UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Quarter Ended: December 31, 2005
Check here if Amendment: [] Amendment Number:
This Amendment (Check only one.):
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: U.S. Global Investors, Inc.
Address: 7900 Callaghan Road
San Antonio, TX 78229
13F File Number: 028-02220
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Susan B. McGee
Title: President, General Counsel
Phone: 210-308-1234
/s/ Susan B. McGee
------------------
Susan B. McGee, President
San Antonio, TX
February 13, 2006
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: 384
Form 13F Information Table Value Total: $646,428 (thousands)
List of Other Included Managers:
NO. 13F FILE NUMBER: NAME:
--- --------------- ---------------------------
1 Unknown Leeb Capital Management, Inc.
2 Unknown Charlemagne Capital (IOM) Limited
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
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SHARES VOTING AUTHORITY
TITLE OF VALUE OR PUT/ INVESTMT OTHER -------------------
NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT SH/PRN CALL DISCRETN MGRS SOLE SHARED NONE
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ADOBE SYS INC COM 00724F101 739 20,000 SH Sole 20,000
ADVANCED MICRO DEVICES COM 007903107 367 12,000 SH Sole 12,000
ADVANCED MICRO DEVICES COM 007903107 459 15,000 SH Sole 15,000
AETNA US HEALTHCARE COM 00817Y108 472 5,000 SH Sole 5,000
AFFILIATED MANAGERS GROUP INC COM 008252108 602 7,500 SH Sole 7,500
AGNICO EAGLE MINES LTD WT *W EXP 11/07/2007 2064952 66 15,000 SH Sole 15,000
AGNICO EAGLE MINES LTD WT *W EXP 11/07/2007 2064952 975 221,100 SH Sole 221,100
AGNICO EAGLE MINES LTD WT *W EXP 11/07/2007 2064952 2,716 615,900 SH Sole 615,900
AGNICO EAGLE MINES WT 11/14/07 *W EXP 11/07/2007 08474132 28 6,200 SH Sole 6,200
AIR PRODUCTS & CHEMICAL COM 009158106 249 4,200 SH Defined 1 4,200
ALCAN INC COM 013716105 8,190 200,000 SH Sole 200,000
ALCOA INC COM 013817101 5,914 200,000 SH Sole 200,000
ALERIS INTERNATIONAL INC COM 014477103 645 20,000 SH Sole 20,000
ALKERMES INC COM 01642T108 860 45,000 SH Sole 45,000
ALLERGAN INC COM 018490102 324 3,000 SH Defined 1 3,000
AMAZON.COM INC COM 023135106 330 7,000 SH Defined 1 7,000
AMERICAN EXPRESS COM 025816109 427 8,300 SH Defined 1 8,300
AMERICAN INTERNATIONAL GROUP COM 026874107 225 3,300 SH Defined 1 3,300
AMERICAN RETIREMENT CORP COM 028913101 188 7,500 SH Sole 7,500
AMYLIN PHARMACEUTICALS INC COM 032346108 180 4,500 SH Sole 4,500
AMYLIN PHARMACEUTICALS INC COM 032346108 399 10,000 SH Defined 1 10,000
ANNTAYLOR STORES CORP COM 036115103 690 20,000 SH Sole 20,000
AON CORP COM 037389103 539 15,000 SH Sole 15,000
APPLE COMPUTER INC COM 037833100 431 6,000 SH Sole 6,000
AQUANTIVE INC COM 03839G105 303 12,000 SH Sole 12,000
ARCH COAL INC COM 039380100 8,745 110,000 SH Sole 110,000
ARENA RESOURCES INC COM 040049108 483 17,500 SH Sole 17,500
ASA BERMUDA LTD COM G3156P103 6,326 115,000 SH Sole 115,000
ASA BERMUDA LTD COM G3156P103 55 1,000 SH Sole 1,000
ASPECT MEDICAL SYSTEMS INC COM 045235108 515 15,000 SH Sole 15,000
ATLAS AMERICA INC COM 049167109 90 1,500 SH Sole 1,500
AU OPTRONICS CORP ADR SPON ADR 002255107 751 50,000 SH Sole 50,000
