UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Quarter Ended: March 31, 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
------------------
San Antonio, TX
May 12, 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: 354
Form 13F Information Table Value Total: $457,111 (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
------------------------------------------------------------------------------------------------------------------------------------
FRONTLINE LTD ORD G3682E127 1,470 30,000 SH Sole 30,000
FRONTLINE LTD ORD G3682E127 98 2,000 SH Sole 2,000
GLOBALSANTAFE CORP SHS G3930E101 4,074 110,000 SH Sole 110,000
NABORS INDUSTRIES INC SHS G6359F103 4,140 70,000 SH Sole 70,000
NABORS INDUSTRIES INC SHS G6359F103 266 4,500 SH Sole 4,500
NABORS INDUSTRIES INC SHS G6359F103 296 5,000 SH Defined 1 5,000
NOBLE DRILLING CORP SHS G65422100 225 4,000 SH Defined 1 4,000
NOBLE DRILLING CORP SHS G65422100 562 10,000 SH Sole 10,000
SEAGATE TECHNOLOGY SHS G7945J104 196 10,000 SH Sole 10,000
SHIP FINANCE INTL LTD SHS G81075106 20 1,000 SH Sole 1,000
SHIP FINANCE INTL LTD SHS G81075106 4 200 SH Sole 200
TRANSOCEAN INC ORD G90078109 3,860 75,000 SH Sole 75,000
TRANSOCEAN INC ORD G90078109 206 4,000 SH Sole 4,000
TRANSOCEAN INC ORD G90078109 468 9,100 SH Defined 1 9,100
WEATHERFORD INTL LTD COM G95089101 869 15,000 SH Sole 15,000
GENERALE MARITIME CORP SHS Y2692M103 1,695 35,000 SH Sole 35,000
OMI CORP COM Y6476W104 383 20,000 SH Sole 20,000
AFLAC INC COM 001055102 224 6,000 SH Defined 1 6,000
AGL RES INC COM 001204106 349 10,000 SH Sole 10,000
ACTIVISION INC COM 004930202 197 13,333 SH Sole 13,333
AETNA US HEALTHCARE COM 00817Y108 150 2,000 SH Sole 2,000
AFFILIATED MANAGERS
GROUP INC COM 008252108 620 10,000 SH Sole 10,000
AIR PRODUCTS &
CHEMICAL COM 009158106 1,582 25,000 SH Sole 25,000
AIR PRODUCTS &
CHEMICAL COM 009158106 266 4,200 SH Defined 1 4,200
ALCAN INC COM 013716105 2,275 60,000 SH Sole 60,000
ALCAN INC COM 013716105 152 4,000 SH Sole 4,000
ALLERGAN INC COM 018490102 208 3,000 SH Defined 1 3,000
ALLIANT TECH-
SYSTEMS INC COM 018804104 357 5,000 SH Sole 5,000
ALTRIA GROUP INC COM 02209S103 458 7,000 SH Sole 7,000
ALUMINUM CORP OF SPON ADR
CHINA ADR H SHRS 022276109 878 15,000 SH Sole 15,000
AMERICAN EAGLE
OUTFITTERS COM 02553E106 296 10,000 SH Sole 10,000
AMERICAN EAGLE
OUTFITTERS COM 02553E106 1,182 40,000 SH Sole 40,000
AMERICAN EXPRESS COM 025816109 247 4,800 SH Defined 1 4,800
AMERICAN INTERNA-
TIONAL GROUP COM 026874107 166 3,000 SH Defined 1 3,000
AMERICAN RETIREMENT
CORP COM 028913101 509 35,000 SH Sole 35,000
AMETEK INC COM 031100100 604 15,000 SH Sole 15,000
AMYLIN PHARMACEUTI-
CALS INC COM 032346108 175 10,000 SH Defined 1 10,000
ANADARKO PETE CORP COM 032511107 4,566 60,000 SH Sole 60,000
ANGLOGOLD ASHANTI
LTD SPON ADR SPON ADR 035128206 172 5,000 SH Sole 5,000
ANGLOGOLD ASHANTI
