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

 
FORM 11-K
 

 
ý
Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
For the Fiscal Year Ended December 31, 2015
or

Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
for the transition period from                      to
Commission File Number 0-13928
U.S. GLOBAL INVESTORS, INC. 401(k) PLAN
(Full title of the plan and the address of the plan,
if different from that of the issuer named below)
 
U.S. GLOBAL INVESTORS, INC.
7900 Callaghan Road
San Antonio, Texas 78229
Telephone Number: 210-308-1234
(Name of issuer of the securities held pursuant to the plan and the address of its principal executive office)



U.S. GLOBAL INVESTORS, INC. 401(k) PLAN

TABLE OF CONTENTS

 
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U.S. GLOBAL INVESTORS, INC. 401(k) PLAN
 
DECEMBER 31, 2015
 
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS (Unaudited)
 
   
December 31, 
 
   
2015
   
2014
 
Assets
           
Investments, at fair value:
           
Participant-directed investments
 
$
4,797,182
   
$
4,866,473
 
Profit sharing managed pool
   
     
975,767
 
Total investments
   
4,797,182
     
5,842,240
 
Cash
   
14,040
     
13,139
 
Receivables:
               
Participant contributions
   
     
 
Employer contribution
   
     
 
Participant loans
   
56,924
     
69,337
 
Interest and dividends
   
1,097
     
228
 
Total receivables
   
58,021
     
69,565
 
Total assets
   
4,869,243
     
5,924,944
 
                 
Liabilities
               
Due to broker
   
12,944
     
13,139
 
Accrued expenses
   
6,863
     
8,413
 
Total liabilities
   
19,807
     
21,552
 
                 
Net assets available for benefits
 
$
4,849,436
   
$
5,903,392
 

The accompanying notes are an integral part of these financial statements.

U.S. GLOBAL INVESTORS, INC. 401(k) PLAN
 
DECEMBER 31, 2015
 
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (Unaudited)
 
   
Year ended
 
   
December 31, 2015
 
Additions:
     
Interest income on notes receivable from participants
 
$
3,305
 
Contributions:
       
Participants
   
282,908
 
Employer
   
129,269
 
Total contributions
   
412,177
 
Total additions
   
415,482
 
         
Deductions:
       
Benefits paid to participants
   
805,508
 
Administrative expenses
   
30,963
 
Total deductions
   
836,471
 
         
Investment income (loss):
       
Dividend income
   
32,492
 
Net depreciation in fair value of investments
   
(665,459
)
Total investment loss
   
(632,967
)
         
Net decrease in net assets available for benefits
   
(1,053,956
)
Net assets available for benefits:
       
Beginning of year
   
5,903,392
 
End of year
 
$
4,849,436
 

The accompanying notes are an integral part of these financial statements.
 
U.S. GLOBAL INVESTORS, INC. 401(k) PLAN
DECEMBER 31, 2015
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
NOTE 1. DESCRIPTION OF PLAN
 
U.S. Global Investors, Inc. (the “Company” or “USGI”) is a publicly held investment advisory company headquartered in San Antonio, Texas, with less than 100 employees.
 
USGI’s class A common stock trades on NASDAQ under the symbol “GROW.”
 
The following description of the U.S. Global Investors, Inc. 401(k) Plan (the “Plan”) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.
 
General
 
The Plan is a defined contribution plan covering all employees of the Company who have completed 250 hours of service within the three-month time period following employment date, or one year of service (minimum 1,000 hours). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
 
USGI is the Plan sponsor and administrator. BOKF, NA, a wholly owned subsidiary of BOK Financial Corporation, is the trustee, holds the Plan’s investments in trust and performs recordkeeping and certain administrative services for the Plan.
 
Participation
 
Participation in the Plan is voluntary. Eligible employees may enroll on any entry date (January 1, April 1, July 1 or October 1) after meeting the eligibility requirements.
 
Contributions
 
Participants may contribute a percentage of their compensation up to annual limitations set by law. The limitation for 2015 was $18,000 with an additional $6,000 catch-up contribution for participants age 50 or older. These contributions are withheld from a participant’s payroll and contributed to the Plan as a salary deferral. There are two types of salary deferrals: regular 401(k) deferrals and Roth 401(k) deferrals.
 
The Plan operates as a “safe harbor 401(k) plan.” As such, the Company will make a matching contribution equal to 100% of the salary deferrals that do not exceed 3% of a participant’s compensation plus 50% of the salary deferrals between 3% and 5% of the participant’s compensation. The Company match is calculated and funded each pay period; it is allocated at the time of remittance according to each participant’s investment selections.
 
