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
ABERDEEN STD PALLADIUM ETF TR	PHYSCL PALLADM	003262102	3	15	SH		SOLE		0	15	0
AGNICO EAGLE MINES LTD	COM	008474108	995	25,000	SH		SOLE		0	25,000	0
ALAMOS GOLD INC NEW	COM CL A	011532108	1,000	200,000	SH		SOLE		0	200,000	0
ALLIANT ENERGY CORP	COM	018802108	242	5,008	SH		SOLE		0	5,008	0
AMERICAN TOWER CORP NEW	COM	03027X100	233	1,072	SH		SOLE		0	1,072	0
ANGLOGOLD ASHANTI LTD	SPONSORED ADR	035128206	832	50,000	SH		SOLE		0	50,000	0
ANGLOGOLD ASHANTI LTD	SPONSORED ADR	035128206	1,663	100,000	SH		SOLE		0	100,000	0
ATLANTICA YIELD PLC	SHS	G0751N103	669	30,000	SH		SOLE		0	30,000	0
AUTOMATIC DATA PROCESSING IN	COM	053015103	267	1,950	SH		SOLE		0	1,950	0
BALL CORP	COM	058498106	226	3,500	SH		SOLE		0	3,500	0
BARRICK GOLD CORPORATION	COM	067901108	1,832	100,000	SH		SOLE		0	100,000	0
BHP GROUP LTD	SPONSORED ADS	088606108	367	10,000	SH		SOLE		0	10,000	0
BONANZA CREEK ENERGY INC	COM NEW	097793400	509	45,249	SH		SOLE		0	45,249	0
BROADCOM INC	COM	11135F101	303	1,276	SH		SOLE		0	1,276	0
CANADIAN SOLAR INC	COM	136635109	557	35,000	SH		SOLE		0	35,000	0
CATERPILLAR INC DEL	COM	149123101	351	3,026	SH		SOLE		0	3,026	0
CDW CORP	COM	12514G108	195	2,091	SH		SOLE		0	2,091	0
CF INDS HLDGS INC	COM	125269100	272	10,000	SH		SOLE		0	10,000	0
SCHWAB CHARLES CORP	COM	808513105	262	7,800	SH		SOLE		0	7,800	0
COMPANHIA DE SANEAMENTO BASI	SPONSORED ADR	20441A102	295	40,000	SH		SOLE		0	40,000	0
CINTAS CORP	COM	172908105	207	1,195	SH		SOLE		0	1,195	0
CITIZENS FINANCIAL GROUP INC	COM	174610105	113	6,001	SH		SOLE		0	6,001	0
CNOOC LIMITED	SPONSORED ADR	126132109	414	4,000	SH		SOLE		0	4,000	0
COMFORT SYS USA INC	COM	199908104	573	15,678	SH		SOLE		0	15,678	0
COMPANHIA PARANAENSE ENERG C	SPON ADR PFD	20441B407	312	30,000	SH		SOLE		0	30,000	0
COMSTOCK MNG INC	COM NEW	205750300	43	106,600	SH		SOLE		0	106,600	0
CORCEPT THERAPEUTICS INC	COM	218352102	657	55,260	SH		SOLE		0	55,260	0
CORESITE RLTY CORP	COM	21870Q105	581	5,011	SH		SOLE		0	5,011	0
COSTCO WHSL CORP	NEW COM	22160K105	212	744	SH		SOLE		0	744	0
CROCS INC	COM	227046109	372	21,915	SH		SOLE		0	21,915	0
CSG SYS INTL INC	COM	126349109	549	13,115	SH		SOLE		0	13,115	0
DIREXION SHS ETF TR	DAILY RUSSIA 3X DELETED	25460E828	350	38,500	SH		SOLE		0	38,500	0
DIREXION SHS ETF TR	DL FTSE BLL 3X	25459W771	116	10,000	SH		SOLE		0	10,000	0
DIREXION SHS ETF TR	DLY GOLD INDX 3X	25460E844	938	138,000	SH		SOLE		0	138,000	0
DIREXION SHS ETF TR	DLY GOLD INDX 3X	25460E844	408	60,000	SH		SOLE		0	60,000	0
DMC GLOBAL INC	COM	23291C103	262	11,378	SH		SOLE		0	11,378	0
