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, 2008
Check here if Amendment [ ]; Amendment Number: _________
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: U.S. Global Investors Inc.
Address: 7900 Callaghan Road
San Antonio, Texas 78278-1234
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 McGee
Title: President
Phone: (210) 308-1234
Signature, Place, and Date of Signing:
/s/ Susan McGee San Antonio, TX February 17, 2009
------------------------------------- --------------- -----------------
[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 424
Form 13F Information Table Total Value (x1000) 1,253,296
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 225 15,000 SH Sole 15,000
ABRAXAS PETROLEUM CORP COM 003830106 424 589,294 SH Sole 589,294
ACTIVISION BLIZZARD INC COM 00507V109 216 25,000 SH Sole 25,000
ACTIVISION BLIZZARD INC COM 00507V109 691 80,000 SH Sole 80,000
AECOM TECHNOLOGY CORP COM 00766T100 246 8,000 SH Sole 8,000
AGNICO EAGLE MINES LTD COM 008474108 2,455 47,822 SH Sole 47,822
AGNICO EAGLE MINES LTD
/CAD/ COM 008474108 3,000 58,158 SH Sole 58,158
AGNICO EAGLE MINES LTD
/CAD/ COM 008474108 9,364 181,520 SH Sole 181,520
AGNICO EAGLE MINES LTD
/CAD/ COM 008474108 1,283 25,000 SH WTS Sole 25,000
AGNICO EAGLE MINES LTD
/CAD/ COM 008474108 2,567 50,000 SH Sole 50,000
AGNICO EAGLE MINES LTD
/CAD/ COM 008474108 5,356 104,340 SH Sole 104,340
AGNICO EAGLE MINES LTD
/CAD/ COM 008474108 9,124 177,760 SH Sole 177,760
AGNICO EAGLE MINES LTD
/CAD/ COM 008474108 7,186 140,000 SH Sole 140,000
AGNICO EAGLE MINES LTD
/CAD/ COM 008474108 11,293 220,000 SH Sole 220,000
ALCOA INC COM 013817101 24 2,100 SH CALL Sole 2,100
ALCON INC COM H01301102 446 5,000 SH Sole 5,000
ALLIANCEBERNSTEIN HLDG L P UNIT LTD PARTN 01881G106 208 10,000 SH Sole 10,000
ALMOST FAMILY INC COM 020409108 720 16,000 SH Sole 16,000
ALPHA NATURAL RESOURCES COM 02076X102 3,319 205,000 SH CALL Sole 205,000
ALTERA CORP COM 021441100 334 20,000 SH Sole 20,000
AMERICA MOVIL SAB DE CV
SERIES L SPON ADR L SHS' 02364W105 496 16,000 SH Sole 16,000
AMERICA MOVIL SAB DE CV
SERIES L SPON ADR L SHS' 02364W105 359 11,600 SH Sole 11,600
ANADARKO PETE CORP COM 032511107 347 9,000 SH Sole 9,000
ANGLOGOLD ASHANTI LTD
SPON ADR SPON ADR 035128206 6,463 233,237 SH Sole 233,237
ANGLOGOLD ASHANTI LTD
SPON ADR SPON ADR 035128206 5,154 186,000 SH Sole 186,000
ANGLOGOLD ASHANTI LTD
SPON ADR SPON ADR 035128206 554 20,000 SH CALL Sole 20,000
ANOORAQ RESOURCES CORP
/CAD/ COM 03633E108 117 375,000 SH Sole 375,000
ANOORAQ RESOURCES CORP
/CAD/ COM 03633E108 881 2,822,400 SH Sole 2,822,400
APPLE INC COM 037833100 341 4,000 SH Sole 4,000
ARCHER DANIELS MIDLAND COM 039483102 8,649 300,000 SH Sole 300,000
ARENA RESOURCES INC COM 040049108 7,023 250,000 SH Sole 250,000
ASA LTD COM G3156P103 5,100 100,000 SH Sole 100,000
ASA LTD COM G3156P103 1,632 32,000 SH Sole 32,000
AT&T INC COM 00206R102 713 25,000 SH Sole 25,000
AT&T INC COM 00206R102 570 20,000 SH Sole 20,000
ATLAS AIR WORLDWIDE
HOLDINGS COM 049164205 151 8,000 SH Sole 8,000
AURIZON MINES LTD COM COM 05155P106 400 123,365 SH Sole 123,365
AURIZON MINES LTD COM COM 05155P106 907 280,000 SH Sole 280,000
AURIZON MINES LTD /CAD/ COM 05155P106 1,148 350,000 SH Sole 350,000
AVON PRODUCTS COM 054303102 481 20,000 SH Sole 20,000
BANCOLOMBIA SA SPON ADR SPON ADR 05968L102 292 12,500 SH Sole 12,500
BARRICK GOLD CORP COM COM 067901108 10,172 276,647 SH Sole 276,647
BARRICK GOLD CORP COM COM 067901108 4,912 133,574 SH Sole 133,574
BAXTER INTL INC COM 071813109 1,125 21,000 SH Sole 21,000
BERKSHIRE HATHAWAY INC CL B CL B 084670207 546 170 SH Sole 170
BHP BILLITON LIMITED ADR SPON ADR 088606108 10,725 250,000 SH Sole 250,000
