UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Quarter Ended: June 30, 2005
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
------------------
Susan B. McGee, President
San Antonio, TX
August 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: 344
Form 13F Information Table Value Total: $425,084 (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
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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
------------------------------------------------------------------------------------------------------------------------------------
CENTRAL EUROPEAN
MEDIA CL A CL A G20045202 13,133 271,460 SH Defined 2 271,460
CENTRAL EUROPEAN
MEDIA CL A CL A G20045202 210 4,347 SH Defined 2 4,347
GLOBALSANTAFE CORP SHS G3930E101 3,672 90,000 SH Sole 90,000
NABORS INDUSTRIES INC SHS G6359F103 6,062 100,000 SH Sole 100,000
NABORS INDUSTRIES INC SHS G6359F103 152 2,500 SH Sole 2,500
NABORS INDUSTRIES INC SHS G6359F103 303 5,000 SH Defined 1 5,000
NABORS INDUSTRIES INC SHS G6359F103 606 10,000 SH Sole 10,000
NOBLE DRILLING CORP SHS G65422100 246 4,000 SH Defined 1 4,000
SEAGATE TECHNOLOGY SHS G7945J104 351 20,000 SH Sole 20,000
TRANSOCEAN INC ORD G90078109 3,508 65,000 SH Sole 65,000
TRANSOCEAN INC ORD G90078109 108 2,000 SH Sole 2,000
TRANSOCEAN INC ORD G90078109 491 9,100 SH Defined 1 9,100
GENERALE MARITIME
CORP SHS Y2692M103 1,484 35,000 SH Sole 35,000
ADC TELECOMMUNICA-
TIONS INC COM 000886309 544 25,000 SH Sole 25,000
ABBOTT LABORATORIES COM 002824100 196 4,000 SH Sole 4,000
AETNA US HEALTHCARE COM 00817Y108 248 3,000 SH Sole 3,000
AFFILIATED MANAGERS
GROUP INC COM 008252108 683 10,000 SH Sole 10,000
AGNICO EAGLE MINES WT *W EXP
11/14/07 11/07/2007 008474132 10 5,000 SH Sole 5,000
AGNICO EAGLE MINES WT *W EXP
11/14/07 11/07/2007 2064952 1,067 600,900 SH Sole 600,900
AGNICO EAGLE MINES WT *W EXP
11/14/07 11/07/2007 2064952 18 10,000 SH Sole 10,000
AGNICO EAGLE MINES WT *W EXP
11/14/07 11/07/2007 2064952 392 221,100 SH Sole 221,100
AIR PRODUCTS &
CHEMICAL COM 009158106 253 4,200 SH Defined 1 4,200
ALLEGHENY TECHNOLO-
GIES INC COM 01741R102 2,206 100,000 SH Sole 100,000
ALLERGAN INC COM 018490102 256 3,000 SH Defined 1 3,000
ALLSCRIPTS HEALTH-
CARE SOLUTION COM 01988P108 664 40,000 SH Sole 40,000
ALLTEL CORP COM 020039103 623 10,000 SH Sole 10,000
ALTRIA GROUP INC COM 02209S103 323 5,000 SH Sole 5,000
ALUMINUM CORP OF SPON ADR
CHINA ADR H SHRS 022276109 825 15,000 SH Sole 15,000
AMERICAN EXPRESS COM 025816109 442 8,300 SH Defined 1 8,300
AMERICAN INTERNA-
TIONAL GROUP COM 026874107 174 3,000 SH Sole 3,000
AMERICAN MEDICAL
SYS HLDGS COM 02744M108 103 5,000 SH Sole 5,000
AMERICAN RETIREMENT
CORP COM 028913101 512 35,000 SH Sole 35,000
AMETEK INC COM 031100100 628 15,000 SH Sole 15,000
