BlackRock, Inc. Reports 56% Increase in Net Income for the First Quarter to $55.2 Million, Diluted Earnings per Share of $0.84 and Assets Under Management of $321 Billion.Business Editors NEW YORK--(BUSINESS WIRE)--April 20, 2004 BlackRock BlackRock Inc. (NYSE: BLK) is a major American investment management firm. As of September 30, 2007, BlackRock’s assets under management totaled $1.3 trillion[2] across fixed income, liquidity, equity, alternative investment and real estate strategies. , Inc. (NYSE NYSE See: New York Stock Exchange :BLK BLK Black BLK Blank BLK Block BLK Bulk BLK Blocked Shot (basketball) BLK Blocked Kick (football) BLK Blackpool, England, United Kingdom - Blackpool (Airport Code) ) today reported net income for the first quarter ended March 31, 2004 of $55.2 million, a 56% increase compared with $35.3 million earned in the first quarter of 2003 and a 33% increase compared with $41.4 million earned in the fourth quarter of 2003. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the first quarter were $0.84, a 56% increase compared with $0.54 for the first quarter of 2003 and a 33% increase compared with $0.63 for the fourth quarter of 2003. As disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). previously, BlackRock realized a net income benefit of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $8.7 million, or $0.13 per share, associated with the resolution of an audit performed by New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State on the Company's state income tax returns filed from 1998 through 2001. Excluding this benefit, net income for the first quarter approximated $46.5 million, an increase of $11.2 million or 32% compared to the first quarter of 2003 and a $5.2 million or 13% increase compared to the fourth quarter of 2003. Diluted earnings per share for the first quarter, excluding the benefit, were $0.71, representing increases of 31% and 13% from the first and fourth quarters of 2003, respectively. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $69.8 million for the first quarter of 2004 increased $15.7 million, or 29%, compared to the first quarter of 2003 and $8.0 million, or 13%, compared to the fourth quarter of 2003. Operating results for the first quarter were characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by strong growth in recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue and a significant rise in performance fees which was mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. by a continuing high level of legal and accounting related expenditures and the recognition of an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge on intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. associated with closing the long-short equity hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" . Assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. ("AUM Aum (ä·ōōmˑ), n.pr 1. in Ayurveda, the subtle, noiseless cosmic vibration in which consciousness existed in the beginning, before the elements appeared. ") increased $11.3 billion or 4% during the quarter and $47.1 billion or 17% year-over-year to $320.7 billion at March 31, 2004. During the quarter, net new business totaled $7.8 billion in all products other than securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. , which remained volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. and ended the quarter down $1.4 billion. Distribution efforts were strong globally, with $4.8 billion of net new business from U.S. clients and $1.6 billion from international investors. For the twelve-month period ended March 31, 2004, net new business totaled $29.6 billion, including inflows in all client channels and in all products other than international equities. In addition, we continued to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. increased demand for risk management and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , adding seven new BlackRock Solutions(R) assignments during the quarter and 16 new mandates mandates, system of trusteeships established by Article 22 of the Covenant of the League of Nations for the administration of former Turkish territories and of former German colonies. over the past year for a variety of insurance companies, mortgage banks and other financial institutions. "BlackRock's operating results for the first quarter were exceptional, with strong contributions from most of our asset management and BlackRock Solutions activities," commented Laurence D. Fink Laurence D. Fink is the Chairman & Chief Executive Officer of BlackRock, Inc. Popularly known as Larry, he started his career at First Boston upon graduating from the University of California Los Angeles. , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BlackRock. "Our portfolio managers have generally done a good job navigating (networking, hypertext) navigating - Finding your way around. Often used of the Internet, particularly the World-Wide Web. A browser is a tool for navigating hypertext documents. choppy markets Choppy Market A stock market condition whereby prices swing up and down considerably but with no resulting overall price movement in either direction. Notes: The term is derived from the phrase choppy seas, where a boat will move a lot but not over any large distance as to achieve competitive performance which, of course, is key for our future new business efforts." Mr. Fink fink Slang n. 1. A contemptible person. 2. An informer. 3. A hired strikebreaker. intr.v. finked, fink·ing, finks 1. To inform against another person. continued, "With signs of strong economic growth and rising interest rates, many assume bond managers will falter as net asset values decline. Despite the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. effect on assets, I believe that BlackRock's opportunities have never been greater. Our pipeline is stronger and more diversified diversified (di·verˑ·s than ever, and we are well positioned to benefit from pension plan rebalancing Rebalancing The process of realigning the weightings of one's portfolio of assets. Notes: For example, if your portfolio's proportion of stock has grown too large for your intended assets weightings and risk tolerance, you might rebalance by selling some stock and putting into bonds that typically occurs as rates rise. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , our employees are working extraordinarily hard to serve our clients and to enhance and expand BlackRock's platform." First Quarter Highlights -- Fixed income AUM increased $12.4 billion to $226.8 billion at March 31, 2004, led by continued strong growth across products, including $5.4 billion in targeted duration accounts and $2.1 billion in global bond mandates. Net new business totaled $7.7 billion, with $3.7 billion of fundings from pension plans and other tax-exempt tax-ex·empt adj. 1. Not subject to taxation, as the capital or income of a philanthropic organization. 