 SH Sole 170,000
LUNDIN MINING CORP /CAD/ COM 550372106 1,339 465,000 SH Sole 465,000
LUNDIN MINING CORP /CAD/ COM 550372106 29 10,000 SH Sole 10,000
MAG SILVER CORPORATION /CAD/ COM 55903Q104 1,695 371,800 SH Sole 371,800
MAG SILVER CORPORATION /CAD/ COM 55903Q104 57 12,500 SH Sole 12,500
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 2,088 100,000 SH PUT Sole 100,000
MASTEC INC COM 576323109 234 20,000 SH Sole 20,000
MASTEC INC COM 576323109 352 30,000 SH Sole 30,000
MASTERCARD INC COM 57636Q104 335 2,000 SH Sole 2,000
MECHEL STEEL GROUP OAO SPON ADR 583840103 3,094 370,500 SH Sole 370,500
MECHEL STEEL GROUP OAO SPON ADR 583840103 58 7,000 SH Sole 7,000
MECHEL STEEL GROUP OAO SPON ADR 583840103 184 22,000 SH Sole 22,000
MEDIVATION INC COM 58501N101 90 4,000 SH Sole 4,000
MF GLOBAL LTD COM G60642108 119 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
------------------------------- ---------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
MINES MANAGEMENT INC COM 603432105 62 40,900 SH Sole 40,900
MINES MANAGEMENT INC COM 603432105 1,270 846,930 SH Sole 846,930
MINES MANAGEMENT INC COM 603432105 30 20,250 SH Sole 20,250
MINES MANAGEMENT INC - CW12 COM 603432105 4 2,500 SH WTS Sole 2,500
MINES MANAGEMENT INC - CW12 COM 603432105 19 13,000 SH WTS Sole 13,000
MINES MANAGEMENT INC - CW12 COM 603432105 66 44,000 SH WTS Sole 44,000
MINES MANAGEMENT INC - CW12 COM 603432105 1,048 703,300 SH WTS Sole 703,300
MOBILE TELESYSTEMS /USD/ COM X5430T109 4,753 888,391 SH Sole 888,391
MOBILE TELESYSTEMS OJSC SPON
ADR SPON ADR 607409109 7,755 210,000 SH Sole 210,000
MOBILE TELESYSTEMS OJSC SPON
ADR SPON ADR 607409109 443 12,000 SH Sole 12,000
MOBILE TELESYSTEMS OJSC SPON
ADR SPON ADR 607409109 222 6,000 SH Sole 6,000
MOBILE TELESYSTEMS OJSC SPON
ADR SPON ADR 607409109 148 4,000 SH Sole 4,000
MOSAIC COMPANY COM 61945A107 487 11,000 SH Sole 11,000
MURPHY OIL CORP COM 626717102 3,802 70,000 SH Sole 70,000
NABORS INDUSTRIES LTD COM G6359F103 5,687 365,000 SH Sole 365,000
NATIONAL OILWELL VARCO INC COM 637071101 8,002 245,000 SH Sole 245,000
NETEASE.COM INC ADR COM 64110W102 704 20,000 SH Sole 20,000
NETEASE.COM INC ADR COM 64110W102 176 5,000 SH Sole 5,000
NETFLIX.COM INC COM 64110L106 413 10,000 SH Sole 10,000
NEW GOLD INC COM 644535106 13 4,823 SH Sole 4,823
NEW GOLD INC COM 644535106 13 5,000 SH Sole 5,000
NEW GOLD INC /CAD/ COM 644535106 2,436 920,000 SH Sole 920,000
NEW GOLD INC /CAD/ COM 644535106 1,858 701,700 SH Sole 701,700
NEW GOLD INC COM 644535106 13 5,000 SH Sole 5,000
NEW GOLD INC COM 644535106 13 4,823 SH Sole 4,823
NEW GOLD INC /CAD/ COM 644535106 2,834 920,000 SH Sole 920,000
NEW GOLD INC /CAD/ COM 644535106 1,709 555,000 SH Sole 555,000
NEW GOLD INC/CAD/ COM 644535106 77 25,000 SH Sole 25,000
NEW GOLD INC /CAD/ COM 644535106 3,388 1,100,000 SH Sole 1,100,000
NEW GOLD INC /CAD/ COM 644535106 807 262,014 SH Sole 262,014
NEW GOLD INC /CAD/ COM 644535106 4,092 1,328,576 SH Sole 1,328,576
