Welcome to the Cohen & Steers’ Second Quarter 2013 Financial Results Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded, Thursday, July 18, 2013. I would now like to turn the call over to Mr. Salvatore Rappa, Senior Vice President and Associate General Counsel. Please go ahead, sir.

Thank you, and welcome to the Cohen & Steers second quarter 2013 earnings conference call. Joining me are Co-Chairman and Co-Chief Executive Officers; Marty Cohen and Bob Steers; our President, Joe Harvey; and our Chief Financial Officer, Matt Stadler. Before I turn the call over to Matt, I want to point out that during the course of this conference call we may make a number of forward-looking statements. These forward-looking statements are subject to various risks and uncertainties. There are important factors that could cause actual outcomes to differ materially from those indicated in these statements. We believe that some of these factors are described in the Risk Factors section of our 2012 Form 10-K, which is available on our website at cohenandsteers.com. I want to remind you that the Company assumes no duty to update any forward-looking statements. Also, the presentation we make today contains pro forma or non-GAAP financial measures, which we believe are meaningful in evaluating the Company’s performance. For detailed disclosures on these pro forma metrics and their GAAP reconciliations, you should refer to the financial data contained within the press release we issued yesterday as well as in our previous earnings releases each available on our website. Finally, this presentation may contain information with respect to the investment performance of certain of our funds and strategies. I want to remind you that past performance is not a guarantee of future performance. This presentation will also contain information about funds that have filed the registration statement with the SEC, which had not yet become effective. This communication shall not constitute an offer to sell, but the solicitation of any offer to buy any securities. For more complete information about these funds, including charges, expenses and risks please call 800-330-7348 for perspectives. With that, I’ll turn the call over to Matt.

Thank you, Sal. Good morning, everyone, and thanks for joining us today. Yesterday we reported net income of $0.34 per share, compared with $0.36 in the prior year and $0.34 sequentially. The first quarter included an after-tax expense of $0.10 per share, primarily due to costs associated with the offering of Cohen & Steers MLP Income and Energy Opportunity Fund. After adjusting for these items earnings per share for the first quarter would have been $0.44. Revenue for the quarter was a record $77.8 million, compared with $67.4 million in the prior year, and $72.5 million sequentially. The increase in revenue from the prior year was attributable to higher average assets, resulting from market appreciation, the launch of two closed-end funds and net inflows into open-end funds, partially offset by net outflows from institutional subadvised relationships. Average assets for the quarter were a record $50.2 billion, compared with $43.6 billion in the prior year and $47.4 billion last quarter. Our effective fee rate for the quarter was 56.3 basis points, up from 55.9 basis points last quarter. The increase was primarily due to a shift in the mix of our assets under management. Operating income for the quarter was $28.6 million, compared with $26.1 million in the prior year, and $20.7 million sequentially. Excluding the closed-end fund offering costs, operating income for the first quarter was $28.5 million. Our operating margin decreased to 36.7% from 39.4% last quarter after adjusting for the first quarter offering costs. The 270 basis point decline was primarily due to higher distribution expense and G&A to revenue ratios. Pre-tax income net of noncontrolling interest was $25.2 million for the quarter, compared with $25.1 million in the prior year, and $23.3 million sequentially. Noncontrolling interest represents third-party interest in the funds we have consolidated. Excluding the…

Great. Good morning. As you already know the latter half of the second quarter was marked by dramatic reversal and increased volatility in both of the debt and equity markets. Chairman Bernanke’s taper remarks triggered a decline in bond prices and a record-setting stampede out of almost all fixed-income strategies further exacerbating investor losses. Many believed June will prove to be the turning point for the multi-decade bull market in fixed income, but only time will tell. Coincidentally, investors in the equity markets also struggled to discern which industries and strategies will be the winners going forward. Income-oriented equities such as REITs got hit particularly hard. Because the Fed has indicated that it plans to pullback only if the current economic expansion is strong, self-sustaining, and characterized by rising employment, we believe that economically sensitive asset classes like REITs are ultimately winners in this cycle and certainly should not trade in sympathy with bond markets. In any event the second quarter was not only a period of transition for the market, but for Cohen & Steers as well, and let me briefly recap some important changes that occurred in the quarter. First and most important is investment performance, and we’re pleased to report that for the 12 months ended June, five out of seven equity strategies are meaningfully ahead of their benchmarks and our flagship, U.S. REIT strategies at or near the top of the charts versus our competitors. As you may recall, it was exactly one year ago following a period of underperformance in our U.S. and global REIT strategies that we made significant changes to the investment leadership of that group. Relative performance has been improving since then, and as I commented earlier, the fundamental outlook for real estate and REITs is very favorable. Turning to our non-equity…