BHP BILLITON LIMITED ADR SPON ADR 088606108 47,190 1,100,000 SH CALL Sole 1,100,000
BHP BILLITON PLC COM 05545E209 129 3,000 SH CALL Sole 3,000
BHP BILLITON PLC COM 05545E209 257 6,000 SH CALL Sole 6,000
BOSTON PROPERTIES INC REIT COM 101121101 248 4,500 SH Sole 4,500
BP PLC SPONSORED ADR SPON ADR 055622104 7,478 160,000 SH Sole 160,000
BRISTOL MYERS SQUIBB CO COM 110122108 988 42,500 SH Sole 42,500
BUCKLE INC COM 118440106 327 15,000 SH Sole 15,000
BURLINGTON NORTHN SANTA FE COM 12189T104 984 13,000 SH Sole 13,000
BURLINGTON NORTHN SANTA FE
CORP COM 12189T104 227 3,000 SH CALL Sole 3,000
CALIFORNIA WTR SVC GRP COM 130788102 93 2,000 SH Sole 2,000
CAMERON INTERNATIONAL CORP COM 13342B105 410 20,000 SH Sole 20,000
CANO PETE INC COM COM 137801106 1,199 2,725,000 SH Sole 2,725,000
CANO PETE INC COM 137801106 44 100,000 SH Sole 100,000
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
--------------------------- ------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
CARBO CERAMICS INC COM 140781105 6,573 185,000 SH Sole 185,000
CELGENE CORP COM 151020104 221 4,000 SH Sole 4,000
CELGENE CORP COM 151020104 332 6,000 SH Sole 6,000
CENTRAL SUN MNG INC COM 155432107 318 1,335,098 SH Sole 1,335,098
CHESAPEAKE GOLD CORP /CAD/ COM 165184102 1,872 716,350 SH Sole 716,350
CHESAPEAKE GOLD CORP /CAD/ COM 165184102 5,159 1,974,219 SH Sole 1,974,219
CHEVRON CORP COM 166764100 185 2,500 SH Sole 2,500
CHINA MOBILE LTD SPON ADR SPON ADR 16941M109 509 10,000 SH Sole 10,000
CHINA MOBILE LTD SPON ADR SPON ADR 16941M109 254 5,000 SH Sole 5,000
CHINA MOBILE LTD SPON ADR SPON ADR 16941M109 305 6,000 SH Sole 6,000
CHINA MOBILE LTD SPON ADR SPON ADR 16941M109 305 6,000 SH Sole 6,000
CHINA MOBILE LTD SPON ADR SPON ADR 16941M109 164 3,223 SH Sole 3,223
CHIPOTLE MEXICAN GRILL INC COM 169656105 310 5,000 SH Sole 5,000
CHUNGHWA TELECOM CO LTD ADR SPON ADR 17133Q304 163 10,480 SH Sole 10,480
CIBT EDUCATION GROUP INC
/CAD/ COM 17163Y102 203 533,632 SH Sole 533,632
CITIGROUP INC COM 172967101 168 25,000 SH Sole 25,000
CITRIX SYSTEMS INC COM 177376100 118 5,000 SH Sole 5,000
CNOOC LTD ADR SPON ADR 126132109 476 5,000 SH Sole 5,000
CNOOC LTD ADR SPON ADR 126132109 190 2,000 SH Sole 2,000
COEUR D ALENE MINES CORP COM 192108108 20 22,549 SH Sole 22,549
COEUR D ALENE MINES CO
/CAD/ COM 192108108 342 378,000 SH Sole 378,000
COMPAHNIA VALE DO RIO DOCE
ADR SPON ADR 204412209 303 25,000 SH Sole 25,000
COMPAHNIA VALE DO RIO DOCE
ADR SPON ADR 204412209 424 35,000 SH Sole 35,000
COMPAHNIA VALE DO RIO DOCE
ADR SPON ADR 204412209 606 50,000 SH Sole 50,000
COMPAHNIA VALE DO RIO DOCE
ADR SPON ADR 204412209 194 16,000 SH Sole 16,000
COMPANHIA ENERGETICA SPON
ADR SPON ADR 204409601 442 32,161 SH Sole 32,161
COMPANHIA SIDERURGICA NAC
ADR SPON ADR 20440W105 224 17,500 SH Sole 17,500
CONOCOPHILLIPS COM 20825C104 10,878 210,000 SH Sole 210,000
CONOCOPHILLIPS COM 20825C104 130 2,500 SH CALL Sole 2,500
CONSOL ENERGY INC COM 20854P109 7,574 265,000 SH Sole 265,000
CORRIENTE RESOURCES INC
/CAD/ COM 22027E409 1,598 500,000 SH Sole 500,000
CPFL ENERGIA SA SP ADR/USD/ SPON ADR 126153105 488 12,500 SH Sole 12,500
CRYSTALLEX INTL CORP COM 22942F101 20 120,000 SH Sole 120,000
CRYSTALLEX INTL CORP COM 22942F101 53 312,000 SH Sole 312,000
CRYSTALLEX INTL CORP COM 22942F101 13 75,000 SH WTS Sole 75,000
CRYSTALLEX INTL CORP COM 22942F101 11 62,500 SH WTS Sole 62,500
CRYSTALLEX INTL CORP COM 22942F101 28 162,500 SH WTS Sole 162,500
CUBIST PHARMACEUTICALS INC COM 229678107 966 40,000 SH Sole 40,000
DENISON MINES /CAD/ COM 248356107 972 665,424 SH WTS Sole 665,424
DENISON MINES /CAD/ COM 248356107 792 542,290 SH WTS Sole 542,290
DENISON MINES /CAD/ COM 248356107 410 281,088 SH WTS Sole 281,088
