UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 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 8/16/10
--------------------- -------------------- ---------------
[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 392
Form 13F Information Table Total Value (x1000) 1,007,688
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
------------------------------ ---------------- --------- ----------- ---------- --- ---- ---------- -------- ---- --------- -------
ACERGY SA-ADR SPONSORED ADR 00443E106 6656 450,000 SH Sole 450,000
ADVANCED AUTO PARTS INC COM 00751Y106 301 6,000 SH Sole 6,000
AEGEAN MARINE PETROLEUM NETW COM Y0017S102 300 15,000 SH Sole 15,000
AEGEAN MARINE PETROLEUM NETW COM Y0017S102 400 20,000 SH Sole 20,000
AGNICO-EAGLE MINES LTD COM 008474108 13979 230,000 SH Sole 230,000
AGNICO-EAGLE MINES LTD COM 008474108 20057 330,000 SH Sole 330,000
AGNICO-EAGLE MINES LTD COM 008474108 182 3,000 SH Sole 3,000
AGNICO-EAGLE MINES LTD COM 008474108 213 3,500 SH Sole 3,500
AGNICO-EAGLE MINES LTD COM 008474108 365 6,000 SH Sole 6,000
AGNICO-EAGLE MINES LTD /CAD/ COM 008474108 1508 23,350 SH WTS Sole 23,350
AGNICO-EAGLE MINES LTD /CAD/ COM 008474108 2044 31,650 SH WTS Sole 31,650
AKAMAI TECHNOLOGIES COM 00971T101 365 9,000 SH Sole 9,000
ALEXION PHARMACEUTICALS INC COM 015351109 512 10,000 SH Sole 10,000
ALTISOURCE PORT SOLUTIONS SA REG SHS L0175J104 495 20,000 SH Sole 20,000
ALTRA HOLDINGS INC COM 02208R106 326 25,000 SH Sole 25,000
AMERICA MOVIL SAB DE CV
SERIES L SPON ADR A SHS 02364W105 428 9,000 SH Sole 9,000
AMERICA MOVIL SAB DE CV
SERIES L SPON ADR A SHS 02364W105 190 4,000 SH Sole 4,000
AMERICAN TOWER CORP CL A CL A 029912201 111 2,500 SH Sole 2,500
AMERICAN TOWER CORP CL A CL A 029912201 223 5,000 SH Sole 5,000
ANADARKO PETE CORP COM 032511107 13534 375,000 SH Sole 375,000
ANADARKO PETE CORP COM 032511107 902 250,000 SH CALL Sole 250,000
ANADARKO PETROLEUM CORP COM 032511107 361 10,000 SH CALL Sole 10,000
ANALOG DEVICES INC COM 032654105 167 6,000 SH Sole 6,000
ANOORAQ RESOURCES CORP COM 03633E111 2575 250,000 SH Sole 250,000
APPLE INC COM 037833100 629 2,500 SH Sole 2,500
APPLE INC COM 037833100 1132 4,500 SH Sole 4,500
ASIANINFO HOLDINGS INC COM 04518A104 328 15,000 SH Sole 15,000
ASSURANT INC COM 04621X108 139 4,000 SH Sole 4,000
AT&T INC COM 00206R102 157 6,500 SH Sole 6,500
ATLAS ENERGY INC COM 049298102 11640 430,000 SH Sole 430,000
ATLAS ENERGY INC COM 049298102 8121 300,000 SH Sole 300,000
ATLAS ENERGY INC COM 049298102 135 5,000 SH Sole 5,000
AUGUSTA RESOURCES CORP COM 050912203 1240 800,000 SH Sole 800,000
AUGUSTA RESOURCES CORP COM 050912203 930 600,000 SH Sole 600,000
AUGUSTA RESOURCE CORP COM 050912203 12 8,000 SH Sole 8,000
AURIZON MINES LTD COM 05155P106 1050 212,500 SH Sole 212,500
AURIZON MINES LTD COM 05155P106 1420 287,500 SH Sole 287,500
AUTOZONE INC COM 053332102 193 1,000 SH Sole 1,000
AVAGO TECHNOLOGIES LTD SHS Y0486S104 316 15,000 SH Sole 15,000
AVAGO TECHNOLOGIES LTD SHS Y0486S104 421 20,000 SH Sole 20,000
BAIDU INC SPON ADR SPON ADR REP A 056752108 817 12,000 SH Sole 12,000
BAIDU INC SPON ADR SPON ADR REP A 056752108 681 10,000 SH Sole 10,000
BAIDU INC SPON ADR SPON ADR REP A 056752108 204 3,000 SH Sole 3,000
BANK NOVA SCOTIA HALIFAX COM 064149107 138 3,000 SH Sole 3,000
BANK OF AMERICA CORP COM 060505104 287 20,000 SH Sole 20,000
