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, 2011
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: 028-02220
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 02/14/2012
------------------------ ------------------------ ------------------------
[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:
FORM 13F
SUMMARY PAGE
Report Summary:
Form 13F Information Table Entry Total: 351
Form 13F Information Table Value Total: 829,187
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
NONE
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 SPONSORED ADR SPONSORED
ADR 000375204 377 20,000 SH Sole 20,000
* AETNA INC NEW COM COM 00817Y108 169 4,000 SH Sole 4,000
* AGILENT TECHNOLOGIES
INC COM COM 00846U101 175 5,000 SH Sole 5,000
* AGILENT TECHNOLOGIES
INC COM COM 00846U101 524 15,000 SH Sole 15,000
* AGNICO EAGLE MINES
LTD COM COM 008474108 7,264 200,000 SH Sole 200,000
* AGNICO EAGLE MINES
LTD COM COM 008474108 14,528 400,000 SH Sole 400,000
* AGNICO EAGLE MINES
LTD COM COM 008474108 3,705 100,000 SH CALL Sole 100,000
* AGNICO EAGLE MINES
LTD COM COM 008474108 1,975 53,300 SH CALL Sole 53,300
* AGNICO EAGLE MINES
LTD COM COM 008474108 3,953 106,700 SH CALL Sole 106,700
* AIRGAS INC COM COM 009363102 164 2,100 SH Sole 2,100
ALERIAN MLP ETF ALERIAN
MLP 00162Q866 50 3,000 SH Sole 3,000
* ALEXCO RESOURCE CORP
COM COM 01535P106 116 17,100 SH Sole 17,100
* ALMADEN MINERALS LTD
COM COM 020283107 1,413 560,000 SH Sole 560,000
ALMADEN MINERALS LTD /
CAD/ COM 020283107 64 25,000 SH Sole 25,000
* ALPS ETF TR ALERIAN MLP ALERIAN
MLP 00162Q866 100 6,000 SH Sole 6,000
* AMERICAN TOWER CORP
CL A CL A 029912201 180 3,000 SH Sole 3,000
* AMTRUST FINANCIAL
SERVICES I COM COM 032359309 238 10,000 SH Sole 10,000
* ANADARKO PETE CORP
COM COM 032511107 12,152 159,200 SH Sole 159,200
* ANGLOGOLD ASHANTI SPONSORED
LTD SPONSORED ADR ADR 035128206 5,731 135,000 SH Sole 135,000
* ANGLOGOLD ASHANTI SPONSORED
LTD SPONSORED ADR ADR 035128206 3,184 75,000 SH Sole 75,000
ANOORAQ RES CORP COM COM 03633E108 103 268,325 SH Sole 268,325
ANOORAQ RES CORP COM COM 03633E108 191 498,175 SH Sole 498,175
* APPLE INC COM COM 037833100 567 1,400 SH Sole 1,400
* APPLE INC COM COM 037833100 1,620 4,000 SH Sole 4,000
* ARCOS DORADOS
HOLDINGS INC SHS CLASS SHS CLASS -
-A - A - G0457F107 616 30,000 SH Sole 30,000
* ARCOS DORADOS
HOLDINGS INC SHS CLASS SHS CLASS -
-A - A - G0457F107 164 8,000 SH Sole 8,000
* ASIAINFO-LINKAGE INC COM 04518A104 155 20,000 SH CALL Sole 20,000
* ASSURANT INC COM COM 04621X108 205 5,000 SH Sole 5,000
* AT&T INC COM COM 00206R102 197 6,500 SH Sole 6,500
* AUGUSTA RES CORP COM
NEW COM NEW 050912203 3,304 1,065,690 SH Sole 1,065,690
* AUGUSTA RES CORP COM
NEW COM NEW 050912203 1,713 552,500 SH Sole 552,500
AUGUSTA RESOURCES CORP COM 050912203 18 5,800 SH Sole 5,800
AUGUSTA RESOURCES CORP COM 050912203 76 24,450 SH Sole 24,450
* AURICO GOLD INC COM COM 05155C105 1,762 220,000 SH Sole 220,000
* AURICO GOLD INC COM COM 05155C105 1,081 135,000 SH Sole 135,000
* AURIZON MINES LTD COM COM 05155P106 986 200,000 SH Sole 200,000
* AUTOZONE INC COM COM 053332102 162 500 SH Sole 500
* BAIDU INC SPON ADR REP SPON ADR
A REP A 056752108 1,398 12,000 SH Sole 12,000