D R HORTON INC	COM	23331A109	191	5,631	SH		SOLE		0	5,631	0
DRDGOLD LIMITED	SPON ADR REPSTG	26152H301	540	100,000	SH		SOLE		0	100,000	0
DIREXION SHS ETF TR	DAILY JR GLD MIN	25460E166	20	5,000	SH		SOLE		0	5,000	0
DIREXION SHS ETF TR	DAILY JR GLD MIN	25460E166	278	70,000	SH		SOLE		0	70,000	0
DIREXION SHS ETF TR	DAILY JR GLD MIN	25460E166	159	40,000	SH		SOLE		0	40,000	0
DXC TECHNOLOGY CO	COM	23355L106	13	1,000	SH		SOLE		0	1,000	0
EATON VANCE CORP	COM NON VTG	278265103	742	23,014	SH		SOLE		0	23,014	0
ECOPETROL S A	SPONSORED ADS	279158109	285	30,000	SH		SOLE		0	30,000	0
ENERGY FUELS INC	COM NEW	292671708	295	250,000	SH		SOLE		0	250,000	0
ENOVA INTL INC	COM	29357K103	295	20,361	SH		SOLE		0	20,361	0
EOG RES INC COM	COM	26875P101	104	2,902	SH		SOLE		0	2,902	0
LAUDER ESTEE COS INC	CL A	518439104	281	1,764	SH		SOLE		0	1,764	0
EXELIXIS INC	COM	30161Q104	703	40,814	SH		SOLE		0	40,814	0
FIFTH THIRD BANCORP	COM	316773100	114	7,692	SH		SOLE		0	7,692	0
GLOBAL X FDS	CLOBAL X URANIUM	37954Y871	5	600	SH		SOLE		0	600	0
GOLD FIELDS LTD	NEW SPONSORED ADR	38059T106	1,188	250,000	SH		SOLE		0	250,000	0
GOLD STD VENTURES CORP	COM	380738104	499	1,000,000	SH		SOLE		0	1,000,000	0
BARRICK GOLD CORPORATION	COM	067901108	36	140	SH	Call	SOLE		0	140	0
BARRICK GOLD CORPORATION	COM	067901108	93	360	SH	Call	SOLE		0	360	0
BARRICK GOLD CORPORATION	COM	067901108	440	800	SH	Call	SOLE		0	800	0
BARRICK GOLD CORPORATION	COM	067901108	908	1,650	SH	Call	SOLE		0	1,650	0
BARRICK GOLD CORPORATION	COM	067901108	578	1,050	SH	Call	SOLE		0	1,050	0
GOLDEN STAR RES LTD CDA	COM	38119T807	498	200,000	SH		SOLE		0	200,000	0
GREAT PANTHER MINING LIMITED	COM	39115V101	308	1,000,000	SH		SOLE		0	1,000,000	0
HALLIBURTON CO	COM	406216101	137	20,000	SH		SOLE		0	20,000	0
HARMONY GOLD MNG LTD	SPONSORED ADR	413216300	1,090	500,000	SH		SOLE		0	500,000	0
HAWAIIAN HOLDINGS INC	COM	419879101	241	23,065	SH		SOLE		0	23,065	0
HCA HEALTHCARE INC	COM	40412C101	164	1,821	SH		SOLE		0	1,821	0
HOME DEPOT INC	COM	437076102	249	1,336	SH		SOLE		0	1,336	0
HOME DEPOT INC	COM	437076102	1,432	7,667	SH		SOLE		0	7,667	0
HP INC	COM	40434L105	269	15,483	SH		SOLE		0	15,483	0
HUNTINGTON INGALLS INDS INC	COM	446413106	243	1,335	SH		SOLE		0	1,335	0
IAMGOLD CORP	COM	450913108	1,140	500,000	SH		SOLE		0	500,000	0
IDEXX LABS INC	COM	45168D104	660	2,725	SH		SOLE		0	2,725	0
INGEVITY CORP	COM	45688C107	277	7,882	SH		SOLE		0	7,882	0
INGREDION INC	COM	457187102	529	7,000	SH		SOLE		0	7,000	0
INTL PAPER CO	COM	460146103	202	6,500	SH		SOLE		0	6,500	0
POWERSHARES DB MULTI-SECTOR	AGRICULTURE FD	46140H106	53	3,800	SH		SOLE		0	3,800	0
