<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>r8k-ceocomp.txt
<DESCRIPTION>CEO COMPENSATION EFFECTIVE 6/30/2005
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2005


                      U.S. GLOBAL INVESTORS, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


       Texas                      0-13928                  74-1598370
--------------------------------------------------------------------------------
  (State of other juris-        (Commission                IRS Employer
 diction of incorporation)      File Number)             Identification No.)


    7900 Callaghan Road, San Antonio, Texas                 78229
--------------------------------------------------------------------------------
    (Address of principal executive offices)              (Zip Code)


Registrant's telephone number, including area code: 210-308-1234


--------------------------------------------------------------------------------
       (Former name or former address, if changed since last report)


Section 1 - Registrant's Business and Operations Item 1.01 Entry into a Material
            Definitive Agreement.

     On July 15, 2005, at a meeting of the  Compensation  Committee of the Board
of Directors of U. S. Global  Investors,  Inc.  (the  Committee),  the Committee
approved  a bonus  plan with  specific  performance  criteria  for Mr.  Frank E.
Holmes,  Chief  Executive  Officer and Chief  Investment  Officer of U.S. Global
Investors, Inc.

     The  bonus  plan is  based  on  financial  targets  of the  company's  core
operations,  performance  targets of the mutual  funds  managed by the  company,
performance  of  the  company's  other  client  accounts,  and  returns  on  the
management of the company's capital.

     The bonus plan is effective for the fiscal year ending June 30, 2005.

<PAGE>


                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                             U.S. Global Investors, Inc.


                                             By:/s/Catherine A. Rademacher
                                                --------------------------
                                                Catherine A. Rademacher
                                                Chief Financial Officer

Dated:   July 21, 2005
</TEXT>
</DOCUMENT>