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

OMB APPROVAL

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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
ABBOTT LABS	COM	002824100	136	1,250	SH		SOLE		0	1,250	0
AKAMAI TECHNOLOGIES INC	COM	00971T101	116	1,050	SH		SOLE		0	1,050	0
ALEXCO RESOURCE CORP	COM	01535P106	858	325,000	SH		SOLE		0	325,000	0
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	797	2,710	SH		SOLE		0	2,710	0
ALPHABET INC	CAP STK CL C	02079K107	294	200	SH		SOLE		0	200	0
AMAZON COM INC	COM	023135106	693	220	SH		SOLE		0	220	0
AMAZON COM INC	COM	023135106	1,197	380	SH		SOLE		0	380	0
AMERICAN TOWER CORP NEW	COM	03027X100	182	752	SH		SOLE		0	752	0
AMPHENOL CORP NEW	CL A	032095101	130	1,200	SH		SOLE		0	1,200	0
ANGLOGOLD ASHANTI LIMITED	SPONSORED ADR	035128206	1,055	40,000	SH		SOLE		0	40,000	0
ANGLOGOLD ASHANTI LIMITED	SPONSORED ADR	035128206	2,638	100,000	SH		SOLE		0	100,000	0
APOLLO GLOBAL MGMT INC COM	CL A	03768E105	134	3,000	SH		SOLE		0	3,000	0
APPLE INC	COM	037833100	440	3,800	SH		SOLE		0	3,800	0
APPLE INC	COM	037833100	1,065	9,200	SH		SOLE		0	9,200	0
ATLANTICA SUSTAINABLE INFR P	SHS	G0751N103	858	30,000	SH		SOLE		0	30,000	0
AUTOMATIC DATA PROCESSING IN	COM	053015103	272	1,950	SH		SOLE		0	1,950	0
B2GOLD CORP	COM	11777Q209	72	11,000	SH		SOLE		0	11,000	0
B2GOLD CORP	COM	11777Q209	1,304	200,000	SH		SOLE		0	200,000	0
BALL CORP	COM	058498106	291	3,500	SH		SOLE		0	3,500	0
BALLARD PWR SYS INC NEW	COM	058586108	151	10,000	SH		SOLE		0	10,000	0
BARRICK GOLD CORP	COM	067901108	129	4,600	SH		SOLE		0	4,600	0
BARRICK GOLD CORP	COM	067901108	141	5,000	SH		SOLE		0	5,000	0
BARRICK GOLD CORP	COM	067901108	2,811	100,000	SH		SOLE		0	100,000	0
BECTON DICKINSON & CO	COM	075887109	105	450	SH		SOLE		0	450	0
BHP GROUP LTD	SPONSORED ADS	088606108	259	5,000	SH		SOLE		0	5,000	0
BLACKSTONE GROUP INC	COM CL A	09260D107	157	3,000	SH		SOLE		0	3,000	0
BROADCOM INC	COM	11135F101	465	1,276	SH		SOLE		0	1,276	0
CANADIAN SOLAR INC	COM	136635109	1,229	35,000	SH		SOLE		0	35,000	0
CARLYLE GROUP INC	COM	14316J108	111	4,500	SH		SOLE		0	4,500	0
CARTERS INC	COM	146229109	606	7,000	SH		SOLE		0	7,000	0
CBOE GLOBAL MARKETS INC	COM	12503M108	53	600	SH		SOLE		0	600	0
CDW CORP	COM	12514G108	126	1,050	SH		SOLE		0	1,050	0
CF INDS HLDGS INC	COM	125269100	307	10,000	SH		SOLE		0	10,000	0
COMPANHIA DE SANEAMENTO BASI	SPONSORED ADR	20441A102	332	40,000	SH		SOLE		0	40,000	0