AMYLIN PHARMACEUTI-
CALS INC COM 032346108 419 20,000 SH Defined 1 20,000
ANADARKO PETE CORP COM 032511107 4,108 50,000 SH Sole 50,000
ARCH COAL INC COM 039380100 4,630 85,000 SH Sole 85,000
ARGON ST INC COM 040149106 355 10,000 SH Sole 10,000
ASSET ACCEPT-
ANCE CAP COM 04543P100 648 25,000 SH Sole 25,000
ATWOOD OCEANICS COM 050095108 6,464 105,000 SH Sole 105,000
AUTONATION INC COM 05329W102 92 4,500 SH Sole 4,500
BAKER HUGHES COM 057224107 4,349 85,000 SH Sole 85,000
BARRICK GOLD
CORPORATION COM 067901108 501 20,000 SH Sole 20,000
BARRICK GOLD
CORPORATION COM 067901108 1,252 50,000 SH Sole 50,000
C/O BARRICK GOLD
JAN 0030.00 CALL OPTN 0679015AF 38 750 SH CALL Sole 750
C/O BARRICK GOLD
JAN 0030.00 CALL OPTN 0679015AF 113 2,250 SH CALL Sole 2,250
BAXTER INTL INC COM 071813109 742 20,000 SH Sole 20,000
BEACON ROOFING
SUPPLY INC COM 073685109 395 15,000 SH Sole 15,000
BEAR STEARNS
CO INC COM 073902108 312 3,000 SH Sole 3,000
BELLSOUTH CORP COM 079860102 106 4,000 SH Sole 4,000
BEMA GOLD CORP COM 08135F107 142 60,000 SH Sole 60,000
BEMA GOLD CORP COM 08135F107 772 325,000 SH Sole 325,000
BERKSHIRE HATHA-
WAY INC CL B CL B 084670207 654 235 SH Defined 1 235
BIOMED REALTY
TRUST INC COM 09063H107 358 15,000 SH Sole 15,000
BIOTECH HOLDERS DEPOSITRY
TR DEP RCPTS RCPTS 09067D201 335 2,000 SH Sole 2,000
BLACK & DECKER CORP COM 091797100 449 5,000 SH Sole 5,000
BOYD GAMING CORP COM 103304101 1,023 20,000 SH Sole 20,000
BRIGHT HORIZONS
FAMILY SOLUTNS COM 109195107 814 20,000 SH Sole 20,000
BUCYRUS INTL INC A CL A 118759109 3,228 85,000 SH Sole 85,000
BURLINGTON COAT
FACTORY WHSE COM 121579106 426 10,000 SH Sole 10,000
BURLINGTON NORTH
SANTA FE CORP COM 12189T104 71 1,500 SH Sole 1,500
BURLINGTON NORTH
SANTA FE CORP COM 12189T104 706 15,000 SH Sole 15,000
CNOOC LTD ADR SPON ADR 126132109 3,559 60,000 SH Sole 60,000
CNOOC LTD ADR SPON ADR 126132109 890 15,000 SH Sole 15,000
CVS CORP COM 126650100 116 4,000 SH Sole 4,000
CVS CORP COM 126650100 581 20,000 SH Sole 20,000
CACI INTNATL
INC CL A CL A 127190304 347 5,500 SH Defined 1 5,500
CAMBIOR INC COM 13201L103 262 120,400 SH Sole 120,400
CAMBIOR INC COM 13201L103 382 175,000 SH Sole 175,000
CENTRAL EUROPEAN
DISTR CORP COM 153435102 5,753 154,099 SH Defined 2 154,099
CENTRAL EUROPEAN
DISTR CORP COM 153435102 560 15,000 SH Sole 15,000
CENTURY ALUMI-
NUM CO COM 156431108 1,530 75,000 SH Sole 75,000
CERNER CORP COM 156782104 680 10,000 SH Sole 10,000
CHESAPEAKE
ENERGY CORP COM 165167107 2,280 100,000 SH Sole 100,000
CHILDRENS PLACE COM 168905107 112 2,400 SH Sole 2,400
CHINA PETROLEUM
& CHEMICAL ADR SPON ADR 16941R108 109 2,799 SH Defined 2 2,799
CHOICE HOTELS
INTL INC COM 169905106 197 3,000 SH Sole 3,000
CHIQUITA BRANDS
INTL COM 170032809 412 15,000 SH Sole 15,000
CISCO SYSTEMS INC COM 17275R102 287 15,000 SH Sole 15,000
