U.S. Global Investors (GROW) 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
AMERICAN TOWER CORP	COM	03027X100	457	3,200	SH		SOLE		0	3,200	0
AMERICAN WTR WKS CO INC	COM	030420103	503	5,500	SH		SOLE		0	5,500	0
AMGEN INC	COM	031162100	400	2,300	SH		SOLE		0	2,300	0
BOEING CO	COM	097023105	678	2,300	SH		SOLE		0	2,300	0
CVS HEALTH CORP	COM	126650100	276	3,800	SH		SOLE		0	3,800	0
CABOT OIL & GAS CORP	COM	127097103	420	14,700	SH		SOLE		0	14,700	0
CITIGROUP INC	COM NEW	172967424	521	7,000	SH		SOLE		0	7,000	0
COMERICA INC	COM	200340107	521	6,000	SH		SOLE		0	6,000	0
CONSTELLATION BRANDS INC	CL A	21036P108	549	2,400	SH		SOLE		0	2,400	0
DXC TECHNOLOGY CO	COM	23355L106	588	6,200	SH		SOLE		0	6,200	0
DENTSPLY SIRONA INC	COM	24906P109	500	7,600	SH		SOLE		0	7,600	0
DIREXION SHS ETF TR	DRX S&P500BULL	25459W862	621	14,000	SH		SOLE		0	14,000	0
DISCOVER FINL SVCS	COM	254709108	592	7,700	SH		SOLE		0	7,700	0
HANESBRANDS INC	COM	410345102	347	16,600	SH		SOLE		0	16,600	0
HOME DEPOT INC	COM	437076102	550	2,900	SH		SOLE		0	2,900	0
HUMANA INC	COM	444859102	422	1,700	SH		SOLE		0	1,700	0
LAM RESEARCH CORP	COM	512807108	497	2,700	SH		SOLE		0	2,700	0
LAUDER ESTEE COS INC	CL A	518439104	547	4,300	SH		SOLE		0	4,300	0
MARATHON PETE CORP	COM	56585A102	574	8,700	SH		SOLE		0	8,700	0
MORGAN STANLEY	COM NEW	617446448	493	9,400	SH		SOLE		0	9,400	0
NEWMONT MINING CORP	COM	651639106	368	9,800	SH		SOLE		0	9,800	0
PHILLIPS 66	COM	718546104	506	5,000	SH		SOLE		0	5,000	0
QUEST DIAGNOSTICS INC	COM	74834L100	384	3,900	SH		SOLE		0	3,900	0
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	109	1,100	SH		SOLE		0	1,100	0
SELECT SECTOR SPDR TR	ENERGY	81369Y506	43	600	SH		SOLE		0	600	0
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	148	5,300	SH		SOLE		0	5,300	0
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	109	1,700	SH		SOLE		0	1,700	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	68	1,300	SH		SOLE		0	1,300	0
SOUTHWEST AIRLS CO	COM	844741108	543	8,300	SH		SOLE		0	8,300	0
TJX COS INC NEW	COM	872540109	520	6,800	SH		SOLE		0	6,800	0
TEXAS INSTRS INC	COM	882508104	543	5,200	SH		SOLE		0	5,200	0
TOTAL SYS SVCS INC	COM	891906109	585	7,400	SH		SOLE		0	7,400	0
VISA INC	COM CL A	92826C839	593	5,200	SH		SOLE		0	5,200	0
HSBC HLDGS PLC SPON ADR NEW	CALL	404280406	493	1,000	SH	Call	SOLE		0	1,000	0
DIREXION SHS ETF TR	DLY RUSSIA BL 3X	25490K273	126	2,500	SH		SOLE		0	2,500	0
ISHARES TR	MSCI POL CAP ETF	46429B606	310	11,450	SH		SOLE		0	11,450	0
ALLIANCE HOLDINGS GP LP	COM UNITS LP	01861G100	1,042	38,900	SH		SOLE		0	38,900	0
ALLIANCE RES PARTNER L P	UT LTD PART	01877R108	1,194	60,600	SH		SOLE		0	60,600	0
BP PRUDHOE BAY RTY TR	UNIT BEN INT	055630107	80	4,000	SH		SOLE		0	4,000	0