NEW GOLD INC /CAD/ COM 644535106 13 4,338 SH Sole 4,338
NEW GOLD INC /CAD/ COM 644535106 776 251,800 SH WTS Sole 251,800
NEW GOLD INC /CAD/ COM 644535106 3,388 1,099,900 SH WTS Sole 1,099,900
NEW GOLD INC /CAD/ COM 644535106 2,534 822,570 SH WTS Sole 822,570
NEW GOLD INC /CAD/ COM 644535106 1,086 352,530 SH WTS Sole 352,530
NEW GOLD INC /CAD/ COM 644535106 948 307,840 SH WTS Sole 307,840
NEW GOLD INC /CAD/ COM 644535106 27 8,850 SH WTS Sole 8,850
NEW GOLD INC /CAD/ COM 644535106 765 248,510 SH WTS Sole 248,510
NEW GOLD INC /CAD/ COM 644535106 18 5,750 SH WTS Sole 5,750
NEW GOLD INC /CAD/ COM 644535106 312 101,300 SH WTS Sole 101,300
NEW GOLD INC /CAD/ COM 644535106 428 138,950 SH WTS Sole 138,950
NEW GOLD INC /CAD/ COM 644535106 1,255 407,350 SH WTS Sole 407,350
NEW GOLD INC /CAD/ COM 644535106 7 2,350 SH WTS Sole 2,350
NEW GOLD INC /CAD/ COM 644535106 332 107,650 SH WTS Sole 107,650
NEW GOLD INC /CAD/ COM 644535106 91 29,400 SH WTS Sole 29,400
NEW GOLD INC /CAD/ COM 644535106 100 32,600 SH WTS Sole 32,600
NEW GOLD - CW12 /CAD/ COM 644535106 88 28,500 SH WTS Sole 28,500
NEW GOLD - CW12 /CAD/ COM 644535106 185 59,950 SH WTS Sole 59,950
NEW GOLD INC /CAD/ COM 644535106 231 75,000 SH WTS Sole 75,000
NEW GOLD INC /CAD/ COM 644535106 1,571 510,000 SH WTS Sole 510,000
NEW GOLD INC /CAD/ COM 644535106 1,278 415,000 SH WTS Sole 415,000
NOBLE CORPORATION COM H5833N103 5,596 185,000 SH Sole 185,000
NOBLE ENERGY INC COM 655044105 531 9,000 SH Sole 9,000
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
------------------------------- ---------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
NORTH AMERN PALLADIUM LTD COM 656912102 49 20,000 SH Sole 20,000
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 5,899 845,000 SH Sole 845,000
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 4,689 671,650 SH Sole 671,650
NUSTAR ENERGY LP UNIT COM 67058H102 5,403 100,000 SH Sole 100,000
NUSTAR ENERGY LP UNIT COM 67058H102 405 7,500 SH Sole 7,500
NUSTAR ENERGY LP UNIT COM 67058H102 54 1,000 SH Sole 1,000
NVE CORP COM 629445206 389 8,000 SH Sole 8,000
NVIDIA CORP COM 67066G104 254 22,500 SH Sole 22,500
NVIDIA CORP COM 67066G104 452 40,000 SH Sole 40,000
OIL SERVICES HOLDRS TRUST DEPOSTRY RCPT 678002106 19,594 201,000 SH CALL Sole 201,000
OIL SERVICES HOLDRS TRUST CALL 678002906 195 2,000 SH Sole 2,000
ONEOK PARTNERS LP UNIT LTD PARTN 68268N103 137 3,000 SH Sole 3,000
PACIFIC RIM MINING CORP COM 694915208 1,279 4,738,813 SH Sole 4,738,813
PACIFIC RIM MINING CORP /CAD/ COM 694915208 154 591,900 SH Sole 591,900
PALM INC COM 696643105 249 15,000 SH Sole 15,000
PARAMOUNT GOLD AND SILVER /CAD COM 69924P102 457 307,500 SH Sole 307,500
PARAMOUNT GOLD AND SILVER CORP COM 69924P102 844 555,000 SH Sole 555,000
PARAMOUNT GOLD AND SILVER CORP COM 69924P102 38 25,000 SH Sole 25,000
PEABODY ENERGY CORP COM 704549104 8,897 295,000 SH Sole 295,000
PENN VIRGINIA CORP COM 707882106 55 5,000 SH Sole 5,000