CITIGROUP INC COM 172967101 347 7,500 SH Sole 7,500
CITIGROUP INC COM 172967101 347 7,500 SH Defined 1 7,500
COACH INC COM 189754104 403 12,000 SH Sole 12,000
COCA COLA CO COM COM 191216100 405 9,700 SH Defined 1 9,700
COLDWATER
CREEK INC COM 193068103 498 20,000 SH Sole 20,000
COMCAST COPR
CL A CL A 20030N101 92 3,000 SH Sole 3,000
COMCAST COPR
CL A CL A 20030N101 307 10,000 SH Defined 1 10,000
COMMUNITY HEALTH
SYS INC COM 203668108 756 20,000 SH Sole 20,000
COMPUCREDIT CORP COM 20478N100 343 10,000 SH Sole 10,000
COMTECH TELECOM-
MUNICATIONS COM 205826209 408 12,500 SH Sole 12,500
COMVERSE
TECHNOLOGY INC COM 205862402 591 25,000 SH Sole 25,000
CONOCOPHILLIPS COM 20825C104 115 2,000 SH Sole 2,000
CONSOL ENERGY INC COM 20854P109 2,679 50,000 SH Sole 50,000
CONSOL ENERGY INC COM 20854P109 161 3,000 SH Sole 3,000
CONSOL ENERGY INC COM 20854P109 536 10,000 SH Sole 10,000
COOPER COMPAN-
IES INC COM 216648402 456 7,500 SH Sole 7,500
CORPORATE EXECU-
TIVE BOARD CO COM 21988R102 783 10,000 SH Sole 10,000
COVANCE INC COM 222816100 673 15,000 SH Sole 15,000
DR HORTON INC COM 23331A109 564 15,000 SH Sole 15,000
DAVE & BUSTERS INC COM 23833N104 277 15,000 SH Sole 15,000
DENBURY RESOURCES COM 247916208 1,790 45,000 SH Sole 45,000
DIAGEO PLC
SPONSORED ADR SPON ADR 25243Q205 119 2,000 SH Sole 2,000
DOMINOS PIZZA COM 25754A201 557 25,000 SH Sole 25,000
DOW CHEMICAL CO COM 260543103 249 5,600 SH Defined 1 5,600
ECI TELECOM COM 268258100 166 20,000 SH Sole 20,000
EBAY INC COM 278642103 165 5,000 SH Sole 5,000
EBAY INC COM 278642103 198 6,000 SH Defined 1 6,000
EDISON INTERNA-
TIONAL COM 281020107 182 4,500 SH Sole 4,500
EDISON INTERNA-
TIONAL COM 281020107 811 20,000 SH Sole 20,000
ELECTRONIC ARTS INC COM 285512109 532 9,400 SH Defined 1 9,400
ENERPLUS RESOURCES
FUND UNIT TR 29274D604 764 20,000 SH Sole 20,000
ENERPLUS RESOURCES
FUND UNIT TR 29274D604 153 4,000 SH Sole 4,000
ENTERGY CORP COM 29364G103 227 3,000 SH Sole 3,000
EXELON CORPOR-
ATION COM 30161N101 257 5,000 SH Sole 5,000
EXELON CORPORA-
TION COM 30161N101 205 4,000 SH Defined 1 4,000
FPL GROUP COM 302571104 336 8,000 SH Defined 1 8,000
F5 NETWORKS INC COM 315616102 283 6,000 SH Sole 6,000
F5 NETWORKS INC COM 315616102 472 10,000 SH Sole 10,000
FIRST HORIZON
NATIONAL CORP COM 320517105 148 3,500 SH Sole 3,500
FLORIDA ROCK
INDUSTRIES COM 341140101 513 7,000 SH Sole 7,000
FLUOR CORP
(NEW) WI COM 343412102 288 5,000 SH Sole 5,000
FORDING CANADIAN
COAL TRUST UNIT TR 345425102 4,610 50,000 SH Sole 50,000
FRANKLIN RE-
SOURCES INC COM 354613101 231 3,000 SH Sole 3,000
C/O FREEPORT MCMOR
JAN 0040.00 CALL OPTN 35671D5AH 37 145 SH CALL Sole 145
C/O FREEPORT MCMOR
JAN 0040.00 CALL OPTN 35671D5AH 91 355 SH CALL Sole 355
FREEPORT MCMORAN
COPPER & GOLD B CL B 35671D857 3,744 100,000 SH Sole 100,000
