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, 2011
Check here if Amendment [X]; Amendment Number: 1
------
This Amendment (Check only one.): [X] 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 5/19/2011
---------------------- -------------------- ---------------
[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 358
Form 13F Information Table Total Value (x1000) 1,387,330
List of Other Included Managers
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------------- ---------------- --------- -------- ------------------- ---------- -------- ----------------------
SHARES OR VOTING AUTHORITY
TITLE OF VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ----------------------
NAME OF ISSUER CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------- ---------------- --------- -------- ---------- --- ---- ---------- -------- ---- --------- -------
51JOB INC SP ADR SP ADR REP COM 316827104 639 10,000 SH Sole 10,000
AETNA INC-NEW COM 00817Y108 187 5,000 SH Sole 5,000
AGRIUM INC COM COM 008916108 16146 175,000 SH Sole 175,000
AIG WARRANT 1/19/21 *W EXP 01/19/202 026874156 191 17,135 SH Sole 17,135
ALBEMARLE CORP COM 012653101 747 12,500 SH Sole 12,500
ALCOA INC COM 013817101 177 10,000 SH Sole 10,000
ALEXION PHARMACEUTICALS INC COM 015351109 789 8,000 SH Sole 8,000
ALMADEN MINERALS LTD /CAD COM 020283107 2011 500,000 SH Sole 500,000
ALMADEN MINERALS LTD /CAD/ COM 20283107 78 20,000 SH Sole 20,000
ALPHA NATURAL RESOURCES INC COM 02076X102 10093 170,000 SH Sole 170,000
ALTERA CORP COM 021441100 176 4,000 SH Sole 4,000
ALTERA CORP COM 021441100 660 15,000 SH Sole 15,000
ALTRA HOLDINGS INC COM 02208R106 709 30,000 SH Sole 30,000
AMERICA MOVIL SAB DE CV SERIES L SPON ADR L SHS 02364W105 407 7,000 SH Sole 7,000
AMERICA MOVIL SAB DE CV SERIES L SPON ADR L SHS 02364W105 232 4,000 SH Sole 4,000
AMERICAN ELEC PWR INC COM 025537101 193 5,500 SH Sole 5,500
ANADARKO PETE CORP COM 032511107 29491 360,000 SH Sole 360,000
ANGLOGOLD ASHANTI LTD SPON ADR SPONSORED ADR 035128206 1439 30,000 SH Sole 30,000
ANGLOGOLD ASHANTI LTD SPON ADR SPONSORED ADR 035128206 3836 80,000 SH Sole 80,000
APACHE CORP COM 037411105 21602 165,000 SH Sole 165,000
APPLE INC COM 037833100 523 1,500 SH Sole 1,500
APPLE INC COM 037833100 1045 3,000 SH Sole 3,000
ARCH COAL INC COM 039380100 11893 330,000 SH Sole 330,000
ARUBA NETWORKS INC COM 043176106 711 21,000 SH Sole 21,000
ASSURANT INC COM 04621X108 154 4,000 SH Sole 4,000
AT&T INC COM 00206R102 199 6,500 SH Sole 6,500
AUGUSTA RESOURCES CORP COM 050912203 5132 1,000,400 SH Sole 1,000,400
AUGUSTA RESOURCES CORP COM 050912203 2834 552,500 SH Sole 552,500
BABCOCK AND WILCOX CO COM 05615F102 417 12,500 SH Sole 12,500
BAIDU INC SPON ADR SPON ADR REP A 056752108 207 1,500 SH Sole 1,500
BAIDU INC SPON ADR SPON ADR REP A 056752108 713 5,173 SH Sole 5,173
BAIDU INC SPON ADR SPON ADR REP A 056752108 758 5,500 SH Sole 5,500
BAKER HUGHES INC COM 057224107 25701 350,000 SH Sole 350,000
BALL CORP COM 058498106 179 5,000 SH Sole 5,000
