UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2012
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: 028-02220
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 05/15/2012
------------------------ ------------------------ ------------------------
[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:
FORM 13F
SUMMARY PAGE
Report Summary:
Form 13F Information Table Entry Total: 362
Form 13F Information Table Value Total: 1,204,484
(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.
NONE
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------- -------------- --------- -------- ---------------------------- ---------- -------- ------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER ------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- ------- -----
* ACCENTURE PLC IRELAND
SHS CLASS A SHS CLASS A G1151C101 194 3,000 SH Sole 3,000
* ACCENTURE PLC IRELAND
SHS CLASS A SHS CLASS A G1151C101 452 7,000 SH Sole 7,000
* AES CORP COM COM 00130H105 314 24,000 SH Sole 24,000
* AETNA INC NEW COM COM 00817Y108 201 4,000 SH Sole 4,000
* AGILENT TECHNOLOGIES
INC COM COM 00846U101 223 5,000 SH Sole 5,000
* AGILENT TECHNOLOGIES
INC COM COM 00846U101 668 15,000 SH Sole 15,000
* AGNICO EAGLE MINES
LTD COM COM 008474108 5,007 150,000 SH Sole 150,000
* AGNICO EAGLE MINES
LTD COM COM 008474108 11,683 350,000 SH Sole 350,000
* AGNICO EAGLE MINES
LTD COM COM 008474108 5,007 150,000 SH CALL Sole 150,000
* AGNICO EAGLE MINES
LTD COM COM 008474108 11,683 350,000 SH CALL Sole 350,000
* AGNICO EAGLE MINES
LTD COM COM 008474108 1,779 53,300 SH CALL Sole 53,300
* AGNICO EAGLE MINES
LTD COM COM 008474108 3,562 106,700 SH CALL Sole 106,700
* AIRGAS INC COM COM 009363102 187 2,100 SH Sole 2,100
* AKORN INC COM COM 009728106 527 45,000 SH Sole 45,000
* ALASKA AIR GROUP INC
COM COM 011659109 330 9,200 SH Sole 9,200
ALERIAN MLP ETF ALERIAN MLP 00162Q866 50 3,000 SH Sole 3,000
* ALEXCO RESOURCE CORP
COM COM 01535P106 1,187 170,000 SH Sole 170,000
* ALEXCO RESOURCE CORP
COM COM 01535P106 2,108 302,000 SH Sole 302,000
* ALLIED NEVADA GOLD
CORP COM COM 019344100 1,952 60,000 SH Sole 60,000
* ALLIED NEVADA GOLD
CORP COM COM 019344100 1,952 60,000 SH CALL Sole 60,000
* ALMADEN MINERALS LTD
COM COM 020283107 1,461 565,000 SH Sole 565,000
* AMERICAN ELEC PWR INC
COM COM 025537101 177 4,600 SH Sole 4,600
* AMERICAN TOWER CORP
NEW COM ADDED COM 03027X100 189 3,000 SH Sole 3,000
* AMGEN INC COM COM 031162100 177 2,600 SH Sole 2,600
* AMTRUST FINANCIAL
SERVICES I COM COM 032359309 269 10,000 SH Sole 10,000
* ANADARKO PETE CORP
COM COM 032511107 12,472 159,200 SH Sole 159,200
* ANGLOGOLD ASHANTI
LTD SPONSORED ADR SPONSORED ADR 035128206 3,138 85,000 SH Sole 85,000
* ANGLOGOLD ASHANTI
LTD SPONSORED ADR SPONSORED ADR 035128206 1,846 50,000 SH Sole 50,000
* ANGLOGOLD ASHANTI
LTD SPONSORED ADR SPONSORED ADR 035128206 3,877 105,000 SH CALL Sole 105,000
* ASML HOLDING N V NY
REG SHS NY REG SHS N07059186 201 4,000 SH Sole 4,000
* ASML HOLDING N V NY
REG SHS NY REG SHS N07059186 1,003 20,000 SH Sole 20,000
* ASSURANT INC COM COM 04621X108 203 5,000 SH Sole 5,000
* AT&T INC COM COM 00206R102 203 6,500 SH Sole 6,500
* AT&T INC COM COM 00206R102 312 10,000 SH Sole 10,000
* ATLAS ENERGY LP COM
UNITS LP COM UNITS LP 04930A104 363 11,000 SH Sole 11,000
* AURICO GOLD INC COM COM 05155C105 5,145 580,000 SH Sole 580,000
* AURICO GOLD INC COM COM 05155C105 2,794 315,000 SH Sole 315,000
* AURIZON MINES LTD COM COM 05155P106 968 200,000 SH Sole 200,000
AVON PRODUCTS INC COM COM 054303102 48 2,500 SH Sole 2,500
