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, 2007
Check here if Amendment [ ]; Amendment Number:
--------
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: U.S. Global Investors Inc.
Address: 7900 Callaghan Road
San Antonio, Texas 78278-1234
Form 13F File Number: 28-
-------------
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Susan McGee
Title: President
Phone: (210) 308-1234
Signature, Place, and Date of Signing:
/s/ Susan McGee San Antonio, TX August 14, 2007
--------------------- -------------------------------------- ---------------
[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.]
FORM 13F
SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 2
Form 13F Information Table Entry Total: 291
Form 13F Information Table Value Total: $1,496,113
(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.
[If there are no entries in this list, state "NONE" and omit the column
headings and list entries.]
No. Form 13F File Number Name
1 Leeb Capital Mgmt., Inc.
500 5th Avenue 57th Floor
NY, NY 10110
2 Charlemagne Capital (IOM) Limited
Regent House
16-18 Ridgeway Street
Douglas, Isle of Man IM1 1EN
United Kingdom
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------------------------------------------------------------------------------------------------------------
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-----------------------------------------------------------------------------------------------------------------------------------
ABER DIAMOND CORP COM 002893105 4,179 109,000 SH Sole 109,000
ABRAXAS PETROLEUM CORP COM 003830106 4,512 1,005,000 SH Sole 1,005,000
ACTIVISION INC COM 004930202 1,120 60,000 SH Sole 60,000
ACTUANT CORP CLASS A CL A NEW 00508X203 473 7,500 SH Sole 7,500
AGNICO EAGLE MINES LTD COM 008474108 2,920 80,000 SH Sole 80,000
AGNICO EAGLE MINES *W EXP
WT 11/14/07 11/07/2007 008474108 30,294 1,692,420 SH Sole 1,692,420
AGRIUM INC COM COM 008916108 3,281 75,000 SH Sole 75,000
AIR PRODUCTS & CHEMICALS COM 009158106 305 3,800 SH Defined 1 3,800
AKAMAI TECHNOLOGIES COM 00971T101 1,605 33,000 SH Sole 33,000
ALCON INC COM H01301102 472 3,500 SH Sole 3,500
ALLSCRIPTS
HEALTHCARE SOLUTION COM 01988P108 382 15,000 SH Sole 15,000
ALTRIA GROUP INC COM 02209S103 281 4,000 SH Sole 4,000
ALUMINUM CORP OF CHINA SPON ADR
H SHS 022276109 1,688 1,000,000 SH Sole 1,000,000
AMEREN CORP COM 023608102 12,253 250,000 SH Sole 250,000
AMERICAN EXPRESS COMPANY COM 025816109 324 5,300 SH Defined 1 5,300
ANGICO-EAGLE PUT 008474959 217 70,000 SH PUT Sole 70,000
ANGICO-EAGLE PUT 008474958 108 80,000 SH PUT Sole 80,000
ANOORAQ RESOURCES CORP COM 03633E108 7,690 3,088,400 SH Sole 3,088,400
APPLE INC COM 037833100 1,281 10,500 SH Sole 10,500
ARCH COAL INC COM 039380100 6,264 180,000 SH Sole 180,000
ARIZONA STAR RES CORP COM 04059G106 7,416 679,100 SH Sole 679,100
ASSURANT INC COM 04621X108 206 3,500 SH Sole 3,500
AT&T INC COM 00206R102 247 5,962 SH Sole 5,962
AURIZON MINES LTD COM 05155P106 1,341 407,100 SH Sole 407,100
B J SERVICE CO COM 055482103 11,376 400,000 SH Sole 400,000
BAKER HUGHES INC COM 057224107 597 7,100 SH Defined 1 7,100