BARR PHARMACEUTICALS INC COM 068306109 623 10,000 SH Sole 10,000
BARRICK GOLD CORPORATION COM 067901108 557 20,000 SH Sole 20,000
BARRICK GOLD CORPORATION COM 067901108 1,394 50,000 SH Sole 50,000
BASIC ENERGY SERVICES INC COM 06985P100 200 10,000 SH Sole 10,000
BASIC ENERGY SERVICES INC COM 06985P100 100 5,000 SH Sole 5,000
BERKLEY /W R/ CORP COM 084423102 476 10,000 SH Sole 10,000
BERKSHIRE HATHAWAY INC CL B CL B 084670207 690 235 SH Defined 1 235
BIOTECH HOLDERS TR DEP RCPTS DEP RCPTS 09067D201 201 1,000 SH Sole 1,000
BLUE COAT SYSTEMS INC COM 09534T508 686 15,000 SH Sole 15,000
BLUE NILE INC COM 09578R103 181 4,500 SH Sole 4,500
BORG WARNER AUTOMOTIVE INC COM 099724106 606 10,000 SH Sole 10,000
BRIGHTPOINT INC COM 109473405 832 30,000 SH Sole 30,000
BROADCOM CORP CL A 111320107 236 5,000 SH Sole 5,000
BROWN & BROWN INC COM 115236101 183 6,000 SH Sole 6,000
BROWN SHOE COMPANY INC COM 115736100 170 4,000 SH Sole 4,000
BURLINGTON NORTH SANTA FE CORP COM 12189T104 425 6,000 SH Sole 6,000
C/O DOW CHEM CO JAN 0045.00 CALL 2605432AI 410 1,000 SH CALL Sole 1,000
C/O FREEPORT MCMOR JAN 0040.00 CALL 35671D5AH 145 100 SH CALL Sole 100
C/O FREEPORT MCMOR JAN 0040.00 CALL 35671D5AH 290 200 SH CALL Sole 200
C/O HARMONY GOLD JAN 08 17.5 CALL 4132169AW 130 500 SH CALL Sole 500
C/O INCO LTD JAN 0050.00 CALL 4532582AJ 217 571 SH CALL Sole 571
C/O LYONDELL CHEM JAN 0030.00 CALL 5520782AF 203 1,500 SH CALL Sole 1,500
C/O OIL SVC HOLDER JAN 0110.00 CALL 6780022AB 4,658 1,563 SH CALL Sole 1,563
C/O PEABODY ENERGY JAN 0070.00 CALL 7045492AN 2,280 1,000 SH CALL Sole 1,000
C/O PLACER DOME JAN 0017.50 CALL 7259062AW 29 50 SH CALL Sole 50
C/O PLACER DOME JAN 0017.50 CALL 7259062AW 116 200 SH CALL Sole 200
C/O PLACER DOME IN JUN 0015.00 CALL 7259069FC 398 500 SH CALL Sole 500
C/O PLACER DOME IN JUN 0015.00 CALL 7259069FC 1,113 1,400 SH CALL Sole 1,400
C/O PLACER DOME JAN 08 CALL 7259069AE 3 500 SH CALL Sole 500
C/O PLACER DOME JAN 08 CALL 7259069AE 18 3,610 SH CALL Sole 3,610
C/O SECTOR SPDR-EN JAN 0045.00 CALL 81369Y0AS 570 1,000 SH CALL Sole 1,000
C/O TESORO CORP LG JAN 0050.00 CALL 8816095AJ 1,088 500 SH CALL Sole 500
C/O TRANSOCEAN 60.00 JAN 2008 CALL G900789AL 2,070 1,000 SH CALL Sole 1,000
CACI INTNATL INC CL A CL A 127190304 316 5,500 SH Defined 1 5,500
CAL DIVE INTL INC COM 127914109 2,871 80,000 SH Sole 80,000
CAL DIVE INTL INC COM 127914109 179 5,000 SH Sole 5,000
CAL DIVE INTL INC COM 127914109 718 20,000 SH Sole 20,000
CAMBIOR INC COM 13201L103 337 120,400 SH Sole 120,400
CAMBIOR INC COM 13201L103 490 175,000 SH Sole 175,000
CANON INC ADR ADR 138006309 265 4,500 SH Sole 4,500
CARDINAL HEALTH COM 14149Y108 344 5,000 SH Sole 5,000
CARRIZO OIL & GAS INC COM 144577103 4,638 187,700 SH Sole 187,700
CELADON GROUP INC COM 150838100 576 20,000 SH Sole 20,000
CENTRAL EUROPEAN DISTR CORP COM 153435102 203 5,057 SH Defined 2 5,057
CENTRAL EUROPEAN DISTR CORP COM 153435102 76 1,901 SH Defined 2 1,901
CERNER CORP COM 156782104 227 2,500 SH Defined 1 2,500
CHARLES & COLVARD LTD COM 159765106 202 10,000 SH Sole 10,000
CHEVRON CORP COM 166764100 312 5,500 SH Defined 1 5,500
CHICO FAS INC COM 168615102 549 12,500 SH Sole 12,500
