Good morning, and welcome to State Street Corporation Second Quarter of 2016 Earnings Conference Call and Webcast. Today's discussion is being broadcast live on State Street's website at investors.statestreet.com. This conference call is also being recorded for replay. State Street's conference call is copyrighted and all rights are reserved. This call may not be recorded for rebroadcast or distribution, in whole or in part, without expressed written authorization from State Street Corporation. The only authorized broadcast of this call will be housed on the State Street website. I would now like to introduce Anthony Ostler, Senior Vice President of Investor Relations at State Street.

Thanks, Jennifer. Good morning and thank you all for joining us. On our call today, our Chairman and CEO, Jay Hooley, will speak first. Then, Mike Bell, our CFO, will take you through our second quarter 2016 earnings slide presentation, which is available for download in the Investor Relations section of our website, www.statestreet.com. Afterwards, we'll be happy to take questions. During the Q&A, please limit your questions to two questions and then re-queue. Before we get started, I would like to remind you that today's presentation will include operating basis and other measures presented on a non-GAAP basis. Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measure are available in the appendix to our 2Q 2016 slide presentation. In addition, today's presentation will contain forward-looking statements. Actual results may differ materially from those statements due to a variety of important factors, such as those factors referenced in our discussion today; in our 2Q 2016 slide presentation under the heading Forward-Looking Statements; and in our SEC filings, including the Risk Factors section of our 2015 Form 10-K. Our forward-looking statements speak only as of today, and we disclaim any obligation to update them, even if our views change. As with the past couple of quarters, we have instituted a new pattern of releasing our financial results on the fourth Wednesday of the month following each quarter end. As such, we expect to hold our third quarter earnings call on Wednesday, October 26, 2016. Now, let me turn it over to Jay. Joseph L. Hooley - Chairman & Chief Executive Officer: Thanks, Anthony. Good morning, everyone. We are pleased with our strong second quarter results which reflect strong fee growth compared to the first quarter driven by growth in our core asset servicing and asset management…

Your first question will come from Ashley Serrao with Credit Suisse. Ashley Neil Serrao - Credit Suisse Securities (USA) LLC (Broker): Good morning, Jay and Mike. Joseph L. Hooley - Chairman & Chief Executive Officer: Good morning. Ashley Neil Serrao - Credit Suisse Securities (USA) LLC (Broker): Jay, I was just hoping you could share what the client reception has been so far to the digitization program and then, as you maybe look out a year or two, what do you think you will be able to do with this program in terms of servicing clients versus where you are today? Joseph L. Hooley - Chairman & Chief Executive Officer: Sure. Appreciate the question, Ashley. The Beacon effort as you know, is designed to improve straight-through processing, so clean up a lot of the handoffs and the inefficiencies. But importantly, when you do that, the impact it has on clients can be pretty dramatic. So one of the examples that I referenced in my prepared remarks, I just push out a little bit. One of the things that we do in huge volume is, at the end of the day produce a net asset value based on the workings of the day in the daily fund business where we have a pretty significant position globally, and the production of that net asset value is critical from a timing standpoint, and once you get that, that feeds downstream distribution systems, it feeds newspapers and other communication vehicles. We have seen through the most recent improvements in Beacon that we've been able to pull back that time of producing a net asset value 20 minutes to 30 minutes, which on an hour and a half window is significant. So our clients, who are ultimately concerned about satisfying their distribution systems, when we…

Your next question is from Ken Usdin with Jefferies.

