UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                               FORM 13F COVER PAGE

                Report for the Quarter Ended: March 31, 2004

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, TX 78229

13F File Number:  028-02220

    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 B. McGee
    Title:  President, General Counsel
    Phone:  210-308-1234



            /S/ Susan B. McGee
            ------------------
            San Antonio, TX
            April 30, 2004

Report Type (Check only one.):

[X]   13F HOLDINGS REPORT.
[ ]   13F NOTICE.
[ ]   13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager: None



                        FORM 13F SUMMARY PAGE

                           REPORT SUMMARY:

Number of Other Included Managers:      3
Form 13F Information Table Entry Total: 370
Form 13F Information Table Value Total: $268,135 (thousands)

List of Other Included Managers:

     NO.       13F FILE NUMBER:      NAME:
     ---       ---------------       ---------------------------
      1        Unknown               Bonnel, Inc.
      2        Unknown               Leeb Capital Management, Inc.
      3        Unknown               Charlemagne Capital (IOM) Limited






                                                     FORM 13F INFORMATION TABLE


        COLUMN 1          COLUMN 2   COLUMN 3    COLUMN 4         COLUMN 5            COLUMN 6   COLUMN 7          COLUMN 8
  ----------------------  --------   ---------   --------  ------------------------   --------  ----------  ------------------------
                                                            SHARES                                            VOTING AUTHORITY
                          TITLE OF                VALUE       OR              PUT/    INVESTMT    OTHER    -------------------------
     NAME OF ISSUER        CLASS      CUSIP      (x$1000)  PRN AMT    SH/PRN  CALL    DISCRETN   MANAGERS  SOLE    SHARED     NONE
------------------------  --------  ----------   --------  -------  ---------  ----   ---------   --------  -----   ------    ------
                                                                                            


