13F-HR 1 form3f_06-03.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F COVER PAGE Report for the Quarter Ended: June 30, 2003 Check here if Amendment: [ ] Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: U.S. Global Investors, Inc. Address: 7900 Callaghan Road San Antonio, TX 78229 13F File Number: 028-02220 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Susan B. McGee Title: President, General Counsel Phone: 210-308-1234 /S/ Susan B. McGee ------------------ San Antonio, TX August 12, 2003 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: None FORM 13F SUMMARY PAGE REPORT SUMMARY: Number of Other Included Managers: 3 Form 13F Information Table Entry Total: 286 Form 13F Information Table Value Total: $133,150 (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 Ltd.
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 1,290 10,000 SH Defined 1 10,000 ACE LTD CMN STK G0070K103 137 4,000 SH Sole 4,000 AFFILIATED COMPUTER SVCS A CMN STK 008190100 384 8,400 SH Sole 8,400 AFLAC INC CMN STK 001055102 185 6,000 SH Defined 2 6,000 AGCO CORP CMN STK 001084102 94 5,500 SH Sole 5,500 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 252 90,000 SH Sole 90,000 AGNICO EAGLE MINES WT 11/14/07 WTS 008474132 518 185,000 SH Sole 185,000 ALLIANT TECHSYSTEMS INC CMN STK 018804104 135 2,600 SH Sole 2,600 AMERICAN EXPRESS CMN STK 025816109 192 4,600 SH Sole 4,600 AMERICAN INTERNATIONAL GROUP CMN STK 026874107 121 2,200 SH Sole 2,200 AMERISOURCEBERGEN CORP CLASS A CMN STK 03073E105 277 4,000 SH Sole 4,000 AMGEN INC CMN STK 031162100 292 4,400 SH Sole 4,400 AMGEN INC CMN STK 031162100 1,329 20,000 SH Defined 1 20,000 ANALOG DEVICES INC CMN STK 032654105 223 6,400 SH Sole 6,400 ANGLO AMERICAN PLC ADR CMN STK 03485P102 41 2,676 SH Sole 2,676 ANGLOGOLD LIMITED SPON ADR CMN STK 035128206 558 17,500 SH Sole 17,500 ANHEUSER BUSCH INC CMN STK 035229103 306 6,000 SH Sole 6,000 AOL TIME WARNER CMN STK 00184A105 483 30,000 SH Defined 2 30,000 APACHE CORP CMN STK 037411105 236 3,630 SH Defined 2 3,630 APEX SILVER MINES LTD CMN STK G04074103 516 35,000 SH Defined 2 35,000 APOLLO GROUP INC CL A CMN STK 037604105 111 1,800 SH Sole 1,800 APPLEBEES INTL INC CMN STK 037899101 94 3,000 SH Sole 3,000 AVON PRODS INC CMN STK 054303102 124 2,000 SH Sole 2,000 AVON PRODS INC CMN STK 054303102 1,244 20,000 SH Defined 1 20,000 BALL CORP CMN STK 058498106 910 20,000 SH Defined 1 20,000 BANK OF AMERICA CORP CMN STK 060505104 411 5,200 SH Sole 5,200 BANK OF NEW YORK CO INC CMN STK 064057102 388 13,500 SH Defined 2 13,500 BARD CORP CMN STK 067383109 2,852 40,000 SH Defined 1 40,000 BARRICK GOLD CORPORATION CMN STK 067901108 251 14,000 SH Defined 2 14,000 BED BATH & BEYOND INC CMN STK 075896100 74 1,900 SH Sole 1,900 BEST BUY INC CMN STK 086516101 114 2,600 SH Sole 2,600 BOWATER INC CMN STK 