UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Quarter Ended: December 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
February 11, 2005
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: 300
Form 13F Information Table Value Total: $304,496 (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 ORD G04074103 344 20,000 SH Defined 1 20,000
NABORS INDUSTRIES INC SHS G6359F103 2,565 50,000 SH Sole 50,000
NABORS INDUSTRIES INC SHS G6359F103 103 2,000 SH Sole 2,000
NABORS INDUSTRIES INC SHS G6359F103 256 5,000 SH Defined 1 5,000
NOBLE DRILLING CORP SHS G65422100 373 7,500 SH Defined 1 7,500
TRANSOCEAN INC ORD G90078109 2,331 55,000 SH Sole 55,000
TRANSOCEAN INC ORD G90078109 509 12,000 SH Sole 12,000
TRANSOCEAN INC ORD G90078109 386 9,100 SH Defined 1 9,100
SYNERON MEDICAL LTD ORD SHS M87245102 459 15,000 SH Sole 15,000
TOP TANKERS INC COM Y8897Y107 2,275 140,000 SH Sole 140,000
AFLAC INC COM 001055102 239 6,000 SH Defined 1 6,000
ACUITY BRANDS INC COM 00508Y102 318 10,000 SH Sole 10,000
AGNICO EAGLE MINES
WT 11/14/07 WTS 008474132 28 10,000 SH Sole 10,000
AGNICO EAGLE MINES
WT 11/14/07 WTS 008474132 610 221,100 SH Sole 221,100
AGNICO EAGLE MINES
WT 11/14/07 WTS 008474132 1,658 600,900 SH Sole 600,900
AIR PRODUCTS &
CHEMICAL COM 009158106 1,449 25,000 SH Sole 25,000
AIRGAS INC COM 009363102 795 30,000 SH Sole 30,000
ALCAN INC COM 013716105 1,471 30,000 SH Sole 30,000
ALCAN INC COM 013716105 98 2,000 SH Sole 2,000
ALLERGAN INC COM 018490102 243 3,000 SH Defined 1 3,000
AMERICAN EAGLE
OUTFITTERS COM 02553E106 424 9,000 SH Sole 9,000
AMERICAN EAGLE
OUTFITTERS COM 02553E106 1,884 40,000 SH Sole 40,000
AMERICAN EXPRESS COM 025816109 259 4,600 SH Sole 4,600
AMERICAN EXPRESS COM 025816109 271 4,800 SH Defined 1 4,800
AMERICAN
INTERNATIONAL GROUP COM 026874107 197 3,000 SH Defined 1 3,000
AMERIGROUP
CORPORATION COM 03073T102 378 5,000 SH Sole 5,000
AMERIGROUP
CORPORATION COM 03073T102 757 10,000 SH Sole 10,000
AMETEK INC COM 031100100 535 15,000 SH Sole 15,000
AMYLIN PHARMACEU-
TICALS INC COM 032346108 234 10,000 SH Defined 1 10,000
ANIXTER INTL INC COM 035290105 900 25,000 SH Sole 25,000
APPLE COMPUTER INC COM 037833100 193 3,000 SH Sole 3,000
ARACRUZ CELULOSE SA
SPON ADR SPON ADR PFD B 038496204 1,131 30,000 SH Sole 30,000
ARMOR HOLDINGS INC COM 042260109 470 10,000 SH Sole 10,000
ARTHROCARE CORP COM 043136100 481 15,000 SH Sole 15,000
AUDIBLE INC COM 05069A302 521 20,000 SH Sole 20,000
BJ SERVICES CO COM 055482103 3,025 65,000 SH Sole 65,000
BP PRUDHOE BAY
RTY TR UNIT BEN I UNIT TR 055630107 773 16,000 SH Sole 16,000
BANK OF AMERICA CORP COM 060505104 658 14,000 SH Sole 14,000
BARD CORP COM 067383109 960 15,000 SH Sole 15,000
BARRICK GOLD
