UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Quarter Ended: September 30, 2003
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
November 12, 2003
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: 326
Form 13F Information Table Value Total: $154,999 (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
------------------------ -------- ---------- -------- ------- --------- ---- ---------- -------- ------ ------ ------
ACCENTURE LTD
BERMUDA CMN STK G1150G111 94 4,200 SH Sole 4,200
ACE LTD CMN STK G0070K103 132 4,000 SH Sole 4,000
ADVANCED NEUROMODULATION
SYS CMN STK 00757T101 798 20,000 SH Defined 1 20,000
AEROPOSTALE INC CMN STK 007865108 162 6,000 SH Sole 6,000
AFFILIATED COMPUTER
SVCS A CMN STK 008190100 268 5,500 SH Sole 5,500
AFLAC INC WTS 001055102 194 6,000 SH Defined 2 6,000
AGCO CORP WTS 001084102 51 3,000 SH Sole 3,000
AGNICO EAGLE MINES LTD WTS 008474108 247 20,000 SH Sole 20,000
AGNICO EAGLE MINES LTD CMN STK 008474108 494 40,000 SH Sole 40,000
AGNICO EAGLE MINES WT
11/14/07 CMN STK 008474132 36 10,000 SH Sole 10,000
AGNICO EAGLE MINES WT
11/14/07 CMN STK 008474132 363 100,000 SH Sole 100,000
AGNICO EAGLE MINES WT
11/14/07 CMN STK 008474132 834 230,000 SH Sole 230,000
ALARIS MEDICAL INC CMN STK 011637105 93 5,600 SH Sole 5,600
ALCOA INC CMN STK 013817101 118 4,500 SH Sole 4,500
ALCOA INC CMN STK 013817101 89 3,400 SH Sole 3,400
ALLIANCE DATA SYSTEMS CORP CMN STK 018581108 528 20,000 SH Defined 1 20,000
AMERICAN EXPRESS CMN STK 025816109 207 4,600 SH Sole 4,600
AMERICAN INTERNATIONAL
GROUP CMN STK 026874107 127 2,200 SH Sole 2,200
AMERICAN STANDARD
COMPANIES INC CMN STK 029712106 1,685 20,000 SH Defined 1 20,000
AMERISOURCEBERGEN CORP
CLASS A CMN STK 03073E105 216 4,000 SH Sole 4,000
AMERITRADE HOLDING CORP CMN STK 03074K100 1,688 150,000 SH Defined 1 150,000
AMETEK INC CMN STK 031100100 857 20,000 SH Defined 1 20,000
AMGEN INC CMN STK 031162100 284 4,400 SH Sole 4,400
ANALOG DEVICES INC CMN STK 032654105 95 2,500 SH Sole 2,500
ANHEUSER BUSCH INC CMN STK 035229103 197 4,000 SH Sole 4,000
AOL TIME WARNER CMN STK 00184A105 340 22,500 SH Defined 2 22,500
APACHE CORP CMN STK 037411105 139 2,000 SH Defined 2 2,000
APEX SILVER MINES LTD CMN STK G04074103 335 25,000 SH Defined 2 25,000
APOLLO GROUP INC CL A CMN STK 037604105 119 1,800 SH Sole 1,800
APPLEBEES INTL INC CMN STK 037899101 126 4,000 SH Sole 4,000
APPLEBEES INTL INC CMN STK 037899101 315 10,000 SH Defined 1 10,000
ARACRUZ CELULOSE SA SPON
ADR CMN STK 038496204 137 5,000 SH Sole 5,000
ASHANTI GOLDFIELDS GDR CMN STK 043743202 366 35,000 SH Sole 35,000
ASHANTI GOLDFIELDS GDR CMN STK 043743202 679 65,000 SH Sole 65,000
ATRIX LABS INC CMN STK 04962L101 412 20,000 SH Defined 1 20,000
AU OPTRONICS CORP ADR SPON CMN STK 002255107 119 9,300 SH Sole 9,300
