UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Quarter Ended: September 30, 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
------------------
Susan B. McGee, President
San Antonio, TX
November 11, 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: 335
Form 13F Information Table Value Total: $792,907 (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 MGRS SOLE SHARED NONE
------------------------------------------------------------------------------------------------------------------------------------
CENTRAL EUROPEAN
MEDIA CL A CL A G20045202 211 4,000 SH Sole 4,000
CENTRAL EUROPEAN
MEDIA CL A CL A G20045202 7,805 147,794 SH Defined 2 147,794
CENTRAL EUROPEAN
MEDIA CL A CL A G20045202 396 7,500 SH Sole 7,500
GLOBALSANTAFE CORP SHS G3930E101 6,159 135,000 SH Sole 135,000
NABORS INDUSTRIES INC SHS G6359F103 7,183 100,000 SH Sole 100,000
NABORS INDUSTRIES INC SHS G6359F103 108 1,500 SH Sole 1,500
NABORS INDUSTRIES INC SHS G6359F103 359 5,000 SH Defined 1 5,000
NABORS INDUSTRIES INC SHS G6359F103 718 10,000 SH Sole 10,000
NOBLE DRILLING CORP SHS G65422100 3,081 45,000 SH Sole 45,000
NOBLE DRILLING CORP SHS G65422100 274 4,000 SH Defined 1 4,000
TRANSOCEAN INC ORD G90078109 123 2,000 SH Sole 2,000
TRANSOCEAN INC ORD G90078109 374 6,100 SH Defined 1 6,100
TRANSOCEAN INC ORD G90078109 613 10,000 SH Sole 10,000
WEATHERFORD INTL LTD COM G95089101 6,866 100,000 SH Sole 100,000
ACCURIDE CORPORATION COM 004398103 621 45,000 SH Sole 45,000
AIR PRODUCTS
& CHEMICAL COM 009158106 232 4,200 SH Defined 1 4,200
ALERIS INTERNA-
TIONAL INC COM 014477103 549 20,000 SH Sole 20,000
ALLERGAN INC COM 018490102 275 3,000 SH Defined 1 3,000
ALLSCRIPTS HEALTH-
CARE SOLUTION COM 01988P108 901 50,000 SH Sole 50,000
ALPHA NATURAL RESOUR COM 02076X102 4,957 165,000 SH Sole 165,000
ALTRIA GROUP INC COM 02209S103 369 5,000 SH Sole 5,000
AMAZON.COM INC COM 023135106 317 7,000 SH Defined 1 7,000
AMERICAN EXPRESS COM 025816109 477 8,300 SH Defined 1 8,300
AMERITRADE HOLDING
CORP COM 03074K100 644 30,000 SH Sole 30,000
AMYLIN PHARMACEU-
TICALS INC COM 032346108 348 10,000 SH Defined 1 10,000
APPLE COMPUTER INC COM 037833100 268 5,000 SH Sole 5,000
APPLE COMPUTER INC COM 037833100 1,072 20,000 SH Sole 20,000
ARCH COAL INC COM 039380100 5,738 85,000 SH Sole 85,000
ASSET ACCEPTANCE CAP COM 04543P100 749 25,000 SH Sole 25,000
ATWOOD OCEANICS COM 050095108 10,526 125,000 SH Sole 125,000
AUTODESK INC COM 052769106 1,161 25,000 SH Sole 25,000
AVIALL INC COM 05366B102 203 6,000 SH Sole 6,000
BAKER HUGHES COM 057224107 3,581 60,000 SH Sole 60,000
BARRICK GOLD
CORPORATION COM 067901108 581 20,000 SH Sole 20,000
BARRICK GOLD
CORPORATION COM 067901108 1,453 50,000 SH Sole 50,000