LTD SPON ADR SPON ADR 035128206 689 20,000 SH Sole 20,000
ANIXTER INTL INC COM 035290105 542 15,000 SH Sole 15,000
ANSYS INC COM 03662Q105 342 10,000 SH Sole 10,000
APPLE COMPUTER INC COM 037833100 375 9,000 SH Sole 9,000
APPLE COMPUTER INC COM 037833100 417 10,000 SH Sole 10,000
ARACRUZ CELULOSE SPON ADR
SA SPON ADR PFD B 038496204 1,074 30,000 SH Sole 30,000
ARCH COAL INC COM 039380100 2,151 50,000 SH Sole 50,000
ARGON ST INC COM 040149106 330 10,000 SH Sole 10,000
AUTONATION INC COM 05329W102 85 4,500 SH Sole 4,500
AUTONATION INC COM 05329W102 568 30,000 SH Sole 30,000
AUTOZONE INC COM 053332102 171 2,000 SH Sole 2,000
BJ SERVICES CO COM 055482103 4,669 90,000 SH Sole 90,000
BAKER HUGHES COM 057224107 3,337 75,000 SH Sole 75,000
BANCO SANTANDER
CENTRAL SPON ADR ADR 05964H105 97 8,000 SH Sole 8,000
BANK OF AMERICA CORP COM 060505104 265 6,000 SH Sole 6,000
BARRICK GOLD
CORPORATION COM 067901108 479 20,000 SH Sole 20,000
BARRICK GOLD
CORPORATION COM 067901108 1,198 50,000 SH Sole 50,000
C/O BARRICK GOLD
JAN 0030.00 CALL OPTN 0679015AF 51 750 SH CALL Sole 750
C/O BARRICK GOLD
JAN 0030.00 CALL OPTN 0679015AF 152 2,250 SH CALL Sole 2,250
BEMA GOLD CORP COM 08135F107 161 60,000 SH Sole 60,000
BEMA GOLD CORP COM 08135F107 871 325,000 SH Sole 325,000
BERKSHIRE HATHAWAY
INC CL B CL B 084670207 671 235 SH Defined 1 235
BONE CARE INTL INC COM 098072101 389 15,000 SH Sole 15,000
BOYD GAMING CORP COM 103304101 782 15,000 SH Sole 15,000
BRIGHT HORIZONS
FAMILY SOLUTNS COM 109195107 337 10,000 SH Sole 10,000
BROWN SHOE COMPANY INC COM 115736100 514 15,000 SH Sole 15,000
BUCYRUS INTL INC A CL A 118759109 2,539 65,000 SH Sole 65,000
BURLINGTON NORTH
SANTA FE CORP COM 12189T104 647 12,000 SH Sole 12,000
BURLINGTON NORTH
SANTA FE CORP COM 12189T104 809 15,000 SH Sole 15,000
CBRL GROUP INC COM 12489V106 620 15,000 SH Sole 15,000
CNOOC LTD ADR SPON ADR 126132109 2,188 40,000 SH Sole 40,000
CNOOC LTD ADR SPON ADR 126132109 1,094 20,000 SH Sole 20,000
CACI INTNATL INC
CL A CL A 127190304 304 5,500 SH Defined 1 5,500
CADENCE DESIGN
SYSTEM INC COM 127387108 105 7,000 SH Sole 7,000
CAMBIOR INC COM 13201L103 261 120,400 SH Sole 120,400
CAMBIOR INC COM 13201L103 380 175,000 SH Sole 175,000
CAMECO CORP COM 13321L108 265 6,000 SH Sole 6,000
CANADIAN NATURAL
RESOURCES COM 136385101 568 10,000 SH Sole 10,000
CAREMARK RX INC COM 141705103 239 6,000 SH Sole 6,000
CARTER HOLDINGS COM 146229109 398 10,000 SH Sole 10,000
CATAPULT COMMUNICA-
TIONS CORP COM 149016107 320 15,000 SH Sole 15,000
CATERPILLAR INC DEL COM 149123101 274 3,000 SH Sole 3,000
CENTRAL EUROPEAN
DISTR CORP COM 153435102 5,653 169,797 SH Defined 2 169,797
CENTRAL EUROPEAN
DISTR CORP COM 153435102 499 15,000 SH Sole 15,000
CENTURY ALUMINUM CO COM 156431108 1,513 50,000 SH Sole 50,000
CENTURY ALUMINUM CO COM 156431108 303 10,000 SH Sole 10,000
CHARLES RIVER
