U.S. GLOBAL INVESTORS INC.
7900 CALLAGHAN ROAD
SAN ANTONIO, TEXAS 78278-1234
FOR QUARTER-ENDED SEPTEMBER 30, 2006
SIGNED BY SUSAN MCGEE, PRESIDENT
(210) 308-1234
Number of Other Included Managers 2
Form 13F Information Table Entry Total 460
Form 13F Information Table Total Value (x1000) 1,387,061
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
COL- COL-
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 UMN 6 UMN 7 COLUMN 8
----------------------------- ------------------ --------- --------- -------------------- ------- ----- ------------------------
INVEST- OTH-
SHARES OR MENT ER VOTING AUTHORITY
VALUE PRINCIPAL SH/ PUT/ DISCRE- MANA- ------------------------
NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) AMOUNT PRN CALL TION GERS SOLE SHARED NONE
----------------------------- ------------------ --------- --------- ---------- --- ---- ------- ----- ---- -------- ---------
ABER DIAMOND CORP /CAD/ COM 002893105 2,773 87,000 SH Sole 87,000
ABER DIAMOND CORP /CAD/ COM 002893105 701 22,000 SH Sole 22,000
AGNICO EAGLE MINES LTD /USD/ COM 008474108 1,557 50,000 SH Sole 50,000
AGNICO EAGLE MINES LTD /USD/ COM 008474108 934 30,000 SH Sole 30,000
AGNICO EAGLE MINES WT 11/14/07 *W EXP 11/07/2007 008474132 16,406 1,112,300 SH Sole 1,112,300
AGNICO EAGLE MINES WT 11/14/07 *W EXP 11/07/2007 008474132 5,046 342,100 SH Sole 342,100
AGNICO EAGLE MINES WT 11/14/07 *W EXP 11/07/2007 008474132 2,634 178,600 SH Sole 178,600
AGNICO EAGLE MINES WT 11/14/07 *W EXP 11/07/2007 008474132 184 12,500 SH Sole 12,500
AIR PRODUCTS & CHEMICALS COM 009158106 305 4,600 SH Defined 1 4,600
AKAMAI TECHNOLOGIES COM 00971T101 1,250 25,000 SH Sole 25,000
AKAMAI TECHNOLOGIES COM 00971T101 300 6,000 SH Sole 6,000
ALCON INC COM H01301102 389 3,400 SH Defined 1 3,400
ALLEGHENY ENERGY INC COM 017361106 241 6,000 SH Sole 6,000
ALLERGAN INC COM 018490102 788 7,000 SH Sole 7,000
ALLERGAN INC COM 018490102 169 1,500 SH Sole 1,500
ALLIANCE DATA SYSTEMS CORP COM 018581108 414 7,500 SH Sole 7,500
ALLSCRIPTS HEALTHCARE SOLUTION COM 01988P108 674 30,000 SH Sole 30,000
AMDOCS LTD COM G02602103 317 8,000 SH Sole 8,000
AMERICA MOVIL SERIES L COM 02364W105 1,039 26,400 SH Defined 2 26,400
AMERICAN EAGLE OUTFITTERS COM 02553E956 657 15,000 SH Sole 15,000
AMERICAN EXPRESS COMPANY COM 025816109 353 6,300 SH Defined 1 6,300
AMGEN INC COM 031162100 358 5,000 SH Defined 1 5,000
AMYLIN PHARMACEUTICALS INC COM 032346108 308 7,000 SH Defined 1 7,000
ANNTAYLOR STORES CORP COM 036115103 837 20,000 SH Sole 20,000
ANOORAQ RESOURCES CORP COM 03633E108 128 200,400 SH Sole 200,400
ANOORAQ RESOURCES CORP /CAD/ COM 03633E108 2,070 3,298,000 SH Sole 3,298,000
ANOORAQ RESOURCES CORP /CAD/ COM 03633E108 251 400,000 SH Sole 400,000
APPLE COMPUTER INC COM 037833100 462 6,000 SH Sole 6,000
ARCHSTONE SMITH TRUST REIT COM 039583109 544 10,000 SH Sole 10,000
ARIZONA STAR RES CORP /CAD/ COM 04059G106 3,923 437,100 SH Sole 437,100
ARIZONA STAR RES CORP /CAD/ COM 04059G106 137 15,300 SH Sole 15,300
AURIZON MINES LTD /CAD/ COM 05155P106 1,542 579,200 SH Sole 579,200
AVALONBAY COMMUNITIES INC REIT COM 053484101 903 7,500 SH Sole 7,500
AVX CORPORATION COM 002444107 708 40,000 SH Sole 40,000
BAKER HUGHES INC COM 057224107 559 8,200 SH Defined 1 8,200
BANCORPSOUTH INC COM 059692103 486 17,500 SH Sole 17,500
BARD /C R/ INC COM 067383109 375 5,000 SH Sole 5,000
BARRICK GOLD CALL 067901908 691 22,500 SH CALL Sole 22,500
BARRICK GOLD CALL 067901908 691 22,500 SH CALL Sole 22,500
BARRICK GOLD CALL 067901908 691 22,500 SH CALL Sole 22,500
BARRICK GOLD CALL 067901908 691 22,500 SH CALL Sole 22,500
BARRICK GOLD CALL 067901908 614 20,000 SH CALL Sole 20,000
BARRICK GOLD CALL 067901908 614 20,000 SH CALL Sole 20,000
BARRICK GOLD CALL 067901908 614 20,000 SH CALL Sole 20,000