KIRKLAND LAKE GOLD LTD	COM	49741E100	296	10,000	SH		SOLE		0	10,000	0
KIRKLAND LAKE GOLD LTD	COM	49741E100	2,664	90,000	SH		SOLE		0	90,000	0
KROGER CO	COM	501044101	212	7,044	SH		SOLE		0	7,044	0
LGI HOMES INC	COM	50187T106	344	7,614	SH		SOLE		0	7,614	0
LINCOLN ELEC HLDGS INC	COM	533900106	535	7,757	SH		SOLE		0	7,757	0
LOUISIANA PAC CORP	COM	546347105	172	10,000	SH		SOLE		0	10,000	0
MCDONALDS CORP	COM	580135101	234	1,417	SH		SOLE		0	1,417	0
MERCK & CO. INC	COM	58933Y105	241	3,133	SH		SOLE		0	3,133	0
MOBILE TELESYSTEMS PJSC	SPONSORED ADR	607409109	138	18,200	SH		SOLE		0	18,200	0
MOSAIC CO NEW	COM	61945C103	216	20,000	SH		SOLE		0	20,000	0
MSCI INC	COM	55354G100	1,223	4,234	SH		SOLE		0	4,234	0
NEWMONT CORP	COM	651639106	141	115	SH	Call	SOLE		0	115	0
NEWMONT CORP	COM	651639106	185	150	SH	Call	SOLE		0	150	0
NEWMONT CORP COM	COM	651639106	1,353	1,100	SH	Call	SOLE		0	1,100	0
NEWMONT CORP	COM	651639106	62	50	SH	Call	SOLE		0	50	0
NEWMONT CORP	COM	651639106	277	225	SH	Call	SOLE		0	225	0
NEWMARKET CORP	COM	651587107	526	1,375	SH		SOLE		0	1,375	0
NEWMONT CORP	COM	651639106	2,264	50,000	SH		SOLE		0	50,000	0
NIC INC	COM	62914B100	608	26,434	SH		SOLE		0	26,434	0
NUCOR CORP COM	COM	670346105	450	12,500	SH		SOLE		0	12,500	0
DIREXION SHS ETF TR	DLY GOLD INDX 3X	25460E844	34	225	SH	Call	SOLE		0	225	0
DIREXION SHS ETF TR	DLY GOLD INDX 3X	25460E844	79	525	SH	Call	SOLE		0	525	0
ORACLE CORP	COM	68389X105	315	6,511	SH		SOLE		0	6,511	0
PAN AMERN SILVER CORP	COM	697900108	1,791	125,000	SH		SOLE		0	125,000	0
PETMED EXPRESS INC	COM	716382106	654	22,712	SH		SOLE		0	22,712	0
PETROLEO BRASILEIRO SA PETRO	SPONSORED ADR	71654V408	138	25,000	SH		SOLE		0	25,000	0
PHILLIPS 66	COM	718546104	349	6,500	SH		SOLE		0	6,500	0
POOL CORPORATION	COM	73278L105	563	2,862	SH		SOLE		0	2,862	0
POSCO	SPONSORED ADR	693483109	163	5,000	SH		SOLE		0	5,000	0
POTLATCHDELTIC CORPORATION	COM	737630103	314	10,000	SH		SOLE		0	10,000	0
PRETIUM RES INC	COM	74139C102	340	60,000	SH		SOLE		0	60,000	0
PRETIUM RES INC	COM	74139C102	227	40,000	SH		SOLE		0	40,000	0
QIWI PLC	SPON ADR REP B	74735M108	37	3,500	SH		SOLE		0	3,500	0
RAYONIER INC	COM	754907103	118	5,000	SH		SOLE		0	5,000	0
RESOLUTE FST PRODS INC COM	COM	76117W109	88	70,000	SH		SOLE		0	70,000	0
VANECK VECTORS ETF TR RUSSIA ETF	RUSSIA ETF	92189F403	21	300	SH	Put	SOLE		0	300	0
S&P GLOBAL INC	COM	78409V104	610	2,489	SH		SOLE		0	2,489	0
SAN JUAN BASIN RTY TR	UNIT BEN INT	798241105	4	2,000	SH		SOLE		0	2,000	0
SANDSTORM GOLD LTD	COM NEW	80013R206	451	90,000	SH		SOLE		0	90,000	0
SANDSTORM GOLD LTD COM NEW	COM NEW	80013R206	3,257	650,000	SH		SOLE		0	650,000	0
