UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 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 2/14/11
---------------------- -------------------- ---------------
[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 379
Form 13F Information Table Total Value (x1000) 1,159,403
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
--------------------------------- ---------------- --------- -------- ------------------ ---------- -------- ----------------------
TITLE SHARES OR VOTING AUTHORITY
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 493 10,000 SH Sole 10,000
ACERGY SA-ADR SPONSORED ADR 00443E106 10953 450,000 SH Sole 450,000
ACERGY SA-ADR SPONSORED ADR 00443E107 2847 1,363,920 SH Sole 1,363,920
ADVANCED AUTO PARTS INC COM 00751Y106 463 7,000 SH Sole 7,000
AGNICO-EAGLE MINES LTD COM 008474108 230 3,000 SH Sole 3,000
AGNICO-EAGLE MINES LTD COM 008474108 115 1,500 SH Sole 1,500
AGNICO-EAGLE MINES LTD COM 008474108 77 1,000 SH Sole 1,000
AGNICO-EAGLE MINES LTD COM 008474108 7670 100,000 SH Sole 100,000
AGNICO-EAGLE MINES LTD COM 008474108 5753 75,000 SH Sole 75,000
AGRIUM INC COM COM 8916108 16056 175,000 SH Sole 175,000
ALASKA AIR GROUP INC COM 11659109 397 7,000 SH Sole 7,000
ALBEMARLE CORP COM 12653101 558 10,000 SH Sole 10,000
ALEXION PHARMACEUTICALS INC COM 15351109 806 10,000 SH Sole 10,000
ALMADEN MINERALS LTD COM 20283107 1474 310,700 SH Sole 310,700
ALMADEN MINERALS LTD /CAD/ COM 20283107 95 20,000 SH Sole 20,000
ALPHA NATURAL RESOURCES INC COM 02076X102 9605 160,000 SH Sole 160,000
ALTERA CORP COM 21441100 534 15,000 SH Sole 15,000
ALTISOURCE PORT SOLUTIONS SA REG SHS L0175J104 502 17,500 SH Sole 17,500
ALTRA HOLDINGS INC COM 02208R106 794 40,000 SH Sole 40,000
AMERICA MOVIL SAB DE CV SERIES L SPON ADR L SHS 02364W105 229 4,000 SH Sole 4,000
AMERICA MOVIL SAB DE CV SERIES L SPON ADR L SHS 02364W105 516 9,000 SH Sole 9,000
AMERICAN TOWER CORP CL A CL A 29912201 361 7,000 SH Sole 7,000
AMERICAN TOWER CORP CL A CL A 29912201 258 5,000 SH Sole 5,000
ANADARKO PETE CORP COM 32511107 27418 360,000 SH Sole 360,000
APACHE CORP COM 37411105 17885 150,000 SH Sole 150,000
APPLE INC COM 37833100 1290 4,000 SH Sole 4,000
APPLE INC COM 37833100 806 2,500 SH Sole 2,500
AQUA AMERICA INC COM 03836W103 157 7,000 SH Sole 7,000
ARCH COAL INC COM 039380100 10518 300,000 SH Sole 300,000
ARUBA NETWORKS INC COM 043176106 292 14,000 SH Sole 14,000
ASSURANT INC COM 04621X108 154 4,000 SH Sole 4,000
AT&T INC COM 00206R102 191 6,500 SH Sole 6,500
AUGUSTA RESOURCES CORP COM 050912203 2149 564,000 SH Sole 564,000
AUGUSTA RESOURCES CORP COM 050912203 2869 753,000 SH Sole 753,000
AUTONATION INC COM 05329W102 183 6,500 SH Sole 6,500
AUTOZONE INC COM 053332102 327 1,200 SH Sole 1,200
BABCOCK AND WILCOX CO COM 05615F102 384 15,000 SH Sole 15,000
BAIDU INC SPON ADR SPON ADR REP A 056752108 154 1,600 SH Sole 1,600
BAIDU INC SPON ADR SPON ADR REP A 056752108 434 4,500 SH Sole 4,500
BALL CORP COM 058498106 340 5,000 SH Sole 5,000
BALL CORP COM 058498106 170 2,500 SH Sole 2,500
BANK OF AMERICA WARRANT *W EXP 01/16/201 60505146 428 60,000 SH Sole 60,000
BANK OF AMERICA WARRANT *W EXP 01/16/202 60505146 179 25,000 SH Sole 25,000
