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 tenants of a money fund, daily liquidity at par with a market yield, they will end money markets funds as we know them if they are proposed and enacted. The consequences will be severe, including higher funding costs for states municipalities and other government entities, leading to either higher taxes, cuts and services or more money moving into the largest already too-big-to-fail banks, and money moving to far less transparent unless regulated investments including separate accounts, offshore accounts and things perhaps we have not even thought of.These Draconian measures are based on demonstrably false premise the money funds are prone to destabilizing runs and somehow backed by the taxpayers. There's no proof that either of these ideas is true. There is, however, the unparalleled 40-year record of successful money management providing real tangible benefits to our financial system. So again, we advocate the regulator study the positive impact of the 2010 Rule 2a-7 amendments and conduct a thorough and rigorous cost-benefit analysis of any further money fund regulations. The facts will then show that further rules are not necessary and, in fact, are likely to do serious harm to our financial system. Now turning to our equities business. Reflecting industry and market trends, equity fund gross sales decreased from the levels of the last couple of quarters, while redemptions also decreased, net flows were modestly negative. We continue to see demand for income products, particularly the strategic value dividend and capital income strategies, each showing positive fund flows. Our international equity funds also had positive flows with good results from international leaders and international strategic dividend fund. The Kaufmann Large Cap Fund moved into positive flows for the second quarter.