* BAIDU INC SPON ADR REP
A SPON ADR REP A 056752108 384 2,636 SH Sole 2,636
* BARRICK GOLD CORP
COM COM 067901108 5,196 119,500 SH Sole 119,500
* BARRICK GOLD CORP
COM COM 067901108 3,435 79,000 SH Sole 79,000
BAYTEX ENERGY CORP
COM COM 07317Q105 52 1,000 SH Sole 1,000
BCE INC COM COM 05534B760 80 2,000 SH Sole 2,000
* BEMIS INC COM COM 081437105 184 5,700 SH Sole 5,700
* BEST BUY INC COM COM 086516101 168 7,100 SH Sole 7,100
* BIG LOTS INC COM COM 089302103 172 4,000 SH Sole 4,000
* BODY CENT CORP COM COM 09689U102 1,451 50,000 SH Sole 50,000
* BP PLC SPONSORED ADR SPONSORED ADR 055622104 13,050 290,000 SH Sole 290,000
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 63 500 SH Sole 500
* BRF-BRASIL FOODS S A
SPONSORED ADR SPONSORED ADR 10552T107 9,005 450,000 SH Sole 450,000
* BUNGE LIMITED COM COM G16962105 14,509 212,000 SH Sole 212,000
* CADENCE DESIGN
SYSTEM INC COM COM 127387108 710 60,000 SH Sole 60,000
* CARDTRONICS INC COM COM 14161H108 656 25,000 SH Sole 25,000
* CASCADE CORP COM COM 147195101 301 6,000 SH Sole 6,000
* CELGENE CORP COM COM 151020104 388 5,000 SH Sole 5,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------- -------------- --------- -------- ---------------------------- ---------- -------- --------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER --------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- -----
* CELGENE CORP COM COM 151020104 775 10,000 SH Sole 10,000
* CENOVUS ENERGY
INC COM COM 15135U109 12,399 345,000 SH Sole 345,000
* CF INDS HLDGS INC
COM COM 125269100 11,507 63,000 SH Sole 63,000
* CF INDS HLDGS INC
COM COM 125269100 274 1,500 SH Sole 1,500
* CF INDS HLDGS INC
COM COM 125269100 548 3,000 SH Sole 3,000
* CHART INDS INC COM PAR
COM PAR $0.01 $0.01 16115Q308 330 4,500 SH Sole 4,500
* CHART INDS INC COM PAR
COM PAR $0.01 $0.01 16115Q308 367 5,000 SH Sole 5,000
* CHICAGO BRIDGE &
IRON CO N V N Y N Y
REGISTRY SH REGISTRY SH 167250109 302 7,000 SH Sole 7,000
* CHICAGO BRIDGE &
IRON CO N V N Y N Y
REGISTRY SH REGISTRY SH 167250109 648 15,000 SH Sole 15,000
* CHINA DIGITAL TV
HLDG CO LTD SPONSORED
SPONSORED ADR ADR 16938G107 85 24,500 SH Sole 24,500
* CHINA PETE &
CHEM CORP SPON SPON ADR H
ADR H SHS SHS 16941R108 319 2,933 SH Sole 2,933
* CHUBB CORP COM COM 171232101 166 2,400 SH Sole 2,400
* CINTAS CORP COM COM 172908105 176 4,500 SH Sole 4,500
* CLICKSOFTWARE
TECHNOLOGIES L
ORD ORD M25082104 507 40,000 SH Sole 40,000
* CLIFFS NATURAL
RESOURCES INC
COM COM 18683K101 12,121 175,000 SH Sole 175,000
* CNOOC LTD SPONSORED
SPONSORED ADR ADR 126132109 511 2,500 SH Sole 2,500
* COCA COLA CO COM COM 191216100 207 2,800 SH Sole 2,800
* COEUR D ALENE
MINES CORP IDA
COM NEW COM NEW 192108504 11,229 473,000 SH Sole 473,000
* COEUR D ALENE
MINES CORP IDA
COM NEW COM NEW 192108504 4,095 172,500 SH Sole 172,500
* COEUR D ALENE
MINES CORP IDA
COM NEW COM NEW 192108504 8,309 350,000 SH Sole 350,000
* COMPANIA DE
MINAS
BUENAVENTU SPONSORED
SPONSORED ADR ADR 204448104 4,031 100,000 SH Sole 100,000
* COMPASS
MINERALS INTL INC
COM COM 20451N101 12,626 176,000 SH Sole 176,000
* CONAGRA FOODS
INC COM COM 205887102 176 6,700 SH Sole 6,700
* CONOCOPHILLIPS
COM COM 20825C104 190 2,500 SH Sole 2,500
* CORE
LABORATORIES N V
COM COM N22717107 1,316 10,000 SH Sole 10,000
* D R HORTON INC
COM COM 23331A109 152 10,000 SH Sole 10,000
* D R HORTON INC
COM COM 23331A109 303 20,000 SH Sole 20,000
* D R HORTON INC
COM COM 23331A109 334 22,000 SH Sole 22,000
* DENBURY RES INC
COM NEW COM NEW 247916208 182 10,000 SH Sole 10,000
