UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Quarter Ended: September 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
November 8, 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: 300
Form 13F Information Table Value Total: $220,224 (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 ORD G04074103 434 20,000 SH Defined 1 20,000
NABORS INDUSTRIES INC SHS G6359F103 710 15,000 SH Sole 15,000
NABORS INDUSTRIES INC SHS G6359F103 95 2,000 SH Sole 2,000
NABORS INDUSTRIES INC SHS G6359F103 237 5,000 SH Defined 1 5,000
NOBLE DRILLING CORP SHS G65422100 899 20,000 SH Sole 20,000
NOBLE DRILLING CORP SHS G65422100 405 9,000 SH Defined 1 9,000
TRANSOCEAN INC ORD G90078109 716 20,000 SH Sole 20,000
TRANSOCEAN INC ORD G90078109 286 8,000 SH Sole 8,000
TRANSOCEAN INC ORD G90078109 326 9,100 SH Defined 1 9,100
TEEKAY SHIPPING CORP COM Y8564W103 646 15,000 SH Sole 15,000
AFLAC INC COM 001055102 235 6,000 SH Defined 1 6,000
AEROPOSTALE INC COM 007865108 524 20,000 SH Sole 20,000
AGNICO EAGLE MINES
WT 11/14/07 WTS 008474132 32 10,000 SH Sole 10,000
AGNICO EAGLE MINES
WT 11/14/07 WTS 008474132 696 221,100 SH Sole 221,100
AGNICO EAGLE MINES
WT 11/14/07 WTS 008474132 1,893 600,900 SH Sole 600,900
AIR PRODUCTS & CHEMICAL COM 009158106 1,360 25,000 SH Sole 25,000
AIR PRODUCTS & CHEMICAL COM 009158106 136 2,500 SH Sole 2,500
AIRGAS INC COM 009363102 722 30,000 SH Sole 30,000
ALCAN INC COM 013716105 1,434 30,000 SH Sole 30,000
ALCAN INC COM 013716105 96 2,000 SH Sole 2,000
ALCOA INC COM 013817101 1,008 30,000 SH Sole 30,000
ALLERGAN INC COM 018490102 218 3,000 SH Defined 1 3,000
AMERICAN EAGLE
OUTFITTERS COM 02553E106 442 12,000 SH Sole 12,000
AMERICAN EAGLE
OUTFITTERS COM 02553E106 1,474 40,000 SH Sole 40,000
AMERICAN EXPRESS COM 025816109 237 4,600 SH Sole 4,600
AMETEK INC COM 031100100 455 15,000 SH Sole 15,000
AMGEN INC COM 031162100 283 5,000 SH Sole 5,000
AMYLIN PHARMACEUTI-
CALS INC COM 032346108 205 10,000 SH Defined 1 10,000
ANALOG DEVICES INC COM 032654105 233 6,000 SH Sole 6,000
ANIXTER INTL INC COM 035290105 877 25,000 SH Sole 25,000
APACHE CORP COM 037411105 3,007 60,000 SH Sole 60,000
ARACRUZ CELULOSE SA
SPON ADR SPON ADR PFD B 038496204 994 30,000 SH Sole 30,000
ARCH COAL INC COM 039380100 710 20,000 SH Sole 20,000
ARMOR HOLDINGS INC COM 042260109 1,248 30,000 SH Sole 30,000
AVON PRODS INC COM 054303102 175 4,000 SH Sole 4,000
BAKER HUGHES COM 057224107 874 20,000 SH Sole 20,000
BANK OF AMERICA CORP COM 060505104 520 12,000 SH Sole 12,000
BARD CORP COM 067383109 1,133 20,000 SH Sole 20,000
BARRICK GOLD CORPORATION COM 067901108 421 20,000 SH Sole 20,000
BARRICK GOLD CORPORATION COM 067901108 1,052 50,000 SH Sole 50,000