2. Producing interest that is exempt from income tax: tax-exempt bonds. n. investors, $3.6 billion from insurance companies and other taxable institutions, and $453 million from private client/fund investors. Investment performance reflected the market's lack of conviction regarding the strength of the economy, Fed direction and geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. risk. For example, our core bond fund underperformed its benchmark A performance test of hardware and/or software. There are various programs that very accurately test the raw power of a single machine, the interaction in a single client/server system (one server/multiple clients) and the transactions per second in a transaction processing system. for the quarter, but outperformed substantially through mid April (see performance notes). -- Liquidity assets were $73.8 billion at quarter-end, down less than 1% versus year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. levels. Securities lending outflows of $1.4 billion overshadowed $866 million of inflows in money market funds and other liquidity separate accounts. During the quarter, we continued to benefit from enhanced cross-selling Cross-selling is the term used to describe the sale of additional products or services to a customer. Less frequently it is used to describe the sale of services to additional business units at an account or to different geographic units of a customer. efforts and increased our market share among institutional money market fund managers. Performance on our money market funds remained competitive; however, we remain cautious on liquidity flows in this market environment. -- Equity assets were $13.8 billion at March 31, 2004. During the quarter, domestic equity AUM increased $710 million, which was almost fully offset by a decline of $668 million in international equity accounts. New business in domestic equities included $533 million of net inflows in small/mid cap value and growth portfolios and in a new closed-end fund Closed-end fund An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-end fund. managed by our quantitative quantitative /quan·ti·ta·tive/ (kwahn´ti-ta?tiv) 1. denoting or expressing a quantity. 2. relating to the proportionate quantities or to the amount of the constituents of a compound. equity team. Equity performance was very strong, with ten of our eleven domestic equity funds and three of our five international equity funds ranked in the top Lipper Business Description Lipper, Inc., a subsidiary of Reuters provides mutual and hedge fund information, analytical tools, data and commentary. Lipper's benchmarking provides a guidepost to asset managers, fund companies, financial intermediaries, traditional media, quartile Quartile A statistical term describing a division of observations into four defined intervals based upon the values of the data and how they compare to the entire set of observations. Notes: Each quartile contains 25% of the total observations. for the quarter ended March 31, 2004 (see performance notes). -- Alternative investment products ended the quarter at $6.3 billion under management, with $411 million of net inflows in our fixed income hedge funds and fund of fund products overwhelmed o·ver·whelm tr.v. o·ver·whelmed, o·ver·whelm·ing, o·ver·whelms 1. To surge over and submerge; engulf: waves overwhelming the rocky shoreline. 2. a. by two items. Specifically, asset flows reflected a downward adjustment of $704 million to reflect equity, rather than total assets, held in Anthracite anthracite (ăn`thrəsīt'): see coal. anthracite or hard coal Coal containing more fixed carbon than any other form of coal and the lowest amount of volatile (quickly evaporating) material, giving it the , a real estate investment trust managed by BlackRock. In addition, the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of the Cyllenius funds resulted in $163 million of outflows. Notwithstanding these two items, we have strong momentum in our fixed income, municipal, high yield, real estate and fund of fund strategies. -- BlackRock Solutions continued to capitalize on increased demand for a variety of risk management and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. services. During the quarter, we added seven new assignments from existing and new clients. In addition, we have two system implementations in process and several potential mandates under discussion. Revenue on these products was up more than 30% versus the first quarter of 2003. -- Our potential new business pipeline remains exceptionally robust, with, as of quarter end, $6.0 billion of wins to be funded and over 400 searches in process for a variety of fixed income and equity products. In addition, pension plan rebalancing into bonds, which led to over $350 million of net inflows during the first quarter, is likely to gain momentum if interest rates continue to rise. In the past, these practices have contributed to significant outflows in periods of falling interest rates and considerable inflows during periods of rising rates. Total revenue for the quarter ended March 31, 2004 increased $39.1 million, or 27%, to $181.8 million compared to $142.8 million for the quarter ended March 31, 2003. Separate account revenue increased by $26.2 million, or 34%, mutual funds revenue increased by $7.7 million, or 16%, and other income increased by $5.1 million, or 31%, compared with the quarter ended March 31, 2003. The increase in separate account revenue consisted of a $13.6 million, or 18%, increase in separate account base fees driven by a $37.6 billion, or 19%, increase in AUM, concentrated in fixed income mandates, and an increase in performance fees of $12.7 million to $15.8 million compared to $3.1 million earned during the first quarter of 2003. The increase in performance fees was primarily related to fees earned from a collateralized debt obligation Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, ("CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the "), the Company's long-short equity hedge fund and several separate accounts. The CDO performance fee, which totaled $7.9 million, represents a portion of returns realized by its investors since the CDO's inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. in January January: see month. 2001. Mutual fund revenue increased primarily due to $2.5 billion of new closed-end fund assets raised since March 31, 2003, and a $2.6 million increase in BlackRock Fund fees driven by a $1.3 billion increase in average assets and a $1.5 billion favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. shift in the asset mix from liquidity to fixed income. Other income increased primarily due to strong sales in BlackRock Solutions products and services.