DEVON ENERGY CORP COM 25179M103 8,871 135,000 SH Sole 135,000
DIANA SHIPPING INC COM Y2066G104 3,509 275,000 SH Sole 275,000
DIANA SHIPPING INC COM Y2066G104 128 10,000 SH Sole 10,000
DOW CHEM CO COM 260543103 2,264 150,000 SH Sole 150,000
DOW CHEM CO COM 260543103 91 6,000 SH Sole 6,000
DRDGOLD LTD SPONSORED ADR SPON ADR 26152H301 334 60,000 SH Sole 60,000
DRDGOLD LTD SPONSORED ADR SPON ADR 26152H301 14 2,500 SH Sole 2,500
ELDORADO GOLD CORP COM 284902103 4,077 512,859 SH Sole 512,859
ELDORADO GOLD CORP COM 284902103 1,670 210,000 SH Sole 210,000
ELDORADO GOLD CORP /CAD/ COM 284902103 317 40,000 SH Sole 40,000
EMERGENT BIOSOLUTIONS INC COM 29089Q105 522 20,000 SH Sole 20,000
ENERGY CONVERSION DEVICES COM 292659109 353 14,000 SH Sole 14,000
ENERGY RECOVERY INC COM 29270J100 341 45,000 SH Sole 45,000
ENTREE GOLD INC /CAD/ COM 29383G100 889 1,020,000 SH Sole 1,020,000
ENTREE GOLD INC /CAD/ COM 29383G100 87 100,000 SH Sole 100,000
ENTREE GOLD INC /CAD/ COM 29383G100 87 100,000 SH Sole 100,000
EXELON CORPORATION COM 30161N101 779 14,000 SH Sole 14,000
EXETER RES CORP COM 301835104 40 20,500 SH Sole 20,500
EXXON MOBIL CORP COM 30231G102 19,958 250,000 SH Sole 250,000
EXXON MOBIL CORP COM 30231G102 718 9,000 SH Sole 9,000
EXXON MOBIL CORP COM 30231G102 200 2,500 SH CALL 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
--------------------------- ------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
EZCORP INC CL A NON VTG CL A NON VTG 302301106 913 60,000 SH Sole 60,000
F P L GROUP INC COM 302571104 1,107 22,000 SH Sole 22,000
F5 NETWORKS INC COM 315616102 286 12,500 SH Sole 12,500
FAMILY DOLLAR STORES INC COM 307000109 196 7,500 SH Sole 7,500
FIRST FINL BANKSHARES INC COM 32020R109 690 12,500 SH Sole 12,500
FIRST SOLAR INC COM 336433107 207 1,500 SH Sole 1,500
FIRST SOLAR INC COM 336433107 690 5,000 SH Sole 5,000
FIRST SOLAR INC COM 336433107 759 5,500 SH Sole 5,500
FIRSTENERGY CORP COM 337932107 632 13,000 SH Sole 13,000
FLIR SYSTEMS INC COM 302445101 460 15,000 SH Sole 15,000
FLUOR CORP COM 343412102 583 13,000 SH Sole 13,000
FLUOR CORP COM 343412102 269 6,000 SH Sole 6,000
FLUOR CORP COM 343412102 4,577 102,000 SH CALL Sole 102,000
FOMENTO ECONOMICS MEX
SPON ADR SPON ADR 344419106 199 6,600 SH Sole 6,600
FREEPORT-MCMORAN C & G
COMMON COM 35671D857 2,444 100,000 SH Sole 100,000
GAMMON GOLD INC COM 36467T106 68 12,500 SH CALL Sole 12,500
GENERAL CABLE CORP COM 369300108 221 12,500 SH Sole 12,500
GENERAL CABLE CORP COM 369300108 310 17,500 SH Sole 17,500
GERDAU SA SPONSORED ADR SPON ADR 373737105 396 60,000 SH Sole 60,000
GERDAU SA SPONSORED ADR SPON ADR 373737105 99 15,000 SH Sole 15,000
GILEAD SCIENCES INC COM 375558103 460 9,000 SH Sole 9,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 5,525 556,357 SH Sole 556,357
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 3,630 365,600 SH Sole 365,600
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 9,712 978,000 SH CALL Sole 978,000
GOLDCORP INC COM 380956409 4,030 127,800 SH PUT Sole 127,800
GOLDCORP INC COM 380956409 5,370 170,300 SH PUT Sole 170,300
GOLDCORP INC COM 380956409 14,810 469,700 SH PUT Sole 469,700
GOLDCORP INC COM 380956409 189 6,000 SH CALL Sole 6,000
GOLDCORP INC COM 380956409 190 6,023 SH WTS Sole 6,023
GOLDCORP INC W. EXP 6/9/201 380956409 10 302 SH WTS Sole 302
GOLDCORP INC W. EXP 6/9/201 380956409 32 1,000 SH WTS Sole 1,000
GOLDCORP INC W. EXP 6/9/201 380956409 783 24,846 SH WTS Sole 24,846
GOLDCORP INC /CAD/ W. EXP 6/9/201 380956409 41,483 1,080,574 SH WTS Sole 1,080,574
GOLDCORP INC /CAD/ W. EXP 6/9/201 380956409 56,156 1,462,766 SH WTS Sole 1,462,766
GOLDCORP INC /CAD/ W. EXP 6/9/201 380956409 152,296 3,967,087 SH WTS Sole 3,967,087