C/O BARRICK GOLD JAN 25 CALL OPTN 0679012AE 49 1,400 SH CALL Sole 1,400
C/O BARRICK GOLD JAN 25 CALL OPTN 0679012AE 91 2,600 SH CALL Sole 2,600
C/O BARRICK GOLD
JAN 0030.00 CALL OPTN 0679015AF 64 750 SH CALL Sole 750
C/O BARRICK GOLD
JAN 0030.00 CALL OPTN 0679015AF 191 2,250 SH CALL Sole 2,250
BAUSCH & LOMB COM 071707103 299 4,500 SH Sole 4,500
BELLSOUTH CORP COM 079860102 81 3,000 SH Sole 3,000
BEMA GOLD CORP COM 08135F107 191 60,000 SH Sole 60,000
BEMA GOLD CORP COM 08135F107 366 115,000 SH Sole 115,000
BEMA GOLD CORP COM 08135F107 971 305,000 SH Sole 305,000
BERKSHIRE HATHAWAY
INC CL B CL B 084670207 675 235 SH Defined 1 235
BIOGEN IDEC INC COM 09062X103 275 4,500 SH Defined 1 4,500
BOEING CO COM 097023105 310 6,000 SH Sole 6,000
BROADCOM CORP COM 111320107 246 9,000 SH Sole 9,000
BURLINGTON NORTH
SANTA FE CORP COM 12189T104 460 12,000 SH Sole 12,000
BURLINGTON RES INC COM 122014103 612 15,000 SH Sole 15,000
CNOOC LTD ADR SPON ADR 126132109 526 10,000 SH Sole 10,000
CNOOC LTD ADR SPON ADR 126132109 1,052 20,000 SH Sole 20,000
CACI INTNATL INC CL A CL A 127190304 290 5,500 SH Defined 1 5,500
CAL DIVE INTL INC COM 127914109 356 10,000 SH Sole 10,000
CAMBIOR INC COM 13201L103 140 45,400 SH Sole 45,400
CAMBIOR INC COM 13201L103 308 100,000 SH Sole 100,000
CAPITAL ONE FINANCIAL
CORP COM 14040H105 140 1,900 SH Sole 1,900
CENTRAL EUROPEAN
DISTR CORP COM 153435102 3,359 150,362 SH Defined 2 150,362
CERADYNE INC CALIF COM 156710105 1,098 25,000 SH Sole 25,000
CHESAPEAKE ENERGY CORP COM 165167107 1,029 65,000 SH Sole 65,000
CHESAPEAKE ENERGY CORP COM 165167107 127 8,000 SH Sole 8,000
CHEVRON CORP COM 166764100 215 4,000 SH Defined 1 4,000
CHINA MOBILE
HONG KONG ADR SPON ADR 16941M109 8 500 SH Sole 500
CHOICE HOTELS INTL INC COM 169905106 403 7,000 SH Sole 7,000
CISCO SYSTEMS INC COM 17275R102 91 5,000 SH Sole 5,000
CITIGROUP INC COM 172967101 331 7,500 SH Defined 1 7,500
CLARCOR INC COM 179895107 477 10,000 SH Sole 10,000
COACH INC COM 189754104 636 15,000 SH Sole 15,000
COCA COLA CO COM COM 191216100 388 9,700 SH Defined 1 9,700
COLDWATER CREEK INC COM 193068103 313 15,000 SH Sole 15,000
COMMERCIAL METALS CO COM 201723103 397 10,000 SH Sole 10,000
MINAS BUENAVENTURA
SP ADR B SPON ADR 204448104 437 18,400 SH Sole 18,400
COMTECH TELECOMMUNI-
CATIONS COM 205826209 271 10,000 SH Sole 10,000
CONOCOPHILLIPS COM 20825C104 207 2,500 SH Defined 1 2,500
CONSOL ENERGY INC COM 20854P109 1,047 30,000 SH Sole 30,000
COOPER COMPANIES INC COM 216648402 308 4,500 SH Sole 4,500
COSTCO WHOLESALE CORP COM 22160K105 125 3,000 SH Sole 3,000
COVANCE INC COM 222816100 999 25,000 SH Sole 25,000
CREE INC COM 225447101 916 30,000 SH Sole 30,000