CLOROX CO DEL	COM	189054109	189	900	SH		SOLE		0	900	0
COMPANHIA PARANAENSE ENERG C	SPON ADR PFD	20441B407	331	30,000	SH		SOLE		0	30,000	0
COMSTOCK MNG INC	COM NEW	205750300	115	106,600	SH		SOLE		0	106,600	0
CONOCOPHILLIPS	COM	20825C104	328	10,000	SH		SOLE		0	10,000	0
COSTCO WHSL CORP NEW	COM	22160K105	722	2,034	SH		SOLE		0	2,034	0
COSTCO WHSL CORP NEW	COM	22160K105	976	2,750	SH		SOLE		0	2,750	0
DANAHER CORPORATION	COM	235851102	140	650	SH		SOLE		0	650	0
DIREXION SHS ETF TR	DAILY GOLD MINER	25460G880	19	1,000	SH		SOLE		0	1,000	0
DIREXION SHS ETF TR	DLY GOLD INDX 2X	25460G781	1,017	12,000	SH		SOLE		0	12,000	0
DIREXION SHS ETF TR	DLY GOLD INDX 2X	25460G781	2,340	27,600	SH		SOLE		0	27,600	0
DIREXION SHS ETF TR	DAILY JR GLD MIN	25460G831	387	3,000	SH		SOLE		0	3,000	0
DIREXION SHS ETF TR	DAILY JR GLD MIN	25460G831	1,032	8,000	SH		SOLE		0	8,000	0
DIREXION SHS ETF TR	DAILY JR GLD MIN	25460G831	1,806	14,000	SH		SOLE		0	14,000	0
DIREXION SHS ETF TR	DLY S&P OIL GAS ADDED	25460G658	142	2,000	SH		SOLE		0	2,000	0
DIREXION SHS ETF TR	DAILY ENERGY BEA	25460E554	84	1,200	SH		SOLE		0	1,200	0
DOMINOS PIZZA INC	COM	25754A201	221	520	SH		SOLE		0	520	0
D R HORTON INC	COM	23331A109	524	6,931	SH		SOLE		0	6,931	0
DRDGOLD LIMITED	SPON ADR REPSTG	26152H301	1,185	100,000	SH		SOLE		0	100,000	0
EQUINOR ASA	SPONSORED ADR	29446M102	422	30,000	SH		SOLE		0	30,000	0
LAUDER ESTEE COS INC	CL A	518439104	346	1,584	SH		SOLE		0	1,584	0
EVERGY INC	COM	30034W106	330	6,500	SH		SOLE		0	6,500	0
FACEBOOK INC	CL A	30303M102	288	1,100	SH		SOLE		0	1,100	0
FORTINET INC	COM	34959E109	106	900	SH		SOLE		0	900	0
FORTUNA SILVER MINES INC	COM	349915108	1,431	225,000	SH		SOLE		0	225,000	0
FRANCO NEV CORP	COM	351858105	126	900	SH		SOLE		0	900	0
FRANCO NEV CORP	COM	351858105	293	2,100	SH		SOLE		0	2,100	0
GOLD FIELDS LTD	SPONSORED ADR	38059T106	3,073	250,000	SH		SOLE		0	250,000	0
BARRICK GOLD CORP	COM	067901108	825	699	SH	Call	SOLE		0	699	0
BARRICK GOLD CORP	COM	067901108	1,074	910	SH	Call	SOLE		0	910	0
BARRICK GOLD CORP	COM	067901108	1,700	1,441	SH	Call	SOLE		0	1,441	0
GOLDEN STAR RES LTD CDA	COM	38119T807	862	200,000	SH		SOLE		0	200,000	0
HALLIBURTON CO	COM	406216101	241	20,000	SH		SOLE		0	20,000	0
HARLEY DAVIDSON INC	COM	412822108	91	3,700	SH		SOLE		0	3,700	0
HARMONY GOLD MINING CO LTD	SPONSORED ADR	413216300	2,635	500,000	SH		SOLE		0	500,000	0
HILTON WORLDWIDE HLDGS INC	COM	43300A203	870	10,200	SH		SOLE		0	10,200	0
