UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Quarter Ended: December 31, 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
February 13, 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: 372
Form 13F Information Table Value Total: $268,735 (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
------------------------ -------- ---------- -------- ------- --------- ---- --------- -------- ----- ------ ------
3M CO CMN STK 88579Y101 119 1,400 SH Sole 1,400
3M CO CMN STK 88579Y101 850 10,000 SH Defined 1 10,000
ABBOTT LABORATORIES CMN STK 002824100 466 10,000 SH Defined 1 10,000
ACCENTURE LTD BERMUDA CMN STK G1150G111 111 4,200 SH Sole 4,200
ADVANCED NEURO-
MODULATION SYS CMN STK 00757T101 920 20,000 SH Defined 1 20,000
AFFILIATED COMPUTER
SVCS A CMN STK 008190100 240 4,400 SH Sole 4,400
AFFILIATED MANAGERS
GROUP INC CMN STK 008252108 696 10,000 SH Defined 1 10,000
AFLAC INC CMN STK 001055102 217 6,000 SH Defined 2 6,000
AGNICO EAGLE MINES
WT 11/14/07 WTS 008474132 28 10,000 SH Sole 10,000
AGNICO EAGLE MINES
WT 11/14/07 WTS 008474132 280 100,000 SH Sole 100,000
AGNICO EAGLE MINES
WT 11/14/07 WTS 008474132 658 235,000 SH Sole 235,000
ALCOA INC CMN STK 013817101 1,140 30,000 SH Sole 30,000
ALCOA INC CMN STK 013817101 129 3,400 SH Sole 3,400
AMERICAN EXPRESS CMN STK 025816109 222 4,600 SH Sole 4,600
AMERICAN INTERNATIONAL
GROUP CMN STK 026874107 146 2,200 SH Sole 2,200
AMERICAN STANDARD
COMPANIES INC CMN STK 029712106 1,007 10,000 SH Defined 1 10,000
AMERISOURCEBERGEN
CORP CLASS A CMN STK 03073E105 225 4,000 SH Sole 4,000
AMERITRADE HOLDING CORP CMN STK 03074K100 2,111 150,000 SH Defined 1 150,000
AMGEN INC CMN STK 031162100 272 4,400 SH Sole 4,400
ANALOG DEVICES INC CMN STK 032654105 114 2,500 SH Sole 2,500
ANHEUSER BUSCH INC CMN STK 035229103 105 2,000 SH Sole 2,000
APACHE CORP CMN STK 037411105 162 2,000 SH Defined 2 2,000
APACHE CORP CMN STK 037411105 406 5,000 SH Defined 1 5,000
APEX SILVER MINES LTD CMN STK G04074103 418 20,000 SH Defined 2 20,000
APOLLO GROUP INC CL A CMN STK 037604105 122 1,800 SH Sole 1,800
APPLEBEES INTL INC CMN STK 037899101 157 4,000 SH Sole 4,000
APPLEBEES INTL INC CMN STK 037899101 393 10,000 SH Defined 1 10,000
AQUANTIVE INC CMN STK 03839G105 513 50,000 SH Defined 1 50,000
ARACRUZ CELULOSE
SA SPON ADR CMN STK 038496204 876 25,000 SH Sole 25,000
ARCH COAL INC CMN STK 039380100 623 20,000 SH Sole 20,000
ARCHER DANIELS MIDLAND CMN STK 039483102 97 6,400 SH Sole 6,400
ASHANTI GOLDFIELDS GDR CMN STK 043743202 456 35,000 SH Sole 35,000
ASHANTI GOLDFIELDS GDR CMN STK 043743202 848 65,000 SH Sole 65,000
AU OPTRONICS CORP
ADR SPON CMN STK 002255107 179 15,000 SH Sole 15,000
AUTODESK INC CMN STK 052769106 246 10,000 SH Defined 1 10,000
AVON PRODS INC CMN STK 054303102 135 2,000 SH Sole 2,000
BANK OF AMERICA CORP CMN STK 060505104 225 2,800 SH Sole 2,800
BANK OF NEW YORK CO INC CMN STK 064057102 381 11,500 SH Defined 2 11,500
BARD CORP CMN STK 067383109 1,625 20,000 SH Defined 1 20,000
BARRICK GOLD CORPORATION CMN STK 067901108 227 10,000 SH Defined 2 10,000
BEA SYSTEMS INC CMN STK 073325102 369 30,000 SH Defined 1 30,000