102183100 19 500 SH Sole 500 BRADLEY PHARMACEUTICALS INC CMN STK 104576103 330 20,000 SH Defined 1 20,000 BROWN & BROWN INC CMN STK 115236101 156 4,800 SH Sole 4,800 C/O BARRICK GOLD JAN 20 CALL OPTN 0679014AD 127 1,300 SH Sole 1,300 C/O BARRICK GOLD JAN 20 CALL OPTN 0679014AD 263 2,700 SH Sole 2,700 C/O BARRICK GOLD JAN 25 CALL OPTN 0679012AE 161 1,400 SH Sole 1,400 C/O BARRICK GOLD JAN 25 CALL OPTN 0679012AE 299 2,600 SH Sole 2,600 C/O PLACER DOME JAN 0015.00 CALL OPTN 7259062AC 217 1,400 SH Sole 1,400 C/O PLACER DOME JAN 0015.00 CALL OPTN 7259062AC 403 2,600 SH Sole 2,600 C/O PLACER DOME JAN 0015.00 CALL OPTN 7259065AC 12 200 SH Sole 200 C/O PLACER DOME JAN 0015.00 CALL OPTN 7259065AC 246 4,100 SH Sole 4,100 C/O PLACER DOME JAN 0015.00 CALL OPTN 7259065AC 414 6,900 SH Sole 6,900 CACI INTNATL INC CL A CMN STK 127190304 206 6,000 SH Defined 2 6,000 CALLAWAY GOLF CO CMN STK 131193104 529 40,000 SH Defined 1 40,000 CANYON RESOURCES CORP CMN STK 138869300 546 420,000 SH Sole 420,000 CAPITAL ONE FINANCIAL CORP CMN STK 14040H105 93 1,900 SH Sole 1,900 CARDINAL HEALTH CMN STK 14149Y108 257 4,000 SH Defined 2 4,000 CELGENE CORP CMN STK 151020104 608 20,000 SH Defined 1 20,000 CH ROBINSON WORLDWIDE INC CMN STK 12541W100 711 20,000 SH Defined 1 20,000 CHINA MOBILE HONG KONG ADR CMN STK 16941M109 118 10,000 SH Sole 10,000 CHIRON CORP CMN STK 170040109 1,312 30,000 SH Defined 1 30,000 CISCO SYSTEMS INC CMN STK 17275R102 345 20,700 SH Sole 20,700 CITIGROUP INC CMN STK 172967101 278 6,500 SH Sole 6,500 CITIGROUP INC CMN STK 172967101 377 8,800 SH Defined 2 8,800 CLAIRES STORES INC CMN STK 179584107 221 8,700 SH Sole 8,700 CLEAR CHANNEL COMMUNICATIONS CMN STK 184502102 106 2,500 SH Sole 2,500 CNOOC LTD ADR CMN STK 126132109 119 4,000 SH Sole 4,000 CNOOC LTD ADR CMN STK 126132109 175 5,900 SH Sole 5,900 COLGATE PALMOLIVE CMN STK 194162103 1,159 20,000 SH Defined 1 20,000 COLUMBIA SPORTSWEAR CO CMN STK 198516106 2,056 40,000 SH Defined 1 40,000 COMPUTER SCIENCES CORP CMN STK 205363104 762 20,000 SH Defined 1 20,000 CONOCOPHILLIPS CMN STK 20825C104 329 6,000 SH Defined 2 6,000 COOPER COMPANIES INC CMN STK 216648402 1,043 30,000 SH Defined 1 30,000 CORPORATE EXECUTIVE BOARD CO CMN STK 21988R102 816 20,000 SH Defined 1 20,000 COUNTRYWIDE FINANCIAL CORP CMN STK 222372104 104 1,500 SH Sole 1,500 CURTISS WRIGHT CORP CMN STK 231561101 316 5,000 SH Defined 1 5,000 CYTYC CORPORATION CMN STK 232946103 526 50,000 SH Defined 1 50,000 DELL COMPUTER CORP CMN STK 247025109 196 6,140 SH Sole 6,140 DEVON ENERGY CORP CMN STK 25179M103 320 6,000 SH Defined 2 6,000 DIAGNOSTIC PRODUCTS CORP CMN STK 252450101 821 20,000 SH Defined 1 20,000 DIGITAL INSIGHT CMN STK 25385P106 105 5,500 SH Sole 5,500 DIONEX CORP CMN STK 254546104 1,193 30,000 SH Defined 1 30,000 DOCUMENTUM INC CMN STK 256159104 1,180 