U.S. GLOBAL INVESTORS INC.
7900 CALLAGHAN ROAD
SAN ANTONIO, TEXAS 78278-1234
FOR QUARTER-ENDED DECEMBER 31, 2006
SIGNED BY SUSAN MCGEE, PRESIDENT
(210) 308-1234
Number of Other Included Managers 2
Form 13F Information Table Entry Total 420
Form 13F Information Table Total Value (x1000) 1,377,336
List of Other Included Managers
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
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 7 COLUMN 8
-------------------------- ------------------ --------- ----------- ---------------------- -------- ------ ------------------------
INVEST-
SHARES OR MENT OTHER VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ DIS- MANA- ------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL CRETION GERS SOLE SHARED NONE
-------------------------- ------------------ --------- ----------- ----------- --- ---- ------- ----- ---- --------- -------
ABER DIAMOND CORP /CAD/ COM 002893105 3,208 87,000 SH Sole 22,000
ABER DIAMOND CORP /CAD/ COM 002893105 811 22,000 SH Sole 87,000
ACTUANT CORP CLASS A CL A NEW 00508X203 357 7,500 SH Sole 7,500
ADOBE SYSTEMS INC COM 00724F101 370 9,000 SH Sole 9,000
AGNICO EAGLE MINES LTD
/CAD/ COM 008474108 2,392 58,000 SH Sole 58,000
AGNICO EAGLE MINES LTD
/CAD/ COM 008474108 1,279 31,000 SH Sole 31,000
AGNICO EAGLE MINES LTD
/USD/ COM 008474108 2,062 50,000 SH Sole 50,000
AGNICO EAGLE MINES LTD
/USD/ COM 008474108 1,237 30,000 SH Sole 30,000
AGNICO EAGLE MINES WT
11/14/07 *W EXP 11/07/2007 008474132 26,147 1,103,260 SH Sole 178,600
AGNICO EAGLE MINES WT
11/14/07 *W EXP 11/07/2007 008474132 8,078 340,840 SH Sole 340,840
AGNICO EAGLE MINES WT
11/14/07 *W EXP 11/07/2007 008474132 4,233 178,600 SH Sole 1,103,260
AGNICO EAGLE MINES WT
11/14/07 *W EXP 11/07/2007 008474132 208 8,900 SH Sole 8,900
AIR FRANCE-KLM-ADR SPON ADR 009119108 209 5,000 SH Sole 5,000
AIR PRODUCTS & CHEMICALS COM 009158106 323 4,600 SH Defined 1 4,600
AKAMAI TECHNOLOGIES COM 00971T101 1,328 25,000 SH Sole 8,000
AKAMAI TECHNOLOGIES COM 00971T101 425 8,000 SH Sole 25,000
ALLEGHENY ENERGY INC COM 017361106 275 6,000 SH Sole 6,000
ALLERGAN INC COM 018490102 838 7,000 SH Sole 2,500
ALLERGAN INC COM 018490102 299 2,500 SH Sole 7,000
ALLIANCE DATA SYSTEMS
CORP COM 18581108 469 7,500 SH Sole 7,500
ALLSCRIPTS HEALTHCARE
SOLUTION COM 01988P108 810 30,000 SH Sole 30,000
ALTRIA GROUP INC COM 02209S103 257 3,000 SH Sole 3,000
AMERICA MOVIL SAB DE CV
SERIES L SPON ADR L SHS 02364W105 877 19,400 SH Defined 2 19,400
AMERICAN EAGLE
OUTFITTERS COM 02553E106 936 30,000 SH Sole 30,000
AMERICAN EXPRESS COMPANY COM 025816109 382 6,300 SH Defined 1 6,300
AMYLIN PHARMACEUTICALS
INC COM 032346108 252 7,000 SH Defined 1 7,000
ANOORAQ RESOURCES CORP
/CAD/ COM 03633E108 3,964 3,278,000 SH Sole 400,000
ANOORAQ RESOURCES CORP
/CAD/ COM 03633E108 484 400,000 SH Sole 3,278,000
APPLE COMPUTER INC COM 037833100 636 7,500 SH Sole 7,500
ARCH CAPITAL GROUP LTD ORD G0450A105 473 7,000 SH Sole 7,000
ARIZONA STAR RES CORP
/CAD/ COM 04059G106 7,287 615,700 SH Sole 615,700
ATLAS ENERGY COM 049303100 272 12,000 SH Sole 12,000
AURIZON MINES LTD /CAD/ COM 05155P106 1,818 579,200 SH Sole 579,200
AVALONBAY COMMUNITIES
INC REIT COM 053484101 650 5,000 SH Sole 5,000
BAKER HUGHES INC COM 057224107 612 8,200 SH Defined 1 8,200
BARRICK GOLD CALL 067901908 395 500 SH CALL Sole 500
BARRICK GOLD CALL 067901908 485 500 SH CALL Sole 500
BARRICK GOLD CALL 067901908 485 500 SH CALL Sole 200
BARRICK GOLD CALL 067901908 595 500 SH CALL Sole 200