GOLDEN STAR RES LTD COM 38119T104 1,445 1,445,364 SH Sole 1,445,364
GOLDEN STAR RES LTD COM 38119T104 1,463 1,462,900 SH Sole 1,462,900
GOLD FIELDS LTD COM 38059T106 248 25,000 SH CALL Sole 25,000
GOLDMAN SACHS GROUP INC COM 38141G104 380 4,500 SH Sole 4,500
GOODRICH PETROLEUM CORP COM 382410405 150 5,000 SH Sole 5,000
GRAN TIERRA ENERGY INC COM 38500T101 7,736 2,763,000 SH Sole 2,763,000
GRANITE CONSTRUCTION INC COM 387328107 220 5,000 SH Sole 5,000
GREAT BASIN GOLD LTD /CAD/ COM 390124105 2,850 2,208,500 SH Sole 2,208,500
GRUPO AEROPORTUARIO SPON
ADR SPON ADR 40051E202 822 22,000 SH Sole 22,000
HARMONY GOLD MINING SPND
ADR SPON ADR 413216300 5,787 527,566 SH Sole 527,566
HARMONY GOLD MINING SPND
ADR SPON ADR 413216300 3,477 317,000 SH Sole 317,000
HARMONY GOLD MINING SPND
ADR SPON ADR 413216300 1,426 130,000 SH CALL Sole 130,000
HARMONY GOLD MINING SPND
ADR SPON ADR 413216300 2,084 190,000 SH CALL Sole 190,000
HARMONY GOLD MNG LTD COM 413216300 208 19,000 SH CALL Sole 19,000
HATTERAS FINL CORP COM 41902R103 532 20,000 SH Sole 20,000
HECLA MINING COM 422704106 118 42,000 SH CALL Sole 42,000
HECLA MINING COM 422704106 448 160,000 SH CALL Sole 160,000
HELMERICH & PAYNE INC COM 423452101 4,550 200,000 SH Sole 200,000
HELMERICH & PAYNE INC COM 423452101 546 24,000 SH Sole 24,000
HELMERICH & PAYNE INC COM 423452101 4,493 197,500 SH CALL Sole 197,500
HILL INTERNATIONAL INC COM 431466101 352 50,000 SH Sole 50,000
HUANENG PWR INTL SPSD ADR N SPON ADR 443304100 875 30,000 SH Sole 30,000
HUANENG PWR INTL SPSD ADR N SPON ADR 443304100 292 10,000 SH Sole 10,000
HUANENG PWR INTL SPSD ADR N SPON ADR 443304100 409 14,000 SH Sole 14,000
HUANENG PWR INTL SPSD ADR N SPON ADR 443304100 131 4,500 SH Sole 4,500
HUMANA INC COM 444859102 746 20,000 SH Sole 20,000
IAMGOLD CORPORATION COM 450913108 3,463 566,722 SH Sole 566,722
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
--------------------------- ------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
IAMGOLD CORPORATION COM 450913108 3,605 590,001 SH Sole 590,001
IAMGOLD CORPORATION /CAD/ COM 450913108 2,124 340,000 SH Sole 340,000
IAMGOLD CORPORATION /CAD/ COM 450913108 3,859 617,900 SH Sole 617,900
ILLUMINA INC COM 452327109 287 11,000 SH Sole 11,000
ILLUMINA INC COM 452327109 782 30,000 SH Sole 30,000
INTERNATIONAL ROYALTY
CORP/CAD COM 460277106 905 655,550 SH Sole 655,550
INTERNATIONAL ROYALTY
CORP/CAD COM 460277106 11 8,000 SH Sole 8,000
ISHARES SILVER TRUST COM 46428Q109 1,800 160,000 SH Sole 160,000
ITT CORP COM 450911102 253 5,500 SH Sole 5,500
ITT EDUCATIONAL
SERVICES INC COM 45068B109 1,140 12,000 SH Sole 12,000
IVANHOE ENERGY INC /CAD/ COM 465790103 872 1,830,000 SH Sole 1,830,000
IVANHOE ENERGY LTD /CAD/ COM 465790103 28 60,000 SH Sole 60,000
IVANHOE ENERGY LTD /CAD/ COM 465790103 12 24,000 SH WTS Sole 24,000
IVANHOE MINES LTD /CAD/ COM 46579N103 294 109,400 SH Sole 109,400
IVANHOE MINES LTD /CAD/ COM 46579N103 1,696 631,100 SH Sole 631,100
JAGUAR MINING INC /CAD/ COM 47009M103 759 121,659 SH Sole 121,659
JAGUAR MINING INC /CAD/ COM 47009M103 1,829 293,077 SH Sole 293,077
JAGUAR MINING INC /CAD/ COM 47009M103 5,331 854,400 SH Sole 854,400
JAGUAR MINING INC /CAD/ COM 47009M103 12,861 2,061,120 SH Sole 2,061,120
JNR RESOURCES INC /CAD/ COM 465927101 109 456,800 SH Sole 456,800
JOHNSON & JOHNSON COM 478160104 479 8,000 SH Sole 8,000
JPMORGAN CHASE & COMPANY COM 46625H100 252 8,000 SH Sole 8,000
KB FINANCIAL GROUP INC ADR SPON ADR 48241A105 297 11,331 SH Sole 11,331
KINROSS GOLD CORP COM 496902404 11,103 602,749 SH Sole 602,749
KINROSS GOLD CORP COM 496902404 13,958 757,754 SH Sole 757,754
KINROSS GOLD CORP COM 496902404 276 15,000 SH CALL Sole 15,000
