13F-HR 1 v210077_13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2010 ------------------------------ Check here if Amendment; [ ] Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holding entries. Institutional Investment Manager Filing this Report: Name: GNI Capital, Inc. -------------------------------------------------------------------- Address: 124 Verdae Blvd, Suite 504 -------------------------------------------------------------------- Greenville, SC 29607 -------------------------------------------------------------------- Form 13F File Number: 28-13456 -------- 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: Allen Gillespie -------------------------------------------------------------------- Title: CCO -------------------------------------------------------------------- Phone: (864) 288-4221 -------------------------------------------------------------------- Signature, Place, and Date of Signing: /s/ Allen Gillespie Greenville, SC 2/4/2011 --------------------------- -------------------------- -------------- [Signature] [City, State] [Date] Report type (Check only one.): [_] 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).) [X] 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 -------------------- ---------------------------------------- Report Summary: Number of Other Included Managers: ------------------------------ Form 13F Information Table Entry Total: 32 ------------------------------ Form 13F Information Table Value Total: $12,369 ------------------------------ (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. No. Form 13F File Number Name 1 28-12230 ALPS Advisors, Inc. FORM 13F INFORMATION TABLE December 31, 2011

VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (X*$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE --------------------------- -------------- --------- ----------- ------- --- ---- ---------- -------- ------------------------- ~~ARCHER~~BAIDU ~~DANIELS~~INC ~~MIDLAND~~SPON COADR ~~COM~~REP ~~039483~~A 056752 10 28 ~~479~~534 155,~~000~~528 SH ~~OTHER~~SOLE ~~1 15~~5,~~000~~528 ~~ARCHER~~BANK ~~DANIELS~~OF ~~MIDLAND~~AMERICA COCORPORATION COM ~~039483~~060505 10 24 ~~312~~390 929,~~782~~215 SH SOLE 929,~~495~~215 ~~287~~ BOSTON SCIENTIFIC CORP COM 101137 10 7 ~~460~~587 7577,~~000~~500 SH SOLE 7577,~~000~~500 CITIGROUP INC COM 172967 10 1 7467 1814,~~971~~110 SH SOLE 7,306 11,665 CLOROX CO DEL COM 189054 10 9 467 7,000 SH OTHER 1 7,000 CLOROX CO DEL COM 189054 10 9 104 1,555 SH SOLE 1,555 COCA COLA CO COM 191216 10 0 468 8,000 SH OTHER 1 8,000 COCA COLA CO COM 191216 10 0 211 3,~~613~~653 SH SOLE 2,938 675 COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W 20 3 593 4,800 SH OTHER 1 4,800 COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W 20 3 290 2,348 SH SOLE 2,348 COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204429 10 ~~4 520 11~~,~~500~~457 ~~SH OTHER 1 11,500~~ COMPANIA DE MINAS BUENAVENTU SPONSORED ADR ~~204429~~204448 10 4 ~~115~~211 24,~~543~~302 SH