BARRICK GOLD CALL 067901908 1,263 134,400 SH CALL Sole 134,400
BARRICK GOLD CALL 067901909 1,219 114,500 SH CALL Sole 114,500
BARRICK GOLD CALL 067901910 811 115,900 SH CALL Sole 115,900
BARRICK GOLD CALL 067901911 739 105,600 SH CALL Sole 105,600
BARRICK GOLD CALL 067901912 678 72,100 SH CALL Sole 72,100
BARRICK GOLD CALL 067901913 590 111,400 SH CALL Sole 111,400
BARRICK GOLD CALL 067901914 350 66,100 SH CALL Sole 66,100
BARRICK GOLD CORP COM COM 067901108 3,547 122,003 SH Sole 122,003
BARRICK GOLD CORP COM COM 067901108 160 5,500 SH Defined 1 5,500
BAYTEX ENERGY TRUST TRUST UNIT 073176109 373 17,500 SH Sole 17,500
BE AEROSPACE INC COM 073302101 310 7,500 SH Sole 7,500
BERKSHIRE HATHAWAY
INC CL B CL B 084670207 631 175 SH Defined 1 175
BHP BILLITON LIMITED ADR SPON ADR 88606108 221 3,700 SH Defined 1 3,700
BIG LOTS INC SPON ADR 089302103 1,177 40,000 SH Sole 40,000
BOEING CO COM 097023105 1,106 11,500 SH Sole 11,500
BUNGE LIMITED COM G16962105 634 7,500 SH Sole 7,500
BURLINGTON NORTHN
SANTA FE COM 12189T104 1,277 15,000 SH Sole 15,000
BURLINGTON NORTHN
SANTA FE COM 12189T104 298 3,500 SH Defined 1 3,500
CAMERON INTERNATIONAL CORP COM 13342B105 16,438 230,000 SH Sole 230,000
CANETIC RESOURCES TRUST COM 137513107 554 32,000 SH Sole 32,000
CATERPILLAR INC COM 149123101 470 6,000 SH Sole 6,000
CELGENE CORP COM 151020104 573 10,000 SH Sole 10,000
CENTRAL EUROPEAN
DISTR CORP COM 153435102 27,821 803,618 SH Defined 2 803,618
CENTRAL EUROPEAN
MEDIA CL A CL A G20045202 16,172 165,728 SH Defined 2 165,728
CENTRAL EUROPEAN
MEDIA CL A CL A G20045202 195 2,000 SH Sole 2,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------------------------------------------------------------------------------------------------------------
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-----------------------------------------------------------------------------------------------------------------------------------
CISCO SYSTEMS INC COM 17275R102 1,532 55,000 SH Sole 55,000
CISCO SYSTEMS INC COM 17275R102 306 11,000 SH Defined 1 11,000
CNOOC LTD ADR SPON ADR 126132109 22,738 200,000 SH Sole 200,000
COACH INC SPON ADR 189754104 948 20,000 SH Sole 20,000
COCA-COLA CO COM 191216100 403 7,700 SH Defined 1 7,700
COMTECH GROUP INC COM 205821200 413 25,000 SH Sole 25,000
CONOCOPHILLIPS COM 20825C104 28,888 368,000 SH Sole 368,000
CONSOL ENERGY INC COM 20854P109 3,846 83,400 SH Sole 83,400
CONSOLIDATED EDISON INC COM 209115104 13,536 300,000 SH Sole 300,000
CORE LABORATORIES N V COM N22717107 508 5,000 SH Sole 5,000
CORNING INC COM 219350105 409 16,000 SH Defined 1 16,000
CORRECTIONS
CORP OF AMERICA COM 22025Y407 442 7,000 SH Sole 7,000
CREDICORP LTD COM G2519Y108 459 7,500 SH Sole 7,500
CROCS INC COM 227046109 430 10,000 SH Sole 10,000
CRYSTALLEX INTL CORP CALL 22942F901 670 788,100 SH CALL Sole 788,100
CRYSTALLEX INTL CORP CALL 22942F901 566 297,700 SH CALL Sole 297,700
CRYSTALLEX INTL CORP CALL 22942F901 532 226,400 SH CALL Sole 226,400
CRYSTALLEX INTL CORP CALL 22942F901 526 276,900 SH CALL Sole 276,900
CRYSTALLEX INTL CORP CALL 22942F901 477 203,100 SH CALL Sole 203,100