BEMA GOLD CORP CMN STK 08135F107 224 60,000 SH Sole 60,000
BERKSHIRE HATHAWAY
INC CL B CMN STK 084670207 662 235 SH Defined 2 235
BEST BUY INC CMN STK 086516101 68 1,300 SH Sole 1,300
BHP BILLITON LTD ADR CMN STK 088606108 1,278 70,000 SH Sole 70,000
BIOGEN IDEC INC CMN STK 09062X103 166 4,500 SH Defined 2 4,500
BIOLASE TECHNOLOGY INC CMN STK 090911108 332 20,000 SH Defined 1 20,000
BJ SERVICES CO CMN STK 055482103 718 20,000 SH Sole 20,000
BLACK & DECKER CORP CMN STK 091797100 986 20,000 SH Defined 1 20,000
BLOCK /H & R/ INC CMN STK 093671105 310 5,600 SH Defined 2 5,600
BOSTON SCIENTIFIC CORP CMN STK 101137107 735 20,000 SH Defined 1 20,000
BRADLEY PHARMACEU-
TICALS INC CMN STK 104576103 763 30,000 SH Defined 1 30,000
BRILLIANCE CHINA
AUTO SP ADR CMN STK 10949Q105 249 4,400 SH Sole 4,400
BURLINGTON RES INC CMN STK 122014103 2,769 50,000 SH Sole 50,000
BURLINGTON RES INC CMN STK 122014103 55 1,000 SH Sole 1,000
C/O BARRICK GOLD JAN 25 TCALL OPN 0679012AE 308 1,400 SH Sole 1,400
C/O BARRICK GOLD JAN 25 TCALL OPN 0679012AE 572 2,600 SH Sole 2,600
C/O PLACER DOME
JAN 0015.00 TCALL OPN 7259062AC 574 1,400 SH Sole 1,400
C/O PLACER DOME
JAN 0015.00 TCALL OPN 7259062AC 1,066 2,600 SH Sole 2,600
CACI INTNATL INC CL A CMN STK 127190304 292 6,000 SH Defined 2 6,000
CALIFORNIA PIZZA
KITCHEN INC CMN STK 13054D109 201 10,000 SH Defined 1 10,000
CALPINE CORP CMN STK 131347106 1,203 250,000 SH Sole 250,000
CANYON RESOURCES CORP CMN STK 138869300 1,516 400,000 SH Sole 400,000
CAPITAL ONE
FINANCIAL CORP CMN STK 14040H105 116 1,900 SH Sole 1,900
CARDINAL HEALTH CMN STK 14149Y108 183 3,000 SH Sole 3,000
CARDINAL HEALTH CMN STK 14149Y108 196 3,200 SH Defined 2 3,200
CATERPILLAR INC DEL CMN STK 149123101 100 1,200 SH Sole 1,200
CELGENE CORP CMN STK 151020104 900 20,000 SH Defined 1 20,000
CENDANT CORPORATION CMN STK 151313103 668 30,000 SH Defined 1 30,000
CENTRAL EUROPEAN
DISTR CORP CMN STK 153435102 299 9,475 SH Defined 3 9,475
CENTRAL EUROPEAN
MEDIA CL A CMN STK G20045202 1,567 90,226 SH Defined 3 90,226
CERADYNE INC CALIF CMN STK 156710105 1,022 30,000 SH Defined 1 30,000
CHEESECAKE FACTORY INC CMN STK 163072101 881 20,000 SH Defined 1 20,000
CHENIERE ENERGY INC CMN STK 16411R208 585 50,000 SH Sole 50,000
CHESAPEAKE ENERGY CORP CMN STK 165167107 2,716 200,000 SH Sole 200,000
CHESAPEAKE ENERGY CORP CMN STK 165167107 109 8,000 SH Sole 8,000
CHEVRON CORP CMN STK 166764100 432 5,000 SH Defined 2 5,000
CHICAGO BRIDGE &
IRON ADR CMN STK 167250109 202 7,000 SH Sole 7,000
CHINA MOBILE
HONG KONG ADR CMN STK 16941M109 466 30,000 SH Sole 30,000
CHINA PETROLEUM
& CHEMICAL ADR CMN STK 16941R108 2,665 60,000 SH Sole 60,000
CHINA YUCHAI
INTERNATIONAL LTD CMN STK G21082105 257 8,400 SH Sole 8,400
CHUBB CORP CMN STK 171232101 204 3,000 SH Sole 3,000
CISCO SYSTEMS INC CMN STK 17275R102 503 20,700 SH Sole 20,700
CITIGROUP INC CMN STK 172967101 413 8,500 SH Sole 8,500
CITIGROUP INC CMN STK 172967101 364 7,500 SH Defined 2 7,500
CITIGROUP INC CMN STK 172967101 971 20,000 SH Defined 1 20,000
CLAIRES STORES INC CMN STK 179584107 158 8,400 SH Sole 8,400
CNOOC LTD ADR CMN STK 126132109 2,794 70,000 SH Sole 70,000
