UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2010
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 5/14/10
--------------------- -------------------- ---------------
[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 413
Form 13F Information Table Total Value (x1000) 1,039,521
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
------------------------------ ------------------ --------- --------- ---------- --- ---- ---------- -------- ---- --------- -------
ABOVENET INC COM 00374N107 482 9,500 SH Sole 9,500
ABOVENET INC COM 00374N107 380 7,500 SH Sole 7,500
AEGEAN MARINE PETROLEUM NETW COM Y0017S102 710 25,000 SH Sole 25,000
AEGEAN MARINE PETROLEUM NETW COM Y0017S102 937 33,000 SH Sole 33,000
AGNICO-EAGLE MINES LTD COM 008474108 10577 190,000 SH Sole 190,000
AGNICO-EAGLE MINES LTD COM 008474108 14196 255,000 SH Sole 255,000
AGNICO-EAGLE MINES LTD /CAD/ COM 008474108 1,688 29,750 SH WTS Sole 29,750
AGNICO-EAGLE MINES LTD /CAD/ COM 008474108 1,279 22,550 SH WTS Sole 22,550
AKAMAI TECHNOLOGIES COM 00971T101 188 6,000 SH Sole 6,000
ALEXION PHARMACEUTICALS INC COM 015351109 544 10,000 SH Sole 10,000
ALLIED NEVADA GOLD COM 019344100 3314 200,000 SH Sole 200,000
ALPHA NATURAL RESOURCES INC COM 02076X102 10227 205,000 SH Sole 205,000
ALTISOURCE PORT SOLUTIONS SA REG SHS L0175J104 336 15,000 SH Sole 15,000
ALTRIA GROUP INC COM 02209S103 164 8,000 SH Sole 8,000
AMAZON COM INC COM 023135106 407 3,000 SH Sole 3,000
AMERICA MOVIL SAB DE CV
SERIES L SPON ADR L SHS 02364W105 453 9,000 SH Sole 9,000
AMERICA MOVIL SAB DE CV
SERIES L SPON ADR L SHS 02364W105 201 4,000 SH Sole 4,000
AMERICAN TOWER CORP CL A CL A 029912201 298 7,000 SH Sole 7,000
AMERICAN TOWER CORP CL A CL A 029912201 213 5,000 SH Sole 5,000
ANADARKO PETE CORP COM 032511107 9104 125,000 SH Sole 125,000
ANALOG DEVICES INC COM 032654105 173 6,000 SH Sole 6,000
APPLE INC COM 037833100 705 3,000 SH Sole 3,000
APPLE INC COM 037833100 1410 6,000 SH Sole 6,000
ARCSIGHT INC COM 039666102 394 14,000 SH Sole 14,000
ARENA RESOURCES INC COM 040049108 8350 250,000 SH Sole 250,000
ARENA RESOURCES INC COM 040049108 167 5,000 SH Sole 5,000
ASIANINFO HOLDINGS INC COM 04518A104 397 15,000 SH Sole 15,000
AT&T INC COM 00206R102 168 6,500 SH Sole 6,500
ATLAS ENERGY INC COM 049298102 13070 420,000 SH Sole 420,000
ATLAS ENERGY INC COM 049298102 156 5,000 SH Sole 5,000
AURIZON MINES LTD COM 05155P106 1428 300,000 SH Sole 300,000
AURIZON MINES LTD COM 05155P106 1904 400,000 SH Sole 400,000
BAIDU INC SPON ADR SPON ADR REP A 056752108 896 1,500 SH Sole 1,500
BAIDU INC SPON ADR SPON ADR REP A 056752108 478 800 SH Sole 800
BAIDU INC SPON ADR SPON ADR REP A 056752108 239 400 SH Sole 400
BANK NOVA SCOTIA HALIFAX COM 064149107 150 3,000 SH Sole 3,000
BANK OF AMERICA CORP COM 060505104 446 25,000 SH Sole 25,000
BANK OF AMERICA CORP COM 060505104 803 45,000 SH Sole 45,000
BANK OF AMERICA CORP COM 060505104 179 10,000 SH CALL Sole 10,000
BARRICK GOLD CORP COM COM 067901108 4217 110,000 SH Sole 110,000
BARRICK GOLD CORP COM 067901108 767 20,000 SH CALL Sole 20,000
BB&T CORPORATION COM 054937107 194 6,000 SH Sole 6,000
BEMIS CO COM 081437105 172 6,000 SH Sole 6,000
BERKSHIRE HATHAWAY INC CLASS B CL B NEW 084670702 691 8,500 SH Sole 8,500
BLUE COAT SYSTEMS INC COM 09534T508 155 5,000 SH Sole 5,000
BRISTOL MYERS SQUIBB CO COM 110122108 174 6,500 SH Sole 6,500
BRISTOL MYERS SQUIBB CO COM 110122108 454 17,000 SH Sole 17,000
BROADCOM CORP CL A CL A 111320107 415 12,500 SH Sole 12,500
CAMERON INTERNATIONAL