BARRICK GOLD CALL 067901908 614 20,000 SH CALL Sole 20,000
BARRICK GOLD CALL 067901908 614 20,000 SH CALL Sole 20,000
BARRICK GOLD CALL 067901908 492 16,000 SH CALL Sole 16,000
BARRICK GOLD CALL 067901908 492 16,000 SH CALL Sole 16,000
BARRICK GOLD CALL 067901908 488 15,900 SH CALL Sole 15,900
BARRICK GOLD CALL 067901908 488 15,900 SH CALL Sole 15,900
BARRICK GOLD CALL 067901908 218 7,100 SH CALL Sole 7,100
BARRICK GOLD CALL 067901908 218 7,100 SH CALL Sole 7,100
BARRICK GOLD CALL 067901908 154 5,000 SH CALL Sole 5,000
BARRICK GOLD CALL 067901908 154 5,000 SH CALL Sole 5,000
BARRICK GOLD CALL 067901908 154 5,000 SH CALL Sole 5,000
BARRICK GOLD CALL 067901908 154 5,000 SH CALL Sole 5,000
BARRICK GOLD CALL 067901908 123 4,000 SH CALL Sole 4,000
BARRICK GOLD CALL 067901908 123 4,000 SH CALL Sole 4,000
BARRICK GOLD CALL 067901908 12 400 SH CALL Sole 400
BARRICK GOLD CALL 067901908 12 400 SH CALL Sole 400
BARRICK GOLD CALL 067901908 3 100 SH CALL Sole 100
BARRICK GOLD CALL 067901908 3 100 SH CALL Sole 100
BARRICK GOLD CORP /CAD/ COM 067901108 229 7,429 SH Sole 7,429
BARRICK GOLD CORP COM COM 067901108 2,905 94,574 SH Sole 94,574
BARRICK GOLD CORP COM COM 067901108 614 20,000 SH Sole 20,000
BAYTEX ENERGY TRUST UTS TRUST UNIT 073176109 209 10,000 SH Sole 10,000
BAYTEX TRUST /CAD/ TRUST UNIT 073176109 10,886 520,000 SH Sole 520,000
BAYTEX TRUST /CAD/ TRUST UNIT 073176109 146 7,000 SH Sole 7,000
BELDEN CDT INC COM 077454106 860 22,500 SH Sole 22,500
BELLSOUTH CORP COM 079860102 385 9,000 SH Sole 9,000
BERKSHIRE HATHAWAY INC CL B CL B 084670207 857 270 SH Defined 1 270
BIG LOTS INC COM 089302103 495 25,000 SH Sole 25,000
CAMBIOR INC COM 13201L103 2,390 677,145 SH Sole 677,145
CAMBIOR INC COM 13201L103 748 211,955 SH Sole 211,955
CAMBIOR INC /CAD/ COM 13201L103 2,901 825,400 SH Sole 825,400
CAMBIOR INC /CAD/ COM 13201L103 2,703 769,000 SH Sole 769,000
CAMERON INTERNATIONAL CORP COM 13342B105 9,662 200,000 SH Sole 200,000
CAMERON INTERNATIONAL CORP COM 13342B105 483 10,000 SH Sole 10,000
CANETIC RES TRUST COM 137513107 102 6,000 SH Sole 6,000
CANETIC RES TRUST /CAD/ COM 137513107 169 10,000 SH Sole 10,000
CAREMARK RX INC COM 141705103 567 10,000 SH Sole 10,000
CAREMARK RX INC COM 141705103 170 3,000 SH Sole 3,000
CARMAX INC COM 143130102 334 8,000 SH Sole 8,000
CASCADE BANCORP COM 147154108 376 10,000 SH Sole 10,000
CENTRAL EUROPEAN DISTR CORP COM 153435102 13,569 579,631 SH Defined 2 579,631
CENTRAL EUROPEAN DISTR CORP COM 153435102 397 16,955 SH Defined 2 16,955
CERNER CORP COM 156782104 250 5,500 SH Defined 1 5,500
CHEVRON CORP COM 166764100 324 5,000 SH Sole 5,000
CIA VALE DO RIO DOCE SPON ADR SPON ADR 204412100 513 27,700 SH Defined 2 27,700
CISCO SYSTEMS INC COM 17275R102 460 20,000 SH Sole 20,000
CNOOC LTD ADR SPON ADR 126132109 2,082 25,000 SH Sole 25,000
COCA-COLA CO COM 191216100 496 11,100 SH Defined 1 11,100
COGNIZANT TECH SOLUTIONS CRP A CL A 192446102 555 7,500 SH Sole 7,500
COMTECH GROUP INC COM 205821200 225 15,000 SH Sole 15,000
CONOCOPHILLIPS COM 20825C104 530 8,900 SH Defined 1 8,900
CONSOLIDATED WATER COMPANY COM G23773107 307 12,500 SH Sole 12,500
CORE LABORATORIES N V COM N22717107 479 7,500 SH Sole 7,500
CORRECTIONS CORP OF AMERICA COM 22025Y407 454 10,500 SH Sole 10,500
CORRIENTE RESOURCES INC COM 22027E102 2,114 494,300 SH Sole 494,300
CREDICORP LTD COM G2519Y108 630 15,000 SH Sole 15,000
CRYSTALLEX INTL CORP COM 22942F101 1,761 618,000 SH Sole 618,000
CRYSTALLEX INTL CORP COM 22942F101 690 242,000 SH Sole 242,000
CRYSTALLEX INTL CORP COM 22942F101 333 116,900 SH Sole 116,900
CTRIP.COM INTERNATIONAL LTD COM 22943F100 450 10,000 SH Sole 10,000
CVS CORPORATION COM 126650100 803 25,000 SH Sole 25,000
CVS CORPORATION COM 126650100 385 12,000 SH Defined 1 12,000
CVS CORPORATION COM 126650100 225 7,000 SH Sole 7,000