CORPORATION COM 067901108 484 20,000 SH Sole 20,000
BARRICK GOLD
CORPORATION COM 067901108 1,211 50,000 SH Sole 50,000
C/O BARRICK GOLD
JAN 0030.00 CALL OPTN 0679015AF 101 750 SH CALL Sole 750
C/O BARRICK GOLD
JAN 0030.00 CALL OPTN 0679015AF 304 2,250 SH CALL Sole 2,250
BEAR STEARNS
CO INC COM 073902108 512 5,000 SH Sole 5,000
BEMA GOLD CORP COM 08135F107 183 60,000 SH Sole 60,000
BEMA GOLD CORP COM 08135F107 351 115,000 SH Sole 115,000
BEMA GOLD CORP COM 08135F107 1,236 405,000 SH Sole 405,000
BERKSHIRE HATHAWAY
INC CL B CL B 084670207 690 235 SH Defined 1 235
BHP BILLITON LTD ADR SPON ADR 088606108 120 5,000 SH Sole 5,000
BIOTECH HOLDERS TR
DEP RCPTS DEP RCPTS 09067D201 459 3,000 SH Sole 3,000
BIOSITE INC COM 090945106 615 10,000 SH Sole 10,000
BONE CARE INTL INC COM 098072101 418 15,000 SH Sole 15,000
BOYD GAMING CORP COM 103304101 625 15,000 SH Sole 15,000
BRIGHT HORIZONS
FAMILY SOLUTNS COM 109195107 324 5,000 SH Sole 5,000
BRINKS CO COM 109696104 395 10,000 SH Sole 10,000
BUILD A BEAR
WORKSHOP INC COM 120076104 352 10,000 SH Sole 10,000
BURLINGTON NORTH
SANTA FE CORP COM 12189T104 662 14,000 SH Sole 14,000
CNOOC LTD ADR SPON ADR 126132109 1,084 20,000 SH Sole 20,000
CNOOC LTD ADR SPON ADR 126132109 1,084 20,000 SH Sole 20,000
CACI INTNATL
INC CL A CL A 127190304 375 5,500 SH Defined 1 5,500
CAL DIVE INTL INC COM 127914109 408 10,000 SH Sole 10,000
CAMBIOR INC COM 13201L103 321 120,400 SH Sole 120,400
CAMBIOR INC COM 13201L103 467 175,000 SH Sole 175,000
CAMECO CORP COM 13321L108 210 2,000 SH Sole 2,000
CAPITAL ONE
FINANCIAL CORP COM 14040H105 160 1,900 SH Sole 1,900
CATAPULT COMMUNI-
CATIONS CORP COM 149016107 242 10,000 SH Sole 10,000
CATERPILLAR INC DEL COM 149123101 293 3,000 SH Sole 3,000
CENTENE CORP COM 15135B101 851 30,000 SH Sole 30,000
CENTRAL EUROPEAN
DISTR CORP COM 153435102 5,064 171,431 SH Defined 2 171,431
CENTRAL EUROPEAN
DISTR CORP COM 153435102 295 10,000 SH Sole 10,000
CERADYNE INC CALIF COM 156710105 1,430 25,000 SH Sole 25,000
CHARLES RIVER
ASSOCIATES INC COM 159852102 468 10,000 SH Sole 10,000
CHESAPEAKE ENERGY
CORP COM 165167107 1,568 95,000 SH Sole 95,000
CHESAPEAKE ENERGY
CORP COM 165167107 99 6,000 SH Sole 6,000
CHEVRON CORP COM 166764100 210 4,000 SH Defined 1 4,000
CHINA PETROLEUM &
CHEMICAL ADR SPON ADR 16941R108 820 20,000 SH Sole 20,000
CIMAREX ENERGY CO COM 171798101 379 10,000 SH Sole 10,000
CITIGROUP INC COM 172967101 361 7,500 SH Defined 1 7,500
CLARCOR INC COM 179895107 548 10,000 SH Sole 10,000
COCA COLA CO COM COM 191216100 404 9,700 SH Defined 1 9,700
COGENT INC COM 19239Y108 660 20,000 SH Sole 20,000
COINSTAR INC COM 19259P300 402 15,000 SH Sole 15,000
COLDWATER CREEK INC COM 193068103 463 15,000 SH Sole 15,000