C/O BARRICK GOLD
JAN 0030.00 CALL OPTN 0679015AF 113 750 SH CALL Sole 750
C/O BARRICK GOLD
JAN 0030.00 CALL OPTN 0679015AF 338 2,250 SH CALL Sole 2,250
BAXTER INTL INC COM 071813109 797 20,000 SH Sole 20,000
BEACON ROOFING
SUPPLY INC COM 073685109 490 15,000 SH Sole 15,000
BERKLEY /W R/ CORP COM 084423102 790 20,000 SH Sole 20,000
BERKSHIRE HATHAWAY
INC CL B CL B 084670207 642 235 SH Defined 1 235
BIOGEN IDEC INC COM 09062X103 790 20,000 SH Sole 20,000
BIOMED REALTY
TRUST INC COM 09063H107 744 30,000 SH Sole 30,000
BIOTECH HOLDERS DEPOSTRY
TR DEP RCPTS RCPTS 09067D201 381 2,000 SH Sole 2,000
BLUE COAT SYSTEMS INC COM NEW 09534T508 435 10,000 SH Sole 10,000
BOEING CO COM 097023105 204 3,000 SH Sole 3,000
BORG WARNER
AUTOMOTIVE INC COM 099724106 565 10,000 SH Sole 10,000
BRIGHTPOINT INC COM NEW 109473405 1,005 52,500 SH Sole 52,500
BROADCOM CORP CL A 111320107 281 6,000 SH Sole 6,000
BURLINGTON NORTH
SANTA FE CORP COM 12189T104 179 3,000 SH Sole 3,000
BURLINGTON RES INC COM 122014103 8,132 100,000 SH Sole 100,000
C/O BURLINGTON RES
JAN 0070.00 CALL OPTN 1220149AN 203 150 SH CALL Sole 150
CNOOC LTD ADR SPON ADR 126132109 4,331 60,000 SH Sole 60,000
CNOOC LTD ADR SPON ADR 126132109 866 12,000 SH Sole 12,000
CNET NETWORKS INC COM 12613R104 611 45,000 SH Sole 45,000
CVS CORP COM 126650100 116 4,000 SH Sole 4,000
CVS CORP COM 126650100 580 20,000 SH Sole 20,000
CACI INTNATL INC CL A CL A 127190304 333 5,500 SH Defined 1 5,500
CAMBIOR INC COM 13201L103 256 120,400 SH Sole 120,400
CAMBIOR INC COM 13201L103 373 175,000 SH Sole 175,000
CARDINAL HEALTH COM 14149Y108 222 3,500 SH Sole 3,500
CARRIZO OIL
& GAS INC COM 144577103 6,007 205,000 SH Sole 205,000
CATERPILLAR INC DEL COM 149123101 353 6,000 SH Sole 6,000
CENTRAL EUROPEAN
DISTR CORP COM 153435102 60 1,410 SH Defined 2 1,410
CENTRAL EUROPEAN
DISTR CORP COM 153435102 4 97 SH Defined 2 97
CERNER CORP COM 156782104 652 7,500 SH Sole 7,500
CHESAPEAKE ENERGY
CORP COM 165167107 7,650 200,000 SH Sole 200,000
CHESAPEAKE ENERGY
CORP COM 165167107 230 6,000 SH Sole 6,000
CHICAGO BRIDGE NY REGIS-
& IRON ADR TRY SH 167250109 466 15,000 SH Sole 15,000
CHINA PETROLEUM
& CHEMICAL ADR SPON ADR 16941R108 226 5,000 SH Sole 5,000
CHUNGHWA TELECOM ADR SPON ADR 17133Q205 120 6,466 SH Defined 2 6,466
CITIGROUP INC COM 172967101 341 7,500 SH Defined 1 7,500
COCA COLA CO COM COM 191216100 419 9,700 SH Defined 1 9,700
COLDWATER CREEK INC COM 193068103 504 20,000 SH Sole 20,000
COMPUCREDIT CORP COM 20478N100 444 10,000 SH Sole 10,000
AGNICO EAGLE *W EXP
MINES LTD WT/CAD/ 11/07/2007 2064952 21 10,000 SH Sole 10,000
AGNICO EAGLE *W EXP
MINES LTD WT/CAD/ 11/07/2007 2064952 464 221,100 SH Sole 221,100
AGNICO EAGLE *W EXP