CVR REFNG LP	COMUNIT REP LT	12663P107	1,801	108,800	SH		SOLE		0	108,800	0
CLAYMORE EXCHANGE TRD FD TR	GUGG SHIPPNG ETF	18383Q796	189	16,300	SH		SOLE		0	16,300	0
CHEVRON CORP NEW	CALL	166764100	230	150	SH	Call	SOLE		0	150	0
FREEPORT-MCMORAN INC	CALL	35671D857	420	700	SH	Call	SOLE		0	700	0
EXXON MOBIL CORP	CALL	30231G102	117	500	SH	Call	SOLE		0	500	0
EXXON MOBIL CORP	CALL	30231G102	30	400	SH	Call	SOLE		0	400	0
SPDR INDEX SHS FDS	CALL	78463X541	245	1,000	SH	Call	SOLE		0	1,000	0
SPDR INDEX SHS FDS	CALL	78463X541	278	1,500	SH	Call	SOLE		0	1,500	0
BHP BILLITON LTD SPONSORED ADR	CALL	088606108	224	250	SH	Call	SOLE		0	250	0
BHP BILLITON LTD SPONSORED ADR	CALL	088606108	68	410	SH	Call	SOLE		0	410	0
TOTAL S A SPONSORED ADR	CALL	89151E109	116	400	SH	Call	SOLE		0	400	0
FRANCO NEVADA CORP	CALL	351858105	90	60	SH	Call	SOLE		0	60	0
FRANCO NEVADA CORP	CALL	351858105	15	100	SH	Call	SOLE		0	100	0
ROYAL DUTCH SHELL PLC SPONS ADR A	CALL	780259206	474	400	SH	Call	SOLE		0	400	0
EXXON MOBIL CORP	CALL	30231G102	4	2,010	SH	Call	SOLE		0	2,010	0
SPDR SERIES TRUST S&P OILGAS EXP	CALL	78464A730	67	400	SH	Call	SOLE		0	400	0
SPDR SERIES TRUST S&P OILGAS EXP	CALL	78464A730	12	780	SH	Call	SOLE		0	780	0
SPDR SERIES TRUST S&P OILGAS EXP	CALL	78464A730	4	1,890	SH	Call	SOLE		0	1,890	0
TURQUOISE HILL RES LTD	CALL	900435108	203	1,400	SH	Call	SOLE		0	1,400	0
PILGRIMS PRIDE CORP	COM	72147K108	1,168	37,600	SH		SOLE		0	37,600	0
RAYONIER ADVANCED MATLS INC	COM	75508B104	1,701	83,200	SH		SOLE		0	83,200	0
SPDR SERIES TRUST S&P OILGAS EXP	CALL	78464A730	102	400	SH	Call	SOLE		0	400	0
SPDR SERIES TRUST S&P OILGAS EXP	CALL	78464A730	62	360	SH	Call	SOLE		0	360	0
SOLAREDGE TECHNOLOGIES INC	COM	83417M104	1,498	39,900	SH		SOLE		0	39,900	0
TPI COMPOSITES INC	COM	87266J104	1,193	58,300	SH		SOLE		0	58,300	0
TERRA NITROGEN CO L P	COM UNIT	881005201	1,101	13,800	SH		SOLE		0	13,800	0
SANDSTORM GOLD LTD	CALL	80013R206	479	4,700	SH	Call	SOLE		0	4,700	0
VANECK VECTORS ETF TR	COAL ETF	92189F809	98	6,100	SH		SOLE		0	6,100	0
COMSTOCK MNG INC	COM NEW ADDED	205750201	360	924,329	SH		SOLE		0	924,329	0
DIREXION SHS ETF TR	DLY GOLD INDX 3X	25460E844	793	20,000	SH		SOLE		0	20,000	0
DIREXION SHS ETF TR	DAILY JR BULL 3X	25460E851	799	40,000	SH		SOLE		0	40,000	0
NEWMONT MINING CORP	COM	651639106	3,752	100,000	SH		SOLE		0	100,000	0
AMC NETWORKS INC	CL A	00164V103	1,374	25,400	SH		SOLE		0	25,400	0
ALTRIA GROUP INC	COM	02209S103	1,471	20,600	SH		SOLE		0	20,600	0
BOSTON BEER INC	CL A	100557107	1,351	7,067	SH		SOLE		0	7,067	0
CDK GLOBAL INC	COM	12508E101	1,034	14,500	SH		SOLE		0	14,500	0
CALLAWAY GOLF CO	COM	131193104	1,113	79,900	SH		SOLE		0	79,900	0
DINEEQUITY INC	COM	254423106	1,225	24,152	SH		SOLE		0	24,152	0