* DEVON ENERGY
CORP NEW COM COM 25179M103 156 2,200 SH Sole 2,200
* DIAMOND
OFFSHORE
DRILLING IN COM COM 25271C102 167 2,500 SH Sole 2,500
DIAMOND OFFSHORE
DRILLING IN COM COM 25271C102 67 1,000 SH Sole 1,000
* DIRECTV COM CL A COM CL A 25490A101 183 3,700 SH Sole 3,700
* DONNELLEY R R &
SONS CO COM COM 257867101 173 14,000 SH Sole 14,000
* DOW CHEM CO COM COM 260543103 173 5,000 SH Sole 5,000
* DUNKIN BRANDS
GROUP INC COM COM 265504100 602 20,000 SH Sole 20,000
* EASTMAN CHEM CO
COM COM 277432100 165 3,200 SH Sole 3,200
* ELDORADO GOLD
CORP NEW COM COM 284902103 2,061 150,000 SH Sole 150,000
* ELDORADO GOLD
CORP NEW COM COM 284902103 3,435 250,000 SH Sole 250,000
* EMERSON ELEC CO
COM COM 291011104 183 3,500 SH Sole 3,500
* ENSCO PLC SPONSORED
SPONSORED ADR ADR 29358Q109 12,439 235,000 SH Sole 235,000
* ENTERGY CORP
NEW COM COM 29364G103 181 2,700 SH Sole 2,700
ENTERGY CORP NEW
COM COM 29364G103 50 750 SH Sole 750
* ENTERPRISE PRODS
PARTNERS L COM COM 293792107 13,223 262,000 SH Sole 262,000
* ENTERPRISE PRODS
PARTNERS L COM COM 293792107 318 6,300 SH Sole 6,300
* ENTREE GOLD INC
COM COM 29383G100 3,684 2,940,000 SH Sole 2,940,000
* EQT CORP COM COM 26884L109 12,212 253,300 SH Sole 253,300
* EXELON CORP COM COM 30161N101 149 3,800 SH Sole 3,800
* EXELON CORP COM COM 30161N101 302 7,700 SH Sole 7,700
* EXTORRE GOLD
MINES LTD COM COM 30227B109 2,749 457,000 SH Sole 457,000
* EXXON MOBIL CORP
COM COM 30231G102 191 2,200 SH Sole 2,200
* F5 NETWORKS INC
COM COM 315616102 337 2,500 SH Sole 2,500
* F5 NETWORKS INC
COM COM 315616102 675 5,000 SH Sole 5,000
* FIRST MAJESTIC
SILVER CORP COM COM 32076V103 10,412 628,000 SH Sole 628,000
* FIRST MAJESTIC
SILVER CORP COM COM 32076V103 1,078 65,000 SH Sole 65,000
* FIRST MAJESTIC
SILVER CORP COM COM 32076V103 2,404 145,000 SH Sole 145,000
* FORTUNA SILVER
MINES INC COM COM 349915108 2,143 475,000 SH Sole 475,000
* FORTUNA SILVER
MINES INC COM COM 349915108 3,045 675,000 SH Sole 675,000
* FRANCO NEVADA
CORP COM COM 351858105 4,730 110,000 SH Sole 110,000
* FRANCO NEVADA
CORP COM COM 351858105 4,442 103,300 SH Sole 103,300
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
---------------------- -------------- --------- -------- ---------------------------- ---------- -------- ---------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
---------------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- ------
FRANCO-NEVADA CORP
/CAD/ COM 351858105 7 29,000 SH WTS Sole 29,000
FRANCO-NEVADA CORP
/CAD/ COM 351858105 25 4,600 SH WTS Sole 4,600
* FREEPORT-MCMORAN
COPPER & GO COM COM 35671D857 10,605 278,790 SH Sole 278,790
* FREEPORT-MCMORAN
COPPER & GO COM COM 35671D857 1,902 50,000 SH Sole 50,000
FREEPORT-MCMORAN
COPPER & GO COM COM 35671D857 1,902 50,000 SH Sole 50,000
* FRONTIER
COMMUNICATIONS
CORP COM COM 35906A108 76 2,000 SH Sole 2,000
FX ENERGY INC COM 302695101 108 19,900 SH Sole 19,900
* GAP INC DEL COM COM 364760108 235 9,000 SH Sole 9,000
* GENERAL ELECTRIC
CO COM COM 369604103 201 10,000 SH Sole 10,000
* GENERAL ELECTRIC
CO COM COM 369604103 331 16,500 SH Sole 16,500
* GOLAR LNG LTD
BERMUDA SHS SHS G9456A100 312 8,200 SH Sole 8,200
* GOLD FIELDS LTD
NEW SPONSORED
ADR SPONSORED ADR 38059T106 2,808 202,000 SH CALL Sole 202,000
* GOLDCORP INC NEW
COM COM 380956409 9,012 200,000 SH Sole 200,000
* GOLDCORP INC NEW
COM COM 380956409 9,012 200,000 SH Sole 200,000
* GOLDCORP INC NEW
COM COM 380956409 23 500 SH CALL Sole 500
* GOLDCORP INC NEW
COM COM 380956409 2,294 50,900 SH CALL Sole 50,900