APEX SILVER MINES LTD      CMN STK   04074103       451      20,000    SH            Defined      2                           20,000
CENTRAL EUROPEAN MEDIA
 CL A                      CMN STK   20045202     2,179     116,731    SH            Defined      3                          116,731
INGERSOLL-RAND             CMN STK   4776G101       149       2,200    SH            Sole                            2,200
INGERSOLL-RAND             CMN STK   4776G101       338       5,000    SH            Defined      1                            5,000
NABORS INDUSTRIES INC      CMN STK   6359F103     1,144      25,000    SH            Sole                           25,000
NABORS INDUSTRIES INC      CMN STK   6359F103       183       4,000    SH            Sole                            4,000
NABORS INDUSTRIES INC      CMN STK   6359F103       229       5,000    SH            Defined      2                            5,000
NOBLE DRILLING CORP        CMN STK   65422100       192       5,000    SH            Defined      2                            5,000
GOLAR LNG LTD              CMN STK   9456A100       455      30,000    SH            Sole                           30,000
WEATHERFORD INTL LTD       CMN STK   95089101     1,471      35,000    SH            Sole                           35,000
AFLAC INC                  CMN STK   01055102       241       6,000    SH            Defined      2                            6,000
AU OPTRONICS CORP
 ADR SPON                  CMN STK   02255107       481      23,000    SH            Sole                           23,000
ABBOTT LABORATORIES        CMN STK   02824100       822      20,000    SH            Defined      1                           20,000
ACTIVISION INC             CMN STK   04930202     1,424      90,000    SH            Defined      1                           90,000
ADVANCED FIBRE
 COMMNCTNS INC             CMN STK   0754A105        88       4,000    SH            Sole                            4,000
AFFILIATED MANAGERS
 GROUP INC                 CMN STK   08252108     1,228      22,500    SH            Defined      1                           22,500
AGNICO EAGLE MINES LTD     CMN STK   08474108       373      25,000    SH            Sole                           25,000
AGNICO EAGLE MINES LTD     CMN STK   08474108       747      50,000    SH            Sole                           50,000
AGNICO EAGLE MINES
 WT 11/14/07               WTS       08474132        39      10,000    SH            Sole                           10,000
AGNICO EAGLE MINES
 WT 11/14/07               WTS       08474132       829     212,500    SH            Sole                          212,500
AGNICO EAGLE MINES
 WT 11/14/07               WTS       08474132     2,252     577,500    SH            Sole                          577,500
AIR PRODUCTS & CHEMICAL    CMN STK   09158106     1,002      20,000    SH            Sole                           20,000
AIR PRODUCTS & CHEMICAL    CMN STK   09158106        75       1,500    SH            Sole                            1,500
AIRGAS INC                 CMN STK   09363102       639      30,000    SH            Defined      1                           30,000
ALCAN INC                  CMN STK   13716105     2,240      50,000    SH            Sole                           50,000
ALCOA INC                  CMN STK   13817101     3,122      90,000    SH            Sole                           90,000
ALCOA INC                  CMN STK   13817101       104       3,000    SH            Sole                            3,000
ALUMINUM CORP OF
 CHINA ADR                 CMN STK   22276109       577       7,000    SH            Sole                            7,000
AMERICAN EXPRESS           CMN STK   25816109       239       4,600    SH            Sole                            4,600
AMERICAN INTERNATIONAL
GROUP                      CMN STK   26874107       157       2,200    SH            Sole                            2,200
AMERICAN STANDARD
 COMPANIES INC             CMN STK   29712106     1,138      10,000    SH            Defined      1                           10,000
AMERISOURCEBERGEN
 CORP CLASS A              CMN STK   3073E105       109       2,000    SH            Sole                            2,000
AMERITRADE HOLDING CORP    CMN STK   3074K100     2,310     150,000    SH            Defined      1                          150,000
AMGEN INC                  CMN STK   31162100       256       4,400    SH            Sole                            4,400
ANALOG DEVICES INC         CMN STK   32654105       120       2,500    SH            Sole                            2,500
ANHEUSER BUSCH INC         CMN STK   35229103       102       2,000    SH            Sole                            2,000
APACHE CORP                CMN STK   37411105       173       4,000    SH            Defined      2                            4,000
APOLLO GROUP INC CL A      CMN STK   37604105       155       1,800    SH            Sole                            1,800
APPLEBEES INTL INC         CMN STK   37899101       165       4,000    SH            Sole                            4,000
AQUANTIVE INC              CMN STK   3839G105       480      50,000    SH            Defined      1                           50,000
ARACRUZ CELULOSE
 SA SPON ADR               CMN STK   38496204     1,913      50,000    SH            Sole                           50,000
ARACRUZ CELULOSE
 SA SPON ADR               CMN STK   38496204       191       5,000    SH            Sole                            5,000
ARCH COAL INC              CMN STK   39380100     1,256      40,000    SH            Sole                           40,000
ARCHER DANIELS MIDLAND     CMN STK   39483102       108       6,400    SH            Sole                            6,400
ASHANTI GOLDFIELDS GDR     CMN STK   43743202       213      17,500    SH            Sole                           17,500
ASHANTI GOLDFIELDS GDR     CMN STK   43743202       395      32,500    SH            Sole                           32,500
AUTODESK INC               CMN STK   52769106       949      30,000    SH            Defined      1                           30,000
AVANEX CORP                CMN STK   5348W109        86      20,000    SH            Sole                           20,000
AVERY DENNISON
 CORPORATION               CMN STK   53611109       933      15,000    SH            Defined      1                           15,000
AVON PRODS INC             CMN STK   54303102       152       2,000    SH            Sole                            2,000
AXCAN PHARMA INC           CMN STK   54923107       667      35,000    SH            Defined      1                           35,000
BJ SERVICES CO             CMN STK   55482103     1,082      25,000    SH            Sole                           25,000