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Three months ended
March 31, December
------------------- 31,
2004 2003 2003
--------- --------- ----------
(Dollar amounts in thousands)
Mutual funds revenue
BlackRock Funds $18,782 $16,187 $18,865
Closed-end Funds 16,789 11,312 15,804
BlackRock Liquidity Funds 20,612 20,999 21,486
STIF 263 242 263
--------- --------- ----------
Total mutual funds revenue 56,446 48,740 56,418
--------- --------- ----------
Separate accounts revenue
Separate accounts base fees 88,066 74,514 83,059
Separate accounts performance fees 15,806 3,111 1,800
--------- --------- ----------
Total separate accounts revenue 103,872 77,625 84,859
--------- --------- ----------
Total investment advisory and
administration fees 160,318 126,365 141,277
Other income 21,505 16,386 19,934
--------- --------- ----------
Total revenue $181,823 $142,751 $161,211
========= ========= ==========
Variance vs.
-------------------------------
March 31, December 31,
2003 2003
--------------- ---------------
Amount % Amount %
-------- ------ -------- ------
(Dollar amounts in thousands)
Mutual funds revenue
BlackRock Funds $2,595 16.0% ($83) (0.4%)
Closed-end Funds 5,477 48.4 985 6.2
BPIF (387) (1.8) (874) (4.1)
STIF 21 8.7 - 0.0
-------- ------ -------- ------
Total mutual funds revenue 7,706 15.8 28 0.0
-------- ------ -------- ------
Separate accounts revenue
Separate accounts base fees 13,552 18.2 5,007 6.0
Separate accounts performance fees 12,695 408.1 14,006 778.1
-------- ------ -------- ------
Total separate accounts revenue 26,247 33.8 19,013 22.4
-------- ------ -------- ------
Total investment advisory and
administration fees 33,953 26.9 19,041 13.5
Other income 5,119 31.2 1,571 7.9
-------- ------ -------- ------
Total revenue $39,072 27.4% $20,612 12.8%
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Revenue growth of $20.6 million, or 13%, in the first quarter of 2004 compared to fourth quarter 2003 largely reflects an increase in separate account performance fees of $14.0 million primarily related to fees earned on alternative investment products, an increase in separate account base fees of $5.0 million or 6% due to a $9.6 billion increase in AUM, and a $1.6 million increase in other income entirely attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a performance fee earned on a large full service BlackRock Solutions client. Total expense for the quarter ended March 31, 2004 increased $23.4 million, or 26%, to $112.1 million compared to $88.7 million during the quarter ended March 31, 2003. The increase in total expense during the quarter primarily reflects increases of $10.7 million in employee compensation and benefits, $6.2 million in general and administration expense, and the recognition of an impairment on the Company's intangible assets of $6.1 million related to the liquidation of the Cyllenius funds. The increase in employee compensation and benefits was largely due to an increase of $6.4 million in incentive compensation expense primarily related to higher alternative product performance fees, costs associated with the December December: see month. 2003 grants of restricted shares to employees and increases in salaries and benefits to support business growth. The increase in general and administration expense primarily reflects $2.2 million in subadvisory fees related to a performance fee earned on a CDO, increased professional fees of $1.5 million for legal and accounting services, increased marketing and promotional costs of $1.5 million for closed-end fund launches and institutional liquidity marketing activities, a $0.6 million rise in insurance costs and $0.6 million of foreign currency remeasurement expense due to the decline of the U.S. dollar. Fund administration and servicing costs paid to third parties increased $2.3 million during the first quarter of 2004 due to a $1.2 million increase in transfer agent services related to the BlackRock Funds and a $1.1 million rise in third party servicing costs associated with closed-end fund launches. The increase in third party fund administration and servicing costs was largely offset by a decline in affiliated af·fil·i·ate v. af·fil·i·at·ed, af·fil·i·at·ing, af·fil·i·ates v.tr. 1. To adopt or accept as a member, subordinate associate, or branch: fund administration and servicing costs associated with the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of BlackRock's co-administration agreements with PFPC PFPC Professional Financial Planning Course (Canadian Securities Institute) , Inc., a PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress subsidiary, related to services provided to the BlackRock Liquidity Funds and BlackRock Funds. During the first quarter of 2004, the portfolio manager of BlackRock's long-short equity hedge fund resigned from the firm. As a result, BlackRock commenced an orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. liquidation of the Cyllenius funds and recognized a $6.1 million impairment charge representing the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the funds' acquired management contract. After adjusting for the benefit of a $2.7 million performance fee, the funds' liquidation resulted in an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. loss of approximately $2 million.