MINES LTD WT/CAD/ 11/07/2007 2064952 1,293 615,900 SH Sole 615,900
CONOCOPHILLIPS COM 20825C104 7,690 110,000 SH Sole 110,000
CONOCOPHILLIPS COM 20825C104 210 3,000 SH Sole 3,000
CONSOL ENERGY INC COM 20854P109 5,339 70,000 SH Sole 70,000
COOPER COMPANIES INC COM 216648402 575 7,500 SH Sole 7,500
CORNING INCORPORATED COM 219350105 87 4,500 SH Sole 4,500
COVANCE INC COM 222816100 720 15,000 SH Sole 15,000
CTRIP.COM
INTERNATIONAL LTD ADR 22943F100 320 5,000 SH Sole 5,000
DIGITAL INSIGHT COM 25385P106 235 9,000 SH Sole 9,000
DIGITAL RIVER INC COM 25388B104 244 7,000 SH Sole 7,000
DUNE ENERGY INC COM NEW 265338202 41 20,000 SH Sole 20,000
EOG RESOURCES COM 26875P101 7,490 100,000 SH Sole 100,000
C/O EOG RESOURCES
JAN 0065.00 CALL OPTN 26875P9AM 194 150 SH CALL Sole 150
EAGLE MATERIALS INC COM 26969P108 4,248 35,000 SH Sole 35,000
EBAY INC COM 278642103 247 6,000 SH Defined 1 6,000
EDISON INTERNATIONAL COM 281020107 213 4,500 SH Sole 4,500
ELECTRONIC ARTS INC COM 285512109 535 9,400 SH Defined 1 9,400
ENCANA CORP COM 292505104 379 6,500 SH Defined 1 6,500
ENDO PHARMACEU-
TICALS HLDGS INC COM 29264F205 533 20,000 SH Sole 20,000
ENERGEN CORP COM 29265N108 260 6,000 SH Sole 6,000
ENERGEN CORP COM 29265N108 865 20,000 SH Sole 20,000
ENERPLUS RESOURCES
FUND UNIT TR 29274D604 1,416 30,000 SH Sole 30,000
ENERPLUS RESOURCES
FUND UNIT TR 29274D604 189 4,000 SH Sole 4,000
ENERPLUS RESOURCES
FUND UNIT TR 29274D604 708 15,000 SH Sole 15,000
EURONET WORLDWIDE INC COM 298736109 148 5,000 SH Sole 5,000
EXELON CORPORATION COM 30161N101 267 5,000 SH Sole 5,000
EXELON CORPORATION COM 30161N101 214 4,000 SH Defined 1 4,000
EXPRESS SCRIPTS
INC COMMON COM 302182100 280 4,500 SH Sole 4,500
FPL GROUP COM 302571104 381 8,000 SH Defined 1 8,000
FLORIDA ROCK
INDUSTRIES COM 341140101 673 10,500 SH Sole 10,500
FORDING CANADIAN
COAL TRUST UNIT TR 345425102 4,044 95,000 SH Sole 95,000
FRANKLIN RESOURCES INC COM 354613101 252 3,000 SH Sole 3,000
C/O FREEPORT MCMOR
JAN 0040.00 CALL OPTN 35671D5AH 138 145 SH CALL Sole 145
C/O FREEPORT MCMOR
JAN 0040.00 CALL OPTN 35671D5AH 337 355 SH CALL Sole 355
FREEPORT MCMORAN
COPPER & GOLD B CL B 35671D857 4,859 100,000 SH Sole 100,000
FREEPORT MCMORAN
COPPER & GOLD B CL B 35671D857 3,460 71,200 SH Sole 71,200
FRONTIER OIL CORP COM 35914P105 887 20,000 SH Sole 20,000
GENENTECH INC COM 368710406 379 4,500 SH Sole 4,500
GENENTECH INC COM 368710406 278 3,300 SH Defined 1 3,300
GENERAL ELECTRIC CO COM 369604103 168 5,000 SH Defined 1 5,000
GENESIS MICROCHIP INC COM 37184C103 659 30,000 SH Sole 30,000
GLAMIS GOLD LTD COM 376775102 442 20,000 SH Sole 20,000
