Operator: Greetings and welcome to the Federated Investors Management Company Second Quarter 2012 Earnings Call and Webcast. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mr. Raymond Hanley, President for Federated Investors Management Company. Thank you, sir. You may begin.
Ray Hanley - IR: Good morning and welcome. Today we plan some brief remarks before opening up for your questions. Leading today's call will be Chris Donahue, Federated's CEO; and Tom Donahue, Chief Financial Officer.
Let me say that during today's call, we may make forward-looking statements, and we want to note that Federated's actual results may be materially different than the results implied by such statements. We invite you to review the risk disclosures in our SEC filings. No assurance can be given as to future results and Federated assumes no duty to update any of these forward-looking statements.
With that, I'll turn it over to Chris.
J. Christopher Donahue - Director, President and CEO: Thank you, Ray, and good morning. I will begin with a brief review of Federated's recent business performance before turning over the call to Tom to discuss our financials.
Looking first to cash management, average money market fund assets were down $8 billion from the prior quarter, while the quarter end totals decreased by $7 billion to $239 billion. The second quarter has some seasonality from tax payments in both April and in June, and our market share remains over 9%. The impact of yield related fee waivers decreased again in the second quarter, and Tom will cover this in more detail later.
Regarding the market share, it's interesting just to look at the history, where it is running at about 9.5% today; at the end of '11, it was running at about 9.4%, 8.7% at the end of '10, 8.5% in '09 and '08, and about 7% in '07 and 5% in 2000. On the regulatory front, it has been reported that a document outlining new money market fund regulations is being circulated by the SEC Chairman to the other commissioners. While the proposal is not publicly available, prior comments from the Chairman indicate that the proposal includes the choice of floating the NAV or imposing redemption restrictions on money funds, in combination with capital requirement at the fund level.
These ideas have been previously floated and even in their discussion form that have drawn extensive negative reaction and commentary from money fund investors issuers, businesses, state and local municipal finance authorities various members of Congress, U.S. Chamber of Commerce, the ICI and individual money fund management companies the reason is. It's because it's very poor policy. I have previously covered these proposals and won't go into a lot of detail today except to say, that so far as they violate the primary tenant of a money fund daily liquidity at par with a market yield, they will end money market funds as we know them if they are proposed and enacted.