In Slide # 2, 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, Holly Schoenfeldt, Director of Marketing. Now let's move to Slide #3. This is forward-looking statements. So 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 the corresponding Form 10-Q filing 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 accepts no obligation to update them in the future. On the next slide, as always, we would love to offer anyone tuned in today one of our JETS, GOAU or SEA hats. In addition, we do have JETS luggage tags available. All you have to do is send us an e-mail with your physical mailing address to info@usfunds.com.

And don't forget the GOAU.

And the GOAU hats, yes. All right. So on this slide, I want to quickly review our company, U.S. Global Investors is an innovative investment manager with vast experience in global markets and specialized sectors. It was originally founded as an investment club, becoming a registered investment adviser in 1968. The company has a long-standing history of global investing and launching first-of-their-kind investment products, including the first no-load gold fund. We are well known for expertise in gold and precious metals, natural resources, airlines and luxury goods. And now on the next slide, this is where I want to hand the presentation over to CEO, Frank Holmes to review what we believe is one of the most helpful and also one of the most telling visuals when it comes to investing, not only for GROW, but for any major asset class. Frank?

Thank you, Holly, and thank you, all the shareholders and Lisa, who are helping the marketing team put this presentation together. And yes, the DNA volatility is very important because they try to identify that and relate that every asset class has its our own unique volatility and often, it's more volatile, the more emergent or a new business is coming into the forefront. And if it's not in one of the big indexes, Tesla, as you can see here, used to have a daily volatility of 6%. It's now 3% because it's gone into the S&P 500. And that's what happens over time. And so anyone that goes and buys GROW has to expect it's a nonevent for 70% of the time to go up or down 2% in a day and over a 10-day period to go plus or minus 5%. That's very common with microcap stocks and it's very common with GROW. I am going to walk through the presentation to try to help you embrace and understand what drives the direction often for GROW stock price. Next, please. I want to thank all the fun investment advisers. Most of these investment advisers are index, except for [Perritt]. That is an active microcap fund manager, and I believe that the same thing with [ Canon Wealth ]. And thank you for being shareholders. Next, please. I own approximately 18% of the company, and I have 99% of the voting control, which is to be in compliance with [ 40 ] Act rules for an investment adviser. Going into great detail on the complexity of it, but basically, all the covenants everything is aligned with all shareholders. Next, please. The company has been paying a monthly dividend since 2007. The current yield on the share price of $2.69…

Thank you, Frank. Good morning. First, I'll start with our highlights. Our average assets under management are $1.8 billion for the quarter ended March 31, 2024. Operating revenues were $2.6 million, and we had a slight quarter net loss, but it rounded to $0.00 per share. On the next slide, we talk about our breakout of earnings. We have operational earnings that consist of our advisory services, and we have other earnings, which mainly consists of realized and unrealized gains on our investments but both our advisory earnings and our investment gains and losses fluctuate based on stock market forces. The next few slides give some more detail of our operations for the quarter ending March 31, 2024. On this slide, you can see our operating revenues are $2.6 million for the quarter. It's a decrease of $1 million or 28% from the $3.6 million in the same quarter last year. And the decrease is primarily due to decreases in assets under management, especially in our jets ETF. Operating expenses for the current quarter were $3 million. This is an increase of $187,000 or 6% primarily due to an increase in general and administrative expenses of $256,000 or 17%, primarily due to high fund expenses as discussed by Frank because these related to proxy causes for the elimination of our equity mutual fund performance fees and our merger costs related to our European [UCITS]. But both of these initiatives our investment in future revenue. Removal of the performance fees will cause less volatility in our mutual fund advisory fees, and the fees will be more consistent with other mutual funds. And our European UCITS merger increased our assets approximately $18 million, which is over 300%, and our fee increased from 65 bps to 69 bps. The G&A expense increase was…

Thank you, Lisa. All right. On the first slide in my section, I just want to briefly point out some of the upcoming events that U.S. Global will be attending or speaking at. So the first is the Wealth Management Edge conference. It's an ETF-focused event happening in Florida just next week actually. So our Head Trader, our business consultant and myself will all be in attendance, and we would love to meet you there. If you'll be attending. We also have some free adviser passes that we can give out. So if you want one of those, just e-mail me at info@usfunds.com. The other event listed here in June is one that both Frank and Ralph Aldis will be in attendance. It's the mining investment event of the North happening in Quebec City. This is a premier conference focused on the gold space and Frank will be giving a keynote there and also moderating a panel. In addition, both Frank and Ralph will be doing one-on-one meetings with various companies, many of which we hold in our funds. So on the next slide, I want to quickly point out that our website traffic during the quarter ended March 31, was over 0.5 million visitors from around the world to usfunds.com. Many were repeat visitors, but there were even more new visitors, many of which came to read the award-winning Frank Talk blog or sign up for the Investor Alert newsletter, which we continue to see growth in both. Now on the next slide. Don't forget that our educational content does not only come in the form of the Frank Talk blog or the Investor Alert newsletter. We love educating our shareholders through video content as well. So make sure that you're subscribed to our YouTube channel to get video updates on everything from gold to airlines and luxury goods. Lastly, on the next slide, as we wrap up today's presentation, I want to remind everyone that we share a majority of our new content as well as any announcements about upcoming events across all of our social media platforms, which also continue to grow. So I encourage you all to follow us on these platforms if you're not already, just so you're up to date with what's going on with GROW, our funds and just broader market insights. And then this concludes today's presentation, and I just want to say as a reminder to our audience, if you have any questions, you can email those into info@usfunds.com, and we will gladly follow up with you to get anything clarified. Thanks so much for tuning.