Thank you. (Operator Instructions) And our first question is from the line of Adam Beatty with Bank of America Merrill Lynch. Please go ahead. Adam Q. Beatty – Bank of America Merrill Lynch: Thank you, and good morning. Just a question on the strong institutional pipeline. It sounds like investors are moving more toward real assets. Do you think that’s a quest for yield or more an attempt to diversify into more on correlated assets, and also where does sort of your core real estate strategies fit into that and have you seen similar interest in those?

Adam, I would say that the interest institutionally is mainly for both uncorrelated assets, but also they’re looking for high returns. I think that if you look at the leading endowment funds, for example, Ivy League funds and others, they have virtually zero allocated to fixed income and I mean that literally. They have 20% to 30% allocated to real assets and that is not simply for diversification. I think their expectation is that this economic expansion will continue and that’s based on a lot of factors, both cyclical but also monetary and fiscal policies that it could be accompanied by rising commodity prices and so on. So I think diversification relatively high returns is why they are investing here, not for yield. We’re seeing this increase in demand mainly in the institutional channel. We’re not really seeing that yet in the retail channels where we continue to see good interest in income-oriented strategies like preferreds and like REITs. Adam Q. Beatty – Bank of America Merrill Lynch:

I think Adam, it’s the shift in our assets under management as we have been experiencing outflows in institutional subadvised, their lower fee and when we launched two closed-end funds, and we’re having great success in our retail channel, and so that’s really accounting for the overall mix. Nothing really more than that. Adam Q. Beatty – Bank of America Merrill Lynch: Got it. Just one more. Thanks for taking my questions. In terms of the G&A and the higher reimbursement cost, could you, I want maybe a little bit more detail around the mechanics of that, how that occurs and when and if we might expect similar in the future?

Well, I think it’s on the couple of our funds where we went to market with a total expense ratio that was at or close to our advisory fee. So in essence any of the expenses that the fund absorbs in both fixed and variable would be absorbed by the advisor in the event that the expense ratio is capped at our management fee. So you’ve seen the tremendous growth that we’ve had in our preferred funds and with that growth are some incremental variable expenses, and as those expenses are incurred the advisor absorbs them. So I think that’s the reason for the checkup in the G&A. I don’t necessarily, we don’t believe that there should be any additional checkup beyond the 50% that we’re projecting of G&A for the second half of the year that would include projected expenses from the fund. So, like with every forecast you have the forecasts, you have reality, and we think we’re in a good position now, and it’s going to be based upon flows and transaction levels. Adam Q. Beatty – Bank of America Merrill Lynch: Great. So to the extent that it’s an ongoing situation, you have incorporated into the guidance?

Yes. Adam Q. Beatty – Bank of America Merrill Lynch: Super, thank you very much. That’s all I had this morning. I appreciate it.

Our next question is from the line of Marc Irizarry with Goldman Sachs. Please go ahead. Stephen Jones – Goldman Sachs & Co.: Hey guys, this is actually Stephen Jones here for Marc. I just have one question. I know last year, we saw sort of a change in the comp ratio accounting for a different accrual towards the end of the year and you guys sort of cited excess performances contributing to that. You mentioned on the call now that you are pleased with the improvement in excess performance, should we expect any kind of a tick-up income sort of the opposite of last year at the end of 2013?

No, I think based on our internal projections we think 32% is the right ratio for where we are today. I mean obviously we have to see how the second half unfolds relative to those projections, so it’s a good proxy, but we’ll react to the markets, and do the right thing at year end like we always do, but I think 32% for now is, we feel comfortable with that. Stephen Jones – Goldman Sachs & Co.: Okay great, thanks.

And there are no other questions at the moment. I will now turn the call back to you.

Great, well, thank you all for listening in this morning and enjoy the rest of your summer, and we’ll speak to you in the fall. Thank you.

Ladies and gentlemen that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.