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: