Operator: Good morning. My name is Brent, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the BlackRock Incorporated Third Quarter 2013 Earnings Teleconference. Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Gary Shedlin; and General Counsel, Matthew Mallow. All lines have been placed on mute to prevent any back ground noise. After the speakers' there will a question-and-answers session.
Thank you. Mr. Mallow, you may begin your conference.
Matthew J. Mallow - General Counsel: Thanks very much. Good morning, everyone. I'm Matt Mallow, the General Counsel of BlackRock. Before Larry and Gary make their remarks, let me point out, as I do in each of these calls, that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may differ from these statements. As you know, BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we say today. Additionally, BlackRock assumes no duty and does not undertake to update any forward-looking statements.
So, with those formalities out of the way, let's begin the call.
Gary S. Shedlin - CFO: Thanks, Matt. Good morning, everyone. It's my pleasure to be here to present our third quarter results. Before I turn it over to Larry to offer his comments, I'll review our quarterly financial performance and business results. I'll be referencing selected pages from our earnings supplement, which has been posted on the BlackRock Investor Relations website, and discussing primarily as adjusted results.
BlackRock delivered third quarter EPS of $3.88, up 12% compared to 2012. Operating income was $978 million, also 12% higher. Excluding the impact of fund launch costs in the year ago quarter, operating income was up 9% on a year-over-year basis. Nonoperating results reflected a $23 million increase in the market value of our seed and co-investments, largely driven by private equity, real estate, and distressed credit and mortgage investments.
Recall that nonoperating income in the second quarter of 2013 reflected a $39 million pre-tax gain relating to PennyMac’s IPO.
Our GAAP tax rate for the quarter was impacted by a non-cash reevaluation of our deferred tax liabilities based on various U.K. and domestic state tax law changes, which we exclude from as adjusted results. The third quarter as adjusted tax rate was approximately 30%, consistent with a 31% annual run rate, which remains an appropriate intermediate term planning assumption based on what we know today.
In the third quarter, we saw approximately $25 billion of long-term net new flows, representing an annualized organic growth rate of 3%. We again demonstrated the consistency of our highly diversified multi-client platform with retail and iShares driving our organic growth this quarter, more than offsetting the outflows we saw in our institutional business.