Welcome to U.S. Global Investors Webcast, U.S. Global Investors Earnings Announcement for Second Quarter 2014. If you have any questions during the webcast, simply enter your question in the dialogue box at the bottom of the screen and click submit. Also, you may download a PDF of today’s slides by clicking on the Resources tab in the top center area of your screen. You can also download some of U.S. Global Investors’ latest research on the Resources tab, to switch back to the presentation just click the slide tab. We would like to begin by introducing Ms. Susan Filyk, Investor Relations at U.S. Global Investors. Ms. Filyk.

Thank you. Welcome to our webcast announcing results for the second quarter ended December 31, 2013. 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 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. If you have a question for us, you can submit it at anytime during the webcast. Simply type your question in the dialogue box at the bottom of the screen and click submit. If we aren’t able to answer your question during the live presentation, we will follow-up with you individually. Now, let’s go to Frank Holmes, CEO and CIO for an overview of the quarter. Frank?

Thank you. U.S. Global -- GROW, a boutique investment advisors specializing gold and natural resources in emerging markets and domestic equities and munis and something we’ve repositions to also focus on our fundamental models in particular for the Holmes Macro Fund which I will talk about little later and to addition to the resources in emerging markets. The strength of GROW were go-to-start for exposure to emerging markets and resources. Remind all investors, we are debt free, we have a strong balance sheet with reflects of cost structure, which Lisa Callicotte will address the monthly dividend return on equity discipline. Our top institutional shareholders for their interest to review and take a look at, slide #7, with six years of paying dividend which we are happy, demonstrate that consistency. And on page eight, the Board’s approved to repurchase of up to 2.7 million of outstanding common stock on the over market through counter year 2014 and during the second fiscal quarter of 2014 the company repurchased 28,227 Class A shares using cash of $72,528. During the fiscal year-to-date the company has repurchased as from July to December has purchased 41,446 Class A share. We are spending a $109,737. We does an algorithm with the buyback shares in down days and according with all applicable rules and regulations that restrict amounts and times of repurchases and this practice may be suspended or discontinued anytime. Going on the next visual, I think its important is the strategic accomplishment in the second fiscal quarter. We shifted out of costly money market business. We provided shareholders with the new Ultra-Short Bond Fund. We close and emerge and reorganized small funds for more focus product line-up where margins are bigger and better, successfully transition client accounts to a new transfer agency, while retaining service relationships…

Thank you, Frank. Good morning. I would like to summarize our results of operations for the quarter ended December 31, 2013. Beginning on Page 26, we reported operating revenues of $2.7 million for the quarter, down 45% from the $5 million we reported last year, primarily as a result of lower assets under management and performance fees paid out during the quarter. On Page 27, operating expenses for the quarter were $4.2 million, a decrease of $607,000 or 13% due to the following. Employee compensation and benefits decreased $445,000, or 19% as a result of lower performance-based bonuses and fewer employees. General and administrative expenses actually increased to $178,000 or 13%, mostly due to expenses related to strategic fund changes Platform fees decreased $281,000 or 38% as a result of lower assets held through the broker-dealer platforms. On Page 28, other income for the three months ended December 31, 2013 increased $120,000 or 75%, compared to three months ended December 31, 2012, due to dividends received from securities held. As discussed previously, we have exited the transfer agency business, so we can focus on our core strength on investment management. The transfer agency had a loss from discontinuing operations of $207,000. Net loss for the quarter was $1.165 million, or $0.08 per share compared to net income of $166,000 or $0.01 per share in the same quarter last year. Moving on to the balance sheet, as Frank mentioned, our change in cash and cash equivalents compared to June 30th is due to the company’s investment in the U.S. Government Securities Ultra-Short Bond Fund. This fund converted in December from a money market fund to an ultra-short bond fund. Therefore, the amount invested in this fund in December 2013, approximately $14 million, was transferred from cash and cash equivalents to trading securities. And our cash and security equal 82% of our total assets. On Page 31, as Frank also pointed out, we have no debt and we have a net working capital of $23.5 million and a current ratio of 11.8 to 1. With that, I'd like to turn it over to Susan McGee.