BARRICK GOLD CALL 067901908 660 500 SH CALL Sole 500
BARRICK GOLD CALL 067901908 660 500 SH CALL Sole 500
BARRICK GOLD CALL 067901908 156 200 SH CALL Sole 500
BARRICK GOLD CALL 067901908 158 200 SH CALL Sole 500
BARRICK GOLD CALL 067901908 238 200 SH CALL Sole 200
BARRICK GOLD CORP /CAD/ COM 067901108 228 7,429 SH Sole 7,429
BARRICK GOLD CORP COM COM 067901108 2,903 94,574 SH Sole 20,000
BARRICK GOLD CORP COM COM 067901108 614 20,000 SH Sole 94,574
BAYTEX ENERGY COM 073176109 332 17,500 SH Sole 17,500
BELLSOUTH CORP COM 079860102 212 4,500 SH Sole 4,500
BEMA GOLD CORP COM 08135F107 84 16,000 SH Sole 4,000
BEMA GOLD CORP COM 08135F107 21 4,000 SH Sole 16,000
BERKSHIRE HATHAWAY INC
CL B CL B 084670207 990 270 SH Defined 1 270
BIG LOTS INC COM 089302103 917 40,000 SH Sole 40,000
BOSTON SCIENTIFIC CORP COM 101137107 618 36,000 SH Sole 36,000
BUNGE LIMITED COM G16962105 544 7,500 SH Sole 7,500
CACI INTNATL INC CL A CL A 127190304 322 5,700 SH Defined 1 5,700
CAMECO CALL 13321L908 1,030 1,000 SH CALL Sole 1,000
CAMECO CALL 13321L908 1,080 1,000 SH CALL Sole 1,000
CAMECO CORPORATION
/CAD/ COM 13321L108 9,108 225,000 SH Sole 225,000
CAMERON INTERNATIONAL
CORP COM 13342B105 10,610 200,000 SH Sole 200,000
CAMERON INTERNATIONAL
CORP COM 13342B105 531 10,000 SH Sole 10,000
CANETIC RESOURCE COM 137513107 444 32,000 SH Sole 32,000
CAPITAL ALLIANCE GRP INC
/CAD/ COM 13971R306 832 1,213,332 SH Sole 1,213,332
CARMAX INC COM 143130102 215 4,000 SH Sole 4,000
CDC CORP-CL A CL A G2022L106 475 50,000 SH Sole 50,000
CELGENE CORP COM 151020104 575 10,000 SH Sole 10,000
CENTRAL EUROPEAN DISTR
CORP COM 153435102 17,215 579,631 SH Defined 2 579,631
CENTRAL EUROPEAN DISTR
CORP COM 153435102 504 16,955 SH Defined 2 16,955
CENTURY ALUM CO COM 156431108 223 5,000 SH Sole 5,000
CERNER CORP COM 156782104 250 5,500 SH Defined 1 5,500
CHEVRON CORP COM 166764100 515 7,000 SH Sole 7,000
CIA VALE DO RIO DOCE
SPON ADR SPON ADR 204412100 727 27,700 SH Defined 2 27,700
CISCO SYSTEMS INC COM 17275R102 820 30,000 SH Sole 27,000
CISCO SYSTEMS INC COM 17275R102 738 27,000 SH Sole 30,000
CNOOC LTD ADR SPON ADR 126132109 1,183 12,500 SH Sole 12,500
COACH INC COM 189754104 859 20,000 SH Sole 20,000
COCA-COLA CO COM 191216100 439 9,100 SH Defined 1 9,100
COGNIZANT TECH
SOLUTIONS CRP A CL A 192446102 1,350 17,500 SH Sole 17,500
COMTECH GROUP INC COM 205821200 273 15,000 SH Sole 15,000
CONOCOPHILLIPS COM 20825C104 1,439 20,000 SH Sole 20,000
CONOCOPHILLIPS COM 20825C104 640 8,900 SH Defined 1 2,000
CONOCOPHILLIPS COM 20825C104 144 2,000 SH Sole 8,900
CORE LABORATORIES N V COM N22717107 405 5,000 SH Sole 5,000
CORRECTIONS CORP OF
AMERICA COM 22025Y407 317 7,000 SH Sole 7,000
CORRIENTE RESOURCES INC COM 22027E102 2,125 604,300 SH Sole 604,300
CREDICORP LTD COM G2519Y108 409 10,000 SH Sole 10,000
CRYSTALLEX INTL CORP COM 22942F101 2,237 618,000 SH Sole 242,000
CRYSTALLEX INTL CORP COM 22942F101 876 242,000 SH Sole 116,900
CRYSTALLEX INTL CORP COM 22942F101 423 116,900 SH Sole 618,000
CSX CORP COM 126408103 258 7,500 SH Sole 7,500
CTRIP.COM INTERNATIONAL
LTD COM 22943F100 625 10,000 SH Sole 10,000
CVS CORPORATION COM 126650100 371 12,000 SH Defined 1 12,000
CYMER INC COM 232572107 549 12,500 SH Sole 12,500
CYTYC CORPORATION COM 232946103 425 15,000 SH Sole 15,000
DELTA PETROLEUM CORP COM 247907207 8,338 360,000 SH Sole 360,000
DICK'S SPORTING GOODS COM 253393102 392 8,000 SH Sole 8,000
DIGENE CORP COM 253752109 599 12,500 SH Sole 12,500
DIGITAL RIVER INC COM 25388B104 558 10,000 SH Sole 2,000