The Plan has an automatic enrollment feature whereby, upon eligibility, the Company will withhold 2% of a participant’s compensation each payroll period to contribute to the Plan on a pre-tax basis. The default investment is the Fidelity Balanced Fund. A participant may elect at any time to select an alternative deferral amount or investment or not to defer.
 
The Company may also make a discretionary profit-sharing contribution to the Plan that would be allocated to each eligible employee based on compensation. A participant must be actively employed on the last day of the Plan year to be eligible to receive a share of the profit-sharing contribution. The Company did not make a discretionary contribution for 2014 or 2015.
 
Any participant can make rollover contributions to the Plan.
 
U.S. GLOBAL INVESTORS, INC. 401(k) PLAN
DECEMBER 31, 2015
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
Participant Accounts
 
Each participant’s account is credited with the participant’s contribution and allocation of the Company’s contribution and Plan earnings. Administrative fees are also allocated to participants' accounts. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.
 
Vesting
 
Participants are immediately and always 100% vested in their entire account balance, including salary deferrals, Company contributions and actual earnings thereon.
 
Participant-Directed Investment Options
 
With the exception of the Profit Sharing Managed Pool, investments of the Plan are participant directed. A participant may direct contributions to and may transfer existing account balances between any of the following current investment options.
 
 
Cavanal Hill Cash Management Fund
*
U.S. Government Securities Ultra-Short Bond Fund
 
Vanguard Intermediate-Term Treasury Fund
 
Fidelity Balanced Fund
*
All American Equity Fund
*
Holmes Macro Trends Fund
*
Global Resources Fund
*
World Precious Minerals Fund
*
Gold and Precious Metals Fund
*
Emerging Europe Fund
*
China Region Fund
 
MAP Target 2020 Fund
 
MAP Target 2030 Fund
 
MAP Target 2040 Fund
 
MAP Target 2050 Fund
 
U.S. Global Investors, Inc. Stock Fund (the Stock Fund)
 
Self-Directed Account Option
 
*  Fund is in the U.S. Global Investors Funds series managed by USGI.
 
With the exception of the MAP Target Date Funds, the Stock Fund and the Self-Directed Account Option, all investment options are open-end mutual funds.
 
The MAP Target Date Funds are common trust funds. BOKF, NA, a wholly owned subsidiary of BOK Financial Corporation, is trustee and custodian of these funds. A subsidiary of BOKF, NA is the adviser of Cavanal Hill Cash Management Fund.

 
U.S. GLOBAL INVESTORS, INC. 401(k) PLAN
DECEMBER 31, 2015
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
The Stock Fund is a unitized fund, which means participants do not own shares of Company stock directly but rather own an interest in the unitized fund. The fund consists of class A common stock of the Company and a money market mutual fund for liquidity purposes. The value of a unit reflects the combined value of the Company stock and cash equivalents held by the fund. The Plan owns the underlying assets of shares in common stock and the money market mutual fund.
 
The Self-Directed Account Option allows a participant to invest in a broad range of mutual funds and individual securities not offered within the Plan's options.
 
Participants may change their investment options and transfer amounts between investment options daily (current employees must comply with the Company’s Code of Ethics in making any such changes or transfers).
 
Participants should refer to the fund prospectus or other investment document for information on a fund's investment risk, objective, fees and expenses.
 
Payment of Benefits
 
On termination of service, a participant may elect to receive either a lump-sum amount equal to the value of his or her account, or a rollover to another qualified plan or IRA. If the account value is between $1,000 and $5,000, the Plan administrator will roll the balance over to an IRA, unless the participant instructs to receive a lump-sum amount or rollover to another qualified account. If the account value exceeds $5,000, the participant must consent to the distribution before it can be made.
 
Distributions prior to termination of service are allowed under certain circumstances.
 
Participant Loans
 
Participants may borrow from their accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50 percent of their account balance. Loan transactions are treated as transfers between the investment fund and the participant loan fund. The loan is secured by the balance in the participant’s account and bears interest at prime plus 1 percent as of loan issuance. As of December 31, 2015, the interest rate on outstanding participant loans was 4.25% and maturity dates ranged from September 2016 to August 2020. Principal and interest is paid ratably through payroll deductions.
 
