UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                               FORM 13F COVER PAGE

                Report for the Quarter Ended: June 30, 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
            August 10, 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:      2
Form 13F Information Table Entry Total: 320
Form 13F Information Table Value Total: $212,990 (thousands)

List of Other Included Managers:

     NO. 13F FILE NUMBER: NAME:
     ---       ---------------       ---------------------------
      1        Unknown               Leeb Capital Management, Inc.
      2        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     G04074103     341      20,000    SH           Defined      1                          20,000
INGERSOLL-RAND             CMN STK     G4776G101     150       2,200    SH           Sole                         2,200
NABORS INDUSTRIES INC      CMN STK     G6359F103     678      15,000    SH           Sole                        15,000
NABORS INDUSTRIES INC      CMN STK     G6359F103      90       2,000    SH           Sole                         2,000
NABORS INDUSTRIES INC      CMN STK     G6359F103     226       5,000    SH           Defined      1                           5,000
GOLAR LNG LTD              CMN STK     G9456A100     705      45,000    SH           Sole                        45,000
AC MOORE ARTS &
CRAFTS INC                 CMN STK     00086T103     550      20,000    SH           Sole                        20,000
AFLAC INC                  CMN STK     001055102     245       6,000    SH           Defined      1                           6,000
AU OPTRONICS CORP
 ADR SPON                  ADR         002255107     200      12,250    SH           Sole                        12,250
ACTIVISION INC             CMN STK     004930202     954      60,000    SH           Sole                        60,000
AEROPOSTALE INC            CMN STK     007865108     538      20,000    SH           Sole                        20,000
AGNICO EAGLE MINES LTD     CMN STK     008474108     330      25,000    SH           Sole                        25,000
AGNICO EAGLE MINES LTD     CMN STK     008474108     661      50,000    SH           Sole                        50,000
AGNICO EAGLE MINES
 WT 11/14/07               CMN STK     008474132      28      10,000    SH           Sole                        10,000
AGNICO EAGLE MINES
 WT 11/14/07               CMN STK     008474132     609     217,500    SH           Sole                       217,500
AGNICO EAGLE MINES
 WT 11/14/07               CMN STK     008474132   1,659     592,500    SH           Sole                       592,500
AIR PRODUCTS & CHEMICAL    CMN STK     009158106   1,311      25,000    SH           Sole                        25,000
AIR PRODUCTS & CHEMICAL    CMN STK     009158106     131       2,500    SH           Sole                         2,500
AIRGAS INC                 WTS         009363102     717      30,000    SH           Sole                        30,000
ALCAN INC                  WTS         013716105   1,242      30,000    SH           Sole                        30,000
ALCOA INC                  WTS         013817101   1,982      60,000    SH           Sole                        60,000
ALCOA INC                  CMN STK     013817101      99       3,000    SH           Sole                         3,000
ALLERGAN INC               CMN STK     018490102     269       3,000    SH           Defined      1                           3,000
ALLIANCE DATA SYSTEMS CORP CMN STK     018581108     423      10,000    SH           Sole                        10,000
AMERICAN EAGLE OUTFITTERS  CMN STK     02553E106     578      20,000    SH           Sole                        20,000
AMERICAN EXPRESS           CMN STK     025816109     236       4,600    SH           Sole                         4,600
AMERICAN INTERNATIONAL
 GROUP                     CMN STK     026874107     249       3,500    SH           Sole                         3,500
AMERISTAR CASINOS INC      CMN STK     03070Q101     161       4,800    SH           Sole                         4,800
AMERISOURCEBERGEN
 CORP CLASS A              CMN STK     03073E105     179       3,000    SH           Sole                         3,000
AMERISOURCEBERGEN
 CORP CLASS A              CMN STK     03073E105     598      10,000    SH           Sole                        10,000
AMGEN INC                  CMN STK     031162100     273       5,000    SH           Sole                         5,000
ANALOG DEVICES INC         CMN STK     032654105     118       2,500    SH           Sole                         2,500
ANGLOGOLD ASHANTI
 LTD SPON ADR              ADR         035128206   1,119      34,800    SH           Sole                        34,800
ANGLOGOLD ASHANTI
 LTD SPON ADR              ADR         035128206   4,267     132,675    SH           Sole                       132,675
ANGLOGOLD ASHANTI
 LTD SPON ADR              ADR         035128206   4,407     137,025    SH           Sole                       137,025