Thanks, good morning. Mike, I was wondering if you could follow-up on your comments about the expenses. The Other line again, $255 million or so, really great control and a meaningful decline year-over-year. You mentioned professional services fees, but I guess I'd just ask you to walk us through, like is this a new run rate, are a lot of your professional services fees that you've kind of had to spend on in the past done and kind of the moving parts within your expense outlook, you mentioned some of the investments but I think that's the real delta into peoples' expectations thanks. Michael W. Bell - Chief Financial Officer & Executive Vice President: Okay. Thanks, Ken. First of all, I appreciate the positive commentary on Q2 and I think those comments are well-deserved. I think, start off broadly and then go to your specific question. We feel really good, Ken, about the job that we've done managing expenses in the first half of 2016 and primarily I would focus on two areas that we've talked about previously. The first, as you accurately pointed out, we have done a good job at replacing a significant amount of the outside consulting expend with full time employees. And that's a real good trade economically, and we also expect that that will build a more sustainable infrastructure going forward. So we're real pleased around that. Second, we're obviously real pleased with our success to-date here around project Beacon and as I alluded to in my comments, we were able to accelerate some of the savings for 2016 around project Beacon, specifically, we moved faster on management spans and layers than we had previously planned. We also captured more of the savings through the increase in straight-through processing that Jay described. So I think…

Okay. Great color, Mike. And just to follow-up, two of the legacy issues that you spoke to in the press release, the FX seems like that's now behind and also does this client billing true-up, on a GAAP basis, does that put that issue behind now as well? Michael W. Bell - Chief Financial Officer & Executive Vice President: So first of all on the FX piece, it does resolve the U.S. litigation that we have. And we continue to expect that the overall accrual that we have set up, which is $585 million, will be sufficient for all known issues. But again, it was the U.S. piece in particular that we feel real pleased putting behind us with this announcement. On the billing piece, Ken, the main point that I would make there is that at this point, we've completed our calculations at the client level. And I cannot emphasize enough that was just an extraordinary amount of detail going back, invoices over 18 years, literally millions of invoices at the client level. And our previous calculation had been in aggregate. So this refinement caused the update to the accrual. And I mean at this point, we're confident in the calculations we've done at the client level. But we're now – the next step is really now underway as we speak, which is we're now reviewing this detail with the impacted clients. And that's really the next step ahead of us and again, in putting this prior-year issue behind us.

Okay. Thanks for color, Mike.

Your next question is from Jim Mitchell with Buckingham Research.

Hey, good morning. Maybe just a quick question on the living will, one of your peers discussed that changing to a single point of entry could increase expenses and higher long term debt costs. Is that a similar issue for you or how should we think about that for you guys? Joseph L. Hooley - Chairman & Chief Executive Officer: Yeah, Jim, this is Jay. That's not a similar issue for us. We have pursued a single point of entry strategy from the beginning and continue to pursue that. So for us, it's more about absorbing the input from the Fed and the FDIC and marching to it. As Mike mentioned, the October date, and importantly, there's even more work to be done for the July, 2017 date but we have a pretty clear mandate for what we need to do and it's a matter of executing against that. So, no big shifts in strategy with regard to resolution.

Okay. That's really helpful. And then when we think about – the second question on the Deka Bank onboarding, it sounds like that's happening reasonably quickly. Is that the right conclusion? And when we look at the impact on expenses is that half of the growth? How do we think about the impact on your guidance of flat when you're tracking down in the first half? Joseph L. Hooley - Chairman & Chief Executive Officer: Let me start that one, Jim, and just give you a little bit more color on the Deka and Allianz Global Investors business. It's a large transaction as you could probably figure out from the size of the assets that we'll be servicing. One major component of it, which will be enabled beginning in the third quarter, is a large fund accounting operation, which spans Germany and Luxembourg, which adds to our Luxembourg leadership position, and creates a leadership position for us in Germany, which we think is a key marketplace. So we will take it over beginning of the third quarter. Revenues and expenses will go with that. As Mike mentioned, not unusual for a deal like this. Initially, we'll take it over intact as a transition agreement, and then we'll evolve it to our systems, and that will happen towards the end of the year. So that's a little bit of color on Deka and Allianz Global Investors. And, Mike, proportionality to the expenses? Michael W. Bell - Chief Financial Officer & Executive Vice President: Sure. Jim, It's Mike. So, I'd really prefer not to get into specific numbers around client-specific arrangements, but I think it's fair to say, Jim, that it's part of the overall upward pressure that I mentioned in my prepared remarks around operating expenses for the second half of the year, relative to Q2. Some of it is to support net new business, including the Deka Allianz win. Second would include the upward pressure, given what we need to do around RRP. And then, third is the additional Beacon investments. I'd rather not get into more detail. But I think it's fair to say, on the net new business, that we expect that to help fee revenue for the second half of the year, as well as be an area that we spend some money to service. So that's all thought of as we gave you the updated outlook for full year 2016.