AUTOLIV INC CMN STK 052800109 603 20,000 SH Defined 1 20,000
AVON PRODS INC CMN STK 054303102 129 2,000 SH Sole 2,000
AVON PRODS INC CMN STK 054303102 1,937 30,000 SH Defined 1 30,000
BANK OF AMERICA CORP CMN STK 060505104 328 4,200 SH Sole 4,200
BANK OF NEW YORK CO INC CMN STK 064057102 335 11,500 SH Defined 2 11,500
BARRICK GOLD CORPORATION CMN STK 067901108 264 14,000 SH Defined 2 14,000
BENCHMARK ELECTRS INC CMN STK 08160H101 845 20,000 SH Defined 1 20,000
BENTLEY PHARMACEUTICALS
INC CMN STK 082657107 163 10,000 SH Defined 1 10,000
BERKSHIRE HATHAWAY
INC CL B CMN STK 084670207 587 235 SH Defined 2 235
BEST BUY INC CMN STK 086516101 124 2,600 SH Sole 2,600
BHP BILLITON LTD ADR CMN STK 088606108 128 9,000 SH Sole 9,000
BJ SERVICES CO CMN STK 055482103 239 7,000 SH Sole 7,000
BRADLEY PHARMACEUTICALS
INC CMN STK 104576103 273 10,000 SH Defined 1 10,000
BRIGHTPOINT INC CMN STK 109473405 1,476 45,000 SH Defined 1 45,000
BROWN & BROWN INC CMN STK 115236101 148 4,800 SH Sole 4,800
C/O BARRICK GOLD JAN 20 CALL OPTN 0679014AD 137 1,300 SH Sole 1,300
C/O BARRICK GOLD JAN 20 CALL OPTN 0679014AD 284 2,700 SH Sole 2,700
C/O BARRICK GOLD JAN 25 CALL OPTN 0679012AE 161 1,400 SH Sole 1,400
C/O BARRICK GOLD JAN 25 CALL OPTN 0679012AE 299 2,600 SH Sole 2,600
C/O PLACER DOME JAN
0015.00 CALL OPTN 7259062AC 308 1,400 SH Sole 1,400
C/O PLACER DOME JAN
0015.00 CALL OPTN 7259062AC 572 2,600 SH Sole 2,600
C/O PLACER DOME JAN
0015.00 CALL OPTN 7259065AC 15 200 SH Sole 200
C/O PLACER DOME JAN
0015.00 CALL OPTN 7259065AC 297 4,100 SH Sole 4,100
C/O PLACER DOME JAN
0015.00 CALL OPTN 7259065AC 500 6,900 SH Sole 6,900
CACI INTNATL INC CL A CMN STK 127190304 257 6,000 SH Defined 2 6,000
CALPINE CORP CMN STK 131347106 49 10,000 SH Sole 10,000
CANYON RESOURCES CORP CMN STK 138869300 708 400,000 SH Sole 400,000
CAPITAL ONE FINANCIAL CORP CMN STK 14040H105 108 1,900 SH Sole 1,900
CARDINAL HEALTH CMN STK 14149Y108 175 3,000 SH Sole 3,000
CARDINAL HEALTH CMN STK 14149Y108 234 4,000 SH Defined 2 4,000
CATERPILLAR INC DEL CMN STK 149123101 41 600 SH Sole 600
CELGENE CORP CMN STK 151020104 867 20,000 SH Defined 1 20,000
CENTRAL EUROPEAN
MEDIA CL A CMN STK G20045202 684 26,839 SH Defined 3 26,839
CERADYNE INC CALIF CMN STK 156710105 517 20,000 SH Defined 1 20,000
CHECKPOINT SYSTEMS INC CMN STK 162825103 158 10,000 SH Defined 1 10,000
CHICAGO BRIDGE & IRON ADR CMN STK 167250109 95 3,500 SH Sole 3,500
CHINA MOBILE HONG KONG ADR CMN STK 16941M109 228 17,500 SH Sole 17,500
CHUBB CORP CMN STK 171232101 156 2,400 SH Sole 2,400
CISCO SYSTEMS INC CMN STK 17275R102 404 20,700 SH Sole 20,700
CITIGROUP INC CMN STK 172967101 387 8,500 SH Sole 8,500
CITIGROUP INC CMN STK 172967101 341 7,500 SH Defined 2 7,500