DIGITAL RIVER INC COM 25388B104 112 2,000 SH Sole 10,000
DOLLAR FINANCIAL CORP COM 256664103 418 15,000 SH Sole 15,000
DRDGOLD LIMITED
SPONSORED ADR SPON ADR 26152H103 90 100,000 SH Sole 100,000
DRDGOLD LIMITED
SPONSORED ADR SPON ADR 26152H103 23 25,000 SH Sole 25,000
DRIL QUIP INC COM 262037104 16,447 420,000 SH Sole 420,000
DRYSHIPS INC COM Y2109Q101 11,707 650,000 SH Sole 650,000
EBAY INC COM 278642103 451 15,000 SH Sole 10,000
EBAY INC COM 278642103 415 13,800 SH Defined 1 13,800
EBAY INC COM 278642103 301 10,000 SH Sole 15,000
ENERGY METALS CORP/CAD/ COM 29271B106 10,579 1,221,300 SH Sole 1,221,300
ENERGY METALS CORP/CAD/ COM 29271B107 113 12,500 SH Sole 12,500
ENERGY METALS CORP/CAD/ COM 29271B107 0 52 SH Sole 52
ENERPLUS RESOURCES FUND
/CAD/ COM 29274D604 2,617 60,000 SH Sole 60,000
ENERPLUS RESOURCES FUND
UNIT COM 29274D604 3,489 80,000 SH Sole 80,000
ENSCO INTL INC CALL 26874Q900 1,160 2,000 SH CALL Sole 2,000
EXELON CORPORATION COM 30161N101 340 5,500 SH Defined 1 5,500
EXPLORATION CO COM 302133202 13,340 1,000,000 SH Sole 1,000,000
EXPLORATION CO COM 302133202 334 25,000 SH Sole 25,000
F P L GROUP INC COM 302571104 653 12,000 SH Defined 1 12,000
FIRSTENERGY CORP COM 337932107 271 4,500 SH Sole 4,500
FOCUS MEDIA HOLDING ADS SPON ADR 34415V109 996 15,000 SH Sole 15,000
FOCUS MEDIA HOLDING ADS SPON ADR 34415V109 830 12,500 SH Sole 12,500
FREEPORT-MCMORAN C & G
CL B CL B 35671D857 14,089 252,800 SH Sole 158,200
FREEPORT-MCMORAN C & G
CL B CL B 35671D857 8,816 158,200 SH Sole 252,800
FRONTEER DEVELOPMENT
GROUP INC COM 35903Q106 9,447 1,024,700 SH Sole 1,024,700
FRONTIER OIL CORP COM 35914P105 10,778 375,000 SH Sole 375,000
FRONTIER OIL CORP COM 35914P105 287 10,000 SH Sole 10,000
GAMMON LAKE RES INC COM COM 364915108 81 5,000 SH Sole 5,000
GAMMON LAKE RESOURCES
/CAD/ COM 364915108 20,367 1,250,573 SH Sole 278,820
GAMMON LAKE RESOURCES
/CAD/ COM 364915108 4,541 278,820 SH Sole 271,400
GAMMON LAKE RESOURCES
/CAD/ COM 364915108 4,420 271,400 SH Sole 1,250,573
GAMMON LAKES CALL 364915908 713 1,500 SH CALL Sole 500
GAMMON LAKES CALL 364915908 238 500 SH CALL Sole 1,500
GARMIN LTD /USD/ COM G37260109 557 10,000 SH Sole 10,000
GENERAL CABLE CORP COM 369300108 874 20,000 SH Sole 6,000
GENERAL CABLE CORP COM 369300108 262 6,000 SH Sole 20,000
GENERAL ELECTRIC CO COM 369604103 781 21,000 SH Defined 1 21,000
GLENCAIRN GOLD CORP
/CAD/ COM 377903109 1,548 3,223,000 SH Sole 100,000
GLENCAIRN GOLD CORP
/CAD/ COM 377903109 48 100,000 SH Sole 3,223,000
GLENCAIRN GOLD CORP
/REST//CAD COM 377903109 288 600,000 SH Sole 600,000
GOLD FIELDS LTD CALL 38059T906 296 400 SH CALL Sole 400
GOLD FIELDS LTD CALL 38059T906 296 400 SH CALL Sole 400
GOLD FIELDS LTD SPON
ADR SPON ADR 38059T106 20,560 1,088,980 SH Sole 60,000
GOLD FIELDS LTD SPON
ADR SPON ADR 38059T106 8,111 429,620 SH Sole 429,620
GOLD FIELDS LTD SPON
ADR SPON ADR 38059T106 1,133 60,000 SH Sole 1,088,980
GOLD RESERVE INC CL A CL A 38068N108 142 30,000 SH Sole 30,000
GOLD RESERVE INC CL A
/CAD/ CL A 38068N108 1,164 247,600 SH Sole 247,600
GOLDCORP INC COM 380956409 0 136,077 SH Sole 1,732
GOLDCORP INC COM 380956409 998 35,077 SH Sole 1,707
GOLDCORP INC COM 380956409 250 8,803 SH Sole 1,175
GOLDCORP INC CALL 380956909 1,872 2,565 SH CALL Sole 1,175
GOLDCORP INC CALL 380956909 1,679 2,300 SH CALL Sole 35,077
GOLDCORP INC COM 380956409 0 1,965 SH Sole 726
GOLDCORP INC CALL 380956909 1,871 1,765 SH CALL Sole 700
GOLDCORP INC CALL 380956909 2,113 1,732 SH CALL Sole 551