BANK OF AMERICA CORP COM 060505104 647 45,000 SH Sole 45,000
BARRICK GOLD CORP
COM COM 067901108 18164 400,000 SH Sole 400,000
BARRICK GOLD CORP
COM COM 067901108 17029 375,000 SH Sole 375,000
BARRICK GOLD CORP
COM COM 067901108 7947 175,000 SH Sole 175,000
BERKSHIRE HATHAWAY INC
CLASS B CL B 084670702 677 8,500 SH Sole 8,500
BIOGEN IDEC INC COM 09062X103 142 3,000 SH Sole 3,000
BRIGHAM EXPLORATION CO COM 109178103 6152 400,000 SH Sole 400,000
BRIGHAM EXPLORATION CO COM 109178103 523 34,000 SH Sole 34,000
BRISTOL MYERS SQUIBB CO COM 110122108 150 6,000 SH Sole 6,000
BROADCOM CORP CL A CL A 111320107 412 12,500 SH Sole 12,500
CAMPBELL SOUP COM 134429109 179 5,000 SH Sole 5,000
CANADIAN NATURAL RESOURCES COM 136385101 22929 690,000 SH Sole 690,000
CANADIAN NATURAL RESOURCES COM 136385101 1662 50,000 SH Sole 50,000
CAPITAL GOLD CORP COM 14018Y205 200 50,000 SH Sole 50,000
CARBO CERAMICS INC COM 140781105 9746 135,000 SH Sole 135,000
CATERPILLAR INC COM 149123101 6007 100,000 SH Sole 100,000
CELGENE CORP COM 151020104 356 7,000 SH Sole 7,000
CERNER CORP COM 156782104 228 3,000 SH Sole 3,000
CHEVRON CORP COM 166764100 25108 370,000 SH Sole 370,000
CHEVRON CORP COM 166764100 136 2,000 SH Sole 2,000
CHINA AGRITECH INC COM 16937A200 102 10,000 SH Sole 10,000
CHINA AUTOMOTIVE SYS INC COM 16936R105 176 10,000 SH Sole 10,000
CHINA AUTOMOTIVE SYS INC COM 16936R105 44 2,500 SH Sole 2,500
CHINA GERUI ADVANCED
MATERIALS COM G21101103 104 20,000 SH Sole 20,000
CHINA VALVES TECHNOLOGY INC COM 169476207 140 15,000 SH Sole 15,000
CHINA WIND SYSTEMS INC COM 16945F209 45 10,000 SH Sole 10,000
CHINA WIND SYSTEMS INC COM 16945F209 23 5,000 SH Sole 5,000
CHIPOTLE MEXICAN GRILL INC COM 169656105 274 2,000 SH Sole 2,000
CHIPOTLE MEXICAN GRILL INC COM 169656105 410 3,000 SH Sole 3,000
CHUBB CORP COM 171232101 150 3,000 SH Sole 3,000
CIBT EDUCATION GROUP INC COM 17163Y102 294 453,632 SH Sole 453,632
CIMAREX ENERGY CO COM 171798101 8590 120,000 SH Sole 120,000
CINCINNATI FINANCIAL CORP COM 172062101 155 6,000 SH Sole 6,000
CITIGROUP INC COM 172967101 301 80,000 SH CALL Sole 80,000
CLAUDE RESOURCES INC COM 182873109 3480 3,250,000 SH Sole 3,250,000
CLAUDE RESOURCES INC COM 182873109 2228 2,080,700 SH Sole 2,080,700
CLIFFS NATURAL RESOURCES INC COM 18683K101 118 2,500 SH Sole 2,500
CNINSURE INC-ADR SPONSORED ADR 18976M103 389 15,000 SH Sole 15,000
CNINSURE INC-ADR SPONSORED ADR 18976M103 91 3,500 SH Sole 3,500
CNOOC LTD ADR SPONSORED ADR 126132109 511 3,000 SH Sole 3,000
COEUR D ALENE MINES CORP
IDAHO COM 192108504 3195 202,500 SH Sole 202,500
COEUR D ALENE MINES CORP
IDAHO COM 192108504 4844 307,000 SH Sole 307,000
COGNIZANT TECHNOLOGY
SOLUTIONSCORP CL A CL A 192446102 501 10,000 SH Sole 10,000
COMPANHIA BRASILEIRA DE
DISTRIBUICAO ADR SPN ADR PFD CL A 20440T201 209 3,000 SH Sole 3,000
COMPANHIA DE BEBIDAS
SPONS ADR SPN ADR PFD CL A 20441W203 505 5,000 SH Sole 5,000
COMPANHIA DE BEBIDAS
SPONS ADR SPN ADR PFD CL A 20441W203 202 2,000 SH Sole 2,000
COMPANIA CERVECERIAS
UNIDAS SA SPONSORED ADR 204429104 86 2,000 SH Sole 2,000
COMPUWARE CORP COM 205638109 136 17,000 SH Sole 17,000
CONCHO RESOURCES INC COM 20605P101 221 4,000 SH Sole 4,000
CONCHO RESOURCES INC COM 20605P101 885 16,000 SH Sole 16,000
CONOCOPHILLIPS COM 20825C104 13745 280,000 SH Sole 280,000
CONOCOPHILLIPS COM 20825C104 295 6,000 SH Sole 6,000