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Three months ended Variance vs.
--------------------------
March 31, December 31,
March 31, December 2003 2003
----------------- 31, ------------- ------------
2004 2003 2003 Amount % Amount %
-------- -------- -------- ------- ----- ------ -----
(Dollar amounts
in thousands)
General and
administration
expense:
Marketing and
promotional $8,206 $6,667 $7,372 $1,539 23.1% $834 11.3%
Occupancy 5,651 5,612 5,422 39 0.7 229 4.2
Technology 4,372 4,579 4,853 (207) (4.5) (481) (9.9)
Other general and
administration 13,070 8,251 13,442 4,819 58.4 (372) (2.8)
-------- -------- -------- ------- ----- ------ -----
Total general
and
administration
expense $31,299 $25,109 $31,089 $6,190 24.7% $210 0.7%
======== ======== ======== ======= ===== ====== =====
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The rise in expense of $12.6 million or 13% during the first quarter of 2004 compared to the fourth quarter of 2003 primarily consists of a $7.3 million increase in employee compensation and benefits and a $6.1 million impairment of the Company's intangible assets, partially offset by a $1.6 million decrease in affiliated fund administration and servicing costs. The increase in employee compensation and benefits was primarily attributable to incentive compensation on alternative product performance fees, a reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of deferred compensation during the fourth quarter of 2003 and an increase in salaries and benefits associated with higher staffing levels. The decrease in affiliated fund administration and servicing costs primarily reflected the previously-discussed restructuring of the BlackRock Liquidity Funds and BlackRock Funds co-administration agreements with PFPC, Inc. Non-operating income for the three months ended March 31, 2004 increased $2.4 million compared to the three months ended March 31, 2003 largely due to $2.9 million in distributions from alternative investment product seed investments, partially offset by $0.8 million in interest expense related to the Company's obligation to purchase a subsidiary's minority interest in 2008. Under accounting guidance, fluctuations in the settlement amount of the related obligation, which is driven by the subsidiary's revenue, will be reflected in the Company's statement of operations See Income statement. as interest expense. Non-operating income growth from the fourth quarter of 2003 primarily represents a $2.8 million distribution from a CDO investment during the first quarter of 2004, partially offset by decreased interest and dividend income of $1.0 million resulting from lower levels of corporate investments and a $1.0 million impairment on a CDO investment. LTIP LTIP Long Term Incentive Plan LTIP Laughing Till I Puke LTIP Local Transportation Improvement Program LTIP Long Term Instrument Plan LTIP Long Term Infrastructure Program LTIP Long Term Independent Project Status Subsequent to March 31, 2004, the Company's common stock has, at times, traded in excess of $62 per share. Under the terms of BlackRock's Long-Term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. Retention and Incentive Plan ("LTIP"), if the Company's average closing stock price remains above $62 (subject to stockholder approval) for a continuous three month period subsequent to December 31, 2004, up to $240 million of compensation awards will vest to employees. Assuming the LTIP vests by March 31, 2005, the Company will record a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge of approximately $98 million, net of tax, or $1.50 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, and quarterly expense of approximately $8 million, net of tax, or $0.12 per diluted share, through December 31, 2006, the end of the plan's service period. If the vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: date is later than March 31, 2005, the one-time charge will increase in an amount equal to the pro-rata Pro-rata Used to describe a proportionate allocation. Notes: For example, a pro-rata dividend means that every shareholder gets an equal proportion for each share they own. See also: Dividend portion of the service period completed. If the plan vests, PNC will fund $200 million of the plan obligation through the surrender To give up, return, or yield. The word surrender presupposes the possession or ownership of the thing that is to be returned or given up. It indicates a transfer of title as well as possession, but it does not express or in any way suggest the transaction of a sale of up to 4 million BlackRock shares in the first quarter of 2007 with employees receiving shares equal to their awards which can be put back to BlackRock. As a result, the economic impact to BlackRock's earnings per share, based on a March 31, 2005 vesting, would be $0.25 per diluted share in the first quarter of 2005 and $0.02 per diluted share per quarter thereafter through December 31, 2006. Outlook Based on current conditions, which assumes no significant changes in economic activity, interest rates or new business momentum, management expects full year and second quarter 2004 diluted earnings per share to be in a range of $2.86 - $3.06 and $0.69 - $0.71, respectively. Performance Notes Past performance is no guarantee of future results. Mutual fund performance data assumes the reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. of dividends and capital gains distributions and reflects the performance of the Institutional Class, with the exception of the BlackRock Funds Core Bond Total Return Portfolio, which reflects the performance of the BlackRock Shares class. BlackRock waives fees, without which performance would be lower. Investments in BlackRock Funds are neither insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. nor guaranteed by the U.S. government. Relative peer group performance is based on quartiles from Lipper Inc. Lipper rankings are based on total returns with dividends and distributions reinvested and do not reflect sales charges Sales Charge A commission or fee paid by an investor at the time of purchasing mutual fund shares. The charge is paid to a mutual fund salesperson or financial advisor and is intended to provide