COMCAST COPR CL A CL A 20030N101 333 10,000 SH Defined 1 10,000
COMMERCIAL
METALS CO COM 201723103 506 10,000 SH Sole 10,000
COMPANHIA SIDERURGICA
NAC ADR SPON ADR 20440W105 3,346 175,000 SH Sole 175,000
COMPAHNIA VALE DO
RIO DOCE ADR SPON ADR 204412209 3,046 105,000 SH Sole 105,000
COMPAHNIA VALE
DO RIO DOCE ADR SPON ADR 204412209 116 4,000 SH Sole 4,000
COMVERSE TECH-
NOLOGY INC COM 205862402 367 15,000 SH Sole 15,000
CONOCOPHILLIPS COM 20825C104 217 2,500 SH Defined 1 2,500
CONSOL ENERGY INC COM 20854P109 1,232 30,000 SH Sole 30,000
CONSOL ENERGY INC COM 20854P109 164 4,000 SH Sole 4,000
CORPORATE EXECUTIVE
BOARD CO COM 21988R102 669 10,000 SH Sole 10,000
COSTCO WHOLESALE
CORP COM 22160K105 218 4,500 SH Sole 4,500
COVANCE INC COM 222816100 969 25,000 SH Sole 25,000
CREE INC COM 225447101 1,804 45,000 SH Sole 45,000
CYTYC CORPORATION COM 232946103 551 20,000 SH Sole 20,000
DHB INDUSTRIES INC COM 23321E103 381 20,000 SH Sole 20,000
DECKERS OUTDOOR CORP COM 243537107 470 10,000 SH Sole 10,000
DIGITAL RIVER INC COM 25388B104 499 12,000 SH Sole 12,000
DOMINOS PIZZA COM 25754A201 534 30,000 SH Sole 30,000
DOW CHEMICAL CO COM 260543103 1,980 40,000 SH Sole 40,000
DOW CHEMICAL CO COM 260543103 173 3,500 SH Sole 3,500
DRDGOLD LIMITED
SPONSORED ADR SPON ADR 26152H103 154 100,000 SH Sole 100,000
EGL INC COM 268484102 299 10,000 SH Sole 10,000
EOG RESOURCES COM 26875P101 714 10,000 SH Sole 10,000
E TRADE FINANCIAL
CORPORATION COM 269246104 224 15,000 SH Sole 15,000
EAGLE MATERIALS INC COM 26969P108 432 5,000 SH Sole 5,000
EATON CORP COM 278058102 1,085 15,000 SH Sole 15,000
EBAY INC COM 278642103 698 6,000 SH Sole 6,000
EBAY INC COM 278642103 349 3,000 SH Defined 1 3,000
ELECTRONIC ARTS INC COM 285512109 580 9,400 SH Defined 1 9,400
ENERGEN CORP COM 29265N108 590 10,000 SH Sole 10,000
ENERPLUS RESOURCES
FUND UNIT TR 29274D604 1,053 29,000 SH Sole 29,000
ENERPLUS RESOURCES
FUND UNIT TR 29274D604 218 6,000 SH Sole 6,000
ENTERGY CORP COM 29364G103 162 2,400 SH Defined 1 2,400
EXELON CORPORATION COM 30161N101 176 4,000 SH Sole 4,000
FMC CORP COM 302491303 1,932 40,000 SH Sole 40,000
FPL GROUP COM 302571104 299 4,000 SH Defined 1 4,000
FACTSET RESH SYS INC COM 303075105 877 15,000 SH Sole 15,000
FEDEX CORPORATION COM 31428X106 492 5,000 SH Sole 5,000
FIFTH THIRD BANCORP COM 316773100 378 8,000 SH Defined 1 8,000
FIRST DATA CORP COM 319963104 319 7,500 SH Defined 1 7,500
FORDING CANADIAN
COAL TRUST UNIT TR 345425102 4,243 55,000 SH Sole 55,000
FORWARD AIR
CORPORATION COM 349853101 671 15,000 SH Sole 15,000
FOSSIL INC COM 349882100 513 20,000 SH Sole 20,000
C/O FREEPORT MCMOR
JAN 0040.00 CALL OPTN 35671D5AH 68 145 SH CALL Sole 145
C/O FREEPORT MCMOR