CYMER INC COM 232572107 549 12,500 SH Sole 12,500
DELPHI FINANCIAL GROUP CL A CL A 247131105 598 15,000 SH Sole 15,000
DELTA PETE CP CALL 247907907 106 5,000 SH CALL Sole 5,000
DELTA PETROLEUM CORP COM 247907207 11,485 510,000 SH Sole 510,000
DIGENE CORP COM 253752109 539 12,500 SH Sole 12,500
DIGITAL RIVER INC COM 25388B104 511 10,000 SH Sole 10,000
DIGITAL RIVER INC COM 25388B104 204 4,000 SH Sole 4,000
DOVER CORP COM 260003108 593 12,500 SH Sole 12,500
DRDGOLD LIMITED SPONSORED ADR COM 26152H103 138 100,000 SH Sole 100,000
DRIL QUIP INC COM 262037104 12,521 185,000 SH Sole 185,000
DRYSHIPS INC COM Y2109Q101 8,710 650,000 SH Sole 650,000
DUNE ENERGY INC COM 265338202 1 900 SH Sole 900
DUNE ENERGY INC /RESTRICTED/ COM 265338202 407 280,758 SH Sole 280,758
EBAY INC COM 278642103 448 15,800 SH Defined 1 15,800
EDWARDS /A G/ INC COM 281760108 533 10,000 SH Sole 10,000
EMCOR GROUP INC COM 29084Q100 823 15,000 SH Sole 15,000
ENCANA CORP COM 292505104 12,840 275,000 SH Sole 275,000
ENCANA CORP CALL 2925052AJ 2,479 52,500 SH CALL Sole 52,500
ENCANA CORP CALL 292505954 2,479 52,000 SH CALL Sole 52,000
ENERGIZER HOLDINGS INC COM 29266R108 360 5,000 SH Sole 5,000
ENERPLUS RESOURCES FUND UNIT UNIT TR G NEW 29274D604 4,023 80,000 SH Sole 80,000
EOG RESOURCES INC COM 26875P101 12,034 185,000 SH Sole 185,000
EXELON CORPORATION COM 30161N101 333 5,500 SH Defined 1 5,500
EXPLORATION CO COM 302133202 10,498 1,097,000 SH Sole 1,097,000
EXPLORATION CO COM 302133202 239 25,000 SH Sole 25,000
F P L GROUP INC COM 302571104 626 13,900 SH Defined 1 13,900
FIRSTENERGY CORP COM 337932107 251 4,500 SH Sole 4,500
FISHER SCIENTIFIC INTL INC COM 338032204 391 5,000 SH Sole 5,000
FOCUS MEDIA HOLDING ADS SPON ADR 34415V109 869 15,000 SH Sole 15,000
FOCUS MEDIA HOLDING ADS SPON ADR 34415V109 434 7,500 SH Sole 7,500
FORMFACTOR INC COM 346375108 421 10,000 SH Sole 10,000
FREEPORT MCMORAN PUT 35671D957 6,420 120,000 SH PUT Sole 120,000
FREEPORT MCMORAN PUT 35671D957 6,153 115,000 SH PUT Sole 115,000
FREEPORT-MCMORAN C & G CL B CL B 35671D857 13,464 252,800 SH Sole 252,800
FREEPORT-MCMORAN C & G CL B CL B 35671D857 7,893 148,200 SH Sole 148,200
FRONTEER DEVELOPMENT GROUP INC COM 35903Q106 3,934 735,000 SH Sole 735,000
FRONTEER DEVELOPMENT GROUP INC COM 35903Q106 62 10,400 SH Sole 10,400
FRONTIER OIL CORP COM 35914P105 9,037 340,000 SH Sole 340,000
FRONTIER OIL CORP COM 35914P105 585 22,000 SH Sole 22,000
FRONTIER OIL CORP COM 35914P105 133 5,000 SH Sole 5,000
FRONTLINE LTD COM G3682E127 5,777 150,000 SH Sole 150,000
GAMMON LAKE RESOURCES /CAD/ COM 364915108 12,797 1,119,423 SH Sole 1,119,423
GAMMON LAKE RESOURCES /CAD/ COM 364915108 2,888 252,670 SH Sole 252,670
GAMMON LAKE RESOURCES /CAD/ COM 364915108 377 33,000 SH Sole 33,000
GARMIN LTD /USD/ COM G37260109 488 10,000 SH Sole 10,000
GASTAR EXPLORATION /CAD/ COM 367299104 96 40,000 SH Sole 40,000
GENERAL CABLE CORP COM 369300108 478 12,500 SH Sole 12,500
GENERAL CABLE CORP COM 369300108 229 6,000 SH Sole 6,000
GENERAL ELECTRIC CO COM 369604103 741 21,000 SH Defined 1 21,000
GLENCAIRN GOLD CORP /CAD/ COM 377903109 1,763 3,223,000 SH Sole 3,223,000
GLENCAIRN GOLD CORP /CAD/ COM 377903109 383 700,000 SH Sole 700,000
GOLD FIELDS LTD CALL 38059T906 1,461 80,000 SH CALL Sole 80,000
GOLD FIELDS LTD CALL 38059T906 1,461 20,000 SH CALL Sole 20,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 19,427 1,088,980 SH Sole 1,088,980
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 7,218 404,620 SH Sole 404,620
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 1,070 60,000 SH Sole 60,000
GOLD RESERVE INC CL A CL A 38068N108 123 30,000 SH Sole 30,000
GOLD RESERVE INC CL A /CAD/ CL A 38068N108 992 242,600 SH Sole 242,600
GOLDCORP INC W EXP 06/09/2011 380956177 61,495 4,330,112 SH Sole 4,330,112