Thank you, Lisa. And thank you to everyone who’s listening in this morning. And you’ve just heard a few of the noteworthy events going at U.S. Global Investors. In the marketing and sales areas, we’ve also had a few accomplishments in the past quarter. As many of our long-term shareholders are aware, several of our funds have been recognized for their leadership and investment performance. Since 2000, our funds have received about 29 Lipper performance awards, certificates and top rankings. The Global Resources Fund continues to be highly ranked by Lipper. As of December 31st, the fund has been in the top 11% out of the entire universe of mutual funds for the 10-year period. We are pleased that two of our funds hold the top Lipper Leaders Rating. This rating is based on investor-centered criteria, and on the scale of 1 to 5, Lipper Leader Funds that rate a ‘5’ are in the top 20% of their category. The All American Equity Fund rates a ‘5’ for preservation and the near-term tax-free fund rates a ‘5’ for preservation and tax efficiency. Investors these days seek preservation and tax efficiency, so we are very pleased to offer funds that are highly-ranked in these categories. We had three funds that continued to be highly ranked by Morningstar. As of the end of December, the Global Resources Fund and the Gold and Precious Metals Fund had overall ratings of 3 stars in their respective peers and the near-term tax refund had an overall rating of 4 stars in its respective category. Even though our municipal bonds experienced their worst declines since September ’08 in the past calendar year, we are pleased that the near-term tax-free fund gains a modest 31 basis points and that makes 13-years in a row that the bonds…

Thank you, Susan. Thank you, Lisa. What we’ve tried during the past year in particular is have investors focused on follow the money and we’ve commented many times on the presidential election cycle and (inaudible) that all the attack on Obamacare and I understand all the reasons why, but most interesting healthcare is the best performing sector. And many investors got out of the stock market and missed one of those spectacular moves. We’ve also done presentation several years back that going back in data over 100 years that the best cycles are when you have a Democratic President and a Republican Congress. The presidential election cycle is just an incredible tool to try to match expectations and last year and then using the second year as the worst year the market was up wonderfully. Thus, the big part is to try to help investors to navigate through the noise, that’s out there in the marketplace. The trend is your friend and then the trend is your friend to a certain level and it’s to understand it in that context, in particular gold as an asset class as were particularly when it comes to fear trade of understanding it. Inflation is a key component. And when it placed as a key component of driving gold up in any country’s currency, there is a big debate that takes place in America. And one is the CPI calculation. And if we went back to the 1980s, the factors that went in to determine what is CPI, what is that number and you’re to take that model and apply that today, what would the inflation rate look like? And basically it says inflation will be over 9%. However, it’s being characterized now as 1.75%. There is the base in the apps, less the…

(Operator Instructions) Frank, our first question, if you could comment on your entry into the ETF market.

Well, the ETF market is becoming quickly very crowded and one of the key factor is distribution. And so with that I think that we have a unique brand and the following and as I mentioned earlier in the 170 countries and we have the loyal stickum customers are directly with us. And I think the ability to come out with attractive ETFs and our philosophy here is to have the pass of model but they are actually, it’s a beta, smart beta as some like to call it, I’d like to call smart alpha ways to rebalance your portfolio and come over to those assets that have not been touched. Those opportunities that we see that are showing prodded funds and we’ll wait till we file more, we talk about it. We’re in that process now fast tracking that. Maybe Susan, you give any comments on the legal process.

Since we are going through the various filing and listing processes now. And we should take a few months.

Thank you.

Thank you for the questions. This concludes U.S. Global Investors earnings webcast for the second quarter of 2014. This presentation will be available for replay on our website at usfunds.com. Thank you for joining us this morning.