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, 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 11/15/10
--------------------- -------------------- ---------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-_______ __________________________
[Repeat as necessary.]
Number of Other Included Managers 0
Form 13F Information Table Entry Total 357
Form 13F Information Table Total Value (x1000) 1,113,489
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
VALUE PRINCIPAL SH/ PUT/ INVESTMENT OTHER ----------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------------------- --------------- ----------- --------- --------- --- ---- ---------- -------- ---- --------- -------
3M COMPANY COM 88579Y101 260 3,000 SH Sole 3,000
51JOB INC SP ADR /USD/ SP ADR REP COM 316827104 562 15,000 SH Sole 15,000
ACERGY SA-ADR ADR 00443E104 8487 460,000 SH Sole 460,000
ADVANCED AUTO PARTS INC COM 00751Y106 528 9,000 SH Sole 9,000
AEGEAN MARINE PETROLEUM NETW COM Y0017S102 250 15,000 SH Sole 15,000
AEGEAN MARINE PETROLEUM NETW COM Y0017S102 333 20,000 SH Sole 20,000
AEROPOSTALE INC COM 007865108 279 12,000 SH Sole 12,000
AGNICO-EAGLE MINES LTD COM 008474108 11365 160,000 SH Sole 160,000
AGNICO-EAGLE MINES LTD COM 008474108 15257 214,800 SH Sole 214,800
AGNICO-EAGLE MINES LTD COM 008474108 213 3,000 SH Sole 3,000
AGNICO-EAGLE MINES LTD COM 008474108 249 3,500 SH Sole 3,500
AGNICO-EAGLE MINES LTD COM 008474108 426 6,000 SH Sole 6,000
AKAMAI TECHNOLOGIES COM 00971T101 502 10,000 SH Sole 10,000
ALEXION PHARMACEUTICALS INC COM 015351109 644 10,000 SH Sole 10,000
ALLIED NEVADA GOLD COM 019344100 1325 50,000 SH Sole 50,000
ALMADEN MINERALS LTD /CAD COM 020283107 284 100,000 SH Sole 100,000
ALPHA NATURAL RESOURCES INC COM 02076X102 6584 160,000 SH Sole 160,000
ALTERA CORP COM 021441100 694 23,000 SH Sole 23,000
ALTISOURCE PORT SOLUTIONS SA COM L0175J104 701 22,500 SH Sole 22,500
ALTRA HOLDINGS INC COM 02208R106 516 35,000 SH Sole 35,000
AMERICA MOVIL SAB DE CV SERIES L SPON ADR L SHS 02364W105 480 9,000 SH Sole 9,000
AMERICA MOVIL SAB DE CV SERIES L SPON ADR L SHS 02364W105 213 4,000 SH Sole 4,000
AMERICAN TOWER CORP CL A CL A 029912201 256 5,000 SH Sole 5,000
AMERICAN TOWER CORP CL A CL A 029912201 359 7,000 SH Sole 7,000
AMERICAN WATER WORKS CO INC COM 030420103 116 5,000 SH Sole 5,000
ANADARKO PETE CORP COM 032511107 20538 360,000 SH Sole 360,000
ANDERSONS INC COM 034164103 133 3,500 SH Sole 3,500
APACHE CORP COM 037411105 15153 155,000 SH Sole 155,000
APPLE INC COM 037833100 709 2,500 SH Sole 2,500
APPLE INC COM 037833100 851 3,000 SH Sole 3,000
AQUA AMERICA INC COM 03836W103 143 7,000 SH Sole 7,000
ARM HLDGS PLC SPON ADR 042068106 169 9,000 SH Sole 9,000
ARUBA NETWORKS INC COM 043176106 576 27,000 SH Sole 27,000
ASSURANT INC COM 04621X108 163 4,000 SH Sole 4,000
AT&T INC COM 00206R102 186 6,500 SH Sole 6,500
ATLAS ENERGY INC COM 049298102 12315 430,000 SH Sole 430,000
ATLAS ENERGY INC COM 049298102 8592 300,000 SH Sole 300,000
AUGUSTA RESOURCES CORP COM 050912203 2762 803,000 SH Sole 803,000