FREEPORT MCMORAN
COPPER & GOLD B CL B 35671D857 2,666 71,200 SH Sole 71,200
GENENTECH INC COM 368710406 241 3,000 SH Sole 3,000
GENERAL ELECTRIC CO COM 369604103 277 8,000 SH Sole 8,000
GENERAL ELECTRIC CO COM 369604103 173 5,000 SH Defined 1 5,000
GENERAL GROWTH
PROPERTIES COM 370021107 411 10,000 SH Sole 10,000
GILEAD SCIENCES
INC COM 375558103 396 9,000 SH Sole 9,000
GOLD FIELDS LTD
SPON ADR SPON ADR 38059T106 2,111 186,000 SH Sole 186,000
GOLD FIELDS LTD
SPON ADR SPON ADR 38059T106 1,884 166,000 SH Sole 166,000
GOLDCORP INC COM 380956409 1,854 117,500 SH Sole 117,500
GOLDCORP INC COM 380956409 3,203 203,000 SH Sole 203,000
GOODRICH CORP COM 382388106 102 2,500 SH Sole 2,500
GOOGLE INC
CLASS A CL A 38259P508 147 500 SH Sole 500
GRANT PRIDECO INC COM 38821G101 6,084 230,000 SH Sole 230,000
GRUPO AEROPORTUARIO SPON ADR
SPON ADR SER B 40051E202 330 10,360 SH Defined 2 10,360
HCA INC COM 404119109 142 2,500 SH Sole 2,500
HCC INS HLDGS INC COM 404132102 379 10,000 SH Sole 10,000
HNI CORPORATION COM 404251100 384 7,500 SH Sole 7,500
HSBC HLDGS PLC SPONS ADR SPON ADR 404280406 199 2,500 SH Sole 2,500
HALLIBURTON CO COM 406216101 4,782 100,000 SH Sole 100,000
HALLIBURTON CO COM 406216101 143 3,000 SH Sole 3,000
HARLAND /JOHN H/ CO COM 412693103 570 15,000 SH Sole 15,000
HARRIS CORP COM 413875105 234 7,500 SH Sole 7,500
HARTFORD FINL
SVCS GROUP INC COM 416515104 299 4,000 SH Sole 4,000
HARVEST NATURAL
RESOURCE COM 41754V103 2,459 225,000 SH Sole 225,000
HECLA MINING COM 422704106 410 90,000 SH Sole 90,000
HECLA MINING COM 422704106 1,277 280,000 SH Sole 280,000
HELMERICH &
PAYNE COM 423452101 3,050 65,000 SH Sole 65,000
HELMERICH &
PAYNE COM 423452101 938 20,000 SH Sole 20,000
HERITAGE PROPERTY
INVESTMENT COM 42725M107 105 3,000 SH Sole 3,000
HERITAGE PROPERTY
INVESTMENT COM 42725M107 525 15,000 SH Sole 15,000
HOSPITALITY PROPERTIES COM SH
TR SBI BEN INT 44106M102 441 10,000 SH Sole 10,000
HOVNANIAN ENTER-
PRISES INC CL A CL A 442487203 978 15,000 SH Sole 15,000
HUMANA INC COM 444859102 596 15,000 SH Sole 15,000
HUTCHINSON TECH-
NOLOGY INC COM 448407106 385 10,000 SH Sole 10,000
ITT INDUSTRIES COM 450911102 976 10,000 SH Sole 10,000
INFOSPACE INC COM 45678T201 148 4,500 SH Sole 4,500
INTEL CORP COM 458140100 313 12,000 SH Sole 12,000
INTEL CORP COM 458140100 469 18,000 SH Defined 1 18,000
I SHARES MSCI SINGAPORE MSCI
FREE SINGAPORE 464286673 151 20,000 SH Sole 20,000
I SHARES TAIWAN WEBS MSCI
INDEX TAIWAN 464286731 303 25,000 SH Sole 25,000
I SHARES MSCI SOUTH KOREA MSCI
INDEX KOREA 464286772 320 10,000 SH Sole 10,000
I SHARES MSCI HONG KONG MSCI
INDEX HONG KONG 464286871 124 10,000 SH Sole 10,000
JABIL CIRCUIT INC COM 466313103 307 10,000 SH Sole 10,000
JOHNSON & JOHNSON COM 478160104 195 3,000 SH Sole 3,000