CLAIRES STORES INC CMN STK 179584107 261 7,800 SH Sole 7,800
CNOOC LTD ADR CMN STK 126132109 137 4,000 SH Sole 4,000
CNOOC LTD ADR CMN STK 126132109 168 4,900 SH Sole 4,900
COMMUNITY HEALTH SYS INC CMN STK 203668108 868 40,000 SH Defined 1 40,000
CONOCOPHILLIPS CMN STK 20825C104 329 6,000 SH Defined 2 6,000
COOPER COMPANIES INC CMN STK 216648402 1,223 30,000 SH Defined 1 30,000
COSTCO WHOLESALE CORP CMN STK 22160K105 93 3,000 SH Sole 3,000
COUNTRYWIDE FINANCIAL CORP CMN STK 222372104 117 1,500 SH Sole 1,500
CVS CORP CMN STK 126650100 621 20,000 SH Defined 1 20,000
DELL INC CMN STK 24702R101 75 2,240 SH Sole 2,240
DEVON ENERGY CORP CMN STK 25179M103 289 6,000 SH Defined 2 6,000
DIGITAL INSIGHT CMN STK 25385P106 109 5,500 SH Sole 5,500
DIONEX CORP CMN STK 254546104 1,181 30,000 SH Defined 1 30,000
DOW CHEMICAL CO CMN STK 260543103 205 6,300 SH Sole 6,300
DOW CHEMICAL CO CMN STK 260543103 91 2,800 SH Sole 2,800
DR HORTON INC CMN STK 23331A109 654 20,000 SH Defined 1 20,000
DU PONT (EI) DE NEMOURS CMN STK 263534109 212 5,300 SH Sole 5,300
DU PONT (EI) DE NEMOURS CMN STK 263534109 92 2,300 SH Sole 2,300
EASTMAN CHEMICAL CMN STK 277432100 208 6,200 SH Sole 6,200
ECOLAB INC CMN STK 278865100 758 30,000 SH Defined 1 30,000
EDUCATION MANAGEMENT CORP CMN STK 28139T101 577 10,000 SH Defined 1 10,000
ELECTRONIC ARTS INC CMN STK 285512109 922 10,000 SH Defined 1 10,000
EMULEX CORP CMN STK 292475209 255 10,000 SH Defined 1 10,000
ENCANA CORP CMN STK 292505104 167 4,600 SH Defined 2 4,600
ENERPLUS RESOURCES FUND CMN STK 29274D604 701 26,900 SH Sole 26,900
ENERPLUS RESOURCES FUND CMN STK 29274D604 339 13,000 SH Sole 13,000
ENSCO INTERNATIONAL INC CMN STK 26874Q100 215 8,000 SH Sole 8,000
EPIQ SYSTEMS INC CMN STK 26882D109 339 20,000 SH Defined 1 20,000
EXXON MOBIL CORP CMN STK 30231G102 732 20,000 SH Defined 1 20,000
FINISH LINE INC CL A CMN STK 317923100 155 5,900 SH Sole 5,900
FIRST DATA CORP CMN STK 319963104 240 6,000 SH Sole 6,000
FIRST DATA CORP WTS 319963104 300 7,500 SH Defined 2 7,500
FMC CORP WTS 302491303 176 7,000 SH Sole 7,000
FMC TECHNOLOGIES INC WTS 30249U101 643 30,000 SH Defined 1 30,000
FORWARD AIR CORPORATION WTS 349853101 72 2,600 SH Sole 2,600
FREEPORT MCMORAN COPPER &
GOLD B WTS 35671D857 331 10,000 SH Sole 10,000
FREEPORT MCMORAN COPPER &
GOLD B CMN STK 35671D857 662 20,000 SH Sole 20,000
FREEPORT MCMORAN COPPER &
GOLD B CMN STK 35671D857 1,821 55,000 SH Sole 55,000
FREEPORT MCMORAN COPPER &
GOLD B CMN STK 35671D857 182 5,500 SH Sole 5,500
FREEPORT MCMORAN COPPER &
GOLD B CMN STK 35671D857 99 3,000 SH Sole 3,000
FREEPORT-MC COP CONV
PFD 7% PFD STK 35671D501 708 25,000 SH Sole 25,000
FREEPORT-MC COP CONV
PFD 7% PFD STK 35671D501 1,275 45,000 SH Sole 45,000
FREEPORT-MC COP CONV
PFD 7% PFD STK 35671D501 283 10,000 SH Sole 10,000