DELL INC COM 24702R101 80 2,240 SH Sole 2,240
DEVON ENERGY CORP COM 25179M103 355 5,000 SH Defined 1 5,000
DOW CHEMICAL CO COM 260543103 768 17,000 SH Sole 17,000
DOW CHEMICAL CO COM 260543103 104 2,300 SH Sole 2,300
DUKE ENERGY CO COM 264399106 229 10,000 SH Sole 10,000
DUKE ENERGY CO COM 264399106 572 25,000 SH Sole 25,000
DURBAN ROODEPOORT
DEP SPON ADR SPON ADR 266597301 201 100,000 SH Sole 100,000
EGL INC COM 268484102 303 10,000 SH Sole 10,000
EARTHLINK INCORPORATED COM 270321102 206 20,000 SH Sole 20,000
EATON CORP COM 278058102 1,268 20,000 SH Sole 20,000
EBAY INC COM 278642103 552 6,000 SH Sole 6,000
EBAY INC COM 278642103 405 4,400 SH Defined 1 4,400
ELECTRONIC ARTS INC COM 285512109 432 9,400 SH Defined 1 9,400
ENERPLUS RESOURCES FUND UNIT TR 29274D604 2,244 69,000 SH Sole 69,000
ENERPLUS RESOURCES FUND UNIT TR 29274D604 195 6,000 SH Sole 6,000
ENNIS INC COM 293389102 86 4,000 SH Sole 4,000
ENTERGY CORP COM 29364G103 145 2,400 SH Defined 1 2,400
EXPEDITORS INTL WASH INC COM 302130109 517 10,000 SH Sole 10,000
FLIR SYSTEMS INC COM 302445101 585 10,000 SH Sole 10,000
FMC CORP COM 302491303 1,943 40,000 SH Sole 40,000
FPL GROUP COM 302571104 273 4,000 SH Defined 1 4,000
FASTENAL COM 311900104 576 10,000 SH Sole 10,000
FIRST DATA CORP COM 319963104 326 7,500 SH Defined 1 7,500
FORDING CANADIAN
COAL TRUST UNIT TR 345425102 1,399 25,000 SH Sole 25,000
FORWARD AIR CORPORATION COM 349853101 600 15,000 SH Sole 15,000
FOSSIL INC COM 349882100 1,856 60,000 SH Sole 60,000
FREEPORT MCMORAN
COPPER & GOLD B CL B 35671D857 608 15,000 SH Sole 15,000
FREEPORT MCMORAN
COPPER & GOLD B CL B 35671D857 1,418 35,000 SH Sole 35,000
GENERAL DYNAMICS COM 369550108 511 5,000 SH Sole 5,000
GENERAL ELECTRIC CO COM 369604103 537 16,000 SH Sole 16,000
GENERAL ELECTRIC CO COM 369604103 336 10,000 SH Defined 1 10,000
GENUINE PARTS CO COM 372460105 576 15,000 SH Sole 15,000
GENZYME CORP-
GENERAL DIVISION COM 372917104 414 7,600 SH Defined 1 7,600
GEORGIA GULF CORP COM 373200203 1,784 40,000 SH Sole 40,000
GEORGIA GULF CORP COM 373200203 178 4,000 SH Sole 4,000
GEORGIA GULF CORP COM 373200203 669 15,000 SH Sole 15,000
GLAMIS GOLD LTD COM 376775102 375 20,000 SH Sole 20,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 2,443 179,000 SH Sole 179,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 1,447 106,000 SH Sole 106,000
GOLDCORP INC COM 380956409 866 62,500 SH Sole 62,500
GOLDCORP INC COM 380956409 658 47,500 SH Sole 47,500
GRAINGER W W INC COM 384802104 577 10,000 SH Sole 10,000
GRANT PRIDECO INC COM 38821G101 1,229 60,000 SH Sole 60,000
GRANT PRIDECO INC COM 38821G101 1,025 50,000 SH Sole 50,000