CORE LABORATORIES N V COM N22717107 6642 45,000 SH Sole 45,000
CORE LABORATORIES N V COM N22717107 797 5,400 SH Sole 5,400
CPFL ENERGIA SA SP ADR SPONSORED ADR 126153105 837 12,500 SH Sole 12,500
CREE INC COM 225447101 180 3,000 SH Sole 3,000
CREE INC COM 225447101 600 10,000 SH Sole 10,000
CRYSTALLEX INTL
CORP COM 22942F101 860 2,150,000 SH Sole 2,150,000
CRYSTALLEX INTL CORP COM 22942F101 92 230,000 SH Sole 230,000
CRYSTALLEX INTL CORP COM 22942F101 30 75,000 SH WTS Sole 75,000
CRYSTALLEX INTL CORP COM 22942F101 25 62,500 SH WTS Sole 62,500
CRYSTALLEX INTL CORP COM 22942F101 65 162,500 SH WTS Sole 162,500
CSX CORP COM 126408103 496 10,000 SH Sole 10,000
CTRIP.COM INTERNATIONAL LTD AMERICAN DEP SHS 22943F100 1127 30,000 SH Sole 30,000
CTRIP.COM INTERNATIONAL LTD AMERICAN DEP SHS 22943F100 751 20,000 SH Sole 20,000
CTRIP.COM INTERNATIONAL LTD AMERICAN DEP SHS 22943F100 225 6,000 SH Sole 6,000
DECKERS OUTDOOR CORP COM 243537107 429 3,000 SH Sole 3,000
DEVON ENERGY CORP COM 25179M103 244 4,000 SH Sole 4,000
DIRECTV CLASS A CL A 25490A101 237 7,000 SH Sole 7,000
DIRECTV CLASS A CL A 25490A101 594 17,500 SH Sole 17,500
DOLLAR TREE INC COM 256746108 531 12,750 SH Sole 12,750
DRDGOLD LTD SPONSORED ADR SPONSORED ADR 26152H301 2175 500,000 SH Sole 500,000
DRDGOLD LTD SPONSORED ADR SPONSORED ADR 26152H301 435 100,000 SH Sole 100,000
DU PONT /E I/ DE NEMOURS &
CO COM 263534109 138 4,000 SH Sole 4,000
DUN & BRADSTREET CORP COM 026483E104 154 2,300 SH Sole 2,300
E TRADE FINANCIAL CORP COM 269246401 148 12,500 SH Sole 12,500
EASTMAN CHEMICAL CO COM 277432100 133 2,500 SH Sole 2,500
EL PASO PIPELINE
PARTNERS L P COM UNIT LPI 283702108 215 7,500 SH Sole 7,500
ELDORADO GOLD CORP COM 284902103 4490 250,000 SH Sole 250,000
ELDORADO GOLD CORP COM 284902103 216 12,000 SH Sole 12,000
ELDORADO GOLD CORP COM 284902103 3592 200,000 SH Sole 200,000
ELDORADO GOLD CORP COM 284902103 269 15,000 SH Sole 15,000
ELDORADO GOLD CORP COM 284902103 539 30,000 SH Sole 30,000
ELDORADO GOLD CORP COM 284902103 269 15,000 SH Sole 15,000
EMERG GLBL SHARES DJ EMERG
MKTS ENERGY TITANS ETF DJ MKT ENERGY 268461860 25 600 SH Sole 600
EMERG GLBL SHARES DJ EMERG
MKTS METALS & MINING TITANS
ETF DJ MKT ENERGY 268461852 26 500 SH Sole 500
ENERGY SELECT SECTOR SPDR
FUND ETF SBI INT-ENERGY 81369Y506 149 3,000 SH Sole 3,000
ENSCO PLC COM 29358Q109 8445 215,000 SH Sole 215,000
ENTERGY CORP COM 29364G103 129 1,800 SH Sole 1,800
ENTREE GOLD INC COM 29383G100 1409 750,000 SH Sole 750,000
EOG RESOURCES INC COM 26875P101 12788 130,000 SH Sole 130,000
ETFS PLATINUM TRUST ETF SH BEN INT 26922V101 854 5,600 SH Sole 5,600
ETFS PLATINUM TRUST ETF SH BEN INT 26922V101 1282 8,400 SH Sole 8,400
EXPRESS SCRIPTS INC COMMON COM 302182100 940 20,000 SH Sole 20,000
FIRSTENERGY CORP COM 337932107 141 4,000 SH Sole 4,000
FIRSTENERGY CORP COM 337932107 458 13,000 SH Sole 13,000
FLOWSERVE CORPORATION COM 34354P105 8056 95,000 SH Sole 95,000
FREEPORT MCMORAN COM 35671D857 8870 150,000 SH PUT Sole 150,000
FREEPORT MCMORAN COM 35671D857 118 2,000 SH PUT Sole 2,000
FRONTIER COMMUNICATIONS CORP COM 35906A108 142 20,000 SH Sole 20,000
GEN MILLS COM 370334104 178 5,000 SH Sole 5,000
GLOBAL X INTERBOLSA FTSE
COLOMBIA 20 ETF BOLSA FTSE ETF 03795E204 30 900 SH Sole 900
GOLDCORP INC CW11 *W EXP 06/09/201 380956177 8576 1,372,941 SH Sole 1,372,941
