UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F COVER PAGE
Report for the Quarter Ended: March 31, 2006
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
May 10, 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: 411
Form 13F Information Table Value Total: $832,043 (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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AARON RENTS INC COM 002535201 543 20,000 SH Sole 20,000
ABAXIS INC COM 002567105 567 25,000 SH Sole 25,000
ACUITY BRANDS INC COM 00508Y102 180 4,500 SH Sole 4,500
ADVANCED MICRO DEVICES COM 007903107 415 12,500 SH Sole 12,500
AETNA US HEALTHCARE COM 00817Y108 737 15,000 SH Sole 15,000
AFFILIATED MANAGERS GROUP INC COM 008252108 533 5,000 SH Sole 5,000
AGNICO EAGLE MINES LTD WT *W EXP 11/07/2007 2064952 199 15,000 SH Sole 15,000
AGNICO EAGLE MINES LTD WT *W EXP 11/07/2007 2064952 2,949 222,600 SH Sole 222,600
AGNICO EAGLE MINES LTD WT *W EXP 11/07/2007 2064952 8,434 636,500 SH Sole 636,500
AGNICO EAGLE MINES WT 11/14/07 *W EXP 11/07/2007 008474132 84 6,200 SH Sole 6,200
AIR PRODUCTS & CHEMICAL COM 009158106 5,039 75,000 SH Sole 75,000
AIR PRODUCTS & CHEMICAL COM 009158106 309 4,600 SH Defined 1 4,600
AIR PRODUCTS & CHEMICAL COM 009158106 672 10,000 SH Sole 10,000
AIRGAS INC COM 009363102 176 4,500 SH Sole 4,500
AKAMAI TECHNOLOGIES COM 00971T101 395 12,000 SH Sole 12,000
AKAMAI TECHNOLOGIES COM 00971T101 822 25,000 SH Sole 25,000
ALCAN INC COM 013716105 5,488 120,000 SH Sole 120,000
ALCOA INC COM 013817101 6,112 200,000 SH Sole 200,000
ALCON INC COM H01301102 354 3,400 SH Defined 1 3,400
ALERIS INTERNATIONAL INC COM 014477103 721 15,000 SH Sole 15,000
ALKERMES INC COM 01642T108 882 40,000 SH Sole 40,000
ALTRIA GROUP INC COM 02209S103 106 1,500 SH Sole 1,500
AMERICAN EXPRESS COM 025816109 510 9,700 SH Defined 1 9,700
AMERICAN INTERNATIONAL GROUP COM 026874107 165 2,500 SH Sole 2,500
AMERICAN INTERNATIONAL GROUP COM 026874107 476 7,200 SH Defined 1 7,200
AMERICAN REPROGRAPHI COM 029263100 139 4,000 SH Sole 4,000
AMERISOURCEBERGEN CORP CLASS A COM 03073E105 603 12,500 SH Sole 12,500
ANALOGIC CORP COM 032657207 662 10,000 SH Sole 10,000
ANIXTER INTL INC COM 035290105 119 2,500 SH Sole 2,500
ANNTAYLOR STORES CORP COM 036115103 736 20,000 SH Sole 20,000
ANOORAQ RESOURCE CORP COM 03633E108 228 200,400 SH Sole 200,400
APPLIED INDL TECHNOLOGIES INC COM 03820C105 781 17,500 SH Sole 17,500
ARCH COAL INC COM 039380100 3,417 45,000 SH Sole 45,000
ARROW ELECTRONICS COM 042735100 645 20,000 SH Sole 20,000
ATLAS AMERICA INC COM 049167109 179 3,750 SH Sole 3,750
AVX CORPORATION COM 002444107 168 9,500 SH Sole 9,500
AVX CORPORATION COM 002444107 708 40,000 SH Sole 40,000
BARR PHARMACEUTICALS INC COM 068306109 315 5,000 SH Sole 5,000
BARRICK GOLD CORPORATION COM 067901108 545 20,000 SH Sole 20,000
BARRICK GOLD CORPORATION COM 067901108 2,576 94,574 SH Sole 94,574
BARRICK GOLD CORPORATION COM 067901108 163 6,000 SH Defined 1 6,000
BEACON ROOFING SUPPLY INC COM 073685109 610 15,000 SH Sole 15,000
BERKSHIRE HATHAWAY INC CL B CL B 084670207 738 245 SH Defined 1 245
BJ SERVICES CO COM 055482103 5,190 150,000 SH Sole 150,000
BOEING CO COM 097023105 351 4,500 SH Sole 4,500
BRISTOW GROUP INC COM 110394103 6,118 198,000 SH Sole 198,000
BROADCOM CORP CL A 111320107 194 4,500 SH Sole 4,500
