Good morning. Thank you for joining us today for our webcast announcing U.S. Global Investors' Results for the Third Quarter of Fiscal 2017. I'm Lisa Aston. [Operator Instructions] Also you may download a PDF of today slides by clicking on the red handout button. The presenters for today's program are Frank Holmes, U.S. Global Investors' CEO and Chief Investment Officer; Susan McGee, President, General Counsel, and Chief Compliance Officer; 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 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 Investors accepts 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. U.S. Global is an innovative investment manager with vast experience in global markets and specialized sectors. Founded as an investment public company, it's become a registered investment adviser in 1968 and has a long-standing history of global investing and launching first of their kind investment products, including the first no-load gold fund. U.S. Global Investors is well known for expertise in gold and precious metals, natural resources in emerging markets. Our strengths. We still strive to go to start for exposure in emerging markets, in particular, gold. We move around with gold, and we'll talk more about that in the presentation. We remain debt free, we have a strong balance sheet with a reflexive cost structure, which we will talk more in this presentation. Monthly dividend return and equity discipline. Even though it's been very challenging, we're very focused on how we deploy our capital to maximize returns of capital, just like other insurance companies or the Warren Buffetts of the world return invested capital, so important, which you're doing for products and services and your own cash. We like to think that top institutional holders will grow, Financial & Investment Management Group, Royce funds, the Vanguard, BlackRock, and particularly, the Newberg Family, which is a major investment for the family, and we want to thank all their support through the volatility of this gold market, and I guess the real mortification is taking place with the asset management business with mutual funds, and how this is all being impacted. We'll talk a little bit of more about that in the presentation. But GROW dividends. They are paid monthly, consistent for nine years. The current yield at the share price of $1.56 is 1.92%. Monthly dividend payments are $0.025, approved through the June 2017. The board approved…

Thank you, Frank. Good morning I like to summarize our results of operations for the quarter ended March 31, 2017. Beginning on Page 26, we reported total operating revenue of $1.7 million for the quarter. This is a 26% increase from the $1.3 million we reported the same quarter last year. The increase is primarily due to an increase in average assets under management, and the US Global Investors Fund, USGIF, mainly due to market appreciation in the gold and natural resource fund. Our operating expenses for the quarter were $1.9 million, which is a slight decrease of 0.5%. Changes in expenses included the following: Employee compensation and benefits actually increased 46,000 or 5%, primarily due to bonuses paid related to improved portfolio performance. General and administrative expenses decreased 35,000 or 4%, primarily due to strategic cost-cutting measures implemented. Depreciation and amortization decreased $16,000 or 20%, mainly due to a decrease in amortization of the intangible assets for Galileo's non-compete agreement, which became fully amortized in May 2016. We have an operating loss of 191,000 for the quarter, versus an operating loss of 540,000 for the same quarter in the prior year. On Page 27, our other income, which is income related to our investments was 161,000 for the quarter, compared to 148,000 the quarter ending March 31, 2016. Net loss attributable to USGI after taxes for the quarter was a loss of $33,000. It was an improvement over the same quarter of the previous year, which was a net loss of $350,000 and equates to $0.00 per share for the current period, versus a loss of $0.02 per share in the prior year. Moving to Page 28, we see we still have a strong balance sheet. We own our own building and we have cash and marketable securities of approximately 16.7 million that combine to make up 64% of our total assets. As you can see on Page 29, we still had no long-term debt. The company has a networking capital of $16.2 million, and the current ratio of 16.5:1. With that, I’d like to turn it over to Susan McGee.