HOME DEPOT INC	COM	437076102	668	2,406	SH		SOLE		0	2,406	0
HOME DEPOT INC	COM	437076102	1,213	4,367	SH		SOLE		0	4,367	0
HUNTINGTON INGALLS INDS INC	COM	446413106	168	1,195	SH		SOLE		0	1,195	0
IAMGOLD CORP	COM	450913108	1,915	500,000	SH		SOLE		0	500,000	0
INTERCONTINENTAL EXCHANGE IN	COM	45866F104	126	1,260	SH		SOLE		0	1,260	0
INVESCO QQQ TR	UNIT SER 1	46090E103	28	100	SH		SOLE		0	100	0
INVESCO EXCH TRADED FD TR II	SOLAR ETF	46138G706	52	800	SH		SOLE		0	800	0
ISHARES TR	MSCI POLAND ETF	46429B606	527	32,000	SH		SOLE		0	32,000	0
KIRKLAND LAKE GOLD LTD	COM	49741E100	487	10,000	SH		SOLE		0	10,000	0
KIRKLAND LAKE GOLD LTD	COM	49741E100	4,386	90,000	SH		SOLE		0	90,000	0
KKR & CO INC	COM	48251W104	120	3,500	SH		SOLE		0	3,500	0
LINDE PLC	SHS	G5494J103	476	2,000	SH		SOLE		0	2,000	0
LOUISIANA PAC CORP	COM	546347105	295	10,000	SH		SOLE		0	10,000	0
LOWES COS INC	COM	548661107	498	3,000	SH		SOLE		0	3,000	0
LULULEMON ATHLETICA INC	COM	550021109	675	2,050	SH		SOLE		0	2,050	0
MAG SILVER CORP	COM	55903Q104	813	50,000	SH		SOLE		0	50,000	0
MARKETAXESS HLDGS INC	COM	57060D108	96	200	SH		SOLE		0	200	0
MAVERIX METALS INC	COM NEW	57776F405	360	70,000	SH		SOLE		0	70,000	0
MCKESSON CORP	COM	58155Q103	119	800	SH		SOLE		0	800	0
MERCK & CO. INC	COM	58933Y105	339	4,083	SH		SOLE		0	4,083	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	789	100,000	SH		SOLE		0	100,000	0
MGM RESORTS INTERNATIONAL	COM	552953101	98	4,500	SH		SOLE		0	4,500	0
MICROSOFT CORP	COM	594918104	273	1,300	SH		SOLE		0	1,300	0
MOBILE TELESYSTEMS PJSC	SPONSORED ADR	607409109	1,145	131,200	SH		SOLE		0	131,200	0
MOODYS CORP	COM	615369105	87	300	SH		SOLE		0	300	0
MOSAIC CO NEW	COM	61945C103	365	20,000	SH		SOLE		0	20,000	0
MSCI INC	COM	55354G100	71	200	SH		SOLE		0	200	0
MSCI INC	COM	55354G100	280	784	SH		SOLE		0	784	0
NASDAQ INC	COM	631103108	135	1,100	SH		SOLE		0	1,100	0
NEWMONT CORP	COM	651639106	273	116	SH	Call	SOLE		0	116	0
NEWMONT CORP	COM	651639106	424	180	SH	Call	SOLE		0	180	0
NEWMONT CORP	COM	651639106	2,013	854	SH	Call	SOLE		0	854	0
NEWMONT CORP	COM	651639106	57	900	SH		SOLE		0	900	0
NEWMONT CORP	COM	651639106	127	2,000	SH		SOLE		0	2,000	0
NEWMONT CORP	COM	651639106	3,173	50,000	SH		SOLE		0	50,000	0
ORACLE CORP	COM	68389X105	404	6,761	SH		SOLE		0	6,761	0
PAN AMERN SILVER CORP	COM	697900108	4,019	125,000	SH		SOLE		0	125,000	0
PAPA JOHNS INTL INC C	COM	698813102	189	2,300	SH		SOLE		0	2,300	0