Okay, right. So it sounds like the revenue is coming in coincidental with the expenses. So that's great. Thanks. Michael W. Bell - Chief Financial Officer & Executive Vice President: Correct.

Your next question is from Alex Blostein with Goldman Sachs. Alexander Blostein - Goldman Sachs & Co.: Hey, guys. Good morning. A couple of cleanup questions again around expenses. So the $140 million of Beacon savings this year relative to I guess, $100 million that you guys talked about in the past, is that just simply the faction (35:21) of timing or the size? In other words, did this take away from some of the savings we should think about for next year or the size of the ultimate savings got – was increased in your view? Michael W. Bell - Chief Financial Officer & Executive Vice President: So Alex, its Mike. At this point, we're still maintaining the $550 million net savings target for the full program. So I would suggest that you think about this as accelerating it into 2016. Now, I would note that we have not changed our outlook for 2017, so we still expect that increment to remain intact. So, therefore, you could deduce it's the savings in the out-years that are being brought up, some brought into 2017 and then some of the 2017 and beyond into 2016. Particularly around the areas that I mentioned, the improvement in the straight-through processing and the reduction in management spans and layers. Again, this will be a program, Alex, that I suspect we'll continue to give you updates over the next several years. So, stay tuned. The main point I'd reinforce is, really are doing a nice job in terms of executing on this program, and I would expect that to continue. Alexander Blostein - Goldman Sachs & Co.: Got you. And then a quick follow-up around the GE deal, and how we should think about it in near term, as well as longer term. So, I…

Your next question is from Brian Bedell with Deutsche Bank.

Hi, good morning, folks. Joseph L. Hooley - Chairman & Chief Executive Officer: Good morning.

Mike, thanks for all the expense detail. That's real helpful. Maybe, is it possible to talk a little bit about the trajectory of the Beacon saves? The $140 million, maybe if you can talk about the exit run rate in fourth quarter, or actually, the actual fourth quarter run rate of savings. And then as we go into 2017 for the $125 million, how you see that running through 2017. And then, I know it's early, but, essentially, it sounds like you're pulling some of the expense saves in from the outer years, so should we expect this project to be completed potentially by 2020? Michael W. Bell - Chief Financial Officer & Executive Vice President: So, let's see, a number of questions there, Brian. First of all, let me give you an important data point here. On a year-to-date basis, our Beacon saves for year-to-date 2016, relative to the same year-to-date period in 2015, was approximately $75 million. So, essentially, I mean, if you doubled that, you'd get to $150 million. And, basically, that syncs up with the point that I was making, that we expect now the full-year savings to be approximately $140 million for full-year 2016, versus full-year 2015 starting point. So you can conclude from that arithmetic that we expect some additional net spending on Beacon as we invest in particularly some IT areas in the second half of the year, as compared to the quarter two expense base. So, from a run rate standpoint, I think you can think of it as we'll be leaving full year 2016 at something pretty close to our current expenses. And again, a little bit higher net Beacon spending pushing that. So the savings number for the full year being a little bit less than what you'd get if…

Right. Okay, that's helpful. I'll get back in the queue for a couple of follow-ups. Thanks.

Your next question is from Adam Beatty with Bank of America Merrill Lynch.

