UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2008
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-
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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 November 14, 2008
--------------------- -------------------------------------- ---------------
[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-
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[Repeat as necessary.]
Number of Other Included Managers 1
Form 13F Information Table Entry Total 358
Form 13F Information Table Total Value (x1000) 1,581,656
List of Other Included Managers
1 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
------------------------------ --------------- --------- --------- -------------------- ---------- -------- ------------------------
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
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
ABRAXAS PETROLEUM CORP COM 003830106 5,546 2,125,000 SH Sole 2,125,000
ABRAXAS PETROLEUM CORP COM 003830106 144 55,000 SH Sole 55,000
ACTIVISION BLIZZARD INC COM 00507V109 386 25,000 SH Sole 25,000
ACTIVISION BLIZZARD INC COM 00507V109 1,234 80,000 SH Sole 80,000
ADVANCED AUTO PARTS INC COM 00751Y106 159 4,000 SH Sole 4,000
AECOM TECHNOLOGY CORP COM 00766T100 367 15,000 SH Sole 15,000
AECOM TECHNOLOGY CORP COM 00766T100 391 16,000 SH Sole 16,000
AGNICO EAGLE MINES LTD COM 008474108 4,180 75,900 SH Sole 75,900
AGNICO EAGLE MINES LTD COM 008474108 5,540 100,600 SH Sole 100,600
AGNICO EAGLE MINES LTD COM 008474108 3,175 58,158 SH Sole 58,158
AGNICO EAGLE MINES LTD COM 008474108 10,040 183,920 SH Sole 183,920
AIRCASTLE LTD COM G0129K104 198 20,000 SH Sole 20,000
ALCOA INC COM 013817101 2,168 96,000 SH CALL Sole 96,000
ALCOA INC COM 013817101 43 1,900 SH CALL Sole 1,900
ALCON INC COM H01301102 808 5,000 SH Sole 5,000
ALPHA NATURAL RESOURCES INC COM 02076X102 10,543 205,000 SH CALL Sole 205,000
AMERICA MOVIL SAB DE CV
SERIES L SPON ADR L SHS 02364W105 371 8,000 SH Sole 8,000
AMERICA MOVIL SAB DE CV
SERIES L SPON ADR L SHS 02364W105 737 15,900 SH Defined 1 15,900
AMPHENOL CORP CL A CL A 032095101 723 18,000 SH Sole 18,000
ANGLOGOLD ASHANTI LTD SPON ADR SPON ADR 035128206 5,775 250,000 SH Sole 250,000
ANGLOGOLD ASHANTI LTD SPON ADR SPON ADR 035128206 462 20,000 SH CALL Sole 20,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E108 388 375,000 SH Sole 375,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E108 2,917 2,822,400 SH Sole 2,822,400
APPLE INC COM 037833100 511 4,500 SH CALL Sole 4,500
APPROACH RESOURCES INC COM 03834A103 9,110 630,000 SH Sole 630,000
ARCH COAL INC COM 039380100 4,934 150,000 SH Sole 150,000
ARENA RESOURCES INC COM 040049108 8,741 225,000 SH Sole 225,000
ASIANINFO HOLDINGS INC COM 04518A104 46 5,000 SH Sole 5,000
ATWOOD OCEANICS COM 050095108 12,376 340,000 SH Sole 340,000
AURIZON MINES LTD /CAD/ COM 05155P106 937 350,000 SH Sole 350,000
AVON PRODUCTS COM 054303102 831 20,000 SH Sole 20,000
BAKER HUGHES INC COM 057224107 230 3,800 SH Sole 3,800
BANCOLOMBIA SA SPON ADR SPON ADR 05968L102 356 12,500 SH Sole 12,500
BARRICK GOLD CORP COM COM 067901108 11,022 300,000 SH Sole 300,000