JOHNSON CTLS INC COM 478366107 422 7,500 SH Sole 7,500
JOS A BANK
CLOTHIERS INC COM 480838101 433 10,000 SH Sole 10,000
JOY GLOBAL INC COM 481165108 3,359 100,000 SH Sole 100,000
JOY GLOBAL INC COM 481165108 84 2,500 SH Sole 2,500
KT CORP SPONS
ADR_ SPON ADR 48268K101 538 25,000 SH Sole 25,000
KOOKMIN BANK
SP ADR 1 ADR RP 1SH SPON ADR 50049M109 1,003 22,000 SH Sole 22,000
KOOKMIN BANK
SP ADR 1 ADR RP 1SH SPON ADR 50049M109 295 6,467 SH Defined 2 6,467
KOREA ELECT POWER
SPON ADR/RP1/2 SPON ADR 500631106 784 50,000 SH Sole 50,000
LABOR READY INC COM 505401208 466 20,000 SH Sole 20,000
LIONS GATE
ENTMNT CORP COM 535919203 185 18,000 SH Sole 18,000
LO JACK CORP COM 539451104 351 20,000 SH Sole 20,000
LOCKHEED MARTIN
CORP COM 539830109 195 3,000 SH Sole 3,000
LOEWS CORP COM 540424108 93 1,200 SH Sole 1,200
LOUISIANA
PACIFIC CORP COM 546347105 2,212 90,000 SH Sole 90,000
LUXOTTICA
GROUP SPONS ADR SPON ADR 55068R202 62 3,000 SH Sole 3,000
LUXOTTICA
GROUP SPONS ADR SPON ADR 55068R202 309 15,000 SH Sole 15,000
MBNA CORP COM 55262L100 196 7,500 SH Sole 7,500
MTC TECHNOL-
OGIES INC COM 55377A106 645 17,500 SH Sole 17,500
MAGYAR TAVKOZLESI
RT (MATAV) ADR SPON ADR 559776109 5,118 239,149 SH Defined 2 239,149
MARATHON OIL CORP COM 565849106 267 5,000 SH Defined 1 5,000
MARRIOTT INTL
CL A CL A 571903202 512 7,500 SH Sole 7,500
MARTIN MARIETTA
MATERIALS COM 573284106 2,074 30,000 SH Sole 30,000
MARTIN MARIETTA
MATERIALS COM 573284106 691 10,000 SH Sole 10,000
MCGRATH RENT COM 580589109 356 15,000 SH Sole 15,000
MENS WEARHOUSE
INC COM 587118100 258 7,500 SH Sole 7,500
MERIDIAN GOLD
INC COM 589975101 2,592 144,000 SH Sole 144,000
MERIDIAN GOLD
INC COM 589975101 3,456 192,000 SH Sole 192,000
MICROS SYSTEMS
INC COM 594901100 671 15,000 SH Sole 15,000
MICROSOFT CORP COM 594918104 472 19,000 SH Defined 1 19,000
MILLER /
HERMAN/ INC COM 600544100 617 20,000 SH Sole 20,000
MOBILE TELE-
SYSTEMS SPON ADR SPON ADR 607409109 42,882 1,274,364 SH Defined 2 1,274,364
MOBILE MINI INC COM 60740F105 517 15,000 SH Sole 15,000
MONSANTO CO COM 61166W101 2,829 45,000 SH Sole 45,000
MONSANTO CO COM 61166W101 314 5,000 SH Sole 5,000
MORGAN STANLEY
INDIA INVESTMENT COM 61745C105 224 6,992 SH Defined 2 6,992
MOTOROLA INC COM 620076109 438 24,000 SH Sole 24,000
MURPHY OIL CORP COM 626717102 1,045 20,000 SH Sole 20,000
NS GROUP INC COM 628916108 2,926 90,000 SH Sole 90,000
NATIONAL OILWELL
VARCO INC COM 637071101 2,472 52,000 SH Sole 52,000
NAUTILUS INC COM 63910B102 570 20,000 SH Sole 20,000
NETEASE.COM
INC ADR SPON ADR 64110W102 343 6,000 SH Sole 6,000
NETWORK APPLI-
ANCE INC COM 64120L104 339 12,000 SH Sole 12,000
NEWMONT MINING
CORP COM 651639106 2,147 55,000 SH Sole 55,000
NEWMONT MINING
CORP COM 651639106 3,903 100,000 SH Sole 100,000
NEWMONT MINING
CORP COM 651639106 254 6,500 SH Defined 1 6,500
