Welcome to the U.S. Global Investors Webcast, U.S. Global Investors' Results Announcement for the Third Quarter of Fiscal 2015. If you have any questions during the web cast, 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 center area of your screen. 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 web cast announcing results for the quarter ended March 31st, 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 web cast, we may make forward-looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this web cast, 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-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 any time during the web cast. 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. U.S. Global Investors' innovative investment management with vast experience in the global markets, and we specialize in very specialized sectors. The company was found as an investment club. And the company became a registered investment advisor in 1968, and was predominantly in the military. It was a group of military officers that started investing to create this company, and [indiscernible] grown, and is well known for his expertise in gold and precious metals, natural resources in emerging markets. Our strengths at GROW, as a go-to exposure for emerging markets and resources. I will then sort of highlight in the presentation, some of the challenges we have experienced in this sector, which always show up in trends, born [ph] themselves into where our source of revenue or in cash flow, that the emerging markets and resources have had some big challenges, since 2011. But importantly, we have been debt free and with a strong balance sheet, with a reflexive cost structure. Always costs are a little lagged when prices of assets decline, but we do have a very reflexive cost structure. We have been available to maintain a multi-dividend and a return on equity discipline. Lisa Callicotte will be able to highlight and describe that in more greater detail. The top institutional investors, I wish to thank them all for the support, and our vision as a resource entity and to emerging markets also, a strong relationship between the success of emerging markets, and which are the drivers of resources. Our investors, as you can see, are broad and diversified, in addition to a large following retail investors, in particular, through newsletter writers. We have been able to maintain those dividends for seven years, and currently have a penny per share, the current yield is 1.88%. Also during…

Thank you, Frank. Good morning. I'd like to summarize our results of operations for the quarter ended March 31, 2015. And as I discuss our financial results, a significant change compared to the same quarter last year, is due to obtaining controlling interest in Galileo in June 2014, and consolidating Galileo's balance sheet and income statement into our financial statement. Therefore these statements increase by the amount we consolidated for Galileo. Beginning on page 26, we recorded total operating revenues of $1.8 million for the quarter. This is a 33% decrease from the $2.7 million we reported from the same quarter last year. And as discussed, this decrease is primarily due to decrease in our mutual funds assets under management, that was offset by the Galileo revenue. Moving on to page 27, operating expenses for the quarter were $3 million, a decrease of $108,000 or 3%, primarily due to employee compensation and benefits decreasing $135,000 or 9%, as a result of fewer employees and lower performance based bonuses, again, offset due to the addition of the Galileo expenses. And on page 28, we see that our operating loss for the quarter for March 31, 2015 is $1.2 million, and our other income, which is income related to our investments, is $249,000 for the quarter. Our net loss attributable to USGI after taxes for the quarter is $1 million, and as you can see on page 29, it’s a loss of $0.07 per share. Moving on to page 30, we see our strong balance sheet that has already been discussed. We own our own building. We have cash and marketable securities of $2.4 million, that combines to make up 74% 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 $21.1 million, and a current ratio of 14.3 to 1. With that, I'd like to turn it over to Susan McGee.

Thank you, Lisa. Performance and being results oriented are two of our core value to U.S. Global Investors and one of the ways that these values are demonstrated, is through our leadership in investment performance. During the past quarter, our sales and marketing efforts have focused on one of our top ranked funds, the Near Term Tax Free Fund, which has delivered consistent positive performance. In fact, if you look back for the last 20 years, out of 25,000 equity mutual and bond funds, only 30 of the 25,000 have had consecutive positive annual returns, and we are very proud that our Near Term Tax Free Fund is one of the few. As investors and financial advisors contemplate, the eventual interest rate increases or the stock market corrections, they tell us that they do value the history of no-drama performance that this fund has provided during the up and down market. So if you do compare the S&P 500 to near term, since the year 2000, you will see that it took the S&P 13 years past the stated growth of the Near Term Funds. We had two of our funds on the Morningstar four star rating for overall performance. Again, Near Term and the Municipal National Short Term funds category and also our Gold and Precious Metals fund, and the Equity Precious Metals fund category. We are pleased that two of our funds, also hold the top Lipper leader rating. This rating is based on investor centered criteria, and on a scale of one to five, Lipper Leader funds, that rate of five, we are in the top 20% of their category. So the near term tax free fund again and our U.S. government securities ultra short-bond fund, both rate are five for preservation. As Frank mentioned earlier, the…