compensation for the financial salesperson's efforts in assisting their client select . Funds with returns among the top 25% of a peer group of funds group of funds See family of funds. with comparable objectives are in the first quartile. The BlackRock Funds Core Bond Total Return Portfolio benchmark is the Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. U.S. Aggregate Index. Equity Portfolios of BlackRock Funds: The Small Cap Core Equity and Small Cap Value Equity Portfolios are in the Small Cap Core Lipper peer group. The Select Equity, Large Cap Growth Equity and Large Cap Value Equity Portfolios are in the Large Cap Core, Large Cap Growth and Large Cap Value Lipper peer groups, respectively. The Index Equity Portfolio is in the S&P 500 Index Objective Lipper peer group. The Mid-Cap Mid-cap Short for "Middle Cap," mid cap refers to stocks with a market capitalization of between $2 billion to $10 billion. Notes: As the name implies, a mid-cap is in the middle of the pack. A mid-cap isn't too big, but at the same time has a relatively decent market cap. Growth Equity, Mid-Cap Value Equity and Small Cap Growth Equity Portfolios are in the Mid Cap Growth, Mid Cap Value and Small Cap Growth Lipper peer groups, respectively. The Balanced Portfolio is in the Balanced Lipper peer group. The International Equity, Global Science & Technology Opportunities and Asia Pacific Equity Portfolios are in the International, Science & Technology and Pacific Region Lipper peer groups, respectively. About BlackRock BlackRock is one of the largest publicly traded investment management firms in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with approximately $321 billion of assets under management as of March 31, 2004. BlackRock manages assets on behalf of institutional and individual investors worldwide through a variety of equity, fixed income, liquidity and alternative investment products. In addition, BlackRock provides risk management and investment system services to a growing number of institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. under the BlackRock Solutions name. Clients are served from the Company's headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , as well as offices in Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. , Edinburgh Edinburgh (ĕd`ĭnbərə), city (1991 pop. 433,200) and council area, royal burgh, capital of Scotland, on the Firth of Forth. Leith, part of the city since 1920, is Edinburgh's port. , Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Tokyo Tokyo (tō`kēō), city (1990 pop. 8,163,573), capital of Japan and of Tokyo prefecture, E central Honshu, at the head of Tokyo Bay. and Wilmington Wilmington. 1 City (1990 pop. 71,529), seat of New Castle co., NE Del., on the Delaware River and tributary streams, the Christina and the Brandywine; settled 1638, inc. as a city 1832. . BlackRock is majority-owned by The PNC Financial Services PNC Financial Services (NYSE: PNC) is a U.S.-based financial services corporation, with assets of $92.0 billion. PNC operations include a regional banking franchise operating primarily in eight states and the District of Columbia, specialized financial businesses serving Group, Inc. (NYSE:PNC) and by BlackRock employees. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and , with respect to BlackRock's outlook for full year and second quarter 2004 earnings, potential new business opportunities, liquidity asset levels and other future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "pursue," "achieve," and similar expressions, or future or conditional Subject to change; dependent upon or granted based on the occurrence of a future, uncertain event. A conditional payment is the payment of a debt or obligation contingent upon the performance of a certain specified act. verbs such as "will," "would," "should," "could," "may" or similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. In addition to factors previously disclosed in BlackRock's Securities and Exchange Commission ("SEC") reports and those identified elsewhere in this press release, forward-looking statements are subject, among others, to the following risks and uncertainties that could cause actual results of future events to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management or of BlackRock's investments; (3) the investment performance of BlackRock's advised or sponsored investment products and separately managed accounts; (4) the impact of increased competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions and divestitures; (7) the unfavorable resolution of legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. ; (8) the extent and timing of any share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. ; (9) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (10) the impact of legislative and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. actions and reforms and regulatory, supervisory su·per·vi·sor n. 1. One who supervises. 2. One who is in charge of a particular department or unit, as in a governmental agency or school system. 3. One who is an elected administrative officer in certain U.S. or enforcement actions of government agencies relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc BlackRock or PNC; (11) terrorist activities and international hostilities hos·til·i·ty n. pl. hos·til·i·ties 1. The state of being hostile; antagonism or enmity. See Synonyms at enmity. 2. a. A hostile act. b. hostilities Acts of war; overt warfare. , which may adversely affect the general economy, financial and capital markets, specific industries, and BlackRock; (12) the ability to attract and retain highly talented professionals; (13) fluctuations in foreign currency exchange rates, which may adversely affect the value of advisory fees earned by BlackRock; and (14) the impact of changes to tax legislation and, generally, the tax position of the Company. BlackRock's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2003 and BlackRock's subsequent reports filed with the SEC, accessible on the SEC's website at http://www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. and on BlackRock's Web site at http://www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements.
BlackRock, Inc.