AUGUSTA RESOURCES CORP COM 050912203 2078 604,000 SH Sole 604,000
AUTONATION INC COM 05329W102 151 6,500 SH Sole 6,500
AUTOZONE INC COM 053332102 183 800 SH Sole 800
BABCOCK AND WILCOX CO COM 05615F102 4043 190,000 SH Sole 190,000
BABCOCK AND WILCOX CO COM 05615F102 213 10,000 SH Sole 10,000
BAIDU INC SPON ADR SPON ADR REP A 056752108 1847 18,000 SH Sole 18,000
BAIDU INC SPON ADR SPON ADR REP A 056752108 1026 10,000 SH Sole 10,000
BAIDU INC SPON ADR / SPON ADR REP A 056752108 359 3,500 SH Sole 3,500
BANCO SANTANDER CHILE ADR SP ADR REP COM 05965X109 97 1,000 SH Sole 1,000
BANK OF AMERICA CORP COM 060505104 66 5,000 SH Sole 5,000
BANK OF AMERICA CORP COM 060505104 590 45,000 SH Sole 45,000
BARRICK GOLD CORP COM COM 067901108 16146 348,800 SH Sole 348,800
BARRICK GOLD CORP COM COM 067901108 9147 197,600 SH Sole 197,600
BARRICK GOLD CORP COM COM 067901108 6555 141,600 SH Sole 141,600
BARRICK GOLD CORP COM COM 067901108 19020 400,000 SH CALL Sole 400,000
BARRICK GOLD CORP COM COM 067901108 28530 600,000 SH CALL Sole 600,000
BERKSHIRE HATHAWAY INC CLASS B CL B 084670702 703 8,500 SH Sole 8,500
BHP BILLITON LIMITED ADR SPONSORED ADR 088606108 15264 200,000 SH Sole 200,000
BIOGEN IDEC INC COM 09062X103 168 3,000 SH Sole 3,000
BREITBURN ENERGY PARTNERS LP COM UT LTD PTN 106776107 183 10,000 SH Sole 10,000
BRIGHAM EXPLORATION CO COM 109178103 1031 55,000 SH Sole 55,000
BRISTOL MYERS SQUIBB CO COM 110122108 163 6,000 SH Sole 6,000
BROADCOM CORP CL A CL A 111320107 531 15,000 SH Sole 15,000
CAMECO CORP COM 13321L108 166 6,000 SH Sole 6,000
CAMPBELL SOUP COM 134429109 179 5,000 SH Sole 5,000
CANADIAN NATURAL RESOURCES COM 136385101 23635 683,100 SH Sole 683,100
CANADIAN NATURAL RESOURCES COM 136385101 1713 49,500 SH Sole 49,500
CAPITAL GOLD CORP COM 14018Y205 242 50,000 SH Sole 50,000
CARBO CERAMICS INC COM 140781105 10935 135,000 SH Sole 135,000
CATERPILLAR INC COM 149123101 6294 80,000 SH Sole 80,000
CERNER CORP COM 156782104 252 3,000 SH Sole 3,000
CF INDUSTRIES HOLDINGS INC COM 125269100 191 2,000 SH Sole 2,000
CHEVRON CORP COM 166764100 162 2,000 SH Sole 2,000
CHINA AUTOMOTIVE SYS INC COM 16936R105 382 25,000 SH Sole 25,000
CHINA MOBILE LTD /HKD/ COM Y14965100 922 90,000 SH Sole 90,000
CHINA MOBILE LTD /HKD/ COM Y14965100 102 10,000 SH Sole 10,000
CHINA MOBILE LTD SPONSORED ADR SPONSORED ADR 16941M109 205 4,000 SH Sole 4,000
CHINA NEW BORUN CORP-ADR ADR 16890T105 522 45,000 SH Sole 45,000
CHINA VALVES TECHNOLOGY INC COM 169476207 116 15,000 SH Sole 15,000
CHINA WIND SYSTEMS INC COM 16945F209 44 10,000 SH Sole 10,000
CHINA WIND SYSTEMS INC COM 16945F209 22 5,000 SH Sole 5,000
CHIPOTLE MEXICAN GRILL INC COM 169656105 172 1,000 SH Sole 1,000
CHIPOTLE MEXICAN GRILL INC COM 169656105 860 5,000 SH Sole 5,000
CHUBB CORP COM 171232101 171 3,000 SH Sole 3,000
CIBT EDUCATION GROUP INC COM 17163Y102 241 451,632 SH Sole 451,632
CIMAREX ENERGY CO COM 171798101 8273 125,000 SH Sole 125,000
CINCINNATI FINANCIAL CORP COM 172062101 173 6,000 SH Sole 6,000
CITIGROUP INC COM 172967101 137 35,000 SH Sole 35,000