CORPORATION COM 13342B105 10929 255,000 SH Sole 255,000
CAMERON INTERNATIONAL
CORPORATION COM 13342B105 536 12,500 SH Sole 12,500
CAMPBELL SOUP COM 134429109 177 5,000 SH Sole 5,000
CANADIAN NATURAL RESOURCES COM 136385101 24063 325,000 SH Sole 325,000
CAPELLA EDUCATION CO COM 139594105 557 6,000 SH Sole 6,000
CARBO CERAMICS INC COM 140781105 9039 145,000 SH Sole 145,000
CELGENE CORP COM 151020104 620 10,000 SH Sole 10,000
CENTURYTEL INC COM 156700106 160 4,500 SH Sole 4,500
CERNER CORP COM 156782104 255 3,000 SH Sole 3,000
CHEVRON CORP COM 166764100 29195 385,000 SH Sole 385,000
CHINA AGRITECH INC COM 16937A200 373 15,000 SH Sole 15,000
CHINA AGRITECH INC COM 16937A200 99 4,000 SH Sole 4,000
CHINA AUTOMOTIVE SYS INC COM COM 16936R105 578 25,000 SH Sole 25,000
CHINA ED ALLIANCE INC COM 16938Y207 107 20,000 SH Sole 20,000
CHINA GERUI ADVANCED MATERIALS COM G21101103 190 25,000 SH Sole 25,000
CHINA GERUI ADVANCED MATERIALS COM G21101103 38 5,000 SH Sole 5,000
CHINA MEDIAEXPRESS HOLDINGS
INC COM 169442100 276 20,000 SH Sole 20,000
CHINA VALVES TECHNOLOGY INC COM 169476207 390 30,000 SH Sole 30,000
CHINA VALVES TECHNOLOGY INC COM 169476207 390 30,000 SH Sole 30,000
CHINA WIND SYSTEMS INC COM 16945F209 48 10,000 SH Sole 10,000
CHINA WIND SYSTEMS INC COM 16945F209 24 5,000 SH Sole 5,000
CHINA-BIOTICS INC COM 16937B109 269 15,000 SH Sole 15,000
CHINA-BIOTICS INC COM 16937B109 179 10,000 SH Sole 10,000
CHINA-BIOTICS INC COM 16937B109 63 3,500 SH Sole 3,500
CHINACAST EDUCATION CORP COM 16946T109 292 40,000 SH Sole 40,000
CHINACAST EDUCATION CORP COM 16946T109 73 10,000 SH Sole 10,000
CIBT EDUCATION GROUP INC /CAD/ COM 17163Y102 357 453,632 SH Sole 453,632
CINCINNATI FINANCIAL CORP COM 172062101 173 6,000 SH Sole 6,000
CLAUDE RESOURCES INC /CAD/ COM 182873109 2952 2,802,000 SH Sole 2,802,000
CLAUDE RESOURCES INC /CAD/ COM 182873109 2192 2,080,700 SH Sole 2,080,700
CLIFFS NATURAL RESOURCES INC COM 18683K101 12416 175,000 SH Sole 175,000
CNINSURE INC-ADR SPONSORED ADR 18976M103 399 15,000 SH Sole 15,000
CNINSURE INC-ADR SPONSORED ADR 18976M103 93 3,500 SH Sole 3,500
CNOOC LTD ADR SPONSORED ADR 126132109 495 3,000 SH Sole 3,000
COEUR D ALENE MINES CORP IDAHO COM NEW 192108504 1333 89,000 SH Sole 89,000
COEUR D ALENE MINES CORP IDAHO COM NEW 192108504 3460 231,000 SH Sole 231,000
COEUR D'ALENE MINES CORP IDAHO COM 192108504 120 8,000 SH Sole 8,000
COGNIZANT TECH SOLUTIONSCORP
CLASS A CL A 192446102 612 12,000 SH Sole 12,000
COMPANHIA BRASILEIRA DE
DISTRIBUICAO ADR SPN ADR PFD CL A 20440T201 269 4,000 SH Sole 4,000
COMPANHIA ENERGETICA DE MINAS
GERAIS SP ADR N-V PFD 204409601 669 40,201 SH Sole 40,201
CONCHO RESOURCES INC COM 20605P101 201 4,000 SH Sole 4,000
CONCHO RESOURCES INC COM 20605P101 806 16,000 SH Sole 16,000
CONOCOPHILLIPS COM 20825C104 154 3,000 SH Sole 3,000
COPA HOLDINGS SA CLASS A CL A P31076105 578 9,500 SH Sole 9,500
COPA HOLDINGS SA CLASS A CL A P31076105 608 10,000 SH Sole 10,000
COPA HOLDINGS SA CLASS A CL A P31076105 182 3,000 SH Sole 3,000
CORE LABORATORIES N V COM N22717107 11772 90,000 SH Sole 90,000
CORE LABORATORIES N V COM N22717107 706 5,400 SH Sole 5,400
CPFL ENERGIA SA SP ADR /USD/ SPONSORED ADR 126153105 762 12,500 SH Sole 12,500
CREE INC COM 225447101 316 4,500 SH Sole 4,500
CREE INC COM 225447101 702 10,000 SH Sole 10,000
CRYSTALLEX INTL CORP COM 22942F101 708 2,150,000 SH Sole 2,150,000
CRYSTALLEX INTL CORP COM 22942F101 21 62,500 SH WTS Sole 62,500
CRYSTALLEX INTL CORP COM 22942F101 54 162,500 SH WTS Sole 162,500