GOLDCORP INC W EXP 06/09/2011 380956177 20,742 1,460,486 SH Sole 1,460,486
GOLDCORP INC W EXP 06/09/2011 380956177 17,637 1,241,913 SH Sole 1,241,913
GOLDCORP INC COM 380956409 8,267 350,314 SH Sole 350,314
GOLDCORP INC W EXP 06/09/2011 380956177 2,735 194,824 SH Sole 194,824
GOLDCORP INC CALL 380956959 4,148 173,200 SH CALL Sole 173,200
GOLDCORP INC CALL 380956959 4,088 170,700 SH CALL Sole 170,700
GOLDCORP INC COM 380956409 3,211 136,077 SH Sole 136,077
GOLDCORP INC COM 380956409 2,757 116,802 SH Sole 116,802
GOLDCORP INC CALL 380956959 2,424 101,200 SH CALL Sole 101,200
GOLDCORP INC CALL 380956959 2,424 101,200 SH CALL Sole 101,200
GOLDCORP INC CALL 380956959 2,132 89,000 SH CALL Sole 89,000
GOLDCORP INC CALL 380956959 1,617 67,500 SH CALL Sole 67,500
GOLDCORP INC CALL 380956959 1,617 67,500 SH CALL Sole 67,500
GOLDCORP INC W EXP 06/09/2011 380956177 895 63,030 SH Sole 63,030
GOLDCORP INC W EXP 06/09/2011 380956177 757 53,894 SH Sole 53,894
GOLDCORP INC COM 380956409 1,066 45,168 SH Sole 45,168
GOLDCORP INC W EXP 06/09/2011 380956177 415 29,200 SH Sole 29,200
GOLDCORP INC CALL 380956959 573 28,100 SH CALL Sole 28,100
GOLDCORP INC CALL 380956959 599 25,000 SH CALL Sole 25,000
GOLDCORP INC CALL 380956959 599 25,000 SH CALL Sole 25,000
GOLDCORP INC CALL 380956959 565 23,600 SH CALL Sole 23,600
GOLDCORP INC CALL 380956959 539 22,500 SH CALL Sole 22,500
GOLDCORP INC W EXP 06/09/2011 380956177 252 17,970 SH Sole 17,970
GOLDCORP INC CALL 380956959 374 15,500 SH CALL Sole 15,500
GOLDCORP INC CALL 380956959 371 15,500 SH CALL Sole 15,500
GOLDCORP INC CALL 380956959 359 15,000 SH CALL Sole 15,000
GOLDCORP INC CALL 380956959 359 15,000 SH CALL Sole 15,000
GOLDCORP INC CALL 380956959 323 13,500 SH CALL Sole 13,500
GOLDCORP INC CALL 380956959 323 13,500 SH CALL Sole 13,500
GOLDCORP INC W EXP 06/09/2011 380956177 220 12,500 SH Sole 12,500
GOLDCORP INC W EXP 06/09/2011 380956177 191 10,836 SH Sole 10,836
GOLDCORP INC CALL 380956959 247 10,300 SH CALL Sole 10,300
GOLDCORP INC CALL 380956959 240 10,000 SH CALL Sole 10,000
GOLDCORP INC CALL 380956959 240 10,000 SH CALL Sole 10,000
GOLDCORP INC CALL 380956959 240 10,000 SH CALL Sole 10,000
GOLDCORP INC CALL 380956959 228 9,500 SH CALL Sole 9,500
GOLDCORP INC CALL 380956959 228 9,500 SH CALL Sole 9,500
GOLDCORP INC CALL 380956959 216 9,000 SH CALL Sole 9,000
GOLDCORP INC CALL 380956959 213 8,900 SH CALL Sole 8,900
GOLDCORP INC CALL 380956959 213 8,900 SH CALL Sole 8,900
GOLDCORP INC CALL 380956959 213 8,900 SH CALL Sole 8,900
GOLDCORP INC COM 380956409 208 8,803 SH Sole 8,803
GOLDCORP INC CALL 380956959 151 6,300 SH CALL Sole 6,300
GOLDCORP INC CALL 380956959 151 6,300 SH CALL Sole 6,300
GOLDCORP INC CALL 380956959 129 5,400 SH CALL Sole 5,400
GOLDCORP INC CALL 380956959 129 5,400 SH CALL Sole 5,400
GOLDCORP INC CALL 380956959 129 5,400 SH CALL Sole 5,400
GOLDCORP INC CALL 380956959 129 5,400 SH CALL Sole 5,400
GOLDCORP INC CALL 380956959 86 3,600 SH CALL Sole 3,600
GOLDCORP INC CALL 380956959 86 3,600 SH CALL Sole 3,600
GOLDCORP INC CALL 380956959 86 3,600 SH CALL Sole 3,600
GOLDCORP INC W EXP 06/09/2011 380956177 68 4,872 SH Sole 4,872
GOLDCORP INC COM 380956409 46 1,965 SH Sole 1,965
GOLDCORP INC CALL 380956959 38 1,600 SH CALL Sole 1,600
GOLDCORP INC CALL 380956959 10 400 SH CALL Sole 400
GOLDCORP INC W EXP 06/09/2011 380956177 5 302 SH Sole 302
GOLDCORP INC WT /USD/ WT 380956508 3 100 SH Sole 100
GOLDMAN SACHS GROUP INC COM 38141G104 592 3,500 SH Sole 3,500
GOODRICH PETROLEUM CORP COM 382410405 10,530 349,600 SH Sole 349,600
GOOGLE INC CL A 38259P508 311 775 SH Defined 1 775
GRANITE CONSTRUCTION INC COM 387328107 320 6,000 SH Sole 6,000
GRANT PRIDECO INC COM 38821G101 9,698 255,000 SH Sole 255,000
GREAT BASIN GOLD LTD COM 390124105 27 19,700 SH Sole 19,700