BALL CORP                  CMN STK   58498106     1,017      15,000    SH            Defined      1                           15,000
BARD CORP                  CMN STK   67383109     1,953      20,000    SH            Defined      1                           20,000
BARRICK GOLD CORPORATION   CMN STK   67901108       238      10,000    SH            Sole                           10,000
BARRICK GOLD CORPORATION   CMN STK   67901108       713      30,000    SH            Sole                           30,000
BARRICK GOLD CORPORATION   CMN STK   67901108       238      10,000    SH            Defined      2                           10,000
C/O BARRICK GOLD JAN 25    CALL OPTN 679012AE       315       1,400    SH            Sole                            1,400
C/O BARRICK GOLD JAN 25    CALL OPTN 679012AE       585       2,600    SH            Sole                            2,600
BEA SYSTEMS INC            CMN STK   73325102       638      50,000    SH            Defined      1                           50,000
BEBE STORES INC            CMN STK   75571109        94       2,800    SH            Sole                            2,800
BEMA GOLD CORP             CMN STK   8135F107       221      60,000    SH            Sole                           60,000
BENCHMARK ELECTRS INC      CMN STK   8160H101        94       3,000    SH            Sole                            3,000
BERKSHIRE HATHAWAY
 INC CL B                  CMN STK   84670207       731         235    SH            Defined      2                              235
BHP BILLITON LTD ADR       CMN STK   88606108     1,878     100,000    SH            Sole                          100,000
BIOGEN IDEC INC            CMN STK   9062X103       250       4,500    SH            Defined      2                            4,500
BIOLASE TECHNOLOGY INC     CMN STK   90911108       700      40,000    SH            Defined      1                           40,000
BLOCK /H & R/ INC          CMN STK   93671105       286       5,600    SH            Defined      2                            5,600
BORDERS GROUP INC          CMN STK   99709107       142       6,000    SH            Sole                            6,000
BORG WARNER
 AUTOMOTIVE INC            CMN STK   99724106       424       5,000    SH            Defined      1                            5,000
BRISTOL-MYERS SQUIBB CO    CMN STK   10122108        97       4,000    SH            Sole                            4,000
BROADCOM CORP              CMN STK   11320107       118       3,000    SH            Sole                            3,000
BURLINGTON RES INC         CMN STK   22014103     1,591      25,000    SH            Sole                           25,000
BURLINGTON RES INC         CMN STK   22014103        64       1,000    SH            Sole                            1,000
CNOOC LTD ADR              CMN STK   26132109     2,150      50,000    SH            Sole                           50,000
CNOOC LTD ADR              CMN STK   26132109       516      12,000    SH            Sole                           12,000
CVS CORP                   CMN STK   26650100     1,059      30,000    SH            Defined      1                           30,000
CACI INTNATL INC CL A      CMN STK   27190304       430      10,000    SH            Defined      2                           10,000
CALPINE CORP               CMN STK   31347106     1,401     300,000    SH            Sole                          300,000
CALPINE CORP               CMN STK   31347106        93      20,000    SH            Sole                           20,000
CANYON RESOURCES CORP      CMN STK   38869300     1,668     352,600    SH            Sole                          352,600
CAPITAL ONE FINANCIAL
 CORP                      CMN STK   4040H105       143       1,900    SH            Sole                            1,900
CARDINAL HEALTH            CMN STK   4149Y108       103       1,500    SH            Sole                            1,500
CATERPILLAR INC DEL        CMN STK   149123101       95       1,200    SH            Sole                            1,200
CENTRAL EUROPEAN
 DISTR CORP                CMN STK   53435102     3,915     121,058    SH            Defined      3                          121,058
CERADYNE INC CALIF         CMN STK   56710105     1,085      30,000    SH            Defined      1                           30,000
CHECKPOINT SYSTEMS INC     CMN STK   62825103       567      30,000    SH            Defined      1                           30,000
CHEESECAKE FACTORY INC     CMN STK   63072101       923      20,000    SH            Defined      1                           20,000
CHESAPEAKE ENERGY CORP     CMN STK   65167107     2,412     180,000    SH            Sole                          180,000
CHESAPEAKE ENERGY CORP     CMN STK   65167107       107       8,000    SH            Sole                            8,000
CHEVRON CORP               CMN STK   66764100       176       2,000    SH            Defined      2                            2,000
CHICAGO BRIDGE & IRON ADR  CMN STK   67250109       835      30,000    SH            Sole                           30,000
CHICAGO BRIDGE & IRON ADR  CMN STK   67250109       195       7,000    SH            Sole                            7,000
CHILDRENS PLACE            CMN STK   68905107       167       5,400    SH            Sole                            5,400
CHINA MOBILE
 HONG KONG ADR             CMN STK   6941M109       294      20,000    SH            Sole                           20,000
CHINA PETROLEUM &
 CHEMICAL ADR              CMN STK   6941R108     2,298      60,000    SH            Sole                           60,000
CHINA TELECOM
 CORP LTD ADR              CMN STK   69426103        42       1,200    SH            Sole                            1,200
CHUBB CORP                 CMN STK   71232101       209       3,000    SH            Sole                            3,000
CISCO SYSTEMS INC          CMN STK   7275R102       329      14,000    SH            Sole                           14,000
CITIGROUP INC              CMN STK   72967101       439       8,500    SH            Sole                            8,500
CITIGROUP INC              CMN STK   72967101       388       7,500    SH            Defined      2                            7,500
CLAIRES STORES INC         CMN STK   79584107        58       2,800    SH            Sole                            2,800
COEUR D ALENE MINES CORP   CMN STK   92108108       700     100,000    SH            Sole                          100,000
COMMERCE BANCORP INC N J   CMN STK   00519106       237       3,600    SH            Sole                            3,600
COMMUNITY HEALTH SYS INC   CMN STK   03668108     1,113      40,000    SH            Defined      1                           40,000
MINAS BUENAVENTURA
 SP ADR B                  CMN STK   04448104       532      18,400    SH            Sole                           18,400
