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, 2007
Check here if Amendment [ ]; Amendment Number:
--------
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: U.S. Global Investors Inc.
Address: 7900 Callaghan Road
San Antonio, Texas 78278-1234
Form 13F File Number: 28-
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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 May 14, 2007
--------------------- -------------------------------------- ---------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-
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[Repeat as necessary.]
FORM 13F
SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 2
Form 13F Information Table Entry Total: 443
Form 13F Information Table Value Total: $1,542,105
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column
headings and list entries.]
No. Form 13F File Number Name
1 Leeb Capital Mgmt., Inc.
500 5th Avenue 57th Floor
NY, NY 10110
2 Charlemagne Capital (IOM) Limited
Regent House
16-18 Ridgeway Street
Douglas, Isle of Man IM1 1EN
United Kingdom
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
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TITLE OF VALUE SHRS OR PRN INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP [x$1000] AMT SH/PRN PUT/CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------------------------------------------------------------------------------------------------------------------
ABER DIAMOND CORP
/CAD/ COM 002893105 820 22,000 SH Sole 22,000
ABER DIAMOND CORP
/CAD/ COM 002893105 3,244 87,000 SH Sole 87,000
ACTUANT CORP CLASS A CL A NEW 00508X203 381 7,500 SH Sole 7,500
AGNICO EAGLE MINES
LTD /USD/ COM 008474108 1,771 50,000 SH Sole 50,000
AGNICO EAGLE MINES
LTD /USD/ COM 008474108 1,063 30,000 SH Sole 30,000
AGNICO EAGLE MINES WT
11/14/07 *W EXP 11/07/2007 008474132 3,242 178,600 SH Sole 178,600
AGNICO EAGLE MINES WT
11/14/07 *W EXP 11/07/2007 008474132 6,417 353,540 SH Sole 353,540
AGNICO EAGLE MINES WT
11/14/07 *W EXP 11/07/2007 008474132 20,990 1,156,460 SH Sole 1,156,460
AGRIUM INC COM COM 008916108 2,875 75,000 SH Sole 75,000
AIR PRODUCTS &
CHEMICALS COM 009158106 340 4,600 SH Defined 1 4,600
AKAMAI TECHNOLOGIES COM 00971T101 399 8,000 SH Sole 8,000
AKAMAI TECHNOLOGIES COM 00971T101 1,248 25,000 SH Sole 25,000
ALCON INC COM H01301102 461 3,500 SH Sole 3,500
ALLEGHENY ENERGY INC COM 017361106 295 6,000 SH Sole 6,000
ALLIANCE DATA SYSTEMS
CORP COM 018581108 770 12,500 SH Sole 12,500
ALLSCRIPTS HEALTHCARE
SOLUTION COM 01988P108 402 15,000 SH Sole 15,000
ALTRIA GROUP INC COM 02209S103 351 4,000 SH Sole 4,000
AMERICA MOVIL SAB DE
CV SERIES L SPON ADR L SHS 02364W105 927 19,400 SH Defined 2 19,400
AMERICAN EAGLE
OUTFITTERS COM 02553E106 900 30,000 SH Sole 30,000
AMERICAN EXPRESS
COMPANY COM 025816109 299 5,300 SH Defined 1 5,300
ANGICO-EAGLE PUT 008474958 496 14,000 SH PUT Sole 14,000
ANGICO-EAGLE PUT 008474958 567 16,000 SH PUT Sole 16,000
ANGICO-EAGLE PUT 008474958 1,984 56,000 SH PUT Sole 56,000
ANGICO-EAGLE PUT 008474958 2,267 64,000 SH PUT Sole 64,000
ANOORAQ RESOURCES
CORP COM 03633E108 323 208,400 SH Sole 208,400
ANOORAQ RESOURCES
CORP /CAD/ COM 03633E108 602 397,000 SH Sole 397,000
ANOORAQ RESOURCES
CORP /CAD/ COM 03633E108 3,883 2,562,000 SH Sole 2,562,000
APPLE INC COM 037833100 557 6,000 SH Sole 6,000
ARIZONA STAR RES CORP
/CAD/ COM 04059G106 7,985 672,900 SH Sole 672,900
AT&T INC COM 00206R102 235 5,962 SH Sole 5,962
AURIZON MINES LTD
/CAD/ COM 05155P106 1,411 402,100 SH Sole 402,100
BAKER HUGHES INC COM 057224107 470 7,100 SH Defined 1 7,100
BARRICK GOLD CORP CALL 067901908 1,887 66,100 SH CALL Sole 66,100
BARRICK GOLD CORP CALL 067901908 2,058 72,100 SH CALL Sole 72,100
BARRICK GOLD CORP CALL 067901908 2,530 88,600 SH CALL Sole 88,600
BARRICK GOLD CORP CALL 067901908 3,015 105,600 SH CALL Sole 105,600