CITIGROUP INC COM 172967101 313 80,000 SH CALL Sole 80,000
CITRIX SYSTEMS INC COM 177376100 171 2,500 SH Sole 2,500
CLAUDE RESOURCES INC /CAD/ COM 182873109 5147 3,395,000 SH Sole 3,395,000
CLAUDE RESOURCES INC /CAD/ COM 182873109 3108 2,050,000 SH Sole 2,050,000
CLIFFS NATURAL RESOURCES INC COM 18683K101 6712 105,000 SH Sole 105,000
CNINSURE INC-ADR SPONSORED ADR 18976M103 351 15,000 SH Sole 15,000
CNINSURE INC-ADR SPONSORED ADR 18976M103 82 3,500 SH Sole 3,500
CNOOC LTD ADR SPONSORED ADR 126132109 583 3,000 SH Sole 3,000
COEUR D ALENE MINES CORP IDAHO COM 192108504 3586 180,000 SH Sole 180,000
COEUR D ALENE MINES CORP IDAHO COM 192108504 5378 270,000 SH Sole 270,000
COGNIZANT TECHNOLOGY
SOLUTIONSCORP CL A 192446102 754 11,700 SH Sole 11,700
COMPANHIA BRASILEIRA DE
DISTRIBUICAO ADR SPN ADR PFD CL A 20440T201 138 2,000 SH Sole 2,000
COMPANHIA DE BEBIDAS SPONS
ADR/REPS PFD SPN ADR PFD CL A 20441W203 619 5,000 SH Sole 5,000
COMPANHIA DE BEBIDAS SPONS
ADR/REPS PFD SPN ADR PFD CL A 20441W203 347 2,800 SH Sole 2,800
CONCHO RESOURCES INC COM 20605P101 265 4,000 SH Sole 4,000
CONCHO RESOURCES INC COM 20605P101 1059 16,000 SH Sole 16,000
CONCUR TECHNOLOGIES INC COM 206708109 124 2,500 SH Sole 2,500
CONOCOPHILLIPS COM 20825C104 172 3,000 SH Sole 3,000
CORE LABORATORIES N V COM N22717107 7924 90,000 SH Sole 90,000
CORE LABORATORIES N V COM N22717107 951 10,800 SH Sole 10,800
COSAN LTD CL A SHRS CL A G25343107 145 12,500 SH Sole 12,500
CP RAILWAY LIMITED COM 13645T100 305 5,000 SH Sole 5,000
CPFL ENERGIA SA SP ADR SPONSORED ADR 126153105 880 12,500 SH Sole 12,500
CPFL ENERGIA SA SP ADR SPONSORED ADR 126153105 84 1,200 SH Sole 1,200
CREDICORP LTD COM G2519Y108 114 1,000 SH Sole 1,000
CROWN CASTLE INTL CORP COM 228227104 331 7,500 SH Sole 7,500
CRYSTALLEX INTL CORP COM 22942F101 816 2,150,000 SH Sole 2,150,000
CRYSTALLEX INTL CORP COM 22942F101 87 230,000 SH Sole 230,000
CRYSTALLEX INTL CORP /CAD/ COM 22942F101 0 75,000 SH WTS Sole 75,000
CSX CORP COM 126408103 553 10,000 SH Sole 10,000
CTC MEDIA INC COM 12642X106 3291 150,000 SH Sole 150,000
CTRIP.COM INTERNATIONAL LTD AMERICAN DEP SHS 22943F100 478 10,000 SH Sole 10,000
DIRECTV CLASS A CL A 25490A101 333 8,000 SH Sole 8,000
DIRECTV CLASS A CL A 25490A101 729 17,500 SH Sole 17,500
DOLLAR TREE INC COM 256746108 622 12,750 SH Sole 12,750
DRDGOLD LTD SPONSORED ADR SPON ADR NEW 26152H301 2606 502,155 SH Sole 502,155
DRDGOLD LTD SPONSORED ADR SPON ADR NEW 26152H301 521 100,400 SH Sole 100,400
DU PONT /E I/ DE NEMOURS & CO COM 263534109 178 4,000 SH Sole 4,000
DUKE ENERGY CORP COM 26441C105 159 9,000 SH Sole 9,000
DUN & BRADSTREET CORP COM 26483E100 171 2,300 SH Sole 2,300
EASTMAN CHEMICAL CO COM 277432100 185 2,500 SH Sole 2,500
EBIX INC COM 278715206 586 25,000 SH Sole 25,000
ECOPETROL SA SPONSORED ADS 279158109 104 2,500 SH Sole 2,500
EL PASO PIPELINE PARTNERS L P
COM UNIT LPI COM UNIT LPI 283702108 321 10,000 SH Sole 10,000
EL PASO PIPELINE PARTNERS L P
COM UNIT LPI COM UNIT LPI 283702108 449 14,000 SH Sole 14,000