HSBC HLDGS PLC SPONS ADR SPON ADR 404280406 80 1,000 SH Sole 1,000
C/O HALLIBURTON CO
JAN 0025.00 CALL OPTN 4062169AE 344 400 SH CALL Sole 400
HARLEY-DAVIDSON COM 412822108 594 10,000 SH Sole 10,000
HARMONY GOLD MINING
SPON ADR SPON ADR 413216300 1,948 143,000 SH Sole 143,000
HARMONY GOLD MINING
SPON ADR SPON ADR 413216300 1,525 112,000 SH Sole 112,000
HECLA MINING COM 422704106 446 60,000 SH Sole 60,000
HECLA MINING COM 422704106 1,562 210,000 SH Sole 210,000
HERCULES INC COM 427056106 1,781 125,000 SH Sole 125,000
HERCULES INC COM 427056106 143 10,000 SH Sole 10,000
HUBBELL INC CLASS B CL B 443510201 897 20,000 SH Sole 20,000
HUGHES SUPPLY COM 444482103 481 16,000 SH Sole 16,000
IDEX CORP COM 45167R104 764 22,500 SH Sole 22,500
ILLINOIS TOOL WORKS COM 452308109 130 1,400 SH Sole 1,400
ILLINOIS TOOL WORKS COM 452308109 932 10,000 SH Sole 10,000
INCO LTD COM 453258402 391 10,000 SH Sole 10,000
INCO LTD COM 453258402 683 17,500 SH Sole 17,500
INCO LTD COM 453258402 391 10,000 SH Sole 10,000
INNKEEPERS USA TRUST COM 4576J0104 622 50,000 SH Sole 50,000
INTEL CORP COM 458140100 361 18,000 SH Defined 1 18,000
I SHARES MSCI
SINGAPORE FREE MSCI SINGAPORE 464286673 102 15,000 SH Sole 15,000
I SHARES TAIWAN
WEBS INDEX MSCI TAIWAN 464286731 107 10,000 SH Sole 10,000
I SHARES MSCI
SOUTH KOREA INDEX MSCI S KOREA 464286772 125 5,000 SH Sole 5,000
I SHARES MSCI
MALAYSIA /FREE/ MSCI MALAYSIA 464286830 67 10,000 SH Sole 10,000
I SHARES MSCI
JAPAN IDEX FD MSCI JAPAN 464286848 97 10,000 SH Sole 10,000
I SHARES MSCI
HONG KONG INDEX MSCI HONG KONG 464286871 111 10,000 SH Sole 10,000
JPMORGAN CHASE & CO COM 46625H100 187 4,700 SH Sole 4,700
JAKKS PACIFIC INC COM 47012E106 460 20,000 SH Sole 20,000
JOHNSON & JOHNSON COM 478160104 282 5,000 SH Sole 5,000
JOY GLOBAL INC COM 481165108 860 25,000 SH Sole 25,000
JOY GLOBAL INC COM 481165108 172 5,000 SH Sole 5,000
JUNIPER NETWORKS INC COM 48203R104 96 4,074 SH Sole 4,074
KLA TENCOR CORP COM 482480100 166 4,000 SH Sole 4,000
KLA TENCOR CORP COM 482480100 830 20,000 SH Sole 20,000
KB HOME COM 48666K109 211 2,500 SH Sole 2,500
KNIGHT TRANSN INC COM 499064103 643 30,000 SH Sole 30,000
KRONOS INC COM 501052104 886 20,000 SH Sole 20,000
L 3 COMMUNICATIONS
HLDG CORP COM 502424104 670 10,000 SH Sole 10,000
LANDSTAR SYSTEM INC COM 515098101 587 10,000 SH Sole 10,000
ELI LILLY & CO COM 532457108 120 2,000 SH Sole 2,000
LINCOLN ELECTRIC HOLDINGS COM 533900106 470 15,000 SH Sole 15,000
MSC INDL DIRECT INC CL A CL A 553530106 341 10,000 SH Sole 10,000
MASCO CORP COM 574599106 207 6,000 SH Sole 6,000
MAVERICK TUBE CORP COM 577914104 1,232 40,000 SH Sole 40,000
MEDICIS PHARMACEUTICAL
CORP CL A CL A 584690309 390 10,000 SH Sole 10,000