* GOLDCORP INC NEW
COM COM 380956409 4,556 101,100 SH CALL Sole 101,100
GOLDEN MINERALS
COMPANY /CAD/ COM 381119106 21 2,500 SH Sole 2,500
* GOLDEN STAR RES
LTD CDA COM COM 38119T104 512 275,000 SH Sole 275,000
* GOLDEN STAR RES
LTD CDA COM COM 38119T104 1,023 550,000 SH Sole 550,000
* GOOGLE INC CL A COM 38259P508 256 400 SH Sole 400
HARBINGER GROUP INC COM 41146A106 26 5,050 SH Sole 5,050
* HARMONY GOLD
MNG LTD
SPONSORED ADR SPONSORED ADR 413216300 9,454 865,000 SH Sole 865,000
* HARMONY GOLD
MNG LTD
SPONSORED ADR SPONSORED ADR 413216300 11,422 1,045,000 SH Sole 1,045,000
* HARRIS CORP DEL
COM COM 413875105 180 4,000 SH Sole 4,000
* HECLA MNG CO COM COM 422704106 493 106,700 SH CALL Sole 106,700
* HECLA MNG CO COM COM 422704106 985 213,300 SH CALL Sole 213,300
* HERBALIFE LTD COM
USD SHS COM USD SHS G4412G101 413 6,000 SH Sole 6,000
* HEWLETT PACKARD
CO COM COM 428236103 167 7,000 SH Sole 7,000
HUGOTON RTY TR UNIT BEN INT 444717102 59 4,000 SH Sole 4,000
* HUNT J B TRANS SVCS
INC COM COM 445658107 321 5,900 SH Sole 5,900
* IAMGOLD CORP COM COM 450913108 2,658 200,000 SH Sole 200,000
* IAMGOLD CORP COM COM 450913108 2,326 175,000 SH Sole 175,000
* IAMGOLD CORP COM COM 450913108 266 20,000 SH CALL Sole 20,000
* IAMGOLD CORP COM COM 450913108 266 20,000 SH CALL Sole 20,000
* IAMGOLD CORP COM COM 450913108 2,326 175,000 SH CALL Sole 175,000
* IAMGOLD CORP COM COM 450913108 2,658 200,000 SH CALL Sole 200,000
* IMPERIAL OIL LTD
COM NEW COM NEW 453038408 12,460 274,500 SH Sole 274,500
* INTEL CORP COM COM 458140100 478 17,000 SH Sole 17,000
* INTEL CORP COM COM 458140100 1,096 39,000 SH Sole 39,000
INTEL CORP COM COM 458140100 56 2,000 SH Sole 2,000
INTEROIL CORP COM 460951106 135 2,626 SH Sole 2,626
* INTL PAPER CO COM COM 460146103 7,311 208,300 SH Sole 208,300
* INTUIT COM COM 461202103 601 10,000 SH Sole 10,000
* INTUITIVE SURGICAL
INC COM NEW COM NEW 46120E602 542 1,000 SH Sole 1,000
* INVENSENSE INC COM COM 46123D205 362 20,000 SH Sole 20,000
* IRON MTN INC COM COM 462846106 164 5,700 SH Sole 5,700
* ISHARES SILVER
TRUST ISHARES ISHARES 46428Q109 16 500 SH Sole 500
* ISHARES SILVER
TRUST ISHARES ISHARES 46428Q109 31 1,000 SH Sole 1,000
ISHARES SILVER TRUST
ETF ISHARES 46428Q109 47 1,500 SH Sole 1,500
* IVANHOE ENERGY
INC COM COM 465790103 448 414,100 SH Sole 414,100
IVANHOE ENERGY INC /
CAD/ COM 465790103 21 19,550 SH Sole 19,550
* IVANHOE MINES LTD
COM COM 46579N103 1,181 75,000 SH Sole 75,000
IVANHOE MINES LTD
COM COM 46579N103 79 5,000 SH Sole 5,000
* JABIL CIRCUIT INC
COM COM 466313103 377 15,000 SH Sole 15,000
* JAZZ
PHARMACEUTICALS
PLC SHS USD ADDED SHS USD G50871105 630 13,000 SH Sole 13,000
JOHNSON & JOHNSON
COM COM 478160104 66 1,000 SH Sole 1,000
KIMBER RESOURCES
INC COM 49435N101 46 50,000 SH Sole 50,000
* KINDER MORGAN INC
DEL COM COM 49456B101 13,899 359,600 SH Sole 359,600
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------- ---------------- --------- -------- ---------------------------- ---------- -------- --------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER --------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------- ---------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- ------- -------
* KINROSS GOLD
CORP COM NO
PAR COM NO PAR 496902404 1,792 183,000 SH Sole 183,000
* KINROSS GOLD
CORP COM NO
PAR COM NO PAR 496902404 3,691 377,000 SH Sole 377,000
* KINROSS GOLD
CORP COM NO
PAR COM NO PAR 496902404 0 1 SH Sole 1
* KINROSS GOLD
CORP COM NO
PAR COM NO PAR 496902404 1,027 104,900 SH CALL Sole 104,900
