Michael Kim of Sandler O'Neill: And then maybe can you give us an update on what you're seeing in the M&A markets in terms of opportunities, competition, pricing trends, what have you, particularly in light of sort of the recent step-up in market volatility? Thomas Robert Donahue, CFO, vice president and treasurer at Federated Investors: But on the -- I'd say we have more activity going on as we focused on the Asia Pac and in Europe, and we've got lots of meetings and it's taking us significant amount of time to develop relationships over there, spending time. And actually with our team in Australia, people down there with Craig Bingham and his contacts, we're developing and starting to have some pretty decent discussions. And the same thing in Europe, we've met people for 2 to 3 years now and are -- and can see our way to having pretty decent discussions. And that's what I have to say about that.

Robert Lee of Keefe, Bruyette & Woods: Okay. And maybe looking at -- and this goes for both the fixed income and the equity business on the funds side. I mean, you guys have always kind of run with higher redemption rates, particularly both for those product lines, at least positive for the industry. And I understand that's somewhat driven by distribution and probably a decent portion of short duration products.

But as you look out, is there anything -- is there anything, as you think about just kind of running the business that you think could cause that to demonstrate via -- I'm thinking about this over time. The kind of moderate, maybe shifting the distribution patterns or anything related to the shifting product mix? Does it require you kind of produce a lot of growth sales every quarter just to kind of stay in place?

John Christopher Donahue, CEO, President and Director for Federated Investors: And what we've seen even with the turnover that occurred in June from what was going on in April and May, there's still a lot of interest in these types of products as standard issues inside our client base. So, even though it was on top of the pipe, on the chart so to speak, you're getting increased volatility. The core demand for the product remains strong. And Don Allen Bergeder [ph] and his team have done an excellent job in these kinds of circumstances. And the watch word that this fund has had with its clients has been consistency over time. And that's why I mentioned the 10-year record because that's what this fund is all about. So with that, I don't think we're going to see the kinds of fundamental changes that you're talking about. Ray?

Ray Hanley, analyst for Federated Investors: Rob, to your point on the fixed income side, I think you would look at the shorter duration products, which are a significant part of our product set. And so we would have higher than industry redemptions there. However, on the equity side, I think our redemption rate this quarter, if you annualize, it would be something in the 24% range, I think. And I think that's probably a bit more consistent with the industry.

Gregory Warren of Morningstar: I just have a thought about the money market industry going forward. It's easier to make a case for consolidation when there are proposals put on the table for capital buffers, which will have made it a much more expensive business to run. Based on where the proposals are now and based on kind of what the feedback you're hearing out in the industry, do you think that there's going to be a larger level of consolidation going forward? And then, I guess, the question is, are you guys interested in being a major participant in that? Or is your acquisition-related activity more going to be focused on the fixed income and equity side?

We will answer the second question first. We would be open to discussing with others who choose to get out of the money fund business at any time. So we will be open to doing that. And we have been doing that for many years, okay. On the idea of consolidation, remember that I guess it was about in '07, there were over 200 people doing money market funds. Today if you look at the list, they list about 80 people doing money funds. And I think the bottom 10 or 15 of those have 10 million or 20 million in it.

So you barely have 60 people, 60 firms doing money market funds. And if you look at the names of the firms, you can very quickly decide well how many of those will actually be consolidation candidates and how money wouldn't. And I think there are consolidation candidates there. But there has already been a consolidation going on here, or look at the other way an oligopolization of this business. And that is encouraged each time you put on more rules, regulations and challenges. And so that will just continue.