CNOOC LTD ADR CMN STK 126132109 898 22,500 SH Sole 22,500
COEUR D ALENE
MINES CORP CMN STK 192108108 578 100,000 SH Sole 100,000
COMMERCE BANCORP
INC N J CMN STK 200519106 190 3,600 SH Sole 3,600
COMMUNITY HEALTH
SYS INC CMN STK 203668108 1,063 40,000 SH Defined 1 40,000
COMTECH TELECOM-
MUNICATIONS CMN STK 205826209 98 3,400 SH Sole 3,400
CONOCOPHILLIPS CMN STK 20825C104 393 6,000 SH Defined 2 6,000
COSTCO WHOLESALE CORP CMN STK 22160K105 112 3,000 SH Sole 3,000
COUNTRYWIDE
FINANCIAL CORP CMN STK 222372104 152 2,000 SH Sole 2,000
CVS CORP CMN STK 126650100 1,084 30,000 SH Defined 1 30,000
DEAN FOODS CO CMN STK 242370104 657 20,000 SH Defined 1 20,000
DELL INC CMN STK 24702R101 76 2,240 SH Sole 2,240
DEVON ENERGY CORP CMN STK 25179M103 2,863 50,000 SH Sole 50,000
DEVON ENERGY CORP CMN STK 25179M103 57 1,000 SH Sole 1,000
DEVON ENERGY CORP CMN STK 25179M103 630 11,000 SH Defined 2 11,000
DIAGNOSTIC PRODUCTS
CORP CMN STK 252450101 459 10,000 SH Defined 1 10,000
DIEBOLD INC CMN STK 253651103 539 10,000 SH Defined 1 10,000
DIGITAL INSIGHT CMN STK 25385P106 137 5,500 SH Sole 5,500
DISNEY WALT CO CMN STK 254687106 233 10,000 SH Defined 1 10,000
DOW CHEMICAL CO CMN STK 260543103 1,925 46,300 SH Sole 46,300
DOW CHEMICAL CO CMN STK 260543103 116 2,800 SH Sole 2,800
DU PONT (EI) DE NEMOURS CMN STK 263534109 1,161 25,300 SH Sole 25,300
DU PONT (EI) DE NEMOURS CMN STK 263534109 106 2,300 SH Sole 2,300
DYCOM INDS INC CMN STK 267475101 161 6,000 SH Sole 6,000
EARTHLINK INCORPORATED CMN STK 270321102 100 10,000 SH Sole 10,000
EASTMAN CHEMICAL CMN STK 277432100 1,581 40,000 SH Sole 40,000
EATON CORP CMN STK 278058102 1,080 10,000 SH Defined 1 10,000
EBAY INC CMN STK 278642103 284 4,400 SH Defined 2 4,400
EDUCATION MANAGEMENT
CORP CMN STK 28139T101 621 20,000 SH Defined 1 20,000
EFUNDS CORP CMN STK 28224R101 156 9,000 SH Sole 9,000
EL PASO CORPORATION CMN STK 28336L109 1,229 150,000 SH Sole 150,000
EL PASO CORPORATION CMN STK 28336L109 57 7,000 SH Sole 7,000
ELECTRONIC ARTS INC CMN STK 285512109 449 9,400 SH Defined 2 9,400
ELI LILLY & CO CMN STK 532457108 218 3,100 SH Sole 3,100
EMULEX CORP CMN STK 292475209 267 10,000 SH Defined 1 10,000
ENCANA CORP CMN STK 292505104 181 4,600 SH Defined 2 4,600
ENERPLUS RESOURCES FUND CMN STK 29274D604 2,435 80,000 SH Sole 80,000
ENERPLUS RESOURCES FUND CMN STK 29274D604 396 13,000 SH Sole 13,000
ENSCO INTERNATIONAL INC CMN STK 26874Q100 815 30,000 SH Sole 30,000
EOG RESOURCES CMN STK 26875P101 3,232 70,000 SH Sole 70,000
EOG RESOURCES CMN STK 26875P101 106 2,300 SH Sole 2,300
EPIQ SYSTEMS INC CMN STK 26882D109 343 20,000 SH Defined 1 20,000
ESPEED INC COM CMN STK 296643109 234 10,000 SH Defined 1 10,000
EXPRESS SCRIPTS
INC COMMON CMN STK 302182100 113 1,700 SH Sole 1,700
FINISH LINE INC CL A CMN STK 317923100 177 5,900 SH Sole 5,900
FIRST DATA CORP CMN STK 319963104 247 6,000 SH Sole 6,000
FIRST DATA CORP CMN STK 319963104 308 7,500 SH Defined 2 7,500
FISERV INC CMN STK 337738108 395 10,000 SH Defined 1 10,000
FMC CORP CMN STK 302491303 1,707 50,000 SH Sole 50,000
FORTUNE BRANDS CMN STK 349631101 715 10,000 SH Defined 1 10,000
FOSSIL INC CMN STK 349882100 560 20,000 SH Defined 1 20,000