MINAS BUENAVENTURA
 SP ADR B                  CMN STK   04448104     1,676      58,000    SH            Sole                           58,000
CONOCOPHILLIPS             CMN STK   0825C104       349       5,000    SH            Defined      2                            5,000
COSTCO WHOLESALE CORP      CMN STK   2160K105       113       3,000    SH            Sole                            3,000
COUNTRYWIDE FINANCIAL CORP CMN STK   22372104        96       1,000    SH            Sole                            1,000
CYBERGUARD CORP            CMN STK   31910100       197      20,000    SH            Defined      1                           20,000
DEAN FOODS CO              CMN STK   42370104       668      20,000    SH            Defined      1                           20,000
DELL INC                   CMN STK   4702R101        75       2,240    SH            Sole                            2,240
DEVON ENERGY CORP          CMN STK   5179M103     1,454      25,000    SH            Sole                           25,000
DEVON ENERGY CORP          CMN STK   5179M103        58       1,000    SH            Sole                            1,000
DEVON ENERGY CORP          CMN STK   5179M103       407       7,000    SH            Defined      2                            7,000
DIAGNOSTIC PRODUCTS CORP   CMN STK   52450101       433      10,000    SH            Defined      1                           10,000
DIGITAL INSIGHT            CMN STK   5385P106       114       5,500    SH            Sole                            5,500
DISNEY WALT CO             CMN STK   54687106       250      10,000    SH            Defined      1                           10,000
DOT HILL SYSTEMS CORP      CMN STK   5848T109       401      40,000    SH            Defined      1                           40,000
DOW CHEMICAL CO            CMN STK   60543103     1,611      40,000    SH            Sole                           40,000
DOW CHEMICAL CO            CMN STK   60543103        93       2,300    SH            Sole                            2,300
DU PONT (EI) DE NEMOURS    CMN STK   63534109       844      20,000    SH            Sole                           20,000
DU PONT (EI) DE NEMOURS    CMN STK   63534109        76       1,800    SH            Sole                            1,800
DURBAN ROODEPOORT
 DEP SPON ADR              CMN STK   66597301       351     100,000    SH            Sole                          100,000
DYCOM INDS INC             CMN STK   67475101       159       6,000    SH            Sole                            6,000
ENSCO INTERNATIONAL INC    CMN STK   6874Q100       845      30,000    SH            Sole                           30,000
EOG RESOURCES              CMN STK   6875P101     1,606      35,000    SH            Sole                           35,000
EOG RESOURCES              CMN STK   6875P101       106       2,300    SH            Sole                            2,300
EARTHLINK INCORPORATED     CMN STK   70321102        44       5,000    SH            Sole                            5,000
EASTMAN CHEMICAL           CMN STK   77432100       854      20,000    SH            Sole                           20,000
EASTMAN KODAK              CMN STK   77461109        94       3,600    SH            Sole                            3,600
EATON CORP                 CMN STK   78058102     1,124      20,000    SH            Defined      1                           20,000
EBAY INC                   CMN STK   78642103       305       4,400    SH            Defined      2                            4,400
EFUNDS CORP                CMN STK   8224R101        98       6,000    SH            Sole                            6,000
EL PASO CORPORATION        CMN STK   8336L109     1,422     200,000    SH            Sole                          200,000
EL PASO CORPORATION        CMN STK   8336L109       142      20,000    SH            Sole                           20,000
ELECTRONIC ARTS INC        CMN STK   85512109       507       9,400    SH            Defined      2                            9,400
ENERPLUS RESOURCES FUND    CMN STK   9274D604     3,517     120,000    SH            Sole                          120,000
ENERPLUS RESOURCES FUND    CMN STK   9274D604       381      13,000    SH            Sole                           13,000
ETHAN ALLEN INTERIORS INC  CMN STK   97602104       206       5,000    SH            Defined      1                            5,000
EXPRESS SCRIPTS
 INC COMMON                CMN STK   02182100       127       1,700    SH            Sole                            1,700
FLIR SYSTEMS INC           CMN STK   02445101       381      10,000    SH            Defined      1                           10,000
FMC CORP                   CMN STK   02491303     1,499      35,000    SH            Sole                           35,000
FILENET CORP               CMN STK   16869106       101       3,800    SH            Sole                            3,800
FINISH LINE INC CL A       CMN STK   17923100       144       3,900    SH            Sole                            3,900
FIRST DATA CORP            CMN STK   19963104       126       3,000    SH            Sole                            3,000
FIRST DATA CORP            CMN STK   19963104       316       7,500    SH            Defined      2                            7,500
FISERV INC                 CMN STK   37738108       358      10,000    SH            Defined      1                           10,000
FOREST LABS INC CL A       CMN STK   45838106       358       5,000    SH            Defined      1                            5,000
FOSSIL INC                 CMN STK   49882100     1,334      40,000    SH            Defined      1                           40,000
FRANKLIN RESOURCES INC     CMN STK   54613101       557      10,000    SH            Defined      1                           10,000
FREEPORT MCMORAN
 COPPER & GOLD B           CMN STK   5671D857     1,368      35,000    SH            Sole                           35,000
GENERAL DYNAMICS           CMN STK   69550108       357       4,000    SH            Defined      2                            4,000
GENERAL ELECTRIC CO        CMN STK   69604103       397      13,000    SH            Sole                           13,000
GENERAL ELECTRIC CO        CMN STK   69604103       305      10,000    SH            Defined      2                           10,000
GENTEX CORP                CMN STK   71901109       868      20,000    SH            Defined      1                           20,000
GENZYME CORP-GENERAL
 DIVISION                  CMN STK   72917104       532      11,300    SH            Defined      2                           11,300
GEORGIA GULF CORP          CMN STK   73200203     1,809      60,000    SH            Sole                           60,000