KINROSS GOLD CORP /CAD/ COM 496902404 5,064 225,054 SH WTS Sole 225,054
KINROSS GOLD CORP /CAD/ COM 496902404 8,422 374,313 SH WTS Sole 374,313
KINROSS GOLD CORP /CAD/ COM 496902404 11,015 489,535 SH WTS Sole 489,535
KINROSS GOLD CORP /CAD/ COM 496902404 10,043 446,371 SH WTS Sole 446,371
KINROSS GOLD CORP /CAD/ COM 496902404 3,252 144,528 SH WTS Sole 144,528
KINROSS GOLD CORP /CAD/ COM 496902404 6,904 306,843 SH WTS Sole 306,843
LHC GROUP LLC COM 50187A107 720 20,000 SH Sole 20,000
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 3,739 170,488 SH Sole 170,488
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 5,599 255,300 SH Sole 255,300
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 439 20,000 SH Sole 20,000
LINN ENERGY LLC UNIT LTD
LIAB UNIT LTD LIAB 536020100 225 15,000 SH Sole 15,000
LOWE'S COMPANIES INC COM 548661107 430 20,000 SH Sole 20,000
LUNDIN MINING CORP /CAD/ COM 550372106 333 340,900 SH Sole 340,900
LUNDIN MINING CORP /CAD/ COM 550372106 1,355 1,386,000 SH Sole 1,386,000
LUNDIN MINING CORP /REST/ COM 550372106 15 15,430 SH Sole 15,430
LUNDIN MINING CORP /CAD/ COM 550372106 26 26,500 SH Sole 26,500
MAG SILVER CORPORATION
/CAD/ COM 55903Q104 677 150,600 SH Sole 150,600
MAG SILVER CORPORATION
/CAD/ COM 55903Q104 1,649 366,800 SH Sole 366,800
MAG SILVER /CAD/ COM 55903Q104 56 12,500 SH Sole 12,500
MANITOWOC CO INC COM 563571108 173 20,000 SH Sole 20,000
MANITOWOC CO INC COM 563571108 260 30,000 SH Sole 30,000
MARKET VECTORS GOLD MINERS
ETF GOLD MINER ETF 57060U100 10,164 300,000 SH Sole 300,000
MARKET VECTORS GOLD MINERS
ETF GOLD MINER ETF 57060U100 12,874 380,000 SH PUT Sole 380,000
MARKET VECTORS GOLD MINERS
ETF GOLD MINER ETF 57060U100 23,547 695,000 SH PUT Sole 695,000
MARKET VECTORS ETF TR MV STEEL INDEX 5706OU308 147 5,000 SH Sole 5,000
MC DONALDS CORP COM 580135101 373 6,000 SH Sole 6,000
MINAS BUENAVENTURA SP ADR A SPON ADR 204448104 3,203 160,770 SH Sole 160,770
MINES MANAGEMENT INC COM 603432105 1,059 846,930 SH Sole 846,930
MINES MANAGEMENT INC COM 603432105 25 20,250 SH Sole 20,250
MINES MANAGEMENT INC /CAD/ COM 603432105 63 40,900 SH Sole 40,900
MINES MANAGEMENT INC /CAD/ COM 603432105 1,072 691,300 SH WTS Sole 691,300
MINES MANAGEMENT INC COM 603432105 4 2,500 SH WTS Sole 2,500
MINES MANAGEMENT INC COM 603432105 20 13,000 SH WTS Sole 13,000
MOSAIC CO COM 61945A107 3,806 110,000 SH CALL Sole 110,000
MONSANTO CO COM 61166W101 5,452 77,500 SH Sole 77,500
MURPHY OIL CORP COM 626717102 6,653 150,000 SH Sole 150,000
NEW GOLD INC COM 644535106 7 4,823 SH Sole 4,823
NEW GOLD INC COM 644535106 7 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
--------------------------- ------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
NEW GOLD INC /CAD/ COM 644535106 776 776,400 SH Sole 776,400
NEW GOLD INC /CAD/ COM 644535106 1,007 1,006,590 SH Sole 1,006,590
NEW GOLD INC /CAD/ COM 644535106 464 262,014 SH Sole 262,014
NEW GOLD INC /CAD/ COM 644535106 2,259 1,276,521 SH Sole 1,276,521
NEW GOLD INC /CAD/ COM 644535106 2,352 1,328,576 SH Sole 1,328,576
NEW GOLD INC /CAD/ COM 644535106 8 4,338 SH Sole 4,338
NEW GOLD INC /CAD/ COM 644535106 71 40,000 SH Sole 40,000
NEW GOLD INC /CAD/ COM 644535106 410 231,800 SH WTS Sole 231,800
NEW GOLD INC /CAD/ COM 644535106 1,947 1,099,900 SH WTS Sole 1,099,900
NEW GOLD INC /CAD/ COM 644535106 1,456 822,570 SH WTS Sole 822,570
NEW GOLD INC /CAD/ COM 644535106 624 352,530 SH WTS Sole 352,530
NEW GOLD INC /CAD/ COM 644535106 489 276,240 SH WTS Sole 276,240
NEW GOLD INC /CAD/ COM 644535106 16 8,850 SH WTS Sole 8,850
NEW GOLD INC /CAD/ COM 644535106 4,351 2,458,100 SH WTS Sole 2,458,100
NEW GOLD INC /CAD/ COM 644535106 10 5,750 SH WTS Sole 5,750