ANHEUSER BUSCH INC         CMN STK     035229103     108       2,000    SH           Sole                         2,000
ARACRUZ CELULOSE
 SA SPON ADR               ADR         038496204     980      30,000    SH           Sole                        30,000
ARACRUZ CELULOSE
 SA SPON ADR               ADR         038496204     163       5,000    SH           Sole                         5,000
ARCH COAL INC              CMN STK     039380100   1,464      40,000    SH           Sole                        40,000
ARCHER DANIELS MIDLAND     CMN STK     039483102     107       6,400    SH           Sole                         6,400
ARMOR HOLDINGS INC         CMN STK     042260109   1,020      30,000    SH           Sole                        30,000
AVON PRODS INC             CMN STK     054303102     185       4,000    SH           Sole                         4,000
BAKER HUGHES               CMN STK     057224107     377      10,000    SH           Sole                        10,000
BARD CORP                  CMN STK     067383109   2,266      40,000    SH           Sole                        40,000
BARRICK GOLD CORPORATION   CMN STK     067901108     395      20,000    SH           Sole                        20,000
BARRICK GOLD CORPORATION   CMN STK     067901108     988      50,000    SH           Sole                        50,000
C/O BARRICK GOLD JAN 25    CALL OPTN   0679012AE      70       1,400    SH     Call  Sole                         1,400
C/O BARRICK GOLD JAN 25    CALL OPTN   0679012AE     130       2,600    SH     Call  Sole                         2,600
C/O BARRICK GOLD
   JAN 0030.00             CALL OPTN   0679015AF      75         750    SH     Call  Sole                           750
C/O BARRICK GOLD
   JAN 0030.00             CALL OPTN   0679015AF     225       2,250    SH     Call  Sole                         2,250
BEBE STORES INC            CMN STK     075571109     168       8,400    SH           Sole                         8,400
BEMA GOLD CORP             CMN STK     08135F107     163      60,000    SH           Sole                        60,000
BEMA GOLD CORP             CMN STK     08135F107     149      55,000    SH           Sole                        55,000
BEMA GOLD CORP             CMN STK     08135F107     448     165,000    SH           Sole                       165,000
BERKSHIRE HATHAWAY
 INC CL B                  CMN STK     084670207     694         235    SH           Defined      1                             235
BIOGEN IDEC INC            CMN STK     09062X103     285       4,500    SH           Defined      1                           4,500
BORDERS GROUP INC          CMN STK     099709107     141       6,000    SH           Sole                         6,000
BOSTON SCIENTIFIC CORP     CMN STK     101137107   1,284      30,000    SH           Sole                        30,000
BRISTOL-MYERS SQUIBB CO    CMN STK     110122108     196       8,000    SH           Sole                         8,000
BROADCOM CORP              CMN STK     111320107     187       4,000    SH           Sole                         4,000
CNOOC LTD ADR              ADR         126132109     257       6,000    SH           Sole                         6,000
CACI INTNATL INC CL A      CMN STK     127190304     404      10,000    SH           Defined      1                          10,000
CAL DIVE INTL INC          CMN STK     127914109     303      10,000    SH           Sole                        10,000
CALPINE CORP               CMN STK     131347106   1,188     275,000    SH           Sole                       275,000
CALPINE CORP               CMN STK     131347106     108      25,000    SH           Sole                        25,000
CAMBIOR INC                CMN STK     13201L103      41      15,400    SH           Sole                        15,400
CAMBIOR INC                CMN STK     13201L103      80      30,000    SH           Sole                        30,000
CAPITAL ONE FINANCIAL
 CORP                      CMN STK     14040H105     130       1,900    SH           Sole                         1,900
CARDINAL HEALTH            CMN STK     14149Y108     210       3,000    SH           Sole                         3,000
CENTRAL EUROPEAN
 DISTR CORP                CMN STK     153435102   3,896     150,362    SH           Defined      2                         150,362
CERADYNE INC CALIF         CMN STK     156710105   1,789      50,000    SH           Sole                        50,000
CHESAPEAKE ENERGY CORP     CMN STK     165167107   1,472     100,000    SH           Sole                       100,000
CHESAPEAKE ENERGY CORP     CMN STK     165167107      59       4,000    SH           Sole                         4,000
CHEVRON CORP               CMN STK     166764100     188       2,000    SH           Defined      1                           2,000
CHILDRENS PLACE            CMN STK     168905107     103       4,400    SH           Sole                         4,400
CHOICE HOTELS INTL INC     CMN STK     169905106     201       4,000    SH           Sole                         4,000