DIREXION SHS ETF TR	DRX S&P500BULL	25459W862	213	4,800	SH		SOLE		0	4,800	0
FOX FACTORY HLDG CORP	COM	35138V102	890	22,900	SH		SOLE		0	22,900	0
HFF INC	CL A	40418F108	2,656	54,600	SH		SOLE		0	54,600	0
KIMBERLY CLARK CORP	COM	494368103	712	5,900	SH		SOLE		0	5,900	0
LGI HOMES INC	COM	50187T106	1,733	23,100	SH		SOLE		0	23,100	0
LAMB WESTON HLDGS INC	COM	513272104	1,377	24,400	SH		SOLE		0	24,400	0
LENNOX INTL INC	COM	526107107	1,854	8,900	SH		SOLE		0	8,900	0
MEDIFAST INC	COM	58470H101	1,990	28,500	SH		SOLE		0	28,500	0
NIC INC	COM	62914B100	903	54,411	SH		SOLE		0	54,411	0
PETMED EXPRESS INC	COM	716382106	1,938	42,600	SH		SOLE		0	42,600	0
PHIBRO ANIMAL HEALTH CORP	CL A COM	71742Q106	801	23,900	SH		SOLE		0	23,900	0
POOL CORPORATION	COM	73278L105	1,854	14,300	SH		SOLE		0	14,300	0
POTLATCH CORP NEW	COM	737630103	833	16,700	SH		SOLE		0	16,700	0
S&P GLOBAL INC	COM	78409V104	2,050	12,100	SH		SOLE		0	12,100	0
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	503	5,100	SH		SOLE		0	5,100	0
SELECT SECTOR SPDR TR	ENERGY	81369Y506	94	1,300	SH		SOLE		0	1,300	0
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	402	14,400	SH		SOLE		0	14,400	0
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	294	4,600	SH		SOLE		0	4,600	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	121	2,300	SH		SOLE		0	2,300	0
SUPERNUS PHARMACEUTICALS INC	COM	868459108	1,251	31,400	SH		SOLE		0	31,400	0
TREX CO INC	COM	89531P105	1,734	16,000	SH		SOLE		0	16,000	0
VALVOLINE INC	COM	92047W101	1,516	60,500	SH		SOLE		0	60,500	0
WD-40 CO	COM	929236107	861	7,300	SH		SOLE		0	7,300	0
WYNN RESORTS LTD	COM	983134107	2,461	14,600	SH		SOLE		0	14,600	0
COMSTOCK MNG INC	COM NEW ADDED	205750201	208	533,000	SH		SOLE		0	533,000	0
DIREXION SHS ETF TR	DLY GOLD INDX 3X	25460E844	793	25,000	SH		SOLE		0	25,000	0
DIREXION SHS ETF TR	DAILY JR BULL 3X	25460E851	799	45,000	SH		SOLE		0	45,000	0
ALASKA AIR GROUP INC	COM	011659109	4,122	56,075	SH		SOLE		0	56,075	0
ALLEGIANT TRAVEL CO	COM	01748X102	4,086	26,404	SH		SOLE		0	26,404	0
AMERICAN AIRLS GROUP INC	COM	02376R102	12,423	238,761	SH		SOLE		0	238,761	0
BOEING CO	COM	097023105	3,120	10,581	SH		SOLE		0	10,581	0
DELTA AIR LINES INC DEL	COM NEW	247361702	12,484	222,934	SH		SOLE		0	222,934	0
FORTUNA SILVER MINES INC	COM	349915108	438	83,886	SH		SOLE		0	83,886	0
FORTUNA SILVER MINES INC	COM	349915108	160	30,624	SH		SOLE		0	30,624	0
GENERAL DYNAMICS CORP	COM	369550108	3,139	15,429	SH		SOLE		0	15,429	0
GOLD FIELDS LTD NEW	SPONSORED ADR	38059T106	328	76,199	SH		SOLE		0	76,199	0
GOLD FIELDS LTD NEW	SPONSORED ADR	38059T106	120	27,818	SH		SOLE		0	27,818	0
HAWAIIAN HOLDING INC	COM	419879101	3,066	76,944	SH		SOLE		0	76,944	0