FREEPORT-MC COPP SER II C
PFD PFD STK 35671D881 160 4,000 SH Sole 4,000
FREEPORT-MC COPP SER II C
PFD PFD STK 35671D881 501 12,500 SH Sole 12,500
FREEPORT-MC COPP SER II C
PFD PFD STK 35671D881 1,063 26,500 SH Sole 26,500
FREEPORT-MC COPP SER II C
PFD PFD STK 35671D881 201 5,000 SH Sole 5,000
GENERAL DYNAMICS CMN STK 369550108 312 4,000 SH Defined 2 4,000
GENERAL ELECTRIC CO CMN STK 369604103 388 13,000 SH Sole 13,000
GENERAL ELECTRIC CO CMN STK 369604103 298 10,000 SH Defined 2 10,000
GENZYME CORP-GENERAL
DIVISION CMN STK 372917104 352 7,600 SH Defined 2 7,600
GENZYME CORP-GENERAL
DIVISION CMN STK 372917104 2,313 50,000 SH Defined 1 50,000
GEORGIA GULF CORP CMN STK 373200203 210 9,000 SH Sole 9,000
GEORGIA PACIFIC CORP CMN STK 373298108 97 4,000 SH Sole 4,000
GEORGIA PACIFIC CORP CMN STK 373298108 121 5,000 SH Sole 5,000
GLAMIS GOLD LTD CMN STK 376775102 132 10,000 SH Sole 10,000
GOLD FIELDS LTD SPON ADR CMN STK 38059T106 2,126 150,000 SH Sole 150,000
GOLDCORP INC WR 5/13/09 CMN STK 380956136 1,359 83,500 SH Sole 83,500
GOLDCORP INC WR 5/13/09 CMN STK 380956136 2,172 133,500 SH Sole 133,500
GOLDCORP INC WT 4/30/07 CMN STK 380956508 45 5,000 SH Sole 5,000
GOLDCORP INC WT 4/30/07 CMN STK 380956508 189 21,000 SH Sole 21,000
GOLDCORP INC WT 4/30/07 CMN STK 380956508 360 40,000 SH Sole 40,000
GRACO INC CMN STK 384109104 1,127 30,000 SH Defined 1 30,000
GRIFFON CORPORATION CMN STK 398433102 180 10,000 SH Defined 1 10,000
HARLEY-DAVIDSON CMN STK 412822108 1,446 30,000 SH Defined 1 30,000
HARMAN INTL INDUSTRIES INC CMN STK 413086109 295 3,000 SH Defined 2 3,000
HARMAN INTL INDUSTRIES INC CMN STK 413086109 984 10,000 SH Defined 1 10,000
HARMONY GOLD MINING SPON
ADR CMN STK 413216300 2,174 150,000 SH Sole 150,000
HCA INC CMN STK 404119109 103 2,800 SH Sole 2,800
HCA INC CMN STK 404119109 1,106 30,000 SH Defined 1 30,000
HECLA MINING CMN STK 422704106 393 75,000 SH Sole 75,000
HECLA MINING CMN STK 422704106 786 150,000 SH Sole 150,000
HERCULES INC CMN STK 427056106 227 20,000 SH Sole 20,000
HILLENBRAND INDS INC CMN STK 431573104 1,128 20,000 SH Defined 1 20,000
HUANENG POWER INTL ADR CMN STK 443304100 306 5,600 SH Sole 5,600
I SHARES MSCI HONG KONG
INDEX MTL FND 464286871 152 16,000 SH Sole 16,000
I SHARES TAIWAN WEBS INDEX MTL FND 464286731 209 19,000 SH Sole 19,000
IDEC PHARMACEUTICALS CORP. CMN STK 449370105 149 4,500 SH Defined 2 4,500
ILLINOIS TOOL WORKS CMN STK 452308109 93 1,400 SH Sole 1,400
IMPERIAL CHEM INDS PLC ADR CMN STK 452704505 198 17,800 SH Sole 17,800
INCO LTD CMN STK 453258402 347 12,500 SH Sole 12,500
INFORMATICA CORP CMN STK 45666Q102 1,118 150,000 SH Defined 1 150,000
INTEL CORP CMN STK 458140100 280 10,160 SH Sole 10,160
INTEL CORP CMN STK 458140100 413 15,000 SH Defined 2 15,000