60,000 SH Defined 1 60,000 DU PONT (EI) DE NEMOURS CMN STK 263534109 46 1,100 SH Sole 1,100 DUKE ENERGY CO CMN STK 264399106 205 10,300 SH Defined 2 10,300 DURBAN ROODEPOORT DEP SPON ADR CMN STK 266597301 441 175,000 SH Sole 175,000 DURBAN ROODEPOORT DEP SPON ADR CMN STK 266597301 630 250,000 SH Sole 250,000 EASTMAN CHEMICAL CMN STK 277432100 63 2,000 SH Sole 2,000 ECHELON CORP CMN STK 27874N105 689 50,000 SH Defined 1 50,000 ELI LILLY & CO CMN STK 532457108 414 6,000 SH Defined 2 6,000 ENCANA CORP CMN STK 292505104 177 4,600 SH Defined 2 4,600 ENERPLUS RESOURCES FUND CMN STK 29274D604 625 26,900 SH Sole 26,900 ENERPLUS RESOURCES FUND CMN STK 29274D604 302 13,000 SH Sole 13,000 ENSCO INTERNATIONAL INC CMN STK 26874Q100 54 2,000 SH Sole 2,000 EPIQ SYSTEMS INC CMN STK 26882D109 343 20,000 SH Defined 1 20,000 EXXON MOBIL CORP CMN STK 30231G102 718 20,000 SH Defined 1 20,000 FAIR ISAAC & CO CMN STK 303250104 2,058 40,000 SH Defined 1 40,000 FANNIE MAE CMN STK 313586109 47 700 SH Sole 700 FINISH LINE INC CL A CMN STK 317923100 131 5,900 SH Sole 5,900 FIRST DATA CORP CMN STK 319963104 332 8,000 SH Sole 8,000 FLEXTRONICS INTER- NATIONAL LTD CMN STK Y2573F102 260 25,000 SH Defined 2 25,000 FMC CORP CMN STK 302491303 91 4,000 SH Sole 4,000 FORTUNE BRANDS CMN STK 349631101 1,566 30,000 SH Defined 1 30,000 FREEPORT-MC COP CONV PFD 7% PFD STK 35671D501 604 25,000 SH Sole 25,000 FREEPORT-MC COP CONV PFD 7% PFD STK 35671D501 1,086 45,000 SH Sole 45,000 FREEPORT-MC COP CONV PFD 7% PFD STK 35671D501 241 10,000 SH Sole 10,000 FREEPORT-MC COPP SER II C PFD PFD STK 35671D881 122 3,400 SH Sole 3,400 FREEPORT-MC COPP SER II C PFD PFD STK 35671D881 388 10,800 SH Sole 10,800 FREEPORT-MC COPP SER II C PFD PFD STK 35671D881 856 23,800 SH Sole 23,800 FREEPORT-MC COPP SER II C PFD PFD STK 35671D881 151 4,200 SH Sole 4,200 GENERAL DYNAMICS CMN STK 369550108 290 4,000 SH Defined 2 4,000 GENERAL ELECTRIC CO CMN STK 369604103 419 14,600 SH Sole 14,600 GENERAL ELECTRIC CO CMN STK 369604103 287 10,000 SH Defined 2 10,000 GENZYME CORP-GENERAL DIVISION CMN STK 372917104 2,090 50,000 SH Defined 1 50,000 GOLD FIELDS LTD SPON ADR CMN STK 38059T106 1,218 100,000 SH Sole 100,000 GOLD FIELDS LTD SPON ADR CMN STK 38059T106 487 40,000 SH Sole 40,000 GOLDCORP INC WR 5/13/09 WTS 380956136 1,140 83,500 SH Sole 83,500 GOLDCORP INC WR 5/13/09 WTS 380956136 1,809 132,500 SH Sole 132,500 GOLDCORP INC WT 4/30/07 WTS 380956508 40 5,000 SH Sole 5,000 GOLDCORP INC WT 4/30/07 WTS 380956508 168 21,000 SH Sole 21,000 GOLDCORP INC WT 4/30/07 WTS 380956508 312 39,000 SH Sole 39,000 GOLDEN STAR RES LTD CMN STK 38119T104 264 100,000 SH Sole 100,000 HARLEY-DAVIDSON CMN STK 412822108 1,196 30,000 SH Defined 1 30,000 HARMAN INTL INDUSTRIES INC CMN STK 413086109 237 3,000 SH Defined 2 3,000 HARMAN INTL INDUSTRIES INC CMN STK 413086109 