JETBLUE AIRWAYS CORP	COM	477143101	4,141	185,350	SH		SOLE		0	185,350	0
NEWMONT MINING CORP	COM	651639106	328	8,734	SH		SOLE		0	8,734	0
NEWMONT MINING CORP	COM	651639106	120	3,188	SH		SOLE		0	3,188	0
ROYAL GOLD INC	COM	780287108	1,037	12,622	SH		SOLE		0	12,622	0
ROYAL GOLD INC	COM	780287108	378	4,608	SH		SOLE		0	4,608	0
RYANAIR HLDGS PLC	SPONSORED ADR NE	783513203	1,051	10,088	SH		SOLE		0	10,088	0
SKYWEST INC	COM	830879102	4,135	77,877	SH		SOLE		0	77,877	0
SOUTHWEST AIRLS CO	COM	844741108	12,414	189,677	SH		SOLE		0	189,677	0
SPIRIT AIRLS INC	COM	848577102	4,157	92,696	SH		SOLE		0	92,696	0
TAHOE RES INC	COM	873868103	446	93,167	SH		SOLE		0	93,167	0
UNITED CONTL HLDGS INC	COM	910047109	12,563	186,399	SH		SOLE		0	186,399	0
FRANCO NEVADA CORP	COM	351858105	1,107	13,851	SH		SOLE		0	13,851	0
HARMONY GOLD MNG LTD	SPONSORED ADR	413216300	342	182,695	SH		SOLE		0	182,695	0
HARMONY GOLD MNG LTD	SPONSORED ADR	413216300	159	85,031	SH		SOLE		0	85,031	0
IAMGOLD CORP	COM	450913108	329	56,428	SH		SOLE		0	56,428	0
TEXTRON INC	COM	883203101	3,107	54,902	SH		SOLE		0	54,902	0
COPA HOLDIN-CL A	CL A	P31076105	1,030	7,680	SH		SOLE		0	7,680	0
GOL LINHAS AEREAS INTLG S A	SPON ADR PFD NEW	38045R206	1,060	120,951	SH		SOLE		0	120,951	0
GRUPO AEROPORTUARIO CTR NORT	SPON ADR	400501102	1,060	25,547	SH		SOLE		0	25,547	0
SSR MNG INC	COM	784730103	333	37,835	SH		SOLE		0	37,835	0
WHEATON PRECIOUS METALS CORP	COM	962879102	1,094	49,446	SH		SOLE		0	49,446	0
KINROSS GOLD CORP	COM NO PAR	496902404	0	1	SH		SOLE		0	1	0
KLONDEX MNS LTD	COM	498696103	13,159	5,075,000	SH		SOLE		0	5,075,000	0
KLONDEX MNS LTD	COM	498696103	16,076	6,200,000	SH		SOLE		0	6,200,000	0
PRETIUM RES INC	COM	74139C102	1,141	100,000	SH		SOLE		0	100,000	0
TAHOE RES INC	COM	873868103	163	34,076	SH		SOLE		0	34,076	0
FRANCO NEVADA CORP	COM	351858105	404	5,061	SH		SOLE		0	5,061	0
KIRKLAND LAKE GOLD LTD	COM	49741E100	10,729	700,000	SH		SOLE		0	700,000	0
KIRKLAND LAKE GOLD LTD	COM	49741E100	1,533	100,000	SH		SOLE		0	100,000	0
AURYN RES INC	COM	05208W108	2,428	1,475,000	SH		SOLE		0	1,475,000	0
IAMGOLD CORP	COM	450913108	120	20,598	SH		SOLE		0	20,598	0
SEABRIDGE GOLD INC	COM	811916105	511	45,000	SH		SOLE		0	45,000	0
SILVERCORP METALS INC	COM	82835P103	311	119,214	SH		SOLE		0	119,214	0
SILVERCORP METALS INC	COM	82835P103	114	43,749	SH		SOLE		0	43,749	0
ALIO GOLD INC	COM	01627X108	733	200,000	SH		SOLE		0	200,000	0
SSR MNG INC	COM	784730103	122	13,851	SH		SOLE		0	13,851	0
TECK RESOURCES LTD	CL B	878742204	1,299	49,700	SH		SOLE		0	49,700	0
TASEKO MINES LTD	COM	876511106	1,453	621,400	SH		SOLE		0	621,400	0
AMERICAS SILVER CORP	COM NEW	03063L705	911	250,000	SH		SOLE		0	250,000	0
WHEATON PRECIOUS METALS CORP	COM	962879102	399	18,054	SH		SOLE		0	18,054	0