Good morning and thank you for joining us today for our webcast announcing U.S. Global Investors Results for First Quarter 2021. I'm Holly Schoenfeldt. If you have any questions during the webcast, you can enter them in the questions area of the control panel sidebar, or you can email them to info@usfunds.com after the presentation. The presenters for today's program are Frank Holmes, U.S. global investors, CEO and Chief Investment Officer; Lisa Callicotte, Chief Financial Officer; and myself Polly Schoenfeldt, Marketing and Public Relations Manager. During this webcast, we may make forward-looking statements about our relative business outlook. Any forward-looking statements and all other statements made during the 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 filing for more detail on factors that could cause actual results to differ materially from any described today and in forward-looking statements. Any such statements are made as of today and U.S. Global accepts no obligation to update them in the future. Real quick, as you're watching today, we are pleased to offer you a [indiscernible]. All you have to do is send an email to info@usfunds.com and we are happy to get those out to you and just include your mailing address. On Slide 5, you'll see a quick overview of U.S Global Investors. We are an innovative investment manager with vast experience in global markets and specialized sectors. Founded as an investment club, the company became a registered investment advisor in 1968, and has a long-standing history of global investing and launching first of their kind investment products, including the first no-loan-gold fund. U.S Global is well known for expertise in gold and precious metals, natural resources and emerging markets. Grow strength; we strive to be the go-to stock for exposure to emerging markets, resources, gold, airlines and digital currencies. We have a strong balance sheet with a reflexive cost structure and a monthly dividend and return on equity discipline. Now let's go to Frank Holmes for an overview of the period. Frank?

Thank you, Holly. And thank you, Sarah, for helping out in this today and then we're going to have Lisa. Lisa Callicotte, our CFO will also be speaking and addressing financial questions. What I really wanted to say here thank everyone, in particular, very loyal shareholders of parrot Capital Management, and who have a wonderful micro-cap fund. The Royce Funds who have been long term both of them long term, loyal shareholders and, and same thing with Bill Nasca puts in his team at Heartland Advisors, who have recently come in and taken a substantial position in our company. They have the confidence of our vision, and BlackRock and Vanguard, which are either more index funds related, but in particular, the other fund managers. As you see, here, the dividends are paid monthly. We've been doing this since 2007. The current yield is 1.13%. A little better than what you're going to get in a money fund. We do have maintained the share repurchase program in motion. The board has approved to purchase up to 2.75 million shares outstanding common stock in the open market through December, this year of 2020. During three months ended September 30, the company repurchased 1,000 Class A shares using Casio approximately $2,000. This may be suspended. What's important for investors it's an algorithm that buys whenever gold seems gold. Whenever GROW had a big correction, it's just been correlated to gold. So that volatility on those big down days, the model, the algorithm kicks in and buys back shares. Most unfortunate is that most of the process today is that we're seeing in the sort of secular bull market now we've entered into, in particular for many of our asset classes we're benefiting from. As you can see here, the NASDAQ GROW, we had…

Thank you, Frank. Good morning. First of all start with our financial highlights; we had a very strong quarter. And as we noted previously, we felt that this quarter would really demonstrate the results of the inflows into our JETS ETF. And this is reflected in the fact that our quarterly average assets under management and our operating revenues increased approximately 300% compared to the same quarter last year, and our quarterly net income was $1.9 million. Quarterly operating revenues are the highest they've been in six years. And quarterly net income is the highest it's been in the last nine years. And now we'll review more details on the financial statements for the quarter ending September 30, 2020. Beginning on page 40, we see we recorded total operating revenues of $3.2 million for the quarter, which is an increase of $2.4 million or 304% from the $804,000 in the same quarter last year. The increase is primarily due to the increase in our average assets under management related to our smart beta JETS ETF. And this is while operating expenses only increased 57%. And that was mainly due to higher ETF fund expenses and higher bonuses due to fund performance. We see our operating income for the quarter ending September 30, 2020 is $937,000 compared to an operating loss the same time last year. On Slide 41, we see other income for the quarter is $1 million. And this is mainly related to unrealized gains on our investments compared to unrealized losses for the quarter ending September 30, 2019. Net income attributable to USGI after taxes for the quarter is $1.9 million or $0.13 per share, which is an improvement of $5.5 million compared to the net loss of $3.6 million, or a loss of $0.24 per share the same quarter for fiscal year 2020. Moving to page 43, we see we still have a strong balance sheet includes a high level of cash and marketable securities that make up 73% of our total assets. Slide 44 notes our liabilities, which are relatively consistent with June 30, 2020. And Slide 45, you can see our stockholders equity detail. Our company has a net working capital of $9.3 million and a current ratio of 5.4 to one. With that, I'll turn it over to Holly.

