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Section 1: 8-K (8-K)

blk-8k_20181016.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): October 16, 2018

 

 

BLACKROCK, INC.

(Exact name of registrant as specified in its charter)

 

DELAWARE

(State or other jurisdiction

of incorporation)

001-33099

(Commission

File Number)

32-0174431

(IRS Employer

Identification No.)

 

 

55 East 52nd Street, New York, New York

 

10055

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (212) 810-5300

 

_________________________________________________________________________________________________

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 2.02. Results of Operations and Financial Condition

 

On October 16, 2018, BlackRock, Inc. (the “Company”) reported results of operations for the three and nine months ended September 30, 2018. A copy of the earnings release issued by the Company is attached as Exhibit 99.1. In addition, a copy of the Company’s Earnings Release Supplement for the quarter ended September 30, 2018 is being furnished as Exhibit 99.2 to this Form 8-K.

Item 9.01. Financial Statements and Exhibits

 

(d)  Exhibits

 

99.1

Earnings release dated October 16, 2018 issued by the Company

99.2

Third Quarter 2018 Earnings – Earnings Release Supplement

 

 

 

 



EXHIBIT INDEX

 

99.1

Earnings release dated October 16, 2018 issued by the Company

99.2

Third Quarter 2018 Earnings – Earnings Release Supplement

 

 



SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

BlackRock, Inc.

 

(Registrant)

 

 

 

 

 

By: /s/ Gary S. Shedlin          

Date: October 16, 2018

Senior Managing Director and

 

Chief Financial Officer

 

Gary S. Shedlin

 

 

 

(Back To Top)

Section 2: EX-99.1 (EARNINGS RELEASE DATED OCTOBER 16, 2018)

blk-ex991_6.htm

Exhibit 99.1

 

 

 

 

 

 

 

 

INVESTOR RELATIONS:

Samantha Tortora      212.810.5397

 

MEDIA RELATIONS:

Brian Beades    212.810.5596

 

 

New York, October 16, 2018 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and nine months ended September 30, 2018.

 

BlackRock Reports Third Quarter 2018 Diluted EPS of $7.54, or $7.52 as adjusted

 

 

 

$6.4 trillion of AUM, up 8% year-over-year, including $28 billion of net AUM added from strategic transactions

 

$11 billion of quarterly long-term net inflows, led by iShares®, active multi-asset and illiquid alternatives

 

2% growth in revenue year-over-year driven by 4% base fee growth and 18% technology services revenue growth, partially offset by lower performance fees

 

1% increase in operating income year-over-year also reflects $42 million of transaction-related expense

 

31% diluted EPS growth (27% as adjusted) driven by higher nonoperating income and a lower effective tax rate

 

$500 million of share repurchases in the current quarter and $3.13 dividend per share

Laurence D. Fink, Chairman and CEO:

 

“BlackRock’s third quarter results highlight the resilience of our differentiated platform and our ability to generate organic growth, even in the face of significant industry headwinds. Our holistic, client-centric approach brings together our global product breadth, portfolio construction capabilities, digital tools and industry-leading technology, and positions us well to deliver long-term value to clients and shareholders.

 

“BlackRock generated $11 billion of long-term net inflows in the third quarter, despite more than $30 billion of institutional non-ETF index equity outflows that resulted from de-risking associated with ongoing divergent monetary policy and geopolitical uncertainty. Over the last twelve months, total net inflows of $177 billion reflect continued growth in key areas of our business, including iShares, multi-asset solutions, illiquid alternatives and Aladdin.

 

“We continue to build and evolve our business in order to stay ahead of clients’ needs and industry disruption, and completed several strategic transactions during the quarter to accelerate future growth. We are more confident than ever before in our ability to be a strategic partner to clients as a result of our broad array of integrated investment and technology offerings.”

 

 

FINANCIAL RESULTS

 

Q3

 

Q3

 

 

 

 

 

(in millions, except per share data)

2018

 

2017*

 

Change

 

 

AUM

$

6,444,100

 

$

5,976,892

 

 

8

%

 

Total net flows

$

(3,105

)

$

96,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP basis:

 

 

 

 

 

 

 

 

 

 

Revenue

$

3,576

 

$

3,508

 

 

2

%

 

Operating income

$

1,396

 

$

1,389

 

 

1

%

 

Operating margin

 

39.0

%

 

39.6

%

 

(60

) bps

 

Net income(1)

$

1,216

 

$

944

 

 

29

%

 

Diluted EPS

$

7.54

 

$

5.76

 

 

31

%

 

Weighted average

  diluted shares

 

161.4

 

 

163.8

 

 

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

As Adjusted:

 

 

 

 

 

 

 

 

 

 

Operating income(2)

$

1,400

 

$

1,393

 

 

1

%

 

Operating margin(2)

 

44.2

%

 

45.1

%

 

(90

) bps

 

Net income(1) (2)

$

1,214

 

$

966

 

 

26

%

 

Diluted EPS(2)

$

7.52

 

$

5.90

 

 

27

%

 

 

 

*

Results for 2017 were recast to reflect the adoption of the new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018.