791 10,000 SH Defined 1 10,000 HARMONY GOLD MINING SPON ADR CMN STK 413216300 1,751 130,000 SH Sole 130,000 HARMONY GOLD MINING SPON ADR CMN STK 413216300 539 40,000 SH Sole 40,000 HCA INC CMN STK 404119109 183 5,700 SH Sole 5,700 HCC INS HLDGS INC CMN STK 404132102 296 10,000 SH Defined 2 10,000 HEARTLAND EXPRESS INC CMN STK 422347104 668 30,000 SH Defined 1 30,000 HECLA MINING CMN STK 422704106 381 90,000 SH Sole 90,000 HECLA MINING CMN STK 422704106 761 180,000 SH Sole 180,000 HERCULES INC CMN STK 427056106 30 3,000 SH Sole 3,000 HUANENG POWER INTL ADR CMN STK 443304100 447 9,600 SH Sole 9,600 ICU MED INC CMN STK 44930G107 218 7,000 SH Defined 1 7,000 IDEC PHARMACEUTICALS CORP. CMN STK 449370105 153 4,500 SH Defined 2 4,500 IDEXX LABORATORIES CMN STK 45168D104 1,347 40,000 SH Defined 1 40,000 ILLINOIS TOOL WORKS CMN STK 452308109 92 1,400 SH Sole 1,400 IMMUCOR INC CMN STK 452526106 218 10,000 SH Defined 1 10,000 IMPERIAL CHEM INDS PLC ADR CMN STK 452704505 83 10,000 SH Sole 10,000 INCO LTD CMN STK 453258402 264 12,500 SH Sole 12,500 INTEL CORP CMN STK 458140100 211 10,160 SH Sole 10,160 INTEL CORP CMN STK 458140100 416 20,000 SH Defined 2 20,000 INTERNATIONAL BUSINESS MACHINES CMN STK 459200101 158 1,920 SH Sole 1,920 INTERNATIONAL PAPER CO CMN STK 460146103 18 500 SH Sole 500 ISHARES MSCI AUSTRALIA INDEX MTL FND 464286103 62 5,600 SH Sole 5,600 ISHARES MSCI HONG KONG INDEX MTL FND 464286871 122 16,000 SH Sole 16,000 ISHARES MSCI JAPAN IDEX FD MTL FND 464286848 58 8,000 SH Sole 8,000 ISHARES MSCI MALAYSIA /FREE/ MTL FND 464286830 233 42,000 SH Sole 42,000 ISHARES MSCI SINGAPORE FREE MTL FND 464286673 116 24,000 SH Sole 24,000 ISHARES MSCI SOUTH KOREA INDEX MTL FND 464286772 200 10,000 SH Sole 10,000 ISHARES TAIWAN WEBS INDEX MTL FND 464286731 215 24,000 SH Sole 24,000 ISHARES TECHNOLOGY SECTOR MTL FND 464287721 290 7,500 SH Sole 7,500 ISHARES TRUST DJ US UTILITIES MTL FND 464287697 86 1,600 SH Sole 1,600 JANUS CAPITAL GROUP INC CMN STK 47102X105 198 12,100 SH Sole 12,100 JOHNSON & JOHNSON CMN STK 478160104 543 10,500 SH Sole 10,500 JONES APPAREL GROUP INC CMN STK 480074103 1,463 50,000 SH Defined 1 50,000 JP MORGAN CHASE CMN STK 46625H100 85 2,500 SH Sole 2,500 KEY ENERGY SVCS INC CMN STK 492914106 182 17,000 SH Sole 17,000 KEY ENERGY SVCS INC CMN STK 492914106 150 14,000 SH Sole 14,000 KINDER MORGAN ENERGY PARTN LP CMN STK 494550106 40 1,000 SH Sole 1,000 KINDER MORGAN ENERGY PARTN LP CMN STK 494550106 99 2,500 SH Sole 2,500 KNIGHT TRANSN INC CMN STK 499064103 996 40,000 SH Defined 1 40,000 KRONOS INC CMN STK 501052104 1,016 20,000 SH Defined 1 20,000 K-SWISS CLASS A CMN STK 482686102 55 1,600 SH Sole 1,600 K-SWISS CLASS A CMN STK 482686102 690 20,000 SH Defined 1 20,000 LANDSTAR SYSTEM INC CMN STK 515098101 1,257 20,000 SH Defined 1 20,000 LAUDER ESTEE COS