CRYSTALLEX INTL CORP /CAD/ COM 22942F101 32 100,000 SH Sole 100,000
CRYSTALLEX INTL CORP COM 22942F101 76 230,000 SH Sole 230,000
CRYSTALLEX INTL CORP COM 22942F101 25 75,000 SH WTS Sole 75,000
CSX CORP COM 126408103 509 10,000 SH Sole 10,000
CTRIP.COM INTERNATIONAL LTD AMERICAN DEP SHS 22943F100 784 20,000 SH Sole 20,000
CTRIP.COM INTERNATIONAL LTD AMERICAN DEP SHS 22943F100 784 20,000 SH Sole 20,000
CTRIP.COM INTERNATIONAL LTD AMERICAN DEP SHS 22943F100 118 3,000 SH Sole 3,000
DECKERS OUTDOOR CORP COM 243537107 690 5,000 SH Sole 5,000
DIAMOND OFFSHORE DRILLING INC COM 25271C102 142 1,600 SH Sole 1,600
DIEBOLD INC COM 253651103 159 5,000 SH Sole 5,000
DONNELLEY /R R/ & SONS COM 257867101 171 8,000 SH Sole 8,000
DRDGOLD LTD SPONSORED ADR SPONSORED ADR 26152H301 2445 500,000 SH Sole 500,000
DRDGOLD LTD SPONSORED ADR SPONSORED ADR 26152H301 489 100,000 SH Sole 100,000
DU PONT /E I/ DE NEMOURS & CO COM 263534109 186 5,000 SH Sole 5,000
DUKE ENERGY CORP COM 26441C105 163 10,000 SH Sole 10,000
DUOYUAN GLOBAL WATER INC-ADR SPONSORED ADR 266043108 417 15,000 SH Sole 15,000
DUOYUAN GLOBAL WATER INC-ADR SPONSORED ADR 266043108 555 20,000 SH Sole 20,000
DUOYUAN GLOBAL WATER INC-ADR SPONSORED ADR 266043108 139 5,000 SH Sole 5,000
EASTMAN CHEMICAL CO COM 277432100 159 2,500 SH Sole 2,500
EBIX INC COM 278715206 359 22,500 SH Sole 22,500
ELDORADO GOLD CORP COM 284902103 2114 175,000 SH Sole 175,000
ELDORADO GOLD CORP COM 284902103 121 10,000 SH Sole 10,000
EMERGING MARKETS ENERGY TITANS
ETF DJ TITANS ETF 268461860 48 1,000 SH Sole 1,000
EMERGING MRKTS METALS & MINING
TITANS ETF DJ FINL TITANS 268461852 62 1,000 SH Sole 1,000
ENTREE GOLD INC COM 29383G100 2156 750,000 SH Sole 750,000
EOG RESOURCES INC COM 26875P101 10688 115,000 SH Sole 115,000
ETFS PLATINUM TRUST ETF SH BEN INT 26922V101 821 5,000 SH Sole 5,000
EXELON CORPORATION COM 30161N101 263 6,000 SH Sole 6,000
EXETER RESOURCE CORP COM 301835104 2452 400,000 SH Sole 400,000
EXETER RESOURCE CORP COM 301835104 125 20,500 SH Sole 20,500
EXPRESS SCRIPTS INC COMMON COM 302182100 1018 10,000 SH Sole 10,000
EXXON MOBIL CORP COM 30231G102 167 2,500 SH Sole 2,500
F P L GROUP INC COM 302571104 725 15,000 SH Sole 15,000
FIBRIA CELULOSE SA-ADR SP ADR REP COM 31573A109 7658 350,000 SH Sole 350,000
FIBRIA CELULOSE SA-ADR SP ADR REP COM 31573A109 109 5,000 SH Sole 5,000
FIRSTENERGY CORP COM 337932107 508 13,000 SH Sole 13,000
FLOWSERVE CORPORATION COM 34354P105 9924 90,000 SH Sole 90,000
FORD MOTOR CO DEL COM 345370860 314 25,000 SH Sole 25,000
FOSSIL INC COM 349882100 189 5,000 SH Sole 5,000
FOSTER WHEELER AG COM COM H27178104 489 18,000 SH Sole 18,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 24227 290,000 SH Sole 290,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 418 5,000 SH Sole 5,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 418 5,000 SH Sole 5,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 835 10,000 SH Sole 10,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 292 3,500 SH Sole 3,500
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 551 6,600 SH Sole 6,600
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 752 9,000 SH Sole 9,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 276 3,300 SH Sole 3,300
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 1671 20,000 SH CALL Sole 20,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 5012 60,000 SH CALL Sole 60,000
FREEPORT-MCMORAN COPPER &
GOLDINC COM 35671D857 8354 100,000 SH CALL Sole 100,000
