We underperformed the market in March. We were hurt by weakness in a number of our banking investments. We remain, however, very confident in the outlook for the sector. We continue to be positive on the outlook for European equities. As Europe struggles to emerge from the financial crisis, policy makers are continuing to search for the right balance of measures including austerity, monetary action from the ECB and the beginnings of closer regulatory and fiscal harmonization across the region. The Italian election was part of this debate. Many investors fail to appreciate the depth of the will, at the heart of Europe, to make the European project work.