GLOBAL INDUSTRIES LTD COM 379336100 5,896 400,000 SH Sole 400,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 2,339 161,000 SH Sole 161,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 2,412 166,000 SH Sole 166,000
GOLDCORP INC COM 380956409 401 20,000 SH Sole 20,000
GOLDCORP INC COM 380956409 2,004 100,000 SH Sole 100,000
GOLDCORP INC COM 380956409 4,369 218,000 SH Sole 218,000
GOODRICH CORP COM 382388106 222 5,000 SH Sole 5,000
GOODRICH CORP COM 382388106 887 20,000 SH Sole 20,000
GOODRICH PETROLEUM CORP COM NEW 382410405 7,041 300,000 SH Sole 300,000
GOOGLE INC CLASS A CL A 38259P508 316 1,000 SH Sole 1,000
GOOGLE INC CLASS A CL A 38259P508 316 1,000 SH Defined 1 1,000
GRANT PRIDECO INC COM 38821G101 10,163 250,000 SH Sole 250,000
GULFMARK OFFSHORE INC COM 402629109 4,518 140,000 SH Sole 140,000
GULFMARK OFFSHORE INC COM 402629109 113 3,500 SH Sole 3,500
GULFMARK OFFSHORE INC COM 402629109 645 20,000 SH Sole 20,000
HCC INS HLDGS INC COM 404132102 713 25,000 SH Sole 25,000
HAEMONETICS CORP MASS COM 405024100 475 10,000 SH Sole 10,000
HALLIBURTON CO COM 406216101 6,167 90,000 SH Sole 90,000
HALLIBURTON CO COM 406216101 171 2,500 SH Sole 2,500
HALLIBURTON CO COM 406216101 685 10,000 SH Sole 10,000
HARRIS CORP COM 413875105 314 7,500 SH Sole 7,500
HEALTHEXTRAS.COM COM 422211102 214 10,000 SH Sole 10,000
HECLA MINING COM 422704106 394 90,000 SH Sole 90,000
HECLA MINING COM 422704106 1,226 280,000 SH Sole 280,000
HELMERICH & PAYNE COM 423452101 157,054 2,565,000 SH Sole 2,565,000
HELMERICH & PAYNE COM 423452101 906 15,000 SH Sole 15,000
HEWLETT PACKARD CO COM 428236103 117 4,000 SH Sole 4,000
HOLOGIC INC COM 436440101 231 4,000 SH Sole 4,000
HORNBECK OFFSHORE SV COM 440543106 7,736 211,200 SH Sole 211,200
HORNBECK OFFSHORE SV COM 440543106 256 7,000 SH Sole 7,000
HORNBECK OFFSHORE SV COM 440543106 733 20,000 SH Sole 20,000
HUMANA INC COM 444859102 383 8,000 SH Sole 8,000
ITT INDUSTRIES COM 450911102 852 7,500 SH Sole 7,500
INTEL CORP COM 458140100 283 11,500 SH Defined 1 11,500
INTEROIL CORP COM 460951106 2,913 125,000 SH Sole 125,000
INTEROIL CORP COM 460951106 117 5,000 SH Sole 5,000
INTUITIVE SURGICAL INC COM NEW 46120E602 257 3,500 SH Sole 3,500
ISHARES MSCI MSCI
SINGAPORE FREE SINGAPORE 464286673 160 20,000 SH Sole 20,000
ISHARES MSCI MSCI
SOUTH KOREA INDEX S KOREA 464286772 395 10,000 SH Sole 10,000
ISHARES MSCI MSCI
JAPAN IDEX FD JAPAN 464286848 183 15,000 SH Sole 15,000
ISHARES MSCI MSCI
JAPAN IDEX FD JAPAN 464286848 122 10,000 SH Sole 10,000
I SHARES MSCI MSCI
HONG KONG INDEX HONG KONG 464286871 272 20,000 SH Sole 20,000
ISHARES FTSE/XINHUA FTSE
CHINA 25 XNHUA IDX 464287184 257 4,000 SH Sole 4,000
ISHARES TRUST RUSSELL
RUSSELL 200I 2000 464287655 100 1,500 SH Sole 1,500
JACOBS ENGINEERING