BANRO CORP COM 066800103 2545 634,616 SH Sole 634,616
BARRICK GOLD CORP COM COM 067901108 21272 400,000 SH Sole 400,000
BARRICK GOLD CORP COM COM 067901108 18613 350,000 SH Sole 350,000
BERKSHIRE HATHAWAY INC CLASS B CL B 084670702 481 6,000 SH Sole 6,000
BHP BILLITON LIMITED ADR SPONSORED ADR 088606108 929 10,000 SH Sole 10,000
BIOGEN IDEC INC COM 09062X103 201 3,000 SH Sole 3,000
BLOCK /H & R/ INC COM 093671105 167 14,000 SH Sole 14,000
BOSTON BEER CO INC CL A CL A 100557107 475 5,000 SH Sole 5,000
BREITBURN ENERGY PARTNERS LP COM UT LTD PTN 106776107 201 10,000 SH Sole 10,000
BRIGHAM EXPLORATION CO COM 109178103 1226 45,000 SH Sole 45,000
BRISTOL MYERS SQUIBB CO COM 110122108 159 6,000 SH Sole 6,000
BROADCOM CORP CL A CL A 111320107 653 15,000 SH Sole 15,000
BRUKER CORP COM 116794108 664 40,000 SH Sole 40,000
CAMECO CORP COM 13321L108 242 6,000 SH Sole 6,000
CANADIAN NATURAL RESOURCES COM 136385101 2199 49,500 SH Sole 49,500
CANADIAN NATURAL RESOURCES COM 136385101 13326 300,000 SH Sole 300,000
CARBO CERAMICS INC COM 140781105 13978 135,000 SH Sole 135,000
CARBO CERAMICS INC COM 3EY99W531 13978 135,000 SH PUT Sole 135,000
CATERPILLAR INC COM 149123101 375 4,000 SH Sole 4,000
CATERPILLAR INC COM 149123101 7493 80,000 SH Sole 80,000
CB RICHARD ELLIS GROUP INC-A CL A 12497T101 819 40,000 SH Sole 40,000
CB RICHARD ELLIS GROUP INC-A CL A 12497T101 205 10,000 SH Sole 10,000
CF INDUSTRIES HOLDINGS INC COM 125269100 270 2,000 SH Sole 2,000
CF INDUSTRIES HOLDINGS INC COM 125269100 8785 65,000 SH Sole 65,000
CHECK POINT SOFTWARE TECH COM M22465104 347 7,500 SH Sole 7,500
CHEVRON CORP COM 166764100 183 2,000 SH Sole 2,000
CHINA VALVES TECHNOLOGY INC COM 169476207 157 15,000 SH Sole 15,000
CHINA YUCHAI INTL LTD COM G21082105 260 8,200 SH Sole 8,200
CHIPOTLE MEXICAN GRILL INC COM 169656105 255 1,200 SH Sole 1,200
CHUBB CORP COM 171232101 179 3,000 SH Sole 3,000
CIMAREX ENERGY CO COM 171798101 12394 140,000 SH Sole 140,000
CITIGROUP INC COM 0CL99W003 378 80,000 SH CALL Sole 80,000
CLAUDE RESOURCES INC /CAD/ COM 182873109 3463 1,570,000 SH Sole 1,570,000
CLAUDE RESOURCES INC /CAD/ COM 182873109 6287 2,850,000 SH Sole 2,850,000
CLIFFS NATURAL RESOURCES INC COM 18683K101 8191 105,000 SH Sole 105,000
CNOOC LTD ADR SPONSORED ADR 126132109 1907 8,000 SH Sole 8,000
COBALT INTERNATIONAL ENERGY COM 19075F106 9158 750,000 SH Sole 750,000
COBALT INTERNATIONAL ENERGY COM 19075F106 214 17,500 SH Sole 17,500
COCA COLA ENTERPRISES INC COM 19122T109 188 7,500 SH Sole 7,500
COGNIZANT TECHNOLOGY SOLUTIONS
CORP CL A 192446102 857 11,700 SH Sole 11,700
COMPANHIA BRASILEIRA DE
DISTRIBUICAO ADR SPN ADR PFD CL A 20440T201 168 4,000 SH Sole 4,000
COMPANHIA DE BEBIDAS SPONS ADR COM 20441W203 155 5,000 SH Sole 5,000
CONCHO RESOURCES INC COM 20605P101 1227 14,000 SH Sole 14,000
CONCHO RESOURCES INC COM 20605P101 351 4,000 SH Sole 4,000
CONOCOPHILLIPS COM 20825C104 204 3,000 SH Sole 3,000
CONSOL ENERGY INC COM 20854P109 195 4,000 SH Sole 4,000
CONTINENTAL RESOURCES INC COM 212015101 530 9,000 SH Sole 9,000
CORE LABORATORIES N V COM N22717107 534 6,000 SH Sole 6,000
CORE LABORATORIES N V COM N22717107 9796 110,000 SH Sole 110,000