GOLDCORP INC CALL 380956909 1,622 1,707 SH CALL Sole 389
GOLDCORP INC CALL 380956909 858 1,175 SH CALL Sole 370
GOLDCORP INC CALL 380956909 1,246 1,175 SH CALL Sole 55
GOLDCORP INC CALL 380956909 868 914 SH CALL Sole 55
GOLDCORP INC CALL 380956909 1,037 850 SH CALL Sole 2,565
GOLDCORP INC CALL 380956909 530 726 SH CALL Sole 2,300
GOLDCORP INC CALL 380956909 511 700 SH CALL Sole 1,765
GOLDCORP INC CALL 380956909 584 551 SH CALL Sole 914
GOLDCORP INC CALL 380956909 475 389 SH CALL Sole 850
GOLDCORP INC CALL 380956909 352 370 SH CALL Sole 162
GOLDCORP INC CALL 380956909 154 162 SH CALL Sole 162
GOLDCORP INC CALL 380956909 198 162 SH CALL Sole 70
GOLDCORP INC CALL 380956909 87 92 SH CALL Sole 70
GOLDCORP INC CALL 380956909 112 92 SH CALL Sole 92
GOLDCORP INC CALL 380956909 51 70 SH CALL Sole 92
GOLDCORP INC CALL 380956909 74 70 SH CALL Sole 39
GOLDCORP INC CALL 380956909 27 55 SH CALL Sole 39
GOLDCORP INC CALL 380956909 50 55 SH CALL Sole 136,077
GOLDCORP INC CALL 380956909 28 39 SH CALL Sole 8,803
GOLDCORP INC CALL 380956909 41 39 SH CALL Sole 1,965
GOLDCORP INC CW11 W EXP 06/09/201 380956177 0 194,824 SH Sole 1,000
GOLDCORP INC CW11 W EXP 06/09/201 380956177 704 48,910 SH Sole 48,910
GOLDCORP INC CW11 W EXP 06/09/201 380956177 180 12,500 SH Sole 194,824
GOLDCORP INC CW11 W EXP 06/09/201 380956177 156 10,836 SH Sole 12,500
GOLDCORP INC CW11 W EXP 06/09/201 380956177 14 1,000 SH Sole 10,836
GOLDCORP INC CW11 W EXP 06/09/201 380956177 4 302 SH Sole 302
GOLDCORP INC CW11 /CAD/ W EXP 06/09/201 380956177 61,496 4,242,852 SH Sole 1,463,566
GOLDCORP INC CW11 /CAD/ W EXP 06/09/201 380956177 21,213 1,463,566 SH Sole 1,067,132
GOLDCORP INC CW11 /CAD/ W EXP 06/09/201 380956177 15,467 1,067,132 SH Sole 4,242,852
GOLDCORP INC CW11 /CAD/ W EXP 06/09/201 380956177 589 40,630 SH Sole 40,630
GOLDCORP INC CW11 /CAD/ W EXP 06/09/201 380956177 362 25,000 SH Sole 25,000
GOLDEN STAR RESOURCES
LTD COM 38119T104 29 10,000 SH Sole 10,000
GOLDMAN SACHS GROUP INC COM 38141G104 498 2,500 SH Sole 2,500
GOODRICH PETROLEUM CORP COM 382410405 11,382 314,600 SH Sole 314,600
GOOGLE INC CLASS A CL A 38259P508 460 1,000 SH Sole 400
GOOGLE INC CLASS A CL A 38259P508 357 775 SH Defined 1 775
GOOGLE INC CLASS A CL A 38259P508 184 400 SH Sole 1,000
GRANITE CONSTRUCTION
INC COM 387328107 453 9,000 SH Sole 9,000
GRANT PRIDECO INC COM 38821G101 10,141 255,000 SH Sole 255,000
GREAT BASIN GOLD LTD
/CAD/ COM 390124105 2,523 1,508,800 SH Sole 1,508,800
GULFMARK OFFSHORE INC COM 402629109 4,063 108,600 SH Sole 108,600
GULFMARK OFFSHORE INC COM 402629109 748 20,000 SH Sole 10,000
GULFMARK OFFSHORE INC COM 402629109 374 10,000 SH Sole 20,000
GYMBOREE CORP COM 403777105 1,145 30,000 SH Sole 30,000
HAIN CELESTIAL GROUP
INC COM 405217100 780 25,000 SH Sole 25,000
HARMONY GOLD CALL 413216900 353 1,500 SH CALL Sole 1,500
HARMONY GOLD CALL 413216900 490 1,000 SH CALL Sole 1,000
HARMONY GOLD MINING
SPND ADR SPON ADR 413216300 3,986 253,100 SH Sole 253,100
HARMONY GOLD MINING
SPND ADR SPON ADR 413216300 2,440 154,900 SH Sole 154,900
HARVEST ENERGY TRUST-
UNIT /CAD TRUST UNIT 41752X101 8,803 391,300 SH Sole 391,300
HARVEST ENERGY TRUST-
UNIT /CAD TRUST UNIT 41752X101 1,744 77,533 SH Sole 18,700
HARVEST ENERGY TRUST-
UNIT /CAD TRUST UNIT 41752X101 0 20,000 SH Sole 77,533
HARVEST ENERGY TRUST-
UNIT /CAD TRUST UNIT 41752X101 421 18,700 SH Sole 20,000
HARVEST ENERGY TRUST-
UNIT /CAD TRUST UNIT 41752X101 34 1,500 SH Sole 1,500
HASBRO INC COM 418056107 204 7,500 SH Sole 7,500