BROWN SHOE COMPANY INC COM 115736100 315 6,000 SH Sole 6,000
BURLINGTON NORTH SANTA FE CORP COM 12189T104 333 4,000 SH Sole 4,000
C/O ARCH COAL INC JAN 0080.00 CALL 0393802AP 220 250 SH CALL Sole 250
C/O BARRICK GOLD JAN07 17.5 CALL 0679019AW 114 200 SH CALL Sole 200
C/O BARRICK GOLD JUN06 15 CALL 0679019FC 58 75 SH CALL Sole 75
C/O BARRICK GOLD JUN06 15 CALL 0679019FC 388 500 SH CALL Sole 500
C/O DOW CHEM CO JAN 0045.00 CALL 2605432AI 85 500 SH CALL Sole 500
C/O GOLD FIELDS MAY 06 22.5_ CALL 38059T906 3 2,500 SH CALL Sole 2,500
C/O HARMONY GOLD JAN 08 17.5 CALL 4132169AW 190 500 SH CALL Sole 500
C/O INCO LTD JAN 0050.00 CALL 4532582AJ 357 576 SH CALL Sole 576
C/O LYONDELL CHEM JAN 0030.00 CALL 5520782AF 38 1,500 SH CALL Sole 1,500
C/O NUCOR CORP APR 06 100_ CALL 670346905 70 10,000 SH CALL Sole 10,000
C/O OIL SVC HOLDER JAN 0135.00 CALL 6780022AG 759 300 SH CALL Sole 300
C/O OIL SVC HOLDER JAN 0150.00 CALL 6780022AJ 865 500 SH CALL Sole 500
C/O PEABODY ENERGY JAN 0035.00 CALL 7045499AG 3,580 2,000 SH CALL Sole 2,000
C/O PEABODY ENERGY JAN 0045.00 CALL 7045492AI 1,070 1,000 SH CALL Sole 1,000
C/O PHELPS DODGE CORP APR 06 75 ADJ 2 CALL 717265902 66 10,000 SH CALL Sole 10,000
C/O SUNOCO INC JAN 0070.00 CALL 86764P2AN 725 500 SH CALL Sole 500
C/O TRANSOCEAN 60.00 JAN 2008 CALL G900789AL 2,304 800 SH CALL Sole 800
C/O VALERO ENERGY JAN07 45 CALL 91913Y9AI 1,792 1,000 SH CALL Sole 1,000
C/O VALERO JAN 07 50 CALL 91913Y9AJ 1,410 1,000 SH CALL Sole 1,000
CAMBIOR INC COM 13201L103 394 120,400 SH Sole 120,400
CAMBIOR INC COM 13201L103 572 175,000 SH Sole 175,000
CANADIAN NATURAL RESOURCES COM 136385101 360 6,500 SH Defined 1 6,500
CANON INC ADR ADR 138006309 297 4,500 SH Sole 4,500
CAPITALSOURCE INC COM 14055X102 746 30,000 SH Sole 30,000
CARDINAL HEALTH COM 14149Y108 335 4,500 SH Sole 4,500
CELADON GROUP INC COM 150838100 591 27,000 SH Sole 27,000
CEMEX S A SPON ADR SPON ADR 5 ORD 151290889 9,792 150,000 SH Sole 150,000
CENTRAL EUROPEAN DISTR CORP COM 153435102 16,043 417,248 SH Defined 2 417,248
CENTRAL EUROPEAN DISTR CORP COM 153435102 383 9,972 SH Defined 2 9,972
CENTRAL EUROPEAN MEDIA CL A CL A G20045202 206 3,000 SH Sole 3,000
CENTURY ALUMINUM CO COM 156431108 6,368 150,000 SH Sole 150,000
CERNER CORP COM 156782104 261 5,500 SH Defined 1 5,500
CHINA MOBILE HONG KONG ADR SPON ADR 16941M109 531 20,000 SH Sole 20,000
CHINA PETROLEUM & CHEMICAL ADR SPON ADR H SHS 16941R108 584 10,000 SH Sole 10,000
CIENA CORP COM 171779101 365 70,000 SH Sole 70,000
CIRCUIT CITY STORES INC COM 172737108 490 20,000 SH Sole 20,000
CITIGROUP INC COM 172967101 350 7,400 SH Defined 1 7,400
CNOOC LTD ADR SPON ADR 126132109 782 10,000 SH Sole 10,000
COCA COLA CO COM COM 191216100 465 11,100 SH Defined 1 11,100
COMMSCOPE INC COM 203372107 200 7,000 SH Sole 7,000
COMMSCOPE INC COM 203372107 428 15,000 SH Sole 15,000
CONOCOPHILLIPS COM 20825C104 12,630 200,000 SH Sole 200,000
CONOCOPHILLIPS COM 20825C104 347 5,500 SH Defined 1 5,500
CONSOL ENERGY INC COM 20854P109 47 640 SH Sole 640
CONSOL ENERGY INC COM 20854P109 4,820 65,000 SH Sole 65,000
CONTINENTAL AIRLINES CL B 210795308 269 10,000 SH Sole 10,000
CORE LABORATORIES N V COM N22717107 713 15,000 SH Sole 15,000
COSTCO WHOLESALE CORP COM 22160K105 108 2,000 SH Sole 2,000