Thank you, Lisa. All right. As you can see on this slide, a majority of our mutual fund assets are in emerging markets and natural resources, while 28% are in domestic equities and fixed income. And as for distribution, more than three quarters of assets come from retail investors with 18% coming from institutional investors. Our sales and marketing efforts have continued to focus on our mutual funds, including those concentrated on gold, natural resources and emerging markets, as well as our exchange traded funds. The company and our funds continue to receive an invaluable amount of viral publicity gained through media interviews. Frank Holmes often shares his insights with financial outlets like Fox Business Television; Bloomberg Radio and Kitco News just to name a few. We continue to receive recommendations by influential financial newsletter writers as well. Along with sharing and syndication of our award-winning original content by third party publishers, the newsletters have loyal followings, and receive millions of visitors each month. Frank Holmes CEO blog Frank talk continues to grow in popularity as well. Its commentary is often featured by prominent publications, including Forbes, Seeking Alpha, Kitco and Equities.com, each with millions of monthly visitors. Kitco News the biggest gold website in the world with an audience of over 30 million monthly visitors in partnership with the street continues to feature the gold game film show with Frank Holmes Gold Market Analysis. And since the show's beginning 193 episodes have aired, you can watch Frank's interviews with Kitco on our YouTube channel or on kitco.com. At quarter in we like to look into the most visited Frank talk blog posts published over the past year and on this slide, you will see that the most visited articles so far in 2020 are as follows. Number one the…

So with that, I have a few questions here. I'm going to start with you, Lisa. I know you just finished your section, but can you please briefly re-summarize how the increase in AUM will impact cash flow and profit margins?

Yes, we're very excited about the quarter. And about the vast improvement in both profit margin and cash flows. Our operating profit margin for the quarter was approximately 29%. And we had positive cash flow through operations and our total cash increased approximately 660,000 from the June 30 quarter. We really feel like this shows that the quarter ending June 30 was a turning point for us. And we're very happy that we're seeing more complete results of that this quarter.

Thanks, Lisa. Frank, I have a question for you. Are there any new products in the pipeline?

I think what's important is the streamlining I would come back on these financials. One of the things that impact this during this bear cycle is also the lagging performance because we have a fulcrum fee. And a year ago, a lot of funds were just really not doing well. But today 90% of the funds are our plus or there. It's great to see. So that's a real positive note about the fund performance of the mutual funds. And what we did do is to launch the first luxury only dedicated fund and I remember people questioning me are you crazy, COVID. But it's interesting that the discretionary products have done exceptionally well. Costco has done well. Netflix has done well. But Tesla is a discretionary stock, Amazon. So to me is it's important to see what that how that luxury industry has done remarkably been resilient. And from the lows, they've had a wonderful run. So we have the only mutual fund that has luxury focused investments. And so I'm thrilled about that. The biggest thing I've been working on Holly that you're seeing in the industry is more and more how do you convert your mutual funds in the ETFs. And I think we've all been listening to presentations. We've spoken to people that are in the process now of doing it. We've been talking to counsel. So we do think that it's just a better product delivery for investors and traders out there the ETF. So we're going to be really focusing on that and the same time we are drilling down of looking at other products.

Great. Lisa, I have another one for you. Are you planning to continue your stock buyback and dividend distribution?

Well, our board reviews our stock repurchase program and our dividend distributions regularly. Currently, as Frank mentioned earlier, we are repurchasing shares based on an algorithm when our stock trades down or is below a certain threshold. And this program can be adjusted. Typically, I would say the board considers the company's financial position and cash flow when determining to continue or change these programs. And though, you know, I can't predict the future, as the company's financial metrics strengthens, the possibility of increasing the stock buyback and or the dividends is more likely.

Great. And Frank you briefly touched on this when you're talking about any new products in the pipeline. But can you go back to discussing how the investment team is working to improve performance of the mutual funds?

It's really the discipline quantum mental approach dynamic rules-based thinking and so that's how, like global resources was underperforming its index. And today it's crushing it and it's called the GNR ETF. Well, we are so much further ahead of that performance of the GNR from both a top down industry allocation to a stock picking allocation, and it's just doing phenomenally well. So I'm very thrilled about global resources that we show that we can go beat an ETF an index like the GNR. So that's the biggest difference.

Yes, great. Another question that came in Lisa, maybe you can touch on this. How is the investment in Galileo was having the same struggles as a lot of companies in the mutual fund industry? We did have some really good years with them, and very grateful for that but we both decided to go ahead and part ways. They had been losing money recently and so, therefore, they are actually considered - included in our discontinued operations in our financial statements. So we no longer are with them.

I think what's important there is that we did leave them with a technology fund and we're major investors in that and their focus is on that. They're going to take that product, and it should have also just great numbers. So we are still invested indirectly in the company and through specialty fund.

Another question I have either one of you can take this. Can you speak to your building tenants and are any leases rolling off or is there any update about that because of the pandemic?

Actually, we just have a couple of tenants and they'll be rolling off in the next couple of years. But we've also seen a little bit of interest because we do have some smaller areas in our office space that we can lease out and that we're willing to. So we are getting a little bit more interest lately into possible increases on that.

Okay, great. Frank, do you have any closing comments for the shareholders tuning in today?

Well, I wanted to thank them for their patience as we go in this ETF business, and that it took a lot longer than you think. It took three years for GOAU to get above $100 million. It took five years for JETS all of a sudden to be discovered and set unprecedented records. These ideas when you come up with them, they take a lot of legwork and marketing knows very well. The educational and the marketing department is so the 190 educational marketing awards for that, but it just takes time. Thank you everyone for their patience with us as we build-out. I am working on some exciting new ideas going in for the New Year, new products, but I would look forward to a mechanism where mutual funds can be converted easily for the shareholders into ETS. I think that'll be a great boom for us and for overall capital markets.

Wonderful. Thank you for the questions, everyone, and of course for tuning in. Just as a reminder, if we didn't get to your question, we would have - we'd be happy to answer it afterwards. Just shoot us an email at info@usfunds.com. This concludes U.S. Global Investors' webcast for the first quarter of 2021. Thank you all for your participation.