INTERNATIONAL BUSINESS
MACHINES CMN STK 459200101 125 1,420 SH Sole 1,420
INTERPORE INTNATL INC CMN STK 46062W107 77 5,000 SH Sole 5,000
INTUIT CMN STK 461202103 338 7,000 SH Defined 2 7,000
ISHARES MSCI AUSTRALIA
INDEX MTL FND 464286103 66 5,600 SH Sole 5,600
ISHARES MSCI JAPAN IDEX FD MTL FND 464286848 88 10,000 SH Sole 10,000
ISHARES MSCI MALAYSIA
/FREE/ MTL FND 464286830 218 37,000 SH Sole 37,000
ISHARES MSCI SINGAPORE
FREE MTL FND 464286673 179 32,000 SH Sole 32,000
ISHARES MSCI SOUTH KOREA
INDEX MTL FND 464286772 215 10,000 SH Sole 10,000
ISHARES TECHNOLOGY SECTOR MTL FND 464287721 272 6,300 SH Sole 6,300
ISHARES TRUST DJ US
UTILITIES MTL FND 464287697 86 1,600 SH Sole 1,600
JABIL CIRCUIT INC CMN STK 466313103 89 3,400 SH Sole 3,400
JETBLUE AIRWAYS CORP CMN STK 477143101 1,829 30,000 SH Defined 1 30,000
JOHNSON & JOHNSON CMN STK 478160104 183 3,700 SH Sole 3,700
JONES APPAREL GROUP INC CMN STK 480074103 96 3,200 SH Sole 3,200
JP MORGAN CHASE CMN STK 46625H100 120 3,500 SH Sole 3,500
KEY ENERGY SVCS INC CMN STK 492914106 290 30,000 SH Sole 30,000
KEY ENERGY SVCS INC CMN STK 492914106 135 14,000 SH Sole 14,000
KINDER MORGAN ENERGY PARTN
LP CMN STK 494550106 43 1,000 SH Sole 1,000
KINDER MORGAN ENERGY PARTN
LP CMN STK 494550106 107 2,500 SH Sole 2,500
KOOKMIN BANK SP ADR 1 ADR
RP 1SH CMN STK 50049M109 165 5,000 SH Sole 5,000
K-SWISS CLASS A CMN STK 482686102 58 1,600 SH Sole 1,600
K-SWISS CLASS A CMN STK 482686102 720 20,000 SH Defined 1 20,000
LAUDER ESTEE COS INC CL A CMN STK 518439104 58 1,700 SH Sole 1,700
LEAPFROG ENTERPRISES INC CMN STK 52186N106 258 6,800 SH Sole 6,800
LEAR CORP CMN STK 521865105 1,579 30,000 SH Defined 1 30,000
LEGG MASON INC CMN STK 524901105 2,166 30,000 SH Defined 1 30,000
LEHMAN BROTHERS HLDGS INC CMN STK 524908100 138 2,000 SH Sole 2,000
LINCARE HOLDINGS INC CMN STK 532791100 1,466 40,000 SH Defined 1 40,000
LOCKHEED MARTIN CORP CMN STK 539830109 74 1,600 SH Sole 1,600
LOUISIANA PACIFIC CORP CMN STK 546347105 79 5,700 SH Sole 5,700
LOUISIANA PACIFIC CORP CMN STK 546347105 138 10,000 SH Sole 10,000
LUCENT TECHNOLOGIES INC CMN STK 549463107 1,296 600,000 SH Defined 1 600,000
M D C HLDGS INC /DELAWARE/ CMN STK 552676108 1,080 20,000 SH Defined 1 20,000
MAGYAR TAVKOZLESI RT
(MATAV) ADR CMN STK 559776109 773 41,248 SH Defined 3 41,248
MANHATTAN ASSOCS INC CMN STK 562750109 777 30,000 SH Defined 1 30,000
MARVEL ENTERPRISES INC CMN STK 57383M108 223 10,000 SH Defined 1 10,000
MASCO CORP CMN STK 574599106 93 3,800 SH Sole 3,800
MAVERICK TUBE CORP CMN STK 577914104 202 13,000 SH Sole 13,000
MCKESSON CORP CMN STK 58155Q103 666 20,000 SH Defined 1 20,000
MEDTRONIC INC CMN STK 585055106 131 2,800 SH Sole 2,800
METHANEX CORP CMN STK 59151K108 468 50,000 SH Defined 1 50,000