* BAIDU INC SPON ADR REP SPON ADR
A REP A 056752108 93 800 SH Sole 800
* BALL CORP COM COM 058498106 179 5,000 SH Sole 5,000
* BARD C R INC COM COM 067383109 171 2,000 SH Sole 2,000
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
--------------------- ---------------- --------- -------- --------- --- ---- ---------- -------- ---- --------- ------
* BARRICK GOLD CORP
COM COM 067901108 5,407 119,500 SH Sole 119,500
* BARRICK GOLD CORP
COM COM 067901108 3,575 79,000 SH Sole 79,000
* BEMIS INC COM COM 081437105 171 5,700 SH Sole 5,700
* BHP BILLITON LTD
SPONSORED ADR SPONSORED ADR 088606108 12,113 171,500 SH Sole 171,500
BODY CENT CORP COM COM 09689U102 1,073 43,000 SH Sole 43,000
* BRF-BRASIL FOODS S
A SPONSORED ADR SPONSORED ADR 10552T107 117 6,000 SH Sole 6,000
* BUNGE LIMITED COM COM G16962105 12,126 212,000 SH Sole 212,000
* C&J ENERGY SVCS
INC COM COM 12467B304 837 40,000 SH Sole 40,000
* CADENCE DESIGN
SYSTEM INC COM COM 127387108 624 60,000 SH Sole 60,000
* CAI INTERNATIONAL
INC COM COM 12477X106 618 40,000 SH Sole 40,000
CAMECO CORP COM 13321L908 1 13,000 SH CALL Sole 13,000
* CAMERON
INTERNATIONAL
CORP COM COM 13342B105 197 4,000 SH Sole 4,000
* CAMERON
INTERNATIONAL
CORP COM COM 13342B105 295 6,000 SH Sole 6,000
* CARBO CERAMICS
INC COM COM 140781105 12,000 97,300 SH Sole 97,300
* CARBO CERAMICS
INC COM COM 140781105 185 1,500 SH Sole 1,500
* CARBO CERAMICS
INC COM COM 140781105 617 5,000 SH Sole 5,000
* CARDTRONICS INC
COM COM 14161H108 541 20,000 SH Sole 20,000
* CATERPILLAR INC
DEL COM COM 149123101 3,307 36,500 SH Sole 36,500
* CATERPILLAR INC
DEL COM COM 149123101 4,802 53,000 SH Sole 53,000
* CATERPILLAR INC
DEL COM COM 149123101 227 2,500 SH Sole 2,500
* CATERPILLAR INC
DEL COM COM 149123101 272 3,000 SH Sole 3,000
* CATERPILLAR INC
DEL COM COM 149123101 362 4,000 SH Sole 4,000
* CELGENE CORP COM COM 151020104 135 2,000 SH Sole 2,000
* CELGENE CORP COM COM 151020104 304 4,500 SH Sole 4,500
* CENOVUS ENERGY
INC COM COM 15135U109 12,218 368,000 SH Sole 368,000
* CF INDS HLDGS INC
COM COM 125269100 12,033 83,000 SH Sole 83,000
* CF INDS HLDGS INC
COM COM 125269100 217 1,500 SH Sole 1,500
* CF INDS HLDGS INC
COM COM 125269100 217 1,500 SH Sole 1,500
* CF INDS HLDGS INC
COM COM 125269100 435 3,000 SH Sole 3,000
* CHART INDS INC COM
PAR $0.01 NOTE 2.000% 8/0 16115Q308 406 7,500 SH Sole 7,500
* CHICAGO BRIDGE &
IRON CO N V N Y
REGISTRY SH N Y REGISTRY SH 167250109 170 4,500 SH Sole 4,500
* CHICAGO BRIDGE &
IRON CO N V N Y
REGISTRY SH N Y REGISTRY SH 167250109 378 10,000 SH Sole 10,000
* CHINA PETE & CHEM
CORP SPON ADR H
SHS SPON ADR H SHS 16941R108 105 1,000 SH Sole 1,000
* CHUBB CORP COM COM 171232101 166 2,400 SH Sole 2,400
CIBT EDUCATION
GROUP INC COM COM 17163Y102 89 377,266 SH Sole 377,266
* CINTAS CORP COM COM 172908105 191 5,500 SH Sole 5,500
* CITIGROUP INC COM NEW 172967424 2,105 80,000 SH CALL Sole 80,000
CLAUDE RES INC COM COM 182873109 3,618 2,710,000 SH Sole 2,710,000
CLAUDE RES INC COM COM 182873109 2,803 2,100,000 SH Sole 2,100,000
* CLIFFS NATURAL
RESOURCES INC
COM COM 18683K101 12,158 195,000 SH Sole 195,000
* CME GROUP INC COM COM 12572Q105 171 700 SH Sole 700
* CNOOC LTD
SPONSORED ADR SPONSORED ADR 126132109 437 2,500 SH Sole 2,500
