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
ABERDEEN STD PLATINUM ETF TR	PHYSCL PLATM SHS	003260106	10	107	SH		SOLE		0	107	0
ABERDEEN STD PLATINUM ETF TR	PHYSCL PLATM SHS	003260106	66	738	SH		SOLE		0	738	0
ABERDEEN STD PLATINUM ETF TR	PHYSCL PLATM SHS	003260106	104	1,155	SH		SOLE		0	1,155	0
ALCOA CORP	COM	013872106	1,490	25,000	SH		SOLE		0	25,000	0
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	75	630	SH		SOLE		0	630	0
AMAZON COM INC	COM	023135106	2,301	690	SH		SOLE		0	690	0
APPLE INC	COM	037833100	3,036	17,100	SH		SOLE		0	17,100	0
BARCLAYS BANK PLC	ETN LKD 48	06746P563	67	1,100	SH		SOLE		0	1,100	0
BARRICK GOLD CORP	COM	067901108	199	700	SH	Call	SOLE		0	700	0
BARRICK GOLD CORP	COM	067901108	305	1,075	SH	Call	SOLE		0	1,075	0
BARRICK GOLD CORP	COM	067901108	604	2,125	SH	Call	SOLE		0	2,125	0
BARRICK GOLD CORP	COM	067901108	182	9,600	SH		SOLE		0	9,600	0
BLACK STONE MINERALS L P	COM UNIT	09225M101	723	70,000	SH		SOLE		0	70,000	0
BLACKSTONE INC	COM	09260D107	1,876	14,500	SH		SOLE		0	14,500	0
BLOOM ENERGY CORP	COM CL A	093712107	658	30,000	SH		SOLE		0	30,000	0
CALEDONIA MNG CORP PLC	SHS NEW	G1757E113	292	25,000	SH		SOLE		0	25,000	0
CANADIAN SOLAR INC	COM	136635109	1,095	35,000	SH		SOLE		0	35,000	0
CBOE GLOBAL MKTS INC	COM	12503M108	78	600	SH		SOLE		0	600	0
CF INDS HLDGS INC	COM	125269100	708	10,000	SH		SOLE		0	10,000	0
CHENIERE ENERGY INC	COM NEW	16411R208	761	7,500	SH		SOLE		0	7,500	0
CONOCOPHILLIPS	COM	20825C104	722	10,000	SH		SOLE		0	10,000	0
COSTCO WHSL CORP NEW	COM	22160K105	3,227	5,684	SH		SOLE		0	5,684	0
COTY INC	COM CL A	222070203	1,050	100,000	SH		SOLE		0	100,000	0
DAQO NEW ENERGY CORP	SPNSRD ADS NEW	23703Q203	207	5,125	SH		SOLE		0	5,125	0
DENBURY INC	COM	24790A101	766	10,000	SH		SOLE		0	10,000	0
DIREXION SHS ETF TR	DAILY FTSE CHINA	25460E521	151	7,450	SH		SOLE		0	7,450	0
DIREXION SHS ETF TR	DAILY JR GLD MIN	25460G831	5	83	SH		SOLE		0	83	0
DIREXION SHS ETF TR	DAILY JR GLD MIN	25460G831	93	1,448	SH		SOLE		0	1,448	0
DIREXION SHS ETF TR	DAILY JR GLD MIN	25460G831	146	2,269	SH		SOLE		0	2,269	0
ELDORADO GOLD CORP NEW	COM	284902509	1,169	125,000	SH		SOLE		0	125,000	0
EOG RES INC	COM	26875P101	888	10,000	SH		SOLE		0	10,000	0
EQUINOR ASA	SPONSORED ADR	29446M102	1,317	50,000	SH		SOLE		0	50,000	0
FERRARI N V	COM	N3167Y103	629	2,429	SH		SOLE		0	2,429	0
FIRST TR EXCHANGE-TRADED FD	GBL WND ENRG ETF	33736G106	24	1,200	SH		SOLE		0	1,200	0