JAN 0040.00 CALL OPTN 35671D5AH 167 355 SH CALL Sole 355
FREEPORT MCMORAN
COPPER & GOLD B CL B 35671D857 3,058 80,000 SH Sole 80,000
FREEPORT MCMORAN
COPPER & GOLD B CL B 35671D857 2,103 55,000 SH Sole 55,000
GENERAL ELECTRIC CO COM 369604103 438 12,000 SH Sole 12,000
GENERAL ELECTRIC CO COM 369604103 183 5,000 SH Defined 1 5,000
GENZYME CORP-
GENERAL DIVISION COM 372917104 163 2,800 SH Defined 1 2,800
GOLD FIELDS LTD
SPON ADR SPON ADR 38059T106 2,321 186,000 SH Sole 186,000
GOLD FIELDS LTD
SPON ADR SPON ADR 38059T106 2,072 166,000 SH Sole 166,000
GOLDCORP INC COM 380956409 1,842 122,500 SH Sole 122,500
GOLDCORP INC COM 380956409 2,339 155,500 SH Sole 155,500
GOOGLE INC
CLASS A CL A 38259P508 97 500 SH Sole 500
HSBC HLDGS PLC
SPONS ADR SPON ADR 404280406 851 10,000 SH Sole 10,000
HALLIBURTON CO COM 406216101 392 10,000 SH Sole 10,000
HARRAHS ENTER-
TAINMENT INC COM 413619107 669 10,000 SH Sole 10,000
HEADWATERS INC COM 42210P102 285 10,000 SH Sole 10,000
HECLA MINING COM 422704106 525 90,000 SH Sole 90,000
HECLA MINING COM 422704106 1,632 280,000 SH Sole 280,000
HERCULES INC COM 427056106 1,559 105,000 SH Sole 105,000
HERCULES INC COM 427056106 149 10,000 SH Sole 10,000
HEXCEL CORP COM 428291108 290 20,000 SH Sole 20,000
HYDRIL COM 448774109 683 15,000 SH Sole 15,000
IDX SYSTEMS CORP COM 449491109 345 10,000 SH Sole 10,000
IDEX CORP COM 45167R104 911 22,500 SH Sole 22,500
IMMUCOR INC COM 452526106 353 15,000 SH Sole 15,000
INFOSYS TECHNOLO-
GIES SPON ADR SPON ADR 456788108 139 2,000 SH Sole 2,000
INNKEEPERS USA TRUST COM 4576J0104 710 50,000 SH Sole 50,000
INTEL CORP COM 458140100 94 4,000 SH Sole 4,000
INTEL CORP COM 458140100 421 18,000 SH Defined 1 18,000
INTERNET SECURITY
SYSTEMS COM 46060X107 465 20,000 SH Sole 20,000
ISHARES TRUST
RUSSELL 200I RUSSELL 2000 464287655 389 3,000 SH Sole 3,000
JABIL CIRCUIT INC COM 466313103 102 4,000 SH Sole 4,000
JOHNSON & JOHNSON COM 478160104 381 6,000 SH Sole 6,000
JOY GLOBAL INC COM 481165108 326 7,500 SH Sole 7,500
JUNIPER NET-
WORKS INC COM 48203R104 165 6,074 SH Sole 6,074
KLA TENCOR CORP COM 482480100 419 9,000 SH Sole 9,000
KLA TENCOR CORP COM 482480100 1,165 25,000 SH Sole 25,000
KIRBY CORP COM 497266106 222 5,000 SH Sole 5,000
KNIGHT TRANSN INC COM 499064103 744 30,000 SH Sole 30,000
KRONOS INC COM 501052104 1,023 20,000 SH Sole 20,000
LANDSTAR SYSTEM INC COM 515098101 736 10,000 SH Sole 10,000
LINCOLN ELECTRIC
HOLDINGS COM 533900106 518 15,000 SH Sole 15,000
LYONDELL PETRO-
CHEMICAL CO COM 552078107 1,591 55,000 SH Sole 55,000
LYONDELL PETRO-
CHEMICAL CO COM 552078107 145 5,000 SH Sole 5,000
LYONDELL PETRO-
CHEMICAL CO COM 552078107 578 20,000 SH Sole 20,000
MASCO CORP COM 574599106 219 6,000 SH Sole 6,000