GOLDCORP INC CW11 *W EXP 06/09/201 380956177 6250 1,000,584 SH Sole 1,000,584
GOLDCORP INC CW11 *W EXP 06/09/201 380956177 23015 3,684,302 SH Sole 3,684,302
GRAN TIERRA ENERGY INC COM 38500T101 3484 702,500 SH Sole 702,500
GREAT BASIN GOLD LTD COM 390124105 2975 1,750,000 SH Sole 1,750,000
GRUPO AEROPORTUARIO DEL
SURESTE SAB DE CV SPON ADR 40051E206 911 20,000 SH Sole 20,000
GRUPO TELEVISA SA DE ADR SP ADR REP ORD 40049J206 131 7,500 SH Sole 7,500
HALLIBURTON CO COM 406216101 74 3,000 SH CALL Sole 3,000
HARBIN ELECTRIC INC COM 41145W109 167 10,000 SH Sole 10,000
HARBIN ELECTRIC INC COM 41145W109 42 2,500 SH Sole 2,500
HARBINGER GROUP COM 41146A106 31 5,000 SH Sole 5,000
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 2114 200,000 SH Sole 200,000
HECLA MINING COM 422704106 886 169,750 SH WTS Sole 169,750
HECLA MINING COM 422704106 1,646 315,250 SH WTS Sole 315,250
HELLENIC TELECOM ORGANIZATN
SA SPONSORED ADR 423325307 935 250,000 SH Sole 250,000
HOME INNS AND HOTELS
MANAGEMENT SPON ADR 43713W107 586 15,000 SH Sole 15,000
HOME INNS AND HOTELS
MANAGEMENT SPON ADR 43713W107 156 4,000 SH Sole 4,000
HUNT J B TRANS SVCS INC COM 445658107 294 9,000 SH Sole 9,000
HUNT J B TRANS SVCS INC COM 445658107 261 8,000 SH Sole 8,000
I SHARES INC MSCI HONG KONG
INDEX FUND ETF MSCI HONG KONG 464286871 99 6,700 SH Sole 6,700
I SHARES INC MSCI HONG KONG
INDEX FUND ETF MSCI HONG KONG 464286871 27 1,800 SH Sole 1,800
I SHARES MSCI BRAZIL INDEX
FUND ETF MSCI BRAZIL 464286400 25 400 SH Sole 400
I SHARES MSCI TAIWAN INDEX
FUND ETF MSCI TAIWAN 464286731 101 9,000 SH Sole 9,000
I SHARES MSCI TAIWAN INDEX
FUND ETF MSCI TAIWAN 464286731 28 2,500 SH Sole 2,500
IAMGOLD CORPORATION COM 450913108 2917 165,000 SH Sole 165,000
IAMGOLD CORPORATION COM 450913108 4155 235,000 SH Sole 235,000
IMAX CORP COM 45245E113 365 25,000 SH Sole 25,000
INTEGRYS ENERGY GROUP INC COM 45822P105 175 4,000 SH Sole 4,000
INTERCONTINENTALEXCHANGE INC COM 45865V100 452 4,000 SH Sole 4,000
ISHARES FTSE/XINHUA CHINA 25
INDEX FUND ETF FTSE XNHUA IDX 464287184 102 2,600 SH Sole 2,600
ISHARES FTSE/XINHUA CHINA 25
INDEX FUND ETF FTSE XNHUA IDX 464287184 29 750 SH Sole 750
ISHARES MSCI ALL PERU CAPPED
INDEX FUND ETF MSCI PERU CAP 464289842 26 800 SH Sole 800
ISHARES MSCI CHILE INVEST
MARKET INDEX FUND MSCI CHILE INVES 464286640 31 550 SH Sole 550
ISHARES MCSCI EMERGING
MARKETS INDEX MSCI EMKT EUR 464287234 1120 30,000 SH PUT Sole 30,000
ISHARES MCSCI EMERGING
MARKETS INDEX MSCI EMKT EUR 464287234 746 20,000 SH PUT Sole 20,000
ISHARES MCSCI EMERGING
MARKETS INDEX MSCI EMKT EUR 464287234 373 10,000 SH PUT Sole 10,000
ISHARES MCSCI EMERGING
MARKETS INDEX MSCI EMKT EUR 464287234 187 5,000 SH PUT Sole 5,000
ISHARES MSCI MALAYSIA ETF MSCI MALAYSIA 464286830 103 9,000 SH Sole 9,000
ISHARES MSCI MALAYSIA ETF MSCI MALAYSIA 464286830 27 2,400 SH Sole 2,400
ISHARES MSCI MEXICO INVEST
MKT INDEX FUND ETF MSCI MEXICO INVES 464286822 26 540 SH Sole 540
ISHARES MSCI SINGAPORE ETF MSCI SINGAPORE 464286673 101 9,000 SH Sole 9,000
ISHARES MSCI SINGAPORE ETF MSCI SINGAPORE 464286673 27 2,400 SH Sole 2,400
ISHARES MSCI SOUTH KOREA
INDEX FUND ETF MSCI SOUTH KOREA 464286772 98 2,200 SH Sole 2,200
ISHARES MSCI SOUTH KOREA
INDEX FUND ETF MSCI SOUTH KOREA 464286772 27 600 SH Sole 600
ISHARES SOUTH AFRICA INDEX
FUND ETF MSCI STH AFRCA 464286780 26 500 SH Sole 500
IVANHOE ENERGY INC COM 465790103 1916 1,000,000 SH Sole 1,000,000
