Good day ladies and gentlemen, and welcome to U.S. Global Investors Webcast, U.S. Global Investors Earnings Announcement for the First Quarter of Fiscal 2015. 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 Susan Filyk, Investor Relations at U.S. Global Investors. Please begin.

Thank you. Welcome, everyone, to our webcast announcing results for the quarter ended September 30, 2014. 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 any 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?

U.S. Global, GROW is a publicly traded boutique investment and in that process of being boutique investment company, we have focused on emerging markets and resources, which have had a tremendous challenges in the past (Technical Difficulty) real GDP growth. So with that I would like to go into Slide Number 5 and let's start to articulate some of the challenges we've had for the past quarter and the past couple of years and how we are dealing with them? But still, well, I'm going to start to show to you is that there are strengths and then GROW is a go-to stock for exposure in emerging markets and resources. And this is where the bulk of the world's population is and the world now is connected like we have never seen before with Facebook over 1.3 billion connected and everyone who wants to have an American Dream, so emerging markets will have their turn and so we are positioned to participate in that. We as a company going through this, this dally, this drought and the capital flows, we remain debt free. We have a strong balance sheet and we have a reflexive cost structure to navigate through these waters. We're still a monthly dividend and return equity discipline and to get that equity discipline, we have to be conscious of costs which Lisa Callicotte can talk to more about in detail. And in the next visual, I'd like to hop over to the top institutional holders of growth and thank them for their royalty and their support during these challenging times and emerging markets and gold and resources, oil and gas as you can see who are the top five key investors in U.S. global. Doesn't have paid dividends for more than six years, it's a $0.005 per…

Thank you, Frank. Good morning. I would like to summarize our results of operations for the quarter September 30, 2014. And as I discuss the results, you will see a consistent thing. And this is due to obtaining a controlling interest in Galileo in June 2014 because we are now consolidating the revenues and expenses into our income statement. So as I'm comparing the quarterly results, you will see that there will be increases in both revenue and expenses due to the consolidation of Galileo's result. So beginning on Page 22, we recorded total operating revenues at $3.3 million for the quarter. And this was an 8% increase from the $3.1 million, we reported the same quarter last year. The increase is primarily due to the consolidation of $662,000 of Galileo revenue and was offset from decreases of revenue of our U.S. GI Mutual Fund due to lower assets under management. Moving on to Page 23, operating expenses for the quarter were $3.6 million. This is a decrease of $515,000 or 13% primarily for the following reasons. Employee compensation and benefits decreased $304 million or 16% as a result of fewer employees and lower performance based bonuses offset by the addition of Galileo expenses of $153,000. General and administrative expenses decreased $363,000 or 24% primarily due to higher fund reimbursements in fund restructuring costs in the prior year and offset somewhat by the consolidation of Galileo expenses of $145,000 in the current year. Platform fees actually increased $171,000 at 34% and this because we included $276,000 in Galileo platform fees but it was offset by decreases in platform fees for U.S. GIF Mutual Fund due to lower assets held through proper dealer platform. On Page 24, we see our operating loans for the quarter ended June 30, 2014 is $316,000, but this was offset by our other income, which is income related to our investments. Other income for the quarter was $220,000. Net loss attributable to U.S GIF after taxing for the quarter was $128,000 and as you can see on page 25; this is a loss of a $0.01 per share. Moving on to page 26, we do see here that we have strong balance sheet. It includes $27.9 million of cash and marketable securities and this makes up 76% of our total assets. And on Page 27, again, we have no long-term debt. The company has a networking capital of $23.4 million and a current ratio of 14.91. With that, I would like to turn it over to Susan McGee.

Thank you, Lisa, and good morning to everyone. One of our seven core values of our company is performance and results oriented. And as many of you know and are aware of several of our funds have been recognized for their leadership in investment performance. In fact, since 2000, our funds have received by 29 Lipper performance award certificates and top-grading. And as our sales and service teams engage in daily conversations, with financial advisors and investors, a common referring that we hear is that investors are looking for a no drama fund, so counter active volatility in the market. Frank mentioned this a little bit earlier. And (Technical Difficulty) during the past quarter, our efforts have been focused on one of our top end funds, our five star near-term tax free fund or NEARX. That has delivered consistent steady performance. If you compare the S&P 500 to NEARX since the year 2000, what's interesting is, you will see that it took the S&P 13 years to past the steady growth of near-term. If you have couch potato portfolio as we call it where you can sit back, invest in a 50:50 allocation to the S&P and NEARX and as you rebound annually you will get steady growth with less volatility. We are proud of our near-term tax free fund. It's generated as we mentioned consistent positive annual total returns for investors for 12 years. And this was done in a period of very volatile interest rate. It's gained – it's also earned from Morningstar a five-star rating for five year performance a non-municipal national short-term fund. Also, highly ranked by Morningstar's are gold and precious metals fund. It earned an overall four-star rating among equity precious metal fund. We are also pleased that three of our funds hold the…

