Operating expenses were $181.0 million, or $136.0 million excluding non-cash reorganization-related share-based compensation of $45.0 million. The $136.0 million represents a 2% increase from 2011, resulting from an investment in personnel related to distribution and infrastructure, coupled with new product launches. GAAP-based operating income was $70.9 million for the nine-months ended September 30, 2012, and $116.0 million of operating income after excluding non-cash reorganization-related share-based compensation charges. The $116.0 million represents a $0.7 million decrease over 2011. Operating margin for 2012 year-to-date, excluding non-cash reorganization-related share-based compensation expense, was 46%, compared with 47% in 2011.Manning & Napier reported 2012 year-to-date economic income of $116.4 million, compared with $116.8 million in 2011. Also for the nine-months ended September 30, 2012, economic net income was $71.9 million, or $0.80 per adjusted share, compared with $72.1 million in 2011. On a GAAP basis, net income attributable to the controlling and noncontrolling interests for the nine-months ended September 30, 2012 was $64.9 million, compared with net income of $73.2 million in 2011. GAAP net income attributable to the common shareholders for the nine-months ended September 30, 2012 was $2.7 million, or $0.20 per basic and diluted share. Assets Under Management As of September 30, 2012, AUM was $44.3 billion, an increase of 4% from the $42.4 billion reported as of June 30, 2012 and 14% from the $38.8 billion reported as of September 30, 2011. As of September 30, 2012, the composition of the Company’s AUM was 55% in separate accounts and 45% in mutual funds and collective investment trusts, which is generally consistent with the AUM composition as of June 30, 2012 and September 30, 2011, of 56% in separate accounts and 44% in mutual funds and collective investment trusts. Since June 30, 2012, AUM increased by $1.9 billion, including increases of 3% in separate account AUM and 6% in mutual fund and collective investment trust AUM. The $1.9 billion increase in AUM from June 30, 2012 to September 30, 2012, was comprised of a $2.5 billion and $1.8 billion increase in market appreciation and client inflows, respectively. These increases were offset by client outflows of $2.4 billion. As it relates to the Company’s separate accounts, outflows were caused by withdrawals from existing client accounts, as the annualized separate account retention rate continues to remain at approximately 95% for the nine-months ended September 30, 2012, in line with what has been reported previously in 2012.