Greetings, and welcome to the Federated Investors Second Quarter 2015 Analyst Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ray Hanley, President of Federated Investors Management Company. Thank you sir. You may begin.

Good morning and welcome to our call. Leading today’s call will be, Chris Donahue, CEO and President of Federated; and Tom Donahue, Chief Financial Officer; and joining us for the Q&A is Debbie Cunningham, our Chief Investment Officer for the Money Markets. 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. Chris?

Thank you, Ray and good morning. I will briefly review Federated’s business performance and then Tom will comment on our financial results. I will begin by reviewing another strong quarter for our equity business. Against the challenging market environment was essentially flat equity market returns and industry net outflows from equity funds, our equity managed assets were up 1% from the prior quarter, and up 10% year-over-year and we had solidly positive equity net flows. Total net equity sales which includes both funds and separate accounts were $831 million, resulting in an annualized organic growth rate for equities of over 6%. Federated’s equity fund’s organic growth rate of 5.3% for Q2 annualized was again among the best in the industry. Based on Strategic Insight’s data, our second quarter equity fund’s net flows ranked in the top 3% of the industry. Our equity business is very well positioned with a variety of strategies producing solid performance and sales results. Using MorningStar data for ranks funds as of quarter end, seven Federated funds, 27% were in the top decile for three trailing years. We had 12 funds, that’s nearly half in the top quartile and about three-fourth of our funds in the top half for the trailing three years. Looking at the one year ranking, six funds were in the top decile, nine funds were in the top quartile and 16 funds were above media. Performance highlights includes Federated, Kaufmann Large Cap Fund in the top decile for the trailing one, three and five years. The Kaufmann fund is also top decile for one and three year marks, while the Kaufmann Small Cap Funds is top 13% for the trailing three years and top 3% for trailing one year. The International Leaders Funds, which is a Foreign Large Cap blend strategy, is…

Thank you, Chris. Revenue was up 3% from the prior quarter and 7% compared to Q2 of last year, mainly to higher equity assets which added $7 million of revenue versus Q1 and $15 million versus Q2 2014. Money market related revenues also increased with improvements in waivers largely offset by lower assets. Equities contributed about 48% of Q2 revenues, again the highest percentage among the various CapEx process. Combined equity and fixed income revenues were 69% of the total. Operating expenses declined from the prior quarter, due mainly to lower comp and related expense.. Comp decreased due to lower incentive compensation expense which was impacted by lower fund sales and personnel changes. Other factors included seasonally lower payroll, tax expense and lower stock compensation expense. Q3 comps and related estimates is about $72 million. The pre-tax impact of money fund yield waivers of $22 million was down from the prior quarter and from Q2 of last year. The decreases were due to both higher fund yields and lower fund assets. Compared to the prior quarter, about 75% of the improvement was due to higher yields and 25% from lower assets. Based on current assets in yields, the impact of these waivers to pre-tax income in Q3 would be about the same as Q2. Looking forward, we estimate that gaining 10 basis points in gross yields from beginning Q2 levels would likely reduce the impacts of yield waivers by about 40% and a 25 basis point increase would reduce the impact by about 65%. We expect to recover about two-thirds of the remaining money fund yield waivers related pre-tax income. Multiple factors impact waiver levels and we expect these factors and their impacts to vary. These factors include changes in fund assets, available yield for investments, actions by regulators, changes in the expense levels of the funds, changes in the mix of customer assets, changes in product structure, changes in distribution fee arrangements with third-parties, Federated’s willingness to continue to see waiver and changes to the expense to which the impact of the waivers is shared by third-parties. The effective tax rate was approximately 38% and that continues to be our expectation going forward. Looking at the balance sheet, cash and investments total $300 million at quarter end. We would not like to open the call up for questions.

Thank you. At this time we will be conducting a question-and-answer session. [Operator Instructions] Our first question is coming from the line of William Katz with Citigroup. Please proceed with your question.

Thank you. The next question is coming from the line of Michael Kim with Sandler O'Neill. Please proceed with your question.

Thank you. The next question is coming from the line of Ken Worthington with JPMorgan. Please proceed with your question.

Thank you. The next question is coming from the line of Craig Siegenthaler with Credit Suisse. Please proceed with your question. Craig, your line is now live. You may proceed with your questions.

Thank you. The next question is coming from the line of Surinder Thind with Jefferies. Please proceed with your question.

Thank you. The next question is coming from the line of Greg Warren with Morningstar. Please proceed with your question.

Thank you. Our next question is a follow-up coming from the line of William Katz with Citigroup. Please proceed with your question.

Thank you. It appears there are no further questions at this time. So I’d like to turn the floor back to Mr. Hanley for any additional concluding comments.

Okay, well, thank you. That concludes our call and we appreciate you joining us today.