INC CL A CMN STK 518439104 57 1,700 SH Sole 1,700 LAUDER ESTEE COS INC CL A CMN STK 518439104 671 20,000 SH Defined 1 20,000 LEAPFROG ENTERPRISES INC CMN STK 52186N106 239 7,500 SH Sole 7,500 LEHMAN BROTHERS HLDGS INC CMN STK 524908100 133 2,000 SH Sole 2,000 LIZ CLAIBORNE CMN STK 539320101 705 20,000 SH Defined 1 20,000 LOCKHEED MARTIN CORP CMN STK 539830109 152 3,200 SH Sole 3,200 LOCKHEED MARTIN CORP CMN STK 539830109 951 20,000 SH Defined 1 20,000 LOUISIANA PACIFIC CORP CMN STK 546347105 83 7,700 SH Sole 7,700 LOUISIANA PACIFIC CORP CMN STK 546347105 155 14,300 SH Sole 14,300 LUCENT TECHNOLOGIES INC CMN STK 549463107 2,030 1,000,000 SH Defined 1 1,000,000 MARSH & MCLENNAN COS INC CMN STK 571748102 163 3,200 SH Sole 3,200 MARVEL ENTERPRISES INC CMN STK 57383M108 191 10,000 SH Defined 1 10,000 MASCO CORP CMN STK 574599106 91 3,800 SH Sole 3,800 MAX RE CAPITAL LTD CMN STK G6052F103 88 5,900 SH Sole 5,900 MCKESSON CORP CMN STK 58155Q103 715 20,000 SH Defined 1 20,000 MEDIMMUNE CMN STK 584699102 1,455 40,000 SH Defined 1 40,000 MEDTRONIC INC CMN STK 585055106 134 2,800 SH Sole 2,800 MERCURY INTERACTIVE CORP CMN STK 589405109 772 20,000 SH Defined 1 20,000 MICRON TECH CMN STK 595112103 163 14,000 SH Defined 2 14,000 MICROSOFT CORP CMN STK 594918104 389 15,200 SH Sole 15,200 MILLENNIUM CHEMICALS INC CMN STK 599903101 114 12,000 SH Sole 12,000 MILLENNIUM CHEMICALS INC CMN STK 599903101 109 11,500 SH Sole 11,500 MOBILE TELESYSTEMS SPON ADR CMN STK 607409109 2,019 34,223 SH Defined 3 34,223 NABORS INDUSTRIES INC CMN STK G6359F103 158 4,000 SH Sole 4,000 NABORS INDUSTRIES INC CMN STK G6359F103 79 2,000 SH Sole 2,000 NABORS INDUSTRIES INC CMN STK G6359F103 198 5,000 SH Defined 2 5,000 NCE PETROFUND-UNITS CMN STK 62885E406 176 18,000 SH Sole 18,000 NETEASE.COM INC ADR CMN STK 64110W102 73 2,000 SH Sole 2,000 NETSCREEN TECHNOLOGIES INC CMN STK 64117V107 386 17,100 SH Sole 17,100 NEW YORK COMMUNITY BANCORP CMN STK 649445103 178 6,133 SH Sole 6,133 NEWMONT MINING CORP CMN STK 651639106 1,785 55,000 SH Sole 55,000 NEWMONT MINING CORP CMN STK 651639106 325 10,000 SH Sole 10,000 NEWMONT MINING CORP CMN STK 651639106 276 8,500 SH Defined 2 8,500 NOBLE DRILLING CORP CMN STK G65422100 172 5,000 SH Defined 2 5,000 NORFOLK SOUTHERN CORP CMN STK 655844108 83 4,300 SH Sole 4,300 NORTH AMERICAN PALLADIUM LTD CMN STK 656912102 169 50,000 SH Defined 2 50,000 NORTHROP GRUNMAN CORP CMN STK 666807102 173 2,000 SH Sole 2,000 NORTHROP GRUNMAN CORP CMN STK 666807102 431 5,000 SH Defined 2 5,000 NOVELLUS SYSTEMS INC CMN STK 670008101 44 1,200 SH Sole 1,200 OCCIDENTAL PETROLEUM CORP CMN STK 674599105 34 1,000 SH Sole 1,000 ODYSSEY HEALTHCARE INC CMN STK 67611V101 1,850 50,000 SH Defined 1 50,000 OIL SERVICE HOLDERS TR MTL FND 678002106 174 2,900 SH Sole 2,900 OMNICOM GROUP INC CMN STK 681919106 244 