Thank you and good morning, I wanted to ask about the positive mix shift in asset management fees. And, obviously, there have been some outflows and some other factors that State Street doesn't necessarily control. But wanted to get your thoughts on the strategy there. You noted that you're introducing a suite of products that have pretty good fees associated with them. How much can you kind of target a positive mix shift, and how do you go about doing that with your products and your clients? And should we expect a run rate on that, or perhaps even more leverage? Thank you. Joseph L. Hooley - Chairman & Chief Executive Officer: Yes, thanks. Let me pick that one up. So first point is that, in the quarter, we had $35 billion of outflows, mostly passive equities and separate accounts and not ETFs. And I would say the other theme, which I referenced, is sovereign wealth funds, mostly oil-based sovereign wealth funds, looking to reallocate. We have been focused for some time on introducing new products that have higher yields to them from a standpoint of the fees and, more particularly, the management fees, and we've had good success with that. I referenced some of the new ETFs we brought out. That's a continuation on a theme. I'd also add that GLD, the gold fund, is probably more of a product for the times. But we've had great traction in our active quant equity products, which are doing nice from a performance standpoint, and therefore, the flows are coming in nicely, high-fee products, from our standpoint, the multi-asset class. And so, I would say it's been a conscious effort for the last, I would say, 18 months to 24 months, to focus on those higher-fee products. And I think we're…

Thanks, Jay. I really appreciate that. That's great color. Also wanted to ask about the slide on Europe and the opportunities there, which was interesting so soon post-Brexit. And thinking about the competition there, both sort of U.S. domiciled and European domiciled, what would you say are the one or two biggest advantages that State Street has versus the competition, and maybe one or two of the bigger challenges? Thanks. Joseph L. Hooley - Chairman & Chief Executive Officer: Sure. Let me pick that up, Adam. I think my Brexit-related comments, the only caveat I would make is that to the extent that Brexit and the EU bring down global growth or broad-based interest rates, that's outside of this commentary. But if you look at Brexit and our European strategy, we have a different business. So our business is driven by asset pools. Both pension, insurance and investment asset pools. So, if you think about managing and servicing assets, that's the starting point. We've seen, in the last couple years, as the Eurozone has had increasing economic pressure, savings rates go up. Savings rates continue to be pretty high in countries like Germany, Italy, France, and those products increasingly are not only growing, the asset pools are growing, but the assets are moving out of banks into investment products. So the environment there is quite good generally. Enter Brexit. Tremendous uncertainty about what Brexit means and how the UK will ultimately disentangle from the EU, and I'm sure it will take a long time for that to unwind. But from my standpoint, if you look at it through investment products, there are several structures that exist in Europe. And importantly, in Europe, as opposed to the U.S., which is one homogeneous market, Europe, you've got 20 different markets. And so,…

Very nice. Thank you. Look forward to updates in the future. Thanks again.

Your next question is from Brennan Hawken with UBS.

Good morning. Thanks for taking the question. Just one quick one on revenue here first. So, it looked like your servicing fee rate ticked up here this quarter. I know you guys commented on new business wins. So, is it right to assume that that rate and that sort of fee level would be sustainable and it's just a mix shift given some of the wins that are there this quarter? Michael W. Bell - Chief Financial Officer & Executive Vice President: Brennan, it's Mike, as we've talked about before, there are a number of things that can impact that calculation that you described. So I would – and actually in particular, the net new business has been positive here for a while. And as I talked about in the prepared remarks, we expect net new business to add to overall GS fees in the second half of the year relative to the Q2 run rate. But I wouldn't – again, please remember that only approximately 60% of the GS fee revenue is driven on basis points on assets. So, swings in the market, for example, can play havoc with the ratio that you're referencing.

Yeah, I get it, but it's the only way we basically have to model your revenue. So that's what we're left to do in the valley of the blind. But anyway, that's fine. I appreciate the commentary. And then one more clarification point also on the expense front. Seems like you had indicated some upward regulatory spend in your comments, Mike, and so was just curious about how that was going to manifest itself in the P&L. It seemed like you all had gotten some success in shifting some of that professional services spend up to comp. And so, are you saying that we might see a little bit of an uplift from the 2Q levels in professional services or is that rather going to come through on the comp line? Michael W. Bell - Chief Financial Officer & Executive Vice President: Yeah, Brennan, First, I appreciate the compliment and we have had good success making that change that you described. I do expect that there will be a little bit of upward pressure on the comp and employee benefit line from the regulatory expenses but I think the majority will likely show up in other operating expenses, particularly given the very tight time frames that we're dealing with around the resolution and recovery planning in particular. I mean the October 1 deadline is very real, obviously, rapidly approaching, and as Jay indicated, the July 1, 2017 one is very meaningful as well. So for both of those reasons, I would expect that outside consulting expense will increase in Q3 and Q4.