C/O NEWMONT MINING
JAN0040.00 CALL OPTN 6516392AH 15 50 SH CALL Sole 50
C/O NEWMONT MINING
JAN0040.00 CALL OPTN 6516392AH 45 150 SH CALL Sole 150
NICE SYS LTD
SPONSORED ADR SPON ADR 653656108 395 10,000 SH Sole 10,000
NOBLE AFFILIATES
INC COM 655044105 757 10,000 SH Sole 10,000
NORDSTROM INC COM 655664100 238 3,500 SH Sole 3,500
NORTHROP
GRUNMAN CORP COM 666807102 442 8,000 SH Defined 1 8,000
NOVARTIS AG
SPON ADR SPON ADR 66987V109 318 6,700 SH Defined 1 6,700
NVIDIA CORP COM 67066G104 534 20,000 SH Sole 20,000
OIL STATES
INTERNATIONAL INC COM 678026105 3,398 135,000 SH Sole 135,000
OIL STATES
INTERNATIONAL INC COM 678026105 755 30,000 SH Sole 30,000
VIMPEL COMMUNICA-
TIONS SPON ADR SPON ADR 68370R109 48,513 1,425,596 SH Defined 2 1,425,596
VIMPEL COMMUNICA-
TIONS SPON ADR SPON ADR 68370R109 393 11,561 SH Defined 2 11,561
ORACLE SYSTEMS CORP COM 68389X105 330 25,000 SH Sole 25,000
O'REILLY AUTO-
MOTIVE INC COM 686091109 745 25,000 SH Sole 25,000
PNC FINANCIAL SERV-
ICES COM 693475105 218 4,000 SH Sole 4,000
POSCO SPONSORED ADR SPON ADR 693483109 132 3,000 SH Sole 3,000
PSS WORLD MEDICAL
INC COM 69366A100 311 25,000 SH Sole 25,000
PACIFIC RIM
MNG CORP_/CANADIAN/ COM 694915208 59 100,000 SH Sole 100,000
PACIFIC RIM
MNG CORP_/CANADIAN/ COM 694915208 241 408,187 SH Sole 408,187
PATTERSON UTI
ENERGY INC COM 703481101 4,731 170,000 SH Sole 170,000
PATTERSON UTI
ENERGY INC COM 703481101 390 14,000 SH Sole 14,000
PATTERSON UTI
ENERGY INC COM 703481101 1,113 40,000 SH Sole 40,000
PEABODY ENERGY COM 704549104 2,602 50,000 SH Sole 50,000
PEPSI-
AMERICAS INC COM 71343P200 513 20,000 SH Sole 20,000
PEPSICO INC COM 713448108 324 6,000 SH Sole 6,000
PER SE
TECHNOLOGIES INC COM 713569309 631 30,000 SH Sole 30,000
PETRO CANADA COM 71644E102 5,211 80,000 SH Sole 80,000
PETROCHINA
CO LTD ADR SPON ADR 71646E100 5,142 70,000 SH Sole 70,000
PETROCHINA
CO LTD ADR SPON ADR 71646E100 735 10,000 SH Sole 10,000
PETROCHINA
CO LTD ADR SPON ADR 71646E100 610 8,300 SH Defined 1 8,300
PETROBRAS
SPONSORED ADR SPON ADR 71654V101 9,438 205,000 SH Sole 205,000
PETROBRAS
SPONSORED ADR SPON ADR 71654V101 195 4,229 SH Defined 2 4,229
PFIZER INC COM 717081103 165 6,000 SH Sole 6,000
PHARMACEUTICAL
PROD DEV INC COM 717124101 469 10,000 SH Sole 10,000
PHILADELPHIA
CONS HOLDING CORP COM 717528103 381 4,500 SH Sole 4,500
PHILLIPS VAN
HEUSEN CORP COM 718592108 654 20,000 SH Sole 20,000
PLACER DOME INC COM 725906101 3,484 226,500 SH Sole 226,500
C/O PLACER DOME
JAN 0017.50 CALL OPTN 7259062AW 11 50 SH CALL Sole 50
C/O PLACER DOME
JAN 0017.50 CALL OPTN 7259062AW 44 200 SH CALL Sole 200
C/O PLACER DOME
JAN 06 CALL OPTN 7259069AE 11 700 SH CALL Sole 700
C/O PLACER DOME
JAN 06 CALL OPTN 7259069AE 8 500 SH CALL Sole 500
C/O PLACER DOME
JAN 06 CALL OPTN 7259069AE 54 3,610 SH CALL Sole 3,610