GREAT BASIN GOLD LTD /CAD/ COM 390124105 2,034 1,463,800 SH Sole 1,463,800
GREAT BASIN GOLD LTD /CAD/ COM 390124105 41 29,300 SH Sole 29,300
GYMBOREE CORP COM 403777105 1,055 25,000 SH Sole 25,000
HAIN CELESTIAL GROUP INC COM 405217100 639 25,000 SH Sole 25,000
HALLIBURTON CO HOLDING COM 406216101 6,401 225,000 SH Sole 225,000
HALLIBURTON CO HOLDING COM 406216101 472 16,600 SH Defined 1 16,600
HARMONY GOLD CALL 413216900 668 50,000 SH CALL Sole 50,000
HARMONY GOLD MINING SPND ADR SPON ADR 413216300 5,819 450,000 SH Sole 450,000
HARMONY GOLD MINING SPND ADR SPON ADR 413216300 3,273 253,100 SH Sole 253,100
HARMONY GOLD MINING SPND ADR SPON ADR 413216300 2,003 154,900 SH Sole 154,900
HARVEST ENERGY TRUST-UNIT /CAD TRUST UNIT 41752X101 10,124 373,300 SH Sole 373,300
HARVEST ENERGY TRUST-UNIT /CAD TRUST UNIT 41752X101 1,913 70,533 SH Sole 70,533
HARVEST ENERGY TRUST-UNIT /CAD TRUST UNIT 41752X101 507 18,700 SH Sole 18,700
HARVEST ENERGY TRUST-UNIT /CAD TRUST UNIT 41752X101 439 14,500 SH Sole 14,500
HARVEST ENERGY TRUST-UNIT /CAD TRUST UNIT 41752X101 30 1,000 SH Sole 1,000
HARVEST ENERGY TRUST-UNIT /CAD TRUST UNIT 41752X101 15 500 SH Sole 500
HECLA MINING COM 422704106 2,296 400,000 SH Sole 400,000
HECLA MINING COM 422704106 861 150,000 SH Sole 150,000
HITTITE MICROWAVE CORP COM 43365Y104 668 15,000 SH Sole 15,000
HOLLY CORP COM 435758305 7,149 165,000 SH Sole 165,000
HOLLY CORP COM 435758305 650 15,000 SH Sole 15,000
HOLLY CORP COM 435758305 152 3,500 SH Sole 3,500
HOST HOTELS & RESORTS INC/REIT COM 44107P104 459 20,000 SH Sole 20,000
HOST HOTELS & RESORTS INC/REIT COM 44107P104 161 7,000 SH Sole 7,000
HUMANA INC COM 444859102 496 7,500 SH Sole 7,500
I SHARES LEHMAN AGGR BD FD LEHMAN AGGR BD FD 464287226 240 2,400 SH Sole 2,400
I SHARES MSCI TAIWAN IND FD MSCI TAIWAN IND FD 464286731 1,024 80,000 SH Sole 80,000
IAMGOLD CORPORATION COM 450913108 136 15,970 SH Sole 15,970
IAMGOLD CORPORATION COM 450913108 58 6,829 SH Sole 6,829
ICONIX BRAND GROUP COM 451055107 483 30,000 SH Sole 30,000
IDACORP INC COM 451107106 567 15,000 SH Sole 15,000
ILLUMINA INC COM 452327109 661 20,000 SH Sole 20,000
IMA EXPLORATION /CAD/ COM 449664101 144 255,000 SH Sole 255,000
INTEL CORP COM 458140100 522 25,400 SH Defined 1 25,400
INTERNATIONAL SECURITIES EXC COM 46031W204 469 10,000 SH Sole 10,000
INTERNATIONAL SECURITIES EXC COM 46031W204 281 6,000 SH Sole 6,000
INTL FLAVORS & FRAGRANCES COM 459506101 395 10,000 SH Sole 10,000
IPC HOLDINGS LTD COM G4933P101 608 20,000 SH Sole 20,000
ISHARES SILVER TRUST COM 46428Q109 6,142 53,640 SH Sole 53,640
IVANHOE MINES LTD COM 46579N103 469 75,000 SH Sole 75,000
IVANHOE MINES LTD /CAD/ COM 46579N103 11,373 1,820,000 SH Sole 1,820,000
IVANHOE MINES LTD /CAD/ COM 46579N103 10,620 1,699,500 SH Sole 1,699,500
IVANHOE MINES LTD /CAD/ COM 46579N103 3,447 551,600 SH Sole 551,600
JABIL CIRCUIT INC COM 466313103 257 9,000 SH Sole 9,000
JACK IN THE BOX INC COM 466367109 365 7,000 SH Sole 7,000
JOHNSON & JOHNSON COM 478160104 649 10,000 SH Sole 10,000
JOHNSON & JOHNSON COM 478160104 396 6,100 SH Defined 1 6,100
JPMORGAN CHASE & COMPANY COM 46625H100 282 6,000 SH Sole 6,000
KFORCE INC COM 493732101 477 40,000 SH Sole 40,000
KINROSS GOLD CORP COM 496902404 647 51,680 SH Sole 51,680
KNOT INC COM 499184109 553 25,000 SH Sole 25,000
KOHLS CORP COM 500255104 390 6,000 SH Sole 6,000
LAM RESEARCH CORP COM 512807108 272 6,000 SH Sole 6,000
LILLY /ELI/ & CO COM 532457108 342 6,000 SH Defined 1 6,000
MARATHON OIL CORP COM 565849106 14,227 185,000 SH Sole 185,000
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 10,000 280,500 SH Sole 280,500
MARKET VECTORS GOLD MINERS ETF GOLD MINER ETF 57060U100 2,467 69,200 SH Sole 69,200
MCDERMOTT INTL INC COM 580037109 20,587 492,500 SH Sole 492,500
MCDERMOTT INTL INC COM 580037109 627 15,000 SH Sole 15,000