COSAN LTD CL A SHRS SHS A G25343107 170 12,500 SH Sole 12,500
CPFL ENERGIA SA SP ADR SPONSORED ADR 126153105 576 7,500 SH Sole 7,500
CREDICORP LTD COM G2519Y108 119 1,000 SH Sole 1,000
CROWN CASTLE INTL CORP COM 228227104 329 7,500 SH Sole 7,500
CRYSTALLEX INTL CORP COM 22942F101 674 2,150,000 SH Sole 2,150,000
CRYSTALLEX INTL CORP COM 22942F101 72 230,000 SH Sole 230,000
CRYSTALLEX INTL CORP /CAD/ COM 22942F101 0 75,000 SH WTS Sole 75,000
CSX CORP COM 126408103 717 11,100 SH Sole 11,100
CTC MEDIA INC COM 12642X106 6326 270,000 SH Sole 270,000
CTRIP.COM INTERNATIONAL LTD AMERICAN DEP SHS 22943F100 182 4,500 SH Sole 4,500
CTRIP.COM INTERNATIONAL LTD AMERICAN DEP SHS 22943F100 465 11,500 SH Sole 11,500
CTRIP.COM INTERNATIONAL LTD AMERICAN DEP SHS 22943F100 607 15,000 SH Sole 15,000
CUMMINS INC COM 231021106 495 4,500 SH Sole 4,500
CUMMINS INC COM 231021106 253 2,300 SH Sole 2,300
DEERE AND CO COM 244199105 208 2,500 SH Sole 2,500
DEERE AND CO COM 244199105 9136 110,000 SH Sole 110,000
DIRECTV CLASS A CL A 25490A101 699 17,500 SH Sole 17,500
DIRECTV CLASS A CL A 25490A101 160 4,000 SH Sole 4,000
DOMINION RESOURCES INC COM 25746U109 150 3,500 SH Sole 3,500
DONALDSON INC COM 257651109 350 6,000 SH Sole 6,000
DONALDSON INC COM 257651109 233 4,000 SH Sole 4,000
DRDGOLD LTD SPONSORED ADR SPON ADR NEW 26152H301 1461 300,000 SH Sole 300,000
DU PONT /E I/ DE NEMOURS & CO COM 263534109 200 4,000 SH Sole 4,000
DUKE ENERGY CORP COM 26441C105 160 9,000 SH Sole 9,000
DUN & BRADSTREET CORP COM 26483E104 189 2,300 SH Sole 2,300
EBIX INC COM 278715206 947 40,000 SH Sole 40,000
ECOPETROL SA SPONSORED ADS 279158109 109 2,500 SH Sole 2,500
EL PASO PIPELINE PARTNERS L P COM
UNIT LPI COM UNIT LPI 283702108 468 14,000 SH Sole 14,000
EL PASO PIPELINE PARTNERS L P COM
UNIT LPI COM UNIT LPI 283702108 335 10,000 SH Sole 10,000
ELDORADO GOLD CORP COM 284902103 56 3,000 SH Sole 3,000
ELDORADO GOLD CORP COM 284902103 232 12,500 SH Sole 12,500
ELDORADO GOLD CORP COM 284902103 139 7,500 SH Sole 7,500
ELDORADO GOLD CORP COM 284902103 2316 124,700 SH Sole 124,700
ELDORADO GOLD CORP COM 284902103 111 6,000 SH Sole 6,000
ELDORADO GOLD CORP COM 284902103 1120 60,300 SH Sole 60,300
ELDORADO GOLD CORP /CAD/ COM 284902103 4235 228,325 SH Sole 228,325
ELDORADO GOLD CORP COM 284902103 156 8,437 SH Sole 8,437
EMG GLB SHS DJ EMG MARKETS ENERGY
TITANS DJ TITANS ETF 268461860 33 1,200 SH Sole 1,200
EMG GLB SHS DJ EMG MRKTS MTLS &
MINING TITANS DJ MKT MET&MIN 268461852 35 1,500 SH Sole 1,500
ENERGY SELECT SECTOR SPDR FUND
ETF SBI INT-ENERGY 81369Y506 205 3,000 SH Sole 3,000
ENSCO PLC COM 29358Q109 9875 185,000 SH Sole 185,000
ENTERGY CORP COM 29364G103 142 2,000 SH Sole 2,000
ENTREE GOLD INC /CAD/ COM 29383G100 4547 1,306,700 SH Sole 1,306,700
ENTROPIC COMMUNICATIONS INC COM 29384R105 242 20,000 SH Sole 20,000
F5 NETWORKS INC COM 315616102 651 5,000 SH Sole 5,000
FAMILY DOLLAR STORES INC COM 307000109 174 3,500 SH Sole 3,500
FEDERATED INVESTORS INC CL B CL B 314211103 196 7,500 SH Sole 7,500
FERRO CORP COM 315405100 183 12,500 SH Sole 12,500
FIRST MAJESTIC SILVER CORP COM 32076V103 3263 226,000 SH Sole 226,000
FLOWSERVE CORPORATION COM 34354P105 10730 90,000 SH Sole 90,000