CRYSTALLEX INTL CORP CALL 22942F901 122 64,400 SH CALL Sole 64,400
CRYSTALLEX INTL CORP CALL 22942F901 23 27,300 SH CALL Sole 27,300
CRYSTALLEX INTL CORP CALL 22942F901 11 4,500 SH CALL Sole 4,500
CRYSTALLEX INTL CORP CALL 22942F901 2 2,700 SH CALL Sole 2,700
CRYSTALLEX INTL CORP COM 22942F101 3,959 953,935 SH Sole 953,935
CSX CORP COM 126408103 338 7,500 SH Sole 7,500
CURRENCYSH CAN PUT 23129X955 2,384 1,093,400 SH PUT Sole 1,093,400
CURRENCYSH CAN PUT 23129X955 4 2,000 SH PUT Sole 2,000
CURRENCYSH CAN PUT 23129X955 6 2,600 SH PUT Sole 2,600
CURRENCYSH CAN PUT 23129X955 4 2,000 SH PUT Sole 2,000
CVS CAREMARK CORPORATION_ COM 126650100 372 10,200 SH Defined 1 10,200
CYTYC CORPORATION COM 232946103 647 15,000 SH Sole 15,000
DEERE & CO COM 244199105 338 2,800 SH Defined 1 2,800
DELTA PETE CP CALL 247907907 1,365 390,000 SH CALL Sole 390,000
DIAMOND OFFSHORE
DRILLING INC COM 25271C102 11,172 110,000 SH Sole 110,000
DIAMONDS TRUST UNIT SER 1 UNIT SER 1 252787106 336 2,500 SH Sole 2,500
DIGENE CORP COM 253752109 751 12,500 SH Sole 12,500
DOLBY LABORATORIES
INC-CL A COM 25659T107 212 6,000 SH Sole 6,000
DRDGOLD LIMITED
SPONSORED ADR SPON ADR 26152H103 91 125,000 SH Sole 125,000
DRYSHIPS INC COM Y2109Q101 27,113 634,000 SH Sole 634,000
ELDORADO GOLD CORP COM 284902103 4,047 694,100 SH Sole 694,100
ENSCO INTERNATIONAL INC COM 26874Q100 1,495 24,500 SH Sole 24,500
ENSCO INTERNATIONAL INC CALL 26874Q900 2,050 200,000 SH CALL Sole 200,000
EXELON CORPORATION COM 30161N101 399 5,500 SH Defined 1 5,500
F P L GROUP INC COM 302571104 567 10,000 SH Defined 1 10,000
FIRST SOLAR INC COM 336433107 330 3,700 SH Defined 1 3,700
FOCUS MEDIA HOLDING ADS SPON ADR 34415V109 2,273 45,000 SH Sole 45,000
FRANKLIN RESOURCES INC COM 354613101 729 5,500 SH Sole 5,500
FREEPORT-MCMORAN
C & G COMMON COM 35671D857 14,494 175,000 SH Sole 175,000
FRONTIER OIL CORP COM 35914P105 14,937 341,250 SH Sole 341,250
GAMESTOP CORP CLASS A CL A 36467W109 391 10,000 SH Sole 10,000
GARMIN LTD /USD/ COM G37260109 740 10,000 SH Sole 10,000
GENERAL CABLE CORP COM 369300108 1,970 26,000 SH Sole 26,000
GENERAL ELECTRIC CO COM 369604103 689 18,000 SH Defined 1 18,000
GFI GROUP INC COM 361652209 399 5,500 SH Sole 5,500
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------------------------------------------------------------------------------------------------------------
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-----------------------------------------------------------------------------------------------------------------------------------
GLENCAIRN GOLD CORP COM 377903109 2,106 4,129,500 SH Sole 4,129,500
GLOBAL SANTAFE CO CALL G3930E901 3,270 300,000 SH CALL Sole 300,000
GLOBALSANTAFE CORP COM G3930E101 939 13,000 SH Sole 13,000
GOLD FIELDS LTD CALL 38059T906 722 291,500 SH CALL Sole 291,500
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 16,830 1,071,980 SH Sole 1,071,980
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 6,714 427,620 SH Sole 427,620
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 942 60,000 SH Sole 60,000
GOLDCORP INC CALL 380956909 390 169,500 SH CALL Sole 169,500