CHOICE HOTELS INTL INC COM 169905106 251 6,000 SH Sole 6,000
CIRCUIT CITY STORES INC COM 172737108 452 20,000 SH Sole 20,000
CITI TRENDS INC COM 17306X102 640 15,000 SH Sole 15,000
CITIGROUP INC COM 172967101 315 6,500 SH Defined 1 6,500
CLAIRES STORES INC COM 179584107 511 17,500 SH Sole 17,500
CLEVELAND CLIFFS INC COM 185896107 177 2,000 SH Sole 2,000
CNOOC LTD ADR SPON ADR 126132109 510 7,500 SH Sole 7,500
COCA COLA CO COM COM 191216100 391 9,700 SH Defined 1 9,700
COEUR D ALENE MINES CORP COM 192108108 400 100,000 SH Sole 100,000
COEUR D ALENE MINES CORP COM 192108108 600 150,000 SH Sole 150,000
CONOCOPHILLIPS COM 20825C104 8,727 150,000 SH Sole 150,000
CONSOL ENERGY INC COM 20854P109 8,473 130,000 SH Sole 130,000
CONSOL ENERGY INC COM 20854P109 42 640 SH Sole 640
CPFL ENERGIA SA ADR SPON ADR 126153105 523 15,000 SH Sole 15,000
CVS CORP COM 126650100 272 10,300 SH Defined 1 10,300
DIAMOND OFFSHORE DRILLING INC COM 25271C102 6,956 100,000 SH Sole 100,000
DIGITAL INSIGHT COM 25385P106 288 9,000 SH Sole 9,000
DIGITAL INSIGHT COM 25385P106 961 30,000 SH Sole 30,000
DR HORTON INC COM 23331A109 536 15,000 SH Sole 15,000
DRDGOLD LIMITED SPONSORED ADR SPON ADR 26152H103 144 100,000 SH Sole 100,000
DRESS BARN INC COM 261570105 154 4,000 SH Sole 4,000
DRESS BARN INC COM 261570105 386 10,000 SH Sole 10,000
DU PONT (EI) DE NEMOURS COM 263534109 3,188 75,000 SH Sole 75,000
E M C CORP MASS COM 268648102 204 15,000 SH Sole 15,000
E TRADE FINANCIAL CORPORATION COM 269246104 313 15,000 SH Sole 15,000
E TRADE FINANCIAL CORPORATION COM 269246104 939 45,000 SH Sole 45,000
EBAY INC COM 278642103 260 6,000 SH Defined 1 6,000
EDGE PETROLEUM CORP COM 279862106 623 25,000 SH Sole 25,000
EDISON INTERNATIONAL COM 281020107 196 4,500 SH Sole 4,500
ELECTRONIC ARTS INC COM 285512109 492 9,400 SH Defined 1 9,400
ELECTRONICS FOR IMAGING INC COM 286082102 532 20,000 SH Sole 20,000
ENCANA CORP COM 292505104 6,322 140,000 SH Sole 140,000
ENCANA CORP COM 292505104 294 6,500 SH Defined 1 6,500
ENDO PHARMACEUTICALS HLDGS INC COM 29264F205 605 20,000 SH Sole 20,000
ENERPLUS RESOURCES FUND UNIT TR G 29274D604 3,838 80,000 SH Sole 80,000
ENSCO INTERNATIONAL INC COM 26874Q100 89 2,000 SH Sole 2,000
EXELON CORPORATION COM 30161N101 213 4,000 SH Defined 1 4,000
EXPRESS SCRIPTS INC COMMON COM 302182100 168 2,000 SH Sole 2,000
FEDERATED INVESTORS INC CL B CL B 314211103 556 15,000 SH Sole 15,000
FLORIDA ROCK INDUSTRIES COM 341140101 981 20,000 SH Sole 20,000
FLORIDA ROCK INDUSTRIES COM 341140101 515 10,500 SH Sole 10,500
FOCUS MEDIA HOLDING ADS SPON ADR 34415V109 507 15,000 SH Sole 15,000
FOCUS MEDIA HOLDING ADS SPON ADR 34415V109 675 20,000 SH Sole 20,000
FORDING CANADIAN COAL TRUST TR UNIT 345425102 2,420 70,000 SH Sole 70,000
FORWARD AIR CORPORATION COM 349853101 733 20,000 SH Sole 20,000
FPL GROUP COM 302571104 457 11,000 SH Defined 1 11,000
FRANKLIN RESOURCES INC COM 354613101 376 4,000 SH Sole 4,000
FREEPORT MCMORAN COPPER & GOLD B CL B 35671D857 5,380 100,000 SH Sole 100,000
FREEPORT MCMORAN COPPER & GOLD B CL B 35671D857 3,831 71,200 SH Sole 71,200
FTI CONSULTING INC COM 302941109 549 20,000 SH Sole 20,000
GENENTECH INC COM 368710406 305 3,300 SH Defined 1 3,300