PARAMOUNT GOLD NEV CORP	COM	69924M109	194	170,000	SH		SOLE		0	170,000	0
PERKINELMER INC	COM	714046109	138	1,100	SH		SOLE		0	1,100	0
PETROLEO BRASILEIRO SA PETRO	SPONSORED ADR	71654V408	178	25,000	SH		SOLE		0	25,000	0
PHILLIPS 66	COM	718546104	337	6,500	SH		SOLE		0	6,500	0
PLUG POWER INC	COM NEW	72919P202	671	50,000	SH		SOLE		0	50,000	0
POSCO	SPONSORED ADR	693483109	209	5,000	SH		SOLE		0	5,000	0
POTLATCHDELTIC CORPORATION	COM	737630103	421	10,000	SH		SOLE		0	10,000	0
PRETIUM RES INC	COM	74139C102	514	40,000	SH		SOLE		0	40,000	0
PRETIUM RES INC	COM	74139C102	770	60,000	SH		SOLE		0	60,000	0
PROSHARES TR II	PSHS ULSSLVR NEW	74347W114	13	1,300	SH		SOLE		0	1,300	0
PROCTER AND GAMBLE CO	COM	742718109	208	1,500	SH		SOLE		0	1,500	0
PROLOGIS INC.	COM	74340W103	221	2,200	SH		SOLE		0	2,200	0
PVH CORPORATION	COM	693656100	268	4,500	SH		SOLE		0	4,500	0
RAYONIER INC	COM	754907103	132	5,000	SH		SOLE		0	5,000	0
RESOLUTE FST PRODS INC	COM	76117W109	314	70,000	SH		SOLE		0	70,000	0
ROYAL GOLD INC	COM	780287108	120	1,000	SH		SOLE		0	1,000	0
ROYAL GOLD INC	COM	780287108	276	2,300	SH		SOLE		0	2,300	0
ROYAL GOLD INC	COM	780287108	361	3,000	SH		SOLE		0	3,000	0
ROYAL GOLD INC	COM	780287108	1,202	10,000	SH		SOLE		0	10,000	0
DIREXION SHS ETF TR	DLY RUSSIA BL 2X	25490K273	28	400	SH	Put	SOLE		0	400	0
S&P GLOBAL INC	COM	78409V104	180	500	SH		SOLE		0	500	0
S&P GLOBAL INC	COM	78409V104	303	839	SH		SOLE		0	839	0
SANDSTORM GOLD LTD	COM NEW	80013R206	760	90,000	SH		SOLE		0	90,000	0
SANDSTORM GOLD LTD	COM NEW	80013R206	5,486	650,000	SH		SOLE		0	650,000	0
SCHLUMBERGER LTD	COM	806857108	187	12,000	SH		SOLE		0	12,000	0
SEABRIDGE GOLD INC	COM	811916105	563	30,000	SH		SOLE		0	30,000	0
SHERWIN WILLIAMS CO	COM	824348106	389	559	SH		SOLE		0	559	0
SILVERCORP METALS INC	COM	82835P103	109	15,000	SH		SOLE		0	15,000	0
SILVERCORP METALS INC	COM	82835P103	268	37,000	SH		SOLE		0	37,000	0
SILVERCORP METALS INC	COM	82835P103	2,172	300,000	SH		SOLE		0	300,000	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	33	100	SH		SOLE		0	100	0
SSR MNG INC	COM	784730103	2,334	125,000	SH		SOLE		0	125,000	0
TEMPUR SEALY INTL INC	COM	88023U101	312	3,500	SH		SOLE		0	3,500	0
TESLA INC	COM	88160R101	2,531	5,900	SH		SOLE		0	5,900	0
TEUCRIUM COMMODITY TR	SUGAR FD	88166A409	49	8,000	SH		SOLE		0	8,000	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	132	300	SH		SOLE		0	300	0