MICRON TECH CMN STK 595112103 188 14,000 SH Defined 2 14,000
MICROSOFT CORP CMN STK 594918104 422 15,200 SH Sole 15,200
MILLENNIUM CHEMICALS INC CMN STK 599903101 172 18,000 SH Sole 18,000
MILLENNIUM CHEMICALS INC CMN STK 599903101 110 11,500 SH Sole 11,500
MINAS BUENAVENTURA
SP ADR B CMN STK 204448104 297 7,500 SH Sole 7,500
MINAS BUENAVENTURA
SP ADR B CMN STK 204448104 792 20,000 SH Sole 20,000
MOBILE TELESYSTEMS
SPON ADR CMN STK 607409109 3,196 43,455 SH Defined 3 43,455
MORGAN STANLEY CMN STK 617446448 76 1,500 SH Sole 1,500
MULTIMEDIA GAMES INC CMN STK 625453105 364 10,000 SH Defined 1 10,000
NABORS INDUSTRIES INC CMN STK G6359F103 373 10,000 SH Sole 10,000
NABORS INDUSTRIES INC CMN STK G6359F103 149 4,000 SH Sole 4,000
NABORS INDUSTRIES INC CMN STK G6359F103 186 5,000 SH Defined 2 5,000
NAM TAI ELECTRONICS INC CMN STK 629865205 814 30,000 SH Defined 1 30,000
NCE PETROFUND-UNITS CMN STK 62885E406 214 18,000 SH Sole 18,000
NETEASE.COM INC ADR CMN STK 64110W102 112 2,000 SH Sole 2,000
NETSCREEN TECHNOLOGIES INC CMN STK 64117V107 225 10,100 SH Sole 10,100
NEW YORK COMMUNITY BANCORP CMN STK 649445103 193 6,133 SH Sole 6,133
NEWMONT MINING CORP CMN STK 651639106 2,345 60,000 SH Sole 60,000
NEWMONT MINING CORP CMN STK 651639106 5,864 150,000 SH Sole 150,000
NEWMONT MINING CORP CMN STK 651639106 332 8,500 SH Defined 2 8,500
NOBLE DRILLING CORP CMN STK G65422100 170 5,000 SH Defined 2 5,000
NORTHROP GRUNMAN CORP CMN STK 666807102 172 2,000 SH Sole 2,000
NORTHROP GRUNMAN CORP CMN STK 666807102 431 5,000 SH Defined 2 5,000
NOVELLUS SYSTEMS INC CMN STK 670008101 81 2,400 SH Sole 2,400
OCCIDENTAL PETROLEUM CORP CMN STK 674599105 35 1,000 SH Sole 1,000
OMI CORP CMN STK Y6476W104 662 100,000 SH Defined 1 100,000
OMNICOM GROUP INC CMN STK 681919106 165 2,300 SH Sole 2,300
P/O NEWMONT MINING DEC
0027.50 PUT OPTN 6516399XY 4 250 SH Sole 250
P/O NEWMONT MINING DEC
0027.50 PUT OPTN 6516399XY 11 750 SH Sole 750
PACIFIC RIM MNG
CORP_/CANADIAN/ CMN STK 694915208 354 498,187 SH Sole 498,187
PACIFIC RIM MNG 1,760,00
CORP_/CANADIAN/ CMN STK 694915208 1,250 1,760,000 SH Sole 0
PACIFIC SUNWEAR CALIF INC CMN STK 694873100 304 14,700 SH Sole 1 14,700
PACIFIC SUNWEAR CALIF INC CMN STK 694873100 620 30,000 SH Defined 1 30,000
PALL CORP COM CMN STK 696429307 85 3,800 SH Sole 3,800
PATINA OIL & GAS CORP CMN STK 703224105 562 15,500 SH Defined 2 15,500
PATTERSON UTI ENERGY INC CMN STK 703481101 273 10,100 SH Sole 10,100
PATTERSON UTI ENERGY INC CMN STK 703481101 135 5,000 SH Sole 5,000
PENN NATL GAMING INC CMN STK 707569109 853 40,000 SH Defined 1 40,000
PEPSICO INC CMN STK 713448108 275 6,000 SH Sole 6,000
PETRO CANADA CMN STK 71644E102 175 4,500 SH Defined 2 4,500
PETROCHINA CO LTD ADS CMN STK 71646E100 94 2,800 SH Sole 2,800