BARRICK GOLD CORP COM COM 067901108 9,862 268,429 SH Sole 268,429
BARRICK GOLD CORP COM COM 067901108 5,679 154,574 SH Sole 154,574
BARRICK GOLD CORP COM COM 067901108 202 5,500 SH Sole 5,500
BAXTER INTL INC COM 071813109 1,313 20,000 SH Sole 20,000
BAYTEX ENERGY TRUST - UNITS Trust Unit 73176109 181 7,500 SH Sole 7,500
BERKSHIRE HATHAWAY INC CL B CL B 084670207 747 170 SH Sole 170
BHP BILLITON LIMITED ADR SPON ADR 088606108 572 11,000 SH Sole 11,000
BHP BILLITON LIMITED ADR SPON ADR 088606108 5,719 110,000 SH CALL Sole 110,000
BPZ RESOURCES INC COM 055639108 13,545 787,500 SH Sole 787,500
BUCKLE INC COM 118440106 1,111 20,000 SH Sole 20,000
BUFFALO WILD WINGS INC COM 119848109 201 5,000 SH Sole 5,000
BURLINGTON NORTHN SANTA FE COM 12189T104 924 10,000 SH Sole 10,000
CAMERON INTERNATIONAL CORP COM 13342B105 15,088 391,500 SH Sole 391,500
CAMERON INTERNATIONAL CORP COM 13342B105 771 20,000 SH Sole 20,000
CANO PETE INC COM COM 137801106 6,237 2,700,000 SH Sole 2,700,000
CANO PETE INC COM 137801106 127 55,000 SH Sole 55,000
CARRIZO OIL & GAS INC COM 144577103 2,176 60,000 SH Sole 60,000
CELGENE CORP COM 151020104 253 4,000 SH Sole 4,000
CENTRAL SUN MNG INC COM 155432107 765 1,335,098 SH Sole 1,335,098
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
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
CHINA MOBILE LTD SPON ADR SPON ADR 16941M109 161 3,223 SH Defined 1 3,223
CHUNGHWA TELECOM CO LTD ADR SPON ADR 17133Q304 1,184 50,000 SH Sole 50,000
CHURCH & DWIGHT INC COM 171340102 373 6,000 SH Sole 6,000
CIA VALE DO RIO DOCE SPON ADR SPON ADR 204412100 780 44,071 SH Defined 1 44,071
CIBT EDUCATION GROUP INC /CAD/ COM 17163Y102 966 836,032 SH Sole 836,032
CLEVELAND CLIFFS INC COM 185896107 8,073 152,500 SH Sole 152,500
COACH INC COM 189754104 125 5,000 SH Sole 5,000
COACH INC COM 189754104 626 25,000 SH Sole 25,000
COCA-COLA CO COM 191216100 106 2,000 SH Sole 2,000
COEUR D ALENE MINES CO /CAD/ COM 192108108 572 378,000 SH Sole 378,000
COMPANHIA SIDERURGICA NAC ADR SPON ADR 20440W105 574 27,000 SH Sole 27,000
CONCUR TECHNOLOGIES INC COM 206708109 383 10,000 SH Sole 10,000
CONSOL ENERGY INC COM 20854P109 17,966 391,500 SH Sole 391,500
CONSOL ENERGY INC COM 20854P109 229 5,000 SH CALL Sole 5,000
CONTANGO OIL & GAS COMPANY COM 21075N204 216 4,000 SH Sole 4,000
CONTINENTAL RESOURCES INC COM 212015101 12,750 325,000 SH Sole 325,000
CORE LABORATORIES N V COM N22717107 13,455 132,800 SH Sole 132,800
CORRIENTE RESOURCES INC /CAD/ COM 22027E409 2,797 650,000 SH Sole 650,000
COSTCO WHOLESALE CORP COM 22160K105 487 7,500 SH Sole 7,500
COVANCE INC COM 222816100 884 10,000 SH Sole 10,000
CPFL ENERGIA SA SP ADR/USD/ SPON ADR 126153105 698 12,500 SH Sole 12,500
CRYSTALLEX INTL CORP COM 22942F101 877 1,097,000 SH Sole 1097000
CRYSTALLEX INTL CORP COM 22942F101 658 812,000 SH Sole 812000
CRYSTALLEX INTL CORP COM 22942F101 20 25,000 SH Sole 25,000
CRYSTALLEX INTL CORP COM 22942F101 65 80,400 SH CALL Sole 80,400
CRYSTALLEX INTL CORP COM 22942F101 61 75,000 SH WTS Sole 75,000
CRYSTALLEX INTL CORP COM 22942F101 182 225,000 SH WTS Sole 225,000
CRYSTALLEX INTL CORP COM 22942F101 120 150,000 SH Sole 150,000