SEABRIDGE GOLD INC	COM	811916105	281	30,000	SH		SOLE		0	30,000	0
SHERWIN WILLIAMS CO	COM	824348106	238	519	SH		SOLE		0	519	0
SILVERCORP METALS INC	COM	82835P103	1,472	450,000	SH		SOLE		0	450,000	0
SSR MNG INC	COM	784730103	1,423	125,000	SH		SOLE		0	125,000	0
SUPERNUS PHARMACEUTICALS INC	COM	868459108	464	25,814	SH		SOLE		0	25,814	0
TEMPUR SEALY INTL INC	COM	88023U101	296	6,783	SH		SOLE		0	6,783	0
TEUCRIUM COMMODITY TR	SOYBEAN FD	88166A607	26	1,837	SH		SOLE		0	1,837	0
TOTAL S.A.	SPONSORED ADS	89151E109	745	20,000	SH		SOLE		0	20,000	0
TRACTOR SUPPLY CO	COM	892356106	305	3,602	SH		SOLE		0	3,602	0
UNITEDHEALTH GROUP INC	COM	91324P102	245	981	SH		SOLE		0	981	0
UNIVERSAL HLTH SVCS INC CL B	CL B	913903100	201	2,028	SH		SOLE		0	2,028	0
UNITED STS NAT GAS FD LP	UNIT PAR	912318300	44	3,500	SH		SOLE		0	3,500	0
USANA HEALTH SCIENCES INC	COM	90328M107	426	7,369	SH		SOLE		0	7,369	0
VALERO ENERGY CORP	COM	91913Y100	340	7,500	SH		SOLE		0	7,500	0
VANECK VECTORS ETF TR AMT FREE INT ETF	AMT FREE INT ETF	92189H201	1,474	30,000	SH		SOLE		0	30,000	0
VANECK VECTORS ETF TR	AMT FREE LONG MU	92189F536	1,430	70,000	SH		SOLE		0	70,000	0
VANECK VECTORS ETF TR	AMT FREE SHORT M	92189F528	1,477	85,000	SH		SOLE		0	85,000	0
VANECK VECTORS ETF TR GOLD MINERS ETF	GOLD MINERS ETF	92189F106	9	400	SH		SOLE		0	400	0
VANGUARD SCOTTSDALE FDS	SHORT TERM TREAS	92206C102	2,020	32,400	SH		SOLE		0	32,400	0
VISA INC	COM CL A	92826C839	230	1,425	SH		SOLE		0	1,425	0
WD-40 CO	COM	929236107	797	3,968	SH		SOLE		0	3,968	0
WELLS FARGO CO	NEW COM	949746101	154	5,358	SH		SOLE		0	5,358	0
WHEATON PRECIOUS METALS CORP	COM	962879102	826	30,000	SH		SOLE		0	30,000	0
WHEATON PRECIOUS METALS CORP	COM	962879102	4,130	150,000	SH		SOLE		0	150,000	0
SELECT SECTOR SPDR TR ENERGY	TR ENERGY	81369Y506	0	225	SH	Call	SOLE		0	225	0
YAMANA GOLD INC	COM	98462Y100	1,031	375,000	SH		SOLE		0	375,000	0
YANDEX N V	SHS CLASS A	N97284108	44	1,300	SH		SOLE		0	1,300	0
AIR TRANSPORT SERVICES GRP I	COM	00922R105	15,037	822,576	SH		SOLE		0	822,576	0
ALAMOS GOLD INC NEW	COM CL A	011532108	1,325	265,000	SH		SOLE		0	265,000	0
ALASKA AIR GROUP INC	COM	011659109	11,003	386,464	SH		SOLE		0	386,464	0
ALLEGIANT TRAVEL CO	COM	01748X102	11,220	137,158	SH		SOLE		0	137,158	0
AMERICAN AIRLS GROUP INC	COM	02376R102	38,167	3,131,001	SH		SOLE		0	3,131,001	0
AZUL S A	SPONSR ADR PFD	05501U106	2,049	201,123	SH		SOLE		0	201,123	0
B2GOLD CORP	COM	11777Q209	1,204	393,342	SH		SOLE		0	393,342	0
CONTROLADORA VUELA CIA DE AV	SPON ADR RP 10	21240E105	2,108	614,571	SH		SOLE		0	614,571	0
COPA HOLDINGS SA	CL A	000000000	3,078	67,959	SH		SOLE		0	67,959	0