IVANHOE ENERGY INC /CAD/ COM 465790103 102 50,000 SH WTS Sole 50,000
IVANHOE ENERGY INC /CAD/ COM 465790103 38 18,750 SH Sole 18,750
JAGUAR MINING INC COM 47009M103 888 100,000 SH Sole 100,000
JPMORGAN CHASE & COMPANY COM 46625H100 293 8,000 SH Sole 8,000
KEY ENERGY SVCS INC COM 492914106 184 20,000 SH Sole 20,000
KINROSS GOLD CORP COM 496902404 3418 200,000 SH Sole 200,000
KINROSS GOLD CORP COM 496902404 1709 100,000 SH Sole 100,000
KINROSS GOLD CORP COM 496902404 0 1 SH Sole 1
KINROSS GOLD CORP COM 496902404 1205 70,500 SH Sole 70,500
KINROSS GOLD CORP /CAD/ COM 496902404 5,471 300,617 SH WTS Sole 300,617
KINROSS GOLD CORP /CAD/ COM 496902404 7,487 411,348 SH WTS Sole 411,348
KINROSS GOLD CORP /CAD/ COM 496902404 2,630 144,528 SH WTS Sole 144,528
KINROSS GOLD CORP /CAD/ COM 496902404 5,585 306,843 SH WTS Sole 306,843
KINROSS GOLD CORP /CAD/ COM 496902404 17,246 947,571 SH WTS Sole 947,571
KINROSS GOLD CORP /CAD/ COM 496902404 14,082 773,734 SH WTS Sole 773,734
KRATON PERFORMANCE POLYMERS COM 50077C106 188 10,000 SH Sole 10,000
LEGGETT & PLATT INC COM 524660107 120 6,000 SH Sole 6,000
LIHIR GOLD LTD SPON ADR SPONSORED ADR 532349107 2951 82,000 SH Sole 82,000
LIHIR GOLD LTD SPON ADR SPONSORED ADR 532349107 3959 110,000 SH Sole 110,000
LIHIR GOLD LTD SPON ADR SPONSORED ADR 532349107 288 8,000 SH Sole 8,000
LINCOLN NATL CORP IND COM 534187109 121 5,000 SH Sole 5,000
LOCKHEED MARTIN CORP COM 539830109 149 2,000 SH Sole 2,000
LULULEMON ATHLETICA INC COM 550021109 149 4,000 SH Sole 4,000
MADDEN STEVEN LTD COM 556269108 623 19,750 SH Sole 19,750
MAG SILVER CORPORATION COM 55903Q104 3178 515,000 SH Sole 515,000
MAG SILVER CORP /CAD/ COM 55903Q104 99 15,000 SH Sole 15,000
MARKET VECTORS JR GOLD
MINERS JR GOLD MINERS ETF 57060U589 2726 100,000 SH PUT Sole 100,000
MARKET VECTORS JR GOLD
MINERS JR GOLD MINERS ETF 57060U589 2726 100,000 SH PUT Sole 100,000
MARKET VECTORS JR GOLD
MINERS JR GOLD MINERS ETF 57060U589 2,999 110,000 SH PUT Sole 110,000
MARKET VECTORS INDONESIA
INDEX ETF INDONESIA ETF 57060U753 108 1,500 SH Sole 1,500
MARKET VECTORS INDONESIA
INDEX ETF INDONESIA ETF 57060U753 29 400 SH Sole 400
MARKET VECTORS RUSSIA ETF RUSSIA ETF 57060U506 14025 500,000 SH PUT Sole 500,000
MARKET VECTORS RUSSIA ETF RUSSIA ETF 57060U506 8415 300,000 SH PUT Sole 300,000
MARKET VECTORS RUSSIA ETF RUSSIA ETF 57060U506 8415 300,000 SH PUT Sole 300,000
MARKET VECTORS VIETNAM ETF VIETNAM ETF 57060U761 102 4,100 SH Sole 4,100
MARKET VECTORS VIETNAM ETF VIETNAM ETF 57060U761 27 1,100 SH Sole 1,100
MCDERMOTT INTL INC COM 580037109 8231 380,000 SH Sole 380,000
MCDERMOTT INTL INC COM 580037109 433 20,000 SH Sole 20,000
MECHEL OAO SPON ADR PFD 583840509 1040 150,000 SH Sole 150,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 10884 600,000 SH Sole 600,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 181 10,000 SH Sole 10,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 91 5,000 SH Sole 5,000
MERCADOLIBRE INC COM 58733R102 263 5,000 SH Sole 5,000
MERCADOLIBRE INC COM 58733R102 105 2,000 SH Sole 2,000
MINES MANAGEMENT INC COM 603432105 1404 784,500 SH Sole 784,500
MINES MANAGEMENT INC COM 603432105 77 40,900 SH Sole 40,900
MINES MANAGEMENT INC COM 603432105 4 2,500 SH WTS Sole 2,500
MINES MANAGEMENT INC COM 603432105 23 13,000 SH WTS Sole 13,000