FRANKLIN RESOURCES INC COM 354613101 167 1,500 SH Sole 1,500
FREEPORT-MCMORAN COPPER &
GOLD INC COM 35671D857 300 2,500 SH Sole 2,500
FREEPORT-MCMORAN COPPER &
GOLD INC COM 35671D857 180 1,500 SH Sole 1,500
FREEPORT-MCMORAN COPPER &
GOLD INC COM 35671D857 120 1,000 SH Sole 1,000
FRONTEER GOLD INC /CAD/ COM 359032109 3204 275,000 SH Sole 275,000
FRONTIER COMMUNICATIONS CORP COM 35906A108 207 21,320 SH Sole 21,320
FRONTLINE LIMITED COM G3682E127 8372 330,000 SH Sole 330,000
FX ENERGY INC COM 302695101 154 25,000 SH Sole 25,000
FX ENERGY INC COM 302695101 154 25,000 SH Sole 25,000
GEORESOURCES INC COM 372476101 222 10,000 SH Sole 10,000
GEORESOURCES INC COM 372476101 167 7,500 SH Sole 7,500
GOLDCORP INC COM 380956409 16668 362,500 SH Sole 362,500
GOLDCORP INC COM 380956409 7012 152,500 SH Sole 152,500
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 12683 3,285,326 SH Sole 3,285,326
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 3415 884,618 SH Sole 884,618
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 4620 1,196,683 SH Sole 1,196,683
GOLDEN STAR RES LTD COM 38119T104 459 100,000 SH Sole 100,000
GRAINGER INC COM 384802104 193 1,400 SH Sole 1,400
GRAN TIERRA ENERGY INC COM 38500T101 121 15,000 SH Sole 15,000
GRAN TIERRA ENERGY INC COM 38500T101 5434 675,000 SH Sole 675,000
GREAT BASIN GOLD LTD /CAD/ COM 390124105 4733 1,600,000 SH Sole 1,600,000
GREAT BASIN GOLD LTD /CAD/ COM 390124105 1346 455,000 SH Sole 455,000
GRUPO AEROPORTUARIO DEL SURESTE
SAB DE CV SPON ADR 40051E206 395 7,000 SH Sole 7,000
GRUPO FINANCIERO GALICIA SA SP ADR 10 SH B 399909100 115 7,500 SH Sole 7,500
GRUPO TELEVISA SA DE ADR SP ADR REP ORD 40049J206 194 7,500 SH Sole 7,500
HALLIBURTON CO HOLDING COM 406216101 17557 430,000 SH Sole 430,000
HALLIBURTON CO HOLDING COM 406216101 122 3,000 SH Sole 3,000
HARBINGER GROUP INC COM 41146A106 31 5,000 SH Sole 5,000
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 6270 500,000 SH Sole 500,000
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 6270 500,000 SH Sole 500,000
HERBALIFE LTD COM G4412G101 855 12,500 SH Sole 12,500
HUDBAY MINERALS INC /CAD/ COM 443628102 12613 700,000 SH Sole 700,000
HUDBAY MINERALS INC /CAD/ COM 443628102 5406 300,000 SH Sole 300,000
HUMANA INC COM 444859102 219 4,000 SH Sole 4,000
I SHARES MSCI BRAZIL INDEX FUND
ETF MSCI BRAZIL 464286400 33 430 SH Sole 430
I SHARES MSCI TAIWAN INDEX FUND
ETF MSCI TAIWAN 464286731 36 2,300 SH Sole 2,300
I SHARES MSCI TAIWAN INDEX FUND
ETF MSCI TAIWAN 464286731 148 9,500 SH Sole 9,500
IAMGOLD CORPORATION COM 450913108 14240 800,000 SH Sole 800,000
IAMGOLD CORPORATION COM 450913108 6230 350,000 SH Sole 350,000
IMAX CORP COM COM 45245E113 561 20,000 SH Sole 20,000
INTEL CORP COM 458140100 368 17,500 SH Sole 17,500
INTERCONTINENTALEXCHANGE INC COM 45865V100 477 4,000 SH Sole 4,000
INTNATL FLAVORS & FRAGRANCES COM 459506101 611 11,000 SH Sole 11,000
ISHARES DJ US OIL EQMNT &
SERVICES INDEX FND ETF DJ OIL EQUIP 464288844 507 9,000 SH Sole 9,000
ISHARES DJ US OIL EQMNT & SRVS
INDEX FND ETF DJ OIL EQUIP 464288844 254 4,500 SH Sole 4,500
ISHARES MSCI ALL PERU CAPPED
INDEX FUND ETF MSCI PERU CAP 464289842 35 700 SH Sole 700