GOLDCORP INC CALL 380956909 13 5,800 SH CALL Sole 5,800
GOLDCORP INC CALL 380956909 846 305,500 SH CALL Sole 305,500
GOLDCORP INC CALL 380956909 2,239 497,500 SH CALL Sole 497,500
GOLDCORP INC CALL 380956909 146 32,500 SH CALL Sole 32,500
GOLDCORP INC CALL 380956909 450 88,300 SH CALL Sole 88,300
GOLDCORP INC CALL 380956909 14 2,800 SH CALL Sole 2,800
GOLDCORP INC CALL 380956909 1,195 513,500 SH CALL Sole 513,500
GOLDCORP INC CALL 380956909 224 32,500 SH CALL Sole 32,500
GOLDCORP INC CW11 W EXP 380956177 37,779 4,093,118 SH Sole 4,093,118
06/09/201
GOLDCORP INC COM 380956409 1,348 56,901 SH Sole 56,901
GOLDCORP INC CW11 W EXP 380956177 1,900 205,862 SH Sole 205,862
06/09/201
GOLDMAN SACHS GROUP INC COM 38141G104 542 2,500 SH Defined 1 2,500
GOLDMAN SACHS GROUP INC COM 38141G104 542 2,500 SH Sole 2,500
GOODRICH PETROLEUM CORP COM 382410405 12,626 364,600 SH Sole 364,600
GOOGLE INC CLASS A CL A 38259P508 994 1,900 SH Sole 1,900
GOOGLE INC CLASS A CL A 38259P508 353 675 SH Defined 1 675
GRANT PRIDECO INC COM 38821G101 15,019 279,000 SH Sole 279,000
GREAT BASIN GOLD LTD COM 390124105 5,438 2,141,000 SH Sole 2,141,000
GUESS INC COM 401617105 216 4,500 SH Sole 4,500
GULFMARK OFFSHORE INC COM 402629109 768 15,000 SH Sole 15,000
GYMBOREE CORP COM 403777105 394 10,000 SH Sole 10,000
HAIN CELESTIAL GROUP INC COM 405217100 679 25,000 SH Sole 25,000
HARMONY GOLD CALL 413216900 713 261,100 SH CALL Sole 261,100
HARMONY GOLD CALL 413216900 205 316,000 SH CALL Sole 316,000
HARMONY GOLD MINING
SPND ADR SPON ADR 413216300 4,959 347,500 SH Sole 347,500
HARVEST ENERGY TRUST TRUST UNIT 41752X101 643 23,000 SH Sole 23,000
HARVEST ENERGY TRUST TRUST UNIT 41752X101 7,317 261,700 SH Sole 261,700
HELMERICH & PAYNE INC COM 423452101 620 17,500 SH Sole 17,500
HESS CORP COM 42809H107 401 6,800 SH Defined 1 6,800
HOLLY CORP COM 435758305 17,880 241,000 SH Sole 241,000
HUB GROUP INC CL A CL A 443320106 264 7,500 SH Sole 7,500
IMMUCOR INC COM 452526106 559 20,000 SH Sole 20,000
INFINITY BIO ENERGY LTD COM G4770S101 3,523 687,400 SH Sole 687,400
INTEL CORP COM 458140100 349 14,700 SH Defined 1 14,700
INTERCONTINENTALEXCHANGE
INC COM 45865V100 1,035 7,000 SH Sole 7,000
INTERNATIONAL ROYALTY CORP COM 460277106 11,862 1,839,100 SH Sole 1,839,100
INTERNATIONAL ROYALTY CORP COM 460277106 52 8,000 SH Sole 8,000
ISHARES SILVER TRUST I SHARES 46428Q109 5,187 42,000 SH Sole 42,000
ITT CORP COM 450911102 376 5,500 SH Defined 1 5,500
IVANHOE MINES LTD COM 46579N103 33,594 2,359,100 SH Sole 2,359,100
JACK IN THE BOX INC COM 466367109 355 5,000 SH Sole 5,000
JOHNSON & JOHNSON COM 478160104 314 5,100 SH Defined 1 5,100
JOY GLOBAL INC COM 481165108 13,591 233,000 SH Sole 233,000
KINROSS GOLD CORP COM 496902404 993 85,000 SH Sole 85,000
KLA TENCOR CORP COM 482480100 604 11,000 SH Sole 11,000
KOOKMIN BANK SP ADR SPON ADR 50049M109 560 6,381 SH Defined 2 6,381
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------------------------------------------------------------------------------------------------------------
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-----------------------------------------------------------------------------------------------------------------------------------