COVENTRY HEALTH CARE INC COM 222862104 108 2,000 SH Sole 2,000
CREE INC COM 225447101 197 6,000 SH Sole 6,000
CRYSTALLEX INTL CORP COM 22942F101 1,058 257,500 SH Sole 257,500
CRYSTALLEX INTL CORP COM 22942F101 429 104,400 SH Sole 104,400
CRYSTALLEX INTL CORP COM 22942F101 2,343 570,000 SH Sole 570,000
CVS CORP COM 126650100 358 12,000 SH Defined 1 12,000
CYTEC INDUSTRIES INC COM 232820100 4,501 75,000 SH Sole 75,000
DAVITA INC COM 23918K108 301 5,000 SH Sole 5,000
DIAMOND OFFSHORE DRILLING INC COM 25271C102 4,475 50,000 SH Sole 50,000
DICK'S SPORTING GOODS COM 253393102 298 7,500 SH Sole 7,500
DIGENE CORP COM 253752109 587 15,000 SH Sole 15,000
DOVER CORP COM 260003108 486 10,000 SH Sole 10,000
DR HORTON INC COM 23331A109 100 3,000 SH Sole 3,000
DRDGOLD LIMITED SPONSORED ADR SPON ADR 26152H103 155 100,000 SH Sole 100,000
DRIL QUIP INC COM 262037104 531 7,500 SH Sole 7,500
DUNE ENERGY INC /RESTRICTED/ COM 416065 1,156 377,358 SH Sole 377,358
DXP ENTERPRISES INC-NEW COM 233377407 695 20,000 SH Sole 20,000
E TRADE FINANCIAL CORPORATION COM 269246104 337 12,500 SH Sole 12,500
EAGLE MATERIALS INC COM 26969P108 638 10,000 SH Sole 10,000
EBAY INC COM 278642103 453 11,600 SH Defined 1 11,600
EDGE PETROLEUM CORP COM 279862106 375 15,000 SH Sole 15,000
ELECTRONIC ARTS INC COM 285512109 274 5,000 SH Defined 1 5,000
ELECTRONICS FOR IMAGING INC COM 286082102 559 20,000 SH Sole 20,000
ELI LILLY & CO COM 532457108 332 6,000 SH Defined 1 6,000
EMCOR GROUP INC COM 29084Q100 621 12,500 SH Sole 12,500
ENCANA CORP COM 292505104 7,524 161,000 SH Sole 161,000
ENCANA CORP COM 292505104 57 1,050 SH Sole 1,050
ENCORE WIRE CORP COM 292562105 762 22,500 SH Sole 22,500
ENERGY SELECT SECTOR SPDR FUND TR SBI INT-ENERGY 81369Y506 16,299 300,000 SH Sole 300,000
ENERPLUS RESOURCES FUND UNIT TR G 29274D604 4,035 80,000 SH Sole 80,000
ENSCO INTERNATIONAL INC COM 26874Q100 9,004 175,000 SH Sole 175,000
ENSCO INTERNATIONAL INC COM 26874Q100 103 2,000 SH Sole 2,000
EQUITY RESIDENTIAL SH BEN INT 29476L107 702 15,000 SH Sole 15,000
EURONET WORLDWIDE INC COM 298736109 284 7,500 SH Sole 7,500
EXELON CORPORATION COM 30161N101 291 5,500 SH Defined 1 5,500
EXPLORATION CO COM 302133202 8,318 740,000 SH Sole 740,000
EXPRESS SCRIPTS INC COMMON COM 302182100 176 2,000 SH Sole 2,000
EXXON MOBIL CORP COM 30231G102 15,215 250,000 SH Sole 250,000
FEDERAL REALTY INVEST TR SBI SH BEN INT NEW 313747206 752 10,000 SH Sole 10,000
FEDERATED INVESTORS INC CL B CL B 314211103 586 15,000 SH Sole 15,000
FEDEX CORPORATION COM 31428X106 226 2,000 SH Sole 2,000
FIRST CASH FINL SERVICES INC COM 31942D107 200 10,000 SH Sole 10,000
FIRST CASH FINL SERVICES INC COM 31942D107 700 35,000 SH Sole 35,000
FLOWSERVE CORPORATION COM 34354P105 292 5,000 SH Sole 5,000
FORDING CANADIAN COAL TRUST TR UNIT 345425102 2,659 70,000 SH Sole 70,000
FOUNDRY NETWORKS INC COM 35063R100 636 35,000 SH Sole 35,000
FPL GROUP COM 302571104 558 13,900 SH Defined 1 13,900
FRANKLIN RESOURCES INC COM 354613101 283 3,000 SH Sole 3,000
FREEPORT MCMORAN COPPER & GOLD B CL B 35671D857 6,874 115,000 SH Sole 115,000
FREEPORT MCMORAN COPPER & GOLD B CL B 35671D857 7,172 120,000 SH Sole 120,000
FREIGHTCAR AMERICA INC COM 357023100 95 1,500 SH Sole 1,500
FRESENIUS MEDICAL CARE ADR SPON ADR 358029106 120 3,000 SH Sole 3,000