FRONTIER COMMUNICATIONS CORP COM 35906A108 149 20,000 SH Sole 20,000
GEN MILLS COM 370334104 248 3,500 SH Sole 3,500
GENUINE PARTS CO COM 372460105 169 4,000 SH Sole 4,000
GERDAU SA SPONSORED ADR COM 373737105 163 10,000 SH Sole 10,000
GERDAU SA SPONSORED ADR COM 373737105 734 45,000 SH Sole 45,000
GOLD FIELDS LTD SPONSORED ADR SPONSORED ADR 38059T106 3029 240,000 SH Sole 240,000
GOLD FIELDS LTD SPONSORED ADR SPONSORED ADR 38059T106 5300 420,000 SH Sole 420,000
GOLD FIELDS LTD SPONSORED ADR SPONSORED ADR 38059T106 315 25,000 SH Sole 25,000
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 6235 1,407,241 SH Sole 1,407,241
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/202 380956177 4557 1,028,384 SH Sole 1,028,384
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/203 380956177 16727 3,775,202 SH Sole 3,775,202
GREAT BASIN GOLD LTD COM 390124105 3407 2,000,000 SH Sole 2,000,000
GRUPO TELEVISA SA DE SP ADR REP ORD 40049J206 158 7,500 SH Sole 7,500
HALLIBURTON CO HOLDING COM 406216101 12353 410,000 SH Sole 410,000
HARBIN ELECTRIC INC COM 41145W109 432 20,000 SH Sole 20,000
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 2939 310,000 SH Sole 310,000
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 5024 530,000 SH Sole 530,000
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 284 30,000 SH Sole 30,000
HCP INC COM 40414L109 198 6,000 SH Sole 6,000
HECLA MINING COM 422704106 929 169,750 SH WTS Sole 169,750
HECLA MINING COM 422704106 1,724 315,250 SH WTS Sole 315,250
HOME INN HOTELS ADR SPONSORED ADR 24M99U481 98 3,000 SH CALL Sole 3,000
HORNBECK OFFSHORE SERVICES INC COM 440543106 6500 350,000 SH Sole 350,000
HORNBECK OFFSHORE COM 440543106 65 3,500 SH CALL Sole 3,500
HUDSON CITY BANCORP INC COM 443683107 170 12,000 SH Sole 12,000
HUNTSMAN CORP COM 447011107 241 20,000 SH Sole 20,000
I SHARES INC MSCI HONG KONG
INDEX FUND ETF MSCI HONG KONG 464286871 220 13,500 SH Sole 13,500
I SHARES INC MSCI HONG KONG
INDEX FUND ETF MSCI HONG KONG 464286871 65 4,000 SH Sole 4,000
I SHARES MSCI TAIWAN INDEX
FUND ETF MSCI TAIWAN 464286731 126 10,000 SH Sole 10,000
I SHARES MSCI TAIWAN INDEX
FUND ETF MSCI TAIWAN 464286731 33 2,600 SH Sole 2,600
IAMGOLD CORPORATION COM 450913108 3826 289,400 SH Sole 289,400
IAMGOLD CORPORATION COM 450913108 5394 408,000 SH Sole 408,000
INTEGRYS ENERGY GROUP INC COM 45822P105 190 4,000 SH Sole 4,000
INTEL CORP COM 458140100 167 7,500 SH Sole 7,500
ISHARES MSCI MEXICO INDEX
FUND ETF MSCI MEXICO 464286822 35 650 SH Sole 650
ISHARES MSCI SINGAPORE FREE
ETF MSCI SINGAPORE 464286673 108 9,400 SH Sole 9,400
ISHARES MSCI SINGAPORE FREE
ETF MSCI SINGAPORE 464286673 32 2,800 SH Sole 2,800
ISHARES MSCI SOUTH KOREA
INDEXFUND ETF MSCI SOUTH KOREA 464286772 35 700 SH Sole 700
ISHARES TR INDEX DJ US REAL
EST DJ US REAL EST 464287739 149 3,000 SH Sole 3,000
ISHARES TR INDEX DJ US REAL
EST DJ US REAL EST 464287739 274 5,500 SH Sole 5,500
IVANHOE ENERGY INC COM 465790103 3269 1,000,000 SH Sole 1,000,000
IVANHOE ENERGY INC /CAD/ COM 465790103 166 50,000 SH WTS Sole 50,000
IVANHOE ENERGY INC /CAD/ COM 465790103 62 18,750 SH Sole 18,750
IVANHOE MINES COM 02E99T026 888 50,000 SH CALL Sole 50,000
IVANHOE MINES COM 02E99T026 222 12,500 SH CALL Sole 12,500
IVANHOE MINES COM 02E99T026 621 35,000 SH CALL Sole 35,000
IVANHOE MINES LTD COM 46579N103 9,071 2,500.00 SH CALL Sole 2,500
IVANHOE MINES LTD COM 46579N103 87 5,000.00 SH CALL Sole 5,000
J CREW GROUP INC COM 46612H402 115 2,500 SH Sole 2,500