ELDORADO GOLD CORP COM 284902103 6934 375,000 SH Sole 375,000
ELDORADO GOLD CORP COM 284902103 2234 120,800 SH Sole 120,800
ELDORADO GOLD CORP COM 284902103 222 12,000 SH Sole 12,000
ELDORADO GOLD CORP COM 284902103 4608 249,200 SH Sole 249,200
ELDORADO GOLD CORP COM 284902103 277 15,000 SH Sole 15,000
ELDORADO GOLD CORP COM 284902103 462 25,000 SH Sole 25,000
ELDORADO GOLD CORP COM 284902103 111 6,000 SH Sole 6,000
ELDORADO GOLD CORP COM 284902103 4220 228,325 SH Sole 228,325
ELDORADO GOLD CORP /CAD/ COM 284902103 160 8,437 SH Sole 8,437
EMPRESA NACIONAL DE ELECTRICIDAD
CHILE SPONSORED ADR 29244T101 162 3,000 SH Sole 3,000
ENERGY SELECT SECTOR SPDR
FUNDETF SBI INT-ENERGY 81369Y506 168 3,000 SH Sole 3,000
ENERSIS S.A. SPONSORED ADR SPONSORED ADR 29274F104 165 7,000 SH Sole 7,000
ENSCO PLC COM 29358Q109 8275 185,000 SH Sole 185,000
ENTREE GOLD INC /CAD/ COM 29383G100 2186 755,000 SH Sole 755,000
ENTROPIC COMMUNICATIONS INC COM 29384R105 192 20,000 SH Sole 20,000
ETFS PLATINUM TRUST ETF SH BEN INT 26922V101 6600 40,000 SH Sole 40,000
ETFS PLATINUM TRUST ETF SH BEN INT 26922V101 924 5,600 SH Sole 5,600
ETFS PLATINUM TRUST ETF SH BEN INT 26922V101 1386 8,400 SH Sole 8,400
EXELON CORPORATION COM 30161N101 149 3,500 SH Sole 3,500
F5 NETWORKS INC COM 315616102 363 3,500 SH Sole 3,500
FAMILY DOLLAR STORES INC COM 307000109 155 3,500 SH Sole 3,500
FERRO CORP COM 315405100 161 12,500 SH Sole 12,500
FIRSTENERGY CORP COM 337932107 385 10,000 SH Sole 10,000
FLOWSERVE CORPORATION COM 34354P105 9301 85,000 SH Sole 85,000
FRANKLIN RESOURCES INC COM 354613101 160 1,500 SH Sole 1,500
FREEPORT-MCMORAN COPPER
& GOLDINC COM 35671D857 9393 110,000 SH Sole 110,000
FREEPORT-MCMORAN COPPER
& GOLDINC COM 35671D857 427 5,000 SH Sole 5,000
FREEPORT-MCMORAN COPPER
& GOLDINC COM 35671D857 137 1,600 SH Sole 1,600
FREEPORT-MCMORAN COPPER
& GOLDINC COM 35671D857 299 3,500 SH Sole 3,500
FREEPORT-MCMORAN COPPER
& GOLDINC COM 35671D857 102 1,200 SH Sole 1,200
FREEPORT-MCMORAN COPPER
& GOLDINC COM 35671D857 12809 150,000 SH PUT Sole 150,000
FRONTIER COMMUNICATIONS CORP COM 35906A108 174 21,320 SH Sole 21,320
GAMMON GOLD INC COM 36467T106 7010 1,000,000 SH Sole 1,000,000
GLOBAL X INTERBOLSA FTSE
COLOMBIA 20 ETF BOLSA FTSE ETF 3795E204 35 800 SH Sole 800
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 6590 1,304,041 SH Sole 1,304,041
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 4897 968,984 SH Sole 968,984
GOLDCORP INC CW11 /CAD/ *W EXP 06/09/201 380956177 18124 3,586,402 SH Sole 3,586,402
GOLDEN STAR RES LTD COM 38119T104 494 100,000 SH Sole 100,000
GRAN TIERRA ENERGY INC COM 38500T101 5423 702,500 SH Sole 702,500
GREAT BASIN GOLD LTD /CAD/ COM 390124105 1215 500,000 SH Sole 500,000
GREAT BASIN GOLD LTD /CAD/ COM 390124105 4069 1,675,000 SH Sole 1,675,000
GRUPO AEROPORTUARIO DEL SURESTE
SAB DE CV SPON ADR 40051E206 760 16,000 SH Sole 16,000
GRUPO TELEVISA SA DE SP ADR REP ORD 40049J206 142 7,500 SH Sole 7,500
HARBINGER GROUP COM 41146A106 28 5,000 SH Sole 5,000
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 2258 200,000 SH Sole 200,000