MEDICINES COMPANY COM 584688105 733 32,500 SH Sole 32,500
MENS WEARHOUSE INC COM 587118100 465 12,500 SH Sole 12,500
MERCK & CO COM 589331107 251 6,000 SH Sole 6,000
MERIDIAN GOLD INC COM 589975101 26,281 1,057,180 SH Sole 1,057,180
MERIDIAN GOLD INC COM 589975101 9,761 392,620 SH Sole 392,620
MERIDIAN GOLD INC /CAD/ COM 589975101 2,235 90,000 SH Sole 90,000
MERIDIAN GOLD INC /CAD/ COM 589975101 921 37,100 SH Sole 37,100
METALLICA RES INC /CAD/ /REST/ COM 59125J104 841 276,000 SH Sole 276,000
METALLICA RESOURCES INC /CAD/ COM 59125J104 1,067 350,000 SH Sole 350,000
MICRON TECHNOLOGY INC COM 595112103 435 25,000 SH Sole 25,000
MICRON TECHNOLOGY INC COM 595112103 174 10,000 SH Sole 10,000
MICROSOFT CORP COM 594918104 519 19,000 SH Defined 1 19,000
MICROSOFT CORP COM 594918104 273 10,000 SH Sole 10,000
MINEFINDERS LTD /CAD/ COM 602900102 10,481 1,144,900 SH Sole 1,144,900
MINEFINDERS LTD /CAD/ COM 602900102 4,289 468,500 SH Sole 468,500
MOBILE TELESYSTEMS SPON ADR SPON ADR 607409109 36,919 977,462 SH Defined 2 977,462
MOBILE TELESYSTEMS SPON ADR SPON ADR 607409109 502 13,300 SH Defined 2 13,300
MORGAN STANLEY COM 617446448 365 5,000 SH Sole 5,000
NASDAQ STOCK MARKET INC COM 631103108 454 15,000 SH Sole 15,000
NATIONAL OILWELL VARCO INC COM 637071101 234 4,000 SH Defined 1 4,000
NAVIGATORS GROUP INC COM 638904102 600 12,500 SH Sole 12,500
NETWORK APPLIANCE INC COM 64120L104 278 7,500 SH Sole 7,500
NEVSUN RES LTD /CAD/ COM 64156L101 262 95,000 SH Sole 95,000
NEWELL RUBBERMAID INC COM 651229106 566 20,000 SH Sole 20,000
NEWFIELD EXPLORATION CO COM 651290108 12,718 330,000 SH Sole 330,000
NEWMONT MINING CALL 651639906 7,453 172,000 SH CALL Sole 172,000
NEWMONT MINING CALL 651639906 5,720 132,000 SH CALL Sole 132,000
NEWMONT MINING CALL 651639906 1,863 43,000 SH CALL Sole 43,000
NEWMONT MINING CALL 651639906 1,430 33,000 SH CALL Sole 33,000
NEWMONT MINING CORP /USD/ COM 651639106 4,629 108,280 SH Sole 108,280
NEWMONT MINING CORP /USD/ COM 651639106 2,440 57,070 SH Sole 57,070
NEWMONT MINING CORP /USD/ COM 651639106 150 3,500 SH Defined 1 3,500
NEWS CORP INC CLASS B CL B 65248E104 413 20,000 SH Sole 20,000
NEXEN INC COM 65334H102 19,285 360,000 SH Sole 360,000
NEXEN INC COM 65334H102 1,069 20,000 SH Sole 20,000
NII HOLDINGS INC CL B CL B 62913F201 622 10,000 SH Sole 10,000
NOBLE CORP COM G65422100 12,515 195,000 SH Sole 195,000
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 7,776 1,180,000 SH Sole 1,180,000
NORTHERN DYNASTY MINERALS/CAD/ COM 66510M204 4,631 702,700 SH Sole 702,700
NORTHERN ORION RESOURCES COM 665575106 819 207,500 SH Sole 207,500
NORTHERN ORION RESOURCES COM 665575106 439 111,400 SH Sole 111,400
NORTHERN ORION RESOURCES/CAD COM 665575106 23,696 6,006,610 SH Sole 6,006,610
NORTHERN ORION RESOURCES/CAD COM 665575106 7,482 1,896,620 SH Sole 1,896,620
NORTHERN ORION RESOURCES/CAD COM 665575106 5,558 1,408,970 SH Sole 1,408,970
NORTHERN ORION RESOURCES/CAD COM 665575106 1,180 299,900 SH Sole 299,900
NORTHERN ORION RESOURCES/CAD COM 665575106 830 210,500 SH Sole 210,500
NORTHGATE EXPLORATION LTD COM 666416102 224 70,000 SH Sole 70,000
NORTHGATE EXPLORATION LTD COM 666416102 176 55,000 SH Sole 55,000
NORTHGATE EXPLORATION LTD COM 666416102 70 21,900 SH Sole 21,900
NORTHGATE MINERALS CORP /CAD/ COM 666416102 409 127,000 SH Sole 127,000
NORTHGATE MINERALS CORP /CAD/ COM 666416102 346 107,500 SH Sole 107,500
NORTHGATE MINERALS CORP /CAD/ COM 666416102 146 45,500 SH Sole 45,500
NORTHROP GRUMMAN CORP COM 666807102 504 7,400 SH Defined 1 7,400
NOVA CHEMICALS CORP COM 66977W109 614 20,000 SH Sole 20,000
NOVAGOLD RESOURCES INC /CAD/ COM 66987E206 1,711 110,000 SH Sole 110,000
NOVARTIS AG SPON ADR SPON ADR 66987V109 596 10,200 SH Defined 1 10,200
OCCIDENTAL PETROLEUM COM 674599105 385 8,000 SH Defined 1 8,000