POTASH CORP
SASCKATCHEWAN COM 73755L107 4,779 50,000 SH Sole 50,000
POTASH CORP
SASCKATCHEWAN COM 73755L107 143 1,500 SH Sole 1,500
POTASH CORP
SASCKATCHEWAN COM 73755L107 717 7,500 SH Sole 7,500
PRAXAIR COM 74005P104 93 2,000 SH Sole 2,000
PRECISION
DRILLING CORP COM 74022D100 3,158 80,000 SH Sole 80,000
PREMIERE GLOBAL
SERVICES COM 740585104 135 12,000 SH Sole 12,000
PRIDE INTER-
NATIONAL INC COM 74153Q102 1,799 70,000 SH Sole 70,000
PROASSURANCE
CORPORATION COM 74267C106 188 4,500 SH Sole 4,500
PROCTOR &
GAMBLE CO COM 742718109 385 7,300 SH Defined 1 7,300
PROGRESS
SOFTWARE CORP COM 743312100 211 7,000 SH Sole 7,000
PRUDENTIAL
FINANCIAL INC COM 744320102 105 1,600 SH Sole 1,600
PRUDENTIAL
FINANCIAL INC COM 744320102 657 10,000 SH Sole 10,000
PUBLIC SVC
ENTERPRISE GROUP COM 744573106 608 10,000 SH Sole 10,000
RC2 CORP COM 749388104 564 15,000 SH Sole 15,000
RANGOLD RE-
SOURCES LTD ADR SPON ADR 752344309 3,656 260,000 SH Sole 260,000
RANGOLD RE-
SOURCES LTD ADR SPON ADR 752344309 7,712 548,500 SH Sole 548,500
RAYONIER INC COM 754907103 212 4,000 SH Sole 4,000
RED ROBIN
GOURMET BURGERS COM 75689M101 310 5,000 SH Sole 5,000
RINKER GROUP
LTD ADR SPON ADR 76687M101 531 10,000 SH Sole 10,000
ROHM & HAAS CO. COM 775371107 2,317 50,000 SH Sole 50,000
ROYAL GOLD INC COM 780287108 80 4,000 SH Sole 4,000
SK TELECOM LTD
SPONSORED ADR SPON ADR 78440P108 122 6,000 SH Sole 6,000
S & P 500
DEPOSITARY RECEIPTS UNIT SER 1 78462F103 179 1,500 SH Sole 1,500
ST MARY LAND &
EXPL CO COM 792228108 580 20,000 SH Sole 20,000
ST PAUL TRAVELERS
COS INC COM 792860108 138 3,500 SH Sole 3,500
SAN JUAN BASIN
RTY TR UBI UNIT TR 798241105 2,098 50,000 SH Sole 50,000
SAN JUAN BASIN
RTY TR UBI UNIT TR 798241105 168 4,000 SH Sole 4,000
SANOFI-AVENTIS ADR SPON ADR 80105N105 307 7,500 SH Defined 1 7,500
SASOL LTD
SPONS ADR SPON ADR 803866300 2,158 80,000 SH Sole 80,000
SASOL LTD
SPONS ADR SPON ADR 803866300 219 8,105 SH Defined 2 8,105
SCHLUMBERGER LTD COM 806857108 3,417 45,000 SH Sole 45,000
SCHLUMBERGER LTD COM 806857108 304 4,000 SH Defined 1 4,000
7-ELEVEN INC COM 817826209 181 6,000 SH Sole 6,000
SHAW GROUP INC COM 820280105 108 5,000 SH Sole 5,000
SIMON PROPERTY
GROUP INC COM 828806109 109 1,500 SH Sole 1,500
SIMON PROPERTY GROUP INC COM 828806109 362 5,000 SH Sole 5,000
SOUTHWESTERN
ENERGY CO COM 845467109 4,698 100,000 SH Sole 100,000
STATION CASINOS INC COM 857689103 266 4,000 SH Sole 4,000
STREETTRACKS
GOLD TRUST GOLD SHS 863307104 348 8,000 SH Sole 8,000
STRYKER CORP COM 863667101 476 10,000 SH Sole 10,000
SUNCOR ENERGY INC COM 867229106 322 6,800 SH Defined 1 6,800
SURMODICS INC COM 868873100 434 10,000 SH Sole 10,000
TECO ENERGY INC COM 872375100 567 30,000 SH Sole 30,000
TAIWAN SEMI-
CONDUCTOR SPON ADR SPON ADR 874039100 935 102,499 SH Sole 102,499