HERBALIFE LTD COM G4412G101 754 12,500 SH Sole 12,500
HOME INNS AND HOTELS MANAGEMENT SPON ADR 43713W107 396 8,000 SH Sole 8,000
HUNT J B TRANS SVCS INC COM 445658107 312 9,000 SH Sole 9,000
HUNT J B TRANS SVCS INC COM 445658107 416 12,000 SH Sole 12,000
I SHARES IBOXX H/Y CORP BOND ETF POOLED
INVESTMENTS 464288513 135 1,500 SH Sole 1,500
IAMGOLD CORPORATION COM 450913108 2952 166,700 SH Sole 166,700
IAMGOLD CORPORATION COM 450913108 4203 237,300 SH Sole 237,300
INTEGRYS ENERGY GROUP INC COM 45822P105 208 4,000 SH Sole 4,000
INTEL CORP COM 458140100 721 37,500 SH Sole 37,500
INTERCONTINENTALEXCHANGE INC COM 45865V100 6807 65,000 SH Sole 65,000
INTERCONTINENTALEXCHANGE INC COM 45865V100 419 4,000 SH Sole 4,000
INTUIT INC COM 461202103 263 6,000 SH Sole 6,000
ISHARES MSCI ALL PERU CAPPED
INDEX FUND ETF MSCI PERU CAP 464289842 38 900 SH Sole 900
ISHARES MSCI CHILE INVESTABLE_
MARKET INDEX MSCI CHILE INVES 464286640 37 500 SH Sole 500
ISHARES MSCI SINGAPORE FREE ETF MSCI SINGAPORE 464286673 32 2,400 SH Sole 2,400
ISHARES MSCI THAILAND INDEX FUND
ETF ISHARES INC
MSCI THAILAND 464286624 124 2,000 SH Sole 2,000
ISHARES MSCI THAILAND INDEX FUND
ETF ISHARES INC
MSCI THAILAND 464286624 37 600 SH Sole 600
ISHARES MSCI TURKEY INDEX
FUNDETF MSCI TURKEY FD 464286715 35 500 SH Sole 500
IVANHOE ENERGY INC /CAD/ COM 465790103 2128 1,000,000 SH Sole 1,000,000
IVANHOE ENERGY INC /CAD/ COM 465790103 41 18,750 SH Sole 18,750
IVANHOE ENERGY INC /CAD/ COM 465790103 25 50,000 SH WTS Sole 50,000
IVANHOE MINES LTD /CAD/ COM 46579N103 11730 500,000 SH Sole 500,000
IVANHOE MINES LTD /CAD/ COM 46579N103 241 10,000 SH Sole 10,000
JAGUAR MINING INC COM 47009M103 1625 250,000 SH Sole 250,000
JPMORGAN CHASE & COMPANY COM 46625H100 457 12,000 SH Sole 12,000
KINROSS GOLD CORP COM 496902404 8456 450,000 SH Sole 450,000
KINROSS GOLD CORP COM 496902404 6965 370,650 SH Sole 370,650
KINROSS GOLD CORP COM 496902404 3765 200,350 SH Sole 200,350
KINROSS GOLD CORP /CAD/ COM 496902404 0 1 SH Sole 1
KINROSS GOLD CORP /CAD/ COM 496902404 15290 815,213 SH Sole 815,213
KINROSS GOLD CORP /CAD/ COM 496902404 36083 1,923,796 SH Sole 1,923,796
KINROSS GOLD CORP /CAD/ COM 496902404 283 15,113 SH Sole 15,113
KRATON PERFORMANCE POLYMERS COM 50077C106 272 10,000 SH Sole 10,000
LAS VEGAS SANDS CORP COM 517834107 349 10,000 SH Sole 10,000
LEGGETT & PLATT INC COM 524660107 137 6,000 SH Sole 6,000
LEXMARK INTERNATIONAL INC
CLASS A CL A 529771107 89 2,000 SH Sole 2,000
LINCOLN NATL CORP IND COM 534187109 239 10,000 SH Sole 10,000
MADDEN STEVEN LTD COM 556269108 739 18,000 SH Sole 18,000
MAG SILVER CORPORATION /CAD/ COM 55903Q104 4000 525,000 SH Sole 525,000
MAG SILVER CORPORATION /CAD/ COM 55903Q104 119 15,200 SH Sole 15,200
MARATHON OIL CORP COM 565849106 132 4,000 SH Sole 4,000
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 20230 361,700 SH PUT Sole 361,700
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 55276 988,300 SH PUT Sole 988,300
MARKET VECTORS ETF TR JR GOLD MINERS E 57060U589 13360 400,000 SH PUT Sole 400,000