(1)

Net income represents net income attributable to BlackRock, Inc.  

(2)

See notes (1) through (3) to the condensed consolidated statements of income and supplemental information on pages 11 and 12 for more information on as adjusted items and the reconciliation to GAAP.

NET FLOW HIGHLIGHTS

 

 

Long-term net inflows of $10.6 billion by region:

 

 

 

Americas:

$

18.2

 

 billion

 

EMEA:

$

(9.7

)

 billion

 

APAC:

$

2.1

 

 billion

 

Long-term net inflows of $10.6 billion by client type:

 

 

 

Retail:

$

1.7

 

 billion

 

U.S.:

$

2.5

 

 billion

 

 

International:

$

(0.8

)

 billion

 

iShares:

$

33.7

 

 billion

 

Core:

$

20.3

 

 billion

 

 

Non-Core:

$

13.4

 

 billion

 

Institutional:

$

(24.8

)

 billion

 

Index:

$

(23.6

)

 billion

 

Active:

$

(1.2

)

 billion

 

Cash management net outflows of $(14.6) billion

 

1


 

BUSINESS RESULTS

 

 

 

 

 

 

 

 

 

 

September 30, 2018

 

Q3 2018

 

 

 

Q3 2018

 

September 30, 2018

 

Q3 2018

 

AUM

 

Base fees(1)

 

 

(in millions), (unaudited)

Net flows

 

AUM

 

Base fees(1)

 

% of Total

 

% of Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESULTS BY CLIENT TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

$

1,697

 

$

663,261

 

$

860

 

 

10

%

 

30

%

 

iShares ETFs

 

33,673

 

 

1,853,188

 

 

1,113

 

 

29

%

 

39

%

 

Institutional:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active

 

(1,204

)

 

1,130,921

 

 

504

 

 

18

%

 

17

%

 

Index

 

(23,554

)

 

2,351,785

 

 

252

 

 

36

%

 

9

%

 

Total institutional

 

(24,758

)

 

3,482,706

 

 

756

 

 

54

%

 

26

%

 

Long-term

 

10,612

 

 

5,999,155

 

 

2,729

 

 

93

%

 

95

%

 

Cash management

 

(14,570

)

 

443,185

 

 

154

 

 

7

%

 

5

%

 

Advisory

 

853

 

 

1,760

 

 

-

 

 

-

 

 

-

 

 

Total

$

(3,105

)

$

6,444,100

 

$

2,883

 

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESULTS BY INVESTMENT STYLE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active

$

(1,109

)

$

1,713,576

 

$

1,346

 

 

26

%

 

47

%

 

Index and iShares ETFs

 

11,721

 

 

4,285,579

 

 

1,383

 

 

67

%

 

48

%

 

Long-term

 

10,612

 

 

5,999,155

 

 

2,729

 

 

93

%

 

95

%

 

Cash management

 

(14,570

)

 

443,185

 

 

154

 

 

7

%

 

5

%

 

Advisory

 

853

 

 

1,760

 

 

-

 

 

-

 

 

-

 

 

Total

$

(3,105

)

$

6,444,100

 

$

2,883

 

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESULTS BY PRODUCT TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

$

(17,264

)

$

3,482,687

 

$

1,459

 

 

54

%

 

52

%

 

Fixed income

 

22,908

 

 

1,883,806

 

 

763

 

 

29

%

 

26

%

 

Multi-asset

 

3,228

 

 

492,810

 

 

298

 

 

8

%

 

10

%

 

Alternatives

 

1,740

 

 

139,852

 

 

209

 

 

2

%

 

7

%

 

Long-term

 

10,612

 

 

5,999,155

 

 

2,729

 

 

93

%

 

95

%

 

Cash management

 

(14,570

)

 

443,185

 

 

154

 

 

7

%

 

5

%

 

Advisory

 

853

 

 

1,760

 

 

-

 

 

-

 

 

-

 

 

Total

$

(3,105

)

$

6,444,100

 

$

2,883

 

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Base fees include investment advisory, administration fees and securities lending revenue.

