Chris Donahue: And one more comment I had to, Ray’s bringing that up, and that is that the Ultrashort funds are starting to turn. They haven’t gotten positive yet right here in this first couple of days of this month or quarter, but it’s getting a lot closer. And the government Ultrashort Fund has just done a pretty good job on flow. So you’re seeing people go out there. And remember, that’s currently a $5 billion franchise that we have here and Ultrashort funds on all three streets.
Dan Fannon: Great. That’s very helpful. I wanted to — my follow-up on distribution expense. Some of the dynamics in the quarter. I think you walked through, but if you could provide a little bit more specifics around what happened in — and more importantly, going forward, how we should think about the relationship of, frankly, money market, AUM and the distribution expense.
Tom Donahue: Okay, Dan, it’s Tom. Probably, going forward, we would anticipate as assets go up, that distribution number would go up, and we had some changes in the quarter, as I mentioned, on product structures that reduce some of the revenue, but then reduced a pretty commensurate amount of expenses that should be cleared up. And I would expect if assets grow, that the distribution line item will go up as an expense.
Ray Hanley: Yes, Dan, the Q3 run rate is a good one to use going forward. It’s down, as Tom noted, but also, as you know, to commensurate with the change in revenue. But that’s a good run rate to use going forward.
Dan Fannon: Great. Thank you.
Operator: Your next question is coming from Patrick Davitt with Autonomous Research.
Patrick Davitt: Hey, good morning, guys.
Chris Donahue: Good morning, Patrick.
Patrick Davitt: You mentioned last quarter you thought the stock was cheap, and you had, I think, more than $400 million of available cash. So why not do more repurchase? And now that the stock is even cheaper. Should we be expecting more of that in 4Q?
Chris Donahue: That’s a great idea.
Tom Donahue: Yes. We — so we had our Board meeting yesterday, and we approved another $5 million share buyback program. That’s our 16th and we have a history of completing our share buyback programs. We have about $1.5 million left in the existing one. and we wanted to get approval for more shares with only $1.4 million left.
Patrick Davitt: Got it. Thanks. And another one on capital. Could you speak to any inorganic opportunities you’re seeing right now? What kind of discussions are out there and what your appetite is to do more M&A at this point?
Tom Donahue: Yes. We have a lot of appetite. We’ve gone through for years. We pay our dividend and share buybacks. The first thing that we’d like to do after the dividend is to pay — is to buy somebody and more than somebody, because the way we do it, and we look at our returns, and we think that, that’s an excellent return for the company. It’s been a challenging getting people to let loose to sell. And I don’t have — we continue to meet with people, and I don’t have any announcements to make, but on the money fund side and on the — what we call roll-up sides, where people decide it’s time for them to turn it over to us. We are active in talking to people and on bigger deals, those things take time to do. And I don’t have a list of things to announce.
Patrick Davitt: Thanks.
Tom Donahue: That’s it.
Operator: Your next question for today is coming from Ken Worthington with JPMorgan.
Ken Worthington: Hi, good morning. Thanks for taking the question. I wanted to expand on Dan’s earlier question. So a number of CEOs have expressed the opinion that various investors are allocated to cash. So I guess, first, do you see retail and our institution over-indexed to cash versus other asset classes? And within cash, are they over indexed to money market funds? So you talked about sort of the direct market, but how do you think money market funds stand today versus other cash channels? And our investors really over-indexed or not?