MERCURY INTERACTIVE
CORP COM 589405109 182 4,000 SH Sole 4,000
MERIDIAN GOLD INC COM 589975101 1,299 68,500 SH Sole 68,500
MERIDIAN GOLD INC COM 589975101 2,931 154,500 SH Sole 154,500
METHANEX CORP COM 59151K108 1,278 70,000 SH Sole 70,000
MICROSOFT CORP COM 594918104 134 5,000 SH Sole 5,000
MINE SAFETY
APPLIANCES CO COM 602720104 406 8,000 SH Sole 8,000
MOBILE TELESYSTEMS
SPON ADR SPON ADR 607409109 39,933 288,301 SH Defined 2 288,301
MOBILE MINI INC COM 60740F105 330 10,000 SH Sole 10,000
MOOG INC CL A CL A 615394202 680 15,000 SH Sole 15,000
MOTOROLA INC COM 620076109 206 12,000 SH Sole 12,000
NASDAQ 100 SHARES MTL FND 631100104 239 6,000 SH Sole 6,000
NATIONAL OILWELL
INC COM 637071101 1,059 30,000 SH Sole 30,000
NAVIGANT
CONSULTING INC COM 63935N107 798 30,000 SH Sole 30,000
NETIQ CORP COM 64115P102 549 45,000 SH Sole 45,000
NETWORK APPLIANCE
INC COM 64120L104 399 12,000 SH Sole 12,000
NEWMONT MINING
CORP COM 651639106 1,998 45,000 SH Sole 45,000
NEWMONT MINING
CORP COM 651639106 4,441 100,000 SH Sole 100,000
NEWMONT MINING
CORP COM 651639106 444 10,000 SH Defined 1 10,000
C/O NEWMONT MINING
JAN0040.00 CALL OPTN 6516392AH 42 50 SH CALL Sole 50
C/O NEWMONT MINING
JAN0040.00 CALL OPTN 6516392AH 126 150 SH CALL Sole 150
C/O NEWMONT MINING
JAN 0050.00 CALL OPTN 6516399AJ 0 20 SH CALL Sole 20
C/O NEWMONT MINING
JAN 0050.00 CALL OPTN 6516399AJ 1 80 SH CALL Sole 80
NIKE INC CL B CL B 654106103 272 3,000 SH Sole 3,000
NORFOLK SOUTHERN
CORP COM 655844108 1,448 40,000 SH Sole 40,000
NORTHROP GRUNMAN
CORP COM 666807102 544 10,000 SH Defined 1 10,000
NOVA CHEMICALS
CORP COM 66977W109 473 10,000 SH Sole 10,000
NOVA CHEMICALS
CORP COM 66977W109 378 8,000 SH Sole 8,000
NOVARTIS AG
SPON ADR SPON ADR 66987V109 339 6,700 SH Defined 1 6,700
NUCOR CORP COM 670346105 785 15,000 SH Sole 15,000
OIL STATES
INTERNATIONAL INC COM 678026105 868 45,000 SH Sole 45,000
VIMPEL COMMUNICA-
TIONS SPON ADR SPON ADR 68370R109 23,807 658,756 SH Defined 2 658,756
OPENWAVE SYSTEMS INC COM 683718308 464 30,000 SH Sole 30,000
OVERNITE CORP COM 690322102 186 5,000 SH Sole 5,000
POSCO SPONSORED ADR SPON ADR 693483109 1,336 30,000 SH Sole 30,000
PPG INDUSTRIES INC COM 693506107 2,386 35,000 SH Sole 35,000
PACIFIC RIM MNG
CORP_/CANADIAN/ COM 694915208 11 18,187 SH Sole 18,187
PACIFIC RIM MNG
CORP_/CANADIAN/ COM 694915208 197 340,000 SH Sole 340,000
PATTERSON UTI
ENERGY INC COM 703481101 1,945 100,000 SH Sole 100,000
PETROCHINA CO
LTD ADS SPON ADR 71646E100 1,074 20,000 SH Sole 20,000
PETROCHINA CO
LTD ADS SPON ADR 71646E100 446 8,300 SH Defined 1 8,300
PETROKAZAKHSTAN
INC CL A CL A 71649P102 928 25,000 SH Sole 25,000
PETROKAZAKHSTAN
INC CL A CL A 71649P102 371 10,000 SH Sole 10,000