BALL CORP COM 058498106 359 10,000 SH Sole 10,000
BANK OF AMERICA WARRANT 1/16/19 *W EXP 01/16/201 060505146 384 50,000 SH Sole 50,000
BANK OF AMERICA WARRANT 1/16/19 *W EXP 01/16/201 060505146 920 120,000 SH Sole 120,000
BARD INC COM 067383109 199 2,000 SH Sole 2,000
BARRICK GOLD CORP COM COM 067901108 21745 418,900 SH Sole 418,900
BARRICK GOLD CORP COM COM 067901108 18226 351,100 SH Sole 351,100
BEMIS CO COM 081437105 197 6,000 SH Sole 6,000
BERKSHIRE HATHAWAY INC CL B NEW 084670702 418 5,000 SH Sole 5,000
BLOCK /H & R/ INC COM 093671105 193 11,500 SH Sole 11,500
BRIGHAM EXPLORATION CO COM 109178103 744 20,000 SH Sole 20,000
BRISTOL MYERS SQUIBB CO COM 110122108 198 7,500 SH Sole 7,500
BROADCOM CORP CL A CL A 111320107 197 5,000 SH Sole 5,000
BROADCOM CORP CL A CL A 111320107 788 20,000 SH Sole 20,000
BRUKER CORP COM 116794108 1043 50,000 SH Sole 50,000
CAMECO CORP COM 13321L108 451 15,000 SH Sole 15,000
CAMECO CORP COM 13321L108 16522 550,000 SH Sole 550,000
CANADIAN NATURAL RESOURCES COM 136385101 2447 49,500 SH Sole 49,500
CARBO CERAMICS INC COM 140781105 19757 140,000 SH Sole 140,000
CATERPILLAR INC COM 149123101 8908 80,000 SH Sole 80,000
CATERPILLAR INC COM 149123101 278 2,500 SH Sole 2,500
CATERPILLAR INC COM 149123101 557 5,000 SH Sole 5,000
CATERPILLAR INC COM 149123101 557 5,000 SH Sole 5,000
CB RICHARD ELLIS GROUP INC-A CL A 12497T101 267 10,000 SH Sole 10,000
CB RICHARD ELLIS GROUP INC-A CL A 12497T101 801 30,000 SH Sole 30,000
CF INDUSTRIES HOLDINGS INC COM 125269100 274 2,000 SH Sole 2,000
CHECK POINT SOFTWARE TECH COM M22465104 204 4,000 SH Sole 4,000
CHECK POINT SOFTWARE TECH COM M22465104 357 7,000 SH Sole 7,000
CHICAGO BRIDGE & IRON ADR COM 167250109 13418 330,000 SH Sole 330,000
CHICAGO BRIDGE & IRON ADR COM 167250109 285 7,000 SH Sole 7,000
CHINA PETROLEUM & CHEMICAL ADR SPON ADR H SHS 16941R108 503 5,000 SH Sole 5,000
CHINA PETROLEUM & CHEMICAL ADR SPON ADR H SHS 16941R108 101 1,000 SH Sole 1,000
CHUBB CORP COM 171232101 184 3,000 SH Sole 3,000
CIMAREX ENERGY CO COM 171798101 16134 140,000 SH Sole 140,000
CITIGROUP INC COM 172967101 575 130,000 SH Sole 130,000
CITIGROUP INC COM 0CL99W003 354 80,000 SH CALL Sole 80,000
CLAUDE RESOURCES INC COM 182873109 3912 1,580,714 SH Sole 1,580,714
CLAUDE RESOURCES INC COM 182873109 6161 2,489,286 SH Sole 2,489,286
CLIFFS NATURAL RESOURCES INC COM 18683K101 12776 130,000 SH Sole 130,000
CNOOC LTD ADR SPONSORED ADR 126132109 1078 4,259 SH Sole 4,259
CNOOC LTD ADR SPONSORED ADR 126132109 127 500 SH Sole 500
COBALT INTERNATIONAL ENERGY COM 19075F106 12608 750,000 SH Sole 750,000
COBALT INTERNATIONAL ENERGY COM 19075F106 294 17,500 SH Sole 17,500
COCA COLA ENTERPRISES INC COM 19122T109 205 7,500 SH Sole 7,500
COGNIZANT TECHNOLOGY SOLUTIONS
CORP CL A 192446102 952 11,700 SH Sole 11,700
COMPANHIA BRASILEIRA DE
DISTRIBUICAO ADR SPN ADR PFD CL A 20440T201 168 4,000 SH Sole 4,000
CONCHO RESOURCES INC COM 20605P101 172 1,600 SH Sole 1,600
