Welcome to Franklin Resources Earnings Commentary for the Quarter and Fiscal Year Ended September 30, 2014. Please note that the financial results to be presented in this commentary are preliminary. Statements made in this commentary regarding Franklin Resources Inc. which are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from any future results expressed or implied by such forward-looking statements. These and other risks, uncertainties and other important factors are described in more detail in Franklin's recent filings with the Securities and Exchange Commission, including in the Risk Factors and MD&A sections of Franklin's most recent Form 10-K and 10-Q filings. This commentary was prerecorded.

Hello. And thank you for listening to our fourth quarter and fiscal year earnings commentary. I'm Greg Johnson, CEO; and, I'm joined by Ken Lewis, our CFO. Importantly, overall long-term relative investment performance of U.S. and cross-border funds remained strong across equity, hybrid, and fixed income strategies. Stronger net new flows into fixed income products and ongoing organic growth of hybrid and income funds were essentially offset by outflows from some of our equity products. Financial results ended the fiscal year on a high note, with quarterly and fiscal year record highs for revenue, operating income, and net income. On the capital management front, cumulative share repurchases and dividends for the fiscal year were just shy of $1 billion. During the quarter, we also completed a multi-year effort to deregister as a bank holding company with the Federal Reserve, while preserving limited trust and fiduciary activities for our high net worth clients. As slide six illustrates, long-term relative investment performance of our U.S. retail and cross-border funds remained strong. Hybrid and global fixed income strategies in particular have done well with top quartile performance across most funds and time periods. In fact, both the Templeton Global Bond and Templeton Global Total Return Funds were recently awarded a Five Star rating by Morningstar in the U.S. Assets under management ended the quarter at $898 billion, down 2% from June, 30, reflecting the market pullback that happened at quarter end. Average AUM on the other hand increased 1% to $912 billion. This quarter, there was a slight shift towards fixed income in the U.S. sales region, but we remained well-diversified by investment objectives, sales region, and client type. This quarter, we experienced lower long-term sales, not unlike the general industry trend and a slight increase in long-term redemptions, resulting in long-term net…