BARRICK GOLD CORP CALL 067901908 3,109 108,900 SH CALL Sole 108,900
BARRICK GOLD CORP CALL 067901908 3,309 115,900 SH CALL Sole 115,900
BARRICK GOLD CORP CALL 067901908 3,523 123,400 SH CALL Sole 123,400
BARRICK GOLD CORP CALL 067901908 3,694 129,400 SH CALL Sole 129,400
BARRICK GOLD CORP COM COM 067901108 783 27,429 SH Sole 27,429
BARRICK GOLD CORP COM COM 067901108 2,700 94,574 SH Sole 94,574
BAYTEX ENERGY TRUST TRUST UNIT 073176109 309 17,500 SH Sole 17,500
BERKSHIRE HATHAWAY
INC CL B CL B 084670207 637 175 SH Defined 1 175
BIG LOTS INC CALL 089302903 (250) (8,000) SH CALL Sole -8,000
BIG LOTS INC CALL 089302903 (250) (8,000) SH CALL Sole -8,000
BIG LOTS INC COM 089302103 1,251 40,000 SH Sole 40,000
BOEING CO COM 097023105 160 1,800 SH Sole 1,800
BOEING CO COM 097023105 445 5,000 SH Sole 5,000
BUNGE LIMITED COM G16962105 617 7,500 SH Sole 7,500
CAMECO CORP CALL 13321L908 7,369 180,000 SH CALL Sole 180,000
CAMECO CORP CALL 13321L908 9,988 200,000 SH CALL Sole 200,000
CAMERON INTERNATIONAL
CORP COM 13342B105 13,814 220,000 SH Sole 220,000
CAMERON INTERNATIONAL
CORP COM 13342B105 628 10,000 SH Sole 10,000
CANETIC RESOURCES
TRUST COM 137513107 32,000 SH Sole 32,000
CARMAX INC COM 143130102 294 12,000 SH Sole 12,000
CDC CORP-CL A SHS A G2022L106 542 60,000 SH Sole 60,000
CELGENE CORP COM 151020104 525 10,000 SH Sole 10,000
CENTRAL EUROPEAN
DISTR CORP COM 153435102 28,061 963,951 SH Defined 2 963,951
CENTRAL EUROPEAN
DISTR CORP COM 153435102 623 21,392 SH Defined 2 21,392
CENTRAL EUROPEAN
MEDIA CL A CL A NEW G20045202 14,667 165,728 SH Defined 2 165,728
CHESAPEAKE GOLD CORP
/CAD/ COM 165184102 1,166 197,357 SH Sole 197,357
CHESAPEAKE GOLD CORP
/CAD/ COM 165184102 3,822 646,949 SH Sole 646,949
CIA VALE DO RIO DOCE
SPON ADR SPONSORED ADR 204412100 866 27,700 SH Defined 2 27,700
CISCO SYSTEMS INC COM 17275R102 613 24,000 SH Sole 24,000
CISCO SYSTEMS INC COM 17275R102 1,021 40,000 SH Sole 40,000
CNOOC LTD ADR SPONSORED ADR 126132109 17,526 200,000 SH Sole 200,000
COACH INC COM 189754104 1,001 20,000 SH Sole 20,000
COCA-COLA CO COM 191216100 437 9,100 SH Defined 1 9,100
COGNIZANT TECH
SOLUTIONS CRP A CL A 192446102 1,192 13,500 SH Sole 13,500
COMTECH GROUP INC COM 205821200 524 30,000 SH Sole 30,000
COMTECH GROUP INC COM 205821200 437 25,000 SH Sole 25,000
CONOCOPHILLIPS COM 20825C104 6,835 100,000 SH Sole 100,000
CONOCOPHILLIPS COM 20825C104 137 2,000 SH Sole 2,000
CORE LABORATORIES N V COM N22717107 419 5,000 SH Sole 5,000
CORNING INC COM 219350105 364 16,000 SH Defined 1 16,000
CORRECTIONS CORP OF
AMERICA COM 22025Y407 370 7,000 SH Sole 7,000
CORRIENTE RESOURCES
INC COM 22027E102 1,812 624,300 SH Sole 624,300
CREDICORP LTD COM G2519Y108 487 10,000 SH Sole 10,000
CRYSTALLEX INTL CORP COM 22942F101 579 156,500 SH Sole 156,500
CRYSTALLEX INTL CORP CALL 22942F901 925 250,000 SH CALL Sole 250,000
CRYSTALLEX INTL CORP CALL 22942F901 1,249 337,500 SH CALL Sole 337,500
CRYSTALLEX INTL CORP CALL 22942F901 13 3,500 SH CALL Sole 3,500
CRYSTALLEX INTL CORP CALL 22942F901 20 5,500 SH CALL Sole 5,500
CRYSTALLEX INTL CORP COM 22942F101 171 46,315 SH Sole 46,315
CRYSTALLEX INTL CORP CALL 22942F901 290 78,500 SH CALL Sole 78,500
CRYSTALLEX INTL CORP CALL 22942F901 130 35,000 SH CALL Sole 35,000
CRYSTALLEX INTL CORP CALL 22942F901 1,018 275,000 SH CALL Sole 275,000
CRYSTALLEX INTL CORP CALL 22942F901 1,334 360,500 SH CALL Sole 360,500
CRYSTALLEX INTL CORP COM 22942F101 2,894 782,185 SH Sole 782,185
CRYSTALLEX INTL CORP CALL 22942F901 3,700 1,000,000 SH CALL Sole 1,000,000
CRYSTALLEX INTL CORP
/CAD/ COM 22942F101 98 26,750 SH Sole 26,750
CRYSTALLEX INTL CORP
/CAD/ COM 22942F101 305 83,250 SH Sole 83,250
CSX CORP COM 126408103 300 7,500 SH Sole 7,500
CVS/CAREMARK
CORPORATION COM 126650100 348 10,200 SH Defined 1 10,200
CYTYC CORPORATION COM 232946103 513 15,000 SH Sole 15,000
D R HORTON INC COM 23331A109 110 5,000 SH Sole 5,000
D R HORTON INC COM 23331A109 330 15,000 SH Sole 15,000
DELTA PETE CALL 247907907 9,184 400,000 SH CALL Sole 400,000
DICK'S SPORTING GOODS COM 253393102 233 4,000 SH Sole 4,000
DIGENE CORP COM 253752109 530 12,500 SH Sole 12,500
DIGITAL RIVER INC COM 25388B104 166 3,000 SH Sole 3,000
DIGITAL RIVER INC COM 25388B104 553 10,000 SH Sole 10,000
DOLLAR FINANCIAL CORP COM 256664103 380 15,000 SH Sole 15,000
DRDGOLD LIMITED
SPONSORED ADR COM 26152H103 67 100,000 SH Sole 100,000
DRDGOLD LIMITED
SPONSORED ADR COM 26152H103 17 25,000 SH Sole 25,000
DRYSHIPS INC COM Y2109Q101 16,672 740,000 SH Sole 740,000
DRYSHIPS INC COM Y2109Q101 169 7,500 SH Sole 7,500
DRYSHIPS INC COM Y2109Q101 338 15,000 SH Sole 15,000
DYNEGY INC CL A CL A 26816Q101 2,315 250,000 SH Sole 250,000
EAGLE BULK SHIPPING
INC COM Y2187A101 233 12,000 SH Sole 12,000
EAGLE MATERIALS INC COM 26969P108 67 1,500 SH Sole 1,500
EAGLE MATERIALS INC COM 26969P108 201 4,500 SH Sole 4,500
EBAY INC COM 278642103 332 10,000 SH Sole 10,000
EBAY INC COM 278642103 497 15,000 SH Sole 15,000
ELDORADO GOLD CORP
/CAD/ COM 284902103 2,748 470,000 SH Sole 470,000
ENERGY CONVERSION
DEVICES COM 292659109 266 7,600 SH Defined 1 7,600
ENERGY METALS
CORP/CAD/ COM 29271B106 8,625 720,000 SH Sole 720,000
ENERGY SELECT SECTOR CALL 81369Y906 15,070 250,000 SH CALL Sole 250,000
ENSCO INTERNATIONAL
INC COM 26874Q100 544 10,000 SH Sole 10,000
ENSCO INTL INC CALL 26874Q900 10,880 200,000 SH CALL Sole 200,000
EXELON CORPORATION COM 30161N101 378 5,500 SH Defined 1 5,500
EXPLORATION CO COM 302133202 5,479 505,000 SH Sole 505,000
F P L GROUP INC COM 302571104 612 10,000 SH Defined 1 10,000
FOCUS MEDIA HOLDING
ADS SPONSORED ADR 34415V109 1,177 15,000 SH Sole 15,000
FOCUS MEDIA HOLDING
ADS SPONSORED ADR 34415V109 981 12,500 SH Sole 12,500
FRANKLIN RESOURCES
INC COM 354613101 181 1,500 SH Sole 1,500
FRANKLIN RESOURCES
INC COM 354613101 483 4,000 SH Sole 4,000
FREEPORT MCMOR CALL 35671D907 (3,111) (47,000) SH CALL Sole -47,000
FREEPORT MCMOR CALL 35671D907 (5,494) (83,000) SH CALL Sole -83,000
FREEPORT MCMOR CALL 35671D907 (662) (10,000) SH CALL Sole -10,000
FREEPORT MCMOR CALL 35671D907 (662) (10,000) SH CALL Sole -10,000
FREEPORT-MCMORAN
C & G COMMON COM 35671D857 10,769 162,700 SH Sole 162,700
FREEPORT-MCMORAN
C & G COMMON COM 35671D857 18,752 283,300 SH Sole 283,300
FRONTEER DEVELOPMENT
GROUP I COM 35903Q106 96 7,500 SH Sole 7,500
FRONTEER DEVELOPMENT
GROUP INC COM 35903Q106 5,452 425,000 SH Sole 425,000
FRONTIER OIL CORP COM 35914P105 11,628 356,250 SH Sole 356,250
FRONTIER OIL CORP COM 35914P105 490 15,000 SH Sole 15,000
GAMESTOP CORP CLASS A CL A 36467W109 326 10,000 SH Sole 10,000
GAMMON LAKE RESOURCES
/CAD/ COM 364915108 4,639 263,820 SH Sole 263,820
GAMMON LAKE RESOURCES
/CAD/ COM 364915108 6,155 350,050 SH Sole 350,050
GAMMON LAKE RESOURCES
/CAD/ COM 364915108 23,543 1,338,923 SH Sole 1,338,923
GAMMON LAKE RESOURCES
INC CALL 364915908 (44) (2,500) SH CALL Sole -2,500
GAMMON LAKE RESOURCES
INC CALL 364915908 (88) (5,000) SH CALL Sole -5,000
GAMMON LAKE RESOURCES
INC COM 364915108 88 5,000 SH Sole 5,000
GAMMON LAKE RESOURCES
INC CALL 364915908 884 50,000 SH CALL Sole 50,000
GAMMON LAKE RESOURCES
INC CALL 364915908 (309) (17,500) SH CALL Sole -17,500
GAMMON LAKE RESOURCES
INC CALL 364915908 2,651 150,000 SH CALL Sole 150,000
GARMIN LTD /USD/ COM G37260109 542 10,000 SH Sole 10,000
GENERAL CABLE CORP COM 369300108 321 6,000 SH Sole 6,000
GENERAL CABLE CORP COM 369300108 1,069 20,000 SH Sole 20,000
GENERAL ELECTRIC CO COM 369604103 636 18,000 SH Defined 1 18,000
GLENCAIRN GOLD CORP
/CAD/ COM 377903109 52 100,000 SH Sole 100,000
GLENCAIRN GOLD CORP
/CAD/ COM 377903109 1,675 3,223,000 SH Sole 3,223,000