* KINROSS GOLD
CORP COM NO
PAR COM NO PAR 496902404 1,220 124,600 SH CALL Sole 124,600
* KOHLS CORP
COM COM 500255104 175 3,500 SH Sole 3,500
* KROGER CO COM COM 501044101 165 6,800 SH Sole 6,800
* L-3
COMMUNICATIONS
HLDGS INC COM COM 502424104 163 2,300 SH Sole 2,300
* LAKE SHORE
GOLD CORP COM COM 510728108 516 500,000 SH Sole 500,000
* LAS VEGAS
SANDS CORP
COM COM 517834107 403 7,000 SH Sole 7,000
* LAS VEGAS
SANDS CORP
COM COM 517834107 576 10,000 SH Sole 10,000
* LENNAR CORP CL
A CL A 526057104 340 12,500 SH Sole 12,500
* LORILLARD INC
COM COM 544147101 220 1,700 SH Sole 1,700
* LSI
CORPORATION
COM COM 502161102 213 24,500 SH Sole 24,500
* MADDEN STEVEN
LTD COM COM 556269108 641 15,000 SH Sole 15,000
* MAG SILVER
CORP COM COM 55903Q104 8,212 811,000 SH Sole 811,000
MAG SILVER
CORPORATION /
CAD/ COM 55903Q104 101 10,000 SH Sole 10,000
* MARKET
VECTORS ETF TR
GOLD MINER ETF GOLD MINER ETF 57060U100 1 20 SH Sole 20
* MARKET
VECTORS ETF TR
GOLD MINER ETF GOLD MINER ETF 57060U100 1 20 SH Sole 20
* MARKET
VECTORS ETF TR
GOLD MINER ETF GOLD MINER ETF 57060U100 1,021 20,600 SH PUT Sole 20,600
* MARKET
VECTORS ETF TR
GOLD MINER ETF GOLD MINER ETF 57060U100 2,205 44,500 SH PUT Sole 44,500
MARKET VECTORS
ETF TR GOLD
MINER ETF GOLD MINER ETF 57060U100 11 3,100 SH PUT Sole 3,100
* MARKET
VECTORS ETF TR
JR GOLD MINERS
E JR GOLD MINERS E 57060U589 1 35 SH Sole 35
* MARKET
VECTORS ETF TR
JR GOLD MINERS
E JR GOLD MINERS E 57060U589 1 35 SH Sole 35
* MARKWEST
ENERGY
PARTNERS L P
UNIT LTD PARTN UNIT LTD PARTN 570759100 298 5,100 SH Sole 5,100
* MASTERCARD
INC CL A CL A 57636Q104 631 1,500 SH Sole 1,500
* MASTERCARD
INC CL A CL A 57636Q104 1,135 2,700 SH Sole 2,700
* MCEWEN MNG
INC COM ADDED COM 58039P107 1,332 300,000 SH Sole 300,000
MERCK & CO INC
COM COM 58933Y105 58 1,500 SH Sole 1,500
MICROCHIP
TECHNOLOGY
INC COM COM 595017104 37 1,000 SH Sole 1,000
* MINEFINDERS
CORP LTD COM COM 602900102 4,170 300,000 SH Sole 300,000
* MINES MGMT INC
COM COM 603432105 595 350,000 SH Sole 350,000
MINES
MANAGEMENT
INC COM 603432105 0 6,000 SH WTS Sole 6,000
* MONSANTO CO
NEW COM COM 61166W101 12,522 157,000 SH Sole 157,000
* MONSTER
BEVERAGE CORP
COM ADDED COM 611740101 373 6,000 SH Sole 6,000
* MONSTER
BEVERAGE CORP
COM ADDED COM 611740101 807 13,000 SH Sole 13,000
* NABORS
INDUSTRIES LTD
SHS SHS G6359F103 10,494 600,000 SH Sole 600,000
* NASDAQ OMX
GROUP INC COM COM 631103108 181 7,000 SH Sole 7,000
* NATIONAL
OILWELL VARCO
INC COM COM 637071101 12,318 155,000 SH Sole 155,000
* NEVSUN RES LTD
COM COM 64156L101 736 200,000 SH Sole 200,000
* NEW GOLD INC
CDA COM COM 644535106 1,729 175,000 SH Sole 175,000
* NEW GOLD INC
CDA COM COM 644535106 247 25,000 SH Sole 25,000
NEW GOLD INC /
CAD/ COM 644535106 456 599,500 SH WTS Sole 599,500
NEW GOLD INC /
CAD/ COM 644535106 0 57,500 SH WTS Sole 57,500
NEW GOLD INC /
CAD/ COM 644535106 217 285,000 SH WTS Sole 285,000
* NEWMONT
MINING CORP
COM COM 651639106 10,326 201,400 SH CALL Sole 201,400
* NEWMONT
MINING CORP
COM COM 651639106 20,590 401,600 SH CALL Sole 401,600
NGP CAP RES CO
COM COM 62912R107 131 20,000 SH Sole 20,000
* NORTHROP
GRUMMAN CORP
COM COM 666807102 183 3,000 SH Sole 3,000
* NOVELLUS SYS
INC COM COM 670008101 200 4,000 SH Sole 4,000
* NRG ENERGY INC
COM NEW COM NEW 629377508 160 10,200 SH Sole 10,200
* NU SKIN
ENTERPRISES
INC CL A CL A 67018T105 203 3,500 SH Sole 3,500
* NU SKIN
ENTERPRISES
INC CL A CL A 67018T105 405 7,000 SH Sole 7,000
* NUSTAR ENERGY
LP UNIT COM UNIT COM 67058H102 307 5,200 SH Sole 5,200