CHUNGHWA TELECOM ADR       ADR         17133Q205     494      28,000    SH           Sole                        28,000
CISCO SYSTEMS INC          CMN STK     17275R102     284      12,000    SH           Sole                        12,000
CITIGROUP INC              CMN STK     172967101     442       9,500    SH           Sole                         9,500
CITIGROUP INC              CMN STK     172967101     349       7,500    SH           Defined      1                           7,500
COACH INC                  CMN STK     189754104   1,130      25,000    SH           Sole                        25,000
COCA COLA CO COM           CMN STK     191216100     757      15,000    SH           Sole                        15,000
COCA COLA ENTERPRISES INC  CMN STK     191219104     290      10,000    SH           Sole                        10,000
COLDWATER CREEK INC        CMN STK     193068103     265      10,000    SH           Sole                        10,000
COMMERCE BANCORP INC N J   CMN STK     200519106     198       3,600    SH           Sole                         3,600
COMMERCIAL METALS CO       CMN STK     201723103     325      10,000    SH           Sole                        10,000
MINAS BUENAVENTURA
 SP ADR B                  ADR         204448104     407      18,400    SH           Sole                        18,400
MINAS BUENAVENTURA
 SP ADR B                  ADR         204448104   1,282      58,000    SH           Sole                        58,000
CONOCOPHILLIPS             CMN STK     20825C104     381       5,000    SH           Defined      1                           5,000
CORN PRODUCTS INTL INC     CMN STK     219023108     931      20,000    SH           Sole                        20,000
COSTCO WHOLESALE CORP      CMN STK     22160K105     123       3,000    SH           Sole                         3,000
COVANCE INC                CMN STK     222816100     965      25,000    SH           Sole                        25,000
DELL INC                   CMN STK     24702R101      80       2,240    SH           Sole                         2,240
DEVON ENERGY CORP          CMN STK     25179M103     462       7,000    SH           Defined      1                           7,000
DIGITAL RIVER INC          CMN STK     25388B104     261       8,000    SH           Sole                         8,000
DIONEX CORP                CMN STK     254546104     552      10,000    SH           Sole                        10,000
DOW CHEMICAL CO            CMN STK     260543103     692      17,000    SH           Sole                        17,000
DOW CHEMICAL CO            CMN STK     260543103      94       2,300    SH           Sole                         2,300
DU PONT (EI) DE NEMOURS    CMN STK     263534109     888      20,000    SH           Sole                        20,000
DU PONT (EI) DE NEMOURS    CMN STK     263534109      80       1,800    SH           Sole                         1,800
DURBAN ROODEPOORT
 DEP SPON ADR              ADR         266597301     254     100,000    SH           Sole                       100,000
DYCOM INDS INC             CMN STK     267475101     168       6,000    SH           Sole                         6,000
EGL INC                    CMN STK     268484102     266      10,000    SH           Sole                        10,000
EARTHLINK INCORPORATED     CMN STK     270321102     155      15,000    SH           Sole                        15,000
EASTMAN CHEMICAL           CMN STK     277432100     925      20,000    SH           Sole                        20,000
EATON CORP                 CMN STK     278058102   1,295      20,000    SH           Sole                        20,000
EBAY INC                   CMN STK     278642103     405       4,400    SH           Defined      1                           4,400
EL PASO CORPORATION        CMN STK     28336L109   1,182     150,000    SH           Sole                       150,000
EL PASO CORPORATION        CMN STK     28336L109     158      20,000    SH           Sole                        20,000
ELECTRONIC ARTS INC        CMN STK     285512109     218       4,000    SH           Sole                         4,000
ELECTRONIC ARTS INC        CMN STK     285512109     513       9,400    SH           Defined      1                           9,400
ELIZABETH ARDEN INC        CMN STK     28660G106     210      10,000    SH           Sole                        10,000
ENERPLUS RESOURCES FUND    CMN STK     29274D604   1,964      69,000    SH           Sole                        69,000
ENERPLUS RESOURCES FUND    CMN STK     29274D604     171       6,000    SH           Sole                         6,000
ENTERGY CORP               CMN STK     29364G103     134       2,400    SH           Defined      1                           2,400
EON LABS INC               CMN STK     29412E100   1,228      30,000    SH           Sole                        30,000
EXPRESS SCRIPTS
 INC COMMON                CMN STK     302182100     135       1,700    SH           Sole                         1,700