NEW GOLD INC /CAD/ COM 644535106 179 101,300 SH WTS Sole 101,300
NEW GOLD INC /CAD/ COM 644535106 246 138,950 SH WTS Sole 138,950
NEW GOLD INC /CAD/ COM 644535106 721 407,350 SH WTS Sole 407,350
NEW GOLD INC /CAD/ COM 644535106 4 2,350 SH WTS Sole 2,350
NEW GOLD INC /CAD/ COM 644535106 84 47,200 SH WTS Sole 47,200
NEW GOLD INC /CAD/ COM 644535106 52 29,400 SH WTS Sole 29,400
NEW GOLD INC /CAD/ COM 644535106 57 32,000 SH WTS Sole 32,000
NEW GOLD INC /CAD/ COM 644535106 50 28,500 SH WTS Sole 28,500
NEW GOLD INC /CAD/ COM 644535106 106 59,950 SH WTS Sole 59,950
NEW GOLD INC /CAD/ COM 644535106 133 75,000 SH WTS Sole 75,000
NEW GOLD INC /CAD/ COM 644535106 903 510,000 SH WTS Sole 510,000
NEW GOLD INC /CAD/ COM 644535106 735 415,000 SH WTS Sole 415,000
NEW JERSEY RES CORP COM 646025106 236 6,000 SH Sole 6,000
NEW PACIFIC METALS CORP
/CAD/ COM 647823103 246 610,700 SH Sole 610,700
NEWMONT MINING CORP /USD/ COM 651639106 8,314 204,281 SH Sole 204,281
NEWMONT MINING CORP /USD/ COM 651639106 7,851 192,900 SH Sole 192,900
NEWMONT MINING CORP /USD/ COM 651639106 4,477 110,000 SH CALL Sole 110,000
NEWMONT MINING CORP /USD/ COM 651639106 4,477 110,000 SH CALL Sole 110,000
NEWMONT MINING CORP COM 651639106 244 6,000 SH CALL Sole 6,000
NEXEN INC /CAD/ COM 65334H102 105 6,000 SH Sole 6,000
NOBLE ENERGY INC COM 655044105 295 6,000 SH Sole 6,000
NORDIC AMERICAN TANK
SHIPPING COM G65773106 253 7,500 SH Sole 7,500
NORTHERN DYNASTY
MINERALS/CAD/ COM 66510M204 4,253 4,252,959 SH Sole 4,252,959
NORTHERN DYNASTY
MINERALS/CAD/ COM 66510M204 2,769 2,769,046 SH Sole 2,769,046
NORTHERN TRUST CORP COM 665859104 156 3,000 SH Sole 3,000
NOVARTIS AG SPON ADR SPON ADR 66987V109 199 4,000 SH Sole 4,000
NTT DOCOMO INC SPON ADR SPON ADR 62942M201 245 12,500 SH Sole 12,500
NUSTAR ENERGY LP UNIT COM 67058H102 4,517 110,000 SH Sole 110,000
NUSTAR ENERGY LP UNIT COM 67058H102 205 5,000 SH Sole 5,000
NVIDIA CORP COM 67066G104 161 20,000 SH Sole 20,000
OCCIDENTAL PETROLEUM COM 674599105 11,098 185,000 SH Sole 185,000
OCWEN FINANCIAL CORPORATION COM 675746309 367 40,000 SH Sole 40,000
OFFICE DEPOT INC COM 676220106 89 30,000 SH Sole 30,000
OIL SERVICES HOLDRS TRUST COM 678002106 258 3,500 SH CALL Sole 3,500
OIL STATES
INTERNATIONAL INC COM 678026105 3,738 200,000 SH Sole 200,000
ORACLE CORP COM 68389X105 665 37,500 SH Sole 37,500
PACIFIC RIM MINING CORP COM 694915208 712 5,082,600 SH Sole 5,082,600
PACIFIC RIM MINING CORP
/CAD/ COM 694915208 92 591,900 SH Sole 591,900
PAN AMERICAN SILVER CORP COM 697900108 256 15,000 SH Sole 15,000
PARAMOUNT GOLD AND SILVER
/CAD COM 69924P102 152 307,500 SH Sole 307,500
PARAMOUNT GOLD AND SILVER
CORP COM 69924P102 264 550,000 SH Sole 550,000
PARAMOUNT GOLD AND SILVER COM 69924P102 12 25,000 SH Sole 25,000
PEABODY ENERGY CORP COM 704549104 6,484 285,000 SH Sole 285,000
PEABODY ENERGY CORP COM 704549104 228 10,000 SH Sole 10,000
PEABODY ENERGY CORP COM 704549104 341 15,000 SH Sole 15,000
PEABODY ENERGY CORP COM 704549104 130 5,700 SH CALL Sole 5,700
PEOPLES UNITED
FINANCIAL INC COM 712704105 178 10,000 SH Sole 10,000
PERMIAN BASIN RTY TR UNIT
BEN INT UNIT BEN INT 714236106 137 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
--------------------------- ------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
PETMED EXPRESS INC COM 716382106 970 55,000 SH Sole 55,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 14,237 160,000 SH Sole 160,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 890 10,000 SH Sole 10,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 356 4,000 SH Sole 4,000
PETROCHINA CO LTD COM 71646E100 178 2,000 SH CALL Sole 2,000
PETROHAWK ENERGY CORP COM 716495106 9,378 600,000 SH Sole 600,000