MENTOR CORP /MINN/ COM 587188103 674 20,000 SH Sole 20,000
MERIDIAN GOLD INC COM 589975101 418 25,000 SH Sole 25,000
MERIDIAN GOLD INC COM 589975101 836 50,000 SH Sole 50,000
MICROSOFT CORP COM 594918104 277 10,000 SH Sole 10,000
MOBILE TELESYSTEMS
SPON ADR COM 607409109 13,307 91,777 SH Defined 2 91,777
MOBILE MINI INC COM 60740F105 248 10,000 SH Sole 10,000
MOOG INC CL A CL A 615394202 545 15,000 SH Sole 15,000
NASDAQ 100 SHARES UNIT SER 1 631100104 316 9,000 SH Sole 9,000
NASDAQ 100 SHARES UNIT SER 1 631100104 703 20,000 SH Sole 20,000
NAVARRE CORP COM 639208107 435 30,000 SH Sole 30,000
NEWMONT MINING CORP COM 651639106 455 10,000 SH Sole 10,000
NEWMONT MINING CORP COM 651639106 2,049 45,000 SH Sole 45,000
NEWMONT MINING CORP COM 651639106 4,553 100,000 SH Sole 100,000
NEWMONT MINING CORP COM 651639106 455 10,000 SH Defined 1 10,000
NIKE INC CL B CL B 654106103 118 1,500 SH Sole 1,500
NORFOLK SOUTHERN CORP COM 655844108 1,190 40,000 SH Sole 40,000
NORTHROP GRUNMAN CORP COM 666807102 533 10,000 SH Defined 1 10,000
NUCOR CORP COM 670346105 457 5,000 SH Sole 5,000
OLD DOMINION FREIGHT
LINE INC COM 679580100 576 20,000 SH Sole 20,000
VIMPEL COMMUNICATIONS
SPON ADR SPON ADR 68370R109 10,704 98,383 SH Defined 2 98,383
POSCO SPONSORED ADR SPON ADR 693483109 284 7,500 SH Sole 7,500
PACIFIC RIM MNG
CORP_/CANADIAN/ COM 694915208 13 18,187 SH Sole 18,187
PACIFIC RIM MNG
CORP_/CANADIAN/ COM 694915208 209 290,000 SH Sole 290,000
PATTERSON UTI ENERGY INC COM 703481101 763 40,000 SH Sole 40,000
PATTERSON UTI ENERGY INC COM 703481101 229 12,000 SH Sole 12,000
PENTAIR INC COM 709631105 698 20,000 SH Sole 20,000
PETROCHINA CO LTD ADS SPON ADR 71646E100 446 8,300 SH Defined 1 8,300
PHELPS DODGE CORP COM 717265102 184 2,000 SH Sole 2,000
C/O PHELPS DODGE
JAN 0095.00 CALL OPTN 7172655AS 274 200 SH CALL Sole 200
PHILIPPINE LONG DIST
TEL SPN ADR SPON ADR 718252604 876 35,000 SH Sole 35,000
PLACER DOME INC COM 725906101 398 20,000 SH Sole 20,000
PLACER DOME INC COM 725906101 2,485 125,000 SH Sole 125,000
PLACER DOME INC COM 725906101 10,218 514,000 SH Sole 514,000
C/O PLACER DOME
JAN 0015.00 CALL OPTN 7259062AC 842 1,650 SH CALL Sole 1,650
C/O PLACER DOME
JAN 0015.00 CALL OPTN 7259062AC 1,709 3,350 SH CALL Sole 3,350
C/O PLACER DOME
JAN 06 CALL OPTN 7259069AE 165 1,100 SH CALL Sole 1,100
C/O PLACER DOME
JAN 06 CALL OPTN 7259069AE 105 700 SH CALL Sole 700
C/O PLACER DOME JAN 06 CALL OPTN 7259069AE 780 5,200 SH CALL Sole 5,200
POGO PRODUCING CO COM 730448107 1,186 25,000 SH Sole 25,000
PRAXAIR COM 74005P104 855 20,000 SH Sole 20,000
PRECISION CAST PARTS COM 740189105 300 5,000 SH Sole 5,000