CONCHO RESOURCES INC COM 20605P101 655 6,100 SH Sole 6,100
CONOCOPHILLIPS COM 20825C104 240 3,000 SH Sole 3,000
CONTINENTAL RESOURCES INC COM 212015101 715 10,000 SH Sole 10,000
CORE LABORATORIES N V COM N22717107 12260 120,000 SH Sole 120,000
CORE LABORATORIES N V COM N22717107 511 5,000 SH Sole 5,000
COSAN LTD CL A SHRS SHS A G25343107 161 12,500 SH Sole 12,500
COSTAMARE INC SHS Y1771G102 261 15,000 SH Sole 15,000
CPFL ENERGIA SA SP ADR SPONSORED ADR 126153105 656 7,500 SH Sole 7,500
CREDICORP LTD COM G2519Y108 210 2,000 SH Sole 2,000
CRYSTALLEX INTL CORP COM 22942F101 323 2,150,000 SH Sole 2,150,000
CRYSTALLEX INTL CORP COM 22942F101 35 230,000 SH Sole 230,000
CRYSTALLEX INTL CORP /CAD/ COM 22942F101 0 75,000 SH WTS Sole 75,000
CSX CORP COM 126408103 637 8,100 SH Sole 8,100
CTC MEDIA INC COM 12642X106 4007 170,000 SH Sole 170,000
CUMMINS INC COM 231021106 329 3,000 SH Sole 3,000
CUMMINS INC COM 231021106 471 4,300 SH Sole 4,300
CUMMINS INC COM 231021106 767 7,000 SH Sole 7,000
DAQO NEW ENERGY CORP-ADR SPONSORED ADR 23703Q104 224 17,389 SH Sole 17,389
DAQO NEW ENERGY CORP-ADR SPONSORED ADR 23703Q104 323 25,000 SH Sole 25,000
DEERE AND CO COM 244199105 14049 145,000 SH Sole 145,000
DEERE AND CO COM 244199105 339 3,500 SH Sole 3,500
DENISON MINES CORP COM 248356107 238 100,000 SH Sole 100,000
DEVON ENERGY CORP COM 25179M103 367 4,000 SH Sole 4,000
DEVRY INC DEL COM 251893103 551 10,000 SH Sole 10,000
DIAMOND OFFSHORE DRILLING INC COM 25271C102 194 2,500 SH Sole 2,500
DIRECTV CLASS A COM CL A 25490A101 234 5,000 SH Sole 5,000
DIRECTV CLASS A COM CL A 25490A101 842 18,000 SH Sole 18,000
DR PEPPER SNAPPLE GROUP INC COM 26138E113 186 5,000 SH Sole 5,000
DRDGOLD LTD SPONSORED ADR SPON ADR NEW 26152H301 1590 300,000 SH Sole 300,000
DU PONT /E I/ DE NEMOURS & CO COM 263534109 330 6,000 SH Sole 6,000
ECOLAB INC COM 278865100 204 4,000 SH Sole 4,000
ECOPETROL SA COM 279158109 104 2,500 SH Sole 2,500
EL PASO PIPELINE PARTNERS L P
COM UNIT COM UNIT LPI 283702108 254 7,000 SH Sole 7,000
ENDO PHARMACEUTICALS HLDGS INC COM 29264F205 382 10,000 SH Sole 10,000
ENSCO PLC SPONSORED ADR 29358Q109 10700 185,000 SH Sole 185,000
ENTERGY CORP COM 29364G103 134 2,000 SH Sole 2,000
ENTREE GOLD INC COM 29383G100 9374 3,000,000 SH Sole 3,000,000
ENTROPIC COMMUNICATIONS INC COM 29384R105 169 20,000 SH Sole 20,000
ETFS PALLADIUM TRUST ETF SH BEN INT 26923A106 2661 35,000 SH Sole 35,000
EXELON CORPORATION COM 30161N101 165 4,000 SH Sole 4,000
EXTORRE GOLD MINES LTD COM 30227B109 3900 650,000 SH Sole 650,000
EXTORRE GOLD MINES LTD COM 30227B109 3587 605,000 SH Sole 605,000
EXTORRE GOLD MINES LTD COM 30227B109 30 5,000 SH Sole 5,000
EXTORRE GOLD MINES LTD /CAD/ COM 30227B109 276 48,000 SH Sole 48,000
FEDERATED INVESTORS INC CL B CL B 314211103 187 7,000 SH Sole 7,000
FIDELITY NATIONAL INFORMATION COM 31620M106 196 6,000 SH Sole 6,000
FIRST MAJESTIC SILVER CORP COM 32076V103 11682 550,000 SH Sole 550,000
FIRST MAJESTIC SILVER CORP COM 32076V103 13071 615,000 SH Sole 615,000