Financial Highlights
(Dollar amounts in thousands, except share data)
(unaudited)
Three months ended
------------------------------------
March 31, December 31,
2004 2003 2003
---------------------- ------------
Total revenue $181,823 $142,751 $161,211
Total expense $112,056 $88,685 $99,457
Operating income $69,767 $54,066 $61,754
Net income $55,207 $35,320 $41,355
Diluted earnings per share $0.84 $0.54 $0.63
Average diluted shares
outstanding 65,807,605 65,867,032 65,634,589
Operating margin (a) 40.2% 40.1% 40.7%
Assets under management
($ in millions) $320,672 $273,599 $309,356
Variance vs.
-------------------------------------
March 31, 2003 December 31, 2003
-------------------------------------
Amount % Amount %
-------------------------------------
Total revenue $39,072 27% $20,612 13%
Total expense $23,371 26% $12,599 13%
Operating income $15,701 29% $8,013 13%
Net income $19,887 56% $13,852 33%
Diluted earnings per share $0.30 56% $0.21 33%
Average diluted shares
outstanding (59,427) 0% 173,016 0%
Operating margin (a)
Assets under management
($ in millions) $47,073 17% $11,316 4%
(a) Operating income divided by total revenue less fund administration
and servicing costs. Computations for all periods presented include
affiliated and non-affiliated fund administration and servicing
expense reported as a separate income statement line item and are
derived from the Company's consolidated financial statements, as
follows:
Three months ended
-------------------------------
March 31, December 31,
2004 2003 2003
------------------ ------------
Operating income, as reported $69,767 $54,066 $61,754
------------------ ------------
Revenue, as reported 181,823 142,751 161,211
Less: fund administration
and servicing costs (8,360) (7,958) (9,393)
------------------ ------------
Revenue used for operating margin
measurement 173,463 134,793 151,818
------------------ ------------
Operating margin 38.4% 37.9% 38.3%
------------------ ------------
Operating margin, as reported 40.2% 40.1% 40.7%
================== ============
We believe that operating margin, as reported, is an effective
indicator of management's ability to effectively employ the Company's
resources. Fund administration and servicing costs have been excluded
from operating margin because these costs are a fixed, asset-based
expense which can fluctuate based on the discretion of a third party.
BlackRock, Inc.
Condensed Consolidated Statements of Income
(Dollar amounts in thousands, except share data)
(unaudited)
Three months ended
------------------
March 31, December 31,
--------- ------------
2004 2003 2003
---- ---- ----
Revenue
Investment advisory and
administration fees
Mutual funds $56,446 $48,740 $56,418
Separate accounts 103,872 77,625 84,859
---------------------- -----------
Total investment advisory and
administration fees 160,318 126,365 141,277
Other income 21,505 16,386 19,934
---------------------- -----------
Total revenue 181,823 142,751 161,211
---------------------- -----------
Expense
Employee compensation and benefits 66,069 55,386 58,744
Fund administration and servicing
costs
Affiliates 5,068 6,943 6,699
Other 3,292 1,015 2,694
General and administration 31,299 25,109 31,089
Amortization of intangible assets 231 232 231
Impairment of intangible assets 6,097 - -
---------------------- -----------
Total expense 112,056 88,685 99,457
---------------------- -----------
Operating income 69,767 54,066 61,754
Non-operating income (expense)
Investment income 6,897 3,529 5,497
Interest expense (1,084) (164) (252)
---------------------- -----------
5,813 3,365 5,245
---------------------- -----------
Income before income taxes and
minority interest 75,580 57,431 66,999
Income taxes 20,089 22,111 25,347
---------------------- -----------
Income before minority interest 55,491 35,320 41,652
Minority interest 284 - 297
---------------------- -----------
Net income $55,207 $35,320 $41,355
====================== ===========
Weighted-average shares outstanding
Basic 63,775,783 65,056,537 64,072,611
Diluted 65,807,605 65,867,032 65,634,589
Earnings per share
Basic $0.87 $0.54 $0.65
Diluted $0.84 $0.54 $0.63
Variance vs.
------------
March 31, December 31,
2003 2003
------------------ ----------------
Amount Percent Amount Percent
--------- ------- ------- -------
Revenue
Investment advisory and
administration fees
Mutual funds $7,706 15.8% $28 0.0%
Separate accounts 26,247 33.8 19,013 22.4
----------- ---------
Total investment advisory and
administration fees 33,953 26.9 19,041 13.5
Other income 5,119 31.2 1,571 7.9
----------- ---------
Total revenue 39,072 27.4 20,612 12.8
----------- ---------
Expense
Employee compensation and benefits 10,683 19.3 7,325 12.5
Fund administration and servicing
costs
Affiliates (1,875) (27.0) (1,631) (24.3)
Other 2,277 224.3 598 22.2
General and administration 6,190 24.7 210 0.7
Amortization of intangible assets (1) (0.4) - -
Impairment of intangible assets 6,097 NM 6,097 NM
----------- ---------
Total expense 23,371 26.4 12,599 12.7
----------- ---------
Operating income 15,701 29.0 8,013 13.0
Non-operating income (expense)
Investment income 3,368 95.4 1,400 25.5
Interest expense (920) 561.0 (832) 330.2
----------- ---------
2,448 72.7 568 10.8
----------- ---------
Income before income taxes and
minority interest 18,149 31.6 8,581 12.8
Income taxes (2,022) (9.1) (5,258) (20.7)
----------- ---------
Income before minority interest 20,171 57.1 13,839 33.2
Minority interest 284 NM (13) (4.4)
----------- ---------
Net income $19,887 56.3% $13,852 33.5%
=========== =========
Weighted-average shares outstanding
Basic (1,280,754) -2.0% (296,828) -0.5%
Diluted (59,427) -0.1% 173,016 0.3%
Earnings per share
Basic $0.33 61.1% $0.22 33.8%
Diluted $0.30 55.6% $0.21 33.3%
NM = Not meaningful
BlackRock, Inc.