PRECISION DRILLING CORP COM 74022D100 1,150 20,000 SH Sole 20,000
PROASSURANCE CORPORATION COM 74267C106 158 4,500 SH Sole 4,500
PROCTOR & GAMBLE CO COM 742718109 216 4,000 SH Sole 4,000
PROCTOR & GAMBLE CO COM 742718109 1,624 30,000 SH Sole 30,000
PRUDENTIAL FINANCIAL INC COM 744320102 235 5,000 SH Sole 5,000
QUALCOMM INC COM 747525103 468 12,000 SH Sole 12,000
QUALCOMM INC COM 747525103 976 25,000 SH Sole 25,000
QUICKSILVER RES INC COM 74837R104 1,307 40,000 SH Sole 40,000
RALCORP HOLDINGS INC COM 751028101 542 15,000 SH Sole 15,000
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 197 20,000 SH Sole 20,000
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 1,974 200,000 SH Sole 200,000
RANGOLD RESOURCES LTD ADR SPON ADR 752344309 3,593 364,000 SH Sole 364,000
RAYONIER INC COM 754907103 181 4,000 SH Sole 4,000
RENAL CARE GROUP INC COM 759930100 129 4,000 SH Sole 4,000
ROCKWELL INTERNATIONAL
CORP COM 773903109 194 5,000 SH Sole 5,000
ROCKWELL INTERNATIONAL
CORP COM 773903109 1,161 30,000 SH Sole 30,000
ROSTELECOM LNG DST&INTL
TL ADR SPON ADR 778529107 5,017 370,828 SH Defined 2 370,828
ROWAN COMPANIES COM 779382100 132 5,000 SH Sole 5,000
C/O ROWAN COS INC
JAN 0030.00 CALL OPTN 7793829AF 22 400 SH CALL Sole 400
SAFECO CORP COM 786429100 1,370 30,000 SH Sole 30,000
SAN JUAN BASIN RTY TR UBI UNIT TR 798241105 1,892 62,000 SH Sole 62,000
SAN JUAN BASIN RTY TR UBI UNIT TR 798241105 214 7,000 SH Sole 7,000
SAPPI LTD SPONSORED ADR SPON ADR 803069202 716 50,000 SH Sole 50,000
SASOL LTD SPONS ADR SPON ADR 803866300 562 30,000 SH Sole 30,000
SCANSOURCE INC COM 806037107 638 10,000 SH Sole 10,000
SCHLUMBERGER LTD COM 806857108 512 7,600 SH Defined 1 7,600
SEMPRA ENERGY COM 816851109 127 3,500 SH Sole 3,500
7-ELEVEN INC COM 817826209 128 6,400 SH Sole 6,400
SHANDA INTERACTIVE
ENTER-ADR SPON ADR 81941Q203 360 15,000 SH Sole 15,000
SMURFIT STONE CONTAINER
CORP COM 832727101 581 30,000 SH Sole 30,000
SMURFIT STONE CONTAINER
CORP COM 832727101 97 5,000 SH Sole 5,000
SONIC CORP COM COM 835451105 1,282 50,000 SH Sole 50,000
SOUTHWESTERN ENERGY CO COM 845467109 630 15,000 SH Sole 15,000
STARBUCKS CORP COM 855244109 455 10,000 SH Sole 10,000
STARBUCKS CORP COM 855244109 1,364 30,000 SH Sole 30,000
STEEL TECHNOLOGIES INC COM 858147101 256 10,000 SH Sole 10,000
STEIN MART INC COM 858375108 609 40,000 SH Sole 40,000
SYMANTEC CORP COM 871503108 220 4,000 SH Sole 4,000
TAIWAN SEMICONDUCTOR
SPON ADR SPON ADR 874039100 143 20,000 SH Sole 20,000
TALISMAN ENERGY INC COM 87425E103 104 4,000 SH Sole 4,000
TALISMAN ENERGY INC COM 87425E103 389 15,000 SH Sole 15,000
TEREX CORP COM 880779103 130 3,000 SH Sole 3,000
TEVA PHARMACEUTICAL IND