FLIR SYSTEMS INC           CMN STK     302445101   1,098      20,000    SH           Sole                        20,000
FMC CORP                   CMN STK     302491303   1,724      40,000    SH           Sole                        40,000
FPL GROUP                  CMN STK     302571104     128       2,000    SH           Defined      1                           2,000
FILENET CORP               CMN STK     316869106     221       7,000    SH           Sole                         7,000
FIRST DATA CORP            CMN STK     319963104     134       3,000    SH           Sole                         3,000
FIRST DATA CORP            CMN STK     319963104     334       7,500    SH           Defined      1                           7,500
FIRST HORIZON NATIONAL
 CORP                      CMN STK     320517105     205       4,500    SH           Sole                         4,500
FISERV INC                 CMN STK     337738108     389      10,000    SH           Sole                        10,000
FOSSIL INC                 CMN STK     349882100   1,635      60,000    SH           Sole                        60,000
FREEPORT MCMORAN
 COPPER & GOLD B           CMN STK     35671D857   1,160      35,000    SH           Sole                        35,000
GENERAL DYNAMICS           CMN STK     369550108     397       4,000    SH           Defined      1                           4,000
GENERAL DYNAMICS           CMN STK     369550108     497       5,000    SH           Sole                         5,000
GENERAL ELECTRIC CO        CMN STK     369604103     421      13,000    SH           Sole                        13,000
GENERAL ELECTRIC CO        CMN STK     369604103     324      10,000    SH           Defined      1                          10,000
GENESCO INC                CMN STK     371532102     236      10,000    SH           Sole                        10,000
GENUINE PARTS CO           CMN STK     372460105     595      15,000    SH           Sole                        15,000
GENZYME CORP-GENERAL
 DIVISION                  CMN STK     372917104     535      11,300    SH           Defined      1                          11,300
GEORGIA GULF CORP          CMN STK     373200203   1,434      40,000    SH           Sole                        40,000
GEORGIA GULF CORP          CMN STK     373200203     143       4,000    SH           Sole                         4,000
GETTY IMAGES INC           CMN STK     374276103     600      10,000    SH           Sole                        10,000
GLAMIS GOLD LTD            CMN STK     376775102     175      10,000    SH           Sole                        10,000
GOLD FIELDS LTD
 SPON ADR                  ADR         38059T106   1,577     150,000    SH           Sole                       150,000
GOLDCORP INC               CMN STK     380956409      88       7,500    SH           Sole                         7,500
GOLDCORP INC               CMN STK     380956409     263      22,500    SH           Sole                        22,500
GRAINGER W W INC           CMN STK     384802104     575      10,000    SH           Sole                        10,000
HCA INC                    CMN STK     404119109     125       3,000    SH           Sole                         3,000
HARMONY GOLD MINING
 SPON ADR                  ADR         413216300     265      25,000    SH           Sole                        25,000
HASBRO INC                 CMN STK     418056107     108       5,700    SH           Sole                         5,700
HECLA MINING               CMN STK     422704106     285      50,000    SH           Sole                        50,000
HECLA MINING               CMN STK     422704106   1,140     200,000    SH           Sole                       200,000
HERCULES INC               CMN STK     427056106   1,524     125,000    SH           Sole                       125,000
HERCULES INC               CMN STK     427056106     122      10,000    SH           Sole                        10,000
HIBBETT SPORTING
 GOODS INC                 CMN STK     428565105     208       7,600    SH           Sole                         7,600
HORMEL FOODS CORP          CMN STK     440452100     311      10,000    SH           Sole                        10,000
HUANENG POWER INTL ADR     ADR         443304100     453      12,500    SH           Sole                        12,500
HUBBELL INC CLASS B        CMN STK     443510201     934      20,000    SH           Sole                        20,000
HUGHES SUPPLY              CMN STK     444482103     177       3,000    SH           Sole                         3,000
HYPERION SOLUTIONS CORP    CMN STK     44914M104     656      15,000    SH           Sole                        15,000
IDEX CORP                  CMN STK     45167R104     773      22,500    SH           Sole                        22,500
IDEXX LABORATORIES         CMN STK     45168D104     944      15,000    SH           Sole                        15,000
ILLINOIS TOOL WORKS        CMN STK     452308109     134       1,400    SH           Sole                         1,400