DELTA AIR LINES INC DEL	COM NEW	247361702	33,614	1,178,195	SH		SOLE		0	1,178,195	0
DRDGOLD LIMITED	SPON ADR REPSTG	26152H301	946	175,260	SH		SOLE		0	175,260	0
ELDORADO GOLD CORP NEW	COM	284902509	1,203	195,000	SH		SOLE		0	195,000	0
FRANCO NEVADA CORP	COM	351858105	4,965	49,891	SH		SOLE		0	49,891	0
GENERAL DYNAMICS CORP	COM	369550108	11,285	85,291	SH		SOLE		0	85,291	0
GOL LINHAS AEREAS INTLG S A	SPON ADR PFD NEW	38045R206	3,321	777,657	SH		SOLE		0	777,657	0
GOLD FIELDS LTD NEW	SPONSORED ADR	38059T106	1,192	250,958	SH		SOLE		0	250,958	0
GRUPO AEROPORTUARIO DEL CENT	SPON ADR	400501102	2,512	93,235	SH		SOLE		0	93,235	0
HARMONY GOLD MNG LTD	SPONSORED ADR	413216300	982	450,483	SH		SOLE		0	450,483	0
HAWAIIAN HOLDINGS INC	COM	419879101	8,048	770,905	SH		SOLE		0	770,905	0
IAMGOLD CORP	COM	450913108	1,791	785,551	SH		SOLE		0	785,551	0
JETBLUE AWYS CORP	COM	477143101	10,906	1,218,499	SH		SOLE		0	1,218,499	0
KINROSS GOLD CORP	COM	496902404	1,654	415,545	SH		SOLE		0	415,545	0
MESA AIR GROUP INC	COM NEW	590479135	8,348	2,537,400	SH		SOLE		0	2,537,400	0
ROYAL GOLD INC	COM	780287108	4,849	55,282	SH		SOLE		0	55,282	0
RYANAIR HOLDINGS PLC	SPONSORED ADS	783513203	3,181	59,916	SH		SOLE		0	59,916	0
SANDSTORM GOLD LTD	COM NEW	80013R206	1,898	378,841	SH		SOLE		0	378,841	0
SKYWEST INC	COM	830879102	12,425	474,415	SH		SOLE		0	474,415	0
SOUTHWEST AIRLS CO	COM	844741108	41,741	1,172,172	SH		SOLE		0	1,172,172	0
SPIRIT AIRLS INC	COM	848577102	10,355	803,356	SH		SOLE		0	803,356	0
UNITED AIRLS HLDGS INC	COM	910047109	32,144	1,018,838	SH		SOLE		0	1,018,838	0
WHEATON PRECIOUS METALS CORP	COM	962879102	5,035	182,876	SH		SOLE		0	182,876	0
YAMANA GOLD INC	COM	98462Y100	1,100	400,000	SH		SOLE		0	400,000	0
ALIO GOLD INC	COM	01627X108	348	700,000	SH		SOLE		0	700,000	0
AMERICAS GOLD AND SILVER COR	COM	03062D100	608	400,000	SH		SOLE		0	400,000	0
EMX RTY CORP	COM	26873J107	1,485	1,100,000	SH		SOLE		0	1,100,000	0
MAVERIX METALS INC	COM NEW	57776F405	2,500	750,000	SH		SOLE		0	750,000	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	634	150,000	SH		SOLE		0	150,000	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	1,374	325,000	SH		SOLE		0	325,000	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	793	187,500	SH		SOLE		0	187,500	0
NORBORD INC	COM NEW	65548P403	118	10,000	SH		SOLE		0	10,000	0
NUTRIEN LTD	COM	67077M108	342	10,000	SH		SOLE		0	10,000	0
PLATINUM GROUP METALS LTD	COM	72765Q882	463	350,000	SH		SOLE		0	350,000	0
SILVERCREST METALS INC	COM	828363101	2,075	400,000	SH		SOLE		0	400,000	0
TECK RESOURCES LTD	CL B	878742204	190	25,000	SH		SOLE		0	25,000	0