GENERAL ELECTRIC CO COM 369604103 245 7,000 SH Sole 7,000
GENERAL ELECTRIC CO COM 369604103 315 9,000 SH Defined 1 9,000
GENESEE & WYOMING INC CL A CL A 371559105 939 25,000 SH Sole 25,000
GILDAN ACTIVEWEAR SUB VTG CL A COM 375916103 214 5,000 SH Sole 5,000
GLAMIS GOLD LTD COM 376775102 412 15,000 SH Sole 15,000
GLAMIS GOLD LTD COM 376775102 687 25,000 SH Sole 25,000
GLOBAL INDUSTRIES LTD COM 379336100 3,405 300,000 SH Sole 300,000
GLOBAL PAYMENTS INC COM 37940X102 210 4,500 SH Sole 4,500
GLOBALSANTAFE CORP SHS G3930E101 4,093 85,000 SH Sole 85,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 1,058 60,000 SH Sole 60,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 3,984 226,000 SH Sole 226,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 5,483 311,000 SH Sole 311,000
GOLD RESERVE INC CL A CL A 38068N108 87 30,000 SH Sole 30,000
GOLDCORP INC COM 380956409 446 20,000 SH Sole 20,000
GOODRICH PETROLEUM CORP COM 382410405 9,557 380,000 SH Sole 380,000
GOOGLE INC CLASS A CL A 38259P508 415 1,000 SH Sole 1,000
GOOGLE INC CLASS A CL A 38259P508 290 700 SH Defined 1 700
GRANT PRIDECO INC COM 38821G101 11,912 270,000 SH Sole 270,000
GREAT BASIN GOLD LTD COM 390124105 31 19,700 SH Sole 19,700
GREENHILL & CO INC COM 395259104 562 10,000 SH Sole 10,000
GRUPO TELEVISA SA DE ADR SPON ADR 40049J206 604 7,500 SH Sole 7,500
GULFMARK OFFSHORE INC COM 402629109 4,147 140,000 SH Sole 140,000
HAEMONETICS CORP MASS COM 405024100 733 15,000 SH Sole 15,000
HALLIBURTON CO COM 406216101 7,435 120,000 SH Sole 120,000
HALLIBURTON CO COM 406216101 211 3,400 SH Defined 1 3,400
HARMONY GOLD MINING SPON ADR ADR 413216300 1,827 140,000 SH Sole 140,000
HARVEST ENERGY TRUST UNIT 41752X101 45 1,200 SH Sole 1200
HARVEST ENERGY TRUST UNIT 41752X101 45 1,200 SH Sole 1,200
HECLA MINING COM 422704106 365 90,000 SH Sole 90,000
HECLA MINING COM 422704106 1,137 280,000 SH Sole 280,000
HELMERICH & PAYNE COM 423452101 4,024 65,000 SH Sole 65,000
HEWLETT PACKARD CO COM 428236103 115 4,000 SH Sole 4,000
HOLOGIC INC COM 436440101 379 10,000 SH Sole 10,000
HORNBECK OFFSHORE SV COM 440543106 7,521 230,000 SH Sole 230,000
I SHARES DJ US ENERGY TRUST DJ US ENERGY 464287796 26 300 SH Sole 300
I SHARES MSCI JAPAN IDEX FD MSCI JAPAN 464286848 338 25,000 SH Sole 25,000
I SHARES MSCI JAPAN IDEX FD MSCI JAPAN 464286848 203 15,000 SH Sole 15,000
I SHARES MSCI JAPAN IDEX FD MSCI JAPAN 464286848 473 35,000 SH Sole 35,000
I SHARES MSCI SINGAPORE FREE MSCI SINGAPORE 464286673 158 20,000 SH Sole 20,000
I SHARES MSCI SOUTH KOREA INDEX MSCI S KOREA 464286772 448 10,000 SH Sole 10,000
I SHARES TAIWAN WEBS INDEX MSCI TAIWAN 464286731 437 35,000 SH Sole 35,000
IMATION CORPORATION COM 45245A107 691 15,000 SH Sole 15,000
INTEL CORP COM 458140100 287 11,500 SH Defined 1 11,500
INTERGRAPH CORP COM 458683109 299 6,000 SH Sole 6,000
INTERSIL CORPORATION CL A 46069S109 498 20,000 SH Sole 20,000
INTUITIVE SURGICAL INC COM 46120E602 410 3,500 SH Sole 3,500
IRON MOUNTAIN INC COM 462846106 211 5,000 SH Sole 5,000
IVANHOE MINES LTD COM 46579N103 537 75,000 SH Sole 75,000
JABIL CIRCUIT INC COM 466313103 278 7,500 SH Sole 7,500
JACOBS ENGINEERING GROUP INC COM 469814107 679 10,000 SH Sole 10,000