Administrative Expenses
 
BOKF, NA receives compensation for its services in the form of quarterly administration fees and transaction fees. Administration fees paid by the Plan for 2015 totaled $30,489, of which $6,863 was paid in 2016 by the Plan. Transaction fees relating to individual participant transactions, such as distribution and loan origination fees, and the self-directed account option are deducted from the respective participant’s account.
 
NOTE 2. SUMMARY OF ACCOUNTING POLICIES
 
Basis of Accounting
 
The Plan’s financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

 
U.S. GLOBAL INVESTORS, INC. 401(k) PLAN
DECEMBER 31, 2015
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
 
Investment Valuation
 
The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 6 for discussion of fair value measurements.
 
Income Recognition
 
Purchases and sales of investments are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date.
 
Net appreciation (depreciation) in fair value of investments consists of net realized gains and losses on the sale of investments and net unrealized appreciation (depreciation) of investments.
 
Contributions
 
Employee contributions are recorded in the period during which the Company makes payroll deductions from the Plan participants’ earnings. Matching Company contributions are recorded in the same period.
 
The discretionary Company profit-sharing contribution is funded annually, if made, and recorded in the applicable plan year.
 
Payment of Benefits
 
Benefits are recorded when paid.
 
Recent Accounting Pronouncements
 
In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-07, Fair Value Measurement (Topic 820) Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize investments measured using the net asset value (“NAV”) practical expedient in the fair value hierarchy table. Entities will be required to disclose the fair value of investments measured using the NAV practical expedient so that financial statement users can reconcile amounts reported in the fair value hierarchy table to amounts reported on the balance sheet. The new guidance will be applied retrospectively and is effective for the Plan for the year ending December 31, 2016. Early adoption is permitted. Management is currently evaluating the impact that the new guidance will have on the Plan’s financial statements.

 
U.S. GLOBAL INVESTORS, INC. 401(k) PLAN
DECEMBER 31, 2015
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
In July 2015, the FASB issued ASU No. 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960) Defined Contribution Pension Plans (Topic 962) Health and Welfare Benefit Plans (Topic 965): (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient (“ASU 2015-12”). Part I and Part III are not applicable to the Plan. Part II simplifies the investment disclosures required for employee benefit plans, including eliminating the requirements to disclose: (a) individual investments that represent 5% or more of net assets available for benefits, (b) net appreciation (depreciation) by individual investment type, and (c) investment information disaggregated based on the nature, characteristics and risks. The requirement to disaggregate participant-directed investments within a self-directed brokerage account has also been eliminated. Self-directed brokerage accounts should be reported as a single type of investment. ASU 2015-12 is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Plan elected to retrospectively early adopt the applicable parts of this ASU as of December 31, 2015.
 
NOTE 3. PLAN TRUSTEE
 
BOKF, NA is the Plan trustee and holds the Plan’s investments in trust. It also performs recordkeeping and certain administrative services for the Plan. BOKF, NA receives compensation in the form of quarterly administrative fees from the Company or the Plan for its services and certain transaction fees from participants.
 
NOTE 4. INVESTMENTS
 
The Plan’s investments, which are set forth in the following table, are held in a bank-administered trust.
 
   
December 31,
 
   
2015
   
2014
 
Cavanal Hill Cash Management Fund
  $ 122,855     $
108,333
 
U.S. Government Securities Ultra-Short Bond Fund
   
928,102
     
784,621
 
Vanguard Intermediate-Term Treasury Fund
   
130,919
     
135,426
 
Fidelity Balanced Fund
   
644,159
     
612,193
 
All American Equity Fund
   
344,075
     
369,069
 
Holmes Macro Trends Fund
   
517,630
     
607,562
 
Global Resources Fund
   
191,567
     
191,290
 
World Precious Minerals Fund
   
60,005
     
51,158
 
Gold and Precious Metals Fund
   
66,296
     
53,234
 
Emerging Europe Fund
   
68,092
     
96,298
 
China Region Fund
   
97,011
     
73,280
 
MAP Target 2020 Fund
   
5,194
     
5,257
 
MAP Target 2030 Fund
   
321,380
     
701,321
 
MAP Target 2040 Fund
   
327,837
     
305,101
 
MAP Target 2050 Fund
   
47,444
     
47,488
 
Stock Fund
   
286,175
     
724,842
 
Self-Directed Account Option
   
638,441
     
-
 
Profit Sharing Managed Pool *
   
-
     
975,767
 
    $
4,797,182
    $
5,842,240
 
 
*  Nonparticipant-directed. See Note 5.
 