GLENCAIRN GOLD CORP
/REST//CAD COM 377903109 312 600,000 SH Sole 600,000
GLOBAL SANTAFE CO CALL G3930E901 18,504 300,000 SH CALL Sole 300,000
GOLD FIELDS LTD CALL 38059T906 739 40,000 SH CALL Sole 40,000
GOLD FIELDS LTD CALL 38059T906 1,135 61,400 SH CALL Sole 61,400
GOLD FIELDS LTD CALL 38059T906 3,476 188,100 SH CALL Sole 188,100
GOLD FIELDS LTD SPON
ADR SPONSORED ADR 38059T106 1,109 60,000 SH Sole 60,000
GOLD FIELDS LTD SPON
ADR SPONSORED ADR 38059T106 8,124 439,620 SH Sole 439,620
GOLD FIELDS LTD SPON
ADR SPONSORED ADR 38059T106 20,864 1,128,980 SH Sole 1,128,980
GOLDCORP INC CALL 380956909 2,822 117,500 SH CALL Sole 117,500
GOLDCORP INC CALL 380956909 2,822 117,500 SH CALL Sole 117,500
GOLDCORP INC CALL 380956909 4,100 170,700 SH CALL Sole 170,700
GOLDCORP INC CALL 380956909 4,160 173,200 SH CALL Sole 173,200
GOLDCORP INC COM 380956409 2 65 SH Sole 65
GOLDCORP INC COM 2676302 2 65 SH Sole 65
GOLDCORP INC CALL 380956909 132 5,500 SH CALL Sole 5,500
GOLDCORP INC CALL 380956909 1,681 70,000 SH CALL Sole 70,000
GOLDCORP INC CALL 380956909 2,128 88,600 SH CALL Sole 88,600
GOLDCORP INC CALL 380956909 2,414 100,500 SH CALL Sole 100,500
GOLDCORP INC CALL 380956909 2,503 104,200 SH CALL Sole 104,200
GOLDCORP INC CALL 380956909 3,223 134,200 SH CALL Sole 134,200
GOLDCORP INC COM 380956409 59 2,475 SH Sole 2,475
GOLDCORP INC COM 2676302 59 2,475 SH Sole 2,475
GOLDCORP INC CALL 380956909 5,030 209,400 SH CALL Sole 209,400
GOLDCORP INC CALL 380956909 5,087 211,800 SH CALL Sole 211,800
GOLDCORP INC CALL 380956909 5,561 231,500 SH CALL Sole 231,500
GOLDCORP INC CALL 380956909 7,175 298,700 SH CALL Sole 298,700
GOLDCORP INC CALL 380956909 9,382 390,600 SH CALL Sole 390,600
GOLDCORP INC CALL 380956909 168 7,000 SH CALL Sole 7,000
GOLDCORP INC CALL 380956909 168 7,000 SH CALL Sole 7,000
GOLDCORP INC CALL 380956909 389 16,200 SH CALL Sole 16,200
GOLDCORP INC CALL 380956909 389 16,200 SH CALL Sole 16,200
GOLDCORP INC CALL 380956909 94 3,900 SH CALL Sole 3,900
GOLDCORP INC CALL 380956909 94 3,900 SH CALL Sole 3,900
GOLDCORP INC CALL 380956909 221 9,200 SH CALL Sole 9,200
GOLDCORP INC CALL 380956909 221 9,200 SH CALL Sole 9,200
GOLDCORP INC CALL 380956909 420 17,500 SH CALL Sole 17,500
GOLDCORP INC CALL 380956909 420 17,500 SH CALL Sole 17,500
GOLDCORP INC CALL 380956909 781 32,500 SH CALL Sole 32,500
GOLDCORP INC CALL 380956909 781 32,500 SH CALL Sole 32,500
GOLDCORP INC CW11 *W EXP 06/09/2011 380956177 11 1,000 SH Sole 1,000
GOLDCORP INC CW11 *W EXP 06/09/2011 380956177 532 48,926 SH Sole 48,926
GOLDCORP INC CW11 *W EXP 06/09/2011 380956177 2,119 194,824 SH Sole 194,824
GOLDCORP INC CW11
/CAD/ *W EXP 06/09/2011 380956177 16,353 1,463,566 SH Sole 1,463,566
GOLDCORP INC CW11
/CAD/ *W EXP 06/09/2011 380956177 11,956 1,069,994 SH Sole 1,069,994
GOLDCORP INC CW11
/CAD/ *W EXP 06/09/2011 380956177 47,464 4,247,882 SH Sole 4,247,882
GOLDCORP INC CW11
/CAD/ *W EXP 06/09/2011 380956177 158 14,105 SH Sole 14,105
GOLDCORP INC CW11
/CAD/ *W EXP 06/09/2011 380956177 68 6,125 SH Sole 6,125
GOLDEN STAR RES LTD COM 38119T104 572 130,000 SH Sole 130,000
GOLDEN STAR RES LTD COM 38119T104 2,288 520,000 SH Sole 520,000
GOLDEN STAR RESOURCES
LTD COM 38119T104 66 15,000 SH Sole 15,000
GOLDMAN SACHS GROUP
INC COM 38141G104 517 2,500 SH Defined 1 2,500
GOLDMAN SACHS GROUP
INC COM 38141G104 517 2,500 SH Sole 2,500
GOODRICH PETROLEUM
CORP COM 382410405 10,580 314,600 SH Sole 314,600
GOOGLE INC CLASS A CL A 38259P508 183 400 SH Sole 400
GOOGLE INC CLASS A CL A 38259P508 309 675 SH Defined 1 675
GOOGLE INC CLASS A CL A 38259P508 687 1,500 SH Sole 1,500
GRANT PRIDECO INC COM 38821G101 13,208 265,000 SH Sole 265,000
GRANT PRIDECO INC COM 38821G101 199 4,000 SH Sole 4,000
GRANT PRIDECO INC COM 38821G101 748 15,000 SH Sole 15,000
GREAT BASIN GOLD LTD
/CAD/ COM 390124105 3,137 1,561,000 SH Sole 1,561,000