FRONTIER OIL CORP COM 35914P105 13,354 225,000 SH Sole 225,000
FRONTIER OIL CORP COM 35914P105 148 2,500 SH Sole 2,500
FRONTIER OIL CORP COM 35914P105 683 11,500 SH Sole 11,500
FRONTIER OIL CORP COM 35914P105 119 2,000 SH Sole 2,000
GENENTECH INC COM 368710406 304 3,600 SH Defined 1 3,600
GENERAL ELECTRIC CO COM 369604103 730 21,000 SH Defined 1 21,000
GENESEE & WYOMING INC CL A CL A 371559105 767 25,000 SH Sole 25,000
GILDAN ACTIVEWEAR SUB VTG CL A COM 375916103 356 7,500 SH Sole 7,500
GILEAD SCIENCES INC COM 375558103 280 4,500 SH Sole 4,500
GILEAD SCIENCES INC COM 375558103 622 10,000 SH Sole 10,000
GLAMIS GOLD LTD COM 376775102 490 15,000 SH Sole 15,000
GLAMIS GOLD LTD COM 376775102 817 25,000 SH Sole 25,000
GLOBAL PAYMENTS INC COM 37940X102 239 4,500 SH Sole 4,500
GLOBALSANTAFE CORP SHS G3930E101 6,075 100,000 SH Sole 100,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 1,319 60,000 SH Sole 60,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 4,748 216,000 SH Sole 216,000
GOLD FIELDS LTD SPON ADR SPON ADR 38059T106 11,759 535,000 SH Sole 535,000
GOLD RESERVE INC CL A CL A 38068N108 177 30,000 SH Sole 30,000
GOLDCORP INC COM 380956409 585 20,000 SH Sole 20,000
GOLDCORP INC COM 380956409 21,858 747,500 SH Sole 747,500
GOLDMAN SACHS GROUP INC COM 38141G104 549 3,500 SH Sole 3,500
GOODRICH PETROLEUM CORP COM 382410405 9,169 339,600 SH Sole 339,600
GOOGLE INC CLASS A CL A 38259P508 302 775 SH Defined 1 775
GRANITE CONSTRUCTION INC COM 387328107 243 5,000 SH Sole 5,000
GRANITE CONSTRUCTION INC COM 387328107 365 7,500 SH Sole 7,500
GRANT PRIDECO INC COM 38821G101 10,710 250,000 SH Sole 250,000
GREAT BASIN GOLD LTD COM 390124105 44 19,700 SH Sole 19,700
GREENHILL & CO INC COM 395259104 496 7,500 SH Sole 7,500
GREY WOLF INC COM 397888108 45 6,100 SH Sole 6,100
GYMBOREE CORP COM 403777105 521 20,000 SH Sole 20,000
HALLIBURTON CO COM 406216101 8,762 120,000 SH Sole 120,000
HALLIBURTON CO COM 406216101 460 6,300 SH Defined 1 6,300
HARMAN INTL INDUSTRIES INC COM 413086109 111 1,000 SH Sole 1,000
HARMONY GOLD MINING SPON ADR SPON ADR 413216300 2,223 140,000 SH Sole 140,000
HARMONY GOLD MINING SPON ADR SPON ADR 413216300 1,112 70,000 SH Sole 70,000
HARVEST ENERGY TR TRUST UNIT 41752X101 41 1,200 SH Sole 1,200
HEALTHEXTRAS.COM COM 422211102 124 3,500 SH Sole 3,500
HEALTHEXTRAS.COM COM 422211102 618 17,500 SH Sole 17,500
HECLA MINING COM 422704106 992 150,000 SH Sole 150,000
HECLA MINING COM 422704106 2,644 400,000 SH Sole 400,000
HEWLETT PACKARD CO COM 428236103 132 4,000 SH Sole 4,000
HOLLY CORP COM 435758305 556 7,500 SH Sole 7,500
HOLLY CORP COM 435758305 148 2,000 SH Sole 2,000
HOLLY CORP $0.01 PAR COM 435758305 12,971 175,000 SH Sole 175,000
HOLOGIC INC COM 436440101 332 6,000 SH Sole 6,000
HORNBECK OFFSHORE SV COM 440543106 7,034 195,000 SH Sole 195,000
HYDRIL COM 448774109 585 7,500 SH Sole 7,500
IAMGOLD CORPORATION COM 450913108 353 40,909 SH Sole 40,909
ILLUMINA INC COM 452327109 416 17,500 SH Sole 17,500
IMA EXPLORATION INC COM 449664101 786 255,000 SH Sole 255,000
IMPERIAL OIL LTD COM 453038908 104 825 SH Sole 825
INTEL CORP COM 458140100 491 25,400 SH Defined 1 25,400
INTERNATIONAL PAPER CO COM 460146103 86 2,500 SH Sole 2,500
INTERSIL CORPORATION CL A 46069S109 578 20,000 SH Sole 20,000
INTEVAC INC COM 461148108 432 15,000 SH Sole 15,000