MARKET VECTORS ETF TR JR GOLD MINERS E 57060U589 36740 1,100,000 SH PUT Sole 1,100,000
MARKET VECTORS INDONESIA INDEX
ETF INDONESIA ETF 57060U753 30 350 SH Sole 350
MARKET VECTORS RUSSIA ETF RUSSIA ETF 57060U506 3253 100,000 SH CALL Sole 100,000
MARKET VECTORS VIETNAM ETF VIETNAM ETF 57060U761 32 1,300 SH Sole 1,300
MC DONALDS CORP COM 580135101 149 2,000 SH Sole 2,000
MCDERMOTT INTL INC COM 580037109 296 20,000 SH Sole 20,000
MECHEL OAO PREFERRED SPON ADR PFD 583840509 1235 150,000 SH Sole 150,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 17430 700,000 SH Sole 700,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 249 10,000 SH Sole 10,000
MECHEL STEEL GROUP OAO SPONSORED ADR 583840103 125 5,000 SH Sole 5,000
MEDICIS PHARMACEUTICAL CORP CL A CL A 584690309 297 10,000 SH Sole 10,000
MEDICIS PHARMACEUTICAL CORP CL A CL A 584690309 474 16,000 SH Sole 16,000
MERCADOLIBRE INC COM 58733R102 505 7,000 SH Sole 7,000
MERCADOLIBRE INC COM 58733R102 195 2,700 SH Sole 2,700
MESABI TR CTF BEN INT CTF BEN INT 590672101 163 4,500 SH Sole 4,500
MINES MANAGEMENT INC COM 603432105 1726 784,500 SH Sole 784,500
MINES MANAGEMENT INC /CAD COM 603432105 92 40,900 SH Sole 40,900
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 9607 452,500 SH Sole 452,500
MSCI INC-A COM 55354G100 465 14,000 SH Sole 14,000
NATIONAL BANK OF GREECE SPONSORED ADR 633643408 2270 1,000,000 SH Sole 1,000,000
NATIONAL BANK OF GREECE SPONSORED ADR 633643408 114 50,000 SH Sole 50,000
NATIONAL OILWELL VARCO INC COM 637071101 356 8,000 SH Sole 8,000
NEOGEN CORP COM COM 640491106 203 6,000 SH Sole 6,000
NETAPP INC COM 64110D104 498 10,000 SH Sole 10,000
NEW GOLD INC COM 644535106 577 85,700 SH Sole 85,700
NEW GOLD INC COM 644535106 48 7,100 SH Sole 7,100
NEW GOLD INC /CAD/ COM 644535106 370 55,200 SH Sole 55,200
NEW GOLD INC /CAD/ COM 644535106 68 28,500 SH WTS Sole 28,500
NEW GOLD INC /CAD/ COM 644535106 144 59,950 SH WTS Sole 59,950
NEW GOLD INC /CAD/ COM 644535106 3 5,750 SH WTS Sole 5,750
NEW ORIENTAL EDUCATIO-SP /ADR/ SPON ADR 647581107 488 5,000 SH Sole 5,000
NEW ORIENTAL EDUCATIO-SP /ADR/ SPON ADR 647581107 68 700 SH Sole 700
NEWFIELD EXPLORATION CO COM 651290108 517 9,000 SH Sole 9,000
NEWMONT MINING CORP COM 651639106 11475 182,700 SH Sole 182,700
NEWMONT MINING CORP COM 651639106 10182 162,100 SH Sole 162,100
NEWMONT MINING CORP COM 651639106 5980 95,200 SH Sole 95,200
NEXTERA ENERGY INC COM 65339F101 381 7,000 SH Sole 7,000
NOBLE ENERGY INC COM 655044105 13892 185,000 SH Sole 185,000
NORTH AMERN PALLADIUM LTD COM 656912102 1440 347,800 SH Sole 347,800
NORTH AMERN PALLADIUM LTD COM 656912102 4114 993,700 SH Sole 993,700
NOVAGOLD RESOURCES INC COM 66987E210 3933 450,000 SH Sole 450,000
NOVAGOLD RESOURCES INC COM 66987E210 4020 460,000 SH Sole 460,000
NUSTAR ENERGY LP UNIT COM 67058H102 617 10,000 SH Sole 10,000
NVIDIA CORP COM 67066G104 35 3,000 SH CALL Sole 3,000
OCCIDENTAL PETROLEUM COM 674599105 23099 295,000 SH Sole 295,000
OCEANEERING INTNATL INC COM 675232102 7271 135,000 SH Sole 135,000