PETROCHINA CO LTD ADS CMN STK 71646E100 67 2,000 SH Sole 2,000
PETROCHINA CO LTD ADS CMN STK 71646E100 440 13,100 SH Defined 2 13,100
PFIZER INC CMN STK 717081103 458 15,075 SH Sole 15,075
PFIZER INC CMN STK 717081103 392 12,900 SH Defined 2 12,900
PHELPS DODGE CORP CMN STK 717265102 47 1,000 SH Sole 1,000
PHELPS DODGE CORP CMN STK 717265102 51 1,100 SH Sole 1,100
PHILIPPINE LONG DIST TEL
SPN ADR CMN STK 718252604 142 12,000 SH Sole 12,000
PITNEY BOWES CMN STK 724479100 1,533 40,000 SH Defined 1 40,000
PLACER DOME INC CMN STK 725906101 275 20,000 SH Sole 20,000
POGO PRODUCING CO CMN STK 730448107 1,358 30,000 SH Defined 1 30,000
POSCO SPONSORED ADR CMN STK 693483109 154 5,400 SH Sole 5,400
POTLATCH CORP CMN STK 737628107 594 20,000 SH Defined 1 20,000
PRECISION DRILLING CORP CMN STK 74022D100 151 4,000 SH Sole 4,000
PRECISION DRILLING CORP CMN STK 74022D100 75 2,000 SH Sole 2,000
PROASSURANCE CORPORATION CMN STK 74267C106 77 3,000 SH Sole 3,000
PULTE HOMES INC CMN STK 745867101 680 10,000 SH Defined 1 10,000
QLOGIC CORP CMN STK 747277101 940 20,000 SH Defined 1 20,000
RANGOLD RESOURCES LTD ADR CMN STK 752344309 368 16,000 SH Sole 16,000
RANGOLD RESOURCES LTD ADR CMN STK 752344309 1,438 62,500 SH Sole 62,500
RANGOLD RESOURCES LTD ADR CMN STK 752344309 3,048 132,500 SH Sole 132,500
RESMED INC CMN STK 761152107 440 10,000 SH Defined 1 10,000
ROCKWELL INTERNATIONAL
CORP CMN STK 773903109 1,313 50,000 SH Defined 1 50,000
ROYAL GOLD INC CMN STK 780287108 37 2,000 SH Sole 2,000
SANDISK CORP CMN STK 80004C101 1,912 30,000 SH Defined 1 30,000
SAPPI LTD SPONSORED ADR CMN STK 803069202 135 10,000 SH Sole 10,000
SAPPI LTD SPONSORED ADR CMN STK 803069202 95 7,000 SH Sole 7,000
SCHLUMBERGER LTD CMN STK 806857108 290 6,000 SH Sole 6,000
SCHWAB /CHARLES/ CORP CMN STK 808513105 181 15,200 SH Sole 15,200
SCP POOL CORP CMN STK 784028102 417 15,000 SH Defined 1 15,000
SECTOR SPDR TR SHS BEN INT
TCH MTL FND 81369Y803 252 13,800 SH Sole 13,800
SHUFFLE MASTER INC CMN STK 825549108 76 2,800 SH Sole 2,800
SIERRA HEALTH SERVICES CMN STK 826322109 411 20,000 SH Defined 1 20,000
SILICON LABORATORIES INC CMN STK 826919102 135 3,000 SH Sole 3,000
SK TELECOM LTD SPONSORED
ADR CMN STK 78440P108 121 6,800 SH Sole 6,800
SONIC SOLUTIONS CMN STK 835460106 697 50,000 SH Defined 1 50,000
SONY CORP ADR CMN STK 835699307 418 12,000 SH Defined 2 12,000
STARBUCKS CORP CMN STK 855244109 35 1,200 SH Sole 1,200
STERIS CORP CMN STK 859152100 460 20,000 SH Defined 1 20,000
STMICROELECTRONICS NV NY
SHS CMN STK 861012102 96 4,000 SH Sole 4,000
SUNGARD DATA CMN STK 867363103 789 30,000 SH Defined 1 30,000
SURMODICS INC CMN STK 868873100 805 30,000 SH Defined 1 30,000
SYBRON DENTAL SPECIALTIES CMN STK 871142105 501 20,000 SH Defined 1 20,000
