Good day ladies and gentlemen and welcome to the U.S. Global Investors Webcast, U.S. Global Investors' Results Announcement for the Fiscal Year 2015. If you have any questions during the webcast, simply enter your question in 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 area of your screen. To switch back to the presentation, just click the Slide tab. We would now like to begin by introducing Susan Filyk, Investor Relations at U.S. Global Investors. Ms. Filyk?

Thank you and good morning. Welcome everyone to our webcast announcing results for the fiscal year ended June 30, 2015. 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 risk 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 Investors accepts no obligation to update them in the future. If you have a question for us, you can submit it at any time 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 this period. Frank?

Thank you, Susan. Good morning, everyone. I know it’s a challenging time. Its one of the biggest losses I’ve ever experienced, and I think -- I’m going to try to explain through this presentation today that we’re in asset classes that’s been in decline not since -- not only since 2011, at the peak of [indiscernible] 1900, but all commodities in emerging markets have been challenged since that time period and that’s been predominantly our asset classes. And the other factor from a short period of time we’ve seen these commodities also decline this year. We’ve published and written about this many times trying to explain the correlations with the PMI, Purchasing Manufacturers Index and the significance of policies both in China and in other countries in the world of what’s driving this secular mass of correction in the resource cycle, which impacts emerging markets and we’re directly related because of our emerging market product line up and our resource funds. I think further to add to that is the repressed interest rates, the low interest rates we’ve had to remove a big part of assets we’ve always had in previous downturns where money market funds which kept assets in our complex at lower fees, but we always had a bigger asset set of funds. And since we had to get rid of those, because they were costing millions of dollars a year and we’ve commented in previous presentations up to over $3 billion which costs the industry to maintain the $1 NAV, and a big part of that is just the cost structure and the regulatory creep that’s taking place is just very expensive maintaining money fund. So getting rid of those in a unique partnership with U.S Bancorp does change the composition of our overall assets and makes…

Thank you, Frank. Good morning. Now I’ll summarize our results of operations for fiscal year ended June 30, 2015. Beginning on Page 31, we recorded total operating revenues of $9.4 million for the year. This is down 18% from a $11.4 million we reported last year. It’s primarily due to the lower asset understand management related to shareholder redemptions and market depreciation mainly in our natural resources and international adverse [ph] factors that Frank discussed. Moving on to page 32, operating expenses for the year were $13 million, a decrease of $1.9 million or 13%, due to the following reasons. Employee compensation and benefits decreased $916,000 or 13%, as a result of fewer employees and lower performance based bonuses. General and administrative expenses decreased $986,000, a 19% and G&A decreased due to higher cost in the prior year due to strategic fund changes as well as cost cutting measures in the current year. Performance fees actually increased $153,000 or 8%, and this was due to consolidating Galileo for the entire fiscal year and only one month in the previous year based on when we obtain controlling interest in Galileo. The increase was somewhat offset by decreases in platform fees due to lower asset held through broker dealer platforms. Advertising decreased $204,000 or 33%, as a result a decreased sales and marketing cost. On page 33, we see that our operating loss for fiscal year 2015 is $3.6 million, this is slightly offset by our other income, which is our income related to our investments. Our other income was $434,000 in fiscal year 2015, and this was a decrease from prior year $1.7 million, because in prior year we had really high gains related to our -- the sales of our available for sale securities, unrealized gains on trading securities and…

Thank you, Lisa. During the past quarter, our sales and marketing efforts have focused on our new product the U.S. Global Jet ETF and also our long standing top performing fund, the Near-Term Tax-Free Fund. We began the strategic process of expanding our product line about two years ago. We’ve seen the ETF just growing tremendously in the past few years and we recognize that our company needed to evolve with this trend. Our ETF are increasingly the preferred investment vehicle for retail investors and their financial advisors as well as institutional investors. You can see how ETF asset growth is outpacing long-term mutual funds for both third party and retail channels. As Frank discussed earlier on April 30, we launched our first ETF, the U.S. Global Jet ETF with the ticker symbol JETS on the New York stock exchange and JETS utilizes a smart data index strategy that focuses on the global airline industry. We recognize that the airline industries significant restructurings in the past few years had contributed to that industries financial success and we believe are prospects for future growth. Yet there was no ETF to meet investor demand in the sector. JETS so far has received extensive media coverage, our assets had grown to more than $44 million and the trading volume of the ETF is very robust. As many of you know ETF have a very different landscape in mutual funds from operations to marketing to distribution, we invested significant time and resources in building our intellectual capital. We selected service providers, product partners. We tested investment models. We developed marketing plans. And this experience that we gained throughout this process positions us very well for future ETF launches that we have planned. As investors experience the pains of the volatile equity market and also…