JLG INDS INC COM 466210101 342 7,500 SH Sole 7,500
JOY GLOBAL INC COM 481165108 6,800 170,000 SH Sole 170,000
JPMORGAN CHASE & CO COM 46625H100 298 7,500 SH Sole 7,500
KENDLE INTERNATIONAL INC COM 48880L107 772 30,000 SH Sole 30,000
KENEXA CORP COM 488879107 422 20,000 SH Sole 20,000
KOOKMIN BANK SP ADR 1 ADR RP 1SH SPON ADR 50049M109 1,494 20,000 SH Sole 20,000
KUBOTA CORP SPONSORED ADR ADR 501173207 255 6,000 SH Sole 6,000
LAMSON & SESSIONS CO COM 513696104 626 25,000 SH Sole 25,000
LENNOX INTERNATIONAL INC COM 526107107 564 20,000 SH Sole 20,000
LIFE TIMES FITNESS INC COM 53217R207 571 15,000 SH Sole 15,000
LOEWS CORP COM 540424108 285 3,000 SH Sole 3,000
LOGITECH INTL S A SPON ADR SPON ADR 541419107 935 20,000 SH Sole 20,000
MARTHA STEWART LIVING OMNI INC CL A 573083102 87 5,000 SH Sole 5,000
MCDERMOTT INTNATL INC COM 580037109 11,376 255,000 SH Sole 255,000
MCDERMOTT INTNATL INC COM 580037109 201 4,500 SH Sole 4,500
MCDERMOTT INTNATL INC COM 580037109 669 15,000 SH Sole 15,000
MERGE TECHNOLOGIES INC COM 589981109 376 15,000 SH Sole 15,000
MERIDIAN GOLD INC COM 589975101 4,133 189,000 SH Sole 189,000
MERIDIAN GOLD INC COM 589975101 7,370 337,000 SH Sole 337,000
MICROSOFT CORP COM 594918104 575 22,000 SH Defined 1 22,000
MITCHAM INDS INC COM 606501104 105 6,000 SH Sole 6,000
MITSUBISHI TOKYO FINAN ADR SPON ADR 606822104 342 25,000 SH Sole 25,000
MOBILE TELESYSTEMS SPON ADR SPON ADR 607409109 40,996 1,171,321 SH Defined 2 1,171,321
MOTOROLA INC COM 620076109 361 16,000 SH Sole 16,000
MOTOROLA INC COM 620076109 904 40,000 SH Sole 40,000
M-SYSTEMS FLASH DISK PIONEERS ORD M7061C100 580 17,500 SH Sole 17,500
NABORS INDUSTRIES INC SHS G6359F103 6,060 80,000 SH Sole 80,000
NABORS INDUSTRIES INC SHS G6359F103 379 5,000 SH Defined 1 5,000
NASDAQ 100 SHARES UNIT SER 1 631100104 162 4,000 SH Sole 4,000
NATIONAL FINANCIAL PARTNERS COM 63607P208 105 2,000 SH Sole 2,000
NATIONAL FINANCIAL PARTNERS COM 63607P208 526 10,000 SH Sole 10,000
NATIONAL OILWELL VARCO INC COM 637071101 15,989 255,000 SH Sole 255,000
NATIONAL OILWELL VARCO INC COM 637071101 38 600 SH Sole 600
NEWMONT MINING CORP COM 651639106 2,937 55,000 SH Sole 55,000
NEWMONT MINING CORP COM 651639106 5,340 100,000 SH Sole 100,000
NEWMONT MINING CORP COM 651639106 347 6,500 SH Defined 1 6,500
NICE SYS LTD SPONSORED ADR SPON ADR 653656108 482 10,000 SH Sole 10,000
NII HOLDINGS INC CL B CL B 62913F201 655 15,000 SH Sole 15,000
NOBLE DRILLING CORP SHS G65422100 705 10,000 SH Sole 10,000
NOBLE DRILLING CORP SHS G65422100 282 4,000 SH Defined 1 4,000
NORTHERN ORION RESOURCES COM 665575106 192 59,000 SH Sole 59,000
NORTHERN ORION RESOURCES COM 665575106 362 111,400 SH Sole 111,400
NORTHERN ORION RESOURCES COM 665575106 675 207,500 SH Sole 207,500
NORTHERN TRUST CORP COM 665859104 518 10,000 SH Sole 10,000
NORTHROP GRUMMAN CORP COM 666807102 481 8,000 SH Defined 1 8,000
NOVA CHEMICALS CORP COM 66977W109 5,805 173,800 SH Sole 173,800
NOVARTIS AG SPON ADR SPON ADR 66987V109 352 6,700 SH Defined 1 6,700
NUVEEN INVESTMENTS CL A 67090F106 639 15,000 SH Sole 15,000
OIL STATES INTERNATIONAL INC COM 678026105 5,861 185,000 SH Sole 185,000