Thank you, Susan. I'd like to go back to the slide on 44, the airline stocks defied high fuel costs. One of the things in launching a products, its so important that you grasp all the difference of distribution and also creating a product that relates to you as a money manager. We know that there is lots of people that create products, that are just product developers, and they don't come from a money management perspective. But one of the things that I noticed is, I fly 100 times a year, I got 8 million miles, and I was complaining to all the airlines of what the cost of these were? And said, how do we go ahead to make money, and I found that there was this new direct non-stop flight from Alaska Airlines from San Antonio to Seattle, was that they are at the cost of American and better service. So we did the fundamental analysis, we bought it, and the stock has done spectacularly well for our portfolios. And it means more interested in the space and the idea of coming out with the ETF, we said, where is the space where no one is, and we found that this is the space. There was an ETF, and it is shutdown, but it was just unfortunate timing for them, because it was the best time to actually launch an airlines ETF, because industry, there was so much pain and restructure 70% being bankrupt, and now they came up with 25% less flights. There are many key factors in this in. Some fees were going to rise, and we have all experienced, they charge you for baggage, they charge you -- doesn't matter if you are a platinum or diamond level, they charge you $200 fee to…

Thank you, Frank. Now we will take some questions. Frank, some have been calling for us to bottom in commodities. Do you see that inflexion point?

It’s a great question. I hope so, but hope is not going to help with this process; because reality is, is that Macquarie had a great piece of research when I was speaking in Doha. And the analysts there said that $1 trillion was spent on mining alone. $1 trillion over a 15 year period. Other than that $1 trillion, $300 billion were spent on iron ore, and $300 billion were spent on coal, and we have 20 years of excess supply of iron ore and coal. $150 billion are spent on goal. $150 billion was estimated to be spent on copper. This is where supply is much tighter, and the other number is, platinum-palladium, is even substantially less. Platinum-palladium you need for cars and trains and -- sorry, for cars and trucks; and so it bodes well to any supply disruption that comes out of South Africa or Russia, can have a very swift impact on rising prices for platinum-palladium. Copper, we are seeing that there has been geopolitics in countries like Chile, who elected a socialist president, who gave all the power to the unions and is sad, because 40% of their foreign currency comes from copper. The unions have done everything to stifle any economic development, and their economy is contracting rapidly. They are taxing all their middle class. They are looking to run for dollars. We have seen the same thing in Colombia. So the supply coming out of commodities of Colombia have been falling, with the supply of copper coming out of Chile, has been falling, and I think that the idea that copper, which has rebounded here, probably trades higher, and we have seen the same thing for many emerging countries, very excessive tax regimes. Where you're seeing money is not going to the…

Thank you, Frank. We are just about of time, but we will take one more question. Susan, you mentioned that the landscape is different for ETFs than mutual funds. Can you talk more about that in terms of marketing and distribution strategy? Yes, what we have focused on previously with our mutual funds is more direct, one-on-one type of interaction with investors. And what we are going to transition to, with the ETF, is more of a global branding strategy, and efforts there more on a PR, and more newsworthy globally efforts, as you've mentioned.

Any other financial questions?

Not at this time. I think we are out of time.

Sorry, Lisa.

This will conclude U.S. Global Investors' web cast for the third quarter of fiscal 2015. The presentation will be made available for replay on our web site at usfunds.com. Thank you all for your participation today.