SYSCO CORP CMN STK 871829107 196 6,000 SH Sole 6,000
TAIWAN SEMICONDUCTOR SPON
ADR CMN STK 874039100 297 27,380 SH Sole 27,380
TARO PHARMACEUTICALS INDS
LTD CMN STK M8737E108 1,691 30,000 SH Defined 1 30,000
TECHNE CORP CMN STK 878377100 636 20,000 SH Defined 1 20,000
TEEKAY SHIPPING CORP CMN STK Y8564W103 423 10,000 SH Defined 1 10,000
TELECOM HOLDRS TRUST CMN STK 87927P200 169 6,900 SH Sole 6,900
TETRA TECH INC CMN STK 88162G103 143 7,200 SH Sole 7,200
TEXAS INSTUMENTS INC CMN STK 882508104 331 14,500 SH Sole 14,500
TIFFANY & CO CMN STK 886547108 112 3,000 SH Sole 3,000
TIFFANY & CO CMN STK 886547108 261 7,000 SH Sole 7,000
TIFFANY & CO CMN STK 886547108 560 15,000 SH Defined 2 15,000
TRACTOR SUPPLY CO CMN STK 892356106 154 4,700 SH Sole 4,700
TUESDAY MORNING CORP CMN STK 899035505 1,392 50,000 SH Defined 1 50,000
TYCO INTL LTD CMN STK 902124106 329 16,100 SH Defined 2 16,100
UCBH HOLDINGS INC CMN STK 90262T308 302 10,000 SH Sole 10,000
UNION PACIFIC CORP CMN STK 907818108 116 2,000 SH Sole 2,000
UNITED MICROELECTRONICS
ADR CMN STK 910873207 113 25,000 SH Sole 25,000
UNITED PARCEL SERVICE CL B CMN STK 911312106 1,276 20,000 SH Defined 1 20,000
UNITED STATES STEEL CORP CMN STK 912909108 110 6,000 SH Sole 6,000
UNITED STATES STEEL CORP CMN STK 912909108 64 3,500 SH Sole 3,500
UNITEDHEALTH GROUP INC CMN STK 91324P102 141 2,800 SH Sole 2,800
UNITEDHEALTH GROUP INC CMN STK 91324P102 1,510 30,000 SH Defined 1 30,000
UNIVERSAL HEALTH SVCS INC
CL B CMN STK 913903100 1,484 30,000 SH Defined 1 30,000
USANA HEALTH SCIENCES INC CMN STK 90328M107 724 15,000 SH Defined 1 15,000
VALERO REFNG &
MARKETING CO CMN STK 91913Y100 38 1,000 SH Sole 1,000
VALERO REFNG &
MARKETING CO CMN STK 91913Y100 57 1,500 SH Sole 1,500
VCA ANTECH INC CMN STK 918194101 165 7,000 SH Sole 7,000
VERITAS SOFTWARE CORP CMN STK 923436109 942 30,000 SH Defined 1 30,000
VIACOM INC CL B CMN STK 925524308 153 4,000 SH Sole 4,000
VIMPEL COMMUNICATIONS SPON
ADR CMN STK 68370R109 1,988 32,657 SH Defined 3 32,657
WAL MART STORES INC CMN STK 931142103 367 6,580 SH Sole 6,580
WALGREEN CO CMN STK 931422109 343 11,200 SH Defined 2 11,200
WATERS CORPORATION CMN STK 941848103 137 5,000 SH Defined 2 5,000
WEATHERFORD INTL LTD CMN STK G95089101 264 7,000 SH Sole 7,000
WEIGHT WATCHERS INTL INC CMN STK 948626106 183 4,400 SH Defined 2 4,400
WELLPOINT HEALTH NETWORKS
INC CMN STK 94973H108 220 2,850 SH Sole 2,850
WELLS FARGO & COMPANY CMN STK 949746101 206 4,000 SH Sole 4,000
WELLS FARGO & COMPANY CMN STK 949746101 361 7,000 SH Defined 2 7,000
WMC RESOURCES LTD SP ADR CMN STK 92928R106 131 11,000 SH Sole 11,000
WYETH CMN STK 983024100 157 3,400 SH Sole 3,400
ZEBRA TECHNOLOGIES CORP CL
A CMN STK 989207105 1,547 30,000 SH Defined 1 30,000
GRAND
TOTAL: 154,999 9,053,359