OCWEN FINANCIAL CORPORATION COM 675746309 522 35,000 SH Sole 35,000
OIL SVC HOLDER CALL 678002906 66,873 515,000 SH CALL Sole 515,000
OIL SVC HOLDER CALL 678002906 55,186 425,000 SH CALL Sole 425,000
OIL SVC HOLDER CALL 678002906 8,440 65,000 SH CALL Sole 65,000
OM GROUP INC COM 670872100 879 20,000 SH Sole 20,000
ORACLE CORP COM 68389X105 532 30,000 SH Sole 30,000
PACCAR INC COM 693718108 257 4,500 SH Sole 4,500
PACIFIC RIM MINING CORP COM 694915208 278 338,787 SH Sole 338,787
PACIFIC RIM MINING CORP COM 694915208 82 100,000 SH Sole 100,000
PAN AMERICAN SILVER CORP COM 697900108 195 10,000 SH Sole 10,000
PARALLEL PETROLEUM CORP COM 699157103 602 30,000 SH Sole 30,000
PAREXEL INTL CORP COM 699462107 827 25,000 SH Sole 25,000
PEABODY ENERGY CORP COM 704549104 5,517 150,000 SH Sole 150,000
PENN WEST ENERGY TRUST TRUST UNIT 707885109 367 10,000 SH Sole 10,000
PENN WEST ENERGY TRUST /CAD/ TRUST UNIT 707885109 11,734 320,000 SH Sole 320,000
PENN WEST ENERGY TRUST /CAD/ TRUST UNIT 707885109 20 500 SH Sole 500
PEPSICO INC COM 713448108 261 4,000 SH Sole 4,000
PERU COPPER INC /CAD/ COM 715455101 1,409 346,975 SH Sole 346,975
PETROCHINA CO LTD ADR ADR 71646E100 8,612 80,000 SH Sole 80,000
PETROCHINA CO LTD ADR ADR 71646E100 2,153 20,000 SH Sole 20,000
PETROLEO BRASILEIRO SPON ADR SPON ADR 71654V101 26,718 357,000 SH Sole 357,000
PETROLEO BRASILEIRO SPON ADR SPON ADR 71654V101 866 11,572 SH Defined 2 11,572
PETROQUEST ENERGY INC COM 716748108 469 45,000 SH Sole 45,000
PFIZER INC COM 717081103 425 15,000 SH Sole 15,000
PHILIPPINE LONG DIST SP ADR SPON ADR 718252604 545 12,500 SH Sole 12,500
POSCO SPONSORED ADR SPON ADR 693483109 268 4,126 SH Defined 2 4,126
PRECISION CASTPARTS CORP COM 740189105 632 10,000 SH Sole 10,000
PROCTER & GAMBLE COM 742718109 372 6,000 SH Defined 1 6,000
PSS WORLD MEDICAL INC COM 69366A100 500 25,000 SH Sole 25,000
QLOGIC CORP COM 747277101 284 15,000 SH Sole 15,000
QUALCOMM INC COM 747525103 218 6,000 SH Sole 6,000
QUANTA SERVICES INC COM 74762E102 674 40,000 SH Sole 40,000
QUICKSILVER RESOURCES INC COM 74837R104 7,975 250,000 SH Sole 250,000
RANGE RESOURCES CORP COM 75281A109 4,796 190,000 SH Sole 190,000
RANGOLD RESOURCES LTD ADR ADR 752344309 35,932 1,764,834 SH Sole 1,764,834
RANGOLD RESOURCES LTD ADR ADR 752344309 7,983 392,100 SH Sole 392,100
RANGOLD RESOURCES LTD ADR ADR 752344309 3,054 150,000 SH Sole 150,000
RAYTHEON COMPANY COM 755111507 360 7,500 SH Sole 7,500
RAYTHEON COMPANY COM 755111507 283 5,900 SH Defined 1 5,900
RES-CARE INC COM 760943100 402 20,000 SH Sole 20,000
ROGERS COMMUNICATIONS /USD/ COM 775109200 549 10,000 SH Sole 10,000
ROWAN COMPANIES COM 779382100 7,908 250,000 SH Sole 250,000
RUBICON MINERALS CORP /CAD/ COM 780911103 192 207,900 SH Sole 207,900
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 3,532 100,000 SH Sole 100,000
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 565 16,000 SH Sole 16,000
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 494 14,000 SH Sole 14,000
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 177 5,000 SH Sole 5,000
SASOL LTD SPONSORED ADR SPON ADR 803866300 267 8,105 SH Defined 2 8,105
SCHEIN/HENRY/INC COM 806407102 501 10,000 SH Sole 10,000
SCHLUMBERGER LTD COM 806857108 20,160 325,000 SH Sole 325,000
SCHLUMBERGER LTD CALL 806857908 14,729 242,500 SH CALL Sole 242,500
SCHLUMBERGER LTD COM 806857108 930 15,000 SH Sole 15,000
SCHLUMBERGER LTD COM 806857108 881 14,200 SH Defined 1 14,200
SCHLUMBERGER LTD COM 806857108 279 4,500 SH Sole 4,500
SECTOR SPDR TR SHS BEN INT TCH SBI INT TECH 81369Y803 660 30,000 SH Defined 1 30,000
SILICONWARE PRECISION INDS ADR ADR 827084864 476 80,000 SH Sole 80,000
SILVER WHEATON CORP /CAD/ COM 828336107 3,433 365,000 SH Sole 365,000
SILVER WHEATON CORP /CAD/ COM 828336107 485 51,550 SH Sole 51,550