GEORGIA GULF CORP          CMN STK   73200203       121       4,000    SH            Sole                            4,000
GEORGIA PACIFIC CORP       CMN STK   73298108       337      10,000    SH            Sole                           10,000
GETTY IMAGES INC           CMN STK   74276103       540      10,000    SH            Defined      1                           10,000
GLAMIS GOLD LTD            CMN STK   76775102       180      10,000    SH            Sole                           10,000
GOLD FIELDS LTD SPON ADR   CMN STK   8059T106     1,973     150,000    SH            Sole                          150,000
HARMAN INTL
 INDUSTRIES INC            CMN STK   13086109     1,592      20,000    SH            Defined      1                           20,000
HARMONY GOLD
 MINING SPON ADR           CMN STK   13216300     2,160     140,000    SH            Sole                          140,000
HARRIS INTERACTIVE INC     CMN STK   14549105       101      12,000    SH            Sole                           12,000
HASBRO INC                 CMN STK   18056107        83       3,800    SH            Sole                            3,800
HECLA MINING               CMN STK   22704106       421      50,000    SH            Sole                           50,000
HECLA MINING               CMN STK   22704106     1,682     200,000    SH            Sole                          200,000
HERCULES INC               CMN STK   27056106     1,722     150,000    SH            Sole                          150,000
HERCULES INC               CMN STK   27056106       115      10,000    SH            Sole                           10,000
HIBBETT SPORTING GOODS INC CMN STK   28565105       145       3,800    SH            Sole                            3,800
HUANENG POWER INTL ADR     CMN STK   43304100       548       7,000    SH            Sole                            7,000
HUANENG POWER INTL ADR     CMN STK   43304100       627       8,000    SH            Sole                            8,000
HYPERION SOLUTIONS CORP    CMN STK   4914M104       622      15,000    SH            Defined      1                           15,000
ITT INDUSTRIES             CMN STK   50911102       763      10,000    SH            Defined      1                           10,000
IDEX CORP                  CMN STK   5167R104       217       5,000    SH            Defined      1                            5,000
ILLINOIS TOOL WORKS        CMN STK   52308109       111       1,400    SH            Sole                            1,400
IMPERIAL CHEM INDS PLC ADR CMN STK   52704505     1,342      80,000    SH            Sole                           80,000
INCO LTD                   CMN STK   53258402     2,078      60,000    SH            Sole                           60,000
INCO LTD                   CMN STK   53258402       433      12,500    SH            Sole                           12,500
INCO LTD                   CMN STK   53258402       173       5,000    SH            Sole                            5,000
INTEL CORP                 CMN STK   58140100       132       4,860    SH            Sole                            4,860
INTEL CORP                 CMN STK   58140100       408      15,000    SH            Defined      2                           15,000
INTERACTIVECORP            CMN STK   5840Q101       114       3,600    SH            Sole                            3,600
INTERNATIONAL
 BUSINESS MACHINES         CMN STK   59200101     1,378      15,000    SH            Defined      1                           15,000
INT'L FLAVORS
 & FRAGRANCES              CMN STK   59506101       178       5,000    SH            Defined      1                            5,000
INTERNATIONAL GAME
 TECHNOLOGY                CMN STK   59902102       899      20,000    SH            Defined      1                           20,000
INTRAWEST CORP             CMN STK   60915200       170      10,000    SH            Defined      1                           10,000
ISHARES MSCI
 AUSTRALIA INDEX           MTL FND   64286103       157      11,200    SH            Sole                           11,200
ISHARES MSCI
 SINGAPORE FREE            MTL FND   64286673       102      16,000    SH            Sole                           16,000
I SHARES
 TAIWAN WEBS INDEX         MTL FND   64286731       877      72,000    SH            Sole                           72,000
ISHARES MSCI
 SOUTH KOREA INDEX         MTL FND   64286772       620      22,000    SH            Sole                           22,000
ISHARES MSCI
 MALAYSIA /FREE/           MTL FND   64286830       437      60,000    SH            Sole                           60,000
ISHARES MSCI
 JAPAN IDEX FD             MTL FND   64286848       359      33,000    SH            Sole                           33,000
I SHARES MSCI
 HONG KONG INDEX           MTL FND   64286871       424      40,000    SH            Sole                           40,000
JDS UNIPHASE CORP          CMN STK   6612J101        98      24,000    SH            Sole                           24,000
JP MORGAN CHASE            CMN STK   6625H100       197       4,700    SH            Sole                            4,700
JABIL CIRCUIT INC          CMN STK   66313103       100       3,400    SH            Sole                            3,400
JOHNSON & JOHNSON          CMN STK   78160104       188       3,700    SH            Sole                            3,700
JOHNSON CTLS INC           CMN STK   78366107       592      10,000    SH            Defined      1                           10,000
JOY GLOBAL INC             CMN STK   81165108       561      20,000    SH            Sole                           20,000
JOY GLOBAL INC             CMN STK   81165108        62       2,200    SH            Sole                            2,200
K-SWISS CLASS A            CMN STK   82686102        78       3,200    SH            Sole                            3,200
K-SWISS CLASS A            CMN STK   82686102       979      40,000    SH            Defined      1                           40,000
KINDER MORGAN ENERGY
 PARTN LP                  CMN STK   94550106     1,353      30,000    SH            Sole                           30,000
KINDER MORGAN ENERGY
 PARTN LP                  CMN STK   94550106       113       2,500    SH            Sole                            2,500
LABOR READY INC            CMN STK   05401208       114       8,400    SH            Sole                            8,400
LAUDER ESTEE
 COS INC CL A              CMN STK   18439104        75       1,700    SH            Sole                            1,700
LEGG MASON INC             CMN STK   24901105       390       4,200    SH            Sole                            4,200
LEGG MASON INC             CMN STK   24901105     2,783      30,000    SH            Defined      1                           30,000