CRYSTALLEX INTL CORP COM 22942F101 345 432,000 SH Sole 432,000
CSX CORP COM 126408103 873 16,000 SH Sole 16,000
DENBURY RESOURCES INC COM 247916208 12,947 680,000 SH Sole 680,000
DENISON MINES WTS COM 248356107 102 34,560 SH WTS Sole 34,560
DENISON MINES WTS COM 248356107 4,298 1,451,938 SH WTS Sole 1,451,938
DESARROLLADORA HOMEX SAB ADR SPON ADR 25030W100 531 12,000 SH Sole 12,000
DESARROLLADORA HOMEX SAB ADR SPON ADR 25030W100 310 7,000 SH Sole 7,000
DIAMOND OFFSHORE DRILLING INC COM 25271C102 13,913 135,000 SH Sole 135,000
DOLLAR FINANCIAL CORP COM 256664103 308 20,000 SH Sole 20,000
DRDGOLD LTD SPONSORED ADR SPON ADR 26152H301 44 10,000 SH Sole 10,000
DRDGOLD LTD SPONSORED ADR SPON ADR 26152H301 11 2,500 SH Sole 2,500
ELDORADO GOLD CORP COM 284902103 2,692 430,000 SH Sole 430,000
ELDORADO GOLD CORP COM 284902103 814 130,000 SH Sole 130,000
ELDORADO GOLD CORP /CAD/ COM 284902103 250 40,000 SH Sole 40,000
ENERGY CONVERSION DEVICES COM 292659109 816 14,000 SH Sole 14,000
ENERGY RECOVERY INC COM 29270J100 432 45,000 SH Sole 45,000
ENERGY XXI BERMUDA COM G10082108 978 321,649 SH Sole 321,649
ENTREE GOLD INC /CAD/ COM 29383G100 1,370 1,020,000 SH Sole 1,020,000
ENTREE GOLD INC COM 29383G100 134 100,000 SH Sole 100,000
ENTREE GOLD INC COM 29383G100 134 100,000 SH Sole 100,000
EXCO RESOURCES INC COM 269279402 3,427 210,000 SH Sole 210,000
EXELON CORPORATION COM 30161N101 877 14,000 SH Sole 14,000
EXETER RES CORP COM 301835104 46 22,500 SH Sole 22,500
EZCORP INC CL A NON VTG CL A NON VTG 302301106 376 20,000 SH Sole 20,000
F P L GROUP INC COM 302571104 855 17,000 SH Sole 17,000
FIRST FINL BANKSHARES INC COM 32020R109 649 12,500 SH Sole 12,500
FIRST SOLAR INC COM 336433107 283 1,500 SH Sole 1,500
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
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
FIRST SOLAR INC COM 336433107 945 5,000 SH Sole 5,000
FIRST SOLAR INC COM 336433107 567 3,000 SH Sole 3,000
FIRSTENERGY CORP COM 337932107 603 9,000 SH Sole 9,000
FLIR SYSTEMS INC COM 302445101 576 15,000 SH Sole 15,000
FLOWSERVE CORPORATION COM 34354P105 1,065 12,000 SH Sole 12,000
FLOWSERVE CORPORATION COM 34354P105 666 7,500 SH Sole 7,500
FLUOR CORP COM 343412102 446 8,000 SH Sole 8,000
FLUOR CORP COM 343412102 5,681 102,000 SH CALL Sole 102,000
FLUOR CORP COM 343412102 223 4,000 SH CALL Sole 4,000
FOSTER WHEELER LTD COM G36535139 542 15,000 SH Sole 15,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 9,949 175,000 SH Sole 175,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 2,103 37,000 SH Sole 37,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 4,719 83,000 SH Sole 83,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 341 6,000 SH Sole 6,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 426 7,500 SH Sole 7,500
FREEPORT-MCMORAN C & G COMMON COM 35671D857 3,184 56,000 SH CALL Sole 56,000
FREEPORT-MCMORAN C & G COMMON COM 35671D857 8,186 144,000 SH CALL Sole 144,000
GAMMON GOLD INC COM 36467T106 2,479 335,000 SH Sole 335,000
GAMMON GOLD INC COM 36467T106 93 12,500 SH CALL Sole 12,500
GEN MILLS COM 370334104 344 5,000 SH Sole 5,000
GENERAL CABLE CORP COM 369300108 374 10,500 SH Sole 10,500
GENERAL ELECTRIC CO COM 369604103 893 35,000 SH Sole 35,000