PETROLEO BRASILEIRO SA ADR SPON ADR 71654V408 7,347 300,000 SH Sole 300,000
PFIZER INC COM 717081103 266 15,000 SH Sole 15,000
PFIZER INC COM 717081103 708 40,000 SH Sole 40,000
PHILIP MORRIS INTERNATIONAL COM 718172109 348 8,000 SH Sole 8,000
PIEDMONT NATURAL GAS COM 720186105 317 10,000 SH Sole 10,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 753 492,700 SH Sole 492,700
PLATINUM GROUP METALS /CAD/ COM 72765Q205 1,507 985,900 SH Sole 985,900
POTASH CORP SASKATCHEWAN COM 73755L107 6,041 82,500 SH Sole 82,500
QUALCOMM INC COM 747525103 322 9,000 SH Sole 9,000
QUALITY SYSTEMS INC COM 747582104 218 5,000 SH Sole 5,000
RANGE RESOURCES CORP COM 75281A109 12,552 365,000 SH Sole 365,000
RANGE RESOURCES CORP COM 75281A109 21 600 SH CALL Sole 600
RANDGOLD RESOURCES LTD ADR SPON ADR 752344309 13,176 300,000 SH Sole 300,000
RANDGOLD RESOURCES LTD ADR SPON ADR 752344309 38,650 880,000 SH Sole 880,000
RANDGOLD RESOURCES LTD ADR SPON ADR 752344309 1,537 35,000 SH CALL Sole 35,000
RANDGOLD RESOURCES LTD ADR SPON ADR 752344309 3,997 91,000 SH CALL Sole 91,000
RANDGOLD RESOURCES LTD ADR COM 752185108 198 4,500 SH CALL Sole 4,500
RESMED INC COM 761152107 169 4,500 SH Sole 4,500
ROYAL GOLD INC COM 780287108 8,266 167,971 SH Sole 167,971
ROYAL GOLD INC COM 780287108 7,765 157,800 SH Sole 157,800
RUBICON MINERALS
/CAD//REST/ COM 780911103 198 169,600 SH Sole 169,600
RUBICON MINERALS CORP /CAD/ COM 780911103 1,179 1,010,000 SH Sole 1,010,000
RUBICON MINERALS CORP /CAD/ COM 780911103 122 105,000 SH Sole 105,000
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 496 16,000 SH Sole 16,000
SASOL LTD /ZAR/ COM 803866102 286 9,528 SH Sole 9,528
SCHLUMBERGER LTD COM 806857108 4,233 100,000 SH Sole 100,000
SCHLUMBERGER LTD COM 806857108 127 3,000 SH Sole 3,000
SCHLUMBERGER LTD COM 806857108 127 3,000 SH Sole 3,000
SCHNITZER STEEL
INDUSTRIES INC COM 806882106 7,530 200,000 SH Sole 200,000
SCHWAB /CHARLES/ CORP COM 808513105 323 20,000 SH Sole 20,000
SECTOR SPDR TR SBI INT
UTILS SBI INT UTILS 81369Y886 523 18,000 SH Sole 18,000
SEQUENOM INC COM 817337405 159 8,000 SH Sole 8,000
SILVER STD RES INC COM COM 82823L106 239 15,000 SH Sole 15,000
SILVER WHEATON CORP /CAD/ COM 828336107 2,701 337,640 SH WTS Sole 337,640
SILVER WHEATON CORP /CAD/ COM 828336107 5,627 703,340 SH WTS Sole 703,340
SILVER WHEATON CORP /CAD/ COM 828336107 19,176 2,397,020 SH WTS Sole 2,397,020
SILVER WHEATON CORP COM 828336107 36 4,500 SH WTS Sole 4,500
SILVER WHEATON CORP /CAD/ COM 828336107 1,505 188,106 SH WTS Sole 188,106
SILVER WHEATON CORP /CAD/ COM 828336107 1,912 239,044 SH WTS Sole 239,044
SILVER WHEATON CORP /CAD/ COM 828336107 3,438 429,695 SH WTS Sole 429,695
SILVER WHEATON CORP COM 828336107 89 11,071 SH WTS Sole 11,071
SL GREEN REALTY CORP REIT COM 78440X101 194 7,500 SH Sole 7,500
SOLITARIO EXPLOR &
ROYALTY/CAD COM 8342EP107 1,397 934,100 SH Sole 934,100
SOUTHWESTERN ENERGY CO COM 845467109 8,112 280,000 SH Sole 280,000
SOUTHWESTERN ENERGY CO COM 845467109 3,839 132,500 SH CALL Sole 132,500
SOUTHWESTERN ENERGY CO COM 845467109 87 3,000 SH CALL Sole 3,000
SPDR GOLD TRUST GOLD TRUST 78463V107 18,176 210,000 SH Sole 210,000
SPDR GOLD TRUST GOLD TRUST 78463V107 7,764 89,700 SH Sole 89,700
SPDR GOLD TRUST GOLD TRUST 78463V107 4,206 48,600 SH Sole 48,600
SPDR GOLD TRUST GOLD TRUST 78463V107 128 1,500 SH Sole 1,500
SPDR GOLD TRUST GOLD TRUST 78463V107 173 2,000 SH Sole 2,000
SPDR GOLD TRUST GOLD TRUST 78463V107 260 3,000 SH Sole 3,000
SPDR GOLD TRUST GOLD TRUST 78463V107 346 4,000 SH Sole 4,000
SPDR GOLD TRUST GOLD TRUST 78463V107 130 1,500 SH Sole 1,500
SPDR KBW INSURANCE ETF KBW INSURANCE ETF 78464A789 179 6,500 SH Sole 6,500
SPDR KBW INSURANCE ETF KBW INSURANCE ETF 78464A789 345 12,500 SH Sole 12,500