INVESTMENT TECHNOLOGY GROUP COM 46145F105 125 2,500 SH Sole 2,500
IPSCO INC COM 462622101 1,041 10,000 SH Sole 10,000
ISHARES MSCI JAPAN IDEX FD MSCI JAPAN 464286848 216 15,000 SH Sole 15,000
ISHARES MSCI JAPAN IDEX FD MSCI JAPAN 464286848 144 10,000 SH Sole 10,000
ISHARES MSCI JAPAN IDEX FD MSCI JAPAN 464286848 432 30,000 SH Sole 30,000
ISHARES MSCI SINGAPORE FREE MSCI SINGAPORE 464286673 263 30,000 SH Sole 30,000
ISHARES MSCI SOUTH KOREA INDEX MSCI S KOREA 464286772 350 7,500 SH Sole 7,500
ISHARES TAIWAN WEBS INDEX MSCI TAIWAN 464286731 318 25,000 SH Sole 25,000
ISHARES TR DJ US ENERGY DJ US ENERGY 464287796 28 300 SH Sole 300
IVANHOE ENERGY INC COM 465790103 99 30,700 SH Sole 30,700
IVANHOE MINES LTD COM 46579N103 713 75,000 SH Sole 75,000
JABIL CIRCUIT INC COM 466313103 257 6,000 SH Sole 6,000
JACOBS ENGINEERING GROUP INC COM 469814107 434 5,000 SH Sole 5,000
JAPAN SMALLER CAPITALIZATION COM 47109U104 265 16,000 SH Sole 16,000
JEFFERIES GROUP INC COM 472319102 117 2,000 SH Sole 2,000
JLG INDS INC COM 466210101 246 8,000 SH Sole 8,000
JOHNSON & JOHNSON COM 478160104 361 6,100 SH Defined 1 6,100
JOHNSON CTLS INC COM 478366107 190 2,500 SH Sole 2,500
JOY GLOBAL INC COM 481165108 8,368 140,000 SH Sole 140,000
JOY GLOBAL INC COM 481165108 598 10,000 SH Sole 10,000
KENEXA CORP COM 488879107 615 20,000 SH Sole 20,000
KEYSTONE AUTOMOTIVE INDS INC COM 49338N109 633 15,000 SH Sole 15,000
KIMCO REALTY CORP COM 49446R109 244 6,000 SH Sole 6,000
KIRBY CORP COM 497266106 511 7,500 SH Sole 7,500
KNOT INC COM 499184109 453 25,000 SH Sole 25,000
KOMAG INCORPORATED COM 500453204 238 5,000 SH Sole 5,000
KUBOTA CORP SPONSORED ADR ADR 501173207 326 6,000 SH Sole 6,000
KYOCERA CORP SPONSORED ADR ADR 501556203 220 2,500 SH Sole 2,500
LASALLE HOTEL PROPERTIES COM SH BEN INT 517942108 185 4,500 SH Sole 4,500
LASALLE HOTEL PROPERTIES COM SH BEN INT 517942108 718 17,500 SH Sole 17,500
LAZARD LTD-CL A SHS A G54050102 221 5,000 SH Sole 5,000
LEGG MASON INC COM 524901105 627 5,000 SH Sole 5,000
LENNOX INTERNATIONAL INC COM 526107107 597 20,000 SH Sole 20,000
LIFE TIMES FITNESS INC COM 53217R207 703 15,000 SH Sole 15,000
LOEWS CORP COM 540424108 152 1,500 SH Sole 1,500
MARTIN MARIETTA MATERIALS COM 573284106 10,168 95,000 SH Sole 95,000
MCDERMOTT INTNATL INC COM 580037109 12,251 225,000 SH Sole 225,000
MEDCO HEALTH SOLUTIONS INC_ COM 58405U102 572 10,000 SH Sole 10,000
MEMC ELECTRONIC MATERIALS INC COM 552715104 443 12,000 SH Sole 12,000
MERCK & CO. COM 589331107 299 8,500 SH Sole 8,500
MERCK & CO. COM 589331107 528 15,000 SH Sole 15,000
MERIDIAN GOLD INC COM 589975101 5,530 186,500 SH Sole 186,500
MERIDIAN GOLD INC COM 589975101 9,770 329,500 SH Sole 329,500
MERRILL LYNCH & CO COM 590188108 236 3,000 SH Sole 3,000
MICROCHIP TECHNOLOGY INC COM 595017104 545 15,000 SH Sole 15,000
MICROSEMI CORP COM 595137100 291 10,000 SH Sole 10,000
MICROSOFT CORP COM 594918104 672 24,700 SH Defined 1 24,700
MITSUBISHI TOKYO FINAN ADR SPON ADR 606822104 791 52,000 SH Sole 52,000
MITSUBISHI TOKYO FINAN ADR SPON ADR 606822104 114 7,500 SH Sole 7,500
MOBILE TELESYSTEMS SPON ADR SPON ADR 607409109 43,592 1,316,966 SH Defined 2 1,316,966
MUELLER INDS INC COM 624756102 535 15,000 SH Sole 15,000
NABORS INDUSTRIES INC SHS G6359F103 5,726 80,000 SH Sole 80,000