GERDAU SA SPONSORED ADR SPON ADR 373737105 333 30,000 SH Sole 30,000
GILEAD SCIENCES INC COM 375558103 410 9,000 SH Sole 9,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 959 100,000 SH Sole 100,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 1,439 150,000 SH CALL Sole 150,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 2,398 250,000 SH CALL Sole 250,000
GOLDCORP INC CW11 W. EXP 6/9/201 380956177 32 1,000 SH Sole 1,000
GOLDCORP INC CW11 W. EXP 6/9/201 380956177 786 24,846 SH Sole 24,846
GOLDCORP INC CW11 /CAD/ W. EXP 6/9/201 380956177 46,267 1,462,766 SH Sole 1,462,766
GOLDCORP INC CW11 /CAD/ W. EXP 6/9/201 380956177 33,767 1,067,574 SH Sole 1,067,574
GOLDCORP INC CW11 /CAD/ W. EXP 6/9/201 380956177 132,446 4,187,351 SH Sole 4,187,351
GOLDCORP INC CW11 WTS 380956177 109 3,436 SH WTS Sole 3,436
GOLDCORP INC CW11 WTS 380956177 10 302 SH WTS Sole 302
GOLDCORP INC CW11 WTS 380956177 6,067 191,824 SH WTS Sole 191,824
GOLDEN STAR RES LTD COM 38119T104 1,976 1,300,000 SH Sole 1,300,000
GOLDEN STAR RES LTD COM 38119T104 2,224 1,462,900 SH Sole 1,462,900
GRAHAM CORP COM 384556106 271 5,000 SH Sole 5,000
GRAHAM CORP COM 384556106 271 5,000 SH Sole 5,000
GRAN TIERRA ENERGY INC COM 38500T101 12,811 3,453,000 SH Sole 3,453,000
GREAT BASIN GOLD LTD /CAD/ COM 390124105 5,530 2,700,000 SH Sole 2,700,000
GRUPO AEROPORTUARIO SPON ADR SPON ADR 40051E202 1,093 22,000 SH Sole 22,000
GUESS INC COM 401617105 696 20,000 SH Sole 20,000
HALLIBURTON CO HOLDING COM 406216101 11,498 355,000 SH Sole 355,000
HARMONY GOLD MNG LTD SPON ADR 413216300 605 62,500 SH CALL Sole 62,500
HARMONY GOLD MNG LTD SPON ADR 413216300 1,815 187,500 SH CALL Sole
HARRY WINSTON DIAMON
CORP /CAD/ COM 41587B100 289 22,000 SH Sole 22,000
HARRY WINSTON DIAMON
CORP /CAD/ COM 41587B100 1,144 87,000 SH Sole 87,000
HATTERAS FINL CORP COM 41902R103 290 12,500 SH Sole 12,500
HEALTHEXTRAS.COM COM 422211102 196 7,500 SH Sole 7,500
HECLA MINING CO COM 422704106 197 42,000 SH CALL Sole 42,000
HECLA MINING CO COM 422704106 749 160,000 SH CALL Sole 160,000
HELMERICH & PAYNE INC COM 423452101 561 13,000 SH Sole 13,000
HELMERICH & PAYNE INC COM 423452101 8,530 197,500 SH CALL Sole 197,500
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
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
HESS CORP COM 42809H107 12,312 150,000 SH Sole 150,000
HILL INTERNATIONAL INC COM 431466101 693 50,000 SH Sole 50,000
HORNBECK OFFSHORE SERVICES INC COM 440543106 15,467 400,500 SH Sole 400,500
HUMANA INC COM 444859102 824 20,000 SH Sole 20,000
HUNT J B TRANS SVCS INC COM 445658107 501 15,000 SH Sole 15,000
IAMGOLD CORPORATION COM 450913108 2,529 450,000 SH Sole 450,000
IAMGOLD CORPORATION COM 450913108 0 1 SH Sole 1
IAMGOLD CORPORATION /CAD/ COM 450913108 1,875 340,000 SH Sole 340,000
IAMGOLD CORPORATION /CAD/ COM 450913108 3,408 617,900 SH Sole 617,900
ICON PLC SPONSORED ADR SPON ADR 45103T107 459 12,000 SH Sole 12,000
ILLUMINA INC COM 452327109 567 14,000 SH Sole 14,000
ILLUMINA INC COM 452327109 1,459 36,000 SH Sole 36,000
INTERNATIONAL ROYALTY CORP/CAD COM 460277106 1,874 645,550 SH Sole 645,550
INTERNATIONAL ROYALTY CORP COM 460277106 23 8,000 SH Sole 8,000