PERFECT WORLD CO LTD-ADR COM 71372U104 286 10,000 SH Sole 10,000
PETROCHINA CO LTD ADR COM 71646E100 18,782 170,000 SH Sole 170,000
PETROCHINA CO LTD ADR COM 71646E100 4,972 45,000 SH PUT Sole 45,000
PETROHAWK ENERGY CORP COM 716495106 7,805 350,000 SH Sole 350,000
PETROLEO BRASILEIRO SA ADR SPON ADR 71654V408 410 10,000 SH Sole 10,000
PETROLEO BRASILEIRO SA ADR SPON ADR 71654V408 16,187 395,000 SH Sole 395,000
PETROLEO BRASILEIRO SA ADR SPON ADR 71654V408 984 24,000 SH Sole 24,000
PETROLEO BRASILEIRO SA ADR SPON ADR 71654V408 410 10,000 SH Sole 10,000
PHILIP MORRIS INTERNATIONAL COM 718172109 262 6,000 SH Sole 6,000
PIONEER NATURAL RESOURCES CO COM 723787107 6,375 250,000 SH Sole 250,000
PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTN 726503105 5,744 135,000 SH Sole 135,000
PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTN 726503105 128 3,000 SH Sole 3,000
PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTN 726505950 213 5,000 SH CALL Sole 5,000
PLAINS EXPLORATION & PRODUCT COM 726505100 4,104 150,000 SH CALL Sole 150,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 619 600,000 SH Sole 600,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 1,104 1,070,000 SH Sole 1,070,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 26 25,000 SH Sole 25,000
POTASH CORP SASKATCHEWAN COM 73755L107 6,048 65,000 SH Sole 65,000
POTASH CORP SASKATCHEWAN COM 73755L107 1,861 20,000 SH CALL Sole 20,000
POWELL INDS INC COM 739128106 6,117 165,000 SH Sole 165,000
POWELL INDS INC COM 739128106 222 6,000 SH Sole 6,000
PRIDE INTERNATIONAL INC COM 74153Q102 175 7,000 SH Sole 7,000
PROSHARES ULTRASHORT
FTSE/XINHCHINA ETF FTSE XINH ETF 74347R321 91 7,500 SH Sole 7,500
PROSHARES ULTRASHORT
FTSE/XINHCHINA ETF FTSE XINH ETF 74347R321 23 1,900 SH Sole 1,900
QUALCOMM INC COM 747525103 407 9,000 SH Sole 9,000
QUALITY SYSTEMS INC COM 747582104 740 13,000 SH Sole 13,000
QUICKSILVER RESOURCES INC COM 74837R104 5,342 575,000 SH Sole 575,000
RACKSPACE HOSTING INC COM 750086100 277 20,000 SH Sole 20,000
RACKSPACE HOSTING INC COM 750086100 416 30,000 SH Sole 30,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 28,877 450,000 SH Sole 450,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 9,626 150,000 SH Sole 150,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 193 3,000 SH CALL Sole 3,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 449 7,000 SH CALL Sole 7,000
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
------------------------------- ---------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
RANDGOLD RESOURCES LTD ADR ADR 752344309 193 3,000 SH CALL Sole 3,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 449 7,000 SH CALL Sole 7,000
RICHMONT MINES INC COM COM 76547T106 1,138 350,000 SH Sole 350,000
RIO TINTO PLC SPONSORED ADR SPON ADR 767204100 13,110 80,000 SH Sole 80,000
RIO TINTO PLC SPONSORED ADR SPON ADR 767204100 4,155 30,000 SH CALL Sole 30,000
RIO TINTO PLC SPONSORED ADR SPON ADR 767204900 208 1,500 SH CALL Sole 1,500