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 1,104 43,000 SH Sole 43,000
LILLY /ELI/ & CO COM 532457108 525 9,400 SH Defined 1 9,400
LUNDIN MINING CORP COM 550372106 10,279 846,720 SH Sole 846,720
MARATHON OIL CORP COM 565849106 35,376 590,000 SH Sole 590,000
MARKET VECTORS GOLD GOLD
MINERS ETF MINER ETF 57060U100 1,211 32,000 SH Sole 32,000
MASTERCARD INC COM 57636Q104 663 4,000 SH Sole 4,000
MC DONALDS CORP COM 580135101 203 4,000 SH Sole 4,000
MCDERMOTT INTL INC COM 580037109 48,002 590,000 SH Sole 590,000
MEMC ELECTRONIC
MATERIALS INC COM 552715104 978 16,000 SH Sole 16,000
MENS WEARHOUSE INC COM 587118100 766 15,000 SH Sole 15,000
MERIDIAN BIOSCIENCE INC COM 589584101 650 30,000 SH Sole 30,000
MERIDIAN GOLD INC COM 589975101 35,884 1,301,100 SH Sole 1,301,100
METALLICA RES INC COM 59125J104 3,397 749,900 SH Sole 749,900
MICROSOFT CORP COM 594918104 442 15,000 SH Defined 1 15,000
MICROSOFT CORP COM 594918104 295 10,000 SH Sole 10,000
MINEFINDERS LTD COM 602900102 14,678 1,277,500 SH Sole 1,277,500
MINES MANAGEMENT INC COM 603432105 6,578 1,951,830 SH Sole 1,951,830
MINES MANAGEMENT INC COM 603432105 657 195,000 SH Sole 195,000
MIRANT CORP NEW COM 60467R100 10,449 245,000 SH Sole 245,000
MOBILE TELESYSTEMS /USD/ SPON ADR 607409109 37,020 3,769,891 SH Defined 2 3,769,891
MOBILE TELESYSTEMS SPON ADR SPON ADR 607409109 57,293 945,902 SH Defined 2 945,902
MORGAN STANLEY COM 617446448 503 6,000 SH Sole 6,000
MOSAIC COMPANY COM 61945A107 1,190 30,500 SH Sole 30,500
MUELLER WATER PRODUCTS
INC B SER B 624758207 248 16,524 SH Sole 16,524
NABORS INDUSTRIES LTD COM G6359F103 327 9,800 SH Defined 1 9,800
NABORS INDUSTRIES LTD COM G6359F103 167 5,000 SH Sole 5,000
NATIONAL OILWELL VARCO INC COM 637071101 417 4,000 SH Defined 1 4,000
NEVSUN RES LTD COM 64156L101 250 100,000 SH Sole 100,000
NEWMONT MINING CALL 651639906 409 138,500 SH CALL Sole 138,500
NEWMONT MINING CALL 651639906 193 386,000 SH CALL Sole 386,000
NEWMONT MINING CALL 651639906 33 413,000 SH CALL Sole 413,000
NEWMONT MINING CORP COM 651639106 6,054 155,000 SH Sole 155,000
NEWMONT MINING CORP COM 651639106 137 3,500 SH Defined 1 3,500
NII HOLDINGS INC CL B CL B 62913F201 1,211 15,000 SH Sole 15,000
NOBLE CORP COM G65422100 43,153 442,500 SH Sole 442,500
NOBLE ENERGY INC COM 655044105 28,225 452,400 SH Sole 452,400
NORTHERN DYNASTY MINERALS COM 66510M204 25,149 2,142,150 SH Sole 2,142,150
NORTHERN ORION RESOURCES COM 665575106 56,507 9,930,900 SH Sole 9,930,900
NORTHERN ORION RESOURCES COM 665575106 1,453 255,400 SH Sole 255,400
NORTHGATE EXPLORATION LTD COM 666416102 223 76,900 SH Sole 76,900
NORTHGATE MINERALS CORP COM 666416102 163 56,150 SH Sole 56,150
NORTHROP GRUMMAN CORP COM 666807102 304 3,900 SH Defined 1 3,900
NOVA USIMINAS PNA /BRL/ COM P9632E117 405 7,100 SH Defined 2 7,100
NOVAGOLD RES CALL
WRT 10/1/08 CALL 66987E906 1,889 21,530,000 SH CALL Sole 21,530,000
NOVARTIS AG SPON ADR SPON ADR 66987V109 460 8,200 SH Defined 1 8,200
NOVO-NORDISK A S ADR SPON ADR 670100205 326 3,000 SH Sole 3,000
NVIDIA CORP COM 67066G104 723 17,500 SH Sole 17,500