LEHMAN BROTHERS HLDGS INC  CMN STK   24908100       166       2,000    SH            Sole                            2,000
LEXMARK INTL INC           CMN STK   29771107       920      10,000    SH            Defined      1                           10,000
ELI LILLY & CO             CMN STK   32457108       301       4,500    SH            Sole                            4,500
LONE STAR
 TECHNOLOGIES INC          CMN STK   42312103       884      50,000    SH            Sole                           50,000
LOUISIANA PACIFIC CORP     CMN STK   46347105     1,935      75,000    SH            Sole                           75,000
LOUISIANA PACIFIC CORP     CMN STK   46347105       103       4,000    SH            Sole                            4,000
LUCENT TECHNOLOGIES INC    CMN STK   49463107     2,466     600,000    SH            Defined      1                          600,000
MRV COMMUNICATIONS INC     CMN STK   53477100        40      12,000    SH            Sole                           12,000
MARATHON OIL CORP          CMN STK   65849106       673      20,000    SH            Defined      1                           20,000
MARSH & MCLENNAN COS INC   CMN STK   71748102       167       3,600    SH            Sole                            3,600
MAVERICK TUBE CORP         CMN STK   77914104     1,178      50,000    SH            Sole                           50,000
MEDTRONIC INC              CMN STK   85055106       134       2,800    SH            Sole                            2,800
MELLON FINANCIAL CORP      CMN STK   8551A108       185       5,900    SH            Sole                            5,900
MERIDIAN GOLD INC          CMN STK   89975101       183      15,000    SH            Sole                           15,000
MERIDIAN GOLD INC          CMN STK   89975101       610      50,000    SH            Sole                           50,000
C/O MERIDIAN GOLD JUL 15   CALL OPTN 899759GC        19         500    SH            Sole                              500
C/O MERIDIAN GOLD JUL 15   CALL OPTN 899759GC        56       1,500    SH            Sole                            1,500
METROLOGIC INSTRUMENTS
 INC                       CMN STK   91676101       702      30,000    SH            Defined      1                           30,000
MICROSOFT CORP             CMN STK   94918104       332      13,300    SH            Sole                           13,300
MOBILE TELESYSTEMS
 SPON ADR                  CMN STK   07409109     7,446      56,624    SH            Defined      3                           56,624
MORGAN STANLEY             CMN STK   17446448       183       3,200    SH            Sole                            3,200
NBTY INC                   CMN STK   28782104       930      25,000    SH            Defined      1                           25,000
NASDAQ 100 SHARES          MTL FND   31100104     1,793      50,000    SH            Defined      1                           50,000
NATIONAL COMMERCE
 FINANCIAL                 CMN STK   3545P104       103       3,600    SH            Sole                            3,600
NATIONAL OILWELL INC       CMN STK   37071101     1,414      50,000    SH            Sole                           50,000
NETFLIX.COM INC            CMN STK   4110L106     1,365      40,000    SH            Defined      1                           40,000
NETSCREEN TECHNOLOGIES
 INC                       CMN STK   4117V107       313       8,600    SH            Sole                            8,600
NEW YORK COMMUNITY
 BANCORP                   CMN STK   49445103       280       8,177    SH            Sole                            8,177
NEWMONT MINING CORP        CMN STK   51639106     1,632      35,000    SH            Sole                           35,000
NEWMONT MINING CORP        CMN STK   51639106     5,596     120,000    SH            Sole                          120,000
NEWMONT MINING CORP        CMN STK   51639106       233       5,000    SH            Defined      2                            5,000
NORTHROP GRUNMAN CORP      CMN STK   66807102       492       5,000    SH            Defined      2                            5,000
NOVELLUS SYSTEMS INC       CMN STK   70008101        64       2,000    SH            Sole                            2,000
OCCIDENTAL PETROLEUM CORP  CMN STK   74599105     1,151      25,000    SH            Sole                           25,000
VIMPEL COMMUNICATIONS
 SPON ADR                  CMN STK   8370R109     7,675      73,808    SH            Defined      3                           73,808
ORBITAL SCIENCES CORP      CMN STK   85564106       100       8,000    SH            Sole                            8,000
OSHKOSH TRUCK CO CL B      CMN STK   88239201        56       1,000    SH            Sole                            1,000
POSCO SPONSORED ADR        CMN STK   93483109       531      15,000    SH            Sole                           15,000
POSCO SPONSORED ADR        CMN STK   93483109       637      18,000    SH            Sole                           18,000
PACIFIC SUNWEAR
 CALIF INC                 CMN STK   94873100       736      30,000    SH            Defined      1                           30,000
PACIFIC RIM
 MNG CORP_/CANADIAN/       CMN STK   94915208        22      18,187    SH            Sole                           18,187
PACIFIC RIM
 MNG CORP_/CANADIAN/       CMN STK   94915208       354     290,000    SH            Sole                          290,000
PATINA OIL & GAS CORP      CMN STK   03224105       420      16,000    SH            Defined      2                           16,000
PATINA OIL & GAS CORP      CMN STK   03224105     1,575      60,000    SH            Defined      1                           60,000
PATTERSON UTI ENERGY INC   CMN STK   03481101     1,062      30,000    SH            Sole                           30,000
PATTERSON UTI ENERGY INC   CMN STK   03481101       177       5,000    SH            Sole                            5,000
PEPSIAMERICAS INC          CMN STK   1343P200       306      15,000    SH            Defined      1                           15,000
PEPSICO INC                CMN STK   13448108       162       3,000    SH            Sole                            3,000
PETROCHINA CO LTD ADS      CMN STK   1646E100     2,044      40,000    SH            Sole                           40,000
PETROCHINA CO LTD ADS      CMN STK   1646E100     1,099      21,500    SH            Sole                           21,500
PETROCHINA CO LTD ADS      CMN STK   1646E100       424       8,300    SH            Defined      2                            8,300
PETROKAZAKHSTAN INC CL A   CMN STK   1649P102       248       8,800    SH            Defined      2                            8,800
PETROLEO BRASILEIRO SA ADR CMN STK   1654V408     1,005      30,000    SH            Sole                           30,000