 
U.S. GLOBAL INVESTORS, INC. 401(k) PLAN
DECEMBER 31, 2015
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
NOTE 5. NONPARTICIPANT-DIRECTED INVESTMENTS
 
The Profit Sharing Managed Pool was a nonparticipant-directed investment managed by the Company. Information about the net assets and the significant components of the changes in net assets relating to the Profit Sharing Managed Pool is as follows:
 
   
December 31,
 
 
 
2015
   
2014
 
Net Assets:
           
Mutual funds1
  $ -     $
952,360
 
Cash equivalent
   
-
     
23,323
 
Dividends receivable
   
-
     
84
 
    $       $
975,767
 

   
Year ended
 
   
December 31, 2015
 
Changes in Net Assets:
     
Net appreciation
  $
16,202
 
Dividends
   
269
 
Benefits paid to participants
   
(63,112
)
Net loan activity
   
(919
)
Administrative expenses
   
(1,542
)
Transfers into Participant-Directed Investments
   
(926,665
)
    $
(975,767
)
 
On May 13, 2015, the Profit Sharing Managed Pool was closed and each participant’s balance was transferred into the identical investment as the asset allocation model used by the Profit Sharing Managed Pool. Participants may now direct these investments.
 
NOTE 6. FAIR VALUE MEASUREMENTS
 
The Plan’s financial instruments consist primarily of mutual funds, target date funds organized as common trust funds, the Company Stock Fund and a self-directed account option. As discussed in Note 5, there was also a profit sharing managed pool until May 2015. Three levels of inputs are used to measure the fair value of Plan investments:
 
Level 1 – Quoted prices in active markets for identical assets or liabilities.
Level 2 – Significant observable inputs (including quoted prices for similar assets and liabilities in active markets).
Level 3 – Significant unobservable inputs (for example, cash flow modeling inputs based on assumptions). As of December 31, 2015, and 2014, the Plan did not hold any Level 3 investments.


1 Mutual fund investments of the Profit Sharing Managed Pool consisted of funds identified as managed by USGI in Note 1.

U.S. GLOBAL INVESTORS, INC. 401(k) PLAN
DECEMBER 31, 2015
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
Following is a description of the valuation methodologies used for assets measured at fair value by the Plan. There have been no changes in the methodologies used at December 31, 2015, and 2014, except that the methodology for the self-directed account option was added as there are now assets in that investment.
 
Mutual funds: Valued at the net asset value (“NAV”) of shares held. The funds are traded on an active market. The net asset value of the mutual fund’s shares is the closing price as quoted on the exchange where the fund is traded and, therefore, classified as Level 1 within the valuation hierarchy.
 
Common trust funds: Valued using the NAV provided by the trustee of the fund. The NAV is based on the value of the underlying assets owned by the fund, less its liabilities, and then divided by the number of units outstanding. Underlying assets consist of investments traded on active markets. These funds permit daily redemption of units. Common trust funds are classified as Level 2 within the valuation hierarchy.
 
Stock Fund: Valued using quoted market price of stock, plus the value of any cash equivalent. The Stock Fund is classified as Level 1 within the valuation hierarchy.
 
Self-directed account option: Accounts consist of mutual funds and common stocks that are valued on the basis of readily determinable market prices.
 
Profit Sharing Managed Pool: Valued at the NAV of shares in mutual funds held at year-end, plus the value of any cash equivalent. The Profit Sharing Managed Pool was classified as Level 1 within the valuation hierarchy.
 
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain instruments could result in a different fair value measurement at the reporting date.
 
The following table sets forth the Plan’s investments at fair value by level, within the fair value hierarchy, as of December 31, 2015, and 2014. Classification within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
 
   
Investment Assets at Fair Value as of December 31, 2015
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Mutual funds
 
$
3,170,711
   
$
-
   
$
-
   
$
3,170,711
 
Common trust funds
   
-
     
701,855
     
-
     
701,855
 
Stock fund
   
286,175
     
-
     
-
     
286,175
 
Self-directed account option
   
638,441
     
-
     
-
     
638,441
 
Total
 
$
4,095,327
   
$
701,855
   
$
-
   
$
4,797,182
 
 
   
Investment Assets at Fair Value as of December 31, 2014
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Mutual funds
 
$
3,082,464
   
$
-
   
$
-
   
$
3,082,464
 
Common trust funds
   
-
     
1,059,167
     
-
     
1,059,167
 
Stock fund
   
724,842
     
-
     
-
     
724,842
 
Profit Sharing Managed Pool
   
975,767
     
-
     
-
     
975,767
 
Total
 
$
4,783,073
   
$
1,059,167
   
$
-
   
$
5,842,240
 

U.S. GLOBAL INVESTORS, INC. 401(k) PLAN
DECEMBER 31, 2015
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
There were no transfers in or out of Levels 1, 2 or 3 during the periods.
 
There are no Plan liabilities required to be recorded at fair value at December 31, 2015, and 2014.
 
NOTE 7. PARTIES-IN-INTEREST TRANSACTIONS
 
Parties-in-interest are defined under Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer and certain others.
 
The Plan allows for transactions with certain parties who may perform services or have fiduciary responsibilities to the Plan, including the Company. Certain Plan investments are shares of mutual funds managed by USGI. Because USGI is the Plan administrator as defined by the Plan and the Plan sponsor, these transactions qualify as party-in-interest transactions. The Plan does not pay explicit fees for investment management services. Fees and expenses paid by the mutual funds are reflected as a reduction of the return earned on each fund.
 
The Stock Fund includes class A common stock of USGI. Since USGI is the Plan administrator and sponsor, investments involving USGI stock qualify as party-in-interest transactions. The market value of USGI class A common stock held in the Stock Fund at December 31, 2015, was $269,123 (230,020 shares). The Stock Fund received $12,076 in dividends from USGI stock in 2015.
 
Participant loans are also considered party-in-interest transactions.
 
Cavanal Hill Cash Management Fund, a money market fund, is an investment option in the Plan. In addition, a portion of the Stock Fund is, and the Profit Sharing Managed Pool was, invested in this fund. This fund is managed by Cavanal Hill Investment Management, Inc., a wholly owned subsidiary of BOKF, NA, so these transactions qualify as party-in-interest transactions. The Plan does not pay explicit fees for investment in this mutual fund. Fees and expenses paid by the mutual fund are reflected as a reduction of the return earned on the fund.
 
BOKF, NA is the trustee and custodian for the MAP target date funds; transactions in these common trust funds also qualify as party-in-interest transactions. The Plan does not pay explicit fees for investment in the MAP funds. Fees and expenses paid by the common trust funds are reflected as a reduction of the return earned on each fund.
 
NOTE 8. PLAN TERMINATION
 
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.
 
NOTE 9. TAX STATUS
 
The Plan is qualified and the trust established under the Plan is exempt from federal income taxes as provided by the appropriate sections of the Internal Revenue Code (“IRC”). The Plan has adopted the BOKF, NA Volume Submitter Profit Sharing Plan with CODA, which has received a favorable opinion letter from the IRS dated September 30, 2014, stating that the prototype is designed in accordance with the applicable sections of the IRC. The Plan administrator and management believe that the Plan is designed and is currently being operated in compliance with applicable requirements of the IRC and that the Plan and related trust continue to be tax exempt. Therefore, no provision for income taxes has been recorded.

U.S. GLOBAL INVESTORS, INC. 401(k) PLAN
DECEMBER 31, 2015
NOTES TO FINANCIAL STATEMENTS (Unaudited)
 
Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by taxing authorities. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2015, there are no uncertain positions taken or are expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to tax examinations for years prior to 2012.
 
NOTE 10. RISKS AND UNCERTAINTIES
 
The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, credit, and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and amounts reported in the Statements of Net Assets Available for Benefits.
 
NOTE 11. SUBSEQUENT EVENTS
 
In January 2016, the Company filed a post-effective amendment with the Securities and Exchange Commission to deregister any and all securities previously registered under the Plan that remained unsold.
 
The Plan has evaluated for disclosure any subsequent events through the date these financial statements were issued.


Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the administrator of the U.S. Global Investors, Inc. 401(k) Plan has duly caused this annual report to be signed on behalf of the U.S. Global Investors, Inc. 401(k) Plan by the undersigned, thereunto duly authorized.

           
       
U.S. Global Investors, Inc. 401(k) Plan
       
Date:
June 23, 2016
       
       
       
By:
/s/ Lisa C. Callicotte
       
Name:
Lisa C. Callicotte
       
Title:
Chief Financial Officer of
         
U.S. Global Investors, Inc.
         
Plan Administrator
 
 
 
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