PETROLEO BRASILEIRO
SA ADR SPON ADR 71654V408 4,774 120,000 SH Sole 120,000
PHELPS DODGE CORP COM 717265102 198 2,000 SH Sole 2,000
PIONEER DRILLING CO COM 723655106 713 70,700 SH Sole 70,700
PLACER DOME INC COM 725906101 377 20,000 SH Sole 20,000
PLACER DOME INC COM 725906101 1,509 80,000 SH Sole 80,000
PLACER DOME INC COM 725906101 9,600 509,000 SH Sole 509,000
C/O PLACER DOME
JAN 06 CALL OPTN 7259069AE 82 700 SH CALL Sole 700
C/O PLACER DOME
JAN 06 CALL OPTN 7259069AE 59 500 SH CALL Sole 500
C/O PLACER DOME
JAN 06 CALL OPTN 7259069AE 424 3,610 SH CALL Sole 3,610
POTASH CORP
SASCKATCHEWAN COM 73755L107 1,661 20,000 SH Sole 20,000
POTASH CORP
SASCKATCHEWAN COM 73755L107 415 5,000 SH Sole 5,000
PRECISION CAST
PARTS COM 740189105 328 5,000 SH Sole 5,000
PRECISION DRILLING
CORP COM 74022D100 3,140 50,000 SH Sole 50,000
PRIMEWEST ENERGY
TRUST UNIT TR 741930309 333 15,000 SH Sole 15,000
PROASSURANCE
CORPORATION COM 74267C106 176 4,500 SH Sole 4,500
PROCTOR & GAMBLE CO COM 742718109 402 7,300 SH Defined 1 7,300
PRIVATEBANCORP INC COM 742962103 322 10,000 SH Sole 10,000
RALCORP HOLDINGS
INC COM 751028101 629 15,000 SH Sole 15,000
RANGOLD RESOURCES
LTD ADR SPON ADR 752344309 2,850 250,000 SH Sole 250,000
RANGOLD RESOURCES
LTD ADR SPON ADR 752344309 4,264 374,000 SH Sole 374,000
RAYONIER INC COM 754907103 196 4,000 SH Sole 4,000
RED ROBIN GOURMET
BURGERS COM 75689M101 535 10,000 SH Sole 10,000
REDWOOD TRUST INC COM 758075402 310 5,000 SH Sole 5,000
ROCKWELL INTER-
NATIONAL CORP COM 773903109 248 5,000 SH Sole 5,000
ROCKWELL INTER-
NATIONAL CORP COM 773903109 1,239 25,000 SH Sole 25,000
ROSTELECOM LNG
DST&INTL TL ADR SPON ADR 778529107 2,557 233,758 SH Defined 2 233,758
SRA INTERNATIONAL
INC CLASS A CL A 78464R105 321 5,000 SH Sole 5,000
SAFENET INC COM 78645R107 367 10,000 SH Sole 10,000
SAN JUAN BASIN
RTY TR UBI UNIT TR 798241105 2,856 97,000 SH Sole 97,000
SAN JUAN BASIN
RTY TR UBI UNIT TR 798241105 206 7,000 SH Sole 7,000
SCHLUMBERGER LTD COM 806857108 268 4,000 SH Defined 1 4,000
HEALTH CARE SELECT
SECTOR FUND SBI 81369Y209 211 7,000 SH Sole 7,000
SHANDA INTERACTIVE
ENTER-ADR SPON ADR 81941Q203 425 10,000 SH Sole 10,000
SHAW GROUP INC COM 820280105 1,428 80,000 SH Sole 80,000
SONIC CORP COM COM 835451105 1,220 40,000 SH Sole 40,000
SOUTHWESTERN
ENERGY CO COM 845467109 2,535 50,000 SH Sole 50,000
SOUTHWESTERN
ENERGY CO COM 845467109 1,267 25,000 SH Sole 25,000
STARBUCKS CORP COM 855244109 499 8,000 SH Sole 8,000
STARBUCKS CORP COM 855244109 1,871 30,000 SH Sole 30,000
STEEL DYNAMICS INC COM 858119100 379 10,000 SH Sole 10,000
STREETTRACKS GOLD
TRUST GOLD SHS 863307104 50 1,150 SH Sole 1,150
STREETTRACKS GOLD
