Good morning. Thank you for joining us today for our webcast announcing U.S. Global Investors' Results for the First Quarter of Fiscal 2016. I’m Susan Filyk. If you have any questions during the webcast, you can enter them in the questions area of the control panel’s sidebar, which is normally to the right of your screen. Also, you may download a PDF of today's slides by clicking on the red handout button. 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-Q filings 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 accept no obligation to update them in the future. Now let's go to Frank Holmes, CEO and CIO for an overview of the quarter. Frank?

Thank you, Susan. U.S. Global Investors is an innovative investor manager with vast experience in global markets and specialized sectors. Founded as an investment club, the company became a registered investment advisor in 1968 and has a longstanding history of global investing and launching the first of the kind investment products. U.S. Global Investors is well known for its expertise in gold, precious metals, natural resources and emerging markets, which I’m going to walk through in this presentation has had tremendous challenges since 2011 in addition to, as a money manager but those categories globally. In particular, the past two years would be massively strong dollar. We’re going to walk you through [Technical Difficulty] of how we’re adapting and adjusting to those external factors. But let’s take a look at what makes us special and let’s go to strengths. We are a go-to stock for exposure to emerging markets and resources. We’re debt-free and we have strong balance sheet with a reflexive cost structure, which Lisa Callicotte, our CFO will comment a bit more on in the presentation. And we still maintained monthly dividends on a return of equity discipline and how we’re repositioning products, et cetera. Susan McGee will comment in more detail of what we’re doing to restructure in light of the capital markets and how they’ve morphed and changed. Now I’d like to go on to our top 10 institutional holders of GROW. I’d like to thank them for their loyalty particularly during these treacherous markets and resources; the FIM Group, TheRoyceFunds, Sentry, Vanguard and BlackRock. In particular, the top three, which are all based on active money managers. The next slide is Slide 7, dividends; consistently paid them for eight years. The yield of the stock at 1.67 is 1.8%. The monthly dividend is a modest…

Thank you. We announced yesterday a new partnership with Atlantic Fund Services. We will be transitioning through a fund adoption to Atlantic Fund Services for that firm to provide trust governance, fund accounting and transfer agency services for U.S. Global Investors Fund. Many legal compliance and administrative responsibilities will move to Atlantic Fund Services and this transition will free up resources at U.S. Global Investors to focus on investment management, the sales and marketing and strategic growth opportunities. We are expecting the transition to take effect on December 10, and cost will be decreased due to personnel and shifting of job functions that I just mentioned.

And what’s really important for GROW shareholders is that it’s a win-win, and anything that benefits the fund shareholders benefits GROW and vice-versa. So I think it’s an important step in how capital markets are changing and we’re changing with them. Susan, the next visual.

Atlantic Fund Services out of Portland, Maine does provide quite a few services to mutual funds and hedge funds throughout the world. They do specialize in the servicing of mutual funds, they do provide the Series Trust, and as we mentioned they will be taking on the servicing of U.S. Global Investors funds.

So our current product line up, as you can see, the funds are there and we’ve streamlined them and we’ll reassess them in the new relationship with Atlantic. And we’ve been very happy with the growth of our ETF Jets and we had another accrete this week and accrete last week. This is all part of the constructive and it’s one of the least expensive – we call it inexpensive industry categories of the S&P 500. The S&P for shareholders that are not aware has 10 sectors and the 10 sectors themselves have about 100 industries. When you look at the transportation sector and you look at the industry group of its airlines industry, this is the only ETF out there listed on New York and it has the ability for investors to hedge positions; go short, go long. At the same time, for Global [ph] investors, it’s a wonderful product. So we’re very happy with the launch of that. And we’ve learned a lot. We’ve really learned a lot of how to monetize the intellectual capital we have in our marketing distribution and further I think it’s really going to help our active management, because disciplines necessary to create a robust dynamic rule-based system of investing that deals with both macro and micro factors and realigns itself unemotionally. Emotions went into creation of this particular set of rules. And after that, it has such great peers survivorship when we tested it over short-time periods, long-time periods, it’s extremely robust. When we look at year-to-date from the day of launching it and we compare it to other indexes out there and how it’s performing even after fees, it’s outperforming a New York Index that’s out there. So we’re very happy that what we’ve learned from this exercise. But building for…