NAPCO SECURITY SYSTEMS INC COM 630402105 498 30,000 SH Sole 30,000
NATIONAL FINANCIAL PARTNERS COM 63607P208 283 5,000 SH Sole 5,000
NATIONAL OILWELL VARCO INC COM 637071101 15,068 235,000 SH Sole 235,000
NATUS MEDICAL INC COM 639050103 513 25,000 SH Sole 25,000
NAVIGATORS GROUP INC COM 638904102 372 7,500 SH Sole 7,500
NEWMARKET CORP COM 651587107 619 13,000 SH Sole 13,000
NEWMONT MINING CORP COM 651639106 2,854 55,000 SH Sole 55,000
NEWMONT MINING CORP COM 651639106 5,189 100,000 SH Sole 100,000
NEWMONT MINING CORP COM 651639106 337 6,500 SH Defined 1 6,500
NOKIA ADR /REP 1 A SHR/ SPON ADR 654902204 155 7,500 SH Sole 7,500
NOMURA HOLDINGS INC ADR SPON ADR 65535H208 443 20,000 SH Sole 20,000
NORTHERN ORION RESOURCES COM 665575106 502 111,400 SH Sole 111,400
NORTHERN ORION RESOURCES COM 665575106 935 207,500 SH Sole 207,500
NORTHERN ORION RESOURCES COM 665575106 5,240 1,164,200 SH Sole 1,164,200
NORTHROP GRUMMAN CORP COM 666807102 505 7,400 SH Defined 1 7,400
NOVARTIS AG SPON ADR SPON ADR 66987V109 565 10,200 SH Defined 1 10,200
NVIDIA CORP COM 67066G104 269 4,700 SH Defined 1 4,700
OIL SERVICE HOLDERS TR DEPOSTRY RCPT 678002106 14,681 100,000 SH Sole 100,000
OIL STATES INTERNATIONAL INC COM 678026105 6,817 185,000 SH Sole 185,000
ONEOK INC COM 68268103 210 6,500 SH Sole 6,500
P/O BARRICK GOLD C APR 0027.50 PUT 0679019PY 54 600 SH PUT Sole 600
P/O BARRICK GOLD C APR 0027.50 PUT 0679019PY 216 2,400 SH PUT Sole 2,400
P/O ENCANA CORP JUL 0040.00 PUT 2925059SH 63 662 SH PUT Sole 662
P/O FREEPORT MCMOR AUG 0045.00 PUT 35671D8TI 138 1,150 SH PUT Sole 1,150
P/O FREEPORT MCMOR AUG 0045.00 PUT 35671D8TI 144 1,200 SH PUT Sole 1,200
P/O GOLD FIELDS APR 06 15_ PUT 38059T9PC 9 1,750 SH PUT Sole 1,750
P/O GOLD FIELDS APR 06 15_ PUT 38059T9PC 4 750 SH PUT Sole 750
P/O GOLDCORP INC APR 0020.00 PUT 3809569PD 1 190 SH PUT Sole 190
P/O GOLDCORP INC APR 0020.00 PUT 3809569PD 2 400 SH PUT Sole 400
P/O GOLDCORP INC APR 0022.50 PUT 3809569PX 4 800 SH PUT Sole 800
P/O GOLDCORP INC APR 0025.00 PUT 3809569PE 3 650 SH PUT Sole 650
P/O GOLDCORP INC APR 0025.00 PUT 3809569PE 10 2,000 SH PUT Sole 2,000
P/O GOLDCORP INC OCT 0025.00 PUT 3809569VE 130 1,000 SH PUT Sole 1,000
P/O MERIDIAN GOLD APR 0017.50 PUT 5899759PW 3 500 SH PUT Sole 500
P/O MERIDIAN GOLD APR 0020.00 PUT 5899759PD 10 500 SH PUT Sole 500
P/O NEWMONT MINING JUN 0045.00 PUT 6516399RI 30 500 SH PUT Sole 500
P/O NEWMONT MINING JUN 0045.00 PUT 6516399RI 30 500 SH PUT Sole 500
P/O NUCOR CORP MAY 06 105_ PUT 670346955 236 40,000 SH PUT Sole 40,000
P/O OIL SVC HOLDER JAN 0135.00 PUT 6780022MG 470 500 SH PUT Sole 500
P/O OIL SVC HOLDRS APR 0145.00 PUT 6780029PI 704 2,200 SH PUT Sole 2,200
P/O PHELPS DODGE CORP APR 06 75 ADJ 2 PUT 717265952 21 20,000 SH PUT Sole 20,000
P/O PHELPS DODGE CORP APR 06 77.5 ADJ 2 PUT 717265952 34 20,000 SH PUT Sole 20,000
P/O SECTOR SPDR-EN JUN 0055.00 PUT 81369Y0RC 2,253 8,500 SH PUT Sole 8,500
P/O SILVER WHEATON SEP 0007.50 PUT 8283369UU 50 1,000 SH PUT Sole 1,000
P/O SILVER WHEATON SEP 0007.50 PUT 8283369UU 10 20,000 SH PUT Sole 20,000
P/O VALERO ENERGY JUN 0052.50 PUT 91913Y6RX 30 250 SH PUT Sole 250
PACIFIC ETHANOL INC COM 69423U107 432 20,000 SH Sole 20,000
PACIFIC RIM MNG CORP_/CANADIAN/ COM 694915208 77 100,000 SH Sole 100,000