* COCA COLA CO COM COM 191216100 196 2,800 SH Sole 2,800
* COEUR D ALENE
MINES CORP IDA
COM NEW COM NEW 192108504 12,142 503,000 SH Sole 503,000
* COEUR D ALENE
MINES CORP IDA
COM NEW COM NEW 192108504 8,389 347,500 SH Sole 347,500
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
------------------------ -------------- --------- -------- --------- --- ---- ---------- -------- ---- --------- ------
* COEUR D ALENE MINES
CORP IDA COM NEW COM NEW 192108504 14,967 620,000 SH Sole 620,000
* COMPASS MINERALS INTL
INC COM COM 20451N101 12,118 176,000 SH Sole 176,000
* COMPUWARE CORP COM COM 205638109 150 18,000 SH Sole 18,000
* CONAGRA FOODS INC
COM COM 205887102 172 6,500 SH Sole 6,500
* CONOCOPHILLIPS COM COM 20825C104 182 2,500 SH Sole 2,500
* COPA HOLDINGS SA CL A CL A P31076105 129 2,200 SH Sole 2,200
* CORE LABORATORIES N V
COM COM N22717107 342 3,000 SH Sole 3,000
* CORE LABORATORIES N V
COM COM N22717107 1,140 10,000 SH Sole 10,000
* CREDICORP LTD COM COM G2519Y108 164 1,500 SH Sole 1,500
* CSX CORP COM COM 126408103 259 12,300 SH Sole 12,300
* CUMMINS INC COM COM 231021106 176 2,000 SH Sole 2,000
* CUMMINS INC COM COM 231021106 264 3,000 SH Sole 3,000
* CUMMINS INC COM COM 231021106 308 3,500 SH Sole 3,500
* DENBURY RES INC COM
NEW COM NEW 247916208 151 10,000 SH Sole 10,000
* DEVON ENERGY CORP
NEW COM COM 25179M103 136 2,200 SH Sole 2,200
* DFC GLOBAL CORP COM COM 23324T107 542 30,000 SH Sole 30,000
* DIAMOND OFFSHORE
DRILLING IN COM COM 25271C102 138 2,500 SH Sole 2,500
* DIRECTV COM CL A CL A 25490A101 158 3,700 SH Sole 3,700
* DOMINION RES INC VA
NEW COM COM 25746U109 170 3,200 SH Sole 3,200
* DONNELLEY R R & SONS
CO COM COM 257867101 150 10,400 SH Sole 10,400
* DOW CHEM CO COM COM 260543103 144 5,000 SH Sole 5,000
DRDGOLD LIMITED SPON SPON ADR
ADR NEW NEW 26152H301 1,330 245,000 SH Sole 245,000
* DR PEPPER SNAPPLE
GROUP INC COM COM 26138E109 197 5,000 SH Sole 5,000
* DU PONT E I DE
NEMOURS & CO COM COM 263534109 366 8,000 SH Sole 8,000
* EL PASO PIPELINE
PARTNERS L COM UNIT
LPI COM UNIT LPI 283702108 242 7,000 SH Sole 7,000
* ELDORADO GOLD CORP
NEW COM COM 284902103 2,742 200,000 SH Sole 200,000
* ELDORADO GOLD CORP
NEW COM COM 284902103 5,484 400,000 SH Sole 400,000
* EMERSON ELEC CO COM COM 291011104 163 3,500 SH Sole 3,500
* ENTERGY CORP NEW COM COM 29364G103 197 2,700 SH Sole 2,700
* ENTERPRISE PRODS
PARTNERS L COM COM 293792107 12,152 262,000 SH Sole 262,000
* ENTERPRISE PRODS
PARTNERS L COM COM 293792107 199 4,300 SH Sole 4,300
* ENTREE GOLD INC COM COM 29383G100 3,607 2,940,000 SH Sole 2,940,000
* EQT CORP COM COM 26884L109 12,015 219,300 SH Sole 219,300
* EXELON CORP COM COM 30161N101 165 3,800 SH Sole 3,800
* EXTORRE GOLD MINES
LTD COM COM 30227B109 2,903 393,400 SH Sole 393,400
* EXTORRE GOLD MINES
LTD COM COM 30227B109 4,657 630,000 SH Sole 630,000
EXTORRE GOLD MINES LTD
/CAD/ COM 30227B109 343 45,500 SH Sole 45,500
* EXXON MOBIL CORP COM COM 30231G102 186 2,200 SH Sole 2,200
* FIDELITY NATL
INFORMATION SV COM COM 31620M106 160 6,000 SH Sole 6,000
* FIRST MAJESTIC SILVER
CORP COM COM 32076V103 12,260 728,000 SH Sole 728,000
* FIRST MAJESTIC SILVER
CORP COM COM 32076V103 1,096 65,000 SH Sole 65,000
* FIRST MAJESTIC SILVER
CORP COM COM 32076V103 2,445 145,000 SH Sole 145,000