FIRST MAJESTIC SILVER CORP COM 32076V103 18065 850,000 SH Sole 850,000
FIRSTENERGY CORP COM 337932107 167 4,500 SH Sole 4,500
FLOWSERVE CORPORATION COM 34354P105 11592 90,000 SH Sole 90,000
FOSTER WHEELER AG COM COM H27178104 12415 330,000 SH Sole 330,000
FOSTER WHEELER AG COM COM H27178104 248 6,600 SH Sole 6,600
FREEPORT-MCMORAN COPPER & GOLD COM 35671D857 8333 150,000 SH Sole 150,000
FREEPORT-MCMORAN COPPER & GOLD COM 35671D857 755 13,583 SH Sole 13,583
FREEPORT-MCMORAN COPPER & GOLD COM 35671D857 278 5,000 SH Sole 5,000
FREEPORT-MCMORAN COPPER & GOLD COM 35671D857 278 5,000 SH Sole 5,000
FREEPORT-MCMORAN COPPER & GOLD COM 35671D857 556 10,000 SH Sole 10,000
FREEPORT-MCMORAN COPPER & GOLD COM 35671D857 167 3,000 SH Sole 3,000
FRONTEER GOLD INC COM 359032109 4157 275,000 SH Sole 275,000
FRONTIER COMMUNICATIONS CORP COM 35906A108 175 21,320 SH Sole 21,320
FRONTIER OIL CORP COM 35914P105 12461 425,000 SH Sole 425,000
FRONTIER OIL CORP COM 35914P105 323 11,000 SH Sole 11,000
FRONTIER OIL CORP COM 35914P105 176 6,000 SH Sole 6,000
FX ENERGY INC COM 302695101 167 20,000 SH Sole 20,000
FX ENERGY INC COM 302695101 169 20,200 SH Sole 20,200
GAP INC COM 364760108 204 9,000 SH Sole 9,000
GILEAD SCIENCES INC COM 375558103 276 6,500 SH Sole 6,500
GILEAD SCIENCES INC COM 375558103 637 15,000 SH Sole 15,000
GOLD FIELDS LTD SPONSORED ADR SPONSORED ADR 38059T106 1819 104,200 SH Sole 104,200
GOLDCORP INC COM 380956409 19671 395,000 SH Sole 395,000
GOLDCORP INC COM 380956409 32370 650,000 SH Sole 650,000
GOLDCORP INC CW11 *W EXP 06/09/201 380956177 1873 484,248 SH Sole 484,248
GOLDCORP INC CW11 *W EXP 06/09/201 380956177 1492 385,958 SH Sole 385,958
GOLDCORP INC CW11 *W EXP 06/09/201 380956177 5470 1,414,521 SH Sole 1,414,521
GRAINGER INC COM 384802104 207 1,500 SH Sole 1,500
GRAN TIERRA ENERGY INC COM 38500T101 6254 775,000 SH Sole 775,000
GRAN TIERRA ENERGY INC COM 38500T101 121 15,000 SH Sole 15,000
GREAT BASIN GOLD LTD COM 390124105 960 365,000 SH Sole 365,000
GREAT BASIN GOLD LTD COM 390124105 3287 1,250,000 SH Sole 1,250,000
GRUPO AEROPORTUARIO DEL SURESTE
SAB DE CV COM 40051E206 235 4,000 SH Sole 4,000
HALLIBURTON CO HOLDING COM 406216101 21930 440,000 SH Sole 440,000
HALLIBURTON CO HOLDING COM 406216101 498 10,000 SH Sole 10,000
HALLIBURTON CO HOLDING COM 406216101 748 15,000 SH Sole 15,000
HARBINGER GROUP INC COM 41146A106 26 5,000 SH Sole 5,000
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 7645 514,152 SH Sole 514,152
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 12875 865,848 SH Sole 865,848
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 44 1,000 SH CALL Sole 1,000
HEALTH MGMT ASSOC INC CL A CL A 421933102 327 30,000 SH Sole 30,000
HECLA MINING COM 422704106 2724 300,000 SH Sole 300,000
HECLA MINING COM 422704106 2951 325,000 SH Sole 325,000
HERBALIFE LTD COM USD SHS G4412G101 203 2,500 SH Sole 2,500
HERBALIFE LTD COM USD SHS G4412G101 976 12,000 SH Sole 12,000
HEWLETT PACKARD COM 428236103 164 4,000 SH Sole 4,000