GROUP INC COM 469814107 674 10,000 SH Sole 10,000
JARDEN CORP COM 471109108 616 15,000 SH Sole 15,000
JOY GLOBAL INC COM 481165108 6,308 125,000 SH Sole 125,000
JOY GLOBAL INC COM 481165108 252 5,000 SH Sole 5,000
KT CORP SPONS ADR_ SPON ADR 48268K101 169 7,500 SH Sole 7,500
KENDLE INTERNATIONAL INC COM 48880L107 844 30,000 SH Sole 30,000
KOOKMIN BANK SP
ADR 1 ADR RP 1SH SPON ADR 50049M109 1,481 25,000 SH Sole 25,000
KOOKMIN BANK SP
ADR 1 ADR RP 1SH SPON ADR 50049M109 383 6,467 SH Defined 2 6,467
KROGER CO COM 501044101 515 25,000 SH Sole 25,000
LEHMAN BROTHERS
HLDGS INC COM 524908100 175 1,500 SH Sole 1,500
LEHMAN BROTHERS
HLDGS INC COM 524908100 582 5,000 SH Sole 5,000
LENNOX INTER-
NATIONAL INC COM 526107107 548 20,000 SH Sole 20,000
LO JACK CORP COM 539451104 634 30,000 SH Sole 30,000
LOEWS CORP COM 540424108 416 4,500 SH Sole 4,500
LOGITECH INTL
S A SPON ADR SPON ADR 541419107 815 20,000 SH Sole 20,000
LONE STAR
TECHNOLOGIES INC COM 542312103 111 2,000 SH Sole 2,000
LONE STAR
TECHNOLOGIES INC COM 542312103 556 10,000 SH Sole 10,000
MARATHON OIL CORP COM 565849106 7,582 110,000 SH Sole 110,000
MARATHON OIL CORP COM 565849106 345 5,000 SH Defined 1 5,000
MARTIN MARIETTA
MATERIALS COM 573284106 5,885 75,000 SH Sole 75,000
MCDERMOTT INTNATL INC COM 580037109 7,322 200,000 SH Sole 200,000
MERIDIAN BIOSCIENCE INC COM 589584101 466 22,500 SH Sole 22,500
MERIDIAN GOLD INC COM 589975101 4,141 189,000 SH Sole 189,000
MERIDIAN GOLD INC COM 589975101 7,384 337,000 SH Sole 337,000
MICROSOFT CORP COM 594918104 566 22,000 SH Defined 1 22,000
MITSUBISHI UFJ
FINANCIAL GROUP SPON ADR 606816106 261 20,000 SH Sole 20,000
MOBILE TELE-
SYSTEMS SPON ADR SPON ADR 607409109 42,020 1,032,934 SH Defined 2 1,032,934
MOBILE MINI INC COM 60740F105 650 15,000 SH Sole 15,000
MOTOROLA INC COM 620076109 353 16,000 SH Sole 16,000
MOTOROLA INC COM 620076109 884 40,000 SH Sole 40,000
NS GROUP INC COM 628916108 5,103 130,000 SH Sole 130,000
NASDAQ 100 SHARES UNIT SER 1 631100104 99 2,500 SH Sole 2,500
NATIONAL FINANCIAL
PARTNERS COM 63607P208 90 2,000 SH Sole 2,000
NATIONAL FINANCIAL
PARTNERS COM 63607P208 451 10,000 SH Sole 10,000
NATIONAL
OILWELL VARCO INC COM 637071101 6,580 100,000 SH Sole 100,000
NETEASE.COM
INC ADR SPON ADR 64110W102 675 7,500 SH Sole 7,500
NETGEAR INC COM 64111Q104 96 4,000 SH Sole 4,000
NEWMONT MINING CORP COM 651639106 2,594 55,000 SH Sole 55,000
NEWMONT MINING CORP COM 651639106 4,717 100,000 SH Sole 100,000
NEWMONT MINING CORP COM 651639106 307 6,500 SH Defined 1 6,500
C/O NEWMONT
MINING JAN0040.00 CALL OPTN 6516392AH 41 50 SH CALL Sole 50
C/O NEWMONT MINING
JAN0040.00 CALL OPTN 6516392AH 122 150 SH CALL Sole 150
NOBLE AFFILIATES INC COM 655044105 657 14,000 SH Sole 14,000