ILLINOIS TOOL WORKS        CMN STK     452308109     959      10,000    SH           Sole                        10,000
IMPERIAL CHEM
 INDS PLC ADR              ADR         452704505   1,526      90,000    SH           Sole                        90,000
INCO LTD                   CMN STK     453258402     691      20,000    SH           Sole                        20,000
INCO LTD                   CMN STK     453258402     432      12,500    SH           Sole                        12,500
INCO LTD                   CMN STK     453258402     173       5,000    SH           Sole                         5,000
INTEL CORP                 CMN STK     458140100     101       3,660    SH           Sole                         3,660
INTEL CORP                 CMN STK     458140100     497      18,000    SH           Defined      1                          18,000
INTER PARFUMS INC          CMN STK     458334109     209      10,000    SH           Sole                        10,000
INTERACTIVECORP            CMN STK     45840Q101     109       3,600    SH           Sole                         3,600
INT'L FLAVORS &
 FRAGRANCES                CMN STK     459506101     561      15,000    SH           Sole                        15,000
INVERESK RESEARCH
 GROUP INC                 CMN STK     461238107     185       6,000    SH           Sole                         6,000
ISHARES MSCI
 SINGAPORE FREE            MTL FND     464286673     157      25,000    SH           Sole                        25,000
I SHARES TAIWAN
 WEBS INDEX                MTL FND     464286731     324      30,000    SH           Sole                        30,000
ISHARES MSCI
 SOUTH KOREA INDEX         MTL FND     464286772     487      20,000    SH           Sole                        20,000
ISHARES MSCI
 MALAYSIA /FREE/           MTL FND     464286830     271      42,000    SH           Sole                        42,000
ISHARES MSCI
 JAPAN IDEX FD             MTL FND     464286848     350      33,000    SH           Sole                        33,000
I SHARES MSCI
 HONG KONG INDEX           MTL FND     464286871     304      30,000    SH           Sole                        30,000
JDS UNIPHASE CORP          CMN STK     46612J101      91      24,000    SH           Sole                        24,000
JP MORGAN CHASE            CMN STK     46625H100     182       4,700    SH           Sole                         4,700
JOHNSON & JOHNSON          CMN STK     478160104     206       3,700    SH           Sole                         3,700
JOY GLOBAL INC             CMN STK     481165108     599      20,000    SH           Sole                        20,000
JOY GLOBAL INC             CMN STK     481165108      66       2,200    SH           Sole                         2,200
JUNIPER NETWORKS INC       CMN STK     48203R104     100       4,074    SH           Sole                         4,074
K2 INC                     CMN STK     482732104     314      20,000    SH           Sole                        20,000
KRONOS INC                 CMN STK     501052104     824      20,000    SH           Sole                        20,000
L 3 COMMUNICATIONS
 HLDG CORP                 CMN STK     502424104     668      10,000    SH           Sole                        10,000
LABOR READY INC            CMN STK     505401208     130       8,400    SH           Sole                         8,400
SERSCOPE                 CMN STK     518081104     827      30,000      SH           Sole                        30,000
LEGG MASON INC             CMN STK     524901105     382       4,200    SH           Sole                         4,200
LEGG MASON INC             CMN STK     524901105   1,820      20,000    SH           Sole                        20,000
LEHMAN BROTHERS
 HLDGS INC                 CMN STK     524908100      90       1,200    SH           Sole                         1,200
LEXMARK INTL INC           CMN STK     529771107     965      10,000    SH           Sole                        10,000
ELI LILLY & CO             CMN STK     532457108     385       5,500    SH           Sole                         5,500
LONE STAR
 TECHNOLOGIES INC          CMN STK     542312103   1,102      40,000    SH           Sole                        40,000
LONE STAR
 TECHNOLOGIES INC          CMN STK     542312103     110       4,000    SH           Sole                         4,000
MARSH & MCLENNAN
 COS INC                   CMN STK     571748102     204       4,500    SH           Sole                         4,500
MCDONALDS CORP             CMN STK     580135101     195       7,500    SH           Sole                         7,500
MELLON FINANCIAL CORP      CMN STK     58551A108     173       5,900    SH           Sole                         5,900
MENTOR CORP /MINN/         CMN STK     587188103     343      10,000    SH           Sole                        10,000
MERIDIAN GOLD INC          CMN STK     589975101     195      15,000    SH           Sole                        15,000
MERIDIAN GOLD INC          CMN STK     589975101     649      50,000    SH           Sole                        50,000