FRANCO NEV CORP	COM	351858105	415	3,000	SH		SOLE		0	3,000	0
FRANCO NEV CORP	COM	351858105	1,383	10,000	SH		SOLE		0	10,000	0
GLOBAL X FDS	MSCI GREECE ETF	37954Y319	106	4,000	SH		SOLE		0	4,000	0
GLOBAL X FDS	GLOBAL X SILVER	37954Y848	8	206	SH		SOLE		0	206	0
GLOBAL X FDS	GLOBAL X SILVER	37954Y848	69	1,868	SH		SOLE		0	1,868	0
GLOBAL X FDS	GLOBAL X SILVER	37954Y848	107	2,926	SH		SOLE		0	2,926	0
GOLD FIELDS LTD	SPONSORED ADR	38059T106	1,374	125,000	SH		SOLE		0	125,000	0
GOLDMAN SACHS GROUP INC	COM	38141G104	115	300	SH		SOLE		0	300	0
HALLIBURTON CO	COM	406216101	457	20,000	SH		SOLE		0	20,000	0
HARMONY GOLD MINING CO LTD	SPONSORED ADR	413216300	2,055	500,000	SH		SOLE		0	500,000	0
HILTON WORLDWIDE HLDGS INC	COM	43300A203	1,404	9,000	SH		SOLE		0	9,000	0
HOME DEPOT INC	COM	437076102	1,659	3,998	SH		SOLE		0	3,998	0
HSBC HLDGS PLC	SPON ADR NEW	404280406	25	300	SH	Call	SOLE		0	300	0
INTERCONTINENTAL EXCHANGE IN	COM	45866F104	172	1,260	SH		SOLE		0	1,260	0
INVESCO DB MULTI-SECTOR COMM	AGRICULTURE FD	46140H106	198	10,000	SH		SOLE		0	10,000	0
INVESCO DB MULTI-SECTOR COMM	BASE METALS FD	46140H700	45	2,000	SH		SOLE		0	2,000	0
INVESCO QQQ TR	UNIT SER 1	46090E103	40	100	SH		SOLE		0	100	0
ISHARES TR	SHRT NAT MUN ETF	464288158	1,664	15,500	SH		SOLE		0	15,500	0
ISHARES TR	MSCI POLAND ETF	46429B606	126	6,000	SH		SOLE		0	6,000	0
ISHARES TR	U.S. REAL ES ETF	464287739	58	500	SH		SOLE		0	500	0
IVANHOE CAPITAL ACQUISTIN CO	COM CL A	G4R87P114	199	20,000	SH		SOLE		0	20,000	0
IVANHOE CAPITAL ACQUISTIN CO	COM CL A	G4R87P114	398	40,000	SH		SOLE		0	40,000	0
KIMBELL RTY PARTNERS LP	UNIT	49435R102	750	55,000	SH		SOLE		0	55,000	0
KKR & CO INC	COM	48251W104	1,706	22,900	SH		SOLE		0	22,900	0
KRANESHARES TR	CALIFORNIA CARB ADDED	500767553	56	2,000	SH		SOLE		0	2,000	0
KRANESHARES TR	GLOBAL CARB STRA	500767678	66	1,300	SH		SOLE		0	1,300	0
LAUDER ESTEE COS INC	CL A	518439104	586	1,584	SH		SOLE		0	1,584	0
LINDE PLC	SHS	G5494J103	693	2,000	SH		SOLE		0	2,000	0
LOUISIANA PAC CORP	COM	546347105	784	10,000	SH		SOLE		0	10,000	0
MARKETAXESS HLDGS INC	COM	57060D108	82	200	SH		SOLE		0	200	0
MARRIOTT INTL INC NEW	CL A	571903202	1,157	7,000	SH		SOLE		0	7,000	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	347	50,000	SH		SOLE		0	50,000	0
MGM RESORTS INTERNATIONAL	COM	552953101	583	13,000	SH		SOLE		0	13,000	0
MOBILE TELESYSTEMS PUB JT ST	SPONSORED ADR	607409109	355	44,700	SH		SOLE		0	44,700	0
MOODYS CORP	COM	615369105	117	300	SH		SOLE		0	300	0