INTUITIVE SURGICAL INC COM 46120E602 361 1,500 SH Sole 1,500
ISHARES MSCI TAIWAN IND FD MSCI TAIWAN 464286731 208 19,298 SH Defined 1 19,298
ITT CORP COM 450911102 306 5,500 SH Sole 5,500
ITT EDUCATIONAL SERVICES INC COM 45068B109 647 8,000 SH Sole 8,000
IVANHOE ENERGY INC /CAD/ COM 465790103 3,887 2,814,000 SH Sole 2,814,000
IVANHOE ENERGY LTD COM 465790103 207 150,000 SH Sole 150,000
IVANHOE ENERGY LTD COM 465790103 28 20,000 SH Sole 20,000
IVANHOE ENERGY LTD COM 465790103 117 85,000 SH WTS Sole 85,000
IVANHOE MINES LTD /CAD/ COM 46579N103 663 109,400 SH Sole 109,400
IVANHOE MINES LTD /CAD/ COM 46579N103 3,825 631,100 SH Sole 631,100
JAGUAR MINING INC /CAD/ COM 47009M103 4,542 815,200 SH Sole 815,200
JAGUAR MINING INC /CAD/ COM 47009M103 14,238 2,555,420 SH Sole 2,555,420
JOHNSON & JOHNSON COM 478160104 554 8,000 SH Sole 8,000
JPMORGAN CHASE & COMPANY COM 46625H100 841 18,000 SH Sole 18,000
KANSAS CITY SOUTHERN COM 485170302 665 15,000 SH Sole 15,000
KINROSS GOLD CORP COM 496902404 2,740 170,000 SH Sole 170,000
KINROSS GOLD CORP /CAD/ COM 496902404 5,854 364,550 SH Sole 364,550
KINROSS GOLD CORP /CAD/ COM 496902404 0 1 SH Sole 1
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 146 7,000 SH Sole 7,000
LIHIR GOLD LTD SPON ADR SPON ADR 532349107 899 43,000 SH Sole 43,000
LUFKIN INDS INC COM 549764108 317 4,000 SH Sole 4,000
LUFKIN INDS INC COM 549764108 198 2,500 SH Sole 2,500
LUNDIN MINING CORP /CAD/ COM 550372106 594 200,000 SH Sole 200,000
LUNDIN MINING CORP /CAD/ COM 550372106 3,711 1,250,000 SH Sole 1,250,000
LUNDIN MINING CORP /CAD/ COM 550372106 46 15,430 SH Sole 15,430
LUNDIN MINING CORP COM 550372106 52 17,500 SH Sole 17,500
MACY'S INC COM 55616P104 378 21,000 SH Sole 21,000
MAG SILVER CORPORATION /CAD/ COM 55903Q104 1,080 189,700 SH Sole 189,700
MAG SILVER CORPORATION /CAD/ COM 55903Q104 1,636 287,300 SH Sole 287,300
MAG SILVER CORPORATION COM 55903Q104 57 10,000 SH Sole 10,000
MANITOWOC CO INC COM 563571108 233 15,000 SH Sole 15,000
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 7,975 236,016 SH Sole 236,016
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 2,741 81,108 SH Sole 81,108
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 8,448 250,000 SH CALL Sole 250,000
MC DONALDS CORP COM 580135101 247 4,000 SH Sole 4,000
MCDERMOTT INTL INC COM 580037109 12,328 482,500 SH Sole 482,500
MECHEL STEEL GROUP OAO COM 583840103 14,252 793,528 SH Defined 1 793,528
MINAS BUENAVENTURA SP ADR A SPON ADR 204448104 3,522 150,000 SH Sole 150,000
MINES MANAGEMENT INC COM 603432105 77 40,900 SH Sole 40,900
MINES MANAGEMENT INC COM 603432105 1,618 846,930 SH Sole 846,930
MINES MANAGEMENT INC COM 603432105 312 160,000 SH Sole 160,000
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 1,107 576,800 SH WTS Sole 576,800
MINES MANAGEMENT INC COM 603432105 199 103,600 SH WTS Sole 103,600
MOBILE TELESYSTEMS SPON ADR SPON ADR 607409109 21,458 383,102 SH Defined 1 383,102
MONSANTO CO COM 61166W101 15,589 157,500 SH Sole 157,500
MOSAIC COMPANY COM 61945A107 8,162 120,000 SH Sole 120,000
MOSAIC COMPANY COM 61945A107 7,482 110,000 SH CALL Sole 110,000
