SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G*
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2(b)
U.S. Global Investors, Inc.
(Name of Issuer)
Common Stock, Class A, $.05 par value, non-voting
(Title of Class of Securities)
902952100
(CUSIP Number)
September 6, 2005
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Page 1 of 5 Pages)
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*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for purposes of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
CUSIP No. 902952100 13G Page 2 of 5 Pages
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(1) NAMES OF REPORTING PERSONS
Praetorian Capital Management LLC (See Item 2(A))
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
13-4223355
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
500,000 (See Item 4)
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
500,000 (See Item 4)
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
500,000 (See Item 4)
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.35%
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(12) TYPE OF REPORTING PERSON **
IA
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 902952100 13G Page 2 of 5 Pages
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(2) NAMES OF REPORTING PERSONS
Praetorian Offshore Ltd. (See Item 2(A))
I.R.S. IDENTIFICATION NO.
OF ABOVE PERSONS (ENTITIES ONLY)
98-0465606
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF (5) SOLE VOTING POWER
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
500,000 (See Item 4)
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
500,000 (See Item 4)
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
500,000 (See Item 4)
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.35%
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(12) TYPE OF REPORTING PERSON **
OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 902952100 13G Page 3 of 5 Pages
Item 1(a). Name of Issuer:
The name of the issuer is U.S. Global Investors, Inc. (the "Issuer").
Item 1(b). Address of Issuer's Principal Executive Offices:
The Issuer's principal executive offices are located at:
7900 Callaghan Road, San Antonio, Texas 78229.
Item 2(a). Name of Person Filing:
This Schedule 13G is being filed by Praetorian Capital Management LLC,
a Delaware Limited Liability Company (the "Management Company") which serves
as investment manager or advisor to Praetorian Offshore Ltd. (the "Fund")
with respect to the shares of Common Stock (as defined in Item 2(d)) directly
owned by the Fund. The Management Company makes the investment and voting
decisions on behalf of the Fund but owns no direct investments in the
securities of the Issuer. The Fund directly owns the shares of the Common
Stock of the Issuer but does not make any decisions as to voting or buying or
selling shares of the Issuer.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the business office of the Reporting Person is:
Praetorian Capital Management LLC
407 Lincoln Road, Suite 9-L
Miami Beach, FL 33139.
Item 2(c). Citizenship:
Delaware
Item 2(d). Title of Class of Securities:
Common Stock, Class A, $.05 par value, non-voting (the "Common Stock")
Item 2(e). CUSIP Number: 902952100
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act,
(d) [ ] Investment Company registered under Section 8 of the Investment
Company Act of 1940,
(e) [ ] Investment Adviser in accordance with Rule 13d-1 (b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance with Rule
13d-1 (b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance with
Rule 13d-1 (b)(1)(ii)(G),
CUSIP No. 902952100 13G Page 4 of 5 Pages
(h) [ ] Savings Association as defined in Section 3(b) of the Federal
Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Not applicable.
Item 4. Ownership.
(a) Amount beneficially owned: 500,000
(b) Percent of class: 8.35%. The percentages used herein and in the
rest of Item 4 are calculated based upon the 5,990,779 shares of Common Stock
issued and outstanding as of April 21, 2005, as set forth in the Company's
Form 10-Q for the quarter ended March 31, 2005.
Prior to September 6, 2005, the ownership percentage did not exceed 5%. The
following additional purchases were made:
September 6, 2005 20,600
September 7, 2005 15,600
September 8, 2005 24,400
September 9, 2005 10,000
September 12, 2005 74,102
September 14, 2005 55,898
Total Shares Owned as of September 14, 2005: 500,000
(c) (i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 500,000
(iii)Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 500,000
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
See response to Item 2(A)
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
CUSIP No. 902952100 13G Page 5 of 5 Pages
Item 10. Certification.
The Reporting Person hereby makes the following certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
DATED: September 15, 2005
/s/ Harris B. Kupperman
Praetorian Offshore Ltd.
By: Praetorian Capital Management LLC
Its: Investment Manager
By: Harris B. Kupperman
Its: President