3,400 SH Sole 3,400 OPEN TEXT CORP CMN STK 683715106 565 20,000 SH Defined 1 20,000 O'REILLY AUTOMOTIVE INC CMN STK 686091109 668 20,000 SH Defined 1 20,000 P/O NEWMONT MINING DEC 0027.50 PUT OPTN 6516399XY 33 250 SH Sole 250 P/O NEWMONT MINING DEC 0027.50 PUT OPTN 6516399XY 99 750 SH Sole 750 PACIFIC RIM MNG CORP_/CANADIAN/ CMN STK 694915208 159 498,187 SH Sole 498,187 PACIFIC RIM MNG CORP_/CANADIAN/ CMN STK 694915208 563 1,760,000 SH Sole 1,760,000 PACIFIC SUNWEAR CALIF INC CMN STK 694873100 193 8,000 SH Sole 8,000 PALL CORP COM CMN STK 696429307 86 3,800 SH Sole 3,800 PATINA OIL & GAS CORP CMN STK 703224105 804 25,000 SH Defined 1 25,000 PATTERSON UTI ENERGY INC CMN STK 703481101 149 4,600 SH Sole 4,600 PATTERSON UTI ENERGY INC CMN STK 703481101 81 2,500 SH Sole 2,500 PENN NATL GAMING INC CMN STK 707569109 822 40,000 SH Defined 1 40,000 PEPSICO INC CMN STK 713448108 267 6,000 SH Sole 6,000 PETRO CANADA CMN STK 71644E102 180 4,500 SH Defined 2 4,500 PETROCHINA CO LTD ADS CMN STK 71646E100 42 1,400 SH Sole 1,400 PETROCHINA CO LTD ADS CMN STK 71646E100 60 2,000 SH Sole 2,000 PETROCHINA CO LTD ADS CMN STK 71646E100 396 13,100 SH Defined 2 13,100 PFIZER INC CMN STK 717081103 617 18,075 SH Sole 18,075 PHARMACEUTICAL RES INC CMN STK 717125108 1,946 40,000 SH Defined 1 40,000 PHILIPPINE LONG DIST TEL SPN ADR CMN STK 718252604 86 8,000 SH Sole 8,000 PIONEER NATURAL RESOURCES CO CMN STK 723787107 164 6,300 SH Defined 2 6,300 PLACER DOME INC CMN STK 725906101 1,104 90,000 SH Sole 90,000 PLACER DOME INC CMN STK 725906101 1,841 150,000 SH Sole 150,000 POGO PRODUCING CO CMN STK 730448107 1,283 30,000 SH Defined 1 30,000 POSCO SPONSORED ADR CMN STK 693483109 141 5,400 SH Sole 5,400 PRECISION DRILLING CORP CMN STK 74022D100 113 3,000 SH Sole 3,000 PRECISION DRILLING CORP CMN STK 74022D100 76 2,000 SH Sole 2,000 PROASSURANCE CORPORATION CMN STK 74267C106 81 3,000 SH Sole 3,000 PROCTOR & GAMBLE CO CMN STK 742718109 1,784 20,000 SH Defined 1 20,000 QLOGIC CORP CMN STK 747277101 967 20,000 SH Defined 1 20,000 QUEST DIAGNOTICS INC CMN STK 74834L100 191 3,000 SH Defined 2 3,000 RANGOLD RESOURCES LTD ADR CMN STK 752344309 272 16,000 SH Sole 16,000 RANGOLD RESOURCES LTD ADR CMN STK 752344309 1,275 75,000 SH Sole 75,000 RANGOLD RESOURCES LTD ADR CMN STK 752344309 2,720 160,000 SH Sole 160,000 REPUBLIC SERVICES INC COM CMN STK 760759100 907 40,000 SH Defined 1 40,000 RYLAND GROUP INC CMN STK 783764103 694 10,000 SH Defined 1 10,000 SCHWAB /CHARLES/ CORP CMN STK 808513105 153 15,200 SH Sole 15,200 SECTOR SPDR TR SHS BEN INT TCH MTL FND 81369Y803 236 13,800 SH Sole 13,800 SICOR INC CMN STK 825846108 814 40,000 SH Defined 1 40,000 SIERRA HEALTH SERVICES CMN STK 826322109 800 40,000 SH Defined 1 40,000 SILICON LABORATORIES INC CMN STK 826919102 80 3,000 SH Sole 3,000 SK TELECOM LTD SPONSORED