NABORS INDUSTRIES LTD COM G6359F103 249 10,000 SH Sole 10,000
NABORS INDUSTRIES LTD COM G6359F103 5,011 201,100 SH CALL Sole 201,100
NABORS INDUSTRIES LTD COM G6359F103 222 8,900 SH CALL Sole 8,900
NATIONAL OILWELL VARCO INC COM 637071101 16,928 337,000 SH Sole 337,000
NATIONAL OILWELL VARCO INC COM 637071101 753 15,000 SH Sole 15,000
NATIONAL OILWELL VARCO INC COM 637071101 251 5,000 SH Sole 5,000
NEW GOLD INC COM 644535106 8,632 1,858,190 SH Sole 1,858,190
NEW GOLD INC COM 644535106 4,742 1,021,000 SH Sole 1,021,000
NEW GOLD INC COM 644535106 25 5,000 SH Sole 5,000
NEW GOLD INC COM 644535106 13,319 2,871,449 SH Sole 2,871,449
NEW GOLD INC COM 644535106 5,458 1,175,100 SH WTS Sole 1,175,100
NEW GOLD INC COM 644535106 5,856 1,260,700 SH WTS Sole 1,260,700
NEW GOLD INC COM 644535106 13,047 2,808,900 SH WTS Sole 2,808,900
NEW GOLD INC COM 644535106 2,637 567,700 SH WTS Sole 567,700
NEW GOLD INC COM 644535106 6,880 1,481,250 SH WTS Sole 1,481,250
NEW GOLD INC COM 644535106 7,664 1,649,950 SH WTS Sole 1,649,950
NEW GOLD INC COM 644535106 1,986 427,500 SH WTS Sole 427,500
NEWMONT MINING CORP /USD/ COM 651639106 6,899 178,000 SH Sole 178,000
NEWMONT MINING CORP /USD/ COM 651639106 5,985 154,400 SH Sole 154,400
NEWMONT MINING CORP /USD/ COM 651639106 10,310 266,000 SH CALL Sole 266,000
NEWMONT MINING CORP /USD/ COM 651639106 20,698 534,000 SH CALL Sole 534,000
NINETOWNS INTERNET
TECHNOLOGY ADR SPON ADR 654407105 17 10,000 SH Sole 10,000
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 4,862 1,150,000 SH Sole 1,150,000
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 3,525 833,750 SH Sole 833,750
NOVARTIS AG SPON ADR SPON ADR 66987V109 211 4,000 SH Sole 4,000
ORACLE CORP COM 68389X105 762 37,500 SH Sole 37,500
PACIFIC RIM MINING CORP COM 694915208 1,525 5,082,600 SH Sole 5,082,600
PACIFIC RIM MINING CORP COM 694915208 184 591,900 SH Sole 591,900
PAN AMERICAN SILVER CORP COM 697900108 889 40,000 SH Sole 40,000
PARAMOUNT GOLD AND SILVER CORP COM 69924P102 211 307,500 SH Sole 307,500
PARAMOUNT GOLD AND SILVER CORP COM 69924P102 328 520,000 SH Sole 520,000
PARAMOUNT GOLD AND SILVER COM 69924P102 16 25,000 SH Sole 25,000
PAREXEL INTL CORP COM 699462107 717 25,000 SH Sole 25,000
PATRIOT COAL CORP COM 70336T104 8,715 300,000 SH Sole 300,000
PEABODY ENERGY CORP COM 704549104 16,200 360,000 SH Sole 360,000
PERMIAN BASIN RTY TR - UNIT
BEN INT UNIT BEN INT 714236106 418 18,000 SH Sole 18,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 411 4,000 SH Defined 1 4,000
PETROHAWK ENERGY CORP COM 716495106 13,411 620,000 SH Sole 620,000
PETROLEO BRASILEIRO SPON ADR SPON ADR 71654V101 29,562 790,000 SH Sole 790,000
PETROLEO BRASILEIRO SPON ADR SPON ADR 71654V101 1,190 31,788 SH Defined 1 31,788
PHILIP MORRIS INTERNATIONAL COM 718172109 385 8,000 SH Sole 8,000
PLAINS EXPLORATION & PRODUCT COM 726505100 10,548 300,000 SH Sole 300,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 630 492,700 SH Sole 492,700
PLATINUM GROUP METALS /CAD/ COM 72765Q205 1,260 985,900 SH Sole 985,900
POTASH CORP SASKATCHEWAN COM 73755L107 26,402 200,000 SH Sole 200,000
POTASH CORP SASKATCHEWAN /CAD/ COM 73755L107 324 2,500 SH Sole 2,500