J CREW GROUP INC COM 46612H402 367 8,000 SH Sole 8,000
JINPAN INTL LTD ORD G5138L100 50 2,400 SH Sole 2,400
JOY GLOBAL INC COM 481165108 8490 150,000 SH Sole 150,000
KEY ENERGY SVCS INC COM 492914106 7067 740,000 SH Sole 740,000
KEY ENERGY SVCS INC COM 492914106 191 20,000 SH Sole 20,000
KINROSS GOLD CORP COM 496902404 5982 350,000 SH Sole 350,000
KINROSS GOLD CORP COM 496902404 5640 330,000 SH Sole 330,000
KINROSS GOLD CORP COM 496902404 0 1 SH Sole 1
KINROSS GOLD CORP /CAD/ COM 496902404 2,510 144,528 SH WTS Sole 144,528
KINROSS GOLD CORP /CAD/ COM 496902404 5,330 306,843 SH WTS Sole 306,843
KINROSS GOLD CORP /CAD/ COM 496902404 5,212 300,039 SH WTS Sole 300,039
KINROSS GOLD CORP /CAD/ COM 496902404 7,159 412,148 SH WTS Sole 412,148
KINROSS GOLD CORP /CAD/ COM 496902404 16,478 948,671 SH WTS Sole 948,671
KINROSS GOLD CORP /CAD/ COM 496902404 13,483 776,234 SH WTS Sole 776,234
LEGGETT & PLATT INC COM 524660107 173 8,000 SH Sole 8,000
LIHIR GOLD LTD SPON ADR SPONSORED ADR 532349107 282 10,000 SH Sole 10,000
LIHIR GOLD LTD SPON ADR SPONSORED ADR 532349107 2816 100,000 SH Sole 100,000
LIHIR GOLD LTD SPON ADR SPONSORED ADR 532349107 3844 136,500 SH Sole 136,500
LILLY /ELI/ & CO COM 532457108 163 4,500 SH Sole 4,500
LINCOLN NATL CORP IND COM 534187109 154 5,000 SH Sole 5,000
LINEAR TECHNOLOGY CORP COM 535678106 170 6,000 SH Sole 6,000
LOCKHEED MARTIN CORP COM 539830109 166 2,000 SH Sole 2,000
LULULEMON ATHLETICA INC COM 550021109 415 10,000 SH Sole 10,000
MADDEN STEVEN LTD COM 556269108 805 16,500 SH Sole 16,500
MADDEN STEVEN LTD COM 556269108 976 20,000 SH CALL Sole 20,000
MAG SILVER CORPORATION /CAD/ COM 55903Q104 3867 510,000 SH Sole 510,000
MAG SILVER CORP /CAD/ COM 55903Q104 116 15,000 SH Sole 15,000
MANITOWOC CO INC COM 563571108 299 23,000 SH Sole 23,000
MARKET VECTORS GOLD MINERS ETF COM 5706OU10 4441 100,000 SH CALL Sole 100,000
MARKET VECTORS JR GOLD MINERS
ETF COM 57060U589 1556 60,500 SH PUT Sole 60,500
MARKET VECTORS JR GOLD MINERS
ETF COM 57060U589 4900 190,500 SH PUT Sole 190,500
MARKET VECTORS INDONESIA
INDEXETF INDONESIA ETF 57060U753 126 1,800 SH Sole 1,800
MARKET VECTORS INDONESIA
INDEXETF INDONESIA ETF 57060U753 35 500 SH Sole 500
MC DONALDS CORP COM 580135101 167 2,500 SH Sole 2,500
MCDERMOTT INTL INC COM 580037109 296 11,000 SH Sole 11,000
MEADWESTVACO CORP COM 583334107 153 6,000 SH Sole 6,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 11936 420,000 SH Sole 420,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 284 10,000 SH Sole 10,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 142 5,000 SH Sole 5,000
MEDCO HEALTH SOLUTIONS INC COM 58405U102 258 4,000 SH Sole 4,000
MEDCO HEALTH SOLUTIONS INC COM 58405U102 613 9,500 SH Sole 9,500
MF GLOBAL HOLDINGS LTD COM 55277J108 81 10,000 SH Sole 10,000
MF GLOBAL HOLDINGS LTD COM 55277J108 242 30,000 SH Sole 30,000
MICROCHIP TECHNOLOGY INC COM 595017104 169 6,000 SH Sole 6,000
MINDRAY MEDICAL INTL LTD ADR SPON ADR 602675100 546 15,000 SH Sole 15,000
MINES MANAGEMENT INC COM 603432105 2024 784,500 SH Sole 784,500
MINES MANAGEMENT INC COM 603432105 109 40,900 SH Sole 40,900
MINES MANAGEMENT INC /CAD/ COM 603432105 7 2,500 SH WTS Sole 2,500
MINES MANAGEMENT INC /CAD/ COM 603432105 35 13,000 SH WTS Sole 13,000
MINES MANAGEMENT INC /CAD/ COM 603432105 2,149 795,800 SH WTS Sole 795,800
MINES MANAGEMENT INC /CAD/ COM 603432105 119 44,000 SH WTS Sole 44,000
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 9158 165,000 SH Sole 165,000