ROWAN COMPANIES COM 779382100 5,989 310,000 SH Sole 310,000
ROYAL BK CDA MONTREAL QUE COM COM 780087102 245 6,000 SH Sole 6,000
ROYAL GOLD INC COM 780287108 7,923 190,000 SH Sole 190,000
ROYAL GOLD INC COM 780287108 7,089 170,000 SH Sole 170,000
RUBICON MINERALS CORP /CAD/ COM 780911103 5,193 1,750,000 SH Sole 1,750,000
RUBICON MINERALS CORP /CAD/ COM 780911103 148 50,000 SH Sole 50,000
RUBICON MINERALS CORP /CAD/ COM 780911103 503 169,600 SH Sole 169,600
SAN JUAN BASIN ROYALTY TR UNIT BEN INT 798241105 144 10,000 SH Sole 10,000
SAN JUAN BASIN ROYALTY TR UNIT BEN INT 798241105 57 4,000 SH Sole 4,000
SANDRIDGE ENERGY INC COM 80007P307 5,112 600,000 SH Sole 600,000
SCHLUMBERGER LTD COM 806857108 162 3,000 SH Sole 3,000
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 9,071 351,600 SH CALL Sole 351,600
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 9,071 5,900 SH CALL Sole 5,900
SELECT SECTOR SPDR TR SBI INT- ENERGY 81369Y506 14,530 302,400 SH CALL Sole 302,400
SELECT SECTOR SPDR TR SBI INT- ENERGY 81369Y506 365 7,600 SH CALL Sole 7,600
SHANDA INTERACTIVE ENTMT LTD
SPON ADR SPON ADR 81941Q203 392 7,500 SH Sole 7,500
SHANDA INTERACTIVE ENTMT LTD
SPON ADR SPON ADR 81941Q203 784 15,000 SH Sole 15,000
SHANDA INTERACTIVE ENTMT LTD
SPON ADR SPON ADR 81941Q203 105 2,000 SH Sole 2,000
SILVERCORP METALS INC /CAD/ COM 82835P103 3,142 900,000 SH Sole 900,000
SILVERCORP METALS INC /CAD/ COM 82835P103 6,329 1,813,020 SH Sole 1,813,020
SILVERCORP METALS INC /CAD/ COM 82835P103 314 90,000 SH Sole 90,000
SILVER WHEATON CORP /CAD/ COM 828336107 43 4,500 SH WTS Sole 4,500
SILVER WHEATON CORP /CAD/ COM 828336107 107 11,071 SH WTS Sole 11,071
SILVER WHEATON CORP /CAD/ COM 828336107 5,562 575,740 SH WTS Sole 575,740
SILVER WHEATON CORP /CAD/ COM 828336107 6,794 703,340 SH WTS Sole 703,340
SILVER WHEATON CORP /CAD/ COM 828336107 23,227 2,404,420 SH WTS Sole 2,404,420
SILVER WHEATON CORP /CAD/ COM 828336107 4,331 448,306 SH WTS Sole 448,306
SILVER WHEATON CORP /CAD/ COM 828336107 2,309 239,044 SH WTS Sole 239,044
SILVER WHEATON CORP /CAD/ COM 828336107 4,075 421,795 SH WTS Sole 421,795
SLM CORP COM 78442P106 359 35,000 SH Sole 35,000
SOCIEDAD QUIMICA MINERA DE
CHILE S A ADR SPON ADR 833635105 109 3,000 SH Sole 3,000
SOLITARIO EXPLORATION & ROYALTY
/CAD/ COM 8342EP107 1,837 941,100 SH Sole 941,100
SOLUTIA INC COM 834376501 58 10,000 SH Sole 10,000
SOUTHWESTERN ENERGY CO COM 845467109 7,576 195,000 SH Sole 195,000
SOUTHWESTERN ENERGY CO COM 845467109 117 3,000 SH Sole 3,000
SOUTHWESTERN ENERGY CO COM 845467109 233 6,000 SH Sole 6,000
SPDR GOLD TRUST GOLD SHS 78463V107 139 1,500 SH Sole 1,500
SPDR GOLD TRUST GOLD SHS 78463V107 27,354 300,000 SH CALL Sole 300,000
SPDR GOLD TRUST GOLD SHS 78463V107 9,118 100,000 SH CALL Sole 100,000
SPDR GOLD TRUST GOLD SHS 78463V107 18,236 200,000 SH CALL Sole 200,000
SPDR GOLD TRUST GOLD SHS 78463V907 912 10,000 SH CALL Sole 10,000