HECLA MINING COM 422704106 3,033 396,000 SH Sole 198,000
HECLA MINING COM 422704106 1,517 198,000 SH Sole 396,000
HELMERICH & PAYNE INC COM 423452101 428 17,500 SH Sole 17,500
HILTON HOTELS COM 432848109 1,309 37,500 SH Sole 10,000
HILTON HOTELS COM 432848109 349 10,000 SH Sole 37,500
HITTITE MICROWAVE CORP COM 43365Y104 485 15,000 SH Sole 15,000
HOLLY CORP COM 435758305 12,593 245,000 SH Sole 245,000
HOLLY CORP COM 435758305 977 19,000 SH Sole 5,000
HOLLY CORP COM 435758305 257 5,000 SH Sole 19,000
HOST HOTELS & RESORTS
INC/REIT COM 44107P104 368 15,000 SH Sole 5,000
HOST HOTELS & RESORTS
INC/REIT COM 44107P104 123 5,000 SH Sole 15,000
HOVNANIAN ENTERPRISES
INC CL A CL A 442487203 305 9,000 SH Sole 9,000
I SHARES MSCI HONG KONG
INDEX MSCI HONG KONG 464286871 240 15,000 SH Sole 15,000
I SHARES MSCI TAIWAN
IND FD MSCI TAIWAN 464286731 653 45,000 SH Sole 45,000
IAMGOLD CORPORATION COM 450913108 2,566 291,229 SH Sole 104,990
IAMGOLD CORPORATION COM 450913108 925 104,990 SH Sole 291,229
IAMGOLD CORPORATION
/CAD/ COM 450913108 3,068 346,669 SH Sole 346,669
IAMGOLD CORPORATION
/CAD/ COM 450913108 2,859 322,980 SH Sole 322,980
ILLUMINA INC COM 452327109 786 20,000 SH Sole 20,000
IMA EXPLORATION COM 449664101 133 255,000 SH Sole 255,000
IMMUCOR INC COM 452526106 1,315 45,000 SH Sole 45,000
INTEL CORP COM 458140100 466 23,000 SH Defined 1 23,000
INTERNATIONAL ROYALTY
CORP/CAD COM 460277106 5,272 1,034,850 SH Sole 1,034,850
INTERNATIONAL ROYALTY
CORP/CAD COM 460277106 3,060 600,750 SH Sole 600,750
INTERNATIONAL ROYALTY
CORP/CAD COM 460277107 51 10,000 SH Sole 10,000
INTERNATIONAL
SECURITIES EXC CL A 46031W204 936 20,000 SH Sole 7,500
INTERNATIONAL
SECURITIES EXC CL A 46031W204 351 7,500 SH Sole 20,000
INTL FLAVORS & FRAGRANCES COM 459506101 442 9,000 SH Sole 9,000
IPC HOLDINGS LTD COM G4933P101 944 30,000 SH Sole 30,000
ISHARES FTSE/XINHUA
CHINA 25 FTSE XNHUA IDX 464287184 1,672 15,000 SH Sole 15,000
ISHARES SILVER TRUST LARGE VAL INDX 46428Q109 4,070 31,640 SH Sole 31,640
IVANHOE MINES LTD COM 46579N103 740 75,000 SH Sole 75,000
IVANHOE MINES LTD /CAD/ COM 46579N103 15,253 1,546,500 SH Sole 1,138,700
IVANHOE MINES LTD /CAD/ COM 46579N103 11,231 1,138,700 SH Sole 452,600
IVANHOE MINES LTD /CAD/ COM 46579N103 4,464 452,600 SH Sole 1,546,500
JACK IN THE BOX INC COM 466367109 305 5,000 SH Sole 5,000
JOHNSON & JOHNSON COM 478160104 403 6,100 SH Defined 1 6,100
KNOT INC COM 499184109 918 35,000 SH Sole 35,000
KOOKMIN BANK SP ADR SPON ADR 50049M109 515 6,381 SH Defined 2 6,381
LABORATORY CORP AMER
HLDGS COM 50540R409 294 4,000 SH Sole 4,000
LEGG MASON INC COM 524901105 475 5,000 SH Sole 5,000
LILLY /ELI/ & CO COM 532457108 313 6,000 SH Defined 1 6,000
LOGITECH INTERNATIONAL
REG COM H50430232 229 8,000 SH Sole 8,000
LUNDIN MINING CORP COM 550372106 70 1,904 SH Sole 1,904
LUNDIN MINING CORP
/CAD/ COM 550372106 6,566 178,045 SH Sole 88,125
LUNDIN MINING CORP
/CAD/ COM 550372106 3,250 88,125 SH Sole 178,045
LUNDIN MINING CORP
/REST/ COM 550372106 569 15,430 SH Sole 15,430
MARATHON OIL CORP COM 565849106 30,988 335,000 SH Sole 335,000
MARKET VECTORS GOLD
MINERS ETF GOLD MINER ETF 57060U100 6,377 159,900 SH Sole 51,800
MARKET VECTORS GOLD
MINERS ETF GOLD MINER ETF 57060U100 2,066 51,800 SH Sole 159,900
MARVEL ENTERTAINMENT
INC COM 57383T103 269 10,000 SH Sole 10,000
MASTERCARD INC COM 57636Q104 295 3,000 SH Sole 3,000
MCDERMOTT INTL INC COM 580037109 29,880 587,500 SH Sole 587,500
MCDERMOTT INTL INC COM 580037109 763 15,000 SH Sole 15,000
