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