GULFMARK OFFSHORE INC COM 402629109 218 5,000 SH Sole 5,000
GULFMARK OFFSHORE INC COM 402629109 873 20,000 SH Sole 20,000
GYMBOREE CORP COM 403777105 601 15,000 SH Sole 15,000
HAIN CELESTIAL GROUP
INC COM 405217100 752 25,000 SH Sole 25,000
HARMONY GOLD CALL 413216900 (222) (16,000) SH CALL Sole -16,000
HARMONY GOLD CALL 413216900 2,246 161,600 SH CALL Sole 161,600
HARMONY GOLD CALL 413216900 3,097 222,800 SH CALL Sole 222,800
HARMONY GOLD CALL 413216900 (334) (24,000) SH CALL Sole -24,000
HARMONY GOLD CALL 413216900 1,334 96,000 SH CALL Sole 96,000
HARMONY GOLD CALL 413216900 1,671 120,200 SH CALL Sole 120,200
HARMONY GOLD MINING
SPND ADR SPONSORED ADR 413216300 3,546 255,100 SH Sole 255,100
HARMONY GOLD MINING
SPND ADR SPONSORED ADR 413216300 2,264 162,900 SH Sole 162,900
HARVEST ENERGY
TRUST-UNIT /CAD TRUST UNIT 41752X101 5,692 230,000 SH Sole 230,000
HARVEST ENERGY
TRUST-UNIT /CAD TRUST UNIT 41752X101 495 20,000 SH Sole 20,000
HARVEST ENERGY
TRUST-UNIT /CAD TRUST UNIT 41752X101 37 1,500 SH Sole 1,500
HASBRO INC COM 418056107 215 7,500 SH Sole 7,500
HELMERICH & PAYNE INC COM 423452101 531 17,500 SH Sole 17,500
HESS CORP COM 42809H107 377 6,800 SH Defined 1 6,800
HILTON HOTELS COM 432848109 324 9,000 SH Sole 9,000
HILTON HOTELS COM 432848109 1,223 34,000 SH Sole 34,000
HITTITE MICROWAVE
CORP COM 43365Y104 603 15,000 SH Sole 15,000
HOLLY CORP COM 435758305 13,758 232,000 SH Sole 232,000
HOLLY CORP COM 435758305 593 10,000 SH Sole 10,000
HOLLY CORP COM 435758305 1,127 19,000 SH Sole 19,000
I SHARES MSCI TAIWAN
INDEX FUND MSCI TAIWAN 464286731 627 45,000 SH Sole 45,000
I SHARES SILVER TRUST ISHARES 46428Q109 3,338 25,000 SH Sole 25,000
IMA EXPLORATION INC COM 449664101 194 255,000 SH Sole 255,000
IMMUCOR INC COM 452526106 1,030 35,000 SH Sole 35,000
INTEL CORP COM 458140100 406 21,200 SH Defined 1 21,200
INTERNATIONAL ROYALTY
CORP/CAD COM 460277106 7,217 1,234,350 SH Sole 1,234,350
INTERNATIONAL ROYALTY
CORP/CAD COM 460277106 3,571 610,750 SH Sole 610,750
INTERNATIONAL ROYALTY
CORP/CAD COM 460277106 58 10,000 SH Sole 10,000
INTERNATIONAL
SECURITIES EXC CL A 46031W204 366 7,500 SH Sole 7,500
INTERNATIONAL
SECURITIES EXC CL A 46031W204 976 20,000 SH Sole 20,000
ITT CORP COM 450911102 332 5,500 SH Defined 1 5,500
IVANHOE MINES CALL 46579N903 (514) (44,000) SH CALL Sole -44,000
IVANHOE MINES CALL 46579N903 (1,005) (86,000) SH CALL Sole -86,000
IVANHOE MINES LTD COM 46579N103 877 75,000 SH Sole 75,000
IVANHOE MINES LTD
/CAD/ COM 46579N103 9,004 770,000 SH Sole 770,000
IVANHOE MINES LTD
/CAD/ COM 46579N103 5,047 431,600 SH Sole 431,600
IVANHOE MINES LTD
/CAD/ COM 46579N103 17,979 1,537,500 SH Sole 1,537,500
JACK IN THE BOX INC COM 466367109 346 5,000 SH Sole 5,000
JOHNSON & JOHNSON COM 478160104 368 6,100 SH Defined 1 6,100
JOY GLOBAL INC COM 481165108 9,224 215,000 SH Sole 215,000
JOY GLOBAL INC COM 481165108 150 3,500 SH Sole 3,500
JOY GLOBAL INC COM 481165108 429 10,000 SH Sole 10,000
KINROSS GOLD CORP COM 496902404 25 1,778 SH Sole 1,778
KINROSS GOLD CORP COM 496902404 98 7,115 SH Sole 7,115
KOOKMIN BANK SP ADR COM 50049M109 575 6,381 SH Defined 2 6,381
LEGG MASON INC COM 524901105 471 5,000 SH Sole 5,000
LILLY /ELI/ & CO COM 532457108 505 9,400 SH Defined 1 9,400
LUNDIN MINING CORP
/CAD/ COM 550372106 2,943 264,375 SH Sole 264,375
LUNDIN MINING CORP
/CAD/ COM 550372106 5,945 534,135 SH Sole 534,135
LUNDIN MINING CORP
/REST/ COM 550372106 515 46,290 SH Sole 46,290
MARATHON OIL CORP COM 565849106 27,178 275,000 SH Sole 275,000
MARKET VECTORS GOLD
MINERS ETF GOLD MINER ETF 57060U100 475 12,000 SH Sole 12,000
MARKET VECTORS GOLD
MINERS ETF GOLD MINER ETF 57060U100 2,137 54,000 SH Sole 54,000
MARVEL ENTERTAINMENT
INC COM 57383T103 278 10,000 SH Sole 10,000
MASTERCARD INC COM 57636Q104 319 3,000 SH Sole 3,000
MCDERMOTT INTL INC COM 580037109 28,776 587,500 SH Sole 587,500
MCDERMOTT INTL INC COM 580037109 735 15,000 SH Sole 15,000
MEMC ELECTRONIC
MATERIALS INC COM 552715104 363 6,000 SH Sole 6,000
MEMC ELECTRONIC
MATERIALS INC COM 552715104 454 7,500 SH Sole 7,500
MENS WEARHOUSE INC COM 587118100 941 20,000 SH Sole 20,000
MERIDIAN BIOSCIENCE
INC COM 589584101 139 5,000 SH Sole 5,000
MERIDIAN BIOSCIENCE
INC COM 589584101 416 15,000 SH Sole 15,000
MERIDIAN GOLD CALL 589975901 (1,532) (60,000) SH CALL Sole -60,000
MERIDIAN GOLD CALL 589975901 (3,574) (140,000) SH CALL Sole -140,000
MERIDIAN GOLD INC COM 589975101 13,529 529,920 SH Sole 529,920
MERIDIAN GOLD INC COM 589975101 30,513 1,195,180 SH Sole 1,195,180
METALLICA RES INC
/CAD/ /REST/ COM 59125J104 1,282 250,000 SH Sole 250,000
METALLICA RESOURCES
INC /CAD/ COM 59125J104 2,466 480,900 SH Sole 480,900
MICROSOFT CORP COM 594918104 418 15,000 SH Sole 15,000
MICROSOFT CORP COM 594918104 460 16,500 SH Defined 1 16,500
MINEFINDERS LTD /CAD/ COM 602900102 4,904 414,500 SH Sole 414,500
MINEFINDERS LTD /CAD/ COM 602900102 10,323 872,500 SH Sole 872,500
MIRANT CORP NEW COM 60467R100 9,104 225,000 SH Sole 225,000
MOBILE TELESYSTEMS
SPON ADR SPONSORED ADR 607409109 52,933 945,902 SH Defined 2 945,902
MOBILE TELESYSTEMS
SPON ADR SPONSORED ADR 607409109 744 13,300 SH Defined 2 13,300
MORGAN STANLEY COM 617446448 473 6,000 SH Sole 6,000
MOSAIC COMPANY COM 61945A107 203 7,625 SH Sole 7,625
MOSAIC COMPANY COM 61945A107 610 22,875 SH Sole 22,875
MUELLER WATER
PRODUCTS INC B COM SER B 624758207 221 16,524 SH Sole 16,524
NABORS INDUSTRIES LTD COM G6359F103 291 9,800 SH Defined 1 9,800
NASDAQ STOCK MARKET
INC COM 631103108 809 27,500 SH Sole 27,500
NATIONAL OILWELL
VARCO INC COM 637071101 311 4,000 SH Defined 1 4,000
NEVSUN RES LTD /CAD/ COM 64156L101 4 2,000 SH Sole 2,000
NEVSUN RES LTD /CAD/ COM 64156L101 250 119,000 SH Sole 119,000
NEWFIELD EXPL CALL 651290908 4,171 100,000 SH CALL Sole 100,000
NEWFIELD EXPLORATION
CO COM 651290108 4,171 100,000 SH Sole 100,000
NEWMONT MINING CALL 651639906 3,258 77,600 SH CALL Sole 77,600
NEWMONT MINING CALL 651639906 5,148 122,600 SH CALL Sole 122,600
NEWMONT MINING CALL 651639906 5,778 137,600 SH CALL Sole 137,600
NEWMONT MINING CALL 651639906 2,473 58,900 SH CALL Sole 58,900
NEWMONT MINING CALL 651639906 11,018 262,400 SH CALL Sole 262,400
NEWMONT MINING CALL 651639906 11,564 275,400 SH CALL Sole 275,400
NEWMONT MINING CORP
/USD/ COM 651639106 2,396 57,070 SH Sole 57,070
NEWMONT MINING CORP
/USD/ COM 651639106 4,547 108,280 SH Sole 108,280
NEWMONT MINING CORP
/USD/ COM 651639106 147 3,500 SH Defined 1 3,500
NEWS CORP INC CLASS B CL B 65248E203 367 15,000 SH Sole 15,000
NEXEN INC COM 65334H102 19,602 320,000 SH Sole 320,000
NII HOLDINGS INC CL B CL B 62913F201 1,298 17,500 SH Sole 17,500
NOBLE CORP COM G65422100 30,646 389,500 SH Sole 389,500
NOBLE ENERGY INC COM 655044105 10,737 180,000 SH Sole 180,000
NOBLE ENERGY INC COM 655044105 179 3,000 SH Sole 3,000
NORTHERN DYN M CALL 66510M904 (564) (50,000) SH CALL Sole -50,000
NORTHERN DYN M CALL 66510M904 (564) (50,000) SH CALL Sole -50,000
NORTHERN DYNASTY
MINERALS/CAD/ COM 66510M204 14,188 1,260,000 SH Sole 1,260,000
NORTHERN DYNASTY
MINERALS/CAD/ COM 66510M204 10,012 889,150 SH Sole 889,150
NORTHERN DYNASTY
MINERALS/CAD/ COM 66510M204 282 25,000 SH Sole 25,000 25,000
NORTHERN ORION
RESOURCES COM 665575106 465 116,200 SH Sole 116,200
NORTHERN ORION
RESOURCES COM 665575106 907 226,700 SH Sole 226,700
NORTHERN ORION
RESOURCES COM 665575106 1,200 299,900 SH Sole 299,900
NORTHERN ORION
RESOURCES/CAD COM 665575106 8,768 2,191,145 SH Sole 2,191,145
NORTHERN ORION
RESOURCES/CAD COM 665575106 6,922 1,729,695 SH Sole 1,729,695
NORTHERN ORION
RESOURCES/CAD COM 665575106 27,586 6,893,460 SH Sole 6,893,460
NORTHERN ORION