MEDICINES COMPANY COM 584688105 793 25,000 SH Sole 25,000
MEMC ELECTRONIC
MATERIALS INC COM 552715104 235 6,000 SH Sole 6,000
MENS WEARHOUSE INC COM 587118100 765 20,000 SH Sole 20,000
MERIDIAN GOLD INC COM 589975101 29,935 1,077,180 SH Sole 487,920
MERIDIAN GOLD INC COM 589975101 13,559 487,920 SH Sole 1,077,180
MERIDIAN GOLD INC /CAD/ COM 589975101 2,503 90,000 SH Sole 37,100
MERIDIAN GOLD INC /CAD/ COM 589975101 1,032 37,100 SH Sole 90,000
METALLICA RES INC /CAD/
/REST/ COM 59125J104 986 250,000 SH Sole 250,000
METALLICA RESOURCES INC
/CAD/ COM 59125J104 1,243 315,000 SH Sole 315,000
MICROSOFT CORP COM 594918104 567 19,000 SH Defined 1 15,000
MICROSOFT CORP COM 594918104 448 15,000 SH Sole 19,000
MINEFINDERS LTD /CAD/ COM 602900102 7,873 883,500 SH Sole 422,500
MINEFINDERS LTD /CAD/ COM 602900102 3,765 422,500 SH Sole 883,500
MOBILE TELESYSTEMS SPON
ADR COM 607409109 39,889 794,762 SH Defined 2 794,762
MOBILE TELESYSTEMS SPON
ADR COM 607409109 668 13,300 SH Defined 2 13,300
MORGAN STANLEY COM 617446448 489 6,000 SH Sole 6,000
MOSAIC COMPANY COM 61945A107 489 22,875 SH Sole 7,625
MOSAIC COMPANY COM 61945A107 163 7,625 SH Sole 22,875
MUELLER WATER PRODUCTS
INC B COM 624758207 246 16,524 SH Sole 16,524
NABORS INDUSTRIES LTD COM G6359F103 328 11,000 SH Defined 1 11,000
NASDAQ STOCK MARKET INC COM 631103108 693 22,500 SH Sole 22,500
NATIONAL OILWELL VARCO
INC COM 637071101 245 4,000 SH Defined 1 4,000
NEVSUN RES LTD /CAD/ COM 64156L101 230 105,000 SH Sole 105,000
NEWELL RUBBERMAID INC COM 651229106 579 20,000 SH Sole 20,000
NEWFIELD EXPLORATION CO COM 651290108 6,433 140,000 SH Sole 140,000
NEWMONT MINING CALL 651639906 370 2,000 SH CALL Sole 1,000
NEWMONT MINING CALL 651639906 880 2,000 SH CALL Sole 1,000
NEWMONT MINING CALL 651639906 185 1,000 SH CALL Sole 450
NEWMONT MINING CALL 651639906 440 1,000 SH CALL Sole 2,000
NEWMONT MINING CALL 651639906 419 450 SH CALL Sole 2,000
NEWMONT MINING CORP 2,000
/USD/ COM 651639106 4,889 108,280 SH Sole 57,070
NEWMONT MINING CORP
/USD/ COM 651639106 2,577 57,070 SH Sole 108,280
NEWMONT MINING CORP
/USD/ COM 651639106 158 3,500 SH Defined 1 3,500
NEXEN INC COM 65334H102 20,372 370,000 SH Sole 370,000
NEXEN INC COM 65334H102 1,100 20,000 SH Sole 20,000
NGP CAPITAL RESOURCES CO COM 62912R107 503 30,000 SH Sole 7,000
NGP CAPITAL RESOURCES CO COM 62912R107 117 7,000 SH Sole 30,000
NII HOLDINGS INC CL B CL B 62913F201 1,289 20,000 SH Sole 20,000
NOBLE CORP COM G65422100 31,222 410,000 SH Sole 410,000
NORTHERN DYNASTY
MINERALS/CAD/ COM 66510M204 13,987 1,716,750 SH Sole 1,716,750
NORTHERN DYNASTY
MINERALS/CAD/ COM 66510M204 7,399 908,150 SH Sole 908,150
NORTHERN DYNASTY
MINERALS/CAD/ COM 66510M204 204 25,000 SH Sole 25,000
NORTHERN ORION
RESOURCES COM 665575106 824 226,700 SH Sole 116,200
NORTHERN ORION
RESOURCES COM 665575106 423 116,200 SH Sole 226,700
NORTHERN ORION
RESOURCES/CAD COM 665575106 22,049 6,063,610 SH Sole 1,896,620
NORTHERN ORION
RESOURCES/CAD COM 665575106 6,897 1,896,620 SH Sole 1,411,970
NORTHERN ORION
RESOURCES/CAD COM 665575106 5,134 1,411,970 SH Sole 6,063,610
NORTHERN ORION
RESOURCES/CAD COM 665575106 765 210,500 SH Sole 210,500
NORTHGATE EXPLORATION
LTD COM 666416102 244 70,000 SH Sole 70,000
NORTHGATE EXPLORATION
LTD COM 666416102 191 55,000 SH Sole 21,900
NORTHGATE EXPLORATION
LTD COM 666416102 76 21,900 SH Sole 55,000
NORTHGATE MINERALS CORP
/CAD/ COM 666416102 10,040 2,869,389 SH Sole 896,500
NORTHGATE MINERALS CORP
/CAD/ COM 666416102 3,423 978,100 SH Sole 978,100