PACIFIC RIM MNG CORP_/CANADIAN/ COM 694915208 261 338,787 SH Sole 338,787
PALM INC COM 696643105 174 7,500 SH Sole 7,500
PAN AMERICAN SILVER CORP COM 697900108 254 10,000 SH Sole 10,000
PANTRY INC COM 698657103 374 6,000 SH Sole 6,000
PANTRY INC COM 698657103 936 15,000 SH Sole 15,000
PARALLEL PETROLEUM CORP COM 699157103 5,996 325,000 SH Sole 325,000
PARALLEL PETROLEUM CORP COM 699157103 369 20,000 SH Sole 20,000
PARKER-HANNIFIN COM 701094104 605 7,500 SH Sole 7,500
PEPSICO INC COM 713448108 173 3,000 SH Sole 3,000
PETRO CANADA COM 71644E102 9,518 200,000 SH Sole 200,000
PETRO CANADA COM 71644E102 238 5,000 SH Sole 5,000
PETROBRAS SPONSORED ADR SPON ADR 71654V101 22,917 287,000 SH Sole 287,000
PETROBRAS SPONSORED ADR SPON ADR 71654V101 1,026 12,843 SH Defined 2 12,843
PETROCHINA CO LTD ADR SPON ADR 71646E100 8,396 80,000 SH Sole 80,000
PETROCHINA CO LTD ADR SPON ADR 71646E100 1,574 15,000 SH Sole 15,000
PLEXUS CORP COM 729132100 939 25,000 SH Sole 25,000
PNC FINANCIAL SERVICES COM 693475105 168 2,500 SH Sole 2,500
POSCO SPONSORED ADR SPON ADR 693483109 383 6,000 SH Sole 6,000
PPG INDUSTRIES INC COM 693506107 190 3,000 SH Sole 3,000
PRECISION DRILLING TR TR UNIT 740215108 647 20,000 SH Sole 20,000
PROASSURANCE CORPORATION COM 74267C106 234 4,500 SH Sole 4,500
PROASSURANCE CORPORATION COM 74267C106 520 10,000 SH Sole 10,000
PROCTOR & GAMBLE CO COM 742718109 346 6,000 SH Defined 1 6,000
PSS WORLD MEDICAL INC COM 69366A100 579 30,000 SH Sole 30,000
QUANTA SERVICES INC COM 74762E102 641 40,000 SH Sole 40,000
RACKABLE SYSTEMS INC COM 750077109 238 4,500 SH Sole 4,500
RACKABLE SYSTEMS INC COM 750077109 396 7,500 SH Sole 7,500
RANGOLD RESOURCES LTD ADR ADR 752344309 1,908 105,000 SH Sole 105,000
RANGOLD RESOURCES LTD ADR ADR 752344309 4,445 244,630 SH Sole 244,630
RANGOLD RESOURCES LTD ADR ADR 752344309 15,069 829,325 SH Sole 829,325
RAYTHEON COMPANY COM 755111507 344 7,500 SH Sole 7,500
RED HAT INC COM 756577102 140 5,000 SH Sole 5,000
RED HAT INC COM 756577102 560 20,000 SH Sole 20,000
RELIANCE STEEL & ALUMINUM CO COM 759509102 235 2,500 SH Sole 2,500
ROWAN COMPANIES COM 779382100 5,636 128,200 SH Sole 128,200
ROYAL GOLD INC COM 780287108 2,352 65,000 SH Sole 65,000
ROYAL GOLD INC COM 780287108 1,267 35,000 SH Sole 35,000
RTI INTERNATIONAL METALS COM 74973W107 411 7,500 SH Sole 7,500
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 4,095 100,000 SH Sole 100,000
SAN JUAN BASIN RTY TR UBI UNIT BEN INT 798241105 45 1,100 SH Sole 1,100
SASOL LTD SPONS ADR SPON ADR 803866300 307 8,105 SH Defined 2 8,105
SCHLUMBERGER LTD COM 806857108 12,657 100,000 SH Sole 100,000
SCHLUMBERGER LTD COM 806857108 519 4,100 SH Defined 1 4,100
SCS TRANSPORTATION CORP COM 81111T102 582 20,000 SH Sole 20,000
SILICONWARE PRECISION SPON ADR SPON ADR SPL 827084864 108 16,684 SH Defined 2 16,684
SILVER WHEATON CORP COM 828336107 437 35,000 SH Sole 35,000
SILVER WHEATON CORP COM 828336107 15,149 1,418,500 SH Sole 1,418,500
SILVER WHEATON CORP COM 828336107 125 10,000 SH Sole 10,000
SINA.COM ORD G81477104 12,000 SH Sole 12,000
SIRF TECHNOLOGY HOLDINGS INC COM 82967H101 531 15,000 SH Sole 15,000
SOUTHWESTERN ENERGY CO COM 845467109 7,243 225,000 SH Sole 225,000
STARBUCKS CORP COM 855244109 452 12,000 SH Sole 12,000
STATE STREET CORP COM 857477103 272 4,500 SH Sole 4,500