SPDR SERIES TRUST SPDR KBW BK ETF 78464A797 487 27,000 SH Sole 27,000
SPDR SERIES TRUST SPDR KBW INS ETF 78464A789 199 7,500 SH Sole 7,500
SPDR SERIES TRUST SPDR KBW INS ETF 78464A789 517 19,500 SH Sole 19,500
STANTEC INC COM 85472N109 601 25,000 SH Sole 25,000
STARENT NETWORKS CORP COM 85528P108 366 15,000 SH Sole 15,000
STARENT NETWORKS CORP COM 85528P108 488 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
------------------------------- ---------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
ST MARY LD & EXPL CO COM 792228108 63 3,000 SH Sole 3,000
SUNOCO INC COM 86764P109 3,480 150,000 SH Sole 150,000
SUNTRUST BK INC COM 867914103 296 18,000 SH Sole 18,000
SYNAPTICS INC COM 87157D109 290 7,500 SH Sole 7,500
TAIWAN SEMICONDUCTOR
MANUFACTURING CO LTD /TWD/ COM Y84629107 39 23,115 SH Sole 23,115
TECK RESOURCES LTD CLS B CLS B 878742204 7,731 485,000 SH Sole 485,000
TECK RESOURCES LTD CLS B CLS B 878742204 319 20,000 SH Sole 20,000
TELEKOMUNIKASI IND SPON ADR SPON ADR 715684106 90 3,000 SH Sole 3,000
TELEKOMUNIKASI IND SPON ADR SPON ADR 715684106 450 15,000 SH Sole 15,000
TELEKOMUNIKASI IND SPON ADR SPON ADR 715684106 60 2,000 SH Sole 2,000
TENARIS SA ADR COM 88031M109 8,112 300,000 SH Sole 300,000
TESORO CORP COM 881609101 2,546 200,000 SH Sole 200,000
THOMPSON CREEK METALS CO COM 884768102 4,344 425,000 SH Sole 425,000
TRINA SOLAR LIMITED COM 89628E104 513 20,000 SH Sole 20,000
TRUE RELIGION APPAREL INC COM 89784N104 535 24,000 SH Sole 24,000
TURKCELL ILETISIM HIZMET ADR SPON ADR NEW 900111204 416 30,000 SH Sole 30,000
TURKCELL ILETISIM HIZMET AS
(TURKCELL) /TRY/ COM M8903B102 5,687 1,024,975 SH Sole 1,024,975
ULTRA PETROLEUM CORP COM 903914109 7,215 185,000 SH Sole 185,000
URS CORP COM 903236107 297 6,000 SH Sole 6,000
US NATURAL GAS LP UNIT 912318102 6,935 500,000 SH CALL Sole 500,000
US NATURAL GAS LP UNIT 912318102 188 13,550 SH Sole 13,550
US NATURAL GAS LP UNIT 912318902 208 15,000 SH Sole 15,000
VALE S.A. ADR ADR 91912E109 6,171 350,000 SH Sole 350,000
VALERO ENERGY CORP COM 91913Y100 3,378 200,000 SH Sole 200,000
VANTAGE DRILL WTS EXP 5/24/11 *W EXP 05/24/201 G93205121 394 2,461,400 SH Sole 2,461,400
VANTAGE DRILLING COMPANY COM G93205113 3,644 2,082,069 SH Sole 2,082,069
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 10,336 878,157 SH Sole 878,157
WEATHERFORD INTL LTD COM H27013103 7,237 370,000 SH Sole 370,000
WEATHERFORD INTL LTD COM H27013103 245 12,500 SH Sole 12,500
WEATHERFORD INTL LTD COM H27013103 509 26,000 SH Sole 26,000
WESTERN DIGITAL CORP COM 958102105 265 10,000 SH Sole 10,000
WHITINIG PETROLEUM CORP COM 966387102 5,977 170,000 SH Sole 170,000
YAMANA GOLD INC /CAD/ COM 98462Y100 7,563 731,438 SH WTS Sole 731,438
YAMANA GOLD INC /CAD/ COM 98462Y100 21,270 2,057,027 SH WTS Sole 2,057,027
YINGLI GREEN ENERGY HOLD ADR ADR 98584B103 949 70,000 SH Sole 70,000
ZALE CORP COM 988858106 69 20,000 SH Sole 20,000
--------- -----------
GRAND TOTAL: 1,033,597 102,023,499
========= ===========