ASSOCIATES INC COM 159852102 494 10,000 SH Sole 10,000
CHATTEM INC COM 162456107 889 20,000 SH Sole 20,000
CHESAPEAKE ENERGY
CORP COM 165167107 2,194 100,000 SH Sole 100,000
CHESAPEAKE ENERGY
CORP COM 165167107 132 6,000 SH Sole 6,000
CHEVRON CORP COM 166764100 437 7,500 SH Sole 7,500
CHINA PETROLEUM
& CHEMICAL ADR SPON ADR 16941R108 612 15,000 SH Sole 15,000
CHINA PETROLEUM
& CHEMICAL ADR SPON ADR 16941R108 114 2,799 SH Defined 2 2,799
CHOICE HOTELS
INTL INC COM 169905106 186 3,000 SH Sole 3,000
CITIGROUP INC COM 172967101 225 5,000 SH Sole 5,000
CITIGROUP INC COM 172967101 337 7,500 SH Defined 1 7,500
CLOROX COMPANY COM 189054109 189 3,000 SH Sole 3,000
CLOROX COMPANY COM 189054109 756 12,000 SH Sole 12,000
COCA COLA CO COM COM 191216100 404 9,700 SH Defined 1 9,700
COGNIZANT TECH
SOLUTIONS CLASS A CL A 192446102 185 4,000 SH Sole 4,000
COGNIZANT TECH
SOLUTIONS CLASS A CL A 192446102 462 10,000 SH Sole 10,000
COMCAST COPR CL A CL A 20030N101 101 3,000 SH Sole 3,000
COMCAST COPR CL A CL A 20030N101 338 10,000 SH Defined 1 10,000
COMPANHIA SIDE-
RURGICA NAC ADR SPON ADR 20440W105 4,218 175,000 SH Sole 175,000
COMPAHNIA VALE DO
RIO DOCE ADR SPON ADR 204412209 1,581 50,000 SH Sole 50,000
COMPUCREDIT CORP COM 20478N100 266 10,000 SH Sole 10,000
COMTECH TELECOM-
MUNICATIONS COM 205826209 261 5,000 SH Sole 5,000
COMVERSE TECH-
NOLOGY INC COM 205862402 378 15,000 SH Sole 15,000
AGNICO EAGLE MINES
LTD WT/CAD/ WTS 2064952 24 10,000 SH Sole 10,000
AGNICO EAGLE MINES
LTD WT/CAD/ WTS 2064952 528 221,100 SH Sole 221,100
AGNICO EAGLE MINES
LTD WT/CAD/ WTS 2064952 1,448 605,900 SH Sole 605,900
CONSOL ENERGY INC COM 20854P109 2,351 50,000 SH Sole 50,000
CONSOL ENERGY INC COM 20854P109 188 4,000 SH Sole 4,000
CONSOL ENERGY INC COM 20854P109 353 7,500 SH Sole 7,500
CORPORATE EXECUTIVE
BOARD CO COM 21988R102 640 10,000 SH Sole 10,000
COVANCE INC COM 222816100 714 15,000 SH Sole 15,000
DENBURY RESOURCES COM 247916208 1,585 45,000 SH Sole 45,000
DIAGEO PLC
SPONSORED ADR SPON ADR 25243Q205 114 2,000 SH Sole 2,000
DIGI INTERNA-
TIONAL INC COM 253798102 274 20,000 SH Sole 20,000
DOMINOS PIZZA COM 25754A201 561 30,000 SH Sole 30,000
DOW CHEMICAL CO COM 260543103 3,739 75,000 SH Sole 75,000
DOW CHEMICAL CO COM 260543103 174 3,500 SH Sole 3,500
DOW CHEMICAL CO COM 260543103 279 5,600 SH Defined 1 5,600
DU PONT (EI)
DE NEMOURS COM 263534109 1,537 30,000 SH Sole 30,000
DUKE ENERGY CO COM 264399106 168 6,000 SH Sole 6,000
EBAY INC COM 278642103 224 6,000 SH Defined 1 6,000
EDISON INTERNA-
TIONAL COM 281020107 694 20,000 SH Sole 20,000
ELECTRONIC ARTS INC COM 285512109 487 9,400 SH Defined 1 9,400
ENCANA CORP COM 292505104 1,408 20,000 SH Sole 20,000
ENERGEN CORP COM 29265N108 666 10,000 SH Sole 10,000
ENERGY PARTNERS LTD COM 29270U105 390 15,000 SH Sole 15,000
ENERPLUS RESOURCES
FUND UNIT TR 29274D604 1,450 40,000 SH Sole 40,000