TAIWAN SEMI-
CONDUCTOR SPON ADR SPON ADR 874039100 135 14,774 SH Defined 2 14,774
TECHNE CORP COM 878377100 574 12,500 SH Sole 12,500
TEVA PHARMACEUTICAL
IND SPON ADR SPON ADR 881624209 140 4,500 SH Sole 4,500
TEVA PHARMACEUTICAL
IND SPON ADR SPON ADR 881624209 405 13,000 SH Defined 1 13,000
TETRA TECHNOLOGIES
INC DEL COM 88162F105 1,911 60,000 SH Sole 60,000
TEXAS INDUSTRIES COM 882491103 1,125 20,000 SH Sole 20,000
TEXAS INSTUMENTS INC COM 882508104 393 14,000 SH Sole 14,000
TEXAS INSTUMENTS INC COM 882508104 441 15,700 SH Defined 1 15,700
TEXTRON INC COM 883203101 228 3,000 SH Sole 3,000
TOLL BROTHERS INC COM 889478103 457 4,500 SH Sole 4,500
TOYOTA MOTOR CORP ADR SP ADR 892331307 250 3,500 SH Defined 1 3,500
REP2COM
TRIMBLE NAVIGATON LTD COM 896239100 390 10,000 SH Sole 10,000
URS CORP COM 903236107 374 10,000 SH Sole 10,000
ULTIMATE SOFTWARE
GROUP INC COM 90385D107 328 20,000 SH Sole 20,000
UNIBANCO GDR GDR REP
PFD UT 90458E107 386 10,000 SH Sole 10,000
UNITED NATURAL
FOODS COM 911163103 137 4,500 SH Sole 4,500
U STORE IT TRUST COM 91274F104 95 5,000 SH Sole 5,000
UNITED THERAPEU-
TICS CORP DEL COM 91307C102 723 15,000 SH Sole 15,000
UNITEDHEALTH
GROUP INC COM 91324P102 469 9,000 SH Sole 9,000
UNITEDHEALTH
GROUP INC COM 91324P102 313 6,000 SH Defined 1 6,000
UNIVERSAL AMER
FINANCIAL CORP COM 913377107 566 25,000 SH Sole 25,000
URBAN OUTFITTERS
INC COM 917047102 170 3,000 SH Sole 3,000
URBAN OUTFITTERS
INC COM 917047102 850 15,000 SH Sole 15,000
VALERO REFNG
& MARKETING CO COM 91913Y100 1,978 25,000 SH Sole 25,000
VENTANA
MEDICAL INC COM 92276H106 805 20,000 SH Sole 20,000
VERISIGN INC COM 92343E102 129 4,500 SH Sole 4,500
VERISIGN INC COM 92343E102 575 20,000 SH Sole 20,000
VIASYS HEALTH-
CARE INC COM 92553Q209 565 25,000 SH Sole 25,000
VINTAGE PETRO-
LEUM INC COM 927460105 5,335 175,100 SH Sole 175,100
WALGREEN
CO COM 931422109 92 2,000 SH Sole 2,000
WALGREEN
CO COM 931422109 460 10,000 SH Sole 10,000
WALTER INDUS-
TRIES INC COM 93317Q105 804 20,000 SH Sole 20,000
WASHINGTON
POST CO CL B CL B 939640108 405 485 SH Defined 1 485
WASTE CONNEC-
TIONS INC COM 941053100 746 20,000 SH Sole 20,000
WEBSIDESTORY COM 947685103 293 20,000 SH Sole 20,000
WELLCHOICE INC COM 949475107 695 10,000 SH Sole 10,000
WELLS FARGO
& COMPANY COM 949746101 739 12,000 SH Defined 1 12,000
WESTERN DIGITAL
CORP COM 958102105 470 35,000 SH Sole 35,000
WESTERN GAS
RESOURCE COM 958259103 4,014 115,000 SH Sole 115,000
WILLBROS GROUP INC COM 969199108 1,432 100,000 SH Sole 100,000
WITNESS SYSTEMS INC COM 977424100 137 7,500 SH Sole 7,500
WYETH COM 983024100 134 3,000 SH Sole 3,000
XTO ENERGY INC COM 98385X106 85 2,500 SH Sole 2,500
ZENITH NATIONAL
INSURANCE CORP COM 989390109 848 12,500 SH Sole 12,500
ZIONS BANCORP COM 989701107 551 7,500 SH Sole 7,500