Condensed Consolidated Statements of Financial Condition
(Dollar amounts in thousands)
(unaudited)
March 31, December 31,
2004 2003
--------- ------------
Assets
Cash and cash equivalents $301,109 $315,941
Accounts receivable 147,170 127,316
Investments 177,288 234,923
Property and equipment, net 87,716 87,006
Intangible assets, net 185,824 192,079
Other assets 10,349 9,958
--------- ---------
Total assets $909,456 $967,223
========= =========
Liabilities
Accrued compensation $88,508 $172,447
Accounts payable and accrued liabilities 74,831 60,098
Acquired management contract obligation 5,736 5,736
Other liabilities 13,130 14,395
--------- --------
Total liabilities 182,205 252,676
Minority interest 4,300 1,239
Stockholders' equity 722,951 713,308
--------- ---------
Total liabilities, minority interest and
stockholders' equity $909,456 $967,223
========= ========
BlackRock, Inc.
Condensed Consolidated Statements of Cash Flows
(Dollar amounts in thousands)
(unaudited)
Three months ended
March 31,
----------
2004 2003
--------- ---------
Cash flows from operating activities
Net income $55,207 $35,320
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation and amortization 4,949 5,295
Impairment of intangible assets 6,097 -
Minority interest 284 -
Stock-based compensation 4,269 2,614
Deferred income taxes 6,467 1,101
Tax impact of stock-based compensation (407) 4,167
Purchase of investments, trading, net (10,281) (17,836)
Net gain on investments (1,627) (248)
Changes in operating assets and liabilities:
Increase in accounts receivable (20,926) (1,231)
Increase in receivable from affiliates (51) (226)
Decrease (increase) in other assets 470 (558)
Decrease in accrued compensation (83,939) (75,071)
Increase in accounts payable and accrued
liabilities 6,880 16,866
(Decrease) increase in other liabilities (1,265) 1,160
-------------------
Cash used in operating activities (33,873) (28,647)
-------------------
Cash flows from investing activities
Purchase of property and equipment (4,586) (3,355)
Purchase of investments (10,059) (25,660)
Sale of investments 76,180 8,292
Deemed cash contribution upon consolidation of VIE 6,412 -
Acquisition of business, net of cash acquired (73) (260)
-------------------
Cash provided by (used in) investing activities 67,874 (20,983)
-------------------
Cash flows from financing activities
Issuance of class A common stock - 562
Dividends paid (15,906) -
Dividends paid to minority interest holders (110) -
Purchase of treasury stock (40,427) (16,463)
Reissuance of treasury stock 6,644 1,866
-------------------
Cash used in financing activities (49,799) (14,035)
-------------------
Effect of exchange rate changes on cash
and cash equivalents 966 (355)
Net decrease in cash and cash equivalents (14,832) (64,020)
Cash and cash equivalents, beginning of period 315,941 255,234
-------------------
Cash and cash equivalents, end of period $301,109 $191,214
===================
BlackRock, Inc.
Assets Under Management
(Dollar amounts in millions)
(unaudited)
March 31, December 31,
2004 2003 2003
-------- -------- ------------
All Accounts
Fixed income $226,797 $188,058 $214,356
Liquidity 73,769 67,978 74,345
Equity 13,764 12,165 13,721
Alternative investment products 6,342 5,398 6,934
--------- --------- ---------
Total $320,672 $273,599 $309,356
========= ========= =========
Separate Accounts
Fixed income $202,055 $167,778 $190,432
Liquidity 6,304 6,040 5,855
Liquidity-Securities lending 8,479 6,344 9,925
Equity 9,003 8,995 9,443
Alternative investment products 6,342 5,398 6,934
--------- --------- ---------
Subtotal 232,183 194,555 222,589
--------- --------- ---------
Mutual Funds
Fixed income 24,742 20,280 23,924
Liquidity 58,986 55,594 58,565
Equity 4,761 3,170 4,278
--------- --------- ---------
Subtotal 88,489 79,044 86,767
--------- --------- ---------
Total $320,672 $273,599 $309,356
========= ========= =========
Component Changes in Assets Under Management
(Dollar amounts in millions)
(unaudited)
Period ended
March 31,
2004 2003
-------- --------
All Accounts
Beginning assets under management $309,356 $272,841
Net subscriptions (redemptions) 6,340 (788)
Market appreciation 4,976 1,546
--------- ---------
Ending assets under management $320,672 $273,599
========= =========
Separate Accounts
Beginning assets under management $222,589 $183,513
Net subscriptions 4,971 9,521
Market appreciation 4,623 1,521
--------- ---------
Ending assets under management 232,183 194,555
--------- ---------
Mutual Funds
Beginning assets under management 86,767 89,328
Net subscriptions (redemptions) 1,369 (10,309)
Market appreciation 353 25
--------- ---------
Ending assets under management 88,489 79,044
--------- ---------
Total $320,672 $273,599
========= =========
BlackRock, Inc.