PFIZER INC                 CMN STK   17081103       304       8,675    SH            Sole                            8,675
PFIZER INC                 CMN STK   17081103       452      12,900    SH            Defined      2                           12,900
PHILIPPINE LONG
 DIST TEL SPN ADR          CMN STK   18252604       684      40,000    SH            Sole                           40,000
PILGRIM PRIDE CORP         CMN STK   21467108       168       7,500    SH            Sole                            7,500
PIONEER NATURAL
 RESOURCES CO              CMN STK   23787107     2,261      70,000    SH            Sole                           70,000
PIONEER NATURAL
 RESOURCES CO              CMN STK   23787107        65       2,000    SH            Sole                            2,000
PLACER DOME INC            CMN STK   25906101     1,438      80,000    SH            Sole                           80,000
PLACER DOME INC            CMN STK   25906101     2,246     125,000    SH            Sole                          125,000
PLACER DOME INC            CMN STK   25906101     9,075     505,000    SH            Sole                          505,000
C/O PLACER DOME
 JAN 0015.00               CALL OPTN 259062AC       710       1,650    SH            Sole                            1,650
C/O PLACER DOME
  JAN 0015.00              CALL OPTN 259062AC     1,441       3,350    SH            Sole                            3,350
POTLATCH CORP              CMN STK   37628107       815      20,000    SH            Defined      1                           20,000
PRAXAIR                    CMN STK   4005P104       742      20,000    SH            Defined      1                           20,000
PRECISION DRILLING CORP    CMN STK   4022D100       932      20,000    SH            Sole                           20,000
PRECISION DRILLING CORP    CMN STK   4022D100        93       2,000    SH            Sole                            2,000
PROASSURANCE CORPORATION   CMN STK   4267C106       105       3,000    SH            Sole                            3,000
PROCTOR & GAMBLE CO        CMN STK   42718109     2,098      20,000    SH            Defined      1                           20,000
RPM INC OHIO               CMN STK   49685103       414      25,000    SH            Defined      1                           25,000
RANGOLD RESOURCES LTD ADR  CMN STK   52344309       786      40,000    SH            Sole                           40,000
RANGOLD RESOURCES LTD ADR  CMN STK   52344309     1,228      62,500    SH            Sole                           62,500
RANGOLD RESOURCES LTD ADR  CMN STK   52344309     2,604     132,500    SH            Sole                          132,500
RARE HOSPITALITY INTL INC  CMN STK   53820109       833      30,000    SH            Defined      1                           30,000
RAYOVAC CORP               CMN STK   55081106       572      20,000    SH            Defined      1                           20,000
RIO TINTO PLC
 SPONSORED ADR             CMN STK   67204100     1,509      15,000    SH            Sole                           15,000
ROSTELECOM LNG DST&INTL
 TL ADR                    CMN STK   78529107     1,702     114,195    SH            Defined      3                          114,195
RUBY TUESDAY INC           CMN STK   81182100       643      20,000    SH            Defined      1                           20,000
RYANS FAMILY STEAK
 HOUSES INC                CMN STK   83519101      342       20,000    SH            Defined      1                           20,000
SCP POOL CORP              CMN STK   84028102      559       15,000    SH            Defined      1                           15,000
SK TELECOM LTD
 SPONSORED ADR             CMN STK   8440P108      149        7,000    SH            Sole                            7,000
SAN JUAN BASIN RTY TR UBI   CMN STK  798241105    2,309     115,000    SH            Sole                          115,000
SAN JUAN BASIN RTY TR UBI   CMN STK  798241105      201      10,000    SH            Sole                           10,000
SAPPI LTD SPONSORED ADR     CMN STK  803069202    1,843     135,000    SH            Sole                          135,000
SAPPI LTD SPONSORED ADR     CMN STK  803069202       96       7,000    SH            Sole                            7,000
SASOL LTD SPONS ADR         CMN STK  803866300      932      60,000    SH            Sole                           60,000
SCHEIN/HENRY/INC            CMN STK  806407102      714      10,000    SH            Defined      1                           10,000
SCHLUMBERGER LTD            CMN STK  806857108    1,277      20,000    SH            Sole                           20,000
SCHLUMBERGER LTD            CMN STK  806857108      230       3,600    SH            Defined      2                            3,600
SCHWAB /CHARLES/ CORP       CMN STK  808513105       88       7,600    SH            Sole                            7,600
SCIENTIFIC GAMES CORP - A   CMN STK  80874P109      150       8,000    SH            Sole                            8,000
SCIENTIFIC GAMES CORP - A   CMN STK  80874P109    1,123      60,000    SH            Defined      1                           60,000
SECTOR SPDR TR SHS
 BEN INT TCH                MTL FND  81369Y803       81       4,000    SH            Sole                            4,000
SECURE COMPUTING CORP       CMN STK  813705100       49       3,000    SH            Sole                            3,000
SELECT COMFORT CORPORATION  CMN STK  81616X103      828      30,000    SH            Defined      1                           30,000
SEMPRA ENERGY               CMN STK  816851109    1,272      40,000    SH            Sole                           40,000
SEMPRA ENERGY               CMN STK  816851109      111       3,500    SH            Sole                            3,500
7-ELEVEN INC                CMN STK  817826209       97       6,400    SH            Sole                            6,400
SIERRA HEALTH SERVICES      CMN STK  826322109    1,092      30,000    SH            Defined      1                           30,000
SMITH INTERNATIONAL INC     CMN STK  832110100    1,338      25,000    SH            Sole                           25,000
SONIC CORP COM              CMN STK  835451105    1,714      50,000    SH            Defined      1                           50,000
SONIC SOLUTIONS             CMN STK  835460106      948      50,000    SH            Defined      1                           50,000
SOUTHTRUST CORP             CMN STK  844730101       99       3,000    SH            Sole                            3,000
SPRINT CORP PCS GROUP       CMN STK  852061506      276      30,000    SH            Defined      1                           30,000
STARBUCKS CORP              CMN STK  855244109       45       1,200    SH            Sole                            1,200