STREETTRACKS GOLD TRUST GOLD SHS 863307104 174 3,000 SH Defined 1 3,000
SUNCOR ENERGY INC COM 867229106 7,702 100,000 SH Sole 100,000
SUNTECH POWER HOLDINGS ADR ADR 86800C104 148 4,000 SH Sole 4,000
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 604 60,000 SH Sole 60,000
TAIWAN SEMICONDUCTOR SPON ADR SPON ADR 874039100 395 39,261 SH Defined 2 39,261
TEKTRONIX INC COM 879131100 536 15,000 SH Sole 15,000
TELLABS INC COM 879664100 382 24,000 SH Sole 24,000
TENARIS SA ADR SPON ADR 88031M109 903 5,000 SH Sole 5,000
TEREX CORP COM 880779103 238 3,000 SH Sole 3,000
TESORO CORP COM 881609101 10,251 150,000 SH Sole 150,000
TESORO CORP COM 881609101 32 475 SH Sole 475
TESORO CORP COM 881609101 51 750 SH Sole 750
TETRA TECHNOLOGIES INC DEL COM 88162F105 188 4,000 SH Sole 4,000
TEVA PHARMACEUTICAL IND SPON ADR ADR 881624209 342 8,300 SH Defined 1 8,300
THOR INDUSTRIES INC COM 885160101 534 10,000 SH Sole 10,000
TIDEWATER INC COM 886423102 552 10,000 SH Sole 10,000
TODCO CLASS A CL A 88889T107 8,079 205,000 SH Sole 205,000
TODCO CLASS A CL A 88889T107 158 4,000 SH Sole 4,000
TOYOTA MOTOR CORP ADR SP ADR REP2COM 892331307 446 4,100 SH Defined 1 4,100
TRANSDIGM GROUP INC COM 893641100 258 10,000 SH Sole 10,000
TRANSOCEAN INC ORD G90078109 6,023 75,000 SH Sole 75,000
TRANSOCEAN INC ORD G90078109 120 1,500 SH Sole 1,500
TRANSOCEAN INC ORD G90078109 554 6,900 SH Defined 1 6,900
TRANSOCEAN INC ORD G90078109 803 10,000 SH Sole 10,000
TRIDENT MICROSYSTEMS INC COM 895919108 727 25,000 SH Sole 25,000
TRINITY INDUSTRIES INC COM 896522109 381 7,000 SH Sole 7,000
TRUE RELIGION APPAREL INC COM 89784N104 462 25,000 SH Sole 25,000
UBS AG ORD NAMEN AKT H8920M855 583 5,300 SH Defined 1 5,300
ULTIMATE SOFTWARE GROUP INC COM 90385D107 776 30,000 SH Sole 30,000
UNITED INDUSTRIAL COM 910671106 335 5,500 SH Sole 5,500
UNITED PARCEL SERVICE CL B CL B 911312106 365 4,600 SH Defined 1 4,600
VALERO ENERGY CORP COM 91913Y100 23,912 400,000 SH Sole 400,000
VALERO ENERGY CORP COM 91913Y100 239 4,000 SH Sole 4,000
VALERO ENERGY CORP COM 91913Y100 867 14,500 SH Sole 14,500
VALERO ENERGY CORP COM 91913Y100 36 600 SH Sole 600
VALERO ENERGY CORP COM 91913Y100 48 800 SH Sole 800
VIMPEL COMMUNICATIONS SPON ADR SPON ADR 68370R109 51,527 1,198,033 SH Defined 2 1,198,033
VULCAN MATERIALS COM 929160109 260 3,000 SH Sole 3,000
VULCAN MATERIALS COM 929160109 650 7,500 SH Sole 7,500
WAL MART STORES INC COM 931142103 354 7,500 SH Defined 1 7,500
WALTER INDUSTRIES INC COM 93317Q105 300 4,500 SH Sole 4,500
WARREN RESOURCES INC COM 93564A100 149 10,000 SH Sole 10,000
WARREN RESOURCES INC COM 93564A100 10,579 710,000 SH Sole 710,000
WEATHERFORD INTL LTD COM G95089101 9,880 215,958 SH Sole 215,958
WEATHERFORD INTL LTD COM G95089101 160 3,500 SH Sole 3,500
WEATHERFORD INTL LTD COM G95089101 458 10,000 SH Sole 10,000
WELLS FARGO & COMPANY COM 949746101 709 11,100 SH Defined 1 11,100
WESCO INTERNATIONAL INC COM 95082P105 1,020 15,000 SH Sole 15,000
WESTERN GAS RESOURCE COM 958259103 6,755 140,000 SH Sole 140,000
WESTLAKE CHEMICAL CORP COM 960413102 518 15,000 SH Sole 15,000
WESTMORELAND COAL CO COM 960878106 26 1,000 SH Sole 1,000
XTO ENERGY INC COM 98385X106 240 5,500 SH Defined 1 5,500
YAHOO INC COM 984332106 461 14,300 SH Defined 1 14,300
ZORAN CORP COM 98975F101 656 30,000 SH Sole 30,000