OIL SVC HOLDRS TR DEPOSTRY RCPT 678002106 39 600 SH Sole 600
OMNICARE INC COM 681904108 1,001 17,500 SH Sole 17,500
OMNICARE INC COM 681904108 1,001 17,500 SH Sole 17,500
ONEOK IN C COM 682680103 3,995 150,000 SH Sole 150,000
ONEOK IN C COM 682680103 40 1,500 SH Sole 1,500
OPEN TEXT CORP COM 683715106 95 6,700 SH Sole 6,700
OPTIONSXPRESS HOLDINGS INC COM 684010101 123 5,000 SH Sole 5,000
P/O ENERGY SELECT 40 JAN07 PUT 8159258MN 118 1,000 SH PUT Sole 1,000
P/O FREEPORT MCMOR FEB 0045.00 PUT 35671D8NI 25 500 SH PUT Sole 500
P/O FREEPORT MCMOR FEB 0045.00 PUT 35671D8NI 38 750 SH PUT Sole 750
P/O FREEPORT MCMOR JAN 0050.00 PUT 35671D8MJ 17 300 SH PUT Sole 300
P/O FREEPORT MCMOR JAN 0050.00 PUT 35671D8MJ 19 350 SH PUT Sole 350
P/O GLAMIS GOLD LT FEB 0020.00 PUT 3767759ND 6 400 SH PUT Sole 400
P/O GOLD FIELDS APR 06 15_ PUT 38059T9PC 88 1,750 SH PUT Sole 1,750
P/O GOLD FIELDS APR 06 15_ PUT 38059T9PC 38 750 SH PUT Sole 750
P/O GOLDCORP INC APR 0020.00 PUT 3809569PD 15 190 SH PUT Sole 190
P/O GOLDCORP INC APR 0020.00 PUT 3809569PD 32 400 SH PUT Sole 400
P/O HARMONY GOLD FEB06 12.5 PUT 4132169NV 68 1,000 SH PUT Sole 1,000
P/O MERIDIAN GOLD APR 0017.50 PUT 5899759PW 19 500 SH PUT Sole 500
P/O MERIDIAN GOLD APR 0020.00 PUT 5899759PD 50 500 SH PUT Sole 500
P/O NEWMONT MINING JUN 0045.00 PUT 6516399RI 50 500 SH PUT Sole 500
P/O NEWMONT MINING JUN 0045.00 PUT 6516399RI 50 500 SH PUT Sole 500
PACIFIC RIM MNG CORP_/CANADIAN/ COM 694915208 75 100,000 SH Sole 100,000
PACIFIC RIM MNG CORP_/CANADIAN/ COM 694915208 232 308,787 SH Sole 308,787
PAN AMERICAN SILVER CORP COM 697900108 188 10,000 SH Sole 10,000
PANTRY INC COM 698657103 282 6,000 SH Sole 6,000
PANTRY INC COM 698657103 705 15,000 SH Sole 15,000
PARALLEL PETROLEUM CORP COM 699157103 595 35,000 SH Sole 35,000
PAYLESS SHOESOURCE INC COM 704379106 276 11,000 SH Sole 11,000
PEABODY ENERGY COM 704549104 9,066 110,000 SH Sole 110,000
PEPSICO INC COM 713448108 177 3,000 SH Sole 3,000
PETRO CANADA COM 71644E102 7,617 190,000 SH Sole 190,000
PETROBRAS SPONSORED ADR SPON ADR 71654V101 21,242 330,000 SH Sole 330,000
PETROBRAS SPONSORED ADR SPON ADR 71654V101 827 12,843 SH Defined 2 12,843
PETROCHINA CO LTD ADR SPON ADR 71646E100 6,967 85,000 SH Sole 85,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 615 7,500 SH Sole 7,500
PETROHAWK ENERGY CORP COM 716495106 106 8,000 SH Sole 8,000
PHILADELPHIA CONS HOLDING CORP COM 717528103 145 1,500 SH Sole 1,500
PLACER DOME INC COM 725906101 1,376 60,000 SH Sole 60,000
PLEXUS CORP COM 729132100 1,023 45,000 SH Sole 45,000
PNC FINANCIAL SERVICES COM 693475105 155 2,500 SH Sole 2,500
PORTALPLAYER INC COM 736187204 354 12,500 SH Sole 12,500
PORTALPLAYER INC COM 736187204 708 25,000 SH Sole 25,000
POSCO SPONSORED ADR SPON ADR 693483109 162 3,282 SH Defined 2 3,282
POTASH CORP SASCKATCHEWAN COM 73755L107 3,209 40,000 SH Sole 40,000
PRAXAIR COM 74005P104 1,324 25,000 SH Sole 25,000
PRIDE INTERNATIONAL INC COM 74153Q102 615 20,000 SH Sole 20,000
PROASSURANCE CORPORATION COM 74267C106 219 4,500 SH Sole 4,500
PROASSURANCE CORPORATION COM 74267C106 486 10,000 SH Sole 10,000
PROCTOR & GAMBLE CO COM 742718109 561 9,700 SH Defined 1 9,700
QUALITY SYSTEMS INC COM 747582104 230 3,000 SH Sole 3,000