SPDR KBW REGIONAL BK ETF KBW REGIONAL BK ETF 78464A698 219 7,500 SH Sole 7,500
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
--------------------------- ------------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- -------
STANTEC INC COM 85472N109 618 25,000 SH Sole 25,000
STEWART INFORMATION
SERV CORP COM 860372101 117 5,000 SH Sole 5,000
STIFEL FINANCIAL CORP COM 860630102 917 20,000 SH Sole 20,000
STRAYER EDUCATION INC COM 863236105 1,072 5,000 SH Sole 5,000
SUNOCO INC COM 86764P109 5,650 130,000 SH Sole 130,000
TASEKO MINES LTD /CAD/ COM 876511106 209 359,000 SH Sole 359,000
TEAM INC COM 878155100 305 11,000 SH Sole 11,000
TEAM INC COM 878155100 554 20,000 SH Sole 20,000
TESORO CORP COM 881609101 5,268 400,000 SH Sole 400,000
THOMPSON CREEK METALS CO
INC /CAD/ COM 884768102 540 110,291 SH WTS Sole 110,291
THOMPSON CREEK METALS CO
INC /CAD/ COM 884768102 857 174,900 SH WTS Sole 174,900
THOMPSON CREEK METALS CO
INC /CAD/ COM 884768102 74 15,000 SH WTS Sole 15,000
THOMPSON CREEK METALS CO
INC /CAD/ COM 884768102 637 130,000 SH WTS Sole 130,000
THOMPSON CREEK METALS CO
INC /CAD/ COM 884768102 490 100,000 SH WTS Sole 100,000
TRANSOCEAN LTD COM H8817H100 9,379 198,500 SH Sole 198,500
TRANSOCEAN LTD COM G90073100 165 3,500 SH CALL Sole 3,500
TRUE RELIGION APPAREL INC COM 89784N104 373 30,000 SH Sole 30,000
TURKCELL ILETISIM HIZMET -
ADR SPON ADR 900111204 437 30,000 SH Sole 30,000
ULTRA PETROLEUM CORP COM 903914109 8,110 235,000 SH Sole 235,000
UNITED STATES STEEL CORP COM 912909108 5,580 150,000 SH Sole 150,000
UNITED STATES STEEL CORP COM 912909108 558 15,000 SH Sole 15,000
UNITED STATES STEEL CORP COM 912909108 298 8,000 SH Sole 8,000
UNITED STATES STL CORP COM 912909108 112 3,000 SH CALL Sole 3,000
UNITED THERAPEUTICS CORP
DEL COM 91307C102 94 1,500 SH Sole 1,500
UNITED THERAPEUTICS CORP
DEL COM 91307C102 500 8,000 SH Sole 8,000
UNITEDHEALTH GROUP INC COM 91324P102 372 14,000 SH Sole 14,000
US BANCORP COM 902973304 300 12,000 SH Sole 12,000
US BANCORP COM 902973304 175 7,000 SH Sole 7,000
VALERO ENERGY CORP COM 91913Y100 4,112 190,000 SH Sole 190,000
VANTAGE DRILL WTS EXP
5/24/11 WTS EXP 5/24/11 G93205121 2,708 2,461,400 SH Sole 2,461,400
VANTAGE DRILLING COMPANY COM G93205113 2,941 2,674,000 SH Sole 2,674,000
VARIAN MEDICAL SYSTEMS INC COM 92220P105 701 20,000 SH Sole 20,000
VIMPEL COMMUNICATIONS SPON
ADR SPON ADR 68370R109 14,880 2,078,157 SH Sole 2,078,157
VIMPEL COMMUNICATIONS SPON
ADR SPON ADR 68370R109 45 6,333 SH Sole 6,333
VMWARE INC-CLASS A CL A COM 928563402 474 20,000 SH Sole 20,000
VORNADO RLTY TRUST REIT SH BEN INT 929042109 543 9,000 SH Sole 9,000
VORNADO RLTY TRUST REIT SH BEN INT 929042109 483 8,000 SH Sole 8,000
WEATHERFORD
INTERNATIONAL LTD COM G95089101 135 12,500 SH Sole 12,500
WEATHERFORD
INTERNATIONAL LTD COM G95089101 281 26,000 SH Sole 26,000
WELLS FARGO & COMPANY COM 949746101 236 8,000 SH Sole 8,000
WELLS FARGO & COMPANY COM 949746101 265 9,000 SH Sole 9,000
WESTERN GOLDFIELDS INC
/CAD/ COM 95828P203 1,699 1,055,000 SH Sole 1,055,000
XTO ENERGY INC COM 98385X106 11,463 325,000 SH Sole 325,000
YAMANA GOLD /CAD/ /REST/ COM 98462Y100 1,319 169,785 SH Sole 169,785
YAMANA GOLD /CAD/ /REST/ COM 98462Y100 2,767 356,293 SH Sole 356,293
YAMANA GOLD INC COM 98462Y100 255 33,000 SH CALL Sole 33,000
YAMANA GOLD INC /CAD/ COM 98462Y100 5,741 607,525 SH WTS Sole 607525
YAMANA GOLD INC /CAD/ COM 98462Y100 3,657 386,965 SH WTS Sole 386965
YAMANA GOLD INC /CAD/ COM 98462Y100 19,408 2,053,769 SH WTS Sole 2053769
YAMANA GOLD INC /CAD/ COM 98462Y100 14 1,526 SH WTS Sole 1,526
YAHOO INC COM 984332106 244 20,000 SH CALL Sole 20,000
GRAND TOTAL: 1,253,296 117,429,966