HOLLY CORP COM PAR $0.01 435758305 14582 240,000 SH Sole 240,000
HUDBAY MINERALS INC COM 443628102 11398 700,000 SH Sole 700,000
HUDBAY MINERALS INC COM 443628102 4885 300,000 SH Sole 300,000
IAMGOLD CORPORATION COM 450913108 9248 420,000 SH Sole 420,000
IAMGOLD CORPORATION COM 450913108 17176 780,000 SH Sole 780,000
IMAX CORP COM 45245E113 800 25,000 SH Sole 25,000
INFORMATICA CORP COM 45666Q102 313 6,000 SH Sole 6,000
INTEGRATED SILICON SOLUTION COM 45812P107 417 45,000 SH Sole 45,000
INTNATL FLAVORS & FRAGRANCES COM 459506101 685 11,000 SH Sole 11,000
ISHARES DOW JNS US OIL EQMT &
SRS ETF DJ OIL EQUIP 464288844 610 9,000 SH Sole 9,000
ISHARES MSCI MALAYSIA ETF MSCI MALAYSIA 464286830 30 2,000 SH Sole 2,000
ISHARES MSCI SOUTH KOREA ETF MSCI S KOREA 464286772 32 500 SH Sole 500
ISHARES MSCI THAILAND FUND ETF MSCI THAILAND 464286624 33 500 SH Sole 500
ISHARES MSCI TURKEY FUND ETF MSCI TURKEY 464286715 32 500 SH Sole 500
IVANHOE ENERGY INC /CAD/ COM 465790103 2815 1,000,000 SH Sole 1,000,000
IVANHOE ENERGY INC /CAD/ COM 465790103 53 19,250 SH Sole 19,250
IVANHOE ENERGY INC /CAD/ COM 465790103 10 50,000 SH WTS Sole 50,000
JACOBS ENGINEERING GROUP INC COM 469814107 16715 325,000 SH Sole 325,000
JACOBS ENGINEERING GROUP INC COM 469814107 463 9,000 SH Sole 9,000
JDS UNIPHASE CORP NEW COM PAR $0.001 46612J507 208 10,000 SH Sole 10,000
JOY GLOBAL INC COM 481165108 11857 120,000 SH Sole 120,000
JOY GLOBAL INC COM 481165108 247 2,500 SH Sole 2,500
JPMORGAN CHASE & COMPANY COM 46625H100 184 4,000 SH Sole 4,000
JPMORGAN CHASE & COMPANY COM 46625H100 738 16,000 SH Sole 16,000
KIMBER RESOURCES INC COM 49435N101 1718 1,022,727 SH Sole 1,022,727
KIMBER RESOURCES INC COM 49435N101 42 25,000 SH Sole 25,000
KINROSS GOLD CORP /CAD/ COM NO PAR 496902404 0 1 SH Sole 1
LAUDER ESTEE COS INC CL A CL A 518439104 434 4,500 SH Sole 4,500
LOCKHEED MARTIN CORP COM 539830109 185 2,300 SH Sole 2,300
LORILLARD INC COM 544147101 238 2,500 SH Sole 2,500
LULULEMON ATHLETICA INC COM 550021109 356 4,000 SH Sole 4,000
LYONDELLBASELL INDUSTRIES SHS - A - N53745100 8899 225,000 SH Sole 225,000
MAG SILVER CORPORATION COM 55903Q104 9306 780,000 SH Sole 780,000
MARATHON OIL CORP COM 565849106 26655 500,000 SH Sole 500,000
MARATHON OIL CORP COM 565849106 400 7,500 SH Sole 7,500
MARATHON OIL CORP COM 3TM99R417 2666 50,000 SH PUT Sole 50,000
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 51P99U036 33055 550,000 SH CALL Sole 550,000
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 51P99U036 8114 135,000 SH CALL Sole 135,000
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 51P99U036 22538 375,000 SH CALL Sole 375,000
MARKET VECTORS GOLD MINERS ETF GOLD MINERS ETF 57060U900 33 300 SH CALL Sole 300
MARKET VECTORS GOLD MINERS ETF GOLD MINERS ETF 57060U900 76 700 SH CALL Sole 700
MARKET VECTORS INDONESIA ETF INDONESIA ETF 57060U753 30 1,000 SH Sole 1,000
MARKET VECTORS RARE EARTH ETF MINOR METALS 57060U472 658 25,000 SH Sole 25,000
MASSEY ENERGY COMPANY COM 576206106 17090 250,000 SH Sole 250,000