ISHARES MSCI MALAYSIA ETF MSCI MALAYSIA 464286830 35 2,400 SH Sole 2,400
ISHARES MSCI MEXICO INVST MKT IND
FUND ETF MSCI MEX INVEST 464286822 37 600 SH Sole 600
ISHARES MSCI SINGAPORE ETF MSCI SINGAPORE 464286673 33 2,400 SH Sole 2,400
ISHARES MSCI SINGAPORE ETF MSCI SINGAPORE 464286673 130 9,400 SH Sole 9,400
ISHARES MSCI SOUTH KOREA INDEX
FUND ETF MSCI S KOREA 464286772 37 600 SH Sole 600
IVANHOE ENERGY INC /CAD/ COM 465790103 2727 1,000,000 SH Sole 1,000,000
IVANHOE ENERGY INC /CAD/ COM 465790103 51 18,750 SH Sole 18,750
IVANHOE ENERGY INC /CAD/ COM 465790103 24 50,000 SH WTS Sole 50,000
JABIL CIRCUIT INC COM 466313103 402 20,000 SH Sole 20,000
JDS UNIPHASE CORP COM 46612J507 188 13,000 SH Sole 13,000
JOY GLOBAL INC COM 481165108 217 2,500 SH Sole 2,500
JOY GLOBAL INC COM 481165108 10410 120,000 SH Sole 120,000
JPMORGAN CHASE & COMPANY COM 46625H100 679 16,000 SH Sole 16,000
KIMBER RESOURCES INC COM 49435N101 350 250,000 SH Sole 250,000
KIMBER RESOURCES INC COM 49435N101 30 35,000 SH Sole 35,000
KINROSS GOLD CORP COM 496902404 3799 200,350 SH Sole 200,350
KINROSS GOLD CORP COM 496902404 7028 370,650 SH Sole 370,650
KINROSS GOLD CORP /CAD/ COM 496902404 36477 1,923,796 SH Sole 1,923,796
KINROSS GOLD CORP /CAD/ COM 496902404 15457 815,213 SH Sole 815,213
KINROSS GOLD CORP /CAD/ COM 496902404 0 1 SH Sole 1
LAS VEGAS SANDS CORP COM 517834107 115 2,500 SH Sole 2,500
LAUDER ESTEE COS INC CL A CL A 518439104 363 4,500 SH Sole 4,500
LINCOLN NATL CORP IND COM 534187109 417 15,000 SH Sole 15,000
LINN ENERGY LLC UNIT LTD LIAB UNIT LTD LIAB 536020100 187 5,000 SH Sole 5,000
LYONDELLBASELL INDUSTRIES COM N53745100 7740 225,000 SH Sole 225,000
MADDEN STEVEN LTD COM 556269108 417 10,000 SH Sole 10,000
MAG SILVER CORPORATION /CAD/ COM 55903Q104 6584 530,000 SH Sole 530,000
MAG SILVER CORPORATION /CAD/ COM 55903Q104 188 15,200 SH Sole 15,200
MARKET VECTORS AGRIBUSINESS ETF AGRIBUS ETF 57060U605 402 7,500 SH Sole 7,500
MARKET VECTORS GOLD MINERS ETF GOLD MINERS ETF 57060U900 19 300 SH CALL Sole 300
MARKET VECTORS GOLD MINERS ETF GOLD MINERS ETF 57060U900 44 700 SH CALL Sole 700
MARKET VECTORS JR GOLD MINERS ETF JR GOLD MINERS E 2Q599W354 16754 420,000 SH PUT Sole 420,000
MARKET VECTORS JR GOLD MINERS ETF JR GOLD MINERS E 2Q599W355 7180 180,000 SH PUT Sole 180,000
MARKET VECTORS JR GOLD MINERS ETF JR GOLD MINERS E 2Q599W355 57 2,730 SH PUT Sole 2,730
MARKET VECTORS RARE EARTH STRAT
MTLS ETF MINOR METALS 57060U472 600 25,000 SH Sole 25,000
MARKET VECTORS RUSSIA ETF RUSSIA ETF 57060U506 34 900 SH Sole 900
MARKET VECTORS RUSSIA ETF RUSSIA ETF 95C99U995 9478 250,000 SH PUT Sole 250,000
MASSEY ENERGY COMPANY COM 576206106 13413 250,000 SH Sole 250,000
MCDERMOTT INTL INC COM 580037109 414 20,000 SH Sole 20,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 146 5,000 SH Sole 5,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 292 10,000 SH Sole 10,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 15784 540,000 SH Sole 540,000
MEDCO HEALTH SOLUTIONS INC COM 58405U102 184 3,000 SH Sole 3,000
MERCADOLIBRE INC COM 58733R102 347 5,200 SH Sole 5,200
MERCADOLIBRE INC COM 58733R102 1000 15,000 SH Sole 15,000