FRANKLIN RESOURCES INC CMN STK 354613101 521 10,000 SH Defined 1 10,000
FREEPORT MCMORAN
COPPER & GOLD B CMN STK 35671D857 843 20,000 SH Sole 20,000
FREEPORT MCMORAN
COPPER & GOLD B CMN STK 35671D857 1,301 30,875 SH Sole 30,875
FREEPORT MCMORAN
COPPER & GOLD B CMN STK 35671D857 3,058 72,575 SH Sole 72,575
FREEPORT MCMORAN
COPPER & GOLD B CMN STK 35671D857 169 4,000 SH Sole 4,000
FREEPORT MCMORAN
COPPER & GOLD B CMN STK 35671D857 352 8,350 SH Sole 8,350
FREEPORT-MC COPP
SER II C PFD PFD STK 35671D881 173 4,000 SH Sole 4,000
FREEPORT-MC COPP
SER II C PFD PFD STK 35671D881 541 12,500 SH Sole 12,500
FREEPORT-MC COPP
SER II C PFD PFD STK 35671D881 1,147 26,500 SH Sole 26,500
FREEPORT-MC COPP
SER II C PFD PFD STK 35671D881 217 5,000 SH Sole 5,000
FRONTLINE LTD CMN STK G3682E127 25 1,000 SH Sole 1,000
GENERAL DYNAMICS CMN STK 369550108 362 4,000 SH Defined 2 4,000
GENERAL ELECTRIC CO CMN STK 369604103 403 13,000 SH Sole 13,000
GENERAL ELECTRIC CO CMN STK 369604103 310 10,000 SH Defined 2 10,000
GENZYME CORP-
GENERAL DIVISION CMN STK 372917104 375 7,600 SH Defined 2 7,600
GENZYME CORP-
GENERAL DIVISION CMN STK 372917104 2,467 50,000 SH Defined 1 50,000
GEORGIA GULF CORP CMN STK 373200203 1,444 50,000 SH Sole 50,000
GEORGIA PACIFIC CORP CMN STK 373298108 1,073 35,000 SH Sole 35,000
GEORGIA PACIFIC CORP CMN STK 373298108 153 5,000 SH Sole 5,000
GLAMIS GOLD LTD CMN STK 376775102 171 10,000 SH Sole 10,000
GOLD FIELDS LTD
SPON ADR CMN STK 38059T106 1,812 130,000 SH Sole 130,000
HARMAN INTL
INDUSTRIES INC CMN STK 413086109 1,480 20,000 SH Defined 1 20,000
HARMONY GOLD MINING
SPON ADR CMN STK 413216300 1,623 100,000 SH Sole 100,000
HARRIS INTERACTIVE INC CMN STK 414549105 50 6,000 SH Sole 6,000
HASBRO INC CMN STK 418056107 81 3,800 SH Sole 3,800
HEALTH MGMT ASSOC
INC NEW CL A CMN STK 421933102 480 20,000 SH Defined 1 20,000
HECLA MINING CMN STK 422704106 829 100,000 SH Sole 100,000
HECLA MINING CMN STK 422704106 2,902 350,000 SH Sole 350,000
HERCULES INC CMN STK 427056106 1,525 125,000 SH Sole 125,000
HERCULES INC CMN STK 427056106 610 50,000 SH Defined 1 50,000
HUANENG POWER INTL ADR CMN STK 443304100 389 5,600 SH Sole 5,600
HUNT J B TRANS SVCS INC CMN STK 445658107 540 20,000 SH Defined 1 20,000
I SHARES MSCI
HONG KONG INDEX MTL FND 464286871 550 55,000 SH Sole 55,000
I SHARES
TAIWAN WEBS INDEX MTL FND 464286731 405 36,000 SH Sole 36,000
ILLINOIS TOOL WORKS CMN STK 452308109 117 1,400 SH Sole 1,400
IMPERIAL CHEM INDS
PLC ADR CMN STK 452704505 1,718 120,000 SH Sole 120,000
INCO LTD CMN STK 453258402 1,593 40,000 SH Sole 40,000
INCO LTD CMN STK 453258402 498 12,500 SH Sole 12,500
INCO LTD CMN STK 453258402 119 3,000 SH Sole 3,000
INFORMATICA CORP CMN STK 45666Q102 2,060 200,000 SH Defined 1 200,000
INGERSOLL-RAND CMN STK G4776G101 149 2,200 SH Sole 2,200
INTEL CORP CMN STK 458140100 276 8,560 SH Sole 8,560
INTEL CORP CMN STK 458140100 483 15,000 SH Defined 2 15,000
INTEL CORP CMN STK 458140100 1,288 40,000 SH Defined 1 40,000
INTERACTIVECORP CMN STK 45840Q101 122 3,600 SH Sole 3,600
INTERDIGITAL COMMUNCTNS
CORP CMN STK 45866A105 413 20,000 SH Defined 1 20,000