MCDERMOTT INTL INC COM 580037109 508 20,000 SH Sole 20,000
MCKESSON CORP COM 58155Q103 198 2,500 SH Sole 2,500
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 12316 400,000 SH Sole 400,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 11700 380,000 SH Sole 380,000
MERCADOLIBRE INC COM 58733R102 816 10,000 SH Sole 10,000
MERCADOLIBRE INC COM 58733R102 424 5,200 SH Sole 5,200
METROPCS COMMUNICATIONS INC COM 591708102 219 13,500 SH Sole 13,500
MICROSOFT CORP COM 594918104 165 6,500 SH Sole 6,500
MINEFINDERS LTD COM 602900102 1712 130,000 SH Sole 130,000
MINEFINDERS LTD COM 602900102 5268 400,000 SH Sole 400,000
MINES MANAGEMENT INC COM 603432105 2210 767,500 SH Sole 767,500
MINES MANAGEMENT INC COM 603432105 115 40,000 SH Sole 40,000
MINES MANAGEMENT INC COM 603432105 5 6,000 SH Sole 6,000
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 2972 140,000 SH Sole 140,000
MOSAIC COMPANY COM 61945A107 217 2,750 SH Sole 2,750
MOSAIC COMPANY COM 61945A107 433 5,500 SH Sole 5,500
MURPHY OIL CORP COM 626717902 6 500 SH CALL Sole 500
NATIONAL OILWELL VARCO INC COM 637071101 12683 160,000 SH Sole 160,000
NATIONAL OILWELL VARCO INC COM 637071101 396 5,000 SH Sole 5,000
NETEASE.COM INC ADR SPONSORED ADR 64110W102 545 11,000 SH Sole 11,000
NETEASE.COM INC ADR SPONSORED ADR 64110W102 134 2,710 SH Sole 2,710
NETFLIX.COM INC COM 64110L106 237 1,000 SH Sole 1,000
NETFLIX.COM INC COM 64110L106 427 1,800 SH Sole 1,800
NEVSUN RES LTD COM 64156L101 1130 200,000 SH Sole 200,000
NEW GOLD INC COM 644535106 1464 125,000 SH Sole 125,000
NEW GOLD INC /CAD/ COM 644535106 120 285,000 SH Sole 285,000
NEW GOLD INC /CAD/ COM 644535106 252 599,500 SH Sole 599,500
NEW GOLD INC /CAD/ COM 644535106 4 57,500 SH Sole 57,500
NOBLE CORPORATION NAMEN -AKT H5833N103 228 5,000 SH Sole 5,000
NORTHERN OIL AND GAS INC COM 665531109 320 12,000 SH Sole 12,000
NORTHGATE MINERALS CORP COM 666416102 2700 1,000,000 SH Sole 1,000,000
NORTHROP GRUMMAN CORP COM 666807102 157 2,500 SH Sole 2,500
NUSTAR ENERGY LP UNIT COM 67058H102 407 6,000 SH Sole 6,000
NVIDIA CORP COM 67066G104 231 12,500 SH Sole 12,500
OCEANEERING INTNATL INC COM 675232102 12076 135,000 SH Sole 135,000
OIL STATES INTERNATIONAL INC COM 678026105 11421 150,000 SH Sole 150,000
OMNICOM GROUP INC COM 681919106 196 4,000 SH Sole 4,000
ORACLE CORP COM 68389X105 334 10,000 SH Sole 10,000
P P G INDUSTRIES INC COM 693506107 190 2,000 SH Sole 2,000
PAN AMERICAN SILVER CORP COM 697900108 16152 435,000 SH Sole 435,000
PAN AMERICAN SILVER CORP COM 697900108 17451 470,000 SH Sole 470,000
PAN AMERICAN SILVER CORP COM 697900108 12996 350,000 SH Sole 350,000
PEABODY ENERGY CORP COM 704549104 360 5,000 SH Sole 5,000
PETROCHINA CO LTD ADR ADR 71646E104 228 1,500 SH Sole 1,500
PETROLEUM DEV CORP COM 716578109 12003 250,000 SH Sole 250,000
PETROLEUM DEV CORP COM 716578109 334 6,967 SH Sole 6,967
PHILIP MORRIS INTERNATIONAL COM 718172109 197 3,000 SH Sole 3,000
PIONEER NATURAL RESOURCES CO COM 723787107 20384 200,000 SH Sole 200,000