OCCIDENTAL PETROLEUM COM 674599105 27,493 475,000 SH Sole 475,000
OIL SVC HOLDRS PUT 678002956 1,520 400,000 SH PUT Sole 400,000
OM GROUP INC COM 670872100 11,431 216,000 SH Sole 216,000
ORACLE CORP COM 68389X105 641 32,500 SH Sole 32,500
PACCAR INC COM 693718108 261 3,000 SH Sole 3,000
PACIFIC RIM MINING CORP COM 694915208 5,481 5,122,600 SH Sole 5,122,600
PEABODY ENERGY CORP COM 704549104 9,434 195,000 SH Sole 195,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------------------------------------------------------------------------------------------------------------
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-----------------------------------------------------------------------------------------------------------------------------------
PENN WEST ENERGY TRUST TRUST UNIT 707885109 641 18,000 SH Sole 18,000
PETROCHINA CO LTD ADR SPON ADR 71646E900 31,996 215,200 SH Sole 215,200
PETROLEO BRASILEIRO
SPON ADR SPON ADR 71654V101 28,804 270,000 SH Sole 270,000
PETROLEO BRASILEIRO
SPON ADR SPON ADR 71654V101 445 4,172 SH Defined 2 4,172
PETROLEUM GEO
SERVICES ASA ADR SPON ADR 716599105 987 40,000 SH Sole 40,000
PHARMACEUTICAL DEPOSITRY
HOLDRS TRUST RCPT 71712A206 898 11,000 SH Sole 11,000
PHASE FORWARD INC COM 71721R406 589 35,000 SH
PIER 1 IMPORTS INC COM 720279108 467 55,000 SH Sole 55,000
POLYCOM INC COM 73172K104 756 22,500 SH Sole 22,500
POSCO SPONSORED ADR SPON ADR 693483109 7,200 60,000 SH Sole 60,000
POSCO SPONSORED ADR SPON ADR 693483109 384 3,199 SH Defined 2 3,199
POTASH CORP SASKATCHEWAN COM 73755L107 6,160 79,000 SH Sole 79,000
PRECISION CASTPARTS CORP COM 740189105 1,820 15,000 SH Sole 15,000
PRICELINE.COM INC COM 741503403 928 13,500 SH Sole 13,500
PROCTER & GAMBLE COM 742718109 367 6,000 SH Defined 1 6,000
PROGRESS ENERGY INC COM 743263105 12,765 280,000 SH Sole 280,000
PROSHARES ULTRASHORT
OIL AND GAS COM 74347R586 221 4,500 SH Sole 4,500
QUANTA SERVICES INC COM 74762E102 767 25,000 SH Sole 25,000
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 34,719 1,564,634 SH Sole 1,564,634
RAYTHEON COMPANY COM 755111507 318 5,900 SH Defined 1 5,900
REGAL ENTERTAIMENT GROUP-A COM 758766109 351 16,000 SH Sole 16,000
RELIANT ENERGY INC COM 75952B105 13,071 485,000 SH Sole 485,000
RESEARCH IN MOTION COM 760975102 300 1,500 SH Sole 1,500
RIO TINTO PLC
SPONSORED ADR SPON ADR 767204100 214 700 SH Defined 1 700
ROGERS COMMUNICATIONS COM 775109200 765 18,000 SH Sole 18,000
ROYAL GOLD INC COM 780287108 15,878 668,000 SH Sole 668,000
SAN JUAN BASIN RTY TR UBI COM 798241105 6,871 216,000 SH Sole 216,000
SAN JUAN BASIN RTY TR UBI COM 798241105 509 16,000 SH Sole 16,000
SCHEIN/HENRY/INC COM 806407102 534 10,000 SH Sole 10,000
SCHLUMBERGER LTD COM 806857108 43,744 515,000 SH Sole 515,000
SCHLUMBERGER LTD COM 806857108 697 8,200 SH Defined 1 8,200
SCHWAB /CHARLES/ CORP COM 808513105 821 40,000 SH Sole 40,000
SECTOR SPDR-EN PUT 81369Y506 525 750,000 SH PUT Sole 750,000
SILICON MOTION TECH /ADR/ SPON ADR 82706C108 1,242 50,000 SH Sole 50,000
SILVER WHEATON CORP COM 828336107 468 40,000 SH Sole 40,000
SINA CORPORATION COM G81477104 419 10,000 SH Sole 10,000