TRUST GOLD SHS 863307104 1,145 26,150 SH Sole 26,150
SUPERIOR ENERGY
SERVICES INC COM 868157108 616 40,000 SH Sole 40,000
SYMANTEC CORP COM 871503108 206 8,000 SH Sole 8,000
TEVA PHARMACEUTICAL
IND SPON ADR SPON ADR 881624209 388 13,000 SH Defined 1 13,000
TETRA TECHNOLOGIES
INC DEL COM 88162F105 1,698 60,000 SH Sole 60,000
TEXAS INSTUMENTS
INC COM 882508104 387 15,700 SH Defined 1 15,700
TEXTRON INC COM 883203101 517 7,000 SH Sole 7,000
TEXTRON INC COM 883203101 1,328 18,000 SH Sole 18,000
TIFFANY & CO COM 886547108 240 7,500 SH Sole 7,500
TIFFANY & CO COM 886547108 719 22,500 SH Sole 22,500
TIFFANY & CO COM 886547108 272 8,500 SH Defined 1 8,500
TOLL BROTHERS INC COM 889478103 137 2,000 SH Sole 2,000
TYCO INTL LTD COM 902124106 357 10,000 SH Defined 1 10,000
UNIONBANCAL
CORPORATION COM 908906100 258 4,000 SH Sole 4,000
UNIT CORP COM 909218109 3,439 90,000 SH Sole 90,000
UNIT CORP COM 909218109 764 20,000 SH Sole 20,000
UNITED INDUSTRIAL COM 910671106 194 5,000 SH Sole 5,000
UNITED INDUSTRIAL COM 910671106 387 10,000 SH Sole 10,000
UNITED NATURAL
FOODS COM 911163103 746 24,000 SH Sole 24,000
UNITED STATES
STEEL CORP COM 912909108 154 3,000 SH Sole 3,000
UNITED THERAPEUTICS
CORP DEL COM 91307C102 452 10,000 SH Sole 10,000
UNITEDHEALTH
GROUP INC COM 91324P102 616 7,000 SH Sole 7,000
URBAN OUTFITTERS
INC COM 917047102 266 6,000 SH Sole 6,000
URBAN OUTFITTERS
INC COM 917047102 888 20,000 SH Sole 20,000
VALERO REFNG &
MARKETING CO COM 91913Y100 3,632 80,000 SH Sole 80,000
VALERO REFNG &
MARKETING CO COM 91913Y100 272 6,000 SH Sole 6,000
VALERO REFNG &
MARKETING CO COM 91913Y100 454 10,000 SH Sole 10,000
VARCO INTERNA-
TIONAL INC COM 922122106 204 7,000 SH Sole 7,000
VARCO INTERNA-
TIONAL INC COM 922122106 437 15,000 SH Sole 15,000
VENTANA MEDICAL INC COM 92276H106 960 15,000 SH Sole 15,000
VERISIGN INC COM 92343E102 1,006 30,000 SH Sole 30,000
VERIZON COMMUNICA-
TIONS COM 92343V104 203 5,000 SH Sole 5,000
WMC RESOURCES
LTD SP ADR SPON ADR 92928R106 41 1,800 SH Sole 1,800
WALTER INDUSTRIES INC COM 93317Q105 675 20,000 SH Sole 20,000
WASHINGTON POST
CO CL B CL B 939640108 477 485 SH Defined 1 485
WEBSENSE INC COM 947684106 1,014 20,000 SH Sole 20,000
WELLCARE HEALTH
PLANS INC COM 94946T106 650 20,000 SH Sole 20,000
WELLS FARGO &
COMPANY COM 949746101 746 12,000 SH Defined 1 12,000
WESTLAKE CHEMICAL
CORP COM 960413102 1,336 40,000 SH Sole 40,000
WESTLAKE CHEMICAL
CORP COM 960413102 501 15,000 SH Sole 15,000
WYETH COM 983024100 213 5,000 SH Sole 5,000
YAHOO INC COM 984332106 339 9,000 SH Sole 9,000
YAHOO INC COM 984332106 942 25,000 SH Sole 25,000
YELLOW ROADWAY
CORP COM 985577105 557 10,000 SH Sole 10,000
ZIMMER HOLDINGS
INC COM 98956P102 337 4,200 SH Defined 1 4,200