PIONEER NATURAL RESOURCES CO COM 723787107 357 3,500 SH Sole 3,500
PLATINUM GROUP METALS COM 72765Q205 3919 2,000,000 SH Sole 2,000,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 143 75,000 SH Sole 75,000
POSCO SPONSORED ADR SPONSORED ADR 693483109 11429 100,000 SH Sole 100,000
POSCO SPONSORED ADR SPONSORED ADR 693483109 229 2,000 SH Sole 2,000
POSCO SPONSORED ADR SPONSORED ADR 693483109 114 1,000 SH Sole 1,000
POTASH CORP SASKATCHEWAN COM 73755L107 318 5,400 SH Sole 5,400
PRICELINE.COM INC COM 741503403 1013 2,000 SH Sole 2,000
QUALCOMM INC COM 747525103 263 4,800 SH Sole 4,800
QUEST DIAGNOSTICS INC COM 74834L100 173 3,000 SH Sole 3,000
RACKSPACE HOSTING INC COM 750086100 429 10,000 SH Sole 10,000
RACKSPACE HOSTING INC COM 750086100 857 20,000 SH Sole 20,000
RADIOSHACK CORP COM 750438103 203 13,500 SH Sole 13,500
RANDGOLD RESOURCES LTD ADR ADR 752344309 19407 238,000 SH Sole 238,000
RAYTHEON COMPANY COM 755111507 203 4,000 SH Sole 4,000
RICHMONT MINES INC COM 76547T106 3034 455,592 SH Sole 455,592
RICHMONT MINES INC COM 76547T106 1391 208,801 SH Sole 208,801
RIO TINTO PLC SPONSORED ADR SPONSORED ADR 767204100 24181 340,000 SH Sole 340,000
ROBBINS & MYERS INC COM 770196103 14340 311,800 SH Sole 311,800
RODMAN & RENSHAW CAP GRP INC COM 77487R100 21 10,000 SH Sole 10,000
RUBICON MINERALS CORP COM 780911103 8024 1,550,000 SH Sole 1,550,000
RUSH ENTERPRISES INC - CL A CL A 781846209 198 10,000 SH Sole 10,000
RUSH ENTERPRISES INC - CL A CL A 781846209 594 30,000 SH Sole 30,000
RYDER SYSTEM INC COM 783549108 202 4,000 SH Sole 4,000
SAFEWAY INC COM NEW 786514208 177 7,500 SH Sole 7,500
SEADRILL LTD SHS G7945E105 9018 250,000 SH Sole 250,000
SEADRILL LTD SHS G7945E105 180 5,000 SH Sole 5,000
SEMPRA ENERGY COM 816851109 161 3,000 SH Sole 3,000
SENSATA TECHNOLOGIES HOLDING SHS N7902X106 695 20,000 SH Sole 20,000
SHERWIN WILLIAMS COM 824348106 168 2,000 SH Sole 2,000
SILVER STD RES INC COM 82823L106 15690 500,000 SH Sole 500,000
SILVER STD RES INC COM 82823L106 10983 350,000 SH Sole 350,000
SILVER STD RES INC COM 82823L106 15062 480,000 SH Sole 480,000
SILVERCORP METALS INC COM 82835P103 9404 646,313 SH Sole 646,313
SILVERCORP METALS INC COM 82835P103 16733 1,150,045 SH Sole 1,150,045
SILVERCORP METALS INC COM 82835P103 29299 2,013,642 SH Sole 2,013,642
SINA CORPORATION COM G81477104 268 2,500 SH Sole 2,500
SINOTECH ENERGY LTD-SPON ADR SPONSORED ADS 829359108 257 32,200 SH Sole 32,200
SOLITARIO EXPLORATION & ROYALTY COM 8342EP107 3272 925,000 SH Sole 925,000
SOUTHWESTERN ENERGY CO COM 845467109 645 15,000 SH Sole 15,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 1100 7,867 SH Sole 7,867
SPDR GOLD TRUST ETF GOLD SHS 78463V107 2382 17,033 SH Sole 17,033
SPECTRA ENERGY CORP COM 847560109 190 7,000 SH Sole 7,000
SPREADTRUM COMM INC ADR ADR 849415203 464 25,000 SH Sole 25,000
SPROTT PHYSICAL GOLD TRUST ETF UNIT 85207H104 6094 482,083 SH Sole 482,083
SPROTT PHYSICAL GOLD TRUST ETF UNIT 85207H104 11003 870,509 SH Sole 870,509