MOSAIC CO NEW	COM	61945C103	786	20,000	SH		SOLE		0	20,000	0
MP MATERIALS CORP	COM CL A	553368101	681	15,000	SH		SOLE		0	15,000	0
MSCI INC	COM	55354G100	388	634	SH		SOLE		0	634	0
NEWMONT CORP	COM	651639106	215	200	SH	Call	SOLE		0	200	0
NEWMONT CORP	COM	651639106	323	300	SH	Call	SOLE		0	300	0
NEWMONT CORP	COM	651639106	1,451	1,350	SH	Call	SOLE		0	1,350	0
NEWMONT CORP	COM	651639106	180	2,900	SH		SOLE		0	2,900	0
NEWMONT CORP	COM	651639106	1,551	25,000	SH		SOLE		0	25,000	0
NIO INC	SPON ADS	62914V106	1,394	44,000	SH		SOLE		0	44,000	0
OCCIDENTAL PETE CORP	COM	674599105	725	25,000	SH		SOLE		0	25,000	0
PAN AMERN SILVER CORP	COM	697900108	1,249	50,000	SH		SOLE		0	50,000	0
PARAMOUNT GOLD NEV CORP	COM	69924M109	119	170,000	SH		SOLE		0	170,000	0
PHILLIPS 66	COM	718546104	471	6,500	SH		SOLE		0	6,500	0
PIEDMONT LITHIUM INC	COM	72016P105	656	12,500	SH		SOLE		0	12,500	0
PINDUODUO INC	SPONSORED ADS	722304102	117	2,000	SH		SOLE		0	2,000	0
POTLATCHDELTIC CORPORATION	COM	737630103	602	10,000	SH		SOLE		0	10,000	0
PVH CORPORATION	COM	693656100	576	5,400	SH		SOLE		0	5,400	0
RANGE RES CORP	COM	75281A109	535	30,000	SH		SOLE		0	30,000	0
RAYONIER INC	COM	754907103	605	15,000	SH		SOLE		0	15,000	0
ROYAL CARIBBEAN GROUP	COM	V7780T103	169	2,200	SH		SOLE		0	2,200	0
ROYAL GOLD INC	COM	780287108	347	3,300	SH		SOLE		0	3,300	0
ROYAL GOLD INC	COM	780287108	1,841	17,500	SH		SOLE		0	17,500	0
S&P GLOBAL INC	COM	78409V104	467	989	SH		SOLE		0	989	0
SABINE RTY TR	UNIT BEN INT	785688102	834	20,000	SH		SOLE		0	20,000	0
SANDSTORM GOLD LTD	COM NEW	80013R206	310	50,000	SH		SOLE		0	50,000	0
SANDSTORM GOLD LTD	COM NEW	80013R206	1,395	225,000	SH		SOLE		0	225,000	0
SCHLUMBERGER LTD	COM STK	806857108	359	12,000	SH		SOLE		0	12,000	0
SEABRIDGE GOLD INC	COM	811916105	660	40,000	SH		SOLE		0	40,000	0
SILVERCORP METALS INC	COM	82835P103	196	52,000	SH		SOLE		0	52,000	0
SILVERCORP METALS INC	COM	82835P103	1,128	300,000	SH		SOLE		0	300,000	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	47	100	SH		SOLE		0	100	0
SSR MNG INC	COM	784730103	7,346	415,000	SH		SOLE		0	415,000	0
TESLA INC	COM	88160R101	4,708	4,455	SH		SOLE		0	4,455	0
TEUCRIUM COMMODITY TR	CORN FD SHS	88166A102	43	2,000	SH		SOLE		0	2,000	0
TEUCRIUM COMMODITY TR	WHEAT FD	88166A508	15	2,000	SH		SOLE		0	2,000	0
TMC THE METALS COMPANY INC	COM	87261Y106	416	200,000	SH		SOLE		0	200,000	0
TOTALENERGIES SE	SPONSORED ADS	89151E109	989	20,000	SH		SOLE		0	20,000	0