NORTHGATE MINERALS CORP
/CAD/ COM 666416102 3,137 896,500 SH Sole 2,869,389
NORTHROP GRUMMAN CORP COM 666416102 433 6,400 SH Defined 1 6,400
NOVARTIS AG SPON ADR SPON ADR 66987V109 586 10,200 SH Defined 1 10,200
NOVO-NORDISK A S ADR SPON ADR 670100205 335 4,000 SH Sole 4,000
OCCIDENTAL PETROLEUM COM 674599105 391 8,000 SH Defined 1 8,000
OCWEN FINANCIAL
CORPORATION COM 675746309 555 35,000 SH Sole 35,000
OM GROUP INC COM 670872100 724 16,000 SH Sole 16,000
ORACLE CORP COM 68389X105 171 10,000 SH Sole 10,000
PACCAR INC COM 693718108 389 6,000 SH Sole 6,000
PACIFIC RIM MINING CORP COM 694915208 361 343,787 SH Sole 95,000
PACIFIC RIM MINING CORP COM 694915208 100 95,000 SH Sole 343,787
PAN AMERICAN SILVER
CORP COM 697900108 252 10,000 SH Sole 10,000
PEABODY ENERGY CORP COM 704549104 6,062 150,000 SH Sole 150,000
PENN WEST ENERGY TRUST TR UNIT 707885109 306 10,000 SH Sole 10,000
PENN WEST ENERGY TRUST
/CAD/ TR UNIT 707885109 10,250 336,000 SH Sole 336,000
PENN WEST ENERGY TRUST
/CAD/ TR UNIT 707885110 534 17,500 SH Sole 17,500
PENN WEST ENERGY TRUST
/CAD/ TR UNIT 707885110 15 500 SH Sole 500
PERU COPPER INC /CAD/ COM 715455101 1,184 346,975 SH Sole 346,975
PETROCHINA CO LTD ADR SPON ADR 71646E100 31,112 221,000 SH Sole 221,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 2,816 20,000 SH Sole 20,000
PETROLEO BRASILEIRO
SPON ADR SPON ADR 71654V101 34,321 370,000 SH Sole 370,000
PETROLEO BRASILEIRO
SPON ADR SPON ADR 71654V101 600 6,472 SH Defined 2 6,472
PETROQUEST ENERGY INC COM 716748108 573 45,000 SH Sole 45,000
PHASE FORWARD INC COM 71721R406 449 30,000 SH Sole 30,000
PHILADELPHIA CONS
HOLDING CORP COM 717528103 356 8,000 SH Sole 8,000
POLYCOM INC COM 73172K104 541 17,500 SH Sole 17,500
POSCO SPONSORED ADR SPON ADR 693483109 341 4,126 SH Defined 2 4,126
POTASH CORP
SASKATCHEWAN /USD/ COM 73755L107 430 3,000 SH Sole 3,000
POWERSHARES WILDERH
CLEAN EN COM 73935X500 197 11,400 SH Defined 1 11,400
PRECISION CASTPARTS
CORP COM 740189105 1,174 15,000 SH Sole 15,000
PROCTER & GAMBLE COM 742718109 386 6,000 SH Defined 1 6,000
PROGRESS ENERGY COM 743263105 2,044 41,650 SH Sole 41,650
QUANTA SERVICES INC COM 74762E102 688 35,000 SH Sole 35,000
RANGOLD RESOURCES LTD
ADR SPON ADR 752344309 43,467 1,852,834 SH Sole 65,000
RANGOLD RESOURCES LTD
ADR SPON ADR 752344309 10,301 439,100 SH Sole 439,100
RANGOLD RESOURCES LTD
ADR SPON ADR 752344309 1,525 65,000 SH Sole 1,852,834
RAYTHEON COMPANY COM 755111507 312 5,900 SH Defined 1 5,900
ROGERS COMMUNICATIONS
/USD/ COM 775109200 536 9,000 SH Sole 9,000
ROWAN COMPANIES COM 779382100 9,960 300,000 SH Sole 300,000
ROYAL GOLD INC COM 780287108 1,907 53,000 SH Sole 53,000
RUBICON MINERALS CORP
/CAD/ COM 780911103 145 180,000 SH Sole 180,000
SAN JUAN BASIN RTY TR
UBI UNIT BEN INT 798241105 4,928 150,000 SH Sole 150,000
SAN JUAN BASIN RTY TR
UBI UNIT BEN INT 798241105 526 16,000 SH Sole 16,000
SAN JUAN BASIN RTY TR
UBI UNIT BEN INT 798241106 526 16,000 SH Sole 16,000
SAN JUAN BASIN RTY TR
UBI UNIT BEN INT 798241106 82 2,500 SH Sole 2,500
SASOL LTD SPONSORED ADR SPON ADR 803866300 299 8,105 SH Defined 2 8,105
SCHEIN/HENRY/INC COM 806407102 490 10,000 SH Sole 10,000
SCHLUMBERGER LTD COM 806857108 30,001 475,000 SH Sole 475,000
SCHLUMBERGER LTD COM 806857108 947 15,000 SH Sole 4,500
SCHLUMBERGER LTD COM 806857108 897 14,200 SH Defined 1 14,200
SCHLUMBERGER LTD COM 806857108 284 4,500 SH Sole 15,000
SCHWAB /CHARLES/ CORP COM 808513105 542 28,000 SH Defined 1 28,000
SCHWAB /CHARLES/ CORP COM 808513105 484 25,000 SH Sole 25,000