Assets Under Management
Quarterly Trend
(Dollar amounts in millions)
(unaudited)
Quarter Ended
2003 2004
--------------------------------------- --------
March June September December March
31 30 30 31 31
--------------------------------------- ---------
Separate Accounts
Fixed Income
Beginning assets
under management $156,574 $167,778 $174,480 $178,390 $190,432
Net subscriptions 8,889 1,682 3,700 9,842 7,141
Market appreciation 2,315 5,020 210 2,200 4,482
-------------------------------------- ---------
Ending assets under
management 167,778 174,480 178,390 190,432 202,055
-------------------------------------- ---------
Liquidity
Beginning assets under
management 5,491 6,040 5,366 5,707 5,855
Net subscriptions
(redemptions) 541 (677) 328 135 446
Market appreciation 8 3 13 13 3
-------------------------------------- ---------
Ending assets under
management 6,040 5,366 5,707 5,855 6,304
-------------------------------------- --------
Liquidity-Securities
lending
Beginning assets under
management 6,433 6,344 8,374 9,996 9,925
Net subscriptions
(redemptions) (89) 2,030 1,622 (71) (1,446)
-------------------------------------- ---------
Ending assets under
management 6,344 8,374 9,996 9,925 8,479
-------------------------------------- ---------
Equity
Beginning assets under
management 9,736 8,995 9,105 9,143 9,443
Net subscriptions
(redemptions) 174 (1,526) (334) (1,234) (684)
Market appreciation
(depreciation) (915) 1,636 372 1,534 244
-------------------------------------- ---------
Ending assets under
management 8,995 9,105 9,143 9,443 9,003
-------------------------------------- ---------
Alternative investment
products
Beginning assets under
management 5,279 5,398 6,352 6,676 6,934
Net subscriptions
(redemptions) 6 900 385 237 (486)
Market appreciation
(depreciation) 113 54 (61) 21 (106)
-------------------------------------- ---------
Ending assets under
management 5,398 6,352 6,676 6,934 6,342
-------------------------------------- ---------
Total Separate Accounts
Beginning assets under
management 183,513 194,555 203,677 209,912 222,589
Net subscriptions 9,521 2,409 5,701 8,909 4,971
Market appreciation 1,521 6,713 534 3,768 4,623
-------------------------------------- ---------
Ending assets under
management $194,555 $203,677 $209,912 $222,589 $232,183
======================================= =========
Mutual Funds
Fixed Income
Beginning assets under
management $19,012 $20,280 $21,480 $22,974 $23,924
Net subscriptions 1,104 788 1,426 977 598
Market appreciation
(depreciation) 164 412 68 (27) 220
-------------------------------------- ---------
Ending assets under
management 20,280 21,480 22,974 23,924 24,742
-------------------------------------- ---------
Liquidity
Beginning assets under
management 66,588 55,594 57,845 57,334 58,565
Net subscriptions
(redemptions) (10,995) 2,247 (512) 1,225 420
Market appreciation 1 4 1 6 1
-------------------------------------- ---------
Ending assets under
management 55,594 57,845 57,334 58,565 58,986
-------------------------------------- ---------
Equity
Beginning assets under
management 3,728 3,170 3,307 3,281 4,278
Net subscriptions
(redemptions) (418) (346) (147) 579 351
Market appreciation
(depreciation) (140) 483 121 418 132
-------------------------------------- ---------
Ending assets under
management 3,170 3,307 3,281 4,278 4,761
-------------------------------------- ---------
Total Mutual Funds
Beginning assets under
management 89,328 79,044 82,632 83,589 86,767
Net subscriptions
(redemptions) (10,309) 2,689 767 2,781 1,369
Market appreciation 25 899 190 397 353
-------------------------------------- ---------
Ending assets under
management $79,044 $82,632 $83,589 $86,767 $88,489
====================================== =========
BlackRock, Inc.
Assets Under Management
Quarterly Trend
(Dollar amounts in millions)
(unaudited)
Quarter Ended
2003 2004
--------------------------------------- --------
March June September December March
31 30 30 31 31
--