MICROSOFT CORP             CMN STK     594918104     380      13,300    SH           Sole                        13,300
MOBILE TELESYSTEMS
 SPON ADR                  ADR         607409109   8,232      67,473    SH           Defined      2                          67,473
MORGAN STANLEY             CMN STK     617446448     169       3,200    SH           Sole                         3,200
NATIONAL OILWELL INC       CMN STK     637071101   1,260      40,000    SH           Sole                        40,000
C/O PLACER DOME JAN 06     CALL OPTN      648821      61         496    SH     Call  Sole                           496
C/O PLACER DOME JAN 06     CALL OPTN      648821      38         310    SH     Call  Sole                           310
C/O PLACER DOME JAN 06     CALL OPTN      648821     281       2,294    SH     Call  Sole                         2,294
NEWMONT MINING CORP        CMN STK     651639106   1,357      35,000    SH           Sole                        35,000
NEWMONT MINING CORP        CMN STK     651639106   4,651     120,000    SH           Sole                       120,000
NEWMONT MINING CORP        CMN STK     651639106     388      10,000    SH           Defined      1                          10,000
NORFOLK SOUTHERN CORP      CMN STK     655844108     530      20,000    SH           Sole                        20,000
NORTHROP GRUNMAN CORP      CMN STK     666807102     537      10,000    SH           Defined      1                          10,000
NOVELLUS SYSTEMS INC       CMN STK     670008101     126       4,000    SH           Sole                         4,000
NUCOR CORP                 CMN STK     670346105     768      10,000    SH           Sole                        10,000
OLD DOMINION
 FREIGHT LINE INC          CMN STK     679580100     221       7,500    SH           Sole                         7,500
VIMPEL COMMUNICATIONS
 SPON ADR                  ADR         68370R109  11,860     122,969    SH           Defined      2                         122,969
ORBITAL SCIENCES CORP      CMN STK     685564106     110       8,000    SH           Sole                         8,000
OSHKOSH TRUCK CO CL B      CMN STK     688239201     115       2,000    SH           Sole                         2,000
OWENS & MINOR INC
 HLDG CO                   CMN STK     690732102     389      15,000    SH           Sole                        15,000
PMI GROUP INC              CMN STK     69344M101     196       4,500    SH           Sole                         4,500
POSCO SPONSORED ADR        ADR         693483109     168       5,000    SH           Sole                         5,000
PACIFIC SUNWEAR
 CALIF INC                 CMN STK     694873100     587      30,000    SH           Sole                        30,000
PACIFIC RIM MNG
 CORP_/CANADIAN/           CMN STK     694915208      12      18,187    SH           Sole                        18,187
PACIFIC RIM MNG
 CORP_/CANADIAN/           CMN STK     694915208     194     290,000    SH           Sole                       290,000
PATTERSON UTI ENERGY INC   CMN STK     703481101     668      20,000    SH           Sole                        20,000
PATTERSON UTI ENERGY INC   CMN STK     703481101     100       3,000    SH           Sole                         3,000
PENTAIR INC                CMN STK     709631105     673      20,000    SH           Sole                        20,000
PEPSIAMERICAS INC          CMN STK     71343P200     319      15,000    SH           Sole                        15,000
PEPSICO INC                CMN STK     713448108     162       3,000    SH           Sole                         3,000
PETROCHINA CO LTD ADS      CMN STK     71646E100     384       8,300    SH           Defined      1                           8,300
PFIZER INC                 CMN STK     717081103     332       9,675    SH           Sole                         9,675
PFIZER INC                 CMN STK     717081103     442      12,900    SH           Defined      1                          12,900
PHELPS DODGE CORP          CMN STK     717265102     155       2,000    SH           Sole                         2,000
C/O PHELPS DODGE
   JAN 0095.00             CALL OPTN   7172655AS     157         200    SH     Call  Sole                           200
PHILADELPHIA CONS
 HOLDING CORP              CMN STK     717528103     144       2,400    SH           Sole                         2,400
PHILIPPINE LONG DIST
 TEL SPN ADR               ADR         718252604     939      45,000    SH           Sole                        45,000
PILGRIM PRIDE CORP         CMN STK     721467108     217       7,500    SH           Sole                         7,500
PLACER DOME INC            CMN STK     725906101     333      20,000    SH           Sole                        20,000
PLACER DOME INC            CMN STK     725906101   2,080     125,000    SH           Sole                       125,000
PLACER DOME INC            CMN STK     725906101   8,553     514,000    SH           Sole                       514,000