MINES MANAGEMENT INC COM 603432105 1,401 795,800 SH WTS Sole 795,800
MINES MANAGEMENT INC COM 603432105 77 44,000 SH WTS Sole 44,000
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 8670 452,500 SH Sole 452,500
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 144 7,500 SH Sole 7,500
NATIONAL BANK OF GREECE SPONSORED ADR 633643408 2170 1,000,000 SH Sole 1,000,000
NATIONAL BANK OF GREECE SPONSORED ADR 633643408 109 50,000 SH Sole 50,000
NEOGEN CORP COM 640491106 104 4,000 SH Sole 4,000
NETAPP INC COM 64110D104 373 10,000 SH Sole 10,000
NETLOGIC MICROSYSTEMS INC COM 64118B100 490 18,000 SH Sole 18,000
NEW GOLD INC /CAD/ COM 644535106 1242 200,000 SH Sole 200,000
NEW GOLD INC /CAD/ COM 644535106 621 100,000 SH Sole 100,000
NEW GOLD INC /CAD/ COM 644535106 38 5,750 SH WTS Sole 5,750
NEW GOLD INC /CAD/ COM 644535106 188 28,500 SH WTS Sole 28,500
NEW GOLD INC /CAD/ COM 644535106 396 59,950 SH WTS Sole 59,950
NEW GOLD INC /CAD/ COM 644535106 1,664 251,800 SH WTS Sole 251,800
NEW GOLD INC /CAD/ COM 644535106 7,270 1,099,900 SH WTS Sole 1,099,900
NEW GOLD INC /CAD/ COM 644535106 5,437 822,570 SH WTS Sole 822,570
NEW GOLD INC /CAD/ COM 644535106 2,330 352,530 SH WTS Sole 352,530
NEW GOLD INC /CAD/ COM 644535106 2,035 307,840 SH WTS Sole 307,840
NEW GOLD INC /CAD/ COM 644535106 58 8,850 SH WTS Sole 8,850
NEW GOLD INC /CAD/ COM 644535106 1,649 249,510 SH WTS Sole 248,510
NEW GOLD INC /CAD/ COM 644535106 716 108,250 SH WTS Sole 108,250
NEW GOLD INC /CAD/ COM 644535106 194 29,400 SH WTS Sole 29,400
NEW GOLD INC /CAD/ COM 644535106 215 32,600 SH WTS Sole 32,600
NEW ORIENTAL EDUCATIO-SP ADR SPONSORED ADR 647581107 233 2,500 SH Sole 2,500
NEW ORIENTAL EDUCATIO-SP ADR SPONSORED ADR 647581107 65 700 SH Sole 700
NEWFIELD EXPLORATION CO COM 651290108 440 9,000 SH Sole 9,000
NEWMONT MINING CORP COM 651639106 18522 300,000 SH Sole 300,000
NEWMONT MINING CORP COM 651639106 12842 208,000 SH Sole 208,000
NEWMONT MINING CORP COM 651639106 8582 139,000 SH Sole 139,000
NEXTERA ENERGY INC COM 65339F101 341 7,000 SH Sole 7,000
NISOURCE INC COM 65473P105 145 10,000 SH Sole 10,000
NOBLE ENERGY INC COM 655044105 12066 200,000 SH Sole 200,000
NORTH AMERN PALLADIUM LTD COM 656912102 1089 350,000 SH Sole 350,000
NORTH AMERN PALLADIUM LTD COM 656912102 3110 1,000,000 SH Sole 1,000,000
NORTHERN DYNASTY MINERALS COM 66510M204 2596 400,000 SH Sole 400,000
NORTHERN DYNASTY MINERALS COM 66510M204 3246 500,000 SH Sole 500,000
NORTHROP GRUMMAN CORP COM 666807102 136 2,500 SH Sole 2,500
NUSTAR ENERGY LP UNIT COM 67058H102 574 10,000 SH Sole 10,000
OCCIDENTAL PETROLEUM COM 674599105 23145 300,000 SH Sole 300,000
OCEANEERING INTNATL INC COM 675232102 7184 160,000 SH Sole 160,000
OIL SERVICES HOLDRS TRUST DEPOSTRY RCPT 678002106 331 3,500 SH Sole 3,500
OIL STATES INTERNATIONAL INC COM 678026105 5937 150,000 SH Sole 150,000
PACIFIC RIM MINING CORP COM 694915208 862 4,738,813 SH Sole 4,738,813
PACIFIC RIM MINING CORP COM 694915208 120 661,900 SH Sole 661,900
PANERA BREAD COMPANY CL A CL A 69840W108 301 4,000 SH Sole 4,000
PEPCO HOLDINGS INC COM 713291102 125 8,000 SH Sole 8,000
PERFECT WORLD CO LTD-ADR SPON ADR REP B 71372U104 165 7,500 SH Sole 7,500
PERFECT WORLD CO LTD-ADR SPON ADR REP B 71372U104 44 2,000 SH Sole 2,000
PETROCHINA CO LTD ADR SPONSORED ADR 71646E104 384 3,500 SH Sole 3,500
PETROCHINA CO LTD ADR SPONSORED ADR 71646E104 99 900 SH Sole 900
