Good morning. Thank you for joining us for our webcast announcing U.S. Global Investors' Results for the Fiscal Year 2016. I'm Lisa Aston. If you have any questions during the webcast, you can enter them in the questions area of the control panel sidebar, which is normally to the right of your screen. Also, we will send a copy of the slides to attendees after the completion of today's event. The presenters for today's program are Frank Holmes, U.S. Global Investors' CEO and Chief Investment Officer; Susan McGee, President and General Counsel; and Lisa Callicotte, Chief Financial Officer. During this webcast, we may make forward-looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this webcast that don't pertain to historical facts are subject to risks and uncertainties that may materially affect actual results. Please refer to our press release and corresponding Form 10-K filings for more detail on factors that could cause actual results to differ materially from any described today in forward-looking statements. Any such statements are made as of today and U.S. Global Investors accept no obligation to update them in the future. Now let's go to Frank Holmes, CEO and CIO, for an overview of the period. Frank?

Thank you, Lisa. So, let's go to Slide number 5. We continue to strive to as a go-to stock for exposure to emerging markets and resources. We remain debt-free. Strong balance sheet with a reflexive cost structure; Lisa Callicotte, our CFO, will go into more detail on. And we've been able to maintain that monthly dividend return on equity discipline even through these challenging times, which we believe that the light at the end of the tunnel is sunshine and it's not a train still coming at us. It seems that we've had a balance in the assets and we will talk more about that, which is positive in particular going into the summer quarter after Brexit. I want to thank on Slide number 6, our top shareholders. FIM Group, for being loyal through this whole process; The Royce Funds; The Vanguard was an index; and Sentry, which is much more of an active mindset. So the largest shareholders are very active and the newest addition to the group is the Newberg Family Trust, which acquired 5% and we thank them all for being loyal and inside information questions that they have asked us, so thank you all. Slide number 7, GROW Dividends - paid monthly, consistently paid for more than nine years. The current yield is 1.71% and so the monthly dividend is a modest $0.025 (sic) $0.0025, but it's paid monthly for that discipline. The share repurchase program remains in motion. The Board has approved to repurchase up to $2.75 million of its outstanding common stock in the open market through the calendar year 2016. And during the fourth quarter of 2016, the company repurchased 25,493 Class A shares using a cash of $44,000. And during the fiscal 2016, the company repurchased 177,998 Class A shares using cash…

I guess, starting in December of last year, the shareholders of U.S. Global Investors Funds held a special meeting and approved the election of a new slate of trustees for the fund. This action resulted in the fund becoming a part of the family of funds that receive administrative fund accounting and transfer agency services from Atlantic Fund Services. The primary reason for this initiative was to streamline cost that would positively impact both the mutual fund shareholders and the GROW shareholders. When this transition is completed in December of 2017, we believe the fund shareholders and GROW shareholder should fully realize the economies of scale [Technical Difficulty] as a result of this transition to a larger fund complex. Atlantic Fund Services provides a full range of services to various investment vehicles and we do believe that this transition will continue to be beneficial to the fund shareholders and GROW shareholders.

Anything else, Susan? You'd like to comment on Slides 17 and 18?

No.

Okay. Slide number 20 is building for future growth. GROW has 65% ownership in Galileo Global Equity Advisors, a Canadian asset management. We were earning a valuable brand awareness in over 170 countries through publishing of our financial commentary and other original content. And we continue to develop an innovative and dynamic ETF, it's been filed that we're working on one particular smart beta gold equity. And one of the things I just share with investors, when you launch this you really have to make sure you've put in thousands and thousands of hours of regression analysis because once it goes out in the marketplace, it has to be able to show its resiliency both in rising gold prices/fall in gold prices, rising currency/fall in currency, changes around the world. So, we feel that we've done the -- probably pushing 4,000 hours of quantitative research and making sure that when we get this product launched through the regulatory process, it will have tremendous survivorship and exceptionally competitive versus the other gold ETFs that are out there, particularly the gold equity ETFs. The next visual 21, it will show you that we continue to see this growth at ETF products. And probably more important is Slide number 22 as U.S. domestic active managed funds are seeing -- are witnessing a decline and assets are being stripped away. It's not so much buy one mutual fund, sell this one or buy another mutual fund, it's slowly being stripped away with ETFs and so it's just going to continue. I do think there is some tremendous benefits where ETFs can't deal with and they can't deal with where we've been able to generate alpha in particular near-term. That ability to manage cash levels, not have to react, every day the fund flows, how…

Thank you, Frank. Good morning. Before I summarize our results of operations, I wanted to note that 2016 was another transition year for us. During the year, the company endorsed the proposal for USGIF to elect new trustees and become a part of the family of funds that receives services from Atlantic Fund Services as discussed earlier. And the proposal was approved and as anticipated, effective December 2015, the company ceased to be the distributor of USGIF and no longer receives distribution fees and shareholder servicing fees from USGIF. The company's sponsored change also resulted in the company no longer being responsible for paying certain distribution and shareholder servicing related expenses and is now reimbursed for certain distribution expenses from the new distributor, USGIF. The operations associated with providing these services are considered discontinued operations. And the revenues and expenses have been reclassified as discontinued operations in the current and prior years. Now I will summarize the results of operations for fiscal year June 30, 2016. Beginning on page 28, we recorded total operating revenues of $5.5 million for the year. This is down $1.8 million or 25% from the $7.3 million in 2015, primarily due to lower assets under management related to market appreciation and shareholder redemption. Moving on to Page 29, operating expense for the year were $9.6 million, a decrease of $1.2 million or 11%. Primarily for the following reasons; Employee compensation and benefits decreased $481,000 or 9% as a result of fewer employees and lower performance-based bonuses. General and administrative expenses decreased $396,000 or 10% mainly due to strategic cost-cutting measures that would also somewhat offset by costs related to the transition of USGIF to third-party service providers. Platform fees decreased $348,000 or 41% due to a decrease in assets held through broker-dealer platforms. On Page…

Thank you, Lisa. The majority of our sales and marketing efforts over the past few months have been focused of our gold equity funds. Our long-standing top performer the near-term tax free fund and our newest product the U.S. Global JETS ETF, which is the only airline ETF on the market at this point. As Frank mentioned earlier, JETS celebrated its 12-month anniversary in May and it has received extensive financial media coverage and interest from the investment community. JETS utilizes a dynamic rules-based index strategy and it provides investors with a diversified exposure to the global airline industry. We believe performance-based results are important to our investors and we share with investors that it's actually easier, the odds are better to become a professional NBA player than for a fund to deliver 21 consecutive years of positive performance. We are proud that our near-term tax-free fund is one of only 39 equity and bond mutual funds out of more than 31,000 funds that have delivered a consecutive positive annual returns for the past 21 years. We find this remarkable. Our near-term tax-free fund continues to provide investors a calming solution because it has consistent positive performance and we find investors appreciate the monthly tax-free income that the fund can provide. The funds strategy uses a portfolio of high-quality municipal bonds with relatively short maturities. When investors look at NEARX against the S&P 500 index, over the past 15 years, you can see that the fund's history has no drama. Also the company's gold equity mutual funds have benefited from the strong gold market in 2016. In particular, the World Precious Minerals Fund has been beating its benchmark by a very significant amount for both the one-year and three-year periods. Investor's Business Daily recently featured both the gold and precious…

Thank you, Susan. You can see on Slide 54, read more about this topic, Frank Talk. This is a periodic table of commodity returns and what we try to show earlier is that every asset class will revert back to the mean and it shows you basically no one commodity stays at the very top forever. And usually they've been down at the bottom for a year or two, then they rise to the top, which is basically the dynamics for supply and demand. If there's additional supply, they go to the bottom until either supply is restricted or the demand picks up dramatically. And usually what happens is, there is a lag, supply gets cut, demand picks up, it takes a while in the commodity world for supply to come back on-stream and you have these commodities go through these incredible runs. And that's why that you need active management when it comes to resources. So this is the most popular page on our Web site for people downloading and sharing. We see it showing up in many different publications and newsletter writers use that and talking about the theme of terms in the commodity world. The next slide is the rise of the middle class and I think it's just so important to recognize the significance of this. It's not just myself, but it's also McKinsey consultants have commented on it. We've written extensively on the GDP per capita shift on the importance of Chindia, which is 40% of the world's population. That the GDP per capita of China last year surpassed the U.S., but only because of sheer size. When you have 1.4 billion people and you have that 8% of them -- not 50%, but 8% are now making what 50% of American middle class makes.…

Thank you, Frank. So we're ready for some questions. Again you can enter them in the questions area of the control panel. We do have a couple of questions that have come in. First, has U.S. Global Investors turned the corner to profitability?

Well, it's so easy in this world today to track what our assets are every day. And I know a couple of investors download and they create their own financial model. So in the event that there is no major new expenses that we would incur and the asset levels back to where they were in September 2014, so in September 2014 two years ago with our assets at these level, we are losing about $4,000 a day. And I would share with you with all the restructuring and dropping costs that we're modestly making money, that's what's really important. There has been a swing and it's really simple line, you should take look at how the expenses dropped in the past quarter, where the assets are today. So I think as we have turned, we show you the visual, we will know more at quarter exactly and we will report those. But it is as you can see rising assets in particular when they are gold, global resources, emerging Europe or China have a significant impact in both revenue and profit margin in our complex.

Thank you. Another question. One of the slides noted that assets under management increased in the third and fourth quarters. But the loss per share was $0.02 per share for both periods. Can you explain why loss per share was consistent when AUM and revenues increased?

Yes. It is difficult sometimes to actually see kind of improvement and movement in a per-share number just mainly due to rounding. But if you look in our 10-K and quarterly information, we had a net loss in the third quarter of approximately $350,000. And in the fourth quarter that improved and was $245,000. So that's approximately $100,000 improvement, about 30%. But when you are calculating the per share, kind of due to rounding in the third quarter was a bit above $0.02 loss per share and then the fourth quarter was approximately, like, I guess, I think, it's $0.17 per share, which rounds to $0.02. So we are seeing the improvement as AUM goes up, we are seeing that hit our net income line.

And we've kept to maintain the same discipline. I think it's important for investors on expenses and bonuses until we are able to show profits, we cut out bonuses dramatically for all employees how we function and have a great team of 23 people here that our amazing. It's like now we've gone through Navy SEALs' wind sight, everyone is doing two to three duties. And we do outsource with Atlantic a lot of other sort of bureaucratic work and stay focused on the core issues we have to deal money management. And the money management did improve. I think there is another important factor is the swing on that fulcrum fee. The fulcrum fee allows us that when any fund beats its benchmark by more than 5% over a rolling 12-month period, we get a bonus of 2 basis point for that month. However, if it lags by 5%, we have to give back. And so some of the part of that restructuring with Atlantic et cetera was also restructuring the money managers and duties and processes that we have internally and applying a much more rich and data quantitative approach overlay and that improve the fund performance. So we have seen bonuses and it's a wonderful to see that our World Precious Minerals Fund is killing it. I mean [Technical Difficulty] there is a regulatory world we can't share with you only if you are an RIA, how we perform GDX and GDXJ for one-three years. And they have garnered most of the assets. One of the biggest more spooky things I've seen in this fund business is that I've never had such great fund performance in the gold space. And seen such little fund flows. The last time we ripped it open with these types of numbers…

Thank you, Frank. And thank you to our attendees for listening this morning. And thank you for your questions. This concludes the U.S. Global Investors webcast for the fiscal year of 2016 and this presentation will be available on our Web site www.usfunds.com. Thank you.