INTRAWEST CORP CMN STK 460915200 185 10,000 SH Defined 1 10,000
INTUIT CMN STK 461202103 370 7,000 SH Defined 2 7,000
INVACARE CORP CMN STK 461203101 807 20,000 SH Defined 1 20,000
ISHARES MSCI
AUSTRALIA INDEX MTL FND 464286103 75 5,600 SH Sole 5,600
ISHARES MSCI
JAPAN IDEX FD MTL FND 464286848 318 33,000 SH Sole 33,000
ISHARES MSCI
MALAYSIA /FREE/ MTL FND 464286830 316 49,000 SH Sole 49,000
ISHARES MSCI
SINGAPORE FREE MTL FND 464286673 384 64,000 SH Sole 64,000
ISHARES MSCI
SOUTH KOREA INDEX MTL FND 464286772 376 15,000 SH Sole 15,000
JABIL CIRCUIT INC CMN STK 466313103 96 3,400 SH Sole 3,400
JOHNSON & JOHNSON CMN STK 478160104 191 3,700 SH Sole 3,700
JOHNSON CTLS INC CMN STK 478366107 581 5,000 SH Defined 1 5,000
JOY GLOBAL INC CMN STK 481165108 785 30,000 SH Sole 30,000
JOY GLOBAL INC CMN STK 481165108 58 2,200 SH Sole 2,200
JP MORGAN CHASE CMN STK 46625H100 173 4,700 SH Sole 4,700
KEY ENERGY SVCS INC CMN STK 492914106 773 75,000 SH Sole 75,000
KEY ENERGY SVCS INC CMN STK 492914106 144 14,000 SH Sole 14,000
KINDER MORGAN
ENERGY PARTN LP CMN STK 494550106 788 16,000 SH Sole 16,000
KINDER MORGAN
ENERGY PARTN LP CMN STK 494550106 123 2,500 SH Sole 2,500
K-SWISS CLASS A CMN STK 482686102 77 3,200 SH Sole 3,200
K-SWISS CLASS A CMN STK 482686102 962 40,000 SH Defined 1 40,000
LABONE INC CMN STK 50540L105 325 10,000 SH Defined 1 10,000
LABOR READY INC CMN STK 505401208 110 8,400 SH Sole 8,400
LAUDER ESTEE
COS INC CL A CMN STK 518439104 67 1,700 SH Sole 1,700
LEAPFROG
ENTERPRISES INC CMN STK 52186N106 53 2,000 SH Sole 2,000
LEGG MASON INC CMN STK 524901105 324 4,200 SH Sole 4,200
LEGG MASON INC CMN STK 524901105 2,315 30,000 SH Defined 1 30,000
LEHMAN BROTHERS
HLDGS INC CMN STK 524908100 154 2,000 SH Sole 2,000
LEXMARK INTL INC CMN STK 529771107 786 10,000 SH Defined 1 10,000
LONE STAR
TECHNOLOGIES INC CMN STK 542312103 799 50,000 SH Sole 50,000
LOUISIANA PACIFIC CORP CMN STK 546347105 1,246 69,700 SH Sole 69,700
LOUISIANA PACIFIC CORP CMN STK 546347105 89 5,000 SH Sole 5,000
LUCENT TECHNOLOGIES INC CMN STK 549463107 1,704 600,000 SH Defined 1 600,000
M D C HLDGS
INC /DELAWARE/ CMN STK 552676108 52 800 SH Sole 800
MARATHON OIL CORP CMN STK 565849106 331 10,000 SH Defined 1 10,000
MAVERICK TUBE CORP CMN STK 577914104 963 50,000 SH Sole 50,000
MAXTOR CORPORATION CMN STK 577729205 1,110 100,000 SH Defined 1 100,000
MCDONALDS CORP CMN STK 580135101 2,483 100,000 SH Defined 1 100,000
MEDICAL ACTION INDS INC CMN STK 58449L100 187 10,000 SH Defined 1 10,000
MEDTRONIC INC CMN STK 585055106 136 2,800 SH Sole 2,800
MERCURY
INTERACTIVE CORP CMN STK 589405109 486 10,000 SH Defined 1 10,000
METROLOGIC
INSTRUMENTS INC CMN STK 591676101 810 30,000 SH Defined 1 30,000
MICROSOFT CORP CMN STK 594918104 366 13,300 SH Sole 13,300
MILLENNIUM
CHEMICALS INC CMN STK 599903101 1,268 100,000 SH Sole 100,000
MILLENNIUM
CHEMICALS INC CMN STK 599903101 146 11,500 SH Sole 11,500
MINAS BUENAVENTURA
SP ADR B CMN STK 204448104 520 18,400 SH Sole 18,400
MINAS BUENAVENTURA
SP ADR B CMN STK 204448104 1,640 58,000 SH Sole 58,000
MOBILE TELESYSTEMS
SPON ADR CMN STK 607409109 3,001 36,249 SH Defined 3 36,249
MOBIUS MANAGEMENT
