Welcome to U.S. Global Investors Webcast, U.S. Global Investors Earnings Announcement for Third 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 Resource tab in the top center 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 Susan Filyk, Investor Relations at U.S. Global Investors. Ms. Filyk.

Thank you. Welcome, everyone, to our webcast announcing results for the third quarter ended March 31, 2014. The presenters for today's program are Frank Holmes, U.S. Global Investors' CEO and Chief Investment 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 the 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, Susan. You can hop to Slide number 4. We're a boutique publicly-listed investment advisor specialized in gold and natural resource in emerging markets, domestic equities and muni bonds. But the real factor is that natural resources, emerging markets are significant factors. And where I think that we have been able to try to highlight to investors is that the real growth on the global scale has peaked in 2011 at 5.4% real growth and last year ended at 3%. It's hopeful that the next year or the second half of this year 2014 that there will be a rebound back to 3.5%. And we have seen once you will walk through with this presentation with us a decline in assets and just the whole perception of this real growth, particularly in emerging markets, and it seems to hop on, hop off of what they call risk on, risk off. But throughout this process, we continue to make sure that we're positioned as a go-to stock for exposure in emerging market resources. And this is where the world's population continues to grow at a very healthy robust rate. In many of the presentations around the world, I've commented on the significance of Facebook in other countries that have [ph] in China they're all informed of Facebook in Russia and people can connect it from the (inaudible) the American Dream. So that's just basically long term bodes well for both resources and emerging markets, which are growing to represent a greater portion of global GDP. U.S. Global is debt-free. It has a strong balance sheet, as we've shown on our visual slide, with a reflexive cost structure and which we'll try to highlight and Lisa Callicotte, our CFO, will walk through in some more details. And we still maintain, even…

Thank you, Frank. Good morning. I'd like to summarize our results of operations for the quarter ended March 31, 2014. Beginning on Page 26, we recorded operating revenues of $2.7 million for the quarter. This was a decrease from the $4.5 million we reported last year as a result of the lower asset under management during the quarter. As you can see on Page 27, operating expenses also decreased approximately $1 million or 26% to $3.2 million for the quarter. This decrease is due to decreases in subtle expenses, including the following. Employee compensation and benefit decreased $487,000 or 24% as a result of fewer employees and lower performance-based bonuses. General and administrative expenses decreased $332,000 or 25% mostly due to strategic cost cutting incentives including those related to our streamlining of products and services. Platform fees also decreased $238,000 or 36% as a result of lower assets held through broker/dealer platforms. Page 28 shows other income for the three months ended March 31, 2014, of approximately $400,000. This is mainly due to sales securities, but also includes dividends and interest received from securities held and earnings from our equity method investment in Galileo. As Frank discussed earlier, this is a strategic investment we have with the Canadian-based equity advisor. We currently own 50% and we're in the process of purchasing an additional 15%. We have slight net loss for the quarter of approximately $28,000 or $0.00 per share. This is compared to a net income of $41,000 or $0.000 the same quarter last year. Moving on to the balance sheet on Page 30, you can see we have $36 million in total assets. We did have a change in our cash and cash equivalents compared to June 30th, but this was due to a reclassification of cash and cash equivalents to trading security. As a money market, we were invested in converted to an ultra-short bond funds. Therefore the amount we had invested in the fund in December 2013, approximately $14 million, was transferred from cash and cash equivalents to trading securities. So cash and marketable securities combined to make up 80% of our total assets. And as you can see on Page 31, we still have no long-term debt. The company has a net working capital of $24.3 million and a current ratio of 16.4-to-1. With that, I'll turn it back over to Susan.

Thank you, Lisa, and thank you to everyone who was listening in this morning. You just have to see the noteworthy events going on at U.S. Global Investors. In the marketing and sales area, we continue to build the U.S. Global branch through our interactions with investors. Our institutional sales team engages daily with financial advisors who are current and prospective asset holders. As many of our long time stockholders are aware, several of our funds have been recognized for their leadership in investment performance. Since 2000, the funds have received 29 Lipper performance awards, certificates and top rankings. The global resources fund continues to be highly ranked by Lipper. As of March 31, 2014, our fund is in the top 12% out of the entire universe of mutual funds for the 10-year period. At least, three of our funds hold the top Lipper Leader rating. This rating is based on investor-centric criteria and on scale of 1 to 5. Lipper Leader funds of rate of 5 are in the top 20% of their category. The all American equity funds rates a 5 for preservation. The near-term tax refund rates a 5 for preservation and tax efficiency. And the U.S. government securities ultra-short bond fund rates a 5 for preservation and expense. Investors these days seek preservation and tax efficiency and are pleased to offer funds that are highly ranked in these categories. Free funds also continue to be highly ranked by Morningstar. As of the end of March 2014, the All American Equity Fund and the Gold and Precious Metal Fund had overall ratings of 3 Stars among their respective peers. The near-term tax rate refunds had an overall rating of 4 Stars in this respective category. We are pleased the near-term tax free fund has generated consistent positive…

Thank you, Susan, and thank you, Lisa. Recent insights from investor alert, I think what's important here is that Golden Cross is bullish for the junior miners and this has always been a core value-added (inaudible) by being in the first move advantage in the creation of junior companies. But those type of markets have changed and we recognize the transformation of capital has changed, but the most important for us is to starting to see that the energy of emotions and sentiment is starting to show back up in the gold as the Golden Cross reflects with 50-day above the 200-day and we're seeing in the mid-cap space lots of takeover activity. The landscape has enjoyed this M&A drama. Now if we were to take a look at the next visual and we love using data and probability and statistical analysis to try to help us manage these emotions of capital markets. When we look back over the past 30 years, only three times in three decades, the gold stock declined for three consecutive years. So last year was one of those periods. And the odd is favorable for a rebound this year. And New York at Gold Investment Conference, which used to have thousands of people and now it's just a small handful of cherry pickers, loyal investors and some institutional accounts, we're looking for undervalued situations as of the concept has not been contrary, where no one shows up and the industry as a whole is shrinking, I can share with you that is taking place from what I'm just seeing in New York that I've not been to for a couple of years. Now with that, the next visual is the idea of being a contrarian investor, which a little back in Investor Alert in February…

Thank you, Frank. We don't have any questions at this time. So thank you for participating this morning. This concludes the U.S. Global Investors earnings forecast for the third quarter 2014. This presentation will be available for a replay on our website at usfunds.com. Thank you, everyone.

Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program. You may all disconnect. Have a good day, everyone.