Thank you, Susan. Susan has been busy as mentioned earlier looking for opportunities at the same time managing the repositioning of our company at the same time, right-sizing costs as we continue to look for avenues to streamline and be prepared for the next rebound. And when it comes, I just know from the cash flow point of view, it will be spectacular. It's just a matter of when do we get this synchronized growth. So I would like to turn to the first visual, in 2002, 2003, 2004, 2005, 2006 and 2007, you had an amazingly synchronized global growth where Europe had strong GDPs, strong purchasing manufacturers numbers, raising trend, everything is above 50, America and you had China and this synchronized global growth lead to an incredible change in poverty around the world for poor people and all these emerging countries. It was the greatest shrinkage and a most significant raise before that these folks took off. Now, they are all connected and you are seeing government policies flounder around the world to deal with this sort of slowdown that took place in 2008. And now, we are starting to see which is in a constructive note, what Japan is trying to do and hope that Europe will be. But, I still going to write in that I see the imbalances just not their monetary policies so much as fiscal policies because it still appears that they are on steroids they tax anything and everyone and the G20 meetings have come from global trade and economic prosperity to tax and regulations. And this creates a sort of schism that takes place. But, it was just a matter of time before that pendulum swings where the world still doesn't stop rowing while all these changes these imbalances, they are…

Thank you, Frank. Now we'll take some questions. To ask a question please you're your question in the dialogue box at the bottom of the screen and click submit. We'll start with Lisa Callicotte, could you comment on some of the streamlining of costs you gone through as assets have declined?

Sure. As I noted earlier, we have been reducing cost and you saw that pretty much across the Board with all of our expenses. And we have discussed in the past that we have a reflexive cost structure, for example one of our largest expense is related to employee compensation and benefits. And with this, we are able to adjust bonuses to align with our revenues. And in conjunction with restructuring some of our products, we also made some staffing reductions. And there are certain expenses like our platform fees, that are based on AUM and so therefore they naturally adjust as our AUM in revenues increase and decrease, but we are always trying to streamline our other costs also. We are reviewing processes and procedures and we're trying to distinguish between our needs and our wants, concentrating on what is going to be the most efficient and effective ways of getting to where we want to be. So, as we do that, we challenge each employee and our department to look at the processes and reduce or eliminate cost when possible. For example, one of the things that we look at is our travel expenses and we've been critically looking at which conferences we plan to attend and we are continuously reviewing the benefits that we receive for each of the items that we participate in.

Thank you, Lisa. Next question is regarding ETF and a timeline for offering ETF and that's for Susan McGee.

We're busy behind the scenes working to finalize these products and the services and service providers involved with those products and we are expecting a launch in the first quarter of 2015.

Thank you, Susan. Frank, it seems like the Galileo purchase has been beneficial to the company. Are there plans for any future acquisition?

Well, yes we're always taking – looking at other opportunities to expand our footprint in our platform at the lowest cost for highest returns in capital and provide our intellectual capital. So we are – but one of the things that's most difficult is – in this highly regulated world is the resources, it's just – there is a so many forms and costs that you're around to respond to from one regulatory regime after another. I was looking at to the past 14 years that the costs for this support system for the regulatory world has come from about $0.02 a share to $0.08 a share. So it's a factor we set the cognizant off in our resources to make sure that we have the highest quality risk management and compliance procedures in place at the same time explore and look at opportunities. So when you go to do due diligence they even – the basic letter of reviewing takes so much time in – we call it nondisclosure document that confidentially agreement when you sign with other companies and entities, just that process now takes so much longer. Everything, there is just so much friction in that process but you know what even with all of that, we are still preserving and we sign agreements on a regular basis looking at opportunities accessing opportunities of how they fit into our strategy what we're looking at. At the same time the most important thing that I think about is cheap and best for an officer is the fund performance and what are we doing to make sure that we get better fund performance across every product and keep the morale up because there is very challenging and someone psychic to be going for a three now four years up…

Thank you, Frank. Lisa, in hindsight, do you believe that was a good move for the company to accept the money market business as you did last year?

b: Definitely, we were paying in excess of $1 to maintain the yield on the money market. And so now that we don't have that drain as well as meeting expense caps. We are seeing that benefit.

Thank you.

Well, I expect to end the morning session here and highly recommend that you look at sign-in for investor allot. If you have not, or share with your friends and relatives and do visit Kitco, the Gold Game Show, it is what people like about it that and then just talk about technology. The iPad is just phenomenal that I have given this gain from analysis from Albania and visiting the President of the country and I've given it from gold mines in deep in the almost like jungle of Colombia, I've given it from Asia. The fact that you can – you can Skype anywhere in the world and give people a review is just amazing and I think that the distribution of information for the iPad has just revolutionized TED.com which now gets viewed in 170 countries, 2 million viewers daily. So I think our educational from that system of being able to – if you want to get a flavor for just gold alone not the Investor Alert, which is a broader overall review from BOM markets to equity markets, foreign and domestic on gold then I highly recommend and you want the video format that you take a look at Kitco's Web site. Thank you, everyone and thank you, Susan. Congratulations on all the awards and Lisa and Susan McGee for helping streamline costs, at the same time looking for opportunities in a very challenging market for resource and emerging market oriented firm. Thank you. Thank you shareholders for you loyalty.

This concludes U.S. Global Investors earnings webcast for the first quarter of fiscal 2015. This presentation will be available for replay on our website at www.usfunds.com. Have a great day.