SOLUTIONS CMN STK 606925105 253 20,000 SH Defined 1 20,000
MORGAN STANLEY CMN STK 617446448 185 3,200 SH Sole 3,200
NABORS INDUSTRIES INC CMN STK G6359F103 1,038 25,000 SH Sole 25,000
NABORS INDUSTRIES INC CMN STK G6359F103 166 4,000 SH Sole 4,000
NABORS INDUSTRIES INC CMN STK G6359F103 208 5,000 SH Defined 2 5,000
NAM TAI ELECTRONICS INC CMN STK 629865205 225 8,000 SH Sole 8,000
NAM TAI ELECTRONICS INC CMN STK 629865205 927 33,000 SH Defined 1 33,000
NATIONAL COMMERCE
FINANCIAL CMN STK 63545P104 98 3,600 SH Sole 3,600
NATIONAL OILWELL INC CMN STK 637071101 894 40,000 SH Sole 40,000
NETSCREEN TECHNOLOGIES
INC CMN STK 64117V107 250 10,100 SH Sole 10,100
NEW YORK COMMUNITY
BANCORP CMN STK 649445103 233 6,133 SH Sole 6,133
NEWMONT MINING CORP CMN STK 651639106 2,917 60,000 SH Sole 60,000
NEWMONT MINING CORP CMN STK 651639106 8,264 170,000 SH Sole 170,000
NEWMONT MINING CORP CMN STK 651639106 243 5,000 SH Defined 2 5,000
NOBLE DRILLING CORP CMN STK G65422100 179 5,000 SH Defined 2 5,000
NORTHROP GRUNMAN CORP CMN STK 666807102 478 5,000 SH Defined 2 5,000
NOVELLUS SYSTEMS INC CMN STK 670008101 185 4,400 SH Sole 4,400
O2MICRO
INTERNATIONAL LTD CMN STK G6797E106 896 40,000 SH Defined 1 40,000
OCCIDENTAL PETROLEUM
CORP CMN STK 674599105 1,267 30,000 SH Sole 30,000
OIL SERVICE HOLDERS TR MTL FND 678002106 2,480 40,000 SH Sole 40,000
OMNICOM GROUP INC CMN STK 681919106 157 1,800 SH Sole 1,800
OMNIVISION
TECHNOLOGIES INC CMN STK 682128103 553 10,000 SH Defined 1 10,000
O'REILLY AUTOMOTIVE INC CMN STK 686091109 384 10,000 SH Defined 1 10,000
OSHKOSH TRUCK CO CL B CMN STK 688239201 51 1,000 SH Sole 1,000
PACIFIC RIM MNG
CORP_/CANADIAN/ CMN STK 694915208 20 18,187 SH Sole 18,187
PACIFIC RIM MNG
CORP_/CANADIAN/ CMN STK 694915208 319 290,000 SH Sole 290,000
PACIFIC SUNWEAR
CALIF INC CMN STK 694873100 53 2,500 SH Sole 2,500
PACIFIC SUNWEAR
CALIF INC CMN STK 694873100 634 30,000 SH Defined 1 30,000
PACIFICARE HEALTH
SYSTEMS CL A CMN STK 695112102 68 1,000 SH Sole 1,000
PATINA OIL & GAS CORP CMN STK 703224105 392 8,000 SH Defined 2 8,000
PATINA OIL & GAS CORP CMN STK 703224105 1,470 30,000 SH Defined 1 30,000
PATTERSON UTI ENERGY INC CMN STK 703481101 856 26,000 SH Sole 26,000
PATTERSON UTI ENERGY INC CMN STK 703481101 165 5,000 SH Sole 5,000
PEPSICO INC CMN STK 713448108 140 3,000 SH Sole 3,000
PETRO CANADA CMN STK 71644E102 222 4,500 SH Defined 2 4,500
PETROCHINA CO LTD ADS CMN STK 71646E100 2,853 50,000 SH Sole 50,000
PETROCHINA CO LTD ADS CMN STK 71646E100 1,112 19,500 SH Sole 19,500
PETROCHINA CO LTD ADS CMN STK 71646E100 513 9,000 SH Defined 2 9,000
PFIZER INC CMN STK 717081103 306 8,675 SH Sole 8,675
PFIZER INC CMN STK 717081103 456 12,900 SH Defined 2 12,900
PHELPS DODGE CORP CMN STK 717265102 1,141 15,000 SH Sole 15,000
PHELPS DODGE CORP CMN STK 717265102 99 1,300 SH Sole 1,300
PHILIPPINE LONG DIST
TEL SPN ADR CMN STK 718252604 784 45,000 SH Sole 45,000
PIONEER NATURAL
RESOURCES CO CMN STK 723787107 3,512 110,000 SH Sole 110,000
PIONEER NATURAL
RESOURCES CO CMN STK 723787107 96 3,000 SH Sole 3,000
PLACER DOME INC CMN STK 725906101 1,612 90,000 SH Sole 90,000
PLACER DOME INC CMN STK 725906101 2,149 120,000 SH Sole 120,000