RESOURCES/CAD COM 665575106 842 210,500 SH Sole 210,500
NORTHGATE EXPLORATION
LTD COM 666416102 243 70,000 SH Sole 70,000
NORTHGATE EXPLORATION
LTD COM 666416102 76 21,900 SH Sole 21,900
NORTHGATE EXPLORATION
LTD COM 666416102 191 55,000 SH Sole 55,000
NORTHGATE MINERALS
CORP /CAD/ COM 666416102 1,883 534,225 SH Sole 534,225
NORTHGATE MINERALS
CORP /CAD/ COM 666416102 2,979 845,025 SH Sole 845,025
NORTHGATE MINERALS
CORP /CAD/ COM 666416102 9,381 2,661,039 SH Sole 2,661,039
NORTHROP GRUMMAN CORP COM 666807102 475 6,400 SH Defined 1 6,400
NOVARTIS AG SPON ADR SPONSORED ADR 66987V109 448 8,200 SH Defined 1 8,200
NOVO-NORDISK A S ADR SPONSORED ADR 670100205 543 6,000 SH Sole 6,000
OCCIDENTAL PETROLEUM COM 674599105 13,560 275,000 SH Sole 275,000
OM GROUP INC COM 670872100 715 16,000 SH Sole 16,000
PACCAR INC COM 693718108 220 3,000 SH Sole 3,000
PACIFIC RIM MINING
CORP COM 694915208 371 343,787 SH Sole 343,787
PACIFIC RIM MINING
CORP /CAD/ COM 694915208 5,167 4,783,813 SH Sole 4,783,813
PEABODY ENERGY CORP COM 704549104 402 10,000 SH Sole 10,000
PENN WEST ENERGY
TRUST TR UNIT 707885109 294 10,000 SH Sole 10,000
PENN WEST ENERGY
TRUST TR UNIT 707885109 514 17,500 SH Sole 17,500
PENN WEST ENERGY
TRUST TR UNIT 707885109 15 500 SH Sole 500
PERU COPPER INC /CAD/ COM 715455101 1,428 346,975 SH Sole 346,975
PETROCHINA CO LTD ADR SPONSORED ADR 71646E100 21,076 180,000 SH Sole 180,000
PETROCHINA CO LTD ADR SPONSORED ADR 71646E100 1,171 10,000 SH Sole 10,000
PETROCHINA CO LTD ADR SPONSORED ADR 71646E100 316 2,700 SH Defined 1 2,700
PETROLEO BRASILEIRO
SPON ADR SPONSORED ADR 71654V101 26,805 300,000 SH Sole 300,000
PETROLEO BRASILEIRO
SPON ADR SPONSORED ADR 71654V101 578 6,472 SH Defined 2 6,472
PHASE FORWARD INC COM 71721R406 394 30,000 SH Sole 30,000
PHILADELPHIA CONS
HOLDING CORP COM 717528103 352 8,000 SH Sole 8,000
POLYCOM INC COM 73172K104 750 22,500 SH Sole 22,500
POSCO SPONSORED ADR SPONSORED ADR 693483109 429 4,126 SH Defined 2 4,126
POTASH CORP
SASKATCHEWAN /USD/ COM 73755L107 2,399 15,000 SH Sole 15,000
POTASH CORP
SASKATCHEWAN /USD/ COM 73755L107 480 3,000 SH Sole 3,000
PRECISION CASTPARTS
CORP COM 740189105 1,561 15,000 SH Sole 15,000
PRICELINE.COM INC COM 741503403 186 3,500 SH Sole 3,500
PRICELINE.COM INC COM 741503403 533 10,000 SH Sole 10,000
PROCTER & GAMBLE COM 742718109 379 6,000 SH Defined 1 6,000
PROSHARES TRUST OIL
AND GAS COM 74347R719 379 5,000 SH Sole 5,000
QUANTA SERVICES INC COM 74762E102 631 25,000 SH Sole 25,000
RANGOLD RESOURCES LTD
ADR SPONSORED ADR 752344309 1,554 65,000 SH Sole 65,000
RANGOLD RESOURCES LTD
ADR SPONSORED ADR 752344309 10,630 444,600 SH Sole 444,600
RANGOLD RESOURCES LTD
ADR SPONSORED ADR 752344309 46,011 1,924,334 SH Sole 1,924,334
RAYTHEON COMPANY COM 755111507 310 5,900 SH Defined 1 5,900
RELIANT ENERGY INC COM 75952B105 9,855 485,000 SH Sole 485,000
ROGERS COMMUNICATIONS
/USD/ COM 775109200 590 18,000 SH Sole 18,000
ROWAN COMPANIES COM 779382100 7,143 220,000 SH Sole 220,000
ROYAL GOLD INC COM 780287108 1,972 65,500 SH Sole 65,500
ROYAL GOLD INC COM 780287108 226 7,500 SH Sole 7,500
RUBICON MINERALS
/CAD//REST/ COM 780911103 223 169,600 SH Sole 169,600
SAN JUAN BASIN RTY TR
UBI UNIT BEN INT 798241105 6,248 200,000 SH Sole 200,000
SAN JUAN BASIN RTY TR
UBI UNIT BEN INT 798241105 500 16,000 SH Sole 16,000
SAN JUAN BASIN RTY TR
UBI UNIT BEN INT 798241105 500 16,000 SH Sole 16,000
SCHEIN/HENRY/INC COM 806407102 552 10,000 SH Sole 10,000
SCHLUMBERGER CALL 806857908 (691) (10,000) SH CALL Sole -10,000
SCHLUMBERGER LTD COM 806857108 32,823 475,000 SH Sole 475,000
SCHLUMBERGER LTD COM 806857108 843 12,200 SH Defined 1 12,200
SCHWAB /CHARLES/ CORP COM 808513105 732 40,000 SH Sole 40,000
SILICON MOTION CALL 82706C908 (338) (15,000) SH CALL Sole -15,000
SILICON MOTION CALL 82706C908 (225) (10,000) SH CALL Sole -10,000