SPROTT PHYSICAL GOLD TRUST ETF UNIT 85207H104 198 15,698 SH Sole 15,698
SPROTT PHYSICAL SILVER TRUST ETF TR UNIT 85207K107 3286 186,800 SH Sole 186,800
SPROTT PHYSICAL SILVER TRUST ETF TR UNIT 85207K107 8957 509,200 SH Sole 509,200
STILLWATER MNG CO COM 86074Q102 11465 500,000 SH Sole 500,000
SVB FINANCIAL GROUP COM 78486Q101 228 4,000 SH Sole 4,000
T ROWE PRICE GROUP INC COM 74144T108 332 5,000 SH Sole 5,000
T ROWE PRICE GROUP INC COM 74144T108 731 11,000 SH Sole 11,000
TAIWAN SEMICONDUCTOR SPONSORED ADR 874039100 487 40,000 SH Sole 40,000
TAIWAN SEMICONDUCTOR SPONSORED ADR 874039100 365 30,000 SH Sole 30,000
TATA MOTORS LTD SPONSORED ADR 876568502 83 3,000 SH Sole 3,000
TECK RESOURCES LTD CLS B CL B 878742204 17232 325,000 SH Sole 325,000
TECK RESOURCES LTD CLS B CL B 878742204 212 4,000 SH Sole 4,000
TESORO CORP COM 881609101 14757 550,000 SH Sole 550,000
THOMPSON CREEK METALS /CAD/ COM 884768102 55 14,000 SH WTS 14,000
TIDEWATER INC COM 886423102 23731 396,500 SH Sole 396,500
TIDEWATER INC COM 886423102 24 400 SH Sole 400
TRANSATLANTIC PETROLEUM LTD SHS G89982105 7130 2,300,000 SH Sole 2,300,000
TRAVELERS COS INC/THE COM 89417E113 178 3,000 SH Sole 3,000
TRUNKBOW INTERNATIONAL HOLDING COM 89818A102 65 15,900 SH Sole 15,900
URANIUM ENERGY CORP COM 916896103 5566 1,395,000 SH Sole 1,395,000
URANIUM ENERGY CORP COM 916896103 239 60,000 SH Sole 60,000
URANIUM ENERGY CORP COM 916896103 200 50,000 SH Sole 50,000
VALE S.A. ADR ADR 91912E109 22678 680,000 SH Sole 680,000
VALE S.A. ADR ADR 91912E109 233 7,000 SH Sole 7,000
VALE S.A. ADR ADR 91912E109 133 4,000 SH Sole 4,000
VALEANT PHARMACEUTICALS INTERN COM 91911K102 697 14,000 SH Sole 14,000
VALERO ENERGY CORP COM 91913Y100 11928 400,000 SH Sole 400,000
VANGUARD NATURAL RESOURCES LLC COM UNIT 92205F106 111 3,500 SH Sole 3,500
VANTAGE DRILL WTS 5/24/11 *W EXP 05/24/201 G93205121 5 2,461,400 SH Sole 2,461,400
VERISIGN INC COM 92343E106 235 6,500 SH Sole 6,500
VERIZON COMMUNICATIONS COM 92343V104 212 5,500 SH Sole 5,500
VISA INC CLASS A SHARES COM CL A 92826C839 199 2,700 SH Sole 2,700
VITAMIN SHOPPE INC COM 92849E105 423 12,500 SH Sole 12,500
VIVO PARTICIPACOES SA -ADR SPON ADR PFD NEW 92855S200 485 12,000 SH Sole 12,000
VIVO PARTICIPACOES SA -ADR SPON ADR PFD NEW 92855S200 505 12,500 SH Sole 12,500
VIVO PARTICIPACOES SA -ADR SPON ADR PFD NEW 92855S200 323 8,000 SH Sole 8,000
WABCO HOLDINGS INC COM 92927K102 616 10,000 SH Sole 10,000
WADDELL & REED FINL INC CL A CL A 930059100 528 13,000 SH Sole 13,000
WALTER ENERGY INC COM 93317Q105 271 2,000 SH Sole 2,000
WASHINGTON POST CO CL B CL B 939640108 175 400 SH Sole 400
WINDSTREAM CORP COM 97381W104 167 13,000 SH Sole 13,000
WOLVERINE WORLD WIDE INC COM 978097103 373 10,000 SH Sole 10,000
XILINX INC COM 983919101 197 6,000 SH Sole 6,000
XL GROUP PLC SHS G98290102 209 8,500 SH Sole 8,500
YAMANA GOLD INC COM 98462Y100 10622 862,900 SH Sole 862,900
YAMANA GOLD INC COM 98462Y100 22615 1,837,100 SH Sole 1,837,100
GRAND 1,387,330.00 72,387,574