ENERPLUS RESOURCES
FUND UNIT TR 29274D604 218 6,000 SH Sole 6,000
ENTERGY CORP COM 29364G103 212 3,000 SH Sole 3,000
ENTERGY CORP COM 29364G103 707 10,000 SH Sole 10,000
EXELON CORPORATION COM 30161N101 229 5,000 SH Sole 5,000
EXELON CORPORATION COM 30161N101 184 4,000 SH Defined 1 4,000
FMC CORP COM 302491303 2,138 40,000 SH Sole 40,000
FMC TECHNOLOGIES
INC COM 30249U101 830 25,000 SH Sole 25,000
FPL GROUP COM 302571104 321 8,000 SH Defined 1 8,000
FEDEX CORPORATION COM 31428X106 235 2,500 SH Sole 2,500
FIRST HORIZON
NATIONAL CORP COM 320517105 102 2,500 SH Sole 2,500
FLANDERS CORPO
RATION COM 338494107 338 30,000 SH Sole 30,000
FLORIDA ROCK
INDUSTRIES COM 341140101 412 7,000 SH Sole 7,000
FOOT LOCKER INC COM 344849104 176 6,000 SH Sole 6,000
FOOT LOCKER INC COM 344849104 586 20,000 SH Sole 20,000
FORDING CANADIAN
COAL TRUST UNIT TR 345425102 4,824 52,500 SH Sole 52,500
FORDING CANADIAN
COAL TRUST UNIT TR 345425102 184 2,000 SH Sole 2,000
FRANKLIN RE-
SOURCES INC COM 354613101 206 3,000 SH Sole 3,000
C/O FREEPORT MCMOR
JAN 0040.00 CALL OPTN 35671D5AH 65 145 SH CALL Sole 145
C/O FREEPORT MCMOR
JAN 0040.00 CALL OPTN 35671D5AH 160 355 SH CALL Sole 355
FREEPORT MCMORAN
COPPER & GOLD B CL B 35671D857 3,565 90,000 SH Sole 90,000
FREEPORT MCMORAN
COPPER & GOLD B CL B 35671D857 2,820 71,200 SH Sole 71,200
FREEPORT MCMORAN
COPPER & GOLD B CL B 35671D857 396 10,000 SH Sole 10,000
GENERAL ELECTRIC CO COM 369604103 433 12,000 SH Sole 12,000
GENERAL ELECTRIC CO COM 369604103 180 5,000 SH Defined 1 5,000
GENERAL GROWTH
PROPERTIES COM 370021107 341 10,000 SH Sole 10,000
GOLD FIELDS LTD
SPON ADR SPON ADR 38059T106 2,137 186,000 SH Sole 186,000
GOLD FIELDS LTD
SPON ADR SPON ADR 38059T106 1,907 166,000 SH Sole 166,000
GOLDCORP INC COM 380956409 266 18,750 SH Sole 18,750
GOLDCORP INC COM 380956409 1,457 102,500 SH Sole 102,500
GOLDCORP INC COM 380956409 2,885 203,000 SH Sole 203,000
GOLDEN WEST FI-
NANCIAL CORP COM 381317106 151 2,500 SH Sole 2,500
GOODRICH CORP COM 382388106 96 2,500 SH Sole 2,500
GOODRICH CORP COM 382388106 383 10,000 SH Sole 10,000
GOOGLE INC CLASS A CL A 38259P508 90 500 SH Sole 500
GRANT PRIDECO INC COM 38821G101 4,107 170,000 SH Sole 170,000
GRUPO AEROPORTUARIO SPON ADR
SPON ADR SER B 40051E202 291 10,360 SH Defined 2 10,360
HCC INS HLDGS INC COM 404132102 362 10,000 SH Sole 10,000
HSBC HLDGS PLC
SPONS ADR SPON ADR 404280406 397 5,000 SH Sole 5,000
HAIN CELESTIAL
GROUP INC COM 405217100 373 20,000 SH Sole 20,000
HALLIBURTON CO COM 406216101 4,325 100,000 SH Sole 100,000
HALLIBURTON CO COM 406216101 260 6,000 SH Sole 6,000
HARRAHS ENTERTAIN-
MENT INC COM 413619107 646 10,000 SH Sole 10,000
HARTFORD FINL SVCS
GROUP INC COM 416515104 274 4,000 SH Sole 4,000
HARVEST NATURAL
RESOURCE COM 41754V103 3,270 275,000 SH Sole 275,000
HECLA MINING COM 422704106 493 90,000 SH Sole 90,000