Thank you, Frank. Good morning. Now I will summarize our results of operations for the quarter ended September 30, 2015. Beginning on Page 34, we recorded total operating revenues of 1.6 million for the quarter. This was down 1.7 million or 52% from the 3.3 million we reported the same quarter last year. The decrease is primarily due to lower assets under management related to shareholder redemptions and market depreciation mainly in the natural resources and international equity sectors. So as Frank discussed, the challenges of these sectors have directly affected our assets under management and therefore our revenue. The decrease was slightly offset by the addition of the Jets ETF advisory fee. Moving on to Page 35, operating expenses for the quarter were 3 million, a decrease of 627,000 or 17% for the same quarter last year, primarily for the following reasons, employee compensation and benefits decreased 112,000 or 7% as a result of fewer employees and lower performance-based bonuses, general and administrative expenses decreased 197,000 or 17% due to strategic cost cutting measures and platform fees increased 338,000 or 50% due to lower assets held through broker dealer platform. On Page 36, we see our operating loss for the quarter ended September 30, 2015 is 1.4 million. This was somewhat offset by our other income, which was income related to our investment. Other income was 534,000 in this quarter, which increased from the same quarter in the prior year by 314,000. The increase was attributable to an increase in realized gains on sales of available for sale securities and lower unrealized losses on trading securities in the current period. Net loss attributable to USGI after taxes for the quarter is 868,000 or a loss of $0.06 per share. And as previously discussed, as the company endorsed U.S. Global Investors Fund proposal of adopted, we anticipate that certain revenue line items will be reduced or eliminated and it will offset by reductions in personnel costs, platform expenses, distribution expenses and other administrative expenses due to outsourcing or certain functions and responsibilities for these funds. We also anticipate that we will have additional one-time costs in the second quarter of our fiscal year 2016 as we implement these changes and look forward to the positive effect on our net income. Moving on to Page 38, we see we still have a strong balance sheet, which includes high levels of cash and marketable securities that combine to make up 79% of our total assets. And as we see on Page 39, we still have no long-term debt and the company has a net working capital of 19.1 million and a current ratio of 14 to 1. With that, I’d like to turn it over to Susan.

Thank you, Lisa. While commodities in emerging markets have been out of favor with investors recently, our sales and marketing efforts have continued to focus on our longstanding top performer, the Near-Term Tax Free Fund or NEARX. And our newest product, the U.S. Global Jets ETF, which is the only airline ETF on the market. And as Frank mentioned earlier, we have benefited from a successful product launch for our first ETF. Jets has received extensive financial media coverage and also quite a bit of interest from the investment community. It was named one of the Most Popular New ETFs Launched This Year by ETF Trend. The Jets ETF has attracted about 50 million in assets, as we mentioned. It has very robust trading volumes and our sales team is making in-roads at key [ph] to help distribution channels. Jets utilizes a dynamic rules-based index strategy, as Frank mentioned earlier, and it provides investors with diversified exposure to the global airline industry. We do anticipate launching additional Smart Beta ETF in the coming year throughout 2016. As investors continue to worry about the timing and impact of an inevitable interest rate hike and volatile stock market rises and falls, our 5-star Near-Term Tax Free Fund continues to provide investors a common solution. It’s had consistent positive performance in tax free income and we’re proud that NEARX is one of only 30 equity and bond mutual funds out of an entire universe of 25,000 funds that has delivered consecutive positive annual returns for the past 20 years. It’s quite an accomplishment. NEARX has also earned the Morningstar’s 5-star rating for overall performance in the Municipal National Short-Term funds category. And our Gold and Precious Metals Fund also earned a 4-star rating in the Equity Precious Metals funds category. Investor's Business Daily…

Thank you, Susan. Thank you, Lisa. So let’s go to an important visual. Everyone’s so caught up with nominal interest rates, Fed funds zero rates and what’s really important when you look at global currency realignments that take place, the U.S. dollar versus the euro versus the Japanese yen versus the Canadian dollar, et cetera, it’s all done in real interest rates. In particular, it seems they focus on what the two-year government bond is of America versus Canada versus the UK versus Europe and deduct the CPI number of the data that comes out of the inflationary number each month and you get a real rate of return. It is positive or negative. This is much more significant in the currency movements that take place. Money goes to countries where there’s positive real rates of return and it leaves countries where there’s negative real rates of return. And what we’ve seen in the past several years is that in fact the U.S. with Fed funds moving had real interest rates rise whereas Europe has declined, Japan has declined, the British pound has declined, the Canadian dollar has declined, the Australian dollar has declined. So this has had a significant impact on the rotation but everyone’s focused on nominal interest rates. And so the next visual as I show you that anytime we’ve had what they call negative swing of 500 basis points in real rates, it usually has great difficulty and a global slowdown. And the definition of a global slowdown is 2% global growth. Whereas in America, a slowdown or recession is defined as two negative quarters but the world functions very differently and it’s important to recognize we are having a global slowdown and this does impact our cash flow because it impacts the assets themselves and…