MESABI TR CTF BEN INT CTF BEN INT 590672101 173 4,500 SH Sole 4,500
MINEFINDERS LTD COM 602900102 7230 654,860 SH Sole 654,860
MINEFINDERS LTD COM 602900102 2629 238,154 SH Sole 238,154
MINES MANAGEMENT INC COM 603432105 3311 784,500 SH Sole 784,500
MINES MANAGEMENT INC /CAD COM 603432105 169 40,900 SH Sole 40,900
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 8400 402,500 SH Sole 402,500
MONSANTO CO COM 61166W101 209 3,000 SH Sole 3,000
MONSANTO CO COM 61166W101 8357 120,000 SH Sole 120,000
MOSAIC COMPANY COM 61945A107 420 5,500 SH Sole 5,500
MOSAIC COMPANY COM 61945A107 210 2,750 SH Sole 2,750
MOSAIC COMPANY COM 61945A107 9545 125,000 SH Sole 125,000
MURPHY OIL CORP COM 626717902 4 500 SH CALL Sole 500
NALCO HOLDING CO COM 62985Q101 319 10,000 SH Sole 10,000
NATIONAL OILWELL VARCO INC COM 637071101 605 9,000 SH Sole 9,000
NEOGEN CORP COM COM 640491106 246 6,000 SH Sole 6,000
NETAPP INC COM 64110D104 440 8,000 SH Sole 8,000
NETFLIX.COM INC COM 64110L106 316 1,800 SH Sole 1,800
NETGEAR INC COM 64111Q104 303 9,000 SH Sole 9,000
NEW GOLD INC COM 644535106 1220 125,000 SH Sole 125,000
NEW GOLD INC /CAD/ COM 644535106 103 285,000 SH Sole 285,000
NEW GOLD INC /CAD/ COM 644535106 216 599,500 SH Sole 599,500
NEW GOLD INC /CAD/ COM 644535106 5 57,500 SH Sole 57,500
NEWMONT MINING CORP COM 651639106 3072 50,000 SH Sole 50,000
NOAH HOLDINGS LTD-ADR SPONSORED ADS 65487X102 258 13,200 SH Sole 13,200
NOBLE ENERGY INC COM 655044105 15925 185,000 SH Sole 185,000
NORTHERN DYNASTY MINERALS COM 66510M204 14147 990,000 SH Sole 990,000
NORTHERN DYNASTY MINERALS COM 66510M204 14493 1,014,173 SH Sole 1,014,173
NORTHERN OIL AND GAS INC COM 665531109 327 12,000 SH Sole 12,000
NORTHROP GRUMMAN CORP COM 666807102 162 2,500 SH Sole 2,500
NUSTAR ENERGY LP UNIT COM 67058H102 625 9,000 SH Sole 9,000
NUTRISYSTEM INC COM 67069D108 105 5,000 SH Sole 5,000
NVIDIA CORP COM 67066G104 385 25,000 SH Sole 25,000
OCEANEERING INTNATL INC COM 675232102 8836 120,000 SH Sole 120,000
OCEANEERING INTNATL INC COM 7YP99U909 8836 120,000 SH PUT Sole 120,000
OIL STATES INTERNATIONAL INC COM 678026105 9614 150,000 SH Sole 150,000
ORACLE CORP COM 68389X105 313 10,000 SH Sole 10,000
PEPCO HOLDINGS INC COM 713291102 164 9,000 SH Sole 9,000
PETROCHINA CO LTD ADR SPONSORED ADR 71646E104 118 900 SH Sole 900
PETROCHINA CO LTD ADR SPONSORED ADR 71646E104 263 2,000 SH Sole 2,000
PETROLEUM DEV CORP COM 716578109 10553 250,000 SH Sole 250,000
PETROLEUM DEV CORP COM 716578109 294 6,967 SH Sole 6,967
PHILIP MORRIS INTERNATIONAL COM 718172109 176 3,000 SH Sole 3,000
PHILIPPINE LONG DISTANCE SPONSORED ADR 718252604 291 5,000 SH Sole 5,000
PIONEER DRILLING CO COM 723655106 8810 1,000,000 SH Sole 1,000,000
PIONEER NATURAL RESOURCES CO COM 723787107 17364 200,000 SH Sole 200,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 5334 2,000,000 SH Sole 2,000,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 200 75,000 SH Sole 75,000
POWERSHARES INDIA PORT TRUST ETF INDIA PORT 73935L100 33 1,300 SH Sole 1,300
PRICELINE.COM INC COM 741503403 599 1,500 SH Sole 1,500
PROSHARES TR II ULTRA GOLD ETF ULTRA GOLD 74347W601 4240 60,000 SH Sole 60,000
PROSHARES TR II US SILVER REVERSE