Sure, but that would probably then just follow the same pattern that you all were able to execute in – over the longer term once you get past the near term deadlines, shifting that into a sort of lower priced but comp-oriented mix down the road is that a reasonable assumption? Michael W. Bell - Chief Financial Officer & Executive Vice President: That's a very fair assumption, Brennan. Absolutely.

Okay. Thanks for the color.

Your next question is from Marty Mosby with Vining Sparks.

Thanks for taking my questions. Jay and Mike, I had a bigger question if you kind of back up a little bit. This quarter feels like one of the things we've been looking for is an inflection point in some processes and pressures that you've been kind of working your way through. Mike, I got two for you and I got two for Jay. When you look at, Mike, the efficiency, you've been investing in the efficiency, how far along do you feel like we are? Are we getting to that point where the benefits are going to outweigh the investments? And then also on the balance sheet restructure, we've been in that for a couple of years which really started with the liquidity coverage ratio and capital requirements. Have we kind of come through that because we're starting to see NIR starting to grow again. So have we kind of gone through the inflection point on those two things? Michael W. Bell - Chief Financial Officer & Executive Vice President: Sure, Marty. Let me take both of those. First, from an efficiency standpoint, sure, I feel very positive that in the first half of 2016 compared to the first half of 2015, project Beacon generated $75 million of net savings. Now, we invested in there, but the point is, it contributed $75 million of net savings. And so I – yeah, I do believe that project Beacon has already shown that it's accretive in the near term. In addition, I would point to the success – as we've talked about with several of the other analysts, the success we've had in moving the regulatory expense to lesser expensive full-time employees rather than expensive outside consultants. I think that's also an important inflection point that has helped us. Now it…

Then, Jay, when we look at the ability to take the cloud, we've invested in since building out the new resources and information, we're talking about those new products, you seem more confident in that but as we're talking about that in terms of generate some revenues from those newer services that we're going to get from the data out of the cloud. And then also, you are guiding a transition from building out your ETFs to really now putting in GE and becoming more active management, higher fees, so is that transition starting to kind of go through an inflection point that you can start to see some build-out? And then, Jay, just overall, State Street's gone through periods in the past where you've had to go through these transitions. It set the stage for very good performance after you went through these inflection points. Just if you would kind of comment on how your thoughts would be compared to past inflection points that we've seen. Joseph L. Hooley - Chairman & Chief Executive Officer: Sure. Happy to do that, Marty. Yeah, I do think this is an inflection point. I think you started out with a cloud and Beacon and that is critically important from a standpoint of managing cost in a difficult environment, but even more important relative to continuing to differentiate our services, vis-a-vis the competitors and the interest of what clients are looking for today. So the first point I would make is that some of our successes in the marketplace are not only a reflection of us producing better capabilities, better products, information-based services, but it's also a reflection of the pressure that our clients are feeling in a low return environment to outsource more work. So I would put that in the inflection…

Thanks.