 

INVESTMENT PERFORMANCE AT SEPTEMBER 30, 2018(1)

One-year period

Three-year period

Five-year period

  Fixed income:

 

 

 

  Actively managed AUM above benchmark or peer median

 

 

 

Taxable

66%

72%

84%

Tax-exempt

74%

74%

78%

  Index AUM within or above applicable tolerance

98%

99%

100%

  Equity:

 

 

 

  Actively managed AUM above benchmark or peer median

 

 

 

Fundamental

66%

70%

80%

Systematic

74%

85%

92%

  Index AUM within or above applicable tolerance

97%

99%

98%

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 13 for performance disclosure detail.

 

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Gary S. Shedlin, will host a teleconference call for investors and analysts on Tuesday, October 16, 2018 at 8:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (800) 374-0176, or from outside the United States, (706) 679-8281, shortly before 8:30 a.m. and reference the BlackRock Conference Call (ID Number 4488387). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

Both the teleconference and webcast will be available for replay by 12:30 p.m. (Eastern Time) on Tuesday, October 16, 2018 and ending at midnight on Tuesday, October 30, 2018. To access the replay of the teleconference, callers from the United States should dial (855) 859-2056 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 4488387. To access the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of September 30, 2018, the firm managed approximately $6.44 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.

2


 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except shares and per share data), (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Ended

 

 

 

 

 

 

September 30,

 

 

 

 

 

 

June 30,

 

 

 

 

 

 

2018

 

 

2017*

 

 

Change

 

 

2018

 

 

Change

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and

  securities lending revenue

$

2,883

 

 

$

2,781

 

 

$

102

 

 

$

2,944

 

 

$

(61

)

Investment advisory performance fees

 

151

 

 

 

191

 

 

 

(40

)

 

 

91

 

 

 

60

 

Technology services revenue

 

200

 

 

 

169

 

 

 

31

 

 

 

198

 

 

 

2

 

Distribution fees

 

279

 

 

 

298

 

 

 

(19

)

 

 

294

 

 

 

(15

)

Advisory and other revenue

 

63

 

 

 

69

 

 

 

(6

)

 

 

78

 

 

 

(15

)

Total revenue

 

3,576

 

 

 

3,508

 

 

 

68

 

 

 

3,605

 

 

 

(29

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

1,097

 

 

 

1,087

 

 

 

10

 

 

 

1,082

 

 

 

15

 

Distribution and servicing costs

 

408

 

 

 

419

 

 

 

(11

)

 

 

415

 

 

 

(7

)

Direct fund expense

 

249

 

 

 

231

 

 

 

18

 

 

 

264

 

 

 

(15

)

General and administration

 

413

 

 

 

355

 

 

 

58

 

 

 

393

 

 

 

20

 

Amortization of intangible assets

 

13

 

 

 

27

 

 

 

(14

)

 

 

11

 

 

 

2

 

Total expense

 

2,180

 

 

 

2,119

 

 

 

61

 

 

 

2,165

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

1,396

 

 

 

1,389

 

 

 

7

 

 

 

1,440

 

 

 

(44

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

50

 

 

 

41

 

 

 

9

 

 

 

3

 

 

 

47

 

Interest and dividend income

 

29

 

 

 

15

 

 

 

14

 

 

 

19

 

 

 

10

 

Interest expense

 

(46

)

 

 

(46

)

 

 

-

 

 

 

(46

)

 

 

-

 

Total nonoperating income (expense)

 

33

 

 

 

10

 

 

 

23

 

 

 

(24

)

 

 

57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

1,429

 

 

 

1,399

 

 

 

30

 

 

 

1,416

 

 

 

13

 

Income tax expense (benefit)

 

226

 

 

 

443

 

 

 

(217

)

 

 

338

 

 

 

(112

)

Net income

 

1,203

 

 

 

956

 

 

 

247

 

 

 

1,078

 

 

 

125

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling

  interests

 

(13

)

 

 

12

 

 

 

(25

)

 

 

5

 

 

 

(18

)

Net income attributable to BlackRock, Inc.