OIL SERVICES HOLDRS TRUST DEPOSTRY RCPT 678002106 396 3,500 SH Sole 3,500
OIL STATES INTERNATIONAL INC COM 678026105 6983 150,000 SH Sole 150,000
OMEGA HEALTHCARE INVS INC REIT COM 681936100 146 6,500 SH Sole 6,500
PACIFIC RIM MINING CORP COM 694915208 900 4,738,813 SH Sole 4,738,813
PACIFIC RIM MINING CORP /CAD/ COM 694915208 135 661,900 SH Sole 661,900
PANTRY INC COM 698657103 289 12,000 SH Sole 12,000
PETROCHINA CO LTD ADR COM 71646E104 407 3,500 SH Sole 3,500
PETROCHINA CO LTD ADR COM 71646E104 105 900 SH Sole 900
PFIZER INC COM 717081103 206 12,000 SH Sole 12,000
PHILIP MORRIS INTERNATIONAL COM 718172109 168 3,000 SH Sole 3,000
PHILIPPINE LONG DISTANCE SPONSORED ADR 718252604 299 5,000 SH Sole 5,000
PHILIPPINE LONG DISTANCE SPONSORED ADR 718252604 60 1,000 SH Sole 1,000
PIONEER NATURAL RESOURCES CO COM 723787107 12031 185,000 SH Sole 185,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 4684 2,000,000 SH Sole 2,000,000
PLATINUM GROUP METALS /CAD/ COM 72765Q205 106 44,000 SH Sole 44,000
PLATINUM UNDERWRITERS HLDG COM G7127P100 218 5,000 SH Sole 5,000
PLUM CREEK TIMBER CO INC REIT COM 729251108 4288 121,485 SH Sole 121,485
POWERSHARES INDIA PORTFOLIO
TRUST ETF INDIA PORT 73935L100 33 1,300 SH Sole 1,300
PRICESMART INC COM 741511109 102 3,500 SH Sole 3,500
RACKSPACE HOSTING INC COM 750086100 351 13,500 SH Sole 13,500
RACKSPACE HOSTING INC COM 750086100 779 30,000 SH Sole 30,000
RANDGOLD RESOURCES LTD ADR COMMON STOCK 752344309 22829 225,000 SH Sole 225,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 24949 245,900 SH Sole 245,900
RANDGOLD RESOURCES LTD ADR ADR 752344309 63382 624,700 SH Sole 624,700
RANDGOLD RESOURCES LTD ADR ADR 752344309 203 2,000 SH Sole 2,000
RANDGOLD RESOURCES LTD ADR ADR 752344309 1228 12,100 SH Sole 12,100
RANDGOLD RESOURCES LTD ADR ADR 752344309 507 5,000 SH Sole 5,000
RAYTHEON COMPANY COM 755111507 137 3,000 SH Sole 3,000
RED HAT INC COM 756577102 369 9,000 SH Sole 9,000
REPUBLIC SERVICES INC_COM COM 760759100 137 4,500 SH Sole 4,500
REYNOLDS AMERICAN INC COM 761713106 178 3,000 SH Sole 3,000
RICHMONT MINES INC COM COM 76547T106 3321 659,000 SH Sole 659,000
RIO TINTO PLC SPONSORED ADR 1 SPONSORED ADR 767204100 11746 200,000 SH Sole 200,000
RIVERBED TECHNOLOGY INC COM 768573107 684 15,000 SH Sole 15,000
ROBBINS & MYERS INC COM 770196103 8886 331,800 SH Sole 331,800
ROYAL GOLD INC COM 780287108 4984 100,000 SH Sole 100,000
RUBICON MINERALS CORP /CAD/ COM 780911103 14014 3,409,200 SH Sole 3,409,200
RUBICON MINERALS CORP /CAD/ COM 780911103 190 45,000 SH Sole 45,000
RYDER SYSTEM INC COM 783549108 171 4,000 SH Sole 4,000
SHERWIN WILLIAMS COM 824348106 150 2,000 SH Sole 2,000
SILVER WHEATON CORP COM COM 828336107 2665 100,000 SH Sole 100,000
SILVER WHEATON CORP COM /CAD/ COM 828336107 63 4,971 SH WTS Sole 4,971
SILVERCORP METALS INC /CAD/ COM 82835P103 6002 730,000 SH Sole 730,000
SILVERCORP METALS INC /CAD/ COM 82835P103 10725 1,304,500 SH Sole 1,304,500
SILVERCORP METALS INC /CAD/ COM 82835P103 440 53,500 SH Sole 53,500
SINA CORPORATION COM G81477104 506 10,000 SH Sole 10,000