ADR CMN STK 78440P108 128 6,800 SH Sole 6,800 SOUTHERN CO CMN STK 842587107 78 2,500 SH Sole 2,500 SYSCO CORP CMN STK 871829107 180 6,000 SH Sole 6,000 TAIWAN SEMICONDUCTOR SPON ADR CMN STK 874039100 161 16,000 SH Sole 16,000 TARO PHARMACEUTICALS INDS LTD CMN STK M8737E108 1,646 30,000 SH Defined 1 30,000 TECHNE CORP CMN STK 878377100 607 20,000 SH Defined 1 20,000 TEKELEC CMN STK 879101103 226 20,000 SH Defined 1 20,000 TELECOM HOLDRS TRUST CMN STK 87927P200 189 6,900 SH Sole 6,900 TELEKOMUNIKACJA POLSKA S A GDR CMN STK 87943D207 142 40,088 SH Defined 3 40,088 TETRA TECH INC CMN STK 88162G103 93 5,400 SH Sole 5,400 TEXAS INSTUMENTS INC CMN STK 882508104 185 10,500 SH Sole 10,500 TEXAS REGIONAL BANCSHARES CL A CMN STK 882673106 104 3,000 SH Sole 3,000 TIFFANY & CO CMN STK 886547108 98 3,000 SH Sole 3,000 TIFFANY & CO CMN STK 886547108 229 7,000 SH Sole 7,000 TIFFANY & CO CMN STK 886547108 490 15,000 SH Defined 2 15,000 TIMBERLAND CO CLASS A CMN STK 887100105 529 10,000 SH Defined 1 10,000 TOLL BROTHERS INC CMN STK 889478103 91 3,200 SH Sole 3,200 TRACTOR SUPPLY CO CMN STK 892356106 124 2,600 SH Sole 2,600 TUESDAY MORNING CORP CMN STK 899035505 1,315 50,000 SH Defined 1 50,000 TYCO INTL LTD CMN STK 902124106 306 16,100 SH Defined 2 16,100 UCBH HOLDINGS INC CMN STK 90262T308 229 8,000 SH Sole 8,000 UNION PACIFIC CORP CMN STK 907818108 116 2,000 SH Sole 2,000 UNITED STATES STEEL CORP CMN STK 912909108 180 11,000 SH Sole 11,000 UNITED STATES STEEL CORP CMN STK 912909108 106 6,500 SH Sole 6,500 UNITEDHEALTH GROUP INC CMN STK 91324P102 141 2,800 SH Sole 2,800 UNIVERSAL HEALTH SVCS INC CL B CMN STK 913903100 317 8,000 SH Defined 2 8,000 USANA HEALTH SCIENCES INC CMN STK 90328M107 221 5,000 SH Defined 1 5,000 UTSTARCOM INC CMN STK 918076100 1,779 50,000 SH Defined 1 50,000 VARCO INTERNATIONAL INC CMN STK 922122106 588 30,000 SH Defined 1 30,000 VCA ANTECH INC CMN STK 918194101 98 5,000 SH Sole 5,000 VIACOM INC CL B CMN STK 925524308 262 6,000 SH Sole 6,000 VIMPEL COMMUNICATIONS SPON ADR CMN STK 68370R109 1,197 25,777 SH Defined 3 25,777 WAL MART STORES INC CMN STK 931142103 444 8,280 SH Sole 8,280 WATERS CORPORATION CMN STK 941848103 1,457 50,000 SH Defined 1 50,000 WEATHERFORD INTL LTD CMN STK G95089101 105 2,500 SH Sole 2,500 WEIGHT WATCHERS INTL INC CMN STK 948626106 200 4,400 SH Defined 2 4,400 WELLPOINT HEALTH NETWORKS INC CMN STK 94973H108 240 2,850 SH Sole 2,850 WELLS FARGO & COMPANY CMN STK 949746101 202 4,000 SH Sole 4,000 WELLS FARGO & COMPANY CMN STK 949746101 353 7,000 SH Defined 2 7,000 WEYERHAEUSER CO CMN STK 962166104 43 800 SH Sole 800 WYETH CMN STK 983024100 155 3,400 SH Sole 3,400 ZEBRA TECHNOLOGIES CORP CL A CMN STK 989207105 1,504 20,000 SH Defined 1 20,000 ZOLL MEDICAL CORP CMN STK 989922109 671 20,000 SH Defined 1 20,000 GRAND TOTAL: 133,150 9,305,839