NORDSTROM INC COM 655664100 172 5,000 SH Sole 5,000
NORTHROP GRUNMAN CORP COM 666807102 435 8,000 SH Defined 1 8,000
NOVARTIS AG SPON ADR SPON ADR 66987V109 342 6,700 SH Defined 1 6,700
NVIDIA CORP COM 67066G104 857 25,000 SH Sole 25,000
NUVEEN INVESTMENTS CL A 67090F106 591 15,000 SH Sole 15,000
OIL STATES
INTERNATIONAL INC COM 678026105 4,902 135,000 SH Sole 135,000
OIL STATES
INTERNATIONAL INC COM 678026105 726 20,000 SH Sole 20,000
OMNICARE INC COM 681904108 84 1,500 SH Sole 1,500
VIMPEL COMMUNICATIONS
SPON ADR SPON ADR 68370R109 43,822 986,101 SH Defined 2 986,101
POSCO SPONSORED ADR SPON ADR 693483109 96 1,705 SH Defined 2 1,705
PSS WORLD MEDICAL INC COM 69366A100 334 25,000 SH Sole 25,000
PACIFIC RIM MNG
CORP_/CANADIAN/ COM 694915208 87 100,000 SH Sole 100,000
PACIFIC RIM MNG
CORP_/CANADIAN/ COM 694915208 268 308,187 SH Sole 308,187
PAN AMERICAN
SILVER CORP COM 697900108 177 10,000 SH Sole 10,000
PARLUX FRAGRANCES INC COM 701645103 437 15,000 SH Sole 15,000
PARTNERS TRUST
FINANCIAL GRP COM 70213F102 346 30,000 SH Sole 30,000
PATTERSON UTI
ENERGY INC COM 703481101 4,330 120,000 SH Sole 120,000
PATTERSON UTI
ENERGY INC COM 703481101 253 7,000 SH Sole 7,000
PATTERSON UTI
ENERGY INC COM 703481101 902 25,000 SH Sole 25,000
PEABODY ENERGY COM 704549104 4,218 50,000 SH Sole 50,000
PEPSICO INC COM 713448108 170 3,000 SH Sole 3,000
PETRO CANADA COM 71644E102 7,929 190,000 SH Sole 190,000
PETRO CANADA COM 71644E102 309 7,400 SH Defined 1 7,400
PETROCHINA CO
LTD ADR SPON ADR 71646E100 7,086 85,000 SH Sole 85,000
PETROCHINA CO
LTD ADR SPON ADR 71646E100 1,000 12,000 SH Sole 12,000
PETROBRAS SPON-
SORED ADR SPON ADR 71654V101 19,125 300,000 SH Sole 300,000
PETROBRAS SPON-
SORED ADR SPON ADR 71654V101 819 12,843 SH Defined 2 12,843
PLACER DOME INC COM 725906101 429 25,000 SH Sole 25,000
PLACER DOME INC COM 725906101 3,884 226,500 SH Sole 226,500
C/O PLACER DOME
JAN 0017.50 CALL OPTN 7259062AW 15 50 SH CALL Sole 50
C/O PLACER DOME
JAN 0017.50 CALL OPTN 7259062AW 60 200 SH CALL Sole 200
C/O PLACER DOME
JAN 08 CALL OPTN 7259069AE 9 700 SH CALL Sole 700
C/O PLACER DOME
JAN 08 CALL OPTN 7259069AE 6 500 SH CALL Sole 500
C/O PLACER DOME
JAN 08 CALL OPTN 7259069AE 45 3,610 SH CALL Sole 3,610
PRECISION CAST PARTS COM 740189105 319 6,000 SH Sole 6,000
PROASSURANCE
CORPORATION COM 74267C106 210 4,500 SH Sole 4,500
PROASSURANCE
CORPORATION COM 74267C106 467 10,000 SH Sole 10,000
PROCTOR & GAMBLE CO COM 742718109 434 7,300 SH Defined 1 7,300
PROGRESS SOFTWARE CORP COM 743312100 222 7,000 SH Sole 7,000
QUALITY SYSTEMS INC COM 747582104 242 3,500 SH Sole 3,500
QUESTAR CORP COM 748356102 8,812 100,000 SH Sole 100,000
QUESTAR CORP COM 748356102 397 4,500 SH Sole 4,500