Your next question is from Betsy Graseck with Morgan Stanley. Elizabeth Lynn Graseck - Morgan Stanley & Co. LLC: Hi, good morning. Joseph L. Hooley - Chairman & Chief Executive Officer: Good morning. Elizabeth Lynn Graseck - Morgan Stanley & Co. LLC: I had a question on the NIM, you were able to keep that essentially flat Q on Q, and while yields came down a bit, cost of funds came down more. I'm just wondering on the cost of funds side, you had some nice decline in the non-U.S. transaction accounts and I know you've been charging depositors non-operating charges. But I'm wondering what happened in the quarter that enabled a pretty big step down in the non-U.S. transaction accounts? Michael W. Bell - Chief Financial Officer & Executive Vice President: Sure, Betsy. It's Mike. Two items that would I highlight around that line item on our average rates earned and paid page. Two points impacted that favorably for the quarter. First of all, as you correctly pointed out, we did increase the amount of what we're charging for deposits at a greater pace than the cut, for example, in the ECB rate. So that helped that line item in particular, Q2 versus Q1, the greater amount that we were charging for European deposits in particular. Second though, it's a little bit of a funny nuance. We do have in any given quarter decisions to make around whether we swap the non-U.S. deposits into U.S. dollars and put them with the Fed or whether in fact we leave them outside the U.S. at central banks abroad. In particular, for a variety of technical reasons, we swapped less to U.S. dollars in Q2 than we had in Q1. And so what that meant was, the FX swap costs that we…

Your next question is from Brian Kleinhanzl with KBW. Brian Kleinhanzl - Keefe, Bruyette & Woods, Inc.: Hey, good morning, guys. Michael W. Bell - Chief Financial Officer & Executive Vice President: Good morning. Brian Kleinhanzl - Keefe, Bruyette & Woods, Inc.: I just have one quick question, or maybe two here. So, you had some peers that were talking about looking to lower non-operational deposits still. But given you just went through a program of lowering non-operational deposits and looked relatively healthy for the SLR and also for CCAR, would you look to actually, if you had the opportunity to expand the balance sheet further if you saw some more chances to add deposits here at this point in time? Michael W. Bell - Chief Financial Officer & Executive Vice President: Brian, it's Mike, at this point we really feel very positive about the size of the balance sheet and the success that we've had over the last five quarters in managing downward the overall level of excess deposits. So, they were up very modestly Q2 versus Q1 on average, but I don't at this point feel pressure to reduce those further in the second half of the year. And, with any good fortune here maybe in 2017 we'll get some additional Fed Fund increases, maybe even in December and that would probably reduce them further on their own without explicit action. But it's something obviously we monitor very carefully, and particularly in situations where there's potentially a flight to quality, it's something that we'd have to watch very carefully. But at this point, we're really comfortable with the overall size of the balance sheet and the level of excess deposits here in Q2. Brian Kleinhanzl - Keefe, Bruyette & Woods, Inc.: Okay. And was there any fee waivers left in the second quarter? I know it's not a big deal for you, but just curious. Michael W. Bell - Chief Financial Officer & Executive Vice President: No, nothing meaningful. Brian Kleinhanzl - Keefe, Bruyette & Woods, Inc.: Okay. Great. Thanks.

Your next question is from Geoffrey Elliott with Autonomous Research.

Hello. Thank you for taking the question. Can you give us an update on the search for the new CFO? Joseph L. Hooley - Chairman & Chief Executive Officer: Sure, I'll give you a quick one, Geoff, which it's progressing nicely and I would expect in pretty short order, we would have something to report, so we're getting near the end of the process and I'm pleased with the way the process is going.

Then, you clearly went through a similar exercise two years or three years ago, can you just explain where your focus this time is maybe a bit different from where it was in the past? Joseph L. Hooley - Chairman & Chief Executive Officer: I'd say we're looking for a world-class CFO of a financial institution, and fortunately the – what I've found, and you never know, but in this case it's encouraging, is that the State Street brand still has enormous pull in the marketplace. I think people like our story, like our prospects for moving through this regulatory environment. Like the growth story, so we're going to have good choices.

Great. Thank you.

Your next question is from Gerard Cassidy with RBC.

Thank you. Good morning, Jay. Good morning, Mike. Joseph L. Hooley - Chairman & Chief Executive Officer: Hi.

Hello? Joseph L. Hooley - Chairman & Chief Executive Officer: Good morning, Gerard.

