[Starts Abruptly] 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. On the next slide, 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 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. And on the next slide, as always, we would love to offer anyone tuned in today one of our JETS, GOAU, or SEA hats. All you have to do is send us an email with your physical mailing address, and you can send that to info@usfunds.com. On the next slide, I will briefly review our company. U.S. Global Investors is an innovative investment manager with vast experience in global markets and specialized sectors. We use a quantum mental strategy to create smart beta 2.0 products. The company 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're well-known for our thematic investing in gold and precious metals, natural resources, airlines and luxury goods. On the next slide, just a little bit more about us for anyone new tuning in today. We have over 30 years of experience and we are located in San Antonio, Texas. We manage six mutual funds and three exchange-traded funds. And in addition, we have over 100,000 readers who are subscribed to our award-winning financial blog, Frank Talk, and our weekly investment newsletter, The Investor Alert. On the next slide, I just want to quickly thank our top institutional shareholders, which as you can see are the Vanguard Group, Franklin Templeton, and Perritt Capital Management. On the next slide is where I want to hand it over to Frank Holmes, CEO. Frank?

Thank you. Thank you, everyone, and everyone -- and all the shareholders. So, let's go through -- I have many slides to go through as Chief Investment Officer hat in addition to CEO hat and sort of give you an explanation of what's taken place at in the capital markets from our fund products to the corporation and how we're adapting and adjusting to external forces. So, as you see in this visual, when you take a look at that five-year period at the June to June, and you can just see that, that snapshot shows you GROW is ahead of the Russell Microcap Index. And if you would've taken it another time, it could be negative, it could be positive. It all depends where -- what time snapshot you're taking a look at. And I think it's just important for investors in the long-term picture is that, short term, we can have a capital market external forces have an impact in our fund flows, but usually, that's short term, and then all of a sudden, our fund flows change. And that really is a big part that drives the stock price, is the fund flows. Next, please. But during that journey, which you just saw over five years, there's tremendous volatility on one-day and 10-day periods. And I like to go and look at, this as a reminder for investors that each asset class has its own DNA of volatility. The S&P 500 non-event and gold bullion and Dow Jones Asset Managers Index to go up or down 1% almost 70% of the time on a daily basis. On a 10-year -- I'm sorry, on a 10-day period, you start to see the volatility change. And the S&P, it's now 2%, and gold is 3%, but asset managers is…

Thank you, Frank. Good morning. First, I'll start with a brief discussion of our compensation structure. We have a compensation structure that we believe supports our value of recognition of achievement and being performance and results oriented. If we go to the next slide, you can see that our employee base salaries have historically been modest, and employee bonuses are tied directly to individual and team results. Our CEO receives an executive bonus based on operating earnings that are capped at a predetermined amount. He also receives a bonus on annual net realized gains on investments and a bonus based on fund performance bonuses of our investment team connected to the performance of our bonuses -- or our funds, excuse me. This structure aligns our CEO's interest with that of our shareholders. It encourages efforts to increase average assets, which increases revenue and operating income, as well as only rewarding net realized gains on investments. Therefore, mere fluctuations in the value of our corporate investments held is not included in the executive bonus calculation. Only when investments have a realized gain recognized are they factored into the executive bonus. Now, on Slide 57, we see our financial highlights for the fiscal year 2024. Average assets under management were $1.9 billion for the fiscal year, operating revenues of $11 million and we had net income of $1.3 million or $0.09 per share. Slide 58 notes our breakout of earnings. We have operational earnings that consist of our advisory fees, and we have other earnings which are mainly consist both of realized and unrealized gains and losses on our investment holdings. Both of our advisory earnings and our investment gains and losses fluctuate based on market forecasts. In the next few slides, you will see more detail of our operations. Beginning on…

Thank you, Lisa. All right. On the first slide in my section, I just want to quickly point out a stat about our website traffic during the fiscal year. As you can see here on the map, we had nearly 400,000 readers from around the world visit usfunds.com. Many were repeat visitors, but we had even more new visitors who find our content from third-party syndication primarily. So, we're really proud of that. And on the next slide, we are also proud to report that this year we hit 10,000 subscribers on our YouTube channel. This is primarily organic growth, and now we have actually surpassed this number. So, if you haven't had a chance to check out our content here, I highly encourage you to do so and subscribe so that you can get an update anytime any new videos are posted. On the next slide, you will see here some of the videos on our YouTube channel. We love educating our shareholders through video content, and we do so on various topics ranging from gold to bitcoin to airlines and luxury goods. All right. Moving on to the next slide, I want to highlight some of our most popular Frank Talk blogs so far in 2024. The Frank Talk blog is actually one of the very first financial blogs out there, and in 2024, it celebrated its 17th year in publication. Signing up is completely free at usfunds.com, or you can also subscribe to the Investor Alert newsletter, which comes out every Friday afternoon and is a weekly analysis from both Frank Holmes and our entire investment team on the market moving events for that week. Moving on to the next slide, this is just a quick snapshot of our total subscriber growth over 12 months. As you can see, not only are our major social platforms growing consistently, so are our Frank Talk and Investor Alert subscriber list. So, this is something we're very proud of, and they all serve as an excellent way to communicate to our current shareholders and, of course, potential shareholders. So, finally on the next slide, I do want to encourage you all to follow us on all of these platforms just so you're up to date with what's going on with GROW, our funds and, of course, the broader market. So, just as a reminder, as we conclude today, if you do have any questions, please email those to info@usfunds.com, and we will gladly follow-up with you to get anything clarified that you may need more information on. Thank you all for tuning in today, and that concludes our webcast summarizing the fiscal year-end 2024.