UBS GROUP AG	SHS	H42097107	2,806	157,000	SH		SOLE		0	157,000	0
UNITED STS GASOLINE FD LP	UNITS	91201T102	16	400	SH		SOLE		0	400	0
UNITED STS OIL FD LP	UNITS	91232N207	11	200	SH		SOLE		0	200	0
VALERO ENERGY CORP	COM	91913Y100	563	7,500	SH		SOLE		0	7,500	0
VANECK ETF TRUST	STEEL ETF	92189F205	16	300	SH		SOLE		0	300	0
VANECK ETF TRUST	VANECK RUSSIA ET	92189F403	1	629	SH	Call	SOLE		0	629	0
VANECK ETF TRUST	VANECK RUSSIA ET	92189F403	64	450	SH	Call	SOLE		0	450	0
VANECK ETF TRUST	VANECK SHRT MUNI	92189F528	1,737	97,000	SH		SOLE		0	97,000	0
VANGUARD SCOTTSDALE FDS	SHORT TERM TREAS	92206C102	1,825	30,000	SH		SOLE		0	30,000	0
VIPER ENERGY PARTNERS LP	COM UNT RP INT	92763M105	426	20,000	SH		SOLE		0	20,000	0
VISA INC	COM CL A	92826C839	337	1,555	SH		SOLE		0	1,555	0
WHEATON PRECIOUS METALS CORP	COM	962879102	386	9,000	SH		SOLE		0	9,000	0
WHEATON PRECIOUS METALS CORP	COM	962879102	3,220	75,000	SH		SOLE		0	75,000	0
YANDEX N V	SHS CLASS A	N97284108	212	3,500	SH		SOLE		0	3,500	0
ALASKA AIR GROUP	COM	011659109	99,735	1,914,305	SH		SOLE		0	1,914,305	0
ALLEGIANT TRAVEL CO	COM	01748X102	97,490	521,226	SH		SOLE		0	521,226	0
AMERICAN AIRLS GROUP INC	COM	02376R102	321,981	17,927,661	SH		SOLE		0	17,927,661	0
AZUL SA-ADR	SPONSR ADR PFD	05501U106	16,170	1,225,021	SH		SOLE		0	1,225,021	0
B2GOLD CORP	COM	11777Q209	2,831	720,455	SH		SOLE		0	720,455	0
BOEING CO	COM	097023105	61,697	306,463	SH		SOLE		0	306,463	0
BOOKING HOLDINGS INC	COM	09857L108	68,388	28,504	SH		SOLE		0	28,504	0
CONTROLADORA VUELA COMP DE A	SPON ADR RP 10	21240E105	17,969	999,918	SH		SOLE		0	999,918	0
COPA HOLDINGS SA	CL A	P31076105	17,507	211,796	SH		SOLE		0	211,796	0
DELTA AIR LINES INC DEL	COM NEW	247361702	329,780	8,438,591	SH		SOLE		0	8,438,591	0
ELDORADO GOLD CORP NEW	COM	284902509	2,762	295,365	SH		SOLE		0	295,365	0
EMBRAER SA-ADR	SPONSORED ADS	29082A107	39,395	2,219,434	SH		SOLE		0	2,219,434	0
EXPEDIA GROUP INC	COM NEW	30212P303	69,679	385,563	SH		SOLE		0	385,563	0
FRANCO-NEVADA CO	COM	351858105	9,352	67,629	SH		SOLE		0	67,629	0
GENERAL DYNAMICS CORP	COM	369550108	66,696	319,929	SH		SOLE		0	319,929	0
GOL LINHAS AEREAS INTELIGENT	SPON ADR PFD NEW	38045R206	15,793	2,610,475	SH		SOLE		0	2,610,475	0
HARMONY GOLD MINING CO LTD	SPONSORED ADR	413216300	2,811	684,042	SH		SOLE		0	684,042	0
HAWAIIAN HOLDING INC	COM	419879101	89,432	4,868,386	SH		SOLE		0	4,868,386	0
JETBLUE AIRWAYS CORP	COM	477143101	96,522	6,778,234	SH		SOLE		0	6,778,234	0