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 167 3,000 SH Sole 3,000
NATIONAL BANK OF GREECE SPONSORED ADR 633643408 2923 720,000 SH Sole 720,000
NATIONAL BANK OF GREECE SPONSORED ADR 633643408 122 30,000 SH Sole 30,000
NATIONAL OILWELL VARCO INC COM 637071101 10145 250,000 SH Sole 250,000
NETFLIX.COM INC COM 64110L106 959 13,000 SH Sole 13,000
NETLOGIC MICROSYSTEMS INC COM 64118B100 294 10,000 SH Sole 10,000
NEW GOLD INC COM 644535106 21 4,823 SH Sole 4,823
NEW GOLD INC COM 644535106 22 5,000 SH Sole 5,000
NEW GOLD INC COM 644535106 1721 400,000 SH Sole 400,000
NEW GOLD INC COM 644535106 861 200,000 SH Sole 200,000
NEW GOLD INC /CAD/ COM 644535106 1,100 251,800 SH WTS Sole 251,800
NEW GOLD INC /CAD/ COM 644535106 4,807 1,099,900 SH WTS Sole 1,099,900
NEW GOLD INC /CAD/ COM 644535106 3,595 822,570 SH WTS Sole 822,570
NEW GOLD INC /CAD/ COM 644535106 1,541 352,530 SH WTS Sole 352,530
NEW GOLD INC /CAD/ COM 644535106 1,345 307,840 SH WTS Sole 307,840
NEW GOLD INC /CAD/ COM 644535106 39 8,850 SH WTS Sole 8,850
NEW GOLD INC /CAD/ COM 644535106 1,090 249,510 SH WTS Sole 248,510
NEW GOLD INC /CAD/ COM 644535106 473 108,250 SH WTS Sole 108,250
NEW GOLD INC /CAD/ COM 644535106 128 29,400 SH WTS Sole 29,400
NEW GOLD INC /CAD/ COM 644535106 142 32,600 SH WTS Sole 32,600
NEW GOLD INC /CAD/ COM 644535106 25 5,750 SH WTS Sole 5,750
NEW GOLD INC /CAD/ COM 644535106 125 28,500 SH WTS Sole 28,500
NEW GOLD INC /CAD/ COM 644535106 262 59,950 SH WTS Sole 59,950
NEWFIELD EXPLORATION CO COM 651290108 468 9,000 SH Sole 9,000
NEWMONT MINING CORP COM 651639106 4584 90,000 SH Sole 90,000
NEWMONT MINING CORP COM 651639106 3056 60,000 SH Sole 60,000
NEWMONT MINING CORP COM 651639106 3107 61,000 SH CALL Sole 61,000
NEWMONT MINING CORP COM 651639106 8658 170,000 SH CALL Sole 170,000
NEWMONT MINING CORP COM 651639106 4248 83,400 SH CALL Sole 83,400
NEWMONT MINING CORP COM 651639106 13247 260,100 SH CALL Sole 260,100
NISOURCE INC COM 65473P105 158 10,000 SH Sole 10,000
NOBLE ENERGY INC COM 655044105 11680 160,000 SH Sole 160,000
NORTHERN DYNASTY MINERALS COM 66510M204 4766 500,000 SH Sole 500,000
NORTHERN DYNASTY MINERALS COM 66510M204 6195 650,000 SH Sole 650,000
NORTHROP GRUMMAN CORP COM 666807102 164 2,500 SH Sole 2,500
NUCOR CORP COM 670346105 159 3,500 SH Sole 3,500
NUSTAR ENERGY LP UNIT COM 67058H102 453 7,500 SH Sole 7,500
NUSTAR ENERGY LP UNIT COM 67058H102 121 2,000 SH Sole 2,000
OCCIDENTAL PETROLEUM COM 674599105 24094 285,000 SH Sole 285,000
ORIGIN AGRITECH LTD SHS G67828106 500 50,000 SH Sole 50,000
ORIGIN AGRITECH LTD SHS G67828106 75 7,500 SH Sole 7,500
PACIFIC RIM MINING CORP COM 694915208 877 4,738,813 SH Sole 4,738,813
PACIFIC RIM MINING CORP COM 694915208 127 661,900 SH Sole 661,900
PAN AMERICAN SILVER CORP COM 697900108 2315 100,000 SH Sole 100,000
PAN AMERICAN SILVER CORP COM 697900108 3010 130,000 SH Sole 130,000
PANERA BREAD COMPANY CL A CL A 69840W108 116 1,500 SH Sole 1,500
PAYCHEX INC COM 704326107 169 5,500 SH Sole 5,500
PEABODY ENERGY CORP COM 704549104 17138 375,000 SH Sole 375,000
PEABODY ENERGY CORP COM 704549104 343 7,500 SH Sole 7,500
PEPCO HOLDINGS INC COM 713291102 172 10,000 SH Sole 10,000
PETROHAWK ENERGY CORP COM 716495106 2893 142,674 SH Sole 142,674
PHILIP MORRIS INTERNATIONAL COM 718172109 156 3,000 SH Sole 3,000
PLAINS ALL AMER PIPELINE LP UNIT LTD PARTN 726503105 185 3,250 SH Sole 3,250
PLATINUM GROUP METALS COM NEW 72765Q205 2065 1,070,000 SH Sole 1,070,000
POWERSHARES INDIA PORTFOLIO
TRUST ETF INDIA PORT 73935L100 34 1,500 SH Sole 1,500