SECTOR SPDR TR SHS BEN
INT TCH SBI INT-TECH 81369Y803 466 20,000 SH Defined 1 20,000
SILVER WHEATON CORP
/CAD/ COM 828336107 3,542 338,000 SH Sole 48,550
SILVER WHEATON CORP
/CAD/ COM 828336107 509 48,550 SH Sole 338,000
SILVER WHEATON CORP
/CAD/REST/ COM 828336107 419 40,000 SH Sole 40,000
SIRF TECHNOLOGY
HOLDINGS INC COM 82967H101 447 17,500 SH Sole 6,500
SIRF TECHNOLOGY
HOLDINGS INC COM 82967H101 166 6,500 SH Sole 17,500
SMITH INTNATL COM 832110100 12,526 305,000 SH Sole 305,000
SOLITARIO RESOURCES
CORP /CAD/ COM 83422R106 2,336 572,300 SH Sole 572,300
SOUTHWESTERN ENERGY CO COM 845467109 7,886 225,000 SH Sole 225,000
SOVRAN SELF STORAGE INC
REIT COM 84610H108 516 9,000 SH Sole 9,000
STREETTRACKS GOLD TRUST GOLD SHS 863307104 20,386 322,520 SH Sole 180,880
STREETTRACKS GOLD TRUST GOLD SHS 863307104 11,433 180,880 SH Sole 322,520
STREETTRACKS GOLD TRUST GOLD SHS 863307104 190 3,000 SH Defined 1 3,000
STREETTRACKS SPDR
HOMEBUILDER SPDR HOMEBUILD 86330E745 935 25,000 SH Sole 25,000
SUNCOR ENERGY CALL 867229906 3,446 2,385 SH CALL Sole 2,385
SUNCOR ENERGY CALL 867229906 1,653 1,395 SH CALL Sole 1,395
SUNCOR ENERGY INC COM 867229106 23,278 295,000 SH Sole 295,000
SUPERIOR ENERGY
SERVICES INC COM 868157108 572 17,500 SH Sole 17,500
TAIWAN SEMICONDUCTOR
SPON ADR SPON ADR 874039100 1,126 102,999 SH Sole 102,999
TAIWAN SEMICONDUCTOR
SPON ADR SPON ADR 874039100 665 60,838 SH Defined 2 60,838
TASEKO MINES LTD /CAD/ COM 876511106 1,734 665,000 SH Sole 665,000
TASEKO MINES LTD /CAD/ COM 876511106 1,069 410,000 SH Sole 410,000
TECK COMINCO LIMITED
CL B/CAD/ CL B 878742204 15,454 205,000 SH Sole 205,000
TECK COMINCO LIMITED
CL B/CAD/ CL B 878742204 565 7,500 SH Sole 7,500
TERRA INDS INC COM 880915103 419 35,000 SH Sole 35,000
THERMO FISHER
SCIENTIFIC INC COM 883556102 453 10,000 SH Sole 10,000
TOYOTA MOTOR CORP ADR COM 892331307 551 4,100 SH Defined 1 4,100
TYLER TECHNOLOGIES INC COM 902252105 422 30,000 SH Sole 30,000
UAL CORP COM 902549807 440 10,000 SH Sole 10,000
UBS AG COM H89231338 543 9,000 SH Defined 1 9,000
UNITED PARCEL SERVICE
CL B COM 911312106 345 4,600 SH Defined 1 4,600
UNITEDHEALTH GROUP INC COM 91324P102 322 6,000 SH Sole 6,000
USG CORP COM 903293405 1,370 25,000 SH Sole 25,000
VALERO ENERGY CALL 91913Y900 1,452 1,815 SH CALL Sole 1,815
VALERO ENERGY CORP COM 91913Y100 10,232 200,000 SH Sole 200,000
VALERO ENERGY CORP COM 91913Y100 37 730 SH Sole 730
VERIFONE HOLDING INC SPDR HOMEBUILD 92342Y109 443 12,500 SH Sole 12,500
VERITAS DGC INC COM 92343P107 257 3,000 SH Sole 3,000
VIMPEL COMMUNICATIONS
SPON ADR SPON ADR 68370R109 99,238 1,256,973 SH Defined 2 1,256,973
VOCUS INC COM 92858J108 462 27,500 SH Sole 27,500
WALTER INDUSTRIES INC COM 93317Q105 406 15,000 SH Sole 15,000
WEATHERFORD
INTERNATIONAL LTD COM G95089101 4,179 100,000 SH Sole 100,000
WEATHERFORD INTL CALL G95089901 1,155 1,500 SH CALL Sole 1,500
WEBSIDESTORY INC COM 947685103 506 40,000 SH Sole 40,000
WELLCARE HEALTH PLANS
INC COM 94946T106 861 12,500 SH Sole 6,000
WELLCARE HEALTH PLANS
INC COM 94946T106 413 6,000 SH Sole 12,500
WELLS FARGO & COMPANY COM 949746101 718 20,200 SH Defined 1 20,200
WESTAIM CORP /CAD/ COM 956909105 154 100,000 SH Sole 100,000
XTO ENERGY INC COM 98385X106 259 5,500 SH Defined 1 5,500
YAMANA GOLD /CAD/ COM 98462Y100 7,133 543,216 SH Sole 290,832
YAMANA GOLD /CAD/ COM 98462Y100 3,819 290,832 SH Sole 543,216
YAMANA GOLD /CAD/
/REST/ COM 98462Y100 328 25,000 SH Sole 25,000
GRAND
TOTAL: 1,377,336 80,384,023