TOTAL SE	SPONSORED ADS	89151E109	343	10,000	SH		SOLE		0	10,000	0
UBS GROUP AG	SHS	H42097107	944	84,700	SH		SOLE		0	84,700	0
UNITEDHEALTH GROUP INC	COM	91324P102	443	1,421	SH		SOLE		0	1,421	0
UNIVERSAL HLTH SVCS INC	CL B	913903100	137	1,278	SH		SOLE		0	1,278	0
UNITED STS GASOLINE FD LP	UNITS	91201T102	56	2,800	SH		SOLE		0	2,800	0
VALERO ENERGY CORP	COM	91913Y100	325	7,500	SH		SOLE		0	7,500	0
VANECK VECTORS ETF TR	COAL ETF	92189H888	47	600	SH		SOLE		0	600	0
VANECK VECTORS ETF TR	INTRMDT MUNI ETF	92189H201	1,538	30,000	SH		SOLE		0	30,000	0
VANECK VECTORS ETF TR	LONG MUNI ETF	92189F536	1,497	70,000	SH		SOLE		0	70,000	0
VANECK VECTORS ETF TR	SHORT MUNI ETF	92189F528	1,534	85,000	SH		SOLE		0	85,000	0
VANECK VECTORS ETF TR	AGRIBUSINESS ETF	92189F700	135	2,000	SH		SOLE		0	2,000	0
VANGUARD SCOTTSDALE FDS	SHORT TERM TREAS	92206C102	1,142	18,400	SH		SOLE		0	18,400	0
VISA INC COM	CL A	92826C839	311	1,555	SH		SOLE		0	1,555	0
WHEATON PRECIOUS METALS CORP	COM	962879102	142	2,900	SH		SOLE		0	2,900	0
WHEATON PRECIOUS METALS CORP	COM	962879102	299	6,100	SH		SOLE		0	6,100	0
WHEATON PRECIOUS METALS CORP	COM	962879102	981	20,000	SH		SOLE		0	20,000	0
WHEATON PRECIOUS METALS CORP	COM	962879102	6,134	125,000	SH		SOLE		0	125,000	0
YANDEX N V SHS	CL A	N97284108	219	3,350	SH		SOLE		0	3,350	0
AIR TRANSPORT SERVICES GRP I	COM	00922R105	54,364	2,169,341	SH		SOLE		0	2,169,341	0
ALASKA AIR GROUP INC	COM	011659109	62,518	1,706,751	SH		SOLE		0	1,706,751	0
ALLEGIANT TRAVEL CO	COM	01748X102	63,279	528,204	SH		SOLE		0	528,204	0
AMERICAN AIRLS GROUP INC	COM	02376R102	162,188	13,196,758	SH		SOLE		0	13,196,758	0
AZUL S A	SPONSR ADR PFD	05501U106	15,774	1,198,650	SH		SOLE		0	1,198,650	0
B2GOLD CORP	COM	11777Q209	3,711	569,155	SH		SOLE		0	569,155	0
COPA HOLDINGS SA	CL A	P31076105	16,292	323,648	SH		SOLE		0	323,648	0
DELTA AIR LINES INC DEL	COM NEW	247361702	166,688	5,450,884	SH		SOLE		0	5,450,884	0
DRDGOLD LIMITED	SPON ADR REPSTG	26152H301	3,266	275,610	SH		SOLE		0	275,610	0
ELDORADO GOLD CORP NEW	COM	284902509	3,552	336,699	SH		SOLE		0	336,699	0
FRANCO NEV CORP	COM	351858105	11,680	83,679	SH		SOLE		0	83,679	0
GENERAL DYNAMICS CORP	COM	369550108	49,986	361,094	SH		SOLE		0	361,094	0
GOL LINHAS AEREAS INTELIGENT	SPON ADR PFD NEW	38045R206	14,073	2,307,079	SH		SOLE		0	2,307,079	0
GREAT PANTHER MNG LTD	COM	39115V101	3,457	3,892,942	SH		SOLE		0	3,892,942	0
GRUPO AEROPORTUARIO DEL CENT	SPON ADR	400501102	17,168	467,022	SH		SOLE		0	467,022	0