HECLA MINING COM 422704106 1,534 280,000 SH Sole 280,000
HERCULES INC COM 427056106 1,521 105,000 SH Sole 105,000
HOVNANIAN ENTER-
PRISES INC CL A CL A 442487203 765 15,000 SH Sole 15,000
IXIA COM 45071R109 445 25,000 SH Sole 25,000
ITT INDUSTRIES COM 450911102 902 10,000 SH Sole 10,000
IDEX CORP COM 45167R104 908 22,500 SH Sole 22,500
INDEPENDENT BANK
CORP MICH COM 453838104 288 10,000 SH Sole 10,000
INTEL CORP COM 458140100 139 6,000 SH Sole 6,000
INTEL CORP COM 458140100 418 18,000 SH Defined 1 18,000
INTERNATIONAL
BUSINESS MACHINES COM 459200101 274 3,000 SH Defined 1 3,000
ISHARES MSCI MSCI
SINGAPORE FREE SINGAPORE 464286673 145 20,000 SH Sole 20,000
ISHARES TRUST RUSSELL
RUSSELL 200I 2000 464287655 183 1,500 SH Sole 1,500
JOHNSON & JOHNSON COM 478160104 403 6,000 SH Sole 6,000
JOY GLOBAL INC COM 481165108 2,630 75,000 SH Sole 75,000
JOY GLOBAL INC COM 481165108 175 5,000 SH Sole 5,000
KT CORP SPONS ADR_ SPON ADR 48268K101 426 20,000 SH Sole 20,000
KERR MCGEE CORP COM 492386107 157 2,000 SH Sole 2,000
KNIGHT TRANSN INC COM 499064103 740 30,000 SH Sole 30,000
KOOKMIN BANK SP
ADR 1 ADR RP 1SH SPON ADR 50049M109 893 20,000 SH Sole 20,000
KOOKMIN BANK SP
ADR 1 ADR RP 1SH SPON ADR 50049M109 229 5,123 SH Defined 2 5,123
KOREA ELECT POWER
SPON ADR/RP1/2 SPON ADR 500631106 538 40,000 SH Sole 40,000
KRONOS INC COM 501052104 511 10,000 SH Sole 10,000
LG PHILIPS LCD
CO LTD /USD/ SPON
ADR REP 50186V102 216 10,000 SH Sole 10,000
LANDSTAR SYSTEM INC COM 515098101 655 20,000 SH Sole 20,000
LEGG MASON INC COM 524901105 781 10,000 SH Sole 10,000
LEHMAN BROTHERS
HLDGS INC COM 524908100 141 1,500 SH Sole 1,500
LEHMAN BROTHERS
HLDGS INC COM 524908100 471 5,000 SH Sole 5,000
LUXOTTICA GROUP
SPONS ADR SPON ADR 55068R202 61 3,000 SH Sole 3,000
LUXOTTICA GROUP
SPONS ADR SPON ADR 55068R202 306 15,000 SH Sole 15,000
LYONDELL PETRO-
CHEMICAL CO COM 552078107 3,630 130,000 SH Sole 130,000
LYONDELL PETRO-
CHEMICAL CO COM 552078107 698 25,000 SH Sole 25,000
M D C HLDGS INC
/DELAWARE/ COM 552676108 697 10,000 SH Sole 10,000
MAGYAR TAVKOZLESI
RT (MATAV) ADR SPON ADR 559776109 5,632 239,149 SH Defined 2 239,149
MARATHON OIL CORP COM 565849106 235 5,000 SH Defined 1 5,000
MARINEMAX INC COM 567908108 468 15,000 SH Sole 15,000
MARTHA STEWART
LIVING OMNI INC CL A 573083102 113 5,000 SH Sole 5,000
MERIDIAN GOLD INC COM 589975101 2,130 126,500 SH Sole 126,500
MERIDIAN GOLD INC COM 589975101 3,107 184,500 SH Sole 184,500
METTLER TOLEDO INTL COM 592688105 143 3,000 SH Sole 3,000
MICROSOFT CORP COM 594918104 459 19,000 SH Defined 1 19,000
MILLER /HERMAN/ INC COM 600544100 602 20,000 SH Sole 20,000
MOBILE TELESYSTEMS
SPON ADR SPON ADR 607409109 59,285 1,684,700 SH Defined 2 1,684,700
MOBILE MINI INC COM 60740F105 606 15,000 SH Sole 15,000
MONSANTO CO COM 61166W101 323 5,000 SH Sole 5,000
NDS GROUP PLC
SPONSORED ADR SPON ADR 628891103 347 10,000 SH Sole 10,000