* FORTUNA SILVER MINES
INC COM ADDED COM 349915108 2,442 445,000 SH Sole 445,000
* FORTUNA SILVER MINES
INC COM ADDED COM 349915108 3,292 600,000 SH Sole 600,000
* FRANCO NEVADA CORP
COM COM 351858105 8,755 230,000 SH Sole 230,000
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
------------------------ -------------- --------- -------- --------- --- ---- ---------- -------- ---- --------- ------
* FRANCO NEVADA CORP
COM COM 351858105 6,662 175,000 SH Sole 175,000
FRANCO-NEVADA CORP /
CAD/ COM 351858105 8 29,000 SH WTS Sole 29,000
FRANCO-NEVADA CORP /
CAD/ COM 351858105 50 7,300 SH WTS Sole 7,300
FRANCO-NEVADA CORP /
CAD/ COM 351858105 11 1,900 SH WTS Sole 1,900
* FREEPORT-MCMORAN
COPPER & GO COM COM 35671D857 12,096 328,790 SH Sole 328,790
* FREEPORT-MCMORAN
COPPER & GO COM COM 35671D857 368 10,000 SH Sole 10,000
* FRONTIER
COMMUNICATIONS CORP
COM COM 35906A108 155 30,000 SH Sole 30,000
FX ENERGY INC COM 302695101 96 19,900 SH Sole 19,900
* GANNETT INC COM COM 364730101 174 13,000 SH Sole 13,000
* GAP INC DEL COM COM 364760108 167 9,000 SH Sole 9,000
* GENCO SHIPPING &
TRADING LTD SHS SHS Y2685T107 777 115,000 SH Sole 115,000
* GENCO SHIPPING &
TRADING LTD SHS SHS Y2685T107 68 10,000 SH Sole 10,000
* GENCO SHIPPING &
TRADING LTD SHS SHS Y2685T107 74 11,000 SH Sole 11,000
* GENERAL ELECTRIC CO
COM COM 369604103 179 10,000 SH Sole 10,000
* GENERAL ELECTRIC CO
COM COM 369604103 448 25,000 SH Sole 25,000
GLOBAL X FDS FTSE FTSE
COLUMBIA20 COLUMBIA20 37950E200 21 1,200 SH Sole 1,200
* GOLDCORP INC NEW COM COM 380956409 4,425 100,000 SH Sole 100,000
* GOLDCORP INC NEW COM COM 380956409 4,425 100,000 SH Sole 100,000
GOLDEN MINERALS
COMPANY /CAD/ COM 381119106 15 2,500 SH Sole 2,500
* GOLDEN STAR RES LTD
CDA COM COM 38119T104 619 375,000 SH Sole 375,000
* GOLDEN STAR RES LTD
CDA COM COM 38119T104 1,238 750,000 SH Sole 750,000
* GOOGLE INC CL A CL A 38259P508 258 400 SH Sole 400
GREAT BASIN GOLD LTD
COM COM 390124105 280 300,000 SH Sole 300,000
GREAT BASIN GOLD LTD
COM COM 390124105 933 1,000,000 SH Sole 1,000,000
* GULFPORT ENERGY CORP
COM NEW COM NEW 402635304 412 14,000 SH Sole 14,000
* HALLIBURTON CO COM COM 406216101 362 10,500 SH Sole 10,500
* HALLIBURTON CO COM COM 406216101 259 7,500 SH Sole 7,500
* HALLIBURTON CO COM COM 406216101 1,035 30,000 SH Sole 30,000
* HANSEN NAT CORP COM COM 411310105 276 3,000 SH Sole 3,000
* HANSEN NAT CORP COM COM 411310105 599 6,500 SH Sole 6,500
HARBINGER GROUP INC COM 41146A106 20 5,050 SH Sole 5,050
* HARMONY GOLD MNG SPONSORED
LTD SPONSORED ADR ADR 413216300 10,069 865,000 SH Sole 865,000
* HARMONY GOLD MNG SPONSORED
LTD SPONSORED ADR ADR 413216300 12,164 1,045,000 SH Sole 1,045,000
* HEALTH MGMT ASSOC
INC NEW CL A CL A 421933102 700 95,000 SH Sole 95,000
* HERBALIFE LTD COM USD COM USD
SHS SHS G4412G101 155 3,000 SH Sole 3,000
* HESS CORP COM COM 42809H107 12,044 212,038 SH Sole 212,038
* HEWLETT PACKARD CO
COM COM 428236103 129 5,000 SH Sole 5,000
* HONEYWELL INTL INC
COM COM 438516106 272 5,000 SH Sole 5,000
* HONEYWELL INTL INC
COM COM 438516106 598 11,000 SH Sole 11,000
* IAMGOLD CORP COM COM 450913108 5,865 370,000 SH Sole 370,000
* IAMGOLD CORP COM COM 450913108 4,834 305,000 SH Sole 305,000
* IMPERIAL OIL LTD COM
NEW COM NEW 453038408 12,210 274,500 SH Sole 274,500
* INTEL CORP COM COM 458140100 340 14,000 SH Sole 14,000
* INTEL CORP COM COM 458140100 825 34,000 SH Sole 34,000
* INTL PAPER CO COM COM 460146103 12,086 408,300 SH Sole 408,300
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
--------------------- --------------- --------- -------- --------- --- ---- ---------- -------- ---- --------- ------
INTEROIL CORP COM 460951106 134 2,626 SH Sole 2,626
* INTUITIVE SURGICAL
INC COM NEW COM NEW 46120E602 463 1,000 SH Sole 1,000
* ISHARES INC MSCI
MALAYSIA MSCI MALAYSIA 464286830 22 1,650 SH Sole 1,650
* ISHARES SILVER
TRUST ISHARES ISHARES 46428Q109 13 500 SH Sole 500
* ISHARES SILVER
TRUST ISHARES ISHARES 46428Q109 13 500 SH Sole 500
* ISHARES SILVER
TRUST ISHARES ISHARES 46428Q109 27 1,000 SH Sole 1,000
* ISHARES SILVER
TRUST ISHARES ISHARES 46428Q109 13 500 SH Sole 500
ISHARES SILVER
TRUST ETF ISHARES 46428Q109 40 1,500 SH Sole 1,500
* ISHARES TR FTSE FTSE CHINA25
CHINA25 IDX IDX 464287184 167 4,800 SH Sole 4,800
* IVANHOE ENERGY
INC COM COM 465790103 455 414,100 SH Sole 414,100
IVANHOE ENERGY INC
/CAD/ COM 465790103 22 19,550 SH Sole 19,550
* IVANHOE MINES LTD
COM COM 46579N103 1,329 75,000 SH Sole 75,000
* IVANHOE MINES LTD
COM COM 46579N103 62 3,500 SH Sole 3,500
* IVANHOE MINES LTD
COM COM 46579N103 35 2,000 SH Sole 2,000
* IVANHOE MINES LTD
COM COM 46579N103 18 1,000 SH Sole 1,000
IVANHOE MINES LTD
COM COM 46579N103 89 5,000 SH Sole 5,000
* JAZZ
PHARMACEUTICALS
INC COM COM 472147107 386 10,000 SH Sole 10,000
JPMORGAN ALERIAN
MLP INDEX ALERIAN ML ETN 46625H365 99 2,530 SH Sole 2,530
JPMORGAN ALERIAN
MLP INDEX ALERIAN ML ETN 46625H365 223 5,720 SH Sole 5,720
* JOY GLOBAL INC
COM COM 481165108 187 2,500 SH Sole 2,500
KIMBER RES INC COM COM 49435N101 985 1,145,000 SH Sole 1,145,000
KIMBER RESOURCES
INC COM 49435N101 30 35,000 SH Sole 35,000
* KINDER MORGAN INC
DEL COM COM 49456B101 12,212 379,600 SH Sole 379,600
* KINROSS GOLD CORP
COM NO PAR COM NO PAR 496902404 2,565 225,000 SH Sole 225,000
* KINROSS GOLD CORP
COM NO PAR COM NO PAR 496902404 5,415 475,000 SH Sole 475,000
* KINROSS GOLD CORP
COM NO PAR COM NO PAR 496902404 0 1 SH Sole 1
* KIRBY CORP COM COM 497266106 263 4,000 SH Sole 4,000
* KOHLS CORP COM COM 500255104 173 3,500 SH Sole 3,500
* L-3
COMMUNICATIONS
HLDGS INC COM COM 502424104 153 2,300 SH Sole 2,300
* LAKE SHORE GOLD
CORP COM COM 510728108 628 500,000 SH Sole 500,000
* LOCKHEED MARTIN
CORP COM COM 539830109 186 2,300 SH Sole 2,300
* LORILLARD INC COM COM 544147101 194 1,700 SH Sole 1,700
* MADDEN STEVEN
LTD COM COM 556269108 345 10,000 SH Sole 10,000
* MAG SILVER CORP
COM COM 55903Q104 5,294 805,000 SH Sole 805,000
MAG SILVER
CORPORATION /CAD/ COM 55903Q104 67 10,000 SH Sole 10,000
* MARKET VECTORS JR GOLD MINERS
ETF TR E 57060U589 6,175 250,000 SH CALL Sole 250,000
* MARKET VECTORS JR GOLD MINERS
ETF TR E 57060U589 8,645 350,000 SH CALL Sole 350,000
* MARKET VECTORS
ETF TR GOLD MINER ETF 57060U100 293 5,700 SH PUT Sole 5,700
* MARKET VECTORS
ETF TR GOLD MINER ETF 57060U100 735 14,300 SH PUT Sole 14,300
* MASTERCARD INC CL
A CL A 57636Q104 559 1,500 SH Sole 1,500
* MASTERCARD INC CL
A CL A 57636Q104 559 1,500 SH Sole 1,500