POWERSHARES DB US DOL IND BU DOLL INDX BULL 73936D107 122 5,000 SH Sole 5,000
QUALCOMM INC COM 747525103 516 12,000 SH Sole 12,000
QUALITY SYSTEMS INC COM 747582104 106 2,500 SH Sole 2,500
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
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
QUICKSILVER RESOURCES INC COM 74837R104 11,189 570,000 SH Sole 570,000
RANGE RESOURCES CORP COM 75281A109 13,697 319,500 SH Sole 319,500
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 9,548 232,700 SH Sole 232,700
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 41,271 1,005,884 SH Sole 1,005,884
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 205 5,000 SH CALL Sole 5,000
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 821 20,000 SH CALL Sole 20,000
RAYMOND JAMES FINANCIAL INC COM 754730109 247 7,500 SH Sole 7,500
REX ENERGY CORP COM 761565100 11,442 726,000 SH Sole 726,000
RIO TINTO PLC SPONSORED ADR SPON ADR 767204100 1,235 4,950 SH Sole 4,950
RIO TINTO PLC SPONSORED ADR SPON ADR 767204100 14,970 60,000 SH CALL Sole 60,000
ROYAL GOLD INC COM 780287108 8,451 235,000 SH Sole 235,000
ROYAL GOLD INC COM 780287108 8,810 245,000 SH Sole 245,000
RUBICON MINERALS COM 780911103 247 169,600 SH Sole 169,600
RYDER SYSTEM INC COM 783549108 620 10,000 SH Sole 10,000
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 608 16,000 SH Sole 16,000
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 285 7,500 SH Sole 7,500
SCHLUMBERGER LTD COM 806857108 17,570 225,000 SH Sole 225,000
SCHLUMBERGER LTD COM 806857108 312 4,000 SH Sole 4,000
SCHWAB /CHARLES/ CORP COM 808513105 1,040 40,000 SH Sole 40,000
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 149 7,500 SH Sole 7,500
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 448 22,500 SH Sole 22,500
SILVER WHEATON CORP COM 828336107 40,351 4,973,914 SH Sole 4,973,914
SILVER WHEATON CORP COM 828336107 27,071 3,336,700 SH WTS Sole 3,336,700
SILVER WHEATON CORP COM 828336107 41 5,000 SH WTS Sole 5,000
SILVER WHEATON CORP COM 828336107 5,922 729,922 SH WTS Sole 729,922
SILVER WHEATON CORP COM 828336107 90 11,071 SH WTS Sole 11,071
SINA CORPORATION COM G81477104 880 25,000 SH Sole 25,000
SOLITARIO EXPLOR & ROYALTY/CAD COM 8342EP107 3,193 913,400 SH Sole 913,400
SOUTHWESTERN ENERGY CO COM 845467109 4,047 132,500 SH CALL Sole 132,500
SPDR GOLD TRUST GOLD SHS 78463V107 8,677 102,000 SH Sole 102,000
SPDR GOLD TRUST GOLD SHS 78463V107 7,699 90,500 SH Sole 90,500
SPDR GOLD TRUST GOLD SHS 78463V107 131 1,500 SH Sole 1,500
SPDR GOLD TRUST GOLD SHS 78463V107 12,761 150,000 SH CALL Sole 150,000
SPDR GOLD TRUST GOLD SHS 78463V107 425 5,000 SH CALL Sole 5,000
ST JUDE MEDICAL INC COM 790849103 544 12,500 SH Sole 12,500
STIFEL FINANCIAL CORP COM 860630102 998 20,000 SH Sole 20,000
STRAYER EDUCATION INC COM 863236105 1,001 5,000 SH Sole 5,000
SYBASE INC COM 871130100 429 14,000 SH Sole 14,000
SYMANTEC CORP COM 871503108 196 10,000 SH Sole 10,000
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 1,130 120,605 SH Sole 120,605
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 417 44,485 SH Defined 1 44,485
TASEKO MINES LTD /CAD/ COM 876511106 712 359,000 SH Sole 359,000
TD AMERITRADE HOLDING CORP COM 87236Y108 243 15,000 SH Sole 15,000
TEAM INC COM 878155100 397 11,000 SH Sole 11,000
TEAM INC COM 878155100 433 12,000 SH Sole 12,000
THOMPSON CREEK METALS CO /CAD/ COM 884768102 3,706 400,000 SH Sole 400,000
TJX COS INC /NEW/ COM 872540109 153 5,000 SH Sole 5,000
TOLEDO MINING ORD /GBP/ COM G8943R122 229 426,200 SH Sole 426,200
TOLEDO MINING ORD /GBP/ COM G8943R122 232 432,900 SH Sole 432,900
TOLL BROTHERS INC COM 889478103 227 9,000 SH Sole 9,000
TRANSOCEAN INC NEW SHS G90073100 26,197 238,500 SH Sole 238,500
TRANSOCEAN INC NEW SHS G90073100 220 2,000 SH Sole 2,000
TRANSOCEAN INC NEW SHS G90073100 26,197 238,500 SH Sole 238,500
TRANSOCEAN INC NEW SHS G90073100 736 6,699 SH Sole 6,699
TRANSOCEAN INC NEW SHS G90073100 604 5,500 SH Sole 5,500
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
------------------------------ --------------- --------- --------- ----------- --- ---- ---------- -------- ---- --------- ---------
TRUE RELIGION APPAREL INC COM 89784N104 259 10,000 SH Sole 10,000
U S GOLD CORP /CAD/ COM 912023207 1,832 1,500,000 SH Sole 1,500,000
ULTRA PETROLEUM CORP COM 903914109 11,068 200,000 SH Sole 200,000
ULTRASHORT BASIC
MATERIALS PROSHARES BASIC MTRL PRO 74347R651 6,923 130,000 SH Sole 130,000
ULTRASHORT BASIC
MATERIALS PROSHARES BASIC MTRL PRO 74347R651 133 2,500 SH Sole 2,500
ULTRASHORT BASIC
MATERIALS PROSHARES BASIC MTRL PRO 74347R651 266 5,000 SH Sole 5,000
ULTRA OIL & GAS PROSHARES ULTRASHORT O&G 74347R586 10,101 260,000 SH Sole 260,000
ULTRA OIL & GAS PROSHARES ULTRASHORT O&G 74347R586 155 4,000 SH Sole 4,000
ULTRA OIL & GAS PROSHARES ULTRASHORT O&G 74347R586 233 6,000 SH Sole 6,000
UNITEDHEALTH GROUP INC COM 91324P102 355 14,000 SH Sole 14,000
URBAN OUTFITTERS INC COM 917047102 606 19,000 SH Sole 19,000
URBAN OUTFITTERS INC COM 917047102 1,434 45,000 SH Sole 45,000
VANTAGE DRILL WTS EXP 5/24/11 W. EXP 5/24/201 G93205121 7,360 2,461,400 SH Sole 2,461,400
VANTAGE DRILLING COMPANY ORD SHS G93205113 7,995 2,674,000 SH Sole 2,674,000
VANTAGE DRILLING CO ORD SHS G93205113 57 19,000 SH Sole 19,000
VANTAGE DRILLING CO WTS G93205121 389 130,000 SH WTS Sole 130,000
VARIAN MEDICAL SYSTEMS INC COM 92220P105 714 12,500 SH Sole 12,500
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 29,782 1,467,118 SH Defined 1 1,467,118
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 508 25,000 SH Sole 25,000
VORNADO RLTY TRUST REIT REIT 929042109 364 4,000 SH Sole 4,000
WALTER INDUSTRIES INC COM 93317Q105 5,931 125,000 SH Sole 125,000
WEATHERFORD INTERNATIONAL LTD COM G95089101 9,930 395,000 SH Sole 395,000
WEATHERFORD INTERNATIONAL LTD COM G95089101 654 26,000 SH Sole 26,000
XTO ENERGY INC COM 98385X106 26,796 576,000 SH Sole 576,000
YAHOO INC COM 984332106 346 20,000 SH CALL Sole 20,000
YAMANA GOLD INC COM 98462Y100 4,868 591,867 SH Sole 591,867
YAMANA GOLD INC COM 98462Y100 2,041 245,000 SH Sole 245,000
YAMANA GOLD INC COM 98462Y100 43,689 5,295,600 SH WTS Sole 5,295,600
YAMANA GOLD INC COM 98462Y100 51 6,240 SH WTS Sole 6,240
YAMANA GOLD INC COM 98462Y100 24,879 3,015,625 SH WTS Sole 3,015,625
YAMANA GOLD INC COM 98462Y100 707 85,698 SH WTS Sole 85,698
GRAND TOTAL: 1,581,656 126,973,709