QUESTAR CORP COM 748356102 881 10,000 SH Sole 10,000
RADIATION THERAPY
SERVICES INC COM 750323206 637 20,000 SH Sole 20,000
RANGOLD RESOURCES
LTD ADR SPON ADR 752344309 314 20,000 SH Sole 20,000
RANGOLD RESOURCES
LTD ADR SPON ADR 752344309 3,688 234,630 SH Sole 234,630
RANGOLD RESOURCES
LTD ADR SPON ADR 752344309 7,692 489,325 SH Sole 489,325
RAYONIER INC COM 754907103 230 4,000 SH Sole 4,000
REGAL BELOIT CORP COM 758750103 649 20,000 SH Sole 20,000
RESMED INC COM 761152107 119 1,500 SH Sole 1,500
RESMED INC COM 761152107 597 7,500 SH Sole 7,500
RESPIRONICS INC COM 761230101 190 4,500 SH Sole 4,500
RESPIRONICS INC COM 761230101 422 10,000 SH Sole 10,000
ROWAN COMPANIES COM 779382100 7,453 210,000 SH Sole 210,000
ROYAL GOLD INC COM 780287108 2,929 109,000 SH Sole 109,000
ROYAL GOLD INC COM 780287108 134 5,000 SH Sole 5,000
SK TELECOM LTD
SPONSORED ADR SPON ADR 78440P108 64 2,934 SH Defined 2 2,934
S & P 500
DEPOSITARY RECEIPTS UNIT SER 1 78462F103 123 1,000 SH Sole 1,000
SPSS INC COM 78462K102 480 20,000 SH Sole 20,000
SAN JUAN BASIN
RTY TR UBI UNIT TR 798241105 8,296 170,000 SH Sole 170,000
SAN JUAN BASIN
RTY TR UBI UNIT TR 798241105 195 4,000 SH Sole 4,000
SANDISK CORP COM 80004C101 386 8,000 SH Sole 8,000
SANOFI-AVENTIS ADR SPON ADR 80105N105 312 7,500 SH Defined 1 7,500
SASOL LTD SPONS ADR SPON ADR 803866300 3,869 100,000 SH Sole 100,000
SASOL LTD SPONS ADR SPON ADR 803866300 314 8,105 SH Defined 2 8,105
SCHLUMBERGER LTD COM 806857108 3,797 45,000 SH Sole 45,000
SCHLUMBERGER LTD COM 806857108 338 4,000 SH Defined 1 4,000
SCHWAB /CHARLES/ CORP COM 808513105 202 14,000 SH Sole 14,000
SCHWAB /CHARLES/ CORP COM 808513105 505 35,000 SH Sole 35,000
SCIENTIFIC ATLANTA INC COM 808655104 375 10,000 SH Sole 10,000
P/O ENERGY SELECT
40 JAN07 PUT OPTION 8159258MN 253 2,300 SH PUT Sole 2,300
SIMON PROPERTY
GROUP INC COM 828806109 111 1,500 SH Sole 1,500
SIMON PROPERTY
GROUP INC COM 828806109 741 10,000 SH Sole 10,000
SOUTHWESTERN ENERGY CO COM 845467109 12,111 165,000 SH Sole 165,000
STONE ENERGY CORP COM 861642106 916 15,000 SH Sole 15,000
STREETTRACKS
GOLD TRUST GOLD SHS 863307104 1,401 30,000 SH Sole 30,000
STREETTRACKS
GOLD TRUST GOLD SHS 863307104 234 5,000 SH Sole 5,000
STREETTRACKS
GOLD TRUST GOLD SHS 863307104 701 15,000 SH Sole 15,000
SUNCOR ENERGY INC COM 867229106 10,290 170,000 SH Sole 170,000
SUNCOR ENERGY INC COM 867229106 412 6,800 SH Defined 1 6,800
SUNOCO INC COM 86764P109 15,640 200,000 SH Sole 200,000
SYBASE INC COM 871130100 1,054 45,000 SH Sole 45,000
SYMBION INC COM 871507109 517 20,000 SH Sole 20,000
TXU CORPORATION COM 873168108 226 2,000 SH Sole 2,000
TXU CORPORATION COM 873168108 847 7,500 SH Sole 7,500