SPLIT ETF SHRT SILV NEW 74347W726 2946 300,000 SH Sole 300,000
PROSHARES ULSTRASHORT FTSE/CHINA
25 ETF XIN CH25 NEW 74347X567 150 5,000 SH Sole 5,000
PROSHARES ULSTRASHORT FTSE/CHINA
25 ETF XIN CH25 NEW 74347X567 211 7,000 SH Sole 7,000
PROSHARES ULSTRASHORT FTSE/CHINA
25 ETF XIN CH25 NEW 74347X567 541 18,000 SH Sole 18,000
QUALCOMM INC COM 747525103 297 6,000 SH Sole 6,000
RACKSPACE HOSTING INC COM 750086100 942 30,000 SH Sole 30,000
RACKSPACE HOSTING INC COM 750086100 424 13,500 SH Sole 13,500
RANDGOLD RESOURCES LTD ADR ADR 752344309 272 3,300 SH Sole 3,300
RANDGOLD RESOURCES LTD ADR ADR 752344309 832 10,100 SH Sole 10,100
RANDGOLD RESOURCES LTD ADR ADR 752344309 82 1,000 SH Sole 1,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 51868 630,000 SH Sole 630,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 22641 275,000 SH Sole 275,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 9567 116,200 SH Sole 116,200
RANDGOLD RESOURCES LTD ADR ADR 0ZR99S278 206 2,500 SH CALL Sole 2,500
RANDGOLD RESOURCES LTD ADR ADR 0ZR99S278 617 7,500 SH CALL Sole 7,500
RANDGOLD RESOURCES LTD ADR ADR 0ZR99S278 9880 120,000 SH CALL Sole 120,000
RANDGOLD RESOURCES LTD ADR ADR 0ZR99S278 3499 42,500 SH CALL Sole 42,500
RED HAT INC COM 756577102 411 9,000 SH Sole 9,000
REYNOLDS AMERICAN INC COM 761713106 196 6,000 SH Sole 6,000
RIO TINTO PLC SPONSORED ADR SPONSORED ADR 767204100 860 12,000 SH Sole 12,000
RIO TINTO PLC SPONSORED ADR SPONSORED ADR 767204100 16840 235,000 SH Sole 235,000
RIVERBED TECHNOLOGY INC COM 768573107 563 16,000 SH Sole 16,000
ROBBINS & MYERS INC COM 770196103 11156 311,800 SH Sole 311,800
ROYAL GOLD INC COM 780287108 5463 100,000 SH Sole 100,000
RUBICON MINERALS CORP COM 780911103 5126 900,000 SH Sole 900,000
RUSH ENTERPRISES INC CL A 781846209 409 20,000 SH Sole 20,000
RUSH ENTERPRISES INC CL A 781846209 204 10,000 SH Sole 10,000
RYDER SYSTEM INC COM 783549108 211 4,000 SH Sole 4,000
SAFEWAY INC COM 786514208 169 7,500 SH Sole 7,500
SEADRILL LTD SHS G7945E105 170 5,000 SH Sole 5,000
SEADRILL LTD SHS G7945E105 8480 250,000 SH Sole 250,000
SENSATA TECHNOLOGIES HOLDING SHS N7902X106 376 12,500 SH Sole 12,500
SHERWIN WILLIAMS COM 824348106 168 2,000 SH Sole 2,000
SILVER WHEATON CORP COM COM 828336107 3904 100,000 SH Sole 100,000
SILVERCORP METALS INC /CAD/ COM 82835P103 575 45,000 SH Sole 45,000
SILVERCORP METALS INC /CAD/ COM 82835P103 14767 1,156,000 SH Sole 1,156,000
SILVERCORP METALS INC /CAD/ COM 82835P103 8316 651,000 SH Sole 651,000
SINA CORPORATION COM G81477104 688 10,000 SH Sole 10,000
SOLITARIO EXPLORATION & ROYALTY COM 8342EP107 3436 928,522 SH Sole 928,522
SOUTHWESTERN ENERGY CO COM 845467109 13662 365,000 SH Sole 365,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 2363 17,033 SH Sole 17,033
SPDR GOLD TRUST ETF GOLD SHS 78463V107 1091 7,867 SH Sole 7,867
SPDR KBW BANK ETF SPDR KBW BK ETF 78464A797 311 12,000 SH Sole 12,000
SPECTRA ENERGY CORP COM 847560109 175 7,000 SH Sole 7,000
SPREADTRUM COMMUNICATIONS INC ADR ADR 849415203 459 25,000 SH Sole 25,000
SPROTT PHYSICAL GOLD TRUST ETF UNIT 85207H104 194 15,698 SH Sole 15,698
SPROTT PHYSICAL GOLD TRUST ETF UNIT 85207H104 10746 870,509 SH Sole 870,509