* MASTERCARD INC CL
A CL A 57636Q104 1,007 2,700 SH Sole 2,700
* MEDCO HEALTH
SOLUTIONS INC COM COM 58405U102 168 3,000 SH Sole 3,000
MIDWAY GOLD CORP
COM COM 598153104 561 265,800 SH Sole 265,800
* MINES MGMT INC
COM COM 603432105 700 350,000 SH Sole 350,000
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 1 6,000 SH WTS Sole 6,000
* MITCHAM INDS INC
COM COM 606501104 87 4,000 SH Sole 4,000
* MONSANTO CO NEW
COM COM 61166W101 12,052 172,000 SH Sole 172,000
* NASDAQ OMX
GROUP INC COM COM 631103108 172 7,000 SH Sole 7,000
* NATIONAL OILWELL
VARCO INC COM COM 637071101 12,041 177,100 SH Sole 177,100
* NATIONAL OILWELL
VARCO INC COM COM 637071101 408 6,000 SH Sole 6,000
* NAVIOS MARITIME
PARTNERS L P UNIT
LPI UNIT LPI Y62267102 221 15,000 SH Sole 15,000
* NETEASE COM INC
SPONSORED ADR SPONSORED ADR 64110W102 659 14,700 SH Sole 14,700
* NETEASE COM INC
SPONSORED ADR SPONSORED ADR 64110W102 122 2,710 SH Sole 2,710
* NEVSUN RES LTD
COM COM 64156L101 553 100,000 SH Sole 100,000
* NEW GOLD INC CDA
COM COM 644535106 1,764 175,000 SH Sole 175,000
* NEW GOLD INC CDA
COM COM 644535106 252 25,000 SH Sole 25,000
NEW GOLD INC /CAD/ COM 644535106 197 285,000 SH WTS Sole 285,000
NEW GOLD INC /CAD/ COM 644535106 414 599,500 SH WTS Sole 599,500
NEW GOLD INC /CAD/ COM 644535106 1 57,500 SH WTS Sole 57,500
* NEWMONT MINING
CORP COM COM 651639106 1,800 30,000 SH Sole 30,000
NGL ENERGY
PARTNERS LP COM
UNIT REPST COM UNIT REPST 62913M107 52 2,500 SH Sole 2,500
NGL ENERGY
PARTNERS LP COM 62913M107 155 7,500 SH Sole 7,500
* NGP CAP RES CO
COM COM 62912R107 216 30,000 SH Sole 30,000
NGP CAP RES CO COM COM 62912R107 145 20,200 SH Sole 20,200
* NORFOLK
SOUTHERN CORP
COM COM 655844108 291 4,000 SH Sole 4,000
* NORTHROP
GRUMMAN CORP
COM COM 666807102 175 3,000 SH Sole 3,000
* NOVELLUS SYS INC
COM COM 670008101 227 5,500 SH Sole 5,500
* NRG ENERGY INC
COM NEW COM NEW 629377508 149 8,200 SH Sole 8,200
* NUSTAR ENERGY LP
UNIT COM UNIT COM 67058H102 283 5,000 SH Sole 5,000
* OCCIDENTAL PETE
CORP DEL COM COM 674599105 12,087 129,000 SH Sole 129,000
* OIL SVC HOLDRS TR DEPOSTRY RCPT 678002106 286 2,500 SH CALL Sole 2,500
OIL SVC HOLDRS DEPOSTRY RCPT 678002906 2 2,500 SH CALL Sole 2,500
* OIL STS INTL INC
COM COM 678026105 12,066 158,000 SH Sole 158,000
* ONEOK PARTNERS
LP UNIT LTD PARTN UNIT LTD PARTN 68268N103 231 4,000 SH Sole 4,000
* OPEN TEXT CORP
COM COM 683715106 511 10,000 SH Sole 10,000
* ORACLE CORP COM COM 68389X105 167 6,500 SH Sole 6,500
* ORACLE CORP COM COM 68389X105 385 15,000 SH Sole 15,000
* PERRIGO CO COM COM 714290103 487 5,000 SH Sole 5,000
* PETROCHINA CO
LTD SPONSORED
ADR SPONSORED ADR 71646E100 622 5,000 SH Sole 5,000
* PETROCHINA CO
LTD SPONSORED
ADR SPONSORED ADR 71646E100 112 900 SH Sole 900
* PIONEER NAT RES
CO COM COM 723787107 12,116 135,400 SH Sole 135,400
* PLAINS ALL AMERN
PIPELINE L UNIT
LTD PARTN UNIT LTD PARTN 726503105 12,266 167,000 SH Sole 167,000
PLATINUM GROUP
METALS LTD COM
NEW COM NEW 72765Q205 1,815 2,010,000 SH Sole 2,010,000
PLATINUM GROUP
METALS /CAD/ COM 72765Q205 69 75,000 SH Sole 75,000
* PLUM CREEK
TIMBER CO INC
COM COM 729251108 11,992 328,000 SH Sole 328,000
* POLARIS INDS INC
COM COM 731068102 672 12,000 SH Sole 12,000
* POTASH CORP SASK