NS GROUP INC COM 628916108 1,413 45,000 SH Sole 45,000
NALCO HOLDINGS COM 62985Q101 377 20,000 SH Sole 20,000
NASDAQ 100 SHARES MTL FND 631100104 366 10,000 SH Sole 10,000
NATIONAL OILWELL
VARCO INC COM 637071101 2,428 52,000 SH Sole 52,000
NAVIGANT CONSULT-
ING INC COM 63935N107 817 30,000 SH Sole 30,000
NETEASE.COM INC ADR SPON ADR 64110W102 217 4,500 SH Sole 4,500
NETWORK APPLI-
ANCE INC COM 64120L104 166 6,000 SH Sole 6,000
NEWMONT MINING CORP COM 651639106 1,901 45,000 SH Sole 45,000
NEWMONT MINING CORP COM 651639106 4,225 100,000 SH Sole 100,000
NEWMONT MINING CORP COM 651639106 275 6,500 SH Defined 1 6,500
C/O NEWMONT MINING
JAN0040.00 CALL OPTN 6516392AH 29 50 SH CALL Sole 50
C/O NEWMONT MINING
JAN0040.00 CALL OPTN 6516392AH 87 150 SH CALL Sole 150
NORTHROP GRUNMAN
CORP COM 666807102 432 8,000 SH Defined 1 8,000
NOVA CHEMICALS CORP COM 66977W109 2,148 50,000 SH Sole 50,000
NOVA CHEMICALS CORP COM 66977W109 430 10,000 SH Sole 10,000
NOVARTIS AG SPON ADR SPON ADR 66987V109 313 6,700 SH Defined 1 6,700
NUCOR CORP COM 670346105 576 10,000 SH Sole 10,000
OIL STATES INTER-
NATIONAL INC COM 678026105 2,363 115,000 SH Sole 115,000
OIL STATES INTER-
NATIONAL INC COM 678026105 719 35,000 SH Sole 35,000
ONEOK IN C COM 682680103 2,466 80,000 SH Sole 80,000
VIMPEL COMMUNICA-
TIONS SPON ADR SPON ADR 68370R109 57,778 1,678,628 SH Defined 2 1,678,628
VIMPEL COMMUNICA-
TIONS SPON ADR SPON ADR 68370R109 320 9,294 SH Defined 2 9,294
O'REILLY AUTOMO-
TIVE INC COM 686091109 495 10,000 SH Sole 10,000
PNC FINANCIAL
SERVICES COM 693475105 154 3,000 SH Sole 3,000
POSCO SPONSORED ADR SPON ADR 693483109 1,974 40,000 SH Sole 40,000
PPG INDUSTRIES INC COM 693506107 2,503 35,000 SH Sole 35,000
PACIFIC RIM MNG
CORP_/CANADIAN/ COM 694915208 67 100,000 SH Sole 100,000
PACIFIC RIM MNG
CORP_/CANADIAN/ COM 694915208 273 408,187 SH Sole 408,187
PATTERSON COMPAN-
IES INC COM 703395103 500 10,000 SH Sole 10,000
PATTERSON UTI
ENERGY INC COM 703481101 3,378 135,000 SH Sole 135,000
PATTERSON UTI
ENERGY INC COM 703481101 375 15,000 SH Sole 15,000
PEPSICO INC COM 713448108 265 5,000 SH Sole 5,000
PETRO CANADA COM 71644E102 4,629 80,000 SH Sole 80,000
PETROCHINA CO
LTD ADS SPON ADR 71646E100 3,793 60,000 SH Sole 60,000
PETROCHINA CO
LTD ADS SPON ADR 71646E100 1,138 18,000 SH Sole 18,000
PETROCHINA CO
LTD ADS SPON ADR 71646E100 525 8,300 SH Defined 1 8,300
PETROBRAS SPONSORED
ADR SPON ADR 71654V101 1,731 45,000 SH Sole 45,000
PETROBRAS SPONSORED
ADR SPON ADR 71654V101 163 4,229 SH Defined 2 4,229
PETROLEO BRASILEIRO
SA ADR SPON ADR 71654V408 4,418 100,000 SH Sole 100,000
PETROQUEST ENERGY
INC COM 716748108 717 108,000 SH Sole 108,000
PHARMACEUTICAL DEPOSITORY
HOLDRS TR RECEIPT 71712A206 216 3,000 SH Sole 3,000
PHELPS DODGE
CORP COM 717265102 102 1,000 SH Sole 1,000
PHILLIPS VAN HUESEN CORP COM 718592108 400 15,000 SH Sole 15,000