SPROTT PHYSICAL GOLD TRUST ETF UNIT 85207H104 5951 482,083 SH Sole 482,083
SPROTT PHYSICAL SILVER TRUST ETF TR UNIT 85207K107 7164 509,200 SH Sole 509,200
SPROTT PHYSICAL SILVER TRUST ETF TR UNIT 85207K107 2628 186,800 SH Sole 186,800
STARBUCKS CORP COM 855244109 321 10,000 SH Sole 10,000
STATE STREET CORP COM 857477103 232 5,000 SH Sole 5,000
SVB FINANCIAL GROUP COM 78486Q101 212 4,000 SH Sole 4,000
TAIWAN SEMICONDUCTOR SPONSORED ADR 874039100 138 11,000 SH Sole 11,000
TATA MOTORS LTD SPONSORED ADR 876568502 88 3,000 SH Sole 3,000
TATA MOTORS LTD SPONSORED ADR 876568502 117 4,000 SH Sole 4,000
TECK RESOURCES LTD CLS B CL B 878742204 247 4,000 SH Sole 4,000
TECK RESOURCES LTD CLS B CL B 878742204 12366 200,000 SH Sole 200,000
TECO ENERGY INC COM 872375100 158 8,900 SH Sole 8,900
TEXAS INSTRUMENTS INC COM 882508104 195 6,000 SH Sole 6,000
THOMPSON CREEK METALS /CAD/ COM 884768102 64 10,000 SH WTS Sole 10,000
TIM PARTICIPACOES SA SPONS ADR PFD 88706P106 102 3,000 SH Sole 3,000
TORO CO COM 891092108 431 7,000 SH Sole 7,000
TRANSATLANTIC PETROLEUM LTD SHS G89982105 100 30,000 SH Sole 30,000
TRANSATLANTIC PETROLEUM LTD SHS G89982105 6660 2,000,000 SH Sole 2,000,000
TRAVELERS COS INC/THE COM 89417E113 167 3,000 SH Sole 3,000
UNDER ARMOUR INC CL A CL A 904311107 274 5,000 SH Sole 5,000
UNITED STATES STEEL CORP COM 912909108 216 3,700 SH Sole 3,700
UNITED STATES STEEL CORP COM 912909108 9639 165,000 SH Sole 165,000
URANIUM ENERGY CORP COM 916896103 268 44,400 SH Sole 44,400
URANIUM ENERGY CORP COM 916896103 2514 416,200 SH Sole 416,200
URANIUM ENERGY CORP COM 916896103 214 35,400 SH Sole 35,400
URBAN OUTFITTERS INC COM 917047102 179 5,000 SH Sole 5,000
VALEANT PHARMACEUTICALS INTERN COM 91911K102 554 19,589 SH Sole 19,589
VALERO ENERGY CORP COM 91913Y100 208 9,000 SH Sole 9,000
VALERO ENERGY CORP COM 91913Y100 9248 400,000 SH Sole 400,000
VANCEINFO TECHNOLOGIES INC ADR ADR 921564100 121 3,500 SH Sole 3,500
VANCEINFO TECHNOLOGIES INC ADR ADR 921564100 691 20,000 SH Sole 20,000
VANGUARD NATURAL RESOURCES LLC COM UNIT 92205F106 104 3,500 SH Sole 3,500
VANTAGE DRILL WTS EXP 5/24/11 *W EXP 05/24/201 G93205121 3 2,461,400 SH Sole 2,461,400
VENOCO INC COM 92275P307 10129 549,001 SH Sole 549,001
VENOCO INC COM 92275P307 387 20,999 SH Sole 20,999
VERISIGN INC COM 92343E106 212 6,500 SH Sole 6,500
VERIZON COMMUNICATIONS COM 92343V104 197 5,500 SH Sole 5,500
VITAMIN SHOPPE INC COM 92849E105 673 20,000 SH Sole 20,000
VIVO PARTICIPACOES SA ADR SPON ADR PFD NEW 92855S200 261 8,000 SH Sole 8,000
VIVO PARTICIPACOES SA ADR SPON ADR PFD NEW 92855S200 489 15,000 SH Sole 15,000
WABCO HOLDINGS INC COM 92927K102 396 6,500 SH Sole 6,500
WADDELL & REED FINL INC CL A CL A 930059100 635 18,000 SH Sole 18,000
WALTER ENERGY INC COM 93317Q105 256 2,000 SH Sole 2,000
WEATHERFORD INTL LTD COM H27013103 11400 500,000 SH Sole 500,000
WESTERN UNION CO COM 959802109 186 10,000 SH Sole 10,000
WEYERHAEUSER CO COM 962166104 189 10,000 SH Sole 10,000
WINDSTREAM CORP COM 97381W104 181 13,000 SH Sole 13,000
YAMANA GOLD INC COM 98462Y100 17280 1,350,000 SH Sole 1,350,000
YAMANA GOLD INC COM 98462Y100 6400 500,000 SH Sole 500,000
GRAND 1159403 66,987,670