INC COM COM 73755L107 12,120 293,600 SH Sole 293,600
POWERSHARES DB
AGRICULTURE
FUND ETF DB AGRICULT FD 73936B408 101 3,500 SH Sole 3,500
POWERSHARES DB
AGRICULTURE
FUND ETF DB AGRICULT FD 73936B408 228 7,900 SH Sole 7,900
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
------------------- ---------------- --------- -------- --------- --- ---- ---------- -------- ---- --------- ------
POWERSHARES
GLOBAL WATER
PORT ETF GBL WTR PORT 73936T623 105 6,710 SH Sole 6,710
POWERSHARES
GLOBAL WATER
PORT ETF GBL WTR PORT 73936T623 231 14,790 SH Sole 14,790
POWERSHARES DB
GOLD SHORT ETN PS GOLD SH ETN 25154H731 111 8,615 SH Sole 8,615
POWERSHARES DB
GOLD SHORT ETN PS GOLD SH ETN 25154H731 261 20,235 SH Sole 20,235
* PPG INDS INC COM COM 693506107 167 2,000 SH Sole 2,000
* PPL CORP COM COM 69351T106 191 6,500 SH Sole 6,500
* PRIMORIS SVCS
CORP COM COM 74164F103 224 15,000 SH Sole 15,000
* PROSHARES TR
ULTSHT CHINA 25 ULTSHT CHINA 25 74347X567 21 700 SH Sole 700
PROSHARES
ULTRASHORT
SILVER ULTRA SILVER 74347W841 293 18,464 SH Sole 18,464
PROSHARES
ULTRASHORT
SILVER ULTRA SILVER 74347W841 124 7,826 SH Sole 7,826
* QUALCOMM INC
COM COM 747525103 263 4,800 SH Sole 4,800
* QUALCOMM INC
COM COM 747525103 547 10,000 SH Sole 10,000
* QUEST
DIAGNOSTICS INC
COM COM 74834L100 186 3,200 SH Sole 3,200
* RANDGOLD RES LTD
ADR ADR 752344309 12,150 119,000 SH Sole 119,000
* RANDGOLD RES LTD
ADR ADR 752344309 10,210 100,000 SH Sole 100,000
* RANDGOLD RES LTD
ADR ADR 752344309 21,441 210,000 SH Sole 210,000
* RAYONIER INC COM COM 754907103 12,005 269,000 SH Sole 269,000
* REVETT MINERALS
INC COM NEW COM NEW 761505205 2,246 476,600 SH Sole 476,600
* RICHMONT MINES
INC COM COM 76547T106 4,024 374,000 SH Sole 374,000
* RICHMONT MINES
INC COM COM 76547T106 8,404 781,000 SH Sole 781,000
* RODMAN &
RENSHAW CAP GP
INC COM COM 77487R100 4 10,000 SH Sole 10,000
* ROYAL GOLD INC
COM COM 780287108 6,743 100,000 SH Sole 100,000
* ROYAL GOLD INC
COM COM 780287108 2,697 40,000 SH Sole 40,000
* RPC INC COM COM 749660106 274 15,000 SH Sole 15,000
* RUBICON MINERALS
CORP COM COM 780911103 5,546 1,460,000 SH Sole 1,460,000
* SAFEWAY INC COM
NEW COM NEW 786514208 181 8,600 SH Sole 8,600
* SAN JUAN BASIN
RTY TR UNIT BEN
INT UNIT BEN INT 798241105 114 5,000 SH Sole 5,000
* SARA LEE CORP
COM COM 803111103 174 9,200 SH Sole 9,200
* SEACUBE
CONTAINER
LEASING LT SHS SHS G79978105 370 25,000 SH Sole 25,000
* SEADRILL LIMITED
SHS SHS G7945E105 90 2,700 SH Sole 2,700
* SEMPRA ENERGY
COM COM 816851109 165 3,000 SH Sole 3,000
* SHERWIN WILLIAMS
CO COM COM 824348106 179 2,000 SH Sole 2,000
* SILVER WHEATON
CORP COM COM 828336107 4,344 150,000 SH Sole 150,000
* SILVER WHEATON
CORP COM COM 828336107 8,688 300,000 SH Sole 300,000
* SINA CORP ORD ORD G81477104 780 15,000 SH Sole 15,000
* SINA CORP ORD ORD G81477104 416 8,000 SH CALL Sole 8,000
* SM ENERGY CO COM COM 78454L100 11,864 162,300 SH Sole 162,300
* SOCIEDAD QUIMICA
MINERA DE C SPON
ADR SER B SPON ADR SER B 833635105 12,116 225,000 SH Sole 225,000
* SOHU COM INC COM COM 83408W103 286 5,721 SH Sole 5,721
SOLITARIO EXPL &
RTY CORP COM COM 8342EP107 1,262 945,000 SH Sole 945,000
* SOUTHERN CO COM COM 842587107 185 4,000 SH Sole 4,000
* SOUTHERN COPPER