PIONEER DRILLING CO COM 723655106 2,351 170,700 SH Sole 170,700
PLACER DOME INC COM 725906101 487 30,000 SH Sole 30,000
PLACER DOME INC COM 725906101 8,256 509,000 SH Sole 509,000
C/O PLACER DOME
JAN 06 CALL OPTN 7259069AE 28 700 SH CALL Sole 700
C/O PLACER DOME
JAN 06 CALL OPTN 7259069AE 20 500 SH CALL Sole 500
C/O PLACER DOME
JAN 06 CALL OPTN 7259069AE 144 3,610 SH CALL Sole 3,610
POTASH CORP
SASCKATCHEWAN COM 73755L107 2,625 30,000 SH Sole 30,000
POTASH CORP
SASCKATCHEWAN COM 73755L107 131 1,500 SH Sole 1,500
POTASH CORP
SASCKATCHEWAN COM 73755L107 438 5,000 SH Sole 5,000
PRECISION CAST
PARTS COM 740189105 385 5,000 SH Sole 5,000
PRECISION DRILLING
CORP COM 74022D100 3,733 50,000 SH Sole 50,000
PRECISION DRILLING
CORP COM 74022D100 112 1,500 SH Sole 1,500
PREMCOR INC COM 74045Q104 2,984 50,000 SH Sole 50,000
PRIMEWEST ENERGY
TRUST UNIT TR 741930309 359 15,000 SH Sole 15,000
PROASSURANCE
CORPORATION COM 74267C106 178 4,500 SH Sole 4,500
PROCTOR & GAMBLE CO COM 742718109 387 7,300 SH Defined 1 7,300
PSYCHIATRIC
SOLUTIONS INC COM 74439H108 460 10,000 SH Sole 10,000
QLOGIC CORP COM 747277101 608 15,000 SH Sole 15,000
QUESTAR CORP COM 748356102 1,778 30,000 SH Sole 30,000
RANGOLD RESOURCES
LTD ADR SPON ADR 752344309 116 9,400 SH Sole 9,400
RANGOLD RESOURCES
LTD ADR SPON ADR 752344309 3,090 250,000 SH Sole 250,000
RANGOLD RESOURCES
LTD ADR SPON ADR 752344309 6,532 528,500 SH Sole 528,500
RAYONIER INC COM 754907103 198 4,000 SH Sole 4,000
REYNOLDS AMERICAN
INC COM 761713106 403 5,000 SH Sole 5,000
ROCKWELL INTERNA-
TIONAL CORP COM 773903109 227 4,000 SH Sole 4,000
ROCKWELL INTERNA-
TIONAL CORP COM 773903109 1,133 20,000 SH Sole 20,000
SK TELECOM LTD
SPONSORED ADR SPON ADR 78440P108 118 6,000 SH Sole 6,000
SRA INTERNATIONAL
INC CLASS A CL A 78464R105 301 5,000 SH Sole 5,000
SAN JUAN BASIN
RTY TR UBI UNIT TR 798241105 2,883 80,000 SH Sole 80,000
SAN JUAN BASIN
RTY TR UBI UNIT TR 798241105 252 7,000 SH Sole 7,000
SASOL LTD SPONS ADR SPON ADR 803866300 193 8,105 SH Defined 2 8,105
SCHLUMBERGER LTD COM 806857108 282 4,000 SH Defined 1 4,000
SEMICONDUCTOR
HOLDERS TRUST DEPOSITORY
RECEIPT 816636203 325 10,000 SH Sole 10,000
7-ELEVEN INC COM 817826209 144 6,000 SH Sole 6,000
7-ELEVEN INC COM 817826209 480 20,000 SH Sole 20,000
SIGMATEL INCOR-
PORATED COM 82661W107 374 10,000 SH Sole 10,000
SONIC CORP COM COM 835451105 1,002 30,000 SH Sole 30,000
SOUTHWESTERN
ENERGY CO COM 845467109 4,257 75,000 SH Sole 75,000
SOUTHWESTERN
ENERGY CO COM 845467109 851 15,000 SH Sole 15,000
STARBUCKS CORP COM 855244109 103 2,000 SH Sole 2,000
STATION CASINOS
INC COM 857689103 338 5,000 SH Sole 5,000
STATOIL ASA
SPON ADR SPON ADR 85771P102 343 20,000 SH Sole 20,000
STREETTRACKS
GOLD TRUST GOLD SHS 863307104 2,141 50,000 SH Sole 50,000
STREETTRACKS
GOLD TRUST GOLD SHS 863307104 285 6,650 SH Sole 6,650
STREETTRACKS