METALLA RTY & STREAMING LTD	COM NEW	59124U605	2,610	376,616	SH		SOLE		0	376,616	0
NEW GOLD INC CDA	COM	644535106	2,753	1,835,343	SH		SOLE		0	1,835,343	0
OSISKO GOLD ROYALTIES LTD	COM	68827L101	3,820	311,821	SH		SOLE		0	311,821	0
ROYAL GOLD INC	COM	780287108	9,505	90,340	SH		SOLE		0	90,340	0
RYANAIR HOLDINGS PLC	SPONSORED ADS	783513203	16,380	160,070	SH		SOLE		0	160,070	0
SABRE CORP	COM	78573M104	61,698	7,182,506	SH		SOLE		0	7,182,506	0
SANDSTORM GOLD LTD	COM NEW	80013R206	3,849	620,732	SH		SOLE		0	620,732	0
SIBANYE STILLWATER LTD	SPONSORED ADR	82575P107	3,581	285,606	SH		SOLE		0	285,606	0
SKYWEST INC	COM	830879102	92,312	2,348,900	SH		SOLE		0	2,348,900	0
SOUTHWEST AIRLS CO	COM	844741108	303,892	7,093,655	SH		SOLE		0	7,093,655	0
SPIRIT AIRLINES INC	COM	848577102	91,505	4,187,880	SH		SOLE		0	4,187,880	0
SSR MINING INC	COM	784730103	2,717	153,492	SH		SOLE		0	153,492	0
SUN CTRY AIRLS HLDGS INC	COM	866683105	97,926	3,593,605	SH		SOLE		0	3,593,605	0
TEXTRON INC	COM	883203101	65,965	854,474	SH		SOLE		0	854,474	0
TRIP.COM GRO-ADR	ADS	89677Q107	28,635	1,163,096	SH		SOLE		0	1,163,096	0
TRIPADVISOR INC	COM	896945201	65,143	2,389,680	SH		SOLE		0	2,389,680	0
UNITED AIRLS HLDGS INC	COM	910047109	324,140	7,403,845	SH		SOLE		0	7,403,845	0
WHEATON PRECIOUS METALS CORP	COM	962879102	9,412	219,231	SH		SOLE		0	219,231	0
BURCON NUTRASCIENCE CORP	COM	120831102	884	750,000	SH		SOLE		0	750,000	0
CENTERRA GOLD INC	COM	152006102	1,350	175,000	SH		SOLE		0	175,000	0
CENTERRA GOLD INC	COM	152006102	2,933	380,239	SH		SOLE		0	380,239	0
EMX ROYALTY CORP	COM	26873J107	2,231	1,000,000	SH		SOLE		0	1,000,000	0
FORTUNA SILVER MINES INC	COM	349915108	3,909	1,000,000	SH		SOLE		0	1,000,000	0
MAVERIX METALS INC	COM NEW	57776F405	3,276	750,000	SH		SOLE		0	750,000	0
METALLA RTY & STREAMING LTD	COM	59124U605	868	125,000	SH		SOLE		0	125,000	0
METALLA RTY & STREAMING LTD	COM	59124U605	2,084	300,000	SH		SOLE		0	300,000	0
METALLA RTY & STREAMING LTD	COM	59124U605	347	50,000	SH		SOLE		0	50,000	0
NOMAD ROYALTY COMPANY LTD	COM	65532M606	767	100,000	SH		SOLE		0	100,000	0
NOMAD ROYALTY COMPANY LTD	COM	65532M606	384	50,000	SH		SOLE		0	50,000	0
NUTRIEN LTD	COM	67077M108	752	10,000	SH		SOLE		0	10,000	0
PLATINUM GROUP METALS LTD	COM	72765Q882	236	150,000	SH		SOLE		0	150,000	0
SKEENA RESOURCES LTD NEW	COM	83056P715	1,042	100,000	SH		SOLE		0	100,000	0
WEST FRASER TIMBER CO LTD	COM	952845105	645	6,750	SH		SOLE		0	6,750	0