CORP COM COM 84265V105 12,072 400,000 SH Sole 400,000
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 11,430 75,200 SH Sole 75,200
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 1,246 8,200 SH Sole 8,200
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 3,009 19,800 SH Sole 19,800
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
--------------------- --------------- --------- -------- ---------- --- ---- ---------- -------- ---- ------- ------
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 152 1,000 SH Sole 1,000
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 122 800 SH Sole 800
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 1,474 9,700 SH Sole 9,700
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 122 800 SH Sole 800
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 258 1,700 SH Sole 1,700
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 122 800 SH Sole 800
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 3,040 20,000 SH CALL Sole 20,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 167 1,100 SH Sole 1,100
SPDR GOLD TRUST ETF GOLD SHS 78463V107 258 1,700 SH Sole 1,700
* SPECTRA ENERGY
PARTNERS LP COM COM 84756N109 8,665 271,118 SH Sole 271,118
* SPREADTRUM
COMMUNICATIONS
IN ADR ADR 849415203 209 10,000 SH Sole 10,000
* SPREADTRUM
COMMUNICATIONS
IN ADR ADR 849415203 52 2,500 SH Sole 2,500
* STARBUCKS CORP
COM COM 855244109 506 11,000 SH Sole 11,000
* STARBUCKS CORP
COM COM 855244109 1,219 26,500 SH Sole 26,500
* SUNOCO INC COM COM 86764P109 172 4,200 SH Sole 4,200
* TEEKAY OFFSHORE
PARTNERS L P
PARTNERSHIP UN PARTNERSHIP UN Y8565J101 160 6,000 SH Sole 6,000
* TORCHMARK CORP
COM COM 891027104 178 4,100 SH Sole 4,100
* TRACTOR SUPPLY CO
COM COM 892356106 351 5,000 SH Sole 5,000
* TRANSCANADA CORP
COM COM 89353D107 371 8,500 SH Sole 8,500
* TRANSOCEAN LTD
REG SHS REG SHS H8817H100 12,054 314,000 SH Sole 314,000
* TRAVELERS
COMPANIES INC
COM COM 89417E109 178 3,000 SH Sole 3,000
* TYSON FOODS INC CL
A CL A 902494103 12,017 582,200 SH Sole 582,200
* ULTA SALON
COSMETCS & FRAG I
COM COM 90384S303 812 12,500 SH Sole 12,500
URANIUM ENERGY
CORP COM 916896103 167 54,500 SH Sole 54,500
VANGUARD NATURAL
RESOURCES LLC COM UNIT 92205F106 164 5,950 SH Sole 5,950
* VERISIGN INC COM COM 92343E102 196 5,500 SH Sole 5,500
* VERIZON
COMMUNICATIONS
INC COM COM 92343V104 181 4,500 SH Sole 4,500
* VMWARE INC CL A
COM CL A 928563402 208 2,500 SH Sole 2,500
* VMWARE INC CL A
COM CL A 928563402 499 6,000 SH Sole 6,000
* WALTER ENERGY INC
COM COM 93317Q105 12,173 201,000 SH Sole 201,000
WASHINGTON POST CO
CL B CL B 939640108 151 400 SH Sole 400
* WELLPOINT INC COM COM 94973V107 166 2,500 SH Sole 2,500
* WEYERHAEUSER CO
COM COM 962166104 11,923 638,600 SH Sole 638,600
* WINDSTREAM CORP
COM COM 97381W104 164 14,000 SH Sole 14,000
* YAMANA GOLD INC
COM COM 98462Y100 7,346 500,100 SH Sole 500,100
* YAMANA GOLD INC
COM COM 98462Y100 11,752 800,000 SH Sole 800,000
* YANDEX N V SHS
CLASS A CL A N97284108 3,499 177,600 SH Sole 177,600
* YANDEX N V SHS
CLASS A CL A N97284108 79 4,000 SH Sole 4,000
* ZHONGPIN INC COM COM 98952K107 332 39,000 SH Sole 39,000
* ZHONGPIN INC COM COM 98952K107 83 9,757 SH Sole 9,757
GRAND TOTAL 829,187 49,208,157