SOLE 24,~~543~~302 DENDREON CORP COM 24823Q 10 7 ~~453~~251 117,~~000~~175 SH ~~OTHER~~SOLE ~~1 11~~7,~~000~~175 ~~DENDREON~~DOW ~~CORP~~CHEM CO COM ~~24823Q~~260543 10 73 72231 16,~~749~~768 SH SOLE 16,~~749~~450 318 DREYFUS HIGH YIELD STRATEGIE SH BEN INT 26200S 10 1 ~~169~~167 37,762 SH SOLE 37,762 DWS HIGH INCOME TR SHS NEW 23337C 20 8 ~~375~~349 37,137 SH SOLE 37,137 INVESCO HIGH YIELD INVST FD COM 46133K 10 8 ~~325~~327 54,912 SH SOLE 54,912 ISHARES TR IBOXX INV CPBD 464287 24 2 794 7,~~021~~321 SH SOLE 7,~~021~~321 ISHARES INC MSCI JAPAN 464286 84 8 ~~368~~461 3742,245 SH SOLE 3742,245 ISHARES TR BARCLYS TIPS BD 464287 17 6 ~~716~~706 6,565 SH SOLE 6,565 ISHARES TR BARCLY USAGG B 464287 22 6 ~~621~~604 5,712 SH SOLE 5,712 ISHARES TR BARCLYS CR BD 464288 62 0 ~~469~~429 4,~~348~~122 SH SOLE 4,~~348~~122 ~~KRAFT~~MICROSOFT ~~FOODS~~CORP ~~INC~~COM CL594918 ~~A 50075N~~ 10 4 ~~432~~730 1426,~~000~~143 SH ~~OTHER 1 14,000 KRAFT FOODS INC CL A 50075N 10 4 294 9,530 SH~~ SOLE 822,~~995~~463 ~~535 MEDICIS PHARMACEUTICAL CORP CL A NEW 584690 30 9 282 9,500 SH OTHER 1 9,500 MEDICIS PHARMACEUTICAL CORP CL A NEW 584690 30 9 105~~ 3,~~531~~680 ~~SH SOLE 3,531~~ NEWMONT MINING CORP COM 651639 10 6 ~~817~~573 139,~~000~~328 SH ~~OTHER~~SOLE ~~1 13~~9,~~000~~088 ~~NEWMONT~~240 ~~MINING~~NEWS CORP ~~COM~~CL ~~651639~~A 65248E 10 64 ~~181~~188 212,~~878~~900 SH SOLE 212,~~723~~900 ~~155~~OLD ~~ORACLE~~NATL ~~CORP~~BANCORP IND COM ~~68389X~~680033 10 57 ~~349~~166 1314,000 SH ~~OTHER~~SOLE ~~1 13~~14,000 ~~ORACLE CORP COM 68389X 10 5 251 9,334 SH SOLE 7,664 1,670~~ PHILIP MORRIS INTL INC COM 718172 10 9 ~~924~~415 167,~~500~~084 SH ~~OTHER~~SOLE ~~1 16~~6,~~500~~551 ~~PHILIP~~533 ~~MORRIS~~POWERSHS ~~INTL~~DB ~~INC~~US ~~COM~~DOLLAR ~~718172~~INDEX DOLL INDX BULL 73936D 10 97 ~~348~~318 614,~~208~~000 SH SOLE 514,~~572~~000 ~~636~~ POWERSHARES ETF TRUST FINL PFD PTFL 73935X 22 9 ~~243~~215 1312,~~382~~211 SH SOLE 1312,~~382~~211 POWERSHARES ETF TRUST FTSE RAFI 1000 73935X 58 3 ~~507~~564 10,076 SH SOLE 10,076 PROSHARES TR PSHS SHRT S&P500 74347R 50 3 ~~483~~312 97,~~874~~110 SH SOLE 97,~~874~~110 PROSHARES TR PSHS ULSHT SP500 74347R 88 3 489 21,000 SH SOLE 21,000 PUTMAN HIGH INCOME SEC FUND SHS BEN INT 746779 10 7 ~~136~~132 15,750 SH SOLE 15,750 RYDEX ETF TRUST S&P500 PUR GRW 78355W 40 3 ~~436~~269 116,~~460~~211 SH SOLE 116,~~460~~211 SEARS HLDGS CORP COM 812350 10 6 588 7,975 SH SOLE 7,975 SPDR SERIES TRUST DB INT GVT ETF 78464A 49 0 ~~475~~470 8,083 SH SOLE 8,083 SELECT SECTOR SPDR ~~GOLD~~TR ~~TRUST~~SBI ~~GOLD~~CONS ~~SHS~~STPLS ~~78463V~~81369Y 1030 78 ~~512~~226 47,~~000~~700 SH ~~OTHER~~SOLE ~~1 4~~7,~~000~~700 ~~SPDR~~SELECT ~~GOLD~~SECTOR ~~TRUST~~SPDR ~~GOLD~~TR ~~SHS~~SBI ~~78463V~~INT-INDS 1081369Y 770 ~~282~~4 2258 7,~~206~~400 SH SOLE 27,~~206~~400 ~~UNITED~~SPECTRUM ~~STATES~~BRANDS ~~NATL~~HLDGS ~~GAS~~INC ~~FUND~~COM ~~UNIT~~84763R ~~912318~~ 10 21 93348 1511,~~000~~150 SH SOLE 1511,~~000~~150

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