C/O PLACER DOME
    JAN 0015.00            CALL OPTN   7259062AC     462       1,650    SH     Call  Sole                         1,650
C/O PLACER DOME
    JAN 0015.00            CALL OPTN   7259062AC     938       3,350    SH     Call  Sole                         3,350
POSSIS MEDICAL INC         CMN STK     737407106     512      15,000    SH           Sole                        15,000
PRAXAIR                    CMN STK     74005P104     798      20,000    SH           Sole                        20,000
PROASSURANCE CORPORATION   CMN STK     74267C106     153       4,500    SH           Sole                         4,500
PROCTOR & GAMBLE CO        CMN STK     742718109   2,178      40,000    SH           Sole                        40,000
RANGOLD RESOURCES
 LTD ADR                   ADR         752344309   1,103     125,000    SH           Sole                       125,000
RANGOLD RESOURCES
 LTD ADR                   ADR         752344309   2,337     265,000    SH           Sole                       265,000
REGIS CORP MINN COM        CMN STK     758932107     446      10,000    SH           Sole                        10,000
ROSTELECOM LNG
 DST&INTL TL ADR           ADR         778529107   5,038     389,928    SH           Defined      2                         389,928
RUBY TUESDAY INC           CMN STK     781182100     549      20,000    SH           Sole                        20,000
SCP POOL CORP              CMN STK     784028102     675      15,000    SH           Sole                        15,000
SAN JUAN BASIN
 RTY TR UBI                CMN STK     798241105   2,192      90,000    SH           Sole                        90,000
SAN JUAN BASIN
 RTY TR UBI                CMN STK     798241105     171       7,000    SH           Sole                         7,000
SAPPI LTD SPONSORED ADR    ADR         803069202     921      60,000    SH           Sole                        60,000
SAPPI LTD SPONSORED ADR    ADR         803069202     107       7,000    SH           Sole                         7,000
SASOL LTD SPONS ADR        ADR         803866300     472      30,000    SH           Sole                        30,000
SCANSOURCE INC             CMN STK     806037107     594      10,000    SH           Sole                        10,000
SCHLUMBERGER LTD           CMN STK     806857108     483       7,600    SH           Defined      1                           7,600
SCIENTIFIC GAMES
 CORP - A                  CMN STK     80874P109      77       4,000    SH           Sole                         4,000
SCIENTIFIC GAMES
 CORP - A                  CMN STK     80874P109   1,148      60,000    SH           Sole                        60,000
SELECT COMFORT
 CORPORATION               CMN STK     81616X103     852      30,000    SH           Sole                        30,000
SELECTIVE INSURANCE
 GROUP INC                 CMN STK     816300107     219       5,500    SH           Sole                         5,500
SEMPRA ENERGY              CMN STK     816851109     121       3,500    SH           Sole                         3,500
7-ELEVEN INC               CMN STK     817826209     114       6,400    SH           Sole                         6,400
SKYWEST INC COM            CMN STK     830879102     348      20,000    SH           Sole                        20,000
SMURFIT STONE
 CONTAINER CORP            CMN STK     832727101     599      30,000    SH           Sole                        30,000
SMURFIT STONE
 CONTAINER CORP            CMN STK     832727101     100       5,000    SH           Sole                         5,000
SONIC CORP COM             CMN STK     835451105   1,706      75,000    SH           Sole                        75,000
SONIC SOLUTIONS            CMN STK     835460106   1,063      50,000    SH           Sole                        50,000
STARBUCKS CORP             CMN STK     855244109      52       1,200    SH           Sole                         1,200
STARBUCKS CORP             CMN STK     855244109   1,739      40,000    SH           Sole                        40,000
STEEL DYNAMICS INC         CMN STK     858119100     286      10,000    SH           Sole                        10,000
STEEL TECHNOLOGIES INC     CMN STK     858147101     221      10,000    SH           Sole                        10,000
STEIN MART INC             CMN STK     858375108     163      10,000    SH           Sole                        10,000
SYMYX TECHNOLOGIES INC     CMN STK     87155S108     362      15,000    SH           Sole                        15,000
SYSCO CORP                 CMN STK     871829107     215       6,000    SH           Sole                         6,000
T-HQ INC                   CMN STK     872443403     458      20,000    SH           Sole                        20,000
TJX COMPANIES INC          CMN STK     872540109     966      40,000    SH           Sole                        40,000
TAIWAN SEMICONDUCTOR
 SPON ADR                  ADR         874039100     179      21,490    SH           Sole                        21,490