NUSTAR ENERGY
LP UNIT COM UNIT COM 67058H102 59 1,000 SH Sole 1,000
* OCCIDENTAL
PETE CORP DEL
COM COM 674599105 12,285 129,000 SH Sole 129,000
* OIL STS INTL INC
COM COM 678026105 11,163 143,000 SH Sole 143,000
* PAN AMERICAN
SILVER CORP
COM COM 697900108 1,213 55,000 SH Sole 55,000
* PAN AMERICAN
SILVER CORP
COM COM 697900108 3,519 159,500 SH CALL Sole 159,500
* PATTERSON
COMPANIES INC
COM COM 703395103 187 5,600 SH Sole 5,600
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------- -------------- --------- -------- ---------------------------- ---------- -------- ---------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------- -------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- ------
* PEABODY ENERGY
CORP COM COM 704549104 12,163 420,000 SH Sole 420,000
* PERRIGO CO COM COM 714290103 517 5,000 SH Sole 5,000
* PETROCHINA CO
LTD SPONSORED
ADR SPONSORED ADR 71646E100 703 5,000 SH Sole 5,000
PFIZER INC COM COM 717081103 91 4,000 SH Sole 4,000
PIMCO ETF TR 0-5 HIGH YIELD 72201R783 600 600 SH Sole 600
* PIONEER NAT RES
CO COM COM 723787107 8,972 80,400 SH Sole 80,400
PITNEY BOWES INC
COM COM 724479100 70 4,000 SH Sole 4,000
PLATINUM GROUP
METALS /CAD/ COM 72765Q205 109 75,000 SH Sole 75,000
* PLUM CREEK
TIMBER CO INC
COM COM 729251108 13,632 328,000 SH Sole 328,000
* POLARIS INDS INC
COM COM 731068102 1,082 15,000 SH Sole 15,000
* POTASH CORP
SASK INC COM COM 73755L107 12,501 273,600 SH Sole 273,600
* PPG INDS INC COM COM 693506107 192 2,000 SH Sole 2,000
* PPL CORP COM COM 69351T106 311 11,000 SH Sole 11,000
* PRICE T ROWE
GROUP INC COM COM 74144T108 392 6,000 SH Sole 6,000
* PRICE T ROWE
GROUP INC COM COM 74144T108 784 12,000 SH Sole 12,000
* PRICELINE COM
INC COM NEW COM NEW 741503403 215 300 SH Sole 300
* PRICELINE COM
INC COM NEW COM NEW 741503403 502 700 SH Sole 700
* PRIMORIS SVCS
CORP COM COM 74164F103 305 19,000 SH Sole 19,000
POWERSHARES DB
GOLD FUND DB GOLD FUND 73936B606 125 2,165 SH Sole 2,165
POWERSHARES DB
GOLD FUND DB GOLD FUND 73936B606 249 4,295 SH Sole 4,295
POWERSHARES DB
SILVER FUND DB SILVER FUND 73936B309 247 4,400 SH Sole 4,400
POWERSHARES DB
SILVER FUND DB SILVER FUND 73936B309 125 2,220 SH Sole 2,220
POWERSHARES ETF
TRUST FINL PFD PTFL 73935X229 54 3,000 SH Sole 3,000
POWERSHARES QQQ
TRUST UNIT SER 1 73935A954 5 2,000 SH PUT Sole 2,000
* PUBLIC SVC
ENTERPRISE
GROUP COM COM 744573106 174 5,700 SH Sole 5,700
* RANDGOLD RES
LTD ADR ADR 752344309 8,798 100,000 SH Sole 100,000
* RANDGOLD RES
LTD ADR ADR 752344309 5,059 57,500 SH Sole 57,500
* RANDGOLD RES
LTD ADR ADR 752344309 10,558 120,000 SH Sole 120,000
* RANDGOLD RES
LTD ADR ADR 752344309 80,550 15,000 SH PUT Sole 15,000
* RANDGOLD RES
LTD ADR ADR 752344309 123,510 23,000 SH PUT Sole 23,000
* RANDGOLD RES
LTD ADR ADR 752344309 161,100 30,000 SH PUT Sole 30,000
* REVETT
MINERALS INC
COM NEW COM NEW 761505205 2,002 476,600 SH Sole 476,600
* RICHMONT MINES
INC COM COM 76547T106 2,365 304,000 SH Sole 304,000
* RICHMONT MINES
INC COM COM 76547T106 4,784 614,950 SH Sole 614,950
* RODMAN &
RENSHAW CAP GP
INC COM COM 77487R100 10 10,000 SH Sole 10,000
* ROYAL GOLD INC
COM COM 780287108 3,261 50,000 SH Sole 50,000
* RUBICON
MINERALS CORP
COM COM 780911103 4,262 1,300,000 SH Sole 1,300,000
* RUSH
ENTERPRISES INC
CL A CL A 781846209 286 13,500 SH Sole 13,500
* RUSH
ENTERPRISES INC
CL A CL A 781846209 531 25,000 SH Sole 25,000
* SAFEWAY INC
COM NEW COM NEW 786514208 174 8,600 SH Sole 8,600
* SAN JUAN BASIN
RTY TR UNIT BEN
INT UNIT BEN INT 798241105 145 7,500 SH Sole 7,500