QUALITY SYSTEMS INC COM 747582104 576 7,500 SH Sole 7,500
QUANTA SERVICES INC COM 74762E102 198 15,000 SH Sole 15,000
RADIATION THERAPY SERVICES INC COM 750323206 706 20,000 SH Sole 20,000
RANGOLD RESOURCES LTD ADR ADR 752344309 323 20,000 SH Sole 20,000
RANGOLD RESOURCES LTD ADR ADR 752344309 3,946 244,630 SH Sole 244,630
RANGOLD RESOURCES LTD ADR ADR 752344309 13,377 829,325 SH Sole 829,325
RED HAT INC COM 756577102 272 10,000 SH Sole 10,000
RED HAT INC COM 756577102 545 20,000 SH Sole 20,000
RESMED INC COM 761152107 575 15,000 SH Sole 15,000
ROWAN COMPANIES COM 779382100 8,197 230,000 SH Sole 230,000
ROYAL GOLD INC COM 780287108 2,778 80,000 SH Sole 80,000
ROYAL GOLD INC COM 780287108 174 5,000 SH Sole 5,000
RPC INC COM 749660106 132 5,000 SH Sole 5,000
RUTH'S CHRIS STEAK HOUSE COM 783332109 181 10,000 SH Sole 10,000
S & P 500 DEPOSITARY RECEIPTS UNIT SER 1 78462F103 125 1,000 SH Sole 1,000
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 5,988 137,400 SH Sole 137,400
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 48 1,100 SH Sole 1,100
SANDISK CORP COM 80004C101 251 4,000 SH Sole 4,000
SASOL LTD SPONS ADR SPON ADR 803866300 289 8,105 SH Defined 2 8,105
SCHLUMBERGER LTD COM 806857108 389 4,000 SH Defined 1 4,000
SCHWAB /CHARLES/ CORP COM 808513105 103 7,000 SH Sole 7,000
SCHWAB /CHARLES/ CORP COM 808513105 734 50,000 SH Sole 50,000
SCOTTISH POWER PLC SPONSORED ADR ADR 81013T705 299 8,000 SH Defined 1 8,000
SELECTIVE INSURANCE GROUP INC COM 816300107 319 6,000 SH Sole 6,000
SIGMA DESIGN COM 826565103 615 40,000 SH Sole 40,000
SILVER WHEATON CORP COM 828336107 473 35,000 SH Sole 35,000
SILVER WHEATON CORP COM 828336107 135 10,000 SH Sole 10000
SKYWEST INC COM COM 830879102 134 5,000 SH Sole 5,000
SOUTHWESTERN ENERGY CO COM 845467109 9,344 260,000 SH Sole 260,000
SOUTHWESTERN ENERGY CO COM 845467109 14 400 SH Sole 400
STANDARD MICROSYSTEMS CORP COM 853626109 430 15,000 SH Sole 15,000
STATE STREET CORP COM 857477103 166 3,000 SH Sole 3,000
STOCKGROUP INFORMATION SYSTEMS COM 861273100 33 110,000 SH Sole 110,000
STOCKGROUP INFORMATION SYSTEMS COM 861273100 315 1,050,000 SH Sole 1,050,000
STOCKGROUP INFORMATION SYSTEMS COM 861273100 33 110,000 SH Sole 110,000
STREETTRACKS GOLD TRUST SHS 863307104 4,513 87,500 SH Sole 87,500
STREETTRACKS GOLD TRUST SHS 863307104 903 17,500 SH Sole 17,500
STREETTRACKS GOLD TRUST SHS 863307104 2,321 45,000 SH Sole 45,000
SUNCOR ENERGY INC COM 867229106 10,732 170,000 SH Sole 170,000
SUNOCO INC COM 86764P109 15,676 200,000 SH Sole 200,000
SUPERTEX INC COM 868532102 443 10,000 SH Sole 10,000
SYNERON MEDICAL LTD ORD M87245102 254 8,000 SH Sole 8,000
SYNERON MEDICAL LTD ORD SHS M87245102 635 20,000 SH Sole 20,000
SYNIVERSE HOLDINGS INC COM 87163F106 627 30,000 SH Sole 30,000
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 991 100,000 SH Sole 100,000
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 146 14,774 SH Defined 2 14,774
TESORO PETROLEUM CORP COM 881609101 46 750 SH Sole 750
TESORO PETROLEUM CORP COM 881609101 29 475 SH Sole 475
TEVA PHARMACEUTICAL IND SPON ADR ADR 881624209 559 13,000 SH Defined 1 13,000
THOR INDUSTRIES INC COM 885160101 601 15,000 SH Sole 15,000