GOLD TRUST GOLD SHS 863307104 1,655 38,650 SH Sole 38,650
SUPERIOR ENERGY
SERVICES INC COM 868157108 688 40,000 SH Sole 40,000
TBC CORP COM 872183108 279 10,000 SH Sole 10,000
TAIWAN SEMICONDUCTOR
SPON ADR SPON ADR 874039100 254 30,000 SH Sole 30,000
TAIWAN SEMICONDUCTOR
SPON ADR SPON ADR 874039100 71 8,409 SH Defined 2 8,409
TELEFONICA SA
SPONSORED ADR SPON ADR 879382208 156 3,000 SH Sole 3,000
TEVA PHARMACEUTICAL
IND SPON ADR SPON ADR 881624209 403 13,000 SH Defined 1 13,000
TETRA TECHNOLOGIES
INC DEL COM 88162F105 3,128 110,000 SH Sole 110,000
TEXAS CAPITAL
BANCSHARES INC COM 88224Q107 525 25,000 SH Sole 25,000
TEXAS INSTUMENTS INC COM 882508104 400 15,700 SH Defined 1 15,700
TEXTRON INC COM 883203101 224 3,000 SH Sole 3,000
TIFFANY & CO COM 886547108 259 7,500 SH Sole 7,500
TIFFANY & CO COM 886547108 777 22,500 SH Sole 22,500
TIME WARNER INC COM 887317105 132 7,500 SH Sole 7,500
TOLL BROTHERS INC COM 889478103 237 3,000 SH Sole 3,000
TORO CO COM 891092108 620 7,000 SH Sole 7,000
TYCO INTL LTD COM 902124106 338 10,000 SH Defined 1 10,000
UNIT CORP COM 909218109 5,420 120,000 SH Sole 120,000
UNIT CORP COM 909218109 903 20,000 SH Sole 20,000
UNITED THERAPEUTICS
CORP DEL COM 91307C102 685 15,000 SH Sole 15,000
UNITEDHEALTH
GROUP INC COM 91324P102 668 7,000 SH Sole 7,000
UNITEDHEALTH
GROUP INC COM 91324P102 286 3,000 SH Defined 1 3,000
UNOCAL CORP COM 915289102 247 4,000 SH Defined 1 4,000
URBAN OUT-
FITTERS INC COM 917047102 144 3,000 SH Sole 3,000
URBAN OUT-
FITTERS INC COM 917047102 480 10,000 SH Sole 10,000
VALERO REFNG &
MARKETING CO COM 91913Y100 5,495 75,000 SH Sole 75,000
VALERO REFNG &
MARKETING CO COM 91913Y100 220 3,000 SH Sole 3,000
VALERO REFNG &
MARKETING CO COM 91913Y100 513 7,000 SH Sole 7,000
VENTANA MEDICAL
INC COM 92276H106 1,124 30,000 SH Sole 30,000
VINTAGE PETRO-
LEUM INC COM 927460105 6,607 210,000 SH Sole 210,000
WMC RESOURCES
LTD SP ADR SPON ADR 92928R106 44 1,800 SH Sole 1,800
WALTER INDUSTRIES
INC COM 93317Q105 2,340 55,000 SH Sole 55,000
WALTER INDUSTRIES
INC COM 93317Q105 426 10,000 SH Sole 10,000
WASHINGTON POST
CO CL B CL B 939640108 434 485 SH Defined 1 485
WATERS CORPORATION COM 941848103 358 10,000 SH Sole 10,000
WEBSENSE INC COM 947684106 1,076 20,000 SH Sole 20,000
WELLS FARGO &
COMPANY COM 949746101 90 1,500 SH Sole 1,500
WELLS FARGO &
COMPANY COM 949746101 718 12,000 SH Defined 1 12,000
WESTERN GAS
RESOURCE COM 958259103 5,340 155,000 SH Sole 155,000
WILLBROS GROUP INC COM 969199108 1,818 90,000 SH Sole 90,000
WORLD FUEL
SERVICES CORP COM 981475106 630 20,000 SH Sole 20,000
XTO ENERGY INC COM 98385X106 1,314 40,000 SH Sole 40,000
XTO ENERGY INC COM 98385X106 120 3,666 SH Sole 3,666
YELLOW ROADWAY
CORP COM 985577105 585 10,000 SH Sole 10,000
ZENITH NATIONAL
INSURANCE CORP COM 989390109 778 15,000 SH Sole 15,000
ZIMMER HOLDINGS INC COM 98956P102 327 4,200 SH Defined 1 4,200