$

1,216

 

 

$

944

 

 

$

272

 

 

$

1,073

 

 

$

143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

160,141,506

 

 

 

161,872,716

 

 

 

(1,731,210

)

 

 

160,980,960

 

 

 

(839,454

)

Diluted

 

161,378,217

 

 

 

163,773,546

 

 

 

(2,395,329

)

 

 

162,161,937

 

 

 

(783,720

)

Earnings per share attributable to BlackRock, Inc.

   common stockholders (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

7.59

 

 

$

5.83

 

 

$

1.76

 

 

$

6.67

 

 

$

0.92

 

Diluted

$

7.54

 

 

$

5.76

 

 

$

1.78

 

 

$

6.62

 

 

$

0.92

 

Cash dividends declared and paid per share

$

3.13

 

 

$

2.50

 

 

$

0.63

 

 

$

2.88

 

 

$

0.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AUM (end of period)

$

6,444,100

 

 

$

5,976,892

 

 

$

467,208

 

 

$

6,299,706

 

 

$

144,394

 

Shares outstanding (end of period)

 

159,804,364

 

 

 

161,597,770

 

 

 

(1,793,406

)

 

 

160,779,596

 

 

 

(975,232

)

GAAP:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

39.0

%

 

 

39.6

%

 

 

(60

) bps

 

 

39.9

%

 

 

(90

) bps

Effective tax rate

 

15.7

%

 

 

31.9

%

 

 

(1,620

) bps

 

 

24.0

%

 

 

(830

) bps

As adjusted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (1)

$

1,400

 

 

$

1,393

 

 

$

7

 

 

$

1,443

 

 

$

(43

)

Operating margin (1)

 

44.2

%

 

 

45.1

%

 

 

(90

) bps

 

 

45.2

%

 

 

(100

) bps

Nonoperating income (expense), less net income

     (loss) attributable to noncontrolling interests

$

46

 

 

$

(2

)

 

$

48

 

 

$

(29

)

 

$

75

 

Net income attributable to BlackRock, Inc. (2)

$

1,214

 

 

$

966

 

 

$

248

 

 

$

1,080

 

 

$

134

 

Diluted earnings attributable to BlackRock, Inc.

     common stockholders per share (2) (3)

$

7.52

 

 

$

5.90

 

 

$

1.62

 

 

$

6.66

 

 

$

0.86

 

Effective tax rate

 

16.0

%

 

 

30.6

%

 

 

(1,460

) bps

 

 

23.7

%

 

 

(770

) bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See pages 11-12 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

 

*

Results for 2017 were recast to reflect the adoption of the new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018.  

 

 

 


3


 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except shares and per share data), (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

 

 

September 30,

 

 

 

 

 

 

2018

 

 

2017*

 

 

Change

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and securities

      lending revenue

$

8,774

 

 

$

7,971

 

 

$

803

 

Investment advisory performance fees

 

312

 

 

 

309

 

 

 

3

 

Technology services revenue

 

582

 

 

 

481

 

 

 

101

 

Distribution fees

 

884

 

 

 

877

 

 

 

7

 

Advisory and other revenue

 

212

 

 

 

198

 

 

 

14

 

Total revenue

 

10,764

 

 

 

9,836

 

 

 

928

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

3,300

 

 

 

3,106

 

 

 

194

 

Distribution and servicing costs

 

1,255

 

 

 

1,230

 

 

 

25

 

Direct fund expense

 

774

 

 

 

658

 

 

 

116

 

General and administration

 

1,189

 

 

 

996

 

 

 

193

 

Amortization of intangible assets

 

35

 

 

 

77

 

 

 

(42

)

Total expense

 

6,553

 

 

 

6,067

 

 

 

486

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

4,211

 

 

 

3,769

 

 

 

442

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

68

 

 

 

128

 

 

 

(60

)

Interest and dividend income

 

63

 

 

 

35

 

 

 

28

 

Interest expense

 

(138

)

 

 

(159

)

 

 

21

 

Total nonoperating income (expense)

 

(7

)

 

 

4

 

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

4,204

 

 

 

3,773

 

 

 

431

 

Income tax expense

 

829

 

 

 

1,085

 

 

 

(256

)

Net income

 

3,375

 

 

 

2,688

 

 

 

687

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling interests

 

(3

)

 

 

31

 

 

 

(34

)

Net income attributable to BlackRock, Inc.

$

3,378

 

 

$

2,657

 

 

$

721

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

Basic

 

160,786,768

 

 

 

162,459,737

 

 

 

(1,672,969

)

Diluted

 

162,140,879

 

 

 

164,289,042

 

 

 

(2,148,163

)

Earnings per share attributable to BlackRock, Inc.

   common stockholders (3)

 

 

 

 

 

 

 

 

 

 

 

Basic

$

21.01

 

 

$

16.35

 

 

$

4.66

 

Diluted

$

20.83

 

 

$

16.17

 

 

$

4.66

 

Cash dividends declared and paid per share

$

8.89

 

 

$

7.50

 

 

$

1.39

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AUM (end of period)

$