SKYWORKS SOLUTIONS INC COM 83088M102 310 15,000 SH Sole 15,000
SMART TECHNOLGIES INC - A COM 83172R108 271 20,000 SH Sole 20,000
SOLITARIO EXPLORATION &
ROYALTY /CAD/ COM 8342EP107 2084 944,522 SH Sole 944,522
SOUTHWESTERN ENERGY CO COM 845467109 12206 365,000 SH Sole 365,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 10233 80,000 SH Sole 80,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 9043 70,700 SH Sole 70,700
SPDR GOLD TRUST ETF GOLD SHS 78463V107 15093 118,000 SH Sole 118,000
SPDR GOLD TRUST ETF GOLD SHS 78463V107 512 4,000 SH Sole 4,000
SPDR SERIES TRUST BRCLYS YLD ETF BRCLYS YLD ETF 78464A417 160 4,000 SH Sole 4,000
SPROTT PHYSICAL GOLD TRUST ETF UNIT 85207H104 2326 203,000 SH Sole 203,000
SPROTT PHYSICAL GOLD TRUST ETF UNIT 85207H104 4779 417,000 SH Sole 417,000
TECO ENERGY INC COM 872375100 156 9,000 SH Sole 9,000
TELEKOMUNIKASI IND SPON ADR SPONSORED ADR 715684106 826 20,000 SH Sole 20,000
TELEKOMUNIKASI IND SPON ADR SPONSORED ADR 715684106 206 5,000 SH Sole 5,000
TELEKOMUNIKASI IND SPON ADR SPONSORED ADR 715684106 206 5,000 SH Sole 5,000
THOMPSON CREEK METALS /CAD/ COM 884768102 36 10,000 SH WTS Sole 10,000
TIM PARTICIPACOES SA-ADR SPONS ADR PFD 88706P106 165 5,000 SH Sole 5,000
TJX COS INC /NEW/ COM 872540109 513 11,500 SH Sole 11,500
TRANSOCEAN LTD COM H8817H100 129 2,000 SH CALL Sole 2,000
TRAVELERS COS INC/THE COM 89417E109 156 3,000 SH Sole 3,000
URANIUM ENERGY CORP COM 916896103 1365 416,200 SH Sole 416,200
URANIUM ENERGY CORP COM 916896103 146 44,400 SH Sole 44,400
URANIUM ENERGY CORP COM 916896103 116 35,400 SH Sole 35,400
URS CORP COM 903236107 190 5,000 SH Sole 5,000
USANA HEALTH SCIENCES INC COM 90328M107 202 5,000 SH Sole 5,000
VALEANT PHARMACEUTICALS INTERN COM 91911K102 491 19,589 SH Sole 19,589
VANCEINFO TECHNOLOGIES INC ADR ADR 921564100 647 20,000 SH Sole 20,000
VANCEINFO TECHNOLOGIES INC ADR ADR 921564100 113 3,500 SH Sole 3,500
VANGUARD NATURAL RESOURCES COM UNIT 92205F106 89 3,500 SH Sole 3,500
VANTAGE DRILL WTS EXP 5/24/11 *W EXP 05/24/201 G93205121 50 2,461,400 SH Sole 2,461,400
VERISIGN INC COM 92343E106 206 6,500 SH Sole 6,500
VERIZON COMMUNICATIONS COM 92343V104 179 5,500 SH Sole 5,500
VIMPELCOM LTD SPONSORED ADR SPONSORED ADR 92719A106 5393 363,157 SH Sole 363,157
VITAMIN SHOPPE INC COM 92849E105 480 17,500 SH Sole 17,500
VIVO PARTICIPACOES SA -ADR SPON ADR PFD NEW 92855S200 272 10,000 SH Sole 10,000
VIVO PARTICIPACOES SA -ADR SPON ADR PFD NEW 92855S200 163 6,000 SH Sole 6,000
VMWARE INC-CLASS A COMMON STOCK 928563402 297 3,500 SH Sole 3,500
WADDELL & REED FINL INC CL A CL A 930059100 547 20,000 SH Sole 20,000
WESTERN UNION CO COM 959802109 177 10,000 SH Sole 10,000
WINDSTREAM CORP COM 97381W104 160 13,000 SH Sole 13,000
WORLD ACCEP CORP S C COM 981419104 773 17,500 SH Sole 17,500
XL GROUP PLC COM G98290102 195 9,000 SH Sole 9,000
YAMANA GOLD COM 98462Y100 4692 400,000 SH CALL Sole 400,000
YAMANA GOLD COM 98462Y100 7038 600,000 SH CALL Sole 600,000
ZHONGPIN INC COM 98952K107 244 15,000 SH Sole 15,000
GRAND 1,113,489 69,911,606