SILVER WHEATON CORP /CAD/ COM 828336107 376 40,000 SH Sole 40,000
SIRENZA MICRODEVICES INC COM 82966T106 395 50,000 SH Sole 50,000
SMITH INTNATL COM 832110100 11,834 305,000 SH Sole 305,000
SOLITARIO RESOURCES CORP /CAD/ COM 83422R106 2,030 560,300 SH Sole 560,300
SOUTHWESTERN ENERGY CO COM 845467109 6,721 225,000 SH Sole 225,000
SOVRAN SELF STORAGE INC REIT COM 84610H108 556 10,000 SH Sole 10,000
STERLING BANCSHARES INC COM 858907108 456 22,500 SH Sole 22,500
STREETTRACKS GOLD TRUST GOLD SHS 863307104 16,973 285,400 SH Sole 285,400
STREETTRACKS GOLD TRUST GOLD SHS 863307104 4,258 71,600 SH Sole 71,600
STREETTRACKS GOLD TRUST GOLD SHS 863307104 178 3,000 SH Defined 1 3,000
STREETTRACKS SPDR HOMEBUILDER SPDR HOMEBUILD 86330E745 573 17,500 SH Sole 17,500
SUNCOR ENERGY CALL 867229906 14,413 198,500 SH CALL Sole 198,500
SUNCOR ENERGY CALL 867229906 10,129 139,500 SH CALL Sole 139,500
SUNCOR ENERGY CALL 867229906 1,452 20,000 SH CALL Sole 20,000
SUNCOR ENERGY INC COM 867229106 20,174 280,000 SH Sole 280,000
SUPERIOR ENERGY SERVICES INC COM 868157108 460 17,500 SH Sole 17,500
T ROWE PRICE GROUP INC COM 74144T108 718 15,000 SH Sole 15,000
TAIWAN SEMICONDUCTOR SP ADR SPON ADR 874039100 584 60,838 SH Defined 2 60,838
TAIWAN SEMICONDUCTOR SP ADR SPON ADR 874039100 509 52,999 SH Sole 52,999
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 1,440 150,000 SH Sole 150,000
TASEKO MINES LTD /CAD/ COM 876511106 882 410,000 SH Sole 410,000
TASEKO MINES LTD /CAD/ COM 876511106 355 165,000 SH Sole 165,000
TASEKO MINES LTD /CAD/ /REST/ COM 876511106 1,076 500,000 SH Sole 500,000
TECK COMINCO LIMITED CL B/CAD/ CL B 878742204 12,866 205,000 SH Sole 205,000
TECK COMINCO LIMITED CL B/CAD/ CL B 878742204 471 7,500 SH Sole 7,500
TETRA TECHNOLOGIES INC DEL COM 88162F105 483 20,000 SH Sole 20,000
TEXAS INSTRUMENTS INC COM 882508104 399 12,000 SH Sole 12,000
TJX COS INC /NEW/ COM 872540109 561 20,000 SH Sole 20,000
TOYOTA MOTOR CORP ADR ADR 892331307 446 4,100 SH Defined 1 4,100
TRANSOCEAN INC COM G90078109 12,083 165,000 SH Sole 165,000
TRIDENT MICROSYSTEMS INC COM 895919108 465 20,000 SH Sole 20,000
TRIDENT MICROSYSTEMS INC COM 895919108 233 10,000 SH Sole 10,000
TRIMBLE NAVIGATON LTD COM 896239100 706 15,000 SH Sole 15,000
UBS AG COM H89231338 629 10,600 SH Defined 1 10,600
ULTRA MIDCAP400 PROSHARES ULTRA MIDCAP400 74347R404 368 5,000 SH Sole 5,000
ULTRA QQQ PROSHARES ULTRA S&P 500 74347R206 234 3,000 SH Sole 3,000
UNITED PARCEL SERVICE CL B CL B 911312106 331 4,600 SH Defined 1 4,600
US BANCORP COM 902973304 249 7,500 SH Sole 7,500
VALERO ENERGY CALL 91913Y900 4,179 81,500 SH CALL Sole 81,500
VALERO ENERGY CORP COM 91913Y100 10,294 200,000 SH Sole 200,000
VALERO ENERGY CORP COM 91913Y100 643 12,500 SH Sole 12,500
VALERO ENERGY CORP COM 91913Y100 206 4,000 SH Sole 4,000
VICEROY EXPLORATION LTD /CAD/ COM 925621104 655 73,000 SH Sole 73,000
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 66,084 1,090,673 SH Defined 2 1,090,673
VOLCOM INC COM 92864N101 270 12,000 SH Sole 12,000
VOLTERRA SEMICONDUCTOR CORP COM 928708106 488 30,000 SH Sole 30,000
WAL-MART STORES INC COM 931142103 370 7,500 SH Defined 1 7,500
WELLCARE HEALTH PLANS INC COM 94946T106 708 12,500 SH Sole 12,500
WELLCARE HEALTH PLANS INC COM 94946T106 340 6,000 SH Sole 6,000
WELLS FARGO & COMPANY COM 949746101 803 22,200 SH Defined 1 22,200
WESTAIM CORP /CAD/ COM 956909105 249 100,000 SH Sole 100,000
W-H ENERGY SERVICES COM 92925E108 415 10,000 SH Sole 10,000
WYETH COM 983024100 508 10,000 SH Sole 10,000
XTO ENERGY INC COM 98385X106 232 5,500 SH Defined 1 5,500
YAMANA GOLD /CAD/ COM 98462Y100 4,363 472,406 SH Sole 472,406
YAMANA GOLD /CAD/ COM 98462Y100 2,686 290,832 SH Sole 290,832
YAMANA GOLD /CAD/ /REST/ COM 98462Y100 231 25,000 SH Sole 25,000
GRAND 1,387,061 79,053,714
TOTAL: