Good afternoon. Thank you for joining us today for our webcast announcing U.S. Global Investors' Results for the First Quarter of Fiscal 2017. I'm Lisa Aston. You may download a PDF of today slides by clicking on the red hand dot button. 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-Q 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, and thank you everyone for late on a Friday, which is very unusual for us to be doing a presentation especially with -- as we are trying to get our investor alert out. But, it's just a timeline, next week I will be in Australia and it was just faster to get it done this way, but I apologize for late Friday going through this Q&A opportunity, but more importantly just quickly give you an update that as our pattern -- comments regarding U.S. Global, we welcome all new investors and exist investors we thank you for your loyalty. U.S. Global Investors is an innovative investment manager with a vast experience in global markets and specialized sectors. Known as an investment corp., the company became a registered investment advisor in 1968 and as a longstanding history of Global Investing are launching first of their kind investment products including, the personal local fund. U.S. Global is well-known for its expertise in global and precious metals, natural resources in emerging markets and I will let that opportunity to get a tacit knowledge going down under to the country great of Australia, which has been a boom -- been a great gold stocks for our funds. They have had spectacular runs, have you visit our Web site, you can learn more about what's been driving those factors for Australian gold stocks. The next visual is showing our strengths, so we strive to be that go-to-stock exposure to emerging markets and resources. We are debt-free. We still have this great -- I think strong balance sheet with a very reflective cost structure. We maintain this multi-dividend and return equity discipline, it's been very challenging. We are happy to say that we've had a quarter that finally turned that we show that…

As we reported in previous quarters starting in December of last year, we initiated a restructuring with Atlantic Fund Services to better position our company to focus on strategic activity, which include portfolio management and marketing and sales activity. Due to this transition, the company is no longer recording certain distribution and shareholders servicing related revenues and expenses and we are hoping and planning and we have things on cost reductions, the ability of the funds to realize the common interest scale and we believe that this will be a win-win for both U.S. Global Investors fund shareholders and GROW shareholders.

Lisa?

Thank you, Frank. Good afternoon. I would like to summarize our results of operations for the quarter ending September 30, 2016. Beginning on Page 19, we reported total operating revenue of $1.98 million for the quarter. This was a 58% increase from the 1.25 million we reported the same quarter last year. The increase is primarily due to an increase in average assets under management and the U.S. Global Investors funds mainly due to appreciation and net purchases in gold and natural resource funds. It was somewhat offset by the decrease in administrative fees due to change in the administrative agreement with USGIF due to the [Technical Difficulty] certain services and other service providers as discussed by Susan. Our operating expenses for the quarter were $1.95 million; this is a decrease of $695,000 or 26%. The decrease is primarily due to strategic changes including the following. Employee compensation and benefits decreased $389,000 a 28% as a result of a reduction in work force; general and administrative expenses decreased $209,000 or 19% primarily due to strategic cost cutting measures and advertising expenses decreased $81,000 or 74% due to higher cost in the prior period related to the ETF that was launched in April of 2015. We see our operating income is $31,000 for the quarter ended September 30, 2016 versus a loss of $1.395 million for the same quarter in the prior year. On page 20, our other income which is income related to our investments is $253,000 compared to 534,000 for the quarter ending September 30, 2015. Net income attributable to USGI after taxes for the quarter was $263,000, this is an improvement over the same quarter in the previous year, which was a net loss of $286,800. As you can see on Page 21, this equates to $0.02 per share versus a loss of $0.06 per share for the previous quarter. Moving on to Page 22, we see, we still had a strong balance sheet, we owned our own building. We have cash and marketable securities of approximately $17.7 million that combine to make up 65% of our total assets. As you can see on Page 23, we still have no long-term debt. The company has a networking capital of $16.3 million and a current ratio of 14.1:1. With that, I will turn it over to Susan McGee.

Thank you, Lisa. Our investment team was honored recently about a Mining Journal. Susan and Frank Holmes and Portfolio Manager, Ralph Aldis with Best Americas Based-Fund Manager award for 2016. We are very proud of this latest recognition for our active management in gold and natural resources play. This award actually follows Frank Mining Fund Manager of year award for the Mining Journal in 2006 and Frank's recognition as a U.S. metals and mining top-gun by Brendan Wood International. Ralph is also named a top-gun in 2011, and again, in 2015. In addition, we have received 29 Lipper performance awards, certificates and top ranking since 2000. We are very pleased to offer this expertise to our fund shareholders. Our sales and marketing efforts have continued to focus on our gold and natural resources funds, our municipal bond fund and the U.S. global Jets ETF. Investors can find more information about our funds on our Web site, www.usfunds.com. The company and our funds continue to receive an invaluable amount of viral publicity which is gained through media interviews, through recommendations by influential financial newsletter writers and the sharing and syndication of our award-winning original content by third-party publishers. For example, our articles on the top 10 gold producing lines in the world was featured by Business Insider and it received over 89,000 views. And Frank Holmes commentary is often featured by prominent publications, including Forbes, SeekingAlpha, ValueWalk, and Business Insider; these sites have millions of monthly visitors. We do call Frank our globetrotter, because he along with others on our investment team, are traveling all around the world to share our thought leadership. We interact frequently with followers through Facebook, Twitter, LinkedIn, Instagram, Pinterest. Kitco News, which is the biggest gold Web site in the world that has an audience of…

Okay. I don't think there is much more insider what you said inside the net subscriber to the investor alert, we highly recommend you do. There is a lot of work that's written, put together by the investment team, they create a slot analysis of strengths and weaknesses of the past weekend, what economic data point could be an opportunity and threat next week and I think it's just so helpful for investors to better get a feel for different asset classes in a very timely balanced way. So, with that I would like to open to Q&A.

[Operator Instructions] We do have one question and the question is can we -- would we comment in a little bit more detail on our investments in Galileo? Frank, can you take that one?

Sure. Galileo is unique opportunity. We put up capital to give us a bigger balance sheet. And we now have an analyst that's working forward and reporting to us. That's up there because Toronto is the financial capital of the world when it comes to resource and mining. When we were receiving the award for mining fund manager of the year, I thought was interesting to set over 60% of all financings past year from mining took place in Toronto. There are more listed mining companies in Toronto than all the other exchanges of the world combined. So, it is a truly important place to have an office, to have analyst to be able to go across the street everyday, meetings are coming in. And when I'm in their office, the meetings are all day along. So, I think from gathering research, it give us a foothold into Canada and we are working on, launching products through that platform and it's just have to go through that regulatory process making sure that it's unique and different and sustainable and scalable of a great benefit to investors. So, I think from that end, they were losing money with the meltdown of resources at this time at last year. And it’s the rebound and I think they have now modestly profitable nothing spectacular, but any rise in assets in their shop from these past quarter with average level and the same thing with ourselves, any rise above the average asset base can have a big impact in our free cash flow. That's it. And that's a wrap. And I'm getting ready to fly to Australia, down under. Thank you.

All right. Thank you. This concludes U.S. Global Investors webcast for the first quarter of 2017. And this presentation will be available on our Web site at usfunds.com. Thank you all for your participation.