UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Quarter Ended March 31, 2011 Check here if Amendment; [_] Amendment Number: This Amendment (Check [_] is a restatement only one); [_] adds new holdings entries Institutional Investment Manager Filing this Report: Name: Diamond Capital Management Inc. Address: Dorinco 100 Midland, MI 48674 13F File Number: 28-7248 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: Kenneth J. Van Heel Title: President, Diamond Capital Management Inc. Phone: 989-636-1915 Signature, Place, and Date of Signing: /S/ KENNETH J. VAN HEEL, MIDLAND, MICHIGAN, (April 25, 2011) Report Type (Check one only): [X] 13F HOLDINGS REPORT [_] 13F NOTICE [_] 13F COMBINATION REPORT List of Other Managers Reporting for this Manager: I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES AND EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 70 Form 13F Information table Value Total(x 1000): $830,932 For Period Ending: 3/31/2011 FORM 13F Name of Reporting Manager: Diamond Capital Management Inc. ITEM 1: ITEM 2: ITEM 3: ITEM 4: ITEM 5: ITEM 6: ITEM 7: ITEM 8: ------------------------ ------------ --------- ------- --------- ---------------------- -------- --------------------- INVESTMENT DISCRETION VOTING AUTHORITY ---------------------- --------------------- TITLE CUSIP MARKET FAIR CALL (A) (B) SHARED (C)(SHARED- (A) (B) (C) NAME OF ISSUER OF CLASS NUMBER VALUE SHARES /PUT SOLE AS DEFINED OTHER MANAGERS SOLE SHARED NONE ------------------------ ------------ --------- ------- --------- ---- ---- ---------- ----------- -------- --------- ------ ---- IShares MSCI Emerging Market Common Stock 464287234 169,649 3,485,698 X 3,485,698 SPDR TR Common Stock 78462F103 164,939 1,243,978 X 1,243,978 ISHARES S&P 500 INDEX FUND Common Stock 464287200 72,678 546,412 X 546,412 ENERGY SELECT SECTOR SPDR Common Stock 81369Y506 53,477 670,563 X 670,563 SPDR FINANCIAL INDEX Common Stock 81369Y605 34,789 2,122,603 X 2,122,603 VANGUARD EMERGING MARKETS ETF Common Stock 922042858 31,868 651,022 X 651,022 SPDR INDUSTRIAL Common Stock 81369Y704 25,164 668,107 X 668,107 VANGUARD LARGE CAPE Common Stock 922908637 24,916 410,000 X 410,000 MONSANTO CO Common Stock 61166W101 8,967 124,095 X 124,095 BANKAMERICA CORP Common Stock 060505104 8,731 655,000 X 655,000 NABORS INDUSTRIES Common Stock G6359F103 8,506 280,000 X 280,000 SPDR TECHNOLOGY INDEX Common Stock 81369Y803 8,446 324,082 X 324,082 SPDR CONSUMER STAPLES Common Stock 81369Y308 8,314 277,876 X 277,876 CISCO SYS INC Common Stock 17275R102 7,961 464,200 X 464,200 Intercontinental Exchange Inc. Common Stock 45865V100 7,907 64,000 X 64,000 Jacobs Engineering Group Inc. Common Stock 469814107 7,509 146,000 X 146,000 VALERO ENERGY Common Stock 91913Y100 7,246 243,000 X 243,000 SYMANTEC CORP Common Stock 871503108 6,919 373,200 X 373,200 The Mosaic Company Common Stock 61945A107 6,898 87,600 X 87,600 Archer-Daniels- Midland Company Common Stock 039483102 6,482 180,000 X 180,000 MICROSOFT CORP Common Stock 594918104 6,269 246,900 X 246,900 BOSTON SCIENTIFIC CORPORATION Common Stock 101137107 6,191 861,000 X 861,000 