TAIWAN SEMICONDUCTOR
SPON ADR SPON ADR 874039100 121 14,774 SH Defined 2 14,774
TECHNE CORP COM 878377100 712 12,500 SH Sole 12,500
TELEFLEX INC COM 879369106 353 5,000 SH Sole 5,000
TELEFLEX INC COM 879369106 1,058 15,000 SH Sole 15,000
TESORO CORP COM 881609101 13,448 200,000 SH Sole 200,000
P/O TESORO CORP
OCT 0060.00 PUT OPTION 8816099VL 18 400 SH PUT Sole 400
TEVA PHARMACEUTICAL
IND SPON ADR SPON ADR 881624209 434 13,000 SH Defined 1 13,000
TEXAS INDUSTRIES COM 882491103 4,352 80,000 SH Sole 80,000
TEXAS INDUSTRIES COM 882491103 408 7,500 SH Sole 7,500
TEXAS INSTUMENTS INC COM 882508104 339 10,000 SH Sole 10,000
TEXAS INSTUMENTS INC COM 882508104 319 9,400 SH Defined 1 9,400
TODCO CLASS A CL A 88889T107 9,416 225,750 SH Sole 225,750
TOYOTA MOTOR CORP ADR SP ADR
REP2COM 892331307 277 3,000 SH Sole 3,000
TOYOTA MOTOR CORP ADR SP ADR
REP2COM 892331307 323 3,500 SH Defined 1 3,500
TRAMMELL CROW CO COM 89288R106 494 20,000 SH Sole 20,000
TRINITY INDUSTRIES INC COM 896522109 243 6,000 SH Sole 6,000
TRIZETTO GROUP INC COM 896882107 99 7,000 SH Sole 7,000
ULTIMATE SOFTWARE
GROUP INC COM 90385D107 368 20,000 SH Sole 20,000
UNITED AUTO GROUP INC COM 909440109 330 10,000 SH Sole 10,000
UNITED NATURAL FOODS COM 911163103 159 4,500 SH Sole 4,500
U STORE IT TRUST COM 91274F104 152 7,500 SH Sole 7,500
UNITED THERAPEUTICS
CORP DEL COM 91307C102 698 10,000 SH Sole 10,000
UNITEDHEALTH GROUP INC COM 91324P102 337 6,000 SH Sole 6,000
UNITEDHEALTH GROUP INC COM 91324P102 337 6,000 SH Defined 1 6,000
VALERO REFNG &
MARKETING CO COM 91913Y100 18,090 160,000 SH Sole 160,000
VALERO REFNG
& MARKETING CO COM 91913Y100 396 3,500 SH Sole 3,500
P/O VALERO ENERGY
OCT 0100.00 PUT OPTION 91913Y9VT 24 600 SH PUT Sole 600
VERITAS DGC INC COM 92343P107 5,859 160,000 SH Sole 160,000
VIASYS HEALTHCARE INC COM 92553Q209 625 25,000 SH Sole 25,000
VINTAGE PETROLEUM INC COM 927460105 6,169 135,100 SH Sole 135,100
WARREN RESOURCES INC COM 93564A100 3,350 200,000 SH Sole 200,000
WASHINGTON POST CO CL B CL B 939640108 389 485 SH Defined 1 485
WEBSIDESTORY COM 947685103 354 20,000 SH Sole 20,000
WEBMD CORP COM 94769M105 222 20,000 SH Sole 20,000
WEBMD CORP COM 94769M105 332 30,000 SH Sole 30,000
WELLCHOICE INC COM 949475107 759 10,000 SH Sole 10,000
WELLS FARGO & COMPANY COM 949746101 539 9,200 SH Defined 1 9,200
WEST CORPORATION COM 952355105 374 10,000 SH Sole 10,000
WESTERN GAS RESOURCE COM 958259103 5,891 115,000 SH Sole 115,000
WYETH COM 983024100 139 3,000 SH Sole 3,000
XTO ENERGY INC COM 98385X106 4,759 105,000 SH Sole 105,000
XTO ENERGY INC COM 98385X106 227 5,000 SH Sole 5,000
YAHOO INC COM 984332106 355 10,500 SH Defined 1 10,500
ZIONS BANCORP COM 989701107 534 7,500 SH Sole 7,500