Franklin Resources, Inc.

Good morning and welcome to Franklin Resources Earnings Conference Call for the quarter-ended June 30th, 2019. Statements made in this conference call 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.

Good morning. My name is Kevin, and I'll be your call operator today. At this time, all participants are in listen-only mode. If you'd like to ask a question at that time, please press star 1 on your telephone keypad. The confirmation tone will indicate your line is in the question queue. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. At this time, I'd like to turn the call over to Franklin Resources Chairman and CEO, Mr. Greg Johnson. Mr. Johnson, you may begin.

Hello, and welcome to our third quarter conference call. We're pleased to report overall investment performance sustained recent momentum despite some market volatility during the quarter. Sales improved again as a result with encouraging trends in both the wire house and institutional channels. We remain very focused on managing our expenses while simultaneously making the necessary investments in the business to deliver strong performance. This month, we announced several senior level additions and organizational changes to certain investment teams designed to enhance our portfolio management, research, and data analytics capabilities. With me today is our President and Chief Operating Officer, Jenny Johnson. And joining us for his first earnings call is Matthew Nichols, our CFO. Matthew has been with us for three months now and is already very immersed in our business. We're glad to have him with us. I'd now like to open the line up for your questions. Thank you.