PLACER DOME INC CMN STK 725906101 10,925 610,000 SH Sole 610,000
POSCO SPONSORED ADR CMN STK 693483109 591 17,400 SH Sole 17,400
POTLATCH CORP CMN STK 737628107 695 20,000 SH Defined 1 20,000
PRAXAIR CMN STK 74005P104 764 20,000 SH Defined 1 20,000
PRECISION DRILLING CORP CMN STK 74022D100 524 12,000 SH Sole 12,000
PRECISION DRILLING CORP CMN STK 74022D100 87 2,000 SH Sole 2,000
PROASSURANCE CORPORATION CMN STK 74267C106 96 3,000 SH Sole 3,000
QLOGIC CORP CMN STK 747277101 1,032 20,000 SH Defined 1 20,000
QUALITY SYSTEMS INC CMN STK 747582104 446 10,000 SH Defined 1 10,000
RANGOLD RESOURCES
LTD ADR CMN STK 752344309 1,092 40,000 SH Sole 40,000
RANGOLD RESOURCES
LTD ADR CMN STK 752344309 1,706 62,500 SH Sole 62,500
RANGOLD RESOURCES
LTD ADR CMN STK 752344309 3,617 132,500 SH Sole 132,500
RARE HOSPITALITY
INTL INC CMN STK 753820109 244 10,000 SH Defined 1 10,000
REEBOK INTERNATIONAL
LTD CMN STK 758110100 393 10,000 SH Defined 1 10,000
RIO TINTO PLC
SPONSORED ADR CMN STK 767204100 1,113 10,000 SH Sole 10,000
ROHM & HAAS CO. CMN STK 775371107 854 20,000 SH Defined 1 20,000
ROWAN COMPANIES CMN STK 779382100 695 30,000 SH Sole 30,000
ROYAL GOLD INC CMN STK 780287108 42 2,000 SH Sole 2,000
SAN JUAN BASIN
RTY TR UBI CMN STK 798241105 2,169 100,000 SH Sole 100,000
SAN JUAN BASIN
RTY TR UBI CMN STK 798241105 108 5,000 SH Sole 5,000
SANDISK CORP CMN STK 80004C101 1,834 30,000 SH Defined 1 30,000
SAPPI LTD SPONSORED ADR CMN STK 803069202 1,367 100,000 SH Sole 100,000
SAPPI LTD SPONSORED ADR CMN STK 803069202 96 7,000 SH Sole 7,000
SASOL LTD SPONS ADR CMN STK 803866300 1,087 75,000 SH Sole 75,000
SCHEIN/HENRY/INC CMN STK 806407102 676 10,000 SH Defined 1 10,000
SCHLUMBERGER LTD CMN STK 806857108 1,094 20,000 SH Sole 20,000
SCHLUMBERGER LTD CMN STK 806857108 197 3,600 SH Defined 2 3,600
SCHWAB /CHARLES/ CORP CMN STK 808513105 90 7,600 SH Sole 7,600
SCIENTIFIC GAMES
CORP - A CMN STK 80874P109 136 8,000 SH Sole 8,000
SCIENTIFIC GAMES
CORP - A CMN STK 80874P109 680 40,000 SH Defined 1 40,000
SCP POOL CORP CMN STK 784028102 490 15,000 SH Defined 1 15,000
SECTOR SPDR TR SHS
BEN INT TCH MTL FND 81369Y803 281 13,800 SH Sole 13,800
SEMPRA ENERGY CMN STK 816851109 1,503 50,000 SH Sole 50,000
SEMPRA ENERGY CMN STK 816851109 105 3,500 SH Sole 3,500
SHERWIN WILLIAMS CMN STK 824348106 695 20,000 SH Defined 1 20,000
SILICON LABORATORIES INC CMN STK 826919102 43 1,000 SH Sole 1,000
SMITH INTERNATIONAL INC CMN STK 832110100 1,246 30,000 SH Sole 30,000
SONIC CORP COM CMN STK 835451105 919 30,000 SH Defined 1 30,000
SONIC SOLUTIONS CMN STK 835460106 765 50,000 SH Defined 1 50,000
SOUTHTRUST CORP CMN STK 844730101 98 3,000 SH Sole 3,000
STANLEY WORKS CMN STK 854616109 757 20,000 SH Defined 1 20,000
STARBUCKS CORP CMN STK 855244109 40 1,200 SH Sole 1,200
STMICROELECTRONICS
NV NY SHS CMN STK 861012102 108 4,000 SH Sole 4,000
SUN MICROSYSTEMS INC CMN STK 866810104 126 28,000 SH Sole 28,000
SUNOCO INC CMN STK 86764P109 2,558 50,000 SH Defined 1 50,000
SWIFT TRANSPORTATION INC CMN STK 870756103 420 20,000 SH Defined 1 20,000
SYBRON DENTAL SPECIALTIES CMN STK 871142105 562 20,000 SH Defined 1 20,000
SYMANTEC CORP CMN STK 871503108 693 20,000 SH Defined 1 20,000
SYSCO CORP CMN STK 871829107 223 6,000 SH Sole 6,000
TAIWAN SEMICONDUCTOR
SPON ADR CMN STK 874039100 649 63,380 SH Sole 63,380
TBC CORP CMN STK 872180104 258 10,000 SH Defined 1 10,000
TECHNE CORP CMN STK 878377100 756 20,000 SH Defined 1 20,000
TELEKOMUNIKACJA
POLSKA S A GDR CMN STK 87943D207 4,956 1,239,044 SH Defined 3 ,239,044
TETRA TECH INC CMN STK 88162G103 179 7,200 SH Sole 7,200
TEXAS INSTUMENTS INC CMN STK 882508104 320 10,900 SH Sole 10,900
TIFFANY & CO CMN STK 886547108 339 7,500 SH Sole 7,500
TIFFANY & CO CMN STK 886547108 1,017 22,500 SH Sole 22,500
TIFFANY & CO CMN STK 886547108 407 9,000 SH Defined 2 9,000
TIME WARNER INC CMN STK 887317105 405 22,500 SH Defined 2 22,500
TIVO INC CMN STK 888706108 52 7,000 SH Sole 7,000
TJX COMPANIES INC CMN STK 872540109 441 20,000 SH Defined 1 20,000
TRACTOR SUPPLY CO CMN STK 892356106 121 3,100 SH Sole 3,100
TRIMBLE NAVIGATON LTD CMN STK 896239100 1,490 40,000 SH Defined 1 40,000
TUESDAY MORNING CORP CMN STK 899035505 1,513 50,000 SH Defined 1 50,000
TYCO INTL LTD CMN STK 902124106 427 16,100 SH Defined 2 16,100
UCBH HOLDINGS INC CMN STK 90262T308 390 10,000 SH Sole 10,000
ULTRA PETROLEUM CMN STK 903914109 246 10,000 SH Sole 10,000
UNION PACIFIC CORP CMN STK 907818108 139 2,000 SH Sole 2,000
UNITED MICRO-
ELECTRONICS ADR CMN STK 910873207 545 110,000 SH Sole 110,000
UNITED PARCEL
SERVICE CL B CMN STK 911312106 2,982 40,000 SH Defined 1 40,000
UNITED STATES
STEEL CORP CMN STK 912909108 1,051 30,000 SH Sole 30,000
UNITED STATES
STEEL CORP CMN STK 912909108 123 3,500 SH Sole 3,500
UNITEDHEALTH GROUP
INC CMN STK 91324P102 81 1,400 SH Sole 1,400
URBAN OUTFITTERS INC CMN STK 917047102 104 2,800 SH Sole 2,800
USANA HEALTH
SCIENCES INC CMN STK 90328M107 918 30,000 SH Defined 1 30,000
VARCO INTERNATIONAL INC CMN STK 922122106 206 10,000 SH Defined 1 10,000
VCA ANTECH INC CMN STK 918194101 217 7,000 SH Sole 7,000
VERITAS SOFTWARE CORP CMN STK 923436109 1,115 30,000 SH Defined 1 30,000
VIMPEL COMMUNICATIONS
SPON ADR CMN STK 68370R109 2,932 39,893 SH Defined 3 39,893
WAL MART STORES INC CMN STK 931142103 254 4,780 SH Sole 4,780
WALGREEN CO CMN STK 931422109 407 11,200 SH Defined 2 11,200
WATERS CORPORATION CMN STK 941848103 166 5,000 SH Defined 2 5,000
WEATHERFORD INTL LTD CMN STK G95089101 864 24,000 SH Sole 24,000
WEIGHT WATCHERS INTL INC CMN STK 948626106 169 4,400 SH Defined 2 4,400
WELLPOINT HEALTH
NETWORKS INC CMN STK 94973H108 73 750 SH Sole 750
WELLS FARGO & COMPANY CMN STK 949746101 177 3,000 SH Sole 3,000
WELLS FARGO & COMPANY CMN STK 949746101 412 7,000 SH Defined 2 7,000
WERNER ENTERPRISE CMN STK 950755108 390 20,000 SH Defined 1 20,000
WILLIAMS COMPANIES INC CMN STK 969457100 982 100,000 SH Sole 100,000
WMC RESOURCES LTD SP ADR CMN STK 92928R106 388 22,700 SH Sole 22,700
WYETH CMN STK 983024100 144 3,400 SH Sole 3,400
XTO ENERGY INC CMN STK 98385X106 1,132 40,000 SH Defined 1 40,000
YANKEE CANDLE CO CMN STK 984757104 547 20,000 SH Defined 1 20,000
YPF SA SPONSORED
ADR /REP CL D/ CMN STK 984245100 370 10,000 SH Sole 10,000
GRAND
TOTAL: 268,735 12,724,327