Good morning. Sorry about that. That's okay, and it's been a long call, I know. Mike, can you share with us in the investment securities book, your yield held up well in the quarter and I noticed some of the pieces you gave us, the yields fell for example in the mortgage backed area. But in the asset backed securities area, you had a nice pop in the yield in that portfolio. Can you share with us what was purchased in there or how are you maintaining that 1.92% yield for the entire portfolio? Michael W. Bell - Chief Financial Officer & Executive Vice President: Sure, so let's see, a couple of different questions in there, Gerard. First, as I mentioned a couple times, we did have four specific securities that were in the asset backed securities category prepay in the second quarter, and the result of those four discrete securities prepaying in total, was a one-time boost to NIR in Q2 of $5 million. So I would urge you to wash that $5 million out of the ABS number. So if you do that, the 1.43% yield for ABS that you see on the average rates page would in fact be closer to flat with the 1.32% from the quarter before it. If you take that piece out, the main factors are the things that we've talked about, which are on the positive side, we've continued to do a very good job of liability pricing discipline and in fact, got some benefit from the higher level of charging for deposits in – for the euro deposits in particular. Going the other way though, was in fact the impact of the continued grind, where the maturing fixed rate assets tend to mature at a rate lower than the new fixed rate investment. So again, it's a moving picture, obviously, but I'd first wash out the $5 million and then those – the two points that I just made are the main factors for the quarter.

Great, and is it safe to assume the duration really hasn't changed much in that securities portfolio? Michael W. Bell - Chief Financial Officer & Executive Vice President: Yeah, it has not changed materially. There has certainly been no material change in our philosophy there, Gerard. So again, it will fluctuate up and down in any given quarter but I wouldn't – we invest through the cycle, no change in philosophy.

Great. Then, Jay, obviously on your Investor Day you guys have given us the data to support a number of your number one rankings in the businesses you're in, whether it's in the middle market – middle office outsourcing or U.S. mutual fund accounting. A number of number one rankings. Then since the beginning of 2014, if our calculations are right, it looks like you've won about over $2.5 trillion of assets under custody new business. Then I go to your slide four in today's slide deck, which is a great slide, and I look at the servicing fees from the middle of 2014 through today and there's been no growth. Can you share with us what's going on with that business? Again, considering you're doing so well in winning new business, you're a dominant player, what's causing it not to grow? Joseph L. Hooley - Chairman & Chief Executive Officer: Sure, I would say you've got to decompose the components, Gerard, and I would say your lead-in was completely accurate and appropriate, in that we are, I would say, disproportionately winning our share of the new business in the marketplace. And whether it's number one in ETFs, where we have close to a 70% share or U.S. mutual funds, where I referenced the offshore domiciles of Luxembourg and Dublin, on and on. What – the other things that move the needle on that service fee line would be flows and over the period of time that you've referenced, there have been outward flows in some higher yielding products like mutual funds, upward flows in ETFs. You have seen a retrenchment generally from emerging markets which have higher versus lower fees when you get to more traditional asset classes. So, I would say the effect of markets flows and new business are the ingredients which drive that line. And the part I'm most confident about is the new business, the flows we really don't control, but when they move from higher-yielding fee categories to lower-yielding and when they move from products that might be higher revenue products to lower revenue products, we don't influence that, and obviously the markets. So, I would say we think long-term that we are best positioned in those markets that will continue to grow. Things fluctuate over periods of quarters and years. But for us it's making sure that we continue to position against the most attractive clients in the segment and the most attractive segments and making sure that consistent with the Investor Day, that we're keeping our expenses in line, so that we can maintain our margin. And as the environment becomes more favorable for some of those products that I referenced, then we would assume that that would flow to the bottom line. We take a long view.

Thank you. Appreciate the color.

Thank you, ladies and gentlemen. I will now turn the conference back to management for their closing remarks. Joseph L. Hooley - Chairman & Chief Executive Officer: Thanks, Jennifer, and thanks, everybody, for your time and attention today. We look forward to speaking with you at the end of the third quarter. Thanks.

Thank you, ladies and gentlemen. This does conclude today's conference call. You may now disconnect.