* SAN JUAN BASIN
RTY TR UNIT BEN
INT UNIT BEN INT 798241105 388 20,000 SH Sole 20,000
SAN JUAN BASIN
RTY TR UNIT BEN
INT UNIT BEN INT 798241105 78 4,000 SH Sole 4,000
SAN JUAN BASIN
RTY TR UNIT BEN
INT UNIT BEN INT 798241105 58 3,000 SH Sole 3,000
* SARA LEE CORP
COM COM 803111103 198 9,200 SH Sole 9,200
* SEACUBE
CONTAINER
LEASING LT SHS SHS G79978105 688 40,000 SH Sole 40,000
SEACUBE
CONTAINER
LEASING LT SHS SHS G79978105 52 3,000 SH Sole 3,000
SEASPAN CORP SHS SHS Y75638109 108 4,000 SH Sole 4,000
* SELECT SECTOR
SPDR TR SBI CONS
DISCR SBI CONS DISCR 81369Y407 316 7,000 SH Sole 7,000
* SELECT SECTOR
SPDR TR SBI
INT-FINL SBI INT-FINL 81369Y605 181 11,500 SH Sole 11,500
* SELECT SECTOR
SPDR TR SBI
INT-FINL SBI INT-FINL 81369Y605 395 25,000 SH Sole 25,000
* SELECT SECTOR
SPDR TR
TECHNOLOGY TECHNOLOGY 81369Y803 312 10,350 SH Sole 10,350
* SHANDA GAMES
LTD SP ADR
REPTG A SP ADR REPTG A 81941U105 91 17,500 SH Sole 17,500
* SILVER STD RES
INC COM COM 82823L106 2,070 137,600 SH CALL Sole 137,600
* SILVER STD RES
INC COM COM 82823L106 4,556 302,900 SH CALL Sole 302,900
* SILVER WHEATON
CORP COM COM 828336107 4,482 135,000 SH Sole 135,000
* SILVER WHEATON
CORP COM COM 828336107 8,964 270,000 SH Sole 270,000
* SINA CORP ORD COM G81477104 975 15,000 SH Sole 15,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------------------- --------------- --------- -------- ---------------------------- ---------- -------- ---------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER ---------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
-------------------- --------------- --------- -------- ---------------- ------ ---- ---------- -------- ---- --------- ------
* SINA CORP ORD COM G81477104 520 8,000 SH CALL Sole 8,000
* SM ENERGY CO
COM COM 78454L100 11,486 162,300 SH Sole 162,300
* SOCIEDAD QUIMICA
MINERA DE C SPON
ADR SER B SPON ADR SER B 833635105 14,374 245,000 SH Sole 245,000
* SOUTHERN CO COM COM 842587107 301 6,700 SH Sole 6,700
* SOUTHERN COPPER
CORP COM COM 84265V105 12,018 379,012 SH Sole 379,012
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 1,702 10,500 SH Sole 10,500
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 4,151 25,600 SH Sole 25,600
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 130 800 SH Sole 800
* SPDR GOLD TRUST
GOLD SHS GOLD SHS 78463V107 357 2,200 SH Sole 2,200
SPDR GOLD TRUST
ETF GOLD SHS 78463V107 373 2,300 SH Sole 2,300
SPDR GOLD TRUST
ETF GOLD SHS 78463V107 227 1,400 SH Sole 1,400
* SPDR SERIES TRUST
S&P HOMEBUILD S&P HOMEBUILD 78464A888 309 14,500 SH Sole 14,500
* SPDR SERIES TRUST
S&P REGL BKG S&P REGL BKG 78464A698 313 11,000 SH Sole 11,000
* SPECTRA ENERGY
PARTNERS LP COM COM 84756N109 13,898 435,000 SH Sole 435,000
* SPREADTRUM
COMMUNICATIONS
IN ADR ADR 849415203 231 14,000 SH Sole 14,000
* SPREADTRUM
COMMUNICATIONS
IN ADR ADR 849415203 91 5,500 SH Sole 5,500
* STARBUCKS CORP
COM COM 855244109 559 10,000 SH Sole 10,000
* STARBUCKS CORP
COM COM 855244109 1,341 24,000 SH Sole 24,000
SUNOCO LOGISTICS
PARTNERS LP COM
UNITS COM UNITS 86764L108 38 1,000 SH Sole 1,000
* SUNOCO INC COM COM 86764P109 160 4,200 SH Sole 4,200
TC PIPELINES LP UT
COM LTD PRT UT COM LTD PRT 87233Q108 45 1,000 SH Sole 1,000
* TENET
HEALTHCARE
CORP COM COM 88033G100 165 31,000 SH Sole 31,000
* TERADATA CORP
DEL COM COM 88076W103 204 3,000 SH Sole 3,000
* TERADATA CORP
DEL COM COM 88076W103 409 6,000 SH Sole 6,000
* TEXTRON INC COM COM 883203101 175 6,300 SH Sole 6,300
* TIM
PARTICIPACOES S
A SPONSORED ADR SPONSORED ADR 88706P205 339 10,500 SH Sole 10,500