Thank you Susan and thank you Lisa. I’m going to speak quickly to go through these presentations I’d highly recommend if you’re not a subscriber go to usfunds.com and subscribe to Frank Talk and Investor Alert. You can get more content, written content on these visuals. On slide number 59, the U.S. dollar up 20% since July 14. I think what's important for investors, you can see that -- is that, the inverse of this. So the dollars up means other countries currencies are down and this adds to the difficulty for so many of these a performance in emerging markets resources, currency volatility is significant in generating or harming the creation of alpha. Another visual is on 60, trying to go through this education which Susan commented earlier, we’ve received many awards for education in a very competitive arena and so one of the -- is what we do with Investor Alert which is an award winning information medium for investors and its our visuals that are also very important in trying to take complexity and simplify it. So the inverse relationship within the U.S. dollar and commodities, as you can see in this visual is very simple, significant, profound, and its just what it is and its how fast we’re adapting, adjusting to it. Do we think it’s going to end; forever the dollar is always going to be strong. No, we don’t believe so. We believe that we have demographics [indiscernible] people having babies everyday and now the world is so wired and hooked up. It’s just remarkable how young the iPad is and how young mobile phones are and applications. I mean they’re just; they’re infants in the lifecycle. And great history shows that, at the turn of the 1900, they thought cars would take 30…

Thank you, Frank. Now we’ll take some questions. [Operator Instructions] Do have a first question for Frank. Could you talk about in a little more detail your approach to brands for future ETF?

Well, i'ts regarding being unique. It’s a crowded space in some of the categories. We’re late at getting out to this game, and it is -- and that’s reality. So coming out with JETS, there was no other product there. We believe in luxury goods. We’ve announced that, that’s public. Next quarter, we’ll announce [indiscernible] other lineups, which we think our research capability will add value. Luxury goods is very highly correlated discretionary spending, and it’s highly related to gold jewelry, the love [ph] trade. So we are -- we feel that we have a real understanding of that category and using our smart beta tools that we’ll be able to deliver a very special product rather than just an index based on market cap. So that’s what we’re working on. But right now, it’s just to right size our ship, all hands on deck of streamlining, and what investors are to recognize, it’s just more costly to streamline funds to emerge a fund or to move funds to money market funds which we do to the Bank Corp, then it’s the set up of fund. That regulatory cost and timeline is a lot longer, much more than I ever thought when I first bought U.S. -- I knew when I first bought U.S. Global. So, it’s just this frustration that I have of how fast can we move to reposition the company. But we are in the direction and we’ll have lots of disclosure on that as we right size in the next two months.

Thank you. I have another question for you Frank; you’ve talked about the dramatic impact of commodities on assets. What are you looking for as indicators of when commodities will hit a bottom, and how are you positioned to rebound when that happens?

Well there’s two factors to that and we always comment that, government policies are precursor to change. It’s recognizing government policies and we’ve said that they bifurcate due to [indiscernible] fiscal, and fiscal is the most important part for infrastructure spending, which is it puts a big demand on commodities. Since 2008, the G20 countries get together and much more talk is on synchronized global taxation and regulation. That is not a great precursor for big commodity demand. Prior to 2008, they would meet together and it was all about global trade, streamlining terms and regulations, creating the battles were about countries not being competitive for transparency and pricing et cetera, very different mindset than what we have today. So when we see policy changes where people really become fiscal orientated to drop taxes, to streamline regulations, and unleash capital, I think that that would be a tipping point from a big macro sector theme. Shorter term, I think it’s PMIs, the look for that change in global PMIs that global synchronized growth is onside. The magic number is to have it above 50, and the momentum always starts when the one month is above the three months, is a constructive positive sign that demand for commodities is picking up. So I think there is significant factors that were, I’ll be looking for.

Thank you. That concludes our questions for today. So we will conclude our webcast for the fiscal year 2015. This presentation will be available for replay on our Web site at usfunds.com. Thank you all for joining us today.

Thank you.

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