Thank you, Frank. Now we’ll take any questions. Again, you can enter them in the questions’ area of the control panel. Our first question is for Susan McGee. As the asset class of U.S. Global managers turn positive and GROW shares benefit from an increase in AUM and correlating management fees, how much upside does U.S. Global give up in partnering with Atlantic?

Well, our management fee will operate the same and the U.S. Global Investors revenue of course will increase as AUM increases. The fees from the 12b-1 plan and the shareholder servicing plan will continue to operate as usual. Those fees pay marketing and platform expenses and those expenses will continue. We will experience a decrease in the administrative services fees that we will be receiving, however, we have lowered our expenses by reducing our personnel needed to perform the administrative functions.

Thank you, Susan.

Lisa, do you have any comments of how is that that the format looks different though? The revenue is going to decline but the offset expenses are also going to decline. So why don’t you explain that to the investors, please?

Sure. So the lineout of our revenue is it’s going to simplify our income statement. So we have certain line items in our revenue that will either decrease or be eliminated but there will also be corresponding expenses. So we will be reimbursed still for certain distribution expenses, therefore, reducing those line items as well on our income statement. So this will also benefit our funds and with that, then having lower expenses also lowers what we’re paying for expense caps. So we do cap voluntary those funds and therefore that will also decrease our expenses. With that, we are planning to streamline our processes and reduce personnel, again, giving us lower expenses. So we’re talking about the net effect on our income is going to be positive due to all of these changes.

My experience since looking at this as CEO is when we have the transfer agency and the money market funds, there was just so much administrative duties and responsibilities that went with that. And as I mentioned, getting rid of that particular, maintaining $1 NAV that we can still [indiscernible] zero interest rate environment, it’s millions of dollars that it’s just – the industry as a whole we reported on previous webcasts was costing billions of dollars a year in maintaining $1 NAV. So when we partnered with U.S. Bancorp, what that really did was it lowered – they had economies of scale, so the shareholders benefit which is so key, the fund shareholders and then their benefits is our benefit. And so I think that that was very key, but we end up shrinking the number of employees because we had less admin people that were related to customer service. And the same thing today with Atlantic and this whole repositioning, there’s less admin people and really you’re going to a very focused – I like their metaphor Navy Seals. It’s a very – highly educated professional people that multitask, have multi skills, it’s not like the U.S. military infantry. It is highly educated, motivated professionals and you just need less. And with technology that you have today, it’s learning how to use your smartphone so that really it becomes a tool for growth. So that’s how things are changing.

Thank you, Frank. We have one additional question for Frank. The cost management is an important part of the equation, the other side of where revenue growth will come from in the future. Could you comment more on that?

Sure. The most important is growth. One is stabilizing in our overall complex in the mutual fund world but the growth has been and we’ve highlighted is the ETF space. And what I think is to look at our knowledge and our expertise in creating robust rules disciplined money management sets like being EPS, I believe there’s lots of opportunity and we’ll be coming out with our own category for the gold space and also for luxury goods. And we’re working away and it’s just not a simple quant model. It requires tremendous amount of scrubbing, so we can create a basket from a quant model of stocks that meet certain Smart Beta, that I like to call it, but it’s not enough. You have to go and look at what were the dynamics every quarter; the stocks went in and went out and know the names and do this, we call it double scrub on the robustness of the product and then back test that it does change with capital markets. It changes in a timely basis. It’s not hyperactive in turnover. And so with that, we feel much, much more comfortable on our ability to come out with products. We’re looking in Canada, coming out with which we’re excited on a product that will just be a wonderful product for investors. And it’s just the idea that I can grow for myself and put money into it and for the public, these are just great products. They’ve been really well thought out both top down and bottom up and that’s where growth is going to come from, because people are always looking for good stable products.

Thank you, Frank. Thank you for the questions this morning. This concludes U.S. Global Investors webcast for the first quarter 2016. This presentation will be available on our Web site at usfunds.com. Thank you all for your participation today.