GENERAL MOTORS Co. Common Stock 37045V100 5,958 192,000 X 192,000 MARATHON OIL CORPORATION Common Stock 565849106 5,864 110,000 X 110,000 SPDR HEALTH CARE Common Stock 81369Y209 5,855 176,821 X 176,821 CME Group Inc. Common Stock 12572Q105 5,850 19,400 X 19,400 Petroleo Brasileiro S.A. Common Stock 71654V408 5,660 140,000 X 140,000 NOKIA CORP Common Stock 654902204 5,244 616,200 X 616,200 Marvell Technology Group Ltd Common Stock G5876H105 5,054 325,000 X 325,000 Gilead Sciences, Inc. Common Stock 375558103 4,986 117,400 X 117,400 SPDR UTILITIES INDEX Common Stock 81369Y886 4,893 153,533 X 153,533 USX - U.S. STEEL GROUP Common Stock 912909108 4,768 88,400 X 88,400 AT&T CORP Common Stock 00206R102 4,591 150,000 X 150,000 ENSCO PLC Common Stock 29358Q109 4,512 78,000 X 78,000 BUNGE LIMITED Common Stock G16962105 4,340 60,000 X 60,000 Nucor Corporation Common Stock 670346105 4,326 94,000 X 94,000 NVIDIA CORPORATION Common Stock 67066G104 4,264 231,000 X 231,000 INSULET Common Stock 45784P101 4,254 206,315 X 206,315 AETNA INC Common Stock 00817Y108 4,211 112,500 X 112,500 MASCO CORP Common Stock 574599106 4,047 290,700 X 290,700 GOOGLE INCORPORATED Common Stock 38259P508 3,873 6,600 X 6,600 AMR CORP Common Stock 001765106 3,839 594,200 X 594,200 MERCK & CO INC Common Stock 58933Y105 3,136 95,000 X 95,000 MOTOROLA SOLUTIONS INC Common Stock 620076307 3,094 69,243 X 69,243 GAP INC DEL Common Stock 364760108 2,946 130,000 X 130,000 Covidien PLC Common Stock G2554F113 2,867 55,200 X 55,200 CITIGROUP INC Common Stock 172967101 2,652 600,000 X 600,000 ENTROPIC COMMUNICATIONS Common Stock 29384R105 2,589 306,444 X 306,444 Consumer Discretionary Select Sector SP Common Stock 81369Y407 2,571 65,827 X 65,827 MATERIALS SELECT SECTOR SPDR Common Stock 81369Y100 2,361 59,005 X 59,005 ARCH COAL, INC Common Stock 039380100 2,325 64,500 X 64,500 RESEARCH IN MOTION Common Stock 760975102 2,290 40,500 X 40,500 The Hartford Financial Services Group Common Stock 416515104 2,154 80,000 X 80,000 JP MORGAN CHASE & CO Common Stock 46625H100 2,075 45,000 X 45,000 PATRIOT COAL CORPORATION Common Stock 70336T104 2,066 80,000 X 80,000 MEDTRONIC INC Common Stock 585055106 1,949 49,530 X 49,530 NEUROGESX INC Common Stock 641252101 1,859 459,032 X 459,032 AES CORP Common Stock 00130H105 1,495 115,000 X 115,000 ADOBE SYSTEMS INC. Common Stock 00724F101 1,492 45,000 X 45,000 Motorola Mobility Holdings Inc. Common Stock 620097105 1,477 60,550 X 60,550 SUNPOWER CORPORATION Common Stock 867652109 1,383 80,700 X 80,700 CORNING INC. Common Stock 219350105 1,320 64,000 X 64,000 AMERICAN INTLE GROUP INC Common Stock 026874107 1,230 35,000 X 35,000 APPLE COMPUTER INC Common Stock 037833100 1,115 3,200 X 3,200 ALCATEL-LUCENT Common Stock 013904305 988 170,000 X 170,000 Mylan Inc. Common Stock 628530107 913 40,300 X 40,300 BROADCAM CORPORATION Common Stock 111320107 788 20,000 X 20,000 DELL COMPUTER CORP Common Stock 24702R101 653 45,000 X 45,000 CONSOL Energy Inc. Common Stock 20854P109 590 11,000 X 11,000 Allegheny Technologies, Inc. Common Stock 01741R102 339 5,000 X 5,000 ------- COLUMN TOTALS 830,932 =======