SPON ADR SPON ADR 881624209 337 13,000 SH Defined 1 13,000
TEXAS INSTUMENTS INC COM 882508104 334 15,700 SH Defined 1 15,700
TEXTRON INC COM 883203101 450 7,000 SH Sole 7,000
TEXTRON INC COM 883203101 1,285 20,000 SH Sole 20,000
TIFFANY & CO COM 886547108 231 7,500 SH Sole 7,500
TIFFANY & CO COM 886547108 692 22,500 SH Sole 22,500
TIFFANY & CO COM 886547108 261 8,500 SH Defined 1 8,500
TRIMBLE NAVIGATON LTD COM 896239100 1,264 40,000 SH Sole 40,000
TYCO INTL LTD COM 902124106 368 12,000 SH Defined 1 12,000
US BANCORP COM 902973304 434 15,000 SH Sole 15,000
ULTRA PETROLEUM COM 903914109 981 20,000 SH Sole 20,000
UNIONBANCAL CORPORATION COM 908906100 178 3,000 SH Sole 3,000
UNIONBANCAL CORPORATION COM 908906100 592 10,000 SH Sole 10,000
UNIT CORP COM 909218109 702 20,000 SH Sole 20,000
UNITED MICROELECTRONICS
ADR SPON ADR 910873207 134 39,756 SH Sole 39,756
UNITED STATES STEEL CORP COM 912909108 38 1,000 SH Sole 1,000
URBAN OUTFITTERS INC COM 917047102 241 7,000 SH Sole 7,000
URBAN OUTFITTERS INC COM 917047102 688 20,000 SH Sole 20,000
VCA ANTECH INC COM 918194101 83 4,000 SH Sole 4,000
VALERO REFNG &
MARKETING CO COM 91913Y100 802 10,000 SH Sole 10,000
VALERO REFNG &
MARKETING CO COM 91913Y100 241 3,000 SH Sole 3,000
VALERO REFNG &
MARKETING CO COM 91913Y100 401 5,000 SH Sole 5,000
C/O VALERO ENERGY
JAN 0070.00 CALL OPTN 91913Y8AN 123 100 SH CALL Sole 100
VARCO INTERNATIONAL INC COM 922122106 1,073 40,000 SH Sole 40,000
VARCO INTERNATIONAL INC COM 922122106 94 3,500 SH Sole 3,500
VARCO INTERNATIONAL INC COM 922122106 402 15,000 SH Sole 15,000
VENTANA MEDICAL INC COM 92276H106 1,009 20,000 SH Sole 20,000
VERIZON COMMUNICATIONS COM 92343V104 197 5,000 SH Sole 5,000
VERINT SYSTEMS INC COM 92343X100 368 10,000 SH Sole 10,000
VIACOM INC CL B CL B 925524308 232 6,900 SH Defined 1 6,900
WABTEC CORP COM 929740108 374 20,000 SH Sole 20,000
WAL MART STORES INC COM 931142103 190 3,580 SH Sole 3,580
WASHINGTON POST CO CL B CL B 939640108 446 485 SH Defined 1 485
WATERS CORPORATION COM 941848103 882 20,000 SH Sole 20,000
WEBSENSE INC COM 947684106 833 20,000 SH Sole 20,000
WELLS FARGO & COMPANY COM 949746101 716 12,000 SH Defined 1 12,000
WESTMORELAND COAL CO COM 960878106 512 20,000 SH Sole 20,000
WESTMORELAND COAL CO COM 960878106 77 3,000 SH Sole 3,000
WORLD ACCEP CORP S C COM 981419104 698 30,000 SH Sole 30,000
WYETH COM 983024100 187 5,000 SH Sole 5,000
XTO ENERGY INC COM 98385X106 650 20,000 SH Sole 20,000
YAHOO INC COM 984332106 102 3,000 SH Sole 3,000
YAHOO INC COM 984332106 848 25,000 SH Sole 25,000
YANZHOU COAL MNG
SPONS ADR H SPON ADR H SHS 984846105 33 500 SH Sole 500
ZEBRA TECHNOLOGIES
CORP CL A CL A 989207105 1,830 30,000 SH Sole 30,000