SIRF TECHNOLOGY HOLDINGS INC COM 82967H101 415 20,000 SH Sole 20,000
SMITH & WESSON HOLDING CORP COM 831756101 503 30,000 SH Sole 30,000
SOLITARIO RESOURCES CORP COM 83422R106 4,122 858,700 SH Sole 858,700
SOUTHERN CO COM 842587107 13,030 380,000 SH Sole 380,000
STREETTRACKS GOLD TRUST GOLD SHS 863307104 32,212 501,200 SH Sole 501,200
STREETTRACKS GOLD TRUST GOLD SHS 863307104 193 3,000 SH Defined 1 3,000
STRYKER CORP COM 863667101 852 13,500 SH Sole 13,500
SUNCOR ENERGY CALL 867229906 4,797 243,500 SH CALL Sole 243,500
SUNCOR ENERGY CALL 867229906 2,251 144,500 SH CALL Sole 144,500
SUNCOR ENERGY INC COM 867229106 19,782 220,000 SH Sole 220,000
SUNOCO INC COM 86764P109 13,944 175,000 SH Sole 175,000
SUPERIOR ENERGY
SERVICES INC COM 868157108 699 17,500 SH Sole 17,500
TAIWAN SEMICONDUCTOR
SPON ADR SPON ADR 874039100 681 61,142 SH Defined 2 61,142
TASEKO MINES LTD COM 876511106 3,700 1,000,000 SH Sole 1,000,000
TEREX CORP COM 880779103 772 9,500 SH Sole 9,500
TERRA INDS INC COM 880915103 2,923 115,000 SH Sole 115,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------------------------------------------------------------------------------------------------------------------
NAME OF TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
ISSUER CLASS CUSIP [x$1000] PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-----------------------------------------------------------------------------------------------------------------------------------
TERRA NITROGEN CO L P
COM UNIT COM UNIT 881005201 318 2,500 SH Sole 2,500
TESCO CORP COM 88157K101 284 9,000 SH Sole 9,000
TESORO CORP COM 881609101 11,601 203,000 SH Sole 203,000
TESSERA TECHNOLOGIES INC COM 88164L100 649 16,000 SH Sole 16,000
THERMO FISHER
SCIENTIFIC INC COM 883556102 517 10,000 SH Sole 10,000
TOYOTA MOTOR CORP ADR SPON ADR 892331307 378 3,000 SH Defined 1 3,000
TRANSOCEAN INC COM G90078109 212 2,000 SH Defined 1 2,000
U S GOLD CORP COM 912023207 7,823 1,422,406 SH Sole 1,422,406
U S GOLD CORP COM 912023207 127 23,000 SH Sole 23,000
UBS AG COM H89231338 420 7,000 SH Defined 1 7,000
UNITED PARCEL SERVICE CL B CL B 911312106 292 4,000 SH Defined 1 4,000
UNITED TECHNOLOGIES CORP COM 913017109 319 4,500 SH Defined 1 4,500
UNITEDHEALTH GROUP INC COM 91324P102 307 6,000 SH Sole 6,000
UNIVERSAL ELECTRONICS INC COM 913483103 218 6,000 SH Sole 6,000
VALERO ENERGY CORP COM 91913Y100 12,741 172,500 SH Sole 172,500
VERIFONE HOLDING INC COM 92342Y109 705 20,000 SH Sole 20,000
VIMPEL COMMUNICATIONS
SPON ADR SPON ADR 68370R109 40,628 385,612 SH Defined 2 385,612
VOCUS INC COM 92858J108 628 25,000 SH Sole 25,000
VOLCOM INC COM 92864N101 677 13,500 SH Sole 13,500
WALTER INDUSTRIES INC COM 93317Q105 290 10,000 SH Sole 10,000
WELLCARE HEALTH PLANS INC COM 94946T106 1,086 12,000 SH Sole 12,000
WELLS FARGO & COMPANY COM 949746101 605 17,200 SH Defined 1 17,200
WIMM-BILL-DANN FOODS COM 97263M109 26,733 356,434 SH Defined 2 356,434
WOORI FINANCE
HOLDINGS /KRW/ COM Y9695X119 285 11,260 SH Defined 2 11,260
WYETH COM 983024100 831 14,500 SH Sole 14,500
YAMANA GOLD COM 98462Y100 3,670 330,000 SH Sole 330,000
GRAND
TOTAL: 1,496,113 109,128,254