PHILIP MORRIS INTERNATIONAL COM 718172109 138 3,000 SH Sole 3,000
PIONEER NATURAL RESOURCES CO COM 723787107 8918 150,000 SH Sole 150,000
PLATINUM GROUP METALS COM 72765Q205 1275 750,000 SH Sole 750,000
PLUM CREEK TIMBER CO INC
REIT COM 729251108 138 4,000 SH Sole 4,000
POWERSHARES INDIA PORTFOLIO
TRUST ETF INDIA PORT 73935L100 31 1,400 SH Sole 1,400
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 448 10,500 SH PUT Sole 10,500
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 833 19,500 SH PUT Sole 19,500
QLOGIC CORP COM 747277101 133 8,000 SH Sole 8,000
QWEST COMMUNICATIONS INTL COM 749121109 158 30,000 SH Sole 30,000
RACKSPACE HOSTING INC COM 750086100 165 9,000 SH Sole 9,000
RACKSPACE HOSTING INC COM 750086100 275 15,000 SH Sole 15,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 20608 217,500 SH Sole 217,500
RANDGOLD RESOURCES LTD ADR ADR 752344309 23309 246,000 SH Sole 246,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 59219 625,000 SH Sole 625,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 190 2,000 SH Sole 2,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 1137 12,000 SH Sole 12,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 474 5,000 SH Sole 5,000
RANGE RESOURCES CORP COM 75281A109 5621 140,000 SH Sole 140,000
RAYTHEON COMPANY COM 755111507 145 3,000 SH Sole 3,000
REYNOLDS AMERICAN INC COM 761713106 156 3,000 SH Sole 3,000
RICHMONT MINES INC COM 76547T106 2652 600,000 SH Sole 600,000
RIVERBED TECHNOLOGY INC COM 768573107 552 20,000 SH Sole 20,000
ROBBINS & MYERS INC COM 770196103 7213 331,800 SH Sole 331,800
RUBICON MINERALS CORP COM 780911103 13408 3,900,000 SH Sole 3,900,000
RUBICON MINERALS CORP /CAD/ COM 780911103 201 55,000 SH Sole 55,000
RYDER SYSTEM INC COM 783549108 161 4,000 SH Sole 4,000
SAFEWAY INC COM 786514208 138 7,000 SH Sole 7,000
SALESFORCE.COM INC COM 79466L302 472 5,500 SH Sole 5,500
SHERWIN WILLIAMS COM 824348106 138 2,000 SH Sole 2,000
SILVERCORP METALS INC COM 82835P103 4892 744,000 SH Sole 744,000
SILVERCORP METALS INC COM 82835P103 9788 1,488,500 SH Sole 1,488,500
SILVERCORP METALS INC COM 82835P103 444 67,500 SH Sole 67,500
SILVER WHEATON CORP /CAD/ COM 828336107 159 7,471 SH WTS Sole 7,471
SILVER WHEATON CORP /CAD/ COM 828336107 9,093 426,320 SH WTS Sole 426,320
SILVER WHEATON CORP /CAD/ COM 828336107 2,833 132,840 SH WTS Sole 132,840
SILVER WHEATON CORP /CAD/ COM 828336107 2,959 138,740 SH WTS Sole 138,740
SILVER WHEATON CORP /CAD/ COM 828336107 8,788 411,995 SH WTS Sole 411,995
SILVER WHEATON CORP /CAD/ COM 828336107 11,646 546,006 SH WTS Sole 546,006
SILVER WHEATON CORP /CAD/ COM 828336107 4,858 227,744 SH WTS Sole 227,744
SKECHERS USA INC CL A CL A 830566105 183 5,000 SH Sole 5,000
SM ENERGY COMPANY COM 78454L100 8434 210,000 SH Sole 210,000
SOLITARIO EXPLORATION &
ROYALTY COM 8342EP107 2125 944,522 SH Sole 944,522
SOUTHWESTERN ENERGY CO COM 845467109 14104 365,000 SH Sole 365,000
SPDR GOLD TRUST GOLD SHS 78463V107 182 1,500 SH Sole 1,500
SPDR GOLD TRUST GOLD SHS 78463V107 8518 70,000 SH Sole 70,000
SPDR GOLD TRUST GOLD SHS 78463V107 9004 74,000 SH Sole 74,000
SPDR GOLD TRUST GOLD SHS 78463V107 15332 126,000 SH Sole 126,000
SPDR GOLD TRUST GOLD SHS 78463V107 852 7,000 SH Sole 7,000
SPDR GOLD TRUST GOLD SHS 78463V107 243 2,000 SH Sole 2,000
SPDR GOLD TRUST GOLD SHS 78463V107 1095 9,000 SH CALL Sole 9,000