SILICON MOTION TECH
/ADR/ SPONSORED ADR 82706C108 676 30,000 SH Sole 30,000
SILICON MOTION TECH
/ADR/ SPONSORED ADR 82706C108 450 20,000 SH Sole 20,000
SILVER WHEATON CORP
/CAD/REST/ COM 828336107 379 40,000 SH Sole 40,000
SINA CORPORATION COM G81477104 840 25,000 SH Sole 25,000
SIRF TECHNOLOGY
HOLDINGS INC COM 82967H101 180 6,500 SH Sole 6,500
SIRF TECHNOLOGY
HOLDINGS INC COM 82967H101 486 17,500 SH Sole 17,500
SOLITARIO RESOURCES
CORP /CAD/ COM 83422R106 3,459 853,300 SH Sole 853,300
STATE STREET CORP COM 857477103 324 5,000 SH Sole 5,000
STREETTRACKS GOLD
TRUST GOLD SHS 863307104 10,758 163,640 SH Sole 163,640
STREETTRACKS GOLD
TRUST GOLD SHS 863307104 23,802 362,060 SH Sole 362,060
STREETTRACKS GOLD
TRUST GOLD SHS 863307104 99 1,500 SH Sole 1,500
STREETTRACKS GOLD
TRUST GOLD SHS 863307104 197 3,000 SH Defined 1 3,000
STRYKER CORP COM 863667101 398 6,000 SH Sole 6,000
STRYKER CORP COM 863667101 497 7,500 SH Sole 7,500
SUNCOR ENERGY CALL 867229906 11,033 144,500 SH CALL Sole 144,500
SUNCOR ENERGY CALL 867229906 18,591 243,500 SH CALL Sole 243,500
SUNCOR ENERGY INC COM 867229106 15,270 200,000 SH Sole 200,000
SUNOCO INC COM 86764P109 13,384 190,000 SH Sole 190,000
SUNOCO INC COM 86764P109 176 2,500 SH Sole 2,500
SUPERIOR ENERGY
SERVICES INC COM 868157108 603 17,500 SH Sole 17,500
TAIWAN SEMICONDUCTOR
SPON ADR SPONSORED ADR 874039100 1,107 102,999 SH Sole 102,999
TAIWAN SEMICONDUCTOR
SPON ADR SPONSORED ADR 874039100 654 60,838 SH Defined 2 60,838
TALISMAN ENERGY INC COM 87425E103 11,758 670,000 SH Sole 670,000
TASEKO MINES LTD
/CAD/ COM 876511106 1,740 665,000 SH Sole 665,000
TASEKO MINES LTD
/CAD/ COM 876511106 1,072 410,000 SH Sole 410,000
TECK COMINCO CALL 878742904 (1,740) (50,000) SH CALL Sole -50,000
TECK COMINCO LIMITED
CL B/CAD/ CL B 878742204 14,292 205,000 SH Sole 205,000
TESCO CORP COM 88157K101 186 7,000 SH Sole 7,000
TESORO CORP CALL 881609901 (4,017) (40,000) SH CALL Sole -40,000
TESORO CORP COM 881609101 6,679 66,500 SH Sole 66,500
TEVA PHARMAC INDS LTD
SPON ADR SPONSORED ADR 881624209 580 15,500 SH Defined 2 15,500
THERMO FISHER
SCIENTIFIC INC COM 883556102 468 10,000 SH Sole 10,000
T-HQ INC COM 872443403 256 7,500 SH Sole 7,500
TOYOTA MOTOR CORP ADR SPONSORED ADR 892331307 449 3,500 SH Defined 1 3,500
TRINITY INDUSTRIES
INC COM 896522109 314 7,500 SH Defined 1 7,500
U S GOLD CORP /CAD/ COM PAR $0.10 912023207 356 85,479 SH Sole 85,479
U S GOLD CORP /CAD/ COM PAR $0.10 912023207 5,914 1,419,406 SH Sole 1,419,406
UBS AG COM H89231338 416 7,000 SH Defined 1 7,000
UNIT CORP COM 909218109 3,541 70,000 SH Sole 70,000
UNITED PARCEL SERVICE
CL B CL B 911312106 322 4,600 SH Defined 1 4,600
UNITED TECHNOLOGIES
CORP COM 913017109 293 4,500 SH Defined 1 4,500
UNITEDHEALTH GROUP
INC COM 91324P102 318 6,000 SH Sole 6,000
VALERO ENERGY CALL 91913Y900 11,705 181,500 SH CALL Sole 181,500
VALERO ENERGY CORP COM 91913Y100 12,253 190,000 SH Sole 190,000
VALERO ENERGY CORP COM 91913Y100 161 2,500 SH Sole 2,500
VERIFONE HOLDING INC COM 92342Y109 459 12,500 SH Sole 12,500
VIMPEL COMMUNICATIONS
SPON ADR SPONSORED ADR 68370R109 38,260 403,412 SH Defined 2 403,412
VOCUS INC COM 92858J108 554 27,500 SH Sole 27,500
WALTER INDUSTRIES INC COM 93317Q105 371 15,000 SH Sole 15,000
WEATHERFORD INTL CALL G95089901 6,765 150,000 SH CALL Sole 150,000
WELLCARE HEALTH PLANS
INC COM 94946T106 512 6,000 SH Sole 6,000
WELLCARE HEALTH PLANS
INC COM 94946T106 1,066 12,500 SH Sole 12,500
WELLS FARGO & COMPANY COM 949746101 592 17,200 SH Defined 1 17,200
WESTAIM CORP /CAD/ COM 956909105 87 100,000 SH Sole 100,000
WESTERN REFINING INC COM 959319104 234 6,000 SH Sole 6,000
WIMM BILL DANN FOODS
ADR SPONSORED ADR 97263M109 4,561 57,112 SH Defined 2 57,112
--------- ----------
GRAND TOTAL: 1,542,105 92,339,279
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