GRUPO AEROPORTUARIO DEL SURE	SPON ADR SER B	40051E202	18,090	155,908	SH		SOLE		0	155,908	0
GRUPO AEROPUERTO DEL PACIFIC	SPON ADR B	400506101	18,494	229,344	SH		SOLE		0	229,344	0
HARMONY GOLD MINING CO LTD	SPONSORED ADR	413216300	3,307	627,445	SH		SOLE		0	627,445	0
HAWAIIAN HOLDINGS INC	COM	419879101	48,707	3,778,698	SH		SOLE		0	3,778,698	0
IAMGOLD CORP	COM	450913108	3,492	911,770	SH		SOLE		0	911,770	0
JETBLUE AWYS CORP	COM	477143101	64,263	5,671,945	SH		SOLE		0	5,671,945	0
KINROSS GOLD CORP	COM	496902404	3,767	427,080	SH		SOLE		0	427,080	0
MAVERIX METALS INC	COM NEW	57776F405	5,434	1,057,182	SH		SOLE		0	1,057,182	0
OSISKO GOLD ROYALTIES LTD	COM	68827L101	4,856	410,461	SH		SOLE		0	410,461	0
ROYAL GOLD INC	COM	780287108	11,347	94,427	SH		SOLE		0	94,427	0
RYANAIR HOLDINGS PLC	SPONSORED ADS	783513203	17,392	212,726	SH		SOLE		0	212,726	0
SANDSTORM GOLD LTD	COM NEW	80013R206	4,681	554,676	SH		SOLE		0	554,676	0
SIBANYE STILLWATER LTD	SPONSORED ADR	82575P107	2,135	191,624	SH		SOLE		0	191,624	0
SKYWEST INC	COM	830879102	61,005	2,043,050	SH		SOLE		0	2,043,050	0
SOUTHWEST AIRLS CO	COM	844741108	165,292	4,407,793	SH		SOLE		0	4,407,793	0
TEXTRON INC	COM	883203101	50,006	1,385,588	SH		SOLE		0	1,385,588	0
UNITED AIRLS HLDGS INC	COM	910047109	165,480	4,762,026	SH		SOLE		0	4,762,026	0
WHEATON PRECIOUS METALS CORP	COM	962879102	11,491	234,170	SH		SOLE		0	234,170	0
CORVUS GOLD INC	COM	221013105	85	29,000	SH		SOLE		0	29,000	0
EMX RTY CORP	COM	26873J107	2,909	1,100,000	SH		SOLE		0	1,100,000	0
EQUINOX GOLD CORP	COM	29446Y502	1,168	100,000	SH		SOLE		0	100,000	0
EXCELLON RES INC	COM	30069C801	290	100,000	SH		SOLE		0	100,000	0
INTEGRA RES CORP	COM NEW	45826T301	466	140,000	SH		SOLE		0	140,000	0
MAVERIX METALS INC	COM NEW	57776F405	3,986	778,000	SH		SOLE		0	778,000	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	1,193	150,000	SH		SOLE		0	150,000	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	2,586	325,000	SH		SOLE		0	325,000	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	1,193	150,000	SH		SOLE		0	150,000	0
NORBORD INC	COM NEW	65548P403	296	10,000	SH		SOLE		0	10,000	0
NUTRIEN LTD	COM	67077M108	392	10,000	SH		SOLE		0	10,000	0
PLATINUM GROUP METALS LTD	COM	72765Q882	705	350,000	SH		SOLE		0	350,000	0
SSR MNG INC	COM	784730103	151	8,115	SH		SOLE		0	8,115	0
SSR MNG INC	COM	784730103	2,121	113,610	SH		SOLE		0	113,610	0