SPDR GOLD TRUST GOLD SHS 78463V107 365 3,000 SH CALL Sole 3,000
SPDR GOLD TRUST GOLD SHS 78463V107 12168 100,000 SH CALL Sole 100,000
SPDR GOLD TRUST GOLD SHS 78463V107 487 4,000 SH CALL Sole 4,000
SPDR GOLD TRUST GOLD SHS 78463V107 852 7,000 SH CALL Sole 7,000
SPDR GOLD TRUST GOLD SHS 78463V107 243 2,000 SH CALL Sole 2,000
SPDR KBW BANK ETF SPDR KBW BK ETF 78464A797 183 8,000 SH Sole 8,000
SPDR KBW BANK ETF SPDR KBW BK ETF 78464A797 572 25,000 SH Sole 25,000
SPDR SERIES TRUST S&P METALS MNG 78464A755 9138 200,000 SH PUT Sole 200,000
SPDR SERIES TRUST S&P METALS MNG 78464A755 1,828 40,000.00 SH PUT Sole 40,000
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 7798 200,000 SH PUT Sole 200,000
SPDR SERIES TRUST S&P OILGAS EXP 78454A730 390 10,000.00 SH PUT Sole 10,000
SPDR SERIES TRUST BRCLYS
YLD ETF BRCLYS YLD ETF 78464A417 151 4,000 SH Sole 4,000
SPDR S&P 500 ETF TRUST UNIT SER 1 S&P 78462F103 516 5,000 SH PUT Sole 5,000
SPDR S&P 500 ETF TRUST UNIT SER 1 S&P 78462F103 516 5,000 SH PUT Sole 5,000
SPDR S&P 500 ETF TRUST UNIT SER 1 S&P 78462F103 1032 10,000 SH PUT Sole 10,000
SPDR S&P 500 ETF TRUST UNIT SER 1 S&P 78462F103 1135 11,000 SH PUT Sole 11,000
SPROTT PHYSICAL GOLD
TRUST ETF UNIT 85207H104 2383 203,000 SH Sole 203,000
SPROTT PHYSICAL GOLD TRUST
ETF UNIT 85207H104 4896 417,000 SH Sole 417,000
STANTEC INC COM 85472N109 221 10,000 SH Sole 10,000
SUNOCO INC COM 86764P109 209 6,000 SH Sole 6,000
SYNUTRA INTERNATIONAL INC COM 87164C102 16 1,000 SH Sole 1,000
THOMPSON CREEK METALS /CAD/ COM 884768102 92 10,000 SH WTS Sole 10,000
TIM PARTICIPACOES SA-ADR COM 88706P106 136 5,000 SH Sole 5,000
TIMBERLINE RESOURCES CORP COM 887133106 296 321,571 SH Sole 321,571
TIME WARNER INC COM 887317303 145 5,000 SH Sole 5,000
TJX COS INC COM 872540109 315 7,500 SH Sole 7,500
TRANSOCEAN LTD REG SHS H8817H100 9266 200,000 SH Sole 200,000
TRANSOCEAN LTD REG SHS 067901108 46 1,000 SH CALL Sole 1,000
TRAVELERS COS INC COM 89417E113 148 3,000 SH Sole 3,000
ULTRA PETROLEUM CORP COM 903914109 9293 210,000 SH Sole 210,000
URANIUM ENERGY CORP COM 916896103 1013 429,200 SH Sole 429,200
URANIUM ENERGY CORP COM 916896103 108 45,800 SH Sole 45,800
URANIUM ENERGY CORP COM 916896103 86 36,500 SH Sole 36,500
URS CORP COM 903236107 197 5,000 SH Sole 5,000
VALEANT PHARMACEUTICALS COM 91911X104 627 12,000 SH Sole 12,000
VANGUARD NATURAL RESOURCES COM UNIT 92205F106 73 3,500 SH Sole 3,500
VANTAGE DRILL WTS
EXP 5/24/11 *W EXP 05/24/201 G93205121 49 2,461,400 SH Sole 2,461,400
VERISIGN INC COM 92343E106 173 6,500 SH Sole 6,500
VERIZON COMMUNICATIONS COM 92343V104 154 5,500 SH Sole 5,500
VIMPELCOM LTD SPONSORED ADR SPONSORED ADR 92719A106 4743 293,157 SH Sole 293,157
VISA INC CLASS A SHARES CL A 92826C839 531 7,500 SH Sole 7,500
VITAMIN SHOPPE INC COM 92849E105 641 25,000 SH Sole 25,000
VIVO PARTICIPACOES SA -ADR SPON ADR PFD NEW 92855S200 259 10,000 SH Sole 10,000
VIVO PARTICIPACOES SA -ADR SPON ADR PFD NEW 92855S200 156 6,000 SH Sole 6,000
VMWARE INC-CLASS A CL A 928563402 156 2,500 SH Sole 2,500
WELLPOINT INC COM 94973V107 122 2,500 SH Sole 2,500
WESTERN UNION CO COM 959802109 149 10,000 SH Sole 10,000
WINDSTREAM CORP COM 97381W104 137 13,000 SH Sole 13,000
YANZHOU COAL MINING CO
LIMITED SPON ADR H SHS 984846105 287 15,000 SH Sole 15,000
ZIMMER HOLDINGS INC COM 98956P102 162 3,000 SH Sole 3,000
GRAND 1,007,688 72,682,819