* TRACTOR SUPPLY
CO COM COM 892356106 634 7,000 SH Sole 7,000
* TRANSDIGM GROUP
INC COM COM 893641100 695 6,000 SH Sole 6,000
* TRAVELERS
COMPANIES INC
COM COM 89417E109 178 3,000 SH Sole 3,000
* TSAKOS ENERGY
NAVIGATION LTD
SHS SHS G9108L108 971 111,870 SH Sole 111,870
* TSAKOS ENERGY
NAVIGATION LTD
SHS SHS G9108L108 278 32,020 SH Sole 32,020
* TYSON FOODS INC
CL A CL A 902494103 11,149 582,200 SH Sole 582,200
* UBIQUITI
NETWORKS INC
COM COM 90347A100 633 20,000 SH Sole 20,000
* ULTA SALON
COSMETCS & FRAG
I COM COM 90384S303 1,161 12,500 SH Sole 12,500
* UNUM GROUP COM COM 91529Y106 186 7,600 SH Sole 7,600
URANIUM ENERGY
CORP COM 916896103 213 54,500 SH Sole 54,500
* V F CORP COM COM 918204108 350 2,400 SH Sole 2,400
* V F CORP COM COM 918204108 730 5,000 SH Sole 5,000
* VALERO ENERGY
CORP NEW COM COM 91913Y100 3,866 150,000 SH CALL Sole 150,000
VALERO ENERGY
CORP NEW COM COM 91913Y100 26 1,000 SH Sole 1,000
VANGUARD
NATURAL
RESOURCES LLC COM UNIT 92205F106 164 5,950 SH Sole 5,950
* VERIFONE SYS INC
COM COM 92342Y109 415 8,000 SH Sole 8,000
* VERISIGN INC COM COM 92343E102 180 4,700 SH Sole 4,700
* VERIZON
COMMUNICATIONS
INC COM COM 92343V104 172 4,500 SH Sole 4,500
* VERIZON
COMMUNICATIONS
INC COM COM 92343V104 306 8,000 SH Sole 8,000
* WALTER ENERGY
INC COM COM 93317Q105 10,954 185,000 SH Sole 185,000
WASTE
MANAGEMENT INC
COM COM 94106L109 44 1,250 SH Sole 1,250
* WELLPOINT INC
COM COM 94973V107 192 2,600 SH Sole 2,600
* WESTERN GAS
PARTNERS LP COM
UNIT LP IN COM UNIT LP IN 958254104 13,614 295,000 SH Sole 295,000
* WEYERHAEUSER
CO COM COM 962166104 13,121 598,600 SH Sole 598,600
* WINDSTREAM CORP
COM COM 97381W104 164 14,000 SH Sole 14,000
* YAMANA GOLD INC
COM COM 98462Y100 11,559 740,000 SH Sole 740,000
* YAMANA GOLD INC
COM COM 98462Y100 5,155 330,000 SH Sole 330,000
* YAMANA GOLD INC
COM COM 98462Y100 10,309 660,000 SH Sole 660,000
* YANDEX N V SHS
CLASS A SHS CLASS A N97284108 4,100 152,600 SH Sole 152,600
ASIA ENTN &
RESOURCES LTD
SHS SHS G0539K108 104 16,000 SH Sole 16,000
CEMENTOS
PACASMAYO S A A
SPON ADR REP 5
ADDED SPON ADR REP 5 15126Q109 316 27,500 SH Sole 27,500
CLAUDE RES INC
COM COM 182873109 1,093 1,000,000 SH Sole 1,000,000
CLAUDE RES INC
COM COM 182873109 1,639 1,500,000 SH Sole 1,500,000
DRDGOLD LIMITED
SPON ADR REPSTG SPON ADR REPSTG 26152H301 1,486 200,000 SH Sole 200,000
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
--------------------- -------------- --------- --------- ---------------------------- ---------- -------- -------------------
VOTING AUTHORITY
VALUE SHARES OR PUT/ INVESTMENT OTHER -------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRINCIPAL AMOUNT SH/PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
--------------------- -------------- --------- --------- ---------------- ------ ---- ---------- -------- ---- --------- ----
GREAT BASIN GOLD LTD
COM COM 390124105 246 350,000 SH Sole 350,000
GREAT BASIN GOLD LTD
COM COM 390124105 702 1,000,000 SH Sole 1,000,000
KIMBER RES INC COM COM 49435N101 1,380 1,500,000 SH Sole 1,500,000
MIDWAY GOLD CORP
COM COM 598153104 380 265,800 SH Sole 265,800
PLATINUM GROUP
METALS LTD COM
NEW COM NEW 72765Q205 3,271 2,250,000 SH Sole 2,250,000
PROSHARES TR FTSE
CHINA 25 FTSE CHINA 25 74347X658 94 2,220 SH Sole 2,220
PROSHARES TR FTSE
CHINA 25 FTSE CHINA 25 74347X658 26 620 SH Sole 620
SOLITARIO EXPL & RTY
CORP COM COM 8342EP107 1,326 945,000 SH Sole 945,000
VITRAN CORP INC COM COM 92850E107 295 37,000 SH Sole 37,000
GRAND TOTAL 1,204,484 47,506,068