TIDEWATER INC COM 886423102 4,446 100,000 SH Sole 100,000
TODCO CLASS A CL A 88889T107 7,641 200,750 SH Sole 200,750
TODCO CLASS A CL A 88889T107 76 2,000 SH Sole 2,000
TOM ONLINE INC ADR ADR REG S 889728200 248 12,500 SH Sole 12,500
TOM ONLINE INC ADR ADR REG S 889728200 496 25,000 SH Sole 25,000
TOWER GROUP INC COM 891777104 659 30,000 SH Sole 30,000
TOYOTA MOTOR CORP ADR SP ADR REP2COM 892331307 314 3,000 SH Sole 3,000
TOYOTA MOTOR CORP ADR SP ADR REP2COM 892331307 366 3,500 SH Defined 1 3,500
TRANSOCEAN INC ORD G90078109 3,485 50,000 SH Sole 50,000
TRANSOCEAN INC ORD G90078109 139 2,000 SH Sole 2,000
TRANSOCEAN INC ORD G90078109 425 6,100 SH Defined 1 6,100
TRANSOCEAN INC ORD G90078109 941 13,500 SH Sole 13,500
TRIDENT MICROSYSTEMS INC COM 895919108 630 35,000 SH Sole 35,000
TRINITY INDUSTRIES INC COM 896522109 331 7,500 SH Sole 7,500
U STORE IT TRUST COM 91274F104 158 7,500 SH Sole 7,500
UBS AG ORD NAMEN AKT H8920M855 447 4,700 SH Defined 1 4,700
ULTIMATE SOFTWARE GROUP INC COM 90385D107 572 30,000 SH Sole 30,000
ULTRA PETROLEUM COM 903914109 140 2,500 SH Sole 2,500
ULTRA PETROLEUM COM 903914109 558 10,000 SH Sole 10,000
UNITED PARCEL SERVICE CL B CL B 911312106 316 4,200 SH Defined 1 4,200
UNITED THERAPEUTICS CORP DEL COM 91307C102 691 10,000 SH Sole 10,000
UNITEDHEALTH GROUP INC COM 91324P102 466 7,500 SH Sole 7,500
UNITEDHEALTH GROUP INC COM 91324P102 373 6,000 SH Defined 1 6,000
USEC INC COM 90333E108 215 18,000 SH Sole 18,000
UTI WORLDWIDE F ORD G87210103 139 1,500 SH Sole 1,500
VALERO ENERGY CORP COM 91913Y100 41 800 SH Sole 800
VALERO REFNG & MARKETING CO COM 91913Y100 20,124 390,000 SH Sole 390,000
VALERO REFNG & MARKETING CO COM 91913Y100 31 600 SH Sole 600
VALERO REFNG & MARKETING CO COM 91913Y100 206 4,000 SH Sole 4,000
VALERO REFNG & MARKETING CO COM 91913Y100 516 10,000 SH Sole 10,000
VALUECLICK INC COM 92046N102 543 30,000 SH Sole 30,000
VIASAT INC COM 92552V100 802 30,000 SH Sole 30,000
VIASYS HEALTHCARE INC COM 92553Q209 643 25,000 SH Sole 25,000
VIGNETTE CORPORATION COM 926734401 489 30,000 SH Sole 30,000
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 46,267 1,046,060 SH Defined 2 1,046,060
WAL MART STORES INC COM 931142103 140 3,000 SH Sole 3,000
WARREN RESOURCES INC COM 93564A100 6,170 390,000 SH Sole 390,000
WARREN RESOURCES INC COM 93564A100 158 10,000 SH Sole 10,000
WASHINGTON POST CO CL B CL B 939640108 371 485 SH Defined 1 485
WATSCO INC COM 942622200 239 4,000 SH Sole 4,000
WEATHERFORD INTL LTD COM G95089101 8,904 245,958 SH Sole 245,958
WEBSIDESTORY COM 947685103 725 40,000 SH Sole 40,000
WELLS FARGO & COMPANY COM 949746101 327 5,200 SH Defined 1 5,200
WESCO INTERNATIONAL INC COM 95082P105 534 12,500 SH Sole 12,500
WESTERN GAS RESOURCE COM 958259103 5,415 115,000 SH Sole 115,000
WESTMORELAND COAL CO COM 960878106 23 1,000 SH Sole 1,000
W-H ENERGY SERVICES COM 92925E108 3,308 100,000 SH Sole 100,000
W-H ENERGY SERVICES COM 92925E108 33 1,000 SH Sole 1,000
WHITINIG PETROLEUM CORP COM 966387102 6,000 150,000 SH Sole 150,000
WIND RIV SYS INC COM 973149107 517 35,000 SH Sole 35,000
XTO ENERGY INC COM 98385X106 8,788 200,000 SH Sole 200,000
YAHOO INC COM 984332106 294 7,500 SH Defined 1 7,500