PRICELINE.COM INC COM 741503403 1275 5,000 SH Sole 5,000
QWEST COMMUNICATIONS INTL COM 749121109 183 35,000 SH Sole 35,000
RACKSPACE HOSTING INC COM 750086100 375 20,000 SH Sole 20,000
RACKSPACE HOSTING INC COM 750086100 562 30,000 SH Sole 30,000
RADIAN GROUP INC COM 750236101 117 7,500 SH Sole 7,500
RANDGOLD RESOURCES LTD ADR ADR 752344309 16711 217,500 SH Sole 217,500
RANDGOLD RESOURCES LTD ADR ADR 752344309 18900 246,000 SH Sole 246,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 922 12,000 SH Sole 12,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 384 5,000 SH Sole 5,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 48019 625,000 SH Sole 625,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 230 3,000 SH Sole 3,000
RANGE RESOURCES CORP COM 75281A109 4687 100,000 SH Sole 100,000
RAYTHEON COMPANY COM 755111507 171 3,000 SH Sole 3,000
REGAL ENTERTAIMENT GROUP-A CL A 758766109 334 19,000 SH Sole 19,000
RESEARCH IN MOTION COM 760975102 222 3,000 SH Sole 3,000
RESEARCH IN MOTION COM 760975102 296 4,000 SH Sole 4,000
REYNOLDS AMERICAN INC COM 761713106 162 3,000 SH Sole 3,000
RICHMONT MINES INC COM 76547T106 2184 550,000 SH Sole 550,000
RIVERBED TECHNOLOGY INC COM 768573107 852 30,000 SH Sole 30,000
ROYAL GOLD INC COM 780287108 10397 225,000 SH Sole 225,000
ROYAL GOLD INC COM 780287108 10472 226,625 SH Sole 226,625
RUBICON MINERALS CORP COM 780911103 7641 2,000,000 SH Sole 2,000,000
RUBICON MINERALS CORP /CAD/ COM 780911103 116 30,000 SH Sole 30,000
RUBICON MINERALS CORP /CAD/ COM 780911103 658 169,600 SH Sole 169,600
SALESFORCE.COM INC COM 79466L302 186 2,500 SH Sole 2,500
SELECT SECTOR SPDR TR SBI INT- ENERGY 81369Y506 863 15,000.00 SH PUT Sole 15,000
SHERWIN WILLIAMS COM 824348106 169 2,500 SH Sole 2,500
SILVERCORP METALS INC COM 82835P103 5106 744,000 SH Sole 744,000
SILVERCORP METALS INC COM 82835P103 10215 1,488,500 SH Sole 1,488,500
SILVERCORP METALS INC COM 82835P103 463 67,500 SH Sole 67,500
SILVER WHEATON CORP /CAD/ COM 828336107 20,222 1,267,820 SH WTS Sole 1,267,820
SILVER WHEATON CORP /CAD/ COM 828336107 4,953 310,540 SH WTS Sole 310,540
SILVER WHEATON CORP /CAD/ COM 828336107 6,197 388,540 SH WTS Sole 388,540
SILVER WHEATON CORP /CAD/ COM 828336107 6,744 422,795 SH WTS Sole 422,795
SILVER WHEATON CORP /CAD/ COM 828336107 8,840 554,206 SH WTS Sole 554,206
SILVER WHEATON CORP /CAD/ COM 828336107 3,728 233,744 SH WTS Sole 233,744
SILVER WHEATON CORP /CAD/ COM 828336107 177 11,071 SH WTS Sole 11,071
SINOVAC BIOTECH LTD COM P8696W104 148 25,000 SH Sole 25,000
SKECHERS USA INC CL A CL A 830566105 345 9,500 SH Sole 9,500
SOLITARIO EXPLORATION &
ROYALTY COM 8342EP107 2056 994,522 SH Sole 994,522
SOUTHWESTERN ENERGY CO COM 845467109 15270 375,000 SH Sole 375,000
SPDR GOLD TRUST GOLD SHS 78463V107 163 1,500 SH Sole 1,500
SPDR GOLD TRUST GOLD SHS 78463V107 3377 31,000 SH Sole 31,000
SPDR GOLD TRUST GOLD SHS 78463V107 8237 75,600 SH Sole 75,600
SPDR GOLD TRUST GOLD SHS 78463V107 370 3,400 SH Sole 3,400
SPDR KBW BANK ETF SPDR KBW BK ETF 78464A797 323 12,500 SH Sole 12,500
SPDR KBW BANK ETF SPDR KBW BK ETF 78464A797 581 22,500 SH Sole 22,500
SPDR S&P EMERGING EUROPE ETF EUROPE ETF 78463X608 91 2,000 SH Sole 2,000
SPDR SERIES TRUST BRCLYS YLD
ETF BRCLYS YLD ETF 78464A417 159 4,000 SH Sole 4,000
SPDR SERIES TRUST S&P METALS MNG 78464A755 852 15,000.00 SH PUT Sole 15,000
SPDR SERIES TRUST S&P METALS MNG 78464A755 2,841 50,000.00 SH PUT Sole 50,000
SPECTRA ENERGY CORP COM 847560109 180 8,000 SH Sole 8,000
