Operator: Greetings, and welcome to the Eaton Vance Fourth Quarter Fiscal Year 2012 Earnings Release Conference Call. 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, Dan Cataldo, Treasurer for Eaton Vance. Thank you sir you may begin.
Daniel C. Cataldo - Treasurer: Good morning and welcome to our 2012 fiscal fourth quarter earnings call and webcast. With me this morning are Tom Faust, Chairman and CEO of Eaton Vance; and Laurie Hylton, our CFO. We will first comment on the quarter and then we will take your questions.
The full earnings release and charts we will refer to during the call are available on our website, eatonvance.com under the heading Press Releases.
Today's presentation contains forward-looking statements about our business and financial results. The actual results may differ materially from those projected due to risks and uncertainties in our business, including but not limited to those discussed in our SEC filings. These filings including our 2011 Annual Report and Form 10-K are available on our website or on request at no charge.
I'll now turn it over to Tom.
Thomas E. Faust, Jr. - Chairman, CEO, and President: Good morning. October 31at marked the end of our fourth quarter and fiscal 2012. I'm pleased to report that fourth quarter net inflows of $2.2 billion enabled us to realize positive net flows for the fiscal year as a whole and to finish the period with $199.5 billion of assets under management, a new end of year record for Eaton Vance. The 5% annualized internal growth rate we achieved in the fourth quarter is the fastest we have grown since the second quarter of fiscal 2011 also well below our 10% organic growth target it's certainly encouraging to be on a rising growth trajectory as we enter fiscal 2013.
In the fourth quarter, we had adjusted earnings per diluted share of $0.53, up 23% from the preceding quarter and up 13% from last year's fourth quarter. This is the second highest quarterly earnings in Company history, exceeded only by the $0.55 of adjusted earnings per diluted share in the third quarter of fiscal 2011.
Fourth quarter 2012 earnings benefited from approximately $0.02 per diluted share of performance fees recorded for the period. Laurie will discuss the quarter's financial results in more detail in a few minutes.
As I continued with my review of the quarter, please refer to the tables in the press release and the PowerPoint slides on our website. Fourth quarter gross sales of $14.4 billion were up 32% from the prior quarter and up 30% from the year ago quarter with each of our primary investment areas; equity, fixed income, floating-rate income and alternative experiencing sequentially improved sales. We funded two large institutional mandates during the quarter a new $2.1 billion of Global Macro Absolute Return sub-advisory relationship and a $900 million centralized portfolio management assignment for Parametric in Australia.