TEREX CORP                 CMN STK     880779103     102       3,000    SH           Sole                         3,000
TEVA PHARMACEUTICAL
 IND SPON ADR              ADR         881624209     437       6,500    SH           Defined      1                           6,500
TEXAS INSTUMENTS INC       CMN STK     882508104     121       5,000    SH           Sole                         5,000
THOR INDUSTRIES INC        CMN STK     885160101     335      10,000    SH           Sole                        10,000
3M CO                      CMN STK     88579Y101     126       1,400    SH           Sole                         1,400
3M CO                      CMN STK     88579Y101   1,350      15,000    SH           Sole                        15,000
TIFFANY & CO               CMN STK     886547108     276       7,500    SH           Sole                         7,500
TIFFANY & CO               CMN STK     886547108     829      22,500    SH           Sole                        22,500
TIFFANY & CO               CMN STK     886547108     461      12,500    SH           Defined      1                          12,500
TIMBERLAND CO CLASS A      CMN STK     887100105     646      10,000    SH           Sole                        10,000
TIME WARNER INC            CMN STK     887317105     160       9,100    SH           Sole                         9,100
TOLL BROTHERS INC          CMN STK     889478103     423      10,000    SH           Defined      1                          10,000
TRIMBLE NAVIGATON LTD      CMN STK     896239100   1,667      60,000    SH           Sole                        60,000
TUESDAY MORNING CORP       CMN STK     899035505   1,160      40,000    SH           Sole                        40,000
TYCO INTL LTD              CMN STK     902124106     398      12,000    SH           Defined      1                          12,000
UCBH HOLDINGS INC          CMN STK     90262T308     158       4,000    SH           Sole                         4,000
USANA HEALTH SCIENCES INC  CMN STK     90328M107     932      30,000    SH           Sole                        30,000
UNITED MICROELECTRONICS
 ADR                       ADR         910873207     159      37,000    SH           Sole                        37,000
UNITED PARCEL
 SERVICE CL B              CMN STK     911312106   1,503      20,000    SH           Sole                        20,000
UNITED STATES
 STEEL CORP                CMN STK     912909108     123       3,500    SH           Sole                         3,500
UNITEDHEALTH GROUP INC     CMN STK     91324P102      87       1,400    SH           Sole                         1,400
URBAN OUTFITTERS INC       CMN STK     917047102     171       2,800    SH           Sole                         2,800
URBAN OUTFITTERS INC       CMN STK     917047102     609      10,000    SH           Sole                        10,000
VCA ANTECH INC             CMN STK     918194101     269       6,000    SH           Sole                         6,000
VENTANA MEDICAL INC        CMN STK     92276H106     951      20,000    SH           Sole                        20,000
VIACOM INC CL B            CMN STK     925524308     246       6,900    SH           Defined      1                           6,900
WAL MART STORES INC        CMN STK     931142103     252       4,780    SH           Sole                         4,780
WALGREEN CO                CMN STK     931422109     406      11,200    SH           Defined      1                          11,200
WASHINGTON FEDERAL INC     CMN STK     938824109      72       3,000    SH           Sole                         3,000
WASHINGTON POST CO CL B    CMN STK     939640108     451         485    SH           Defined      1                             485
WATERS CORPORATION         CMN STK     941848103     956      20,000    SH           Sole                        20,000
WEBSENSE INC               CMN STK     947684106     372      10,000    SH           Sole                        10,000
WELLS FARGO & COMPANY      CMN STK     949746101     687      12,000    SH           Defined      1                          12,000
WERNER ENTERPRISE          CMN STK     950755108     422      20,000    SH           Sole                        20,000
WESTMORELAND COAL CO       CMN STK     960878106     973      50,000    SH           Sole                        50,000
WESTMORELAND COAL CO       CMN STK     960878106      58       3,000    SH           Sole                         3,000
WILLIAMS COMPANIES INC     CMN STK     969457100   1,190     100,000    SH           Sole                       100,000
WOLVERINE WORLD WIDE INC   CMN STK     978097103     263      10,000    SH           Sole                        10,000
WYETH                      CMN STK     983024100     181       5,000    SH           Sole                         5,000
YAHOO INC                  CMN STK     984332106     727      20,000    SH           Sole                        20,000
ZEBRA TECHNOLOGIES
 CORP CL A                 CMN STK     989207105   1,740      20,000    SH           Sole                        20,000