SPROTT PHYSICAL GOLD TRUST ETF UNIT COM 85207H104 1632 165,000 SH Sole 165,000
SPROTT PHYSICAL GOLD TRUST ETF UNIT COM 85207H104 3808 385,000 SH Sole 385,000
ST JUDE MEDICAL INC COM 790849103 164 4,000 SH Sole 4,000
STANTEC INC COM 85472N109 392 15,000 SH Sole 15,000
STEEL DYNAMICS INC COM 858119100 314 18,000 SH Sole 18,000
SUNOCO INC COM 86764P109 178 6,000 SH Sole 6,000
TAIWAN SEMICONDUCTOR SPONSORED
ADR SPONSORED ADR 874039100 105 10,000 SH Sole 10,000
TAIWAN SEMICONDUCTOR SPONSORED
ADR SPONSORED ADR 874039100 420 40,000 SH Sole 40,000
TECK RESOURCES LTD CLS B CL B 878742204 22216 510,000 SH Sole 510,000
TECK RESOURCES LTD CLS B CL B 878742204 871 20,000 SH Sole 20,000
TECK RESOURCES LTD CLS B CL B 878742204 784 18,000 SH Sole 18,000
TECK RESOURCES LTD CLS B CL B 878742204 196 4,500 SH Sole 4,500
TELESTONE TECHNOLOGIES CORP COM 87953J102 438 25,000 SH Sole 25,000
TELESTONE TECHNOLOGIES CORP COM 87953J102 193 11,000 SH Sole 11,000
TENARIS SA ADR SPONSORED ADR 88031M109 10950 255,000 SH Sole 255,000
TESORO CORP COM 881609101 6464 465,000 SH Sole 465,000
THOMPSON CREEK METALS CO COM 884768102 7509 555,000 SH Sole 555,000
THOMPSON CREEK METALS /CAD/ COM 884768102 137 10,000 SH WTS Sole 10,000
TIM PARTICIPACOES SA-ADR SPONS ADR PFD 88706P106 139 5,000 SH Sole 5,000
TIME WARNER CABLE COM 88732J207 187 3,500 SH Sole 3,500
TJX COS INC /NEW/ COM 872540109 319 7,500 SH Sole 7,500
TRANSOCEAN LTD COM H8817H100 18572 215,000 SH Sole 215,000
TURKCELL ILETISIM HIZMET ADR SPONSORED ADR 900111204 151 10,000 SH Sole 10,000
TURKCELL ILETISIM HIZMET ADR SPONSORED ADR 900111204 2447 162,500 SH Sole 162,500
ULTRA PETROLEUM CORP COM 903914109 10492 225,000 SH Sole 225,000
URANIUM ENERGY CORP COM 916896103 1288 400,000 SH Sole 400,000
URANIUM ENERGY CORP COM 916896103 129 40,000 SH Sole 40,000
URANIUM ENERGY CORP COM 916896103 112 35,000 SH Sole 35,000
URS CORP COM 903236107 248 5,000 SH Sole 5,000
VALEANT PHARMACEUTICALS COM 91911X104 687 16,000 SH Sole 16,000
VANGUARD NATURAL RESOURCES COM UNIT 92205F106 84 3,500 SH Sole 3,500
VANTAGE DRILL WTS EXP 5/24/11 *W EXP 05/24/201 G93205121 72 2,461,400 SH Sole 2,461,400
VANTAGE DRILLING COMPANY COM G93205113 2220 1,500,000 SH Sole 1,500,000
VIMPEL COMMUNICATIONS SPON ADR SPONSORED ADR 68370R109 7698 418,157 SH Sole 418,157
VISA INC CLASS A SHARES COM CL A 92826C839 728 8,000 SH Sole 8,000
VISTAPRINT N V BMG937622048 SHS N93540107 744 13,000 SH Sole 13,000
VIVO PARTICIPACOES SA - ADR SPONSORED ADR 92855S200 542 20,000 SH Sole 20,000
VIVO PARTICIPACOES SA - ADR SPONSORED ADR 92855S200 339 12,500 SH Sole 12,500
WALTER ENERGY INC COM 93317Q105 11072 120,000 SH Sole 120,000
WALTER ENERGY INC COM 93317Q105 554 6,000 SH Sole 6,000
WASTE MANAGEMENT INC COM 94106L109 172 5,000 SH Sole 5,000
WELLPOINT INC COM 94973V107 161 2,500 SH Sole 2,500
WIMM BILL DANN FOODS ADR SPONSORED ADR 97263M109 4820 215,000 SH Sole 215,000
WIMM BILL DANN FOODS ADR SPONSORED ADR 97263M109 112 5,000 SH Sole 5,000
WINDSTREAM CORP COM 97381W104 174 16,000 SH Sole 16,000
WIPRO LTD ADR ADR 97651M109 93 4,000 SH Sole 4,000
YAMANA GOLD INC COM 98462Y100 2709 275,000 SH Sole 275,000
YAMANA GOLD INC COM 98462Y100 1231 125,000 SH Sole 125,000
YAMANA GOLD INC COM 98462Y100 296 29,500 SH CALL Sole 29,500
YAMANA GOLD INC COM 98462Y100 719 71,500 SH CALL Sole 71,500
YINGLI GREEN ENERGY HOLD ADR SPONSORED ADR 98584B103 376 29,500 SH Sole 29,500
YONGYE INTERNATIONAL INC COM 98607B106 404 50,000 SH Sole 50,000
GRAND 1,039,521 73,028,854