Thank you, Lisa. Our sales and marketing efforts have continued to focus on our gold and natural resources fund, our municipal bond fund and our U.S. Global Jets ETF. Our investors appreciate all the expertise that we offer in these specialized areas, and we're pleased that Thomson Reuters Lipper, which is a trusted financial authority, recognized us with the recent Lipper Award. Investors can find more information on our funds on our website, which is www.usfunds.com. The company and our funds continue to receive an invaluable amount of viral publicity, which is gained through media interviews, recommendations by influential financial newsletter writers, and the sharing and syndication of our award-winning original content by third-party publishers. For example, our airline ETF has received media coverage from a vast array of news outlets. The news letters have loyal followings, and they receive millions of visitors each month. Our blog, Frank Holmes' CEO blog, the Frank Talk, continues to grow in popularity, as well. His commentary is often featured by prominent publications, including Forbes, Seeking Alpha, ValueAll, Business Insider. And all of these have millions of monthly visitors as well. Our investment team continues to travel around the world to share a thought leadership. We interact frequently with loyal followers through Facebook, through Twitter, through LinkedIn, InstaGram, and Pinterest. Kitco News, the biggest gold website in the world, with an audience of about 10 million monthly visitors, in partnership with TheStreet continues to feature our Gold Game Film show, which is Frank Holmes' weekly gold market analysis. Since the show's beginning, we have filmed 129 video episodes of the Gold Game Film. All this coverage helps us leverage our brand, because we can reach millions of readers, viewers and potential investors. Our website was visited over 520,000 times during 2016 by investors from all over the world. In fact, our website receives visitors from over 200 countries and territories. U.S. Global is well known for our timely and balanced market insight and our thought leadership, and we've been awarded several STAR Awards by the Mutual Fund Education Alliance. They've recognized our excellence that we have produced in investor education. Some of the awards that we have received included best overall communications to retail and adviser audiences within the small funds category. Our weekly free investor alert newsletter has been named the Best Electronic Newsletter six times. And to-date, we've received around a total of 80 STAR Awards over the years. Investors can sign up on our website, usfunds.com, and join over 30,000 subscribers, who currently are receiving our award-winning investor alert and adviser alert, e-newsletters and our CEO blog, Frank Talk. And so now, I’d like to open it up for questions.

Thank you, Susan. [Operator Instructions]

First question is, what are the opportunities or how do you look at the opportunities and separate accounts and ETFs. Frank, can you take that one?

Sure. We mentioned before that we've looked at, and we continue to explore separate account business. We believe that, that's an important growth opportunity, and the ETFs - it is the big sure that when you come up with these smart factors, smart beta as they like to call them, ETFs, you really have to do a lot more rigorous work on analyzing the factors for up-and-down cycles. And when they launch in the marketplace, there is much more oversight than just a pure market cap index ETF. And so we've done more work on it, and so we're looking forward to launching products in Canada, as well in the U.S.

Thank you, Frank. Another question is regarding Galileo, and the question is how much is at Galileo?

I don't have that in my fingertips.

I think Susan or…

I do. Actually our average assets were $840 million for the quarter and about $119 million of that was Galileo. Just about 14%.

Thank you.

Okay. Thank you. And one final question for Susan, what is the update on our new product launches?

We do have, as is public record, a few ETFs in registration, however we are limited by regulatory rules and how much we can say about that. We do believe that our growth strategy is revolving around the launching of ETF and the growth in that area. Because as Frank mentioned previously, we do see industry flows, particularly in our specialized sectors going into ETF as opposed to the traditional mutual fund. So, we do believe that our growth in AUM is tied to the launch of ETF.

Thank you, Susan.

Have you considered strategic mergers with other asset managers? Yes, we've always considered. We're truly open. Open in what's the best way for us to grow and launch. And it's interesting, in several transactions, many have looked to go buy. The entrepreneurs always have these exaggerated valuations, and I'd say, well, then buy me out at that valuation. And immediately they back away. So it's sort of frustrating. But if someone has a great deal to offer to help the GROW shareholders faster than I can do it, absolutely, I will sell the company in a second because that's my fiduciary to the shareholders. And is it in the best interest for all the GROW shareholders is what I have to always take to heart, in addition to my own interest in GROW, which I continue to show by buying on those down days, along with GROW buying back of stock.

Okay. Thank you everyone for the questions. This concludes the U.S. Global Investors webcast for the third quarter of 2017. This presentation will be available on our website at www.usfunds.com. Thank you all for your participation today.