STARBUCKS CORP              CMN STK  855244109    1,133      30,000    SH            Defined      1                           30,000
STMICROELECTRONICS
 NV NY SHS                  CMN STK  861012102       94       4,000    SH            Sole                            4,000
SUN MICROSYSTEMS INC        CMN STK  866810104      116      28,000    SH            Sole                           28,000
SYMANTEC CORP               CMN STK  871503108    1,389      30,000    SH            Defined      1                           30,000
SYSCO CORP                  CMN STK  871829107      234       6,000    SH            Sole                            6,000
TBC CORP                    CMN STK  872180104      294      10,000    SH            Defined      1                           10,000
TJX COMPANIES INC           CMN STK  872540109      982      40,000    SH            Defined      1                           40,000
TAIWAN SEMICONDUCTOR
 SPON ADR                   CMN STK  874039100      609      58,380    SH            Sole                           58,380
TECHNE CORP                 CMN STK  878377100    1,224      30,000    SH            Defined      1                           30,000
TEVA PHARMACEUTICAL
 IND SPON ADR               CMN STK  881624209      412       6,500    SH            Defined      2                            6,500
TETRA TECH INC              CMN STK  88162G103      155       7,200    SH            Sole                            7,200
TEXAS INSTUMENTS INC        CMN STK  882508104      205       7,000    SH            Sole                            7,000
3M CO                       CMN STK  88579Y101      115       1,400    SH            Sole                            1,400
3M CO                       CMN STK  88579Y101      819      10,000    SH            Defined      1                           10,000
TIFFANY & CO                CMN STK  886547108      286       7,500    SH            Sole                            7,500
TIFFANY & CO                CMN STK  886547108      859      22,500    SH            Sole                           22,500
TIFFANY & CO                CMN STK  886547108      344       9,000    SH            Defined      2                            9,000
TIME WARNER INC             CMN STK  887317105      137       8,100    SH            Sole                            8,100
TIME WARNER TELECOM CL A    CMN STK  887319101       41       6,300    SH            Sole                            6,300
TIVO INC                    CMN STK  888706108       44       5,000    SH            Sole                            5,000
TOLL BROTHERS INC           CMN STK  889478103      454      10,000    SH            Defined      2                           10,000
TRACTOR SUPPLY CO           CMN STK  892356106      120       3,100    SH            Sole                            3,100
TRIMBLE NAVIGATON LTD       CMN STK  896239100    1,376      60,000    SH            Defined      1                           60,000
TUESDAY MORNING CORP        CMN STK  899035505    1,723      50,000    SH            Defined      1                           50,000
TYCO INTL LTD               CMN STK  902124106      461      16,100    SH            Defined      2                           16,100
UCBH HOLDINGS INC           CMN STK  90262T308      320       8,000    SH            Sole                            8,000
USANA HEALTH SCIENCES INC   CMN STK  90328M107      700      30,000    SH            Defined      1                           30,000
ULTRA PETROLEUM             CMN STK  903914109      750      25,000    SH            Sole                           25,000
UNITED MICROELECTRONICS ADR CMN STK  910873207      832     160,000    SH            Sole                          160,000
UNITED PARCEL SERVICE CL B  CMN STK  911312106    1,397      20,000    SH            Defined      1                           20,000
UNITED STATES STEEL CORP    CMN STK  912909108    1,118      30,000    SH            Sole                           30,000
UNITED STATES STEEL CORP    CMN STK  912909108      130       3,500    SH            Sole                            3,500
UNITEDHEALTH GROUP INC      CMN STK  91324P102       90       1,400    SH            Sole                            1,400
URBAN OUTFITTERS INC        CMN STK  917047102      135       2,800    SH            Sole                            2,800
VCA ANTECH INC              CMN STK  918194101      214       6,000    SH            Sole                            6,000
WMC RESOURCES LTD SP ADR    CMN STK  92928R106      354      22,700    SH            Sole                           22,700
WAL MART STORES INC         CMN STK  931142103      285       4,780    SH            Sole                            4,780
WALGREEN CO                 CMN STK  931422109      369      11,200    SH            Defined      2                           11,200
WASHINGTON FEDERAL INC      CMN STK  938824109      230       9,000    SH            Sole                            9,000
WASHINGTON POST CO CL B     CMN STK  939640108      429         485    SH            Defined      2                              485
WEIGHT WATCHERS INTL INC    CMN STK  948626106      186       4,400    SH            Defined      2                            4,400
WELLPOINT HEALTH
 NETWORKS INC               CMN STK  94973H108       85         750    SH            Sole                              750
WELLS FARGO & COMPANY       CMN STK  949746101      170       3,000    SH            Sole                            3,000
WELLS FARGO & COMPANY       CMN STK  949746101      397       7,000    SH            Defined      2                            7,000
WERNER ENTERPRISE           CMN STK  950755108      379      20,000    SH            Defined      1                           20,000
WILLIAMS COMPANIES INC      CMN STK  969457100      957     100,000    SH            Sole                          100,000
WYETH                       CMN STK  983024100      128       3,400    SH            Sole                            3,400
X-RITE INC                  CMN STK  983857103      149      10,000    SH            Defined      1                           10,000
XTO ENERGY INC              CMN STK  98385X106    1,578      62,500    SH            Defined      1                           62,500
YPF SA SPONSORED ADR
 /REP CL D/                 CMN STK  984245100      398      10,000    SH            Sole                           10,000
YAHOO INC                   CMN STK  984332106      486      10,000    SH            Defined      1                           10,000
YANKEE CANDLE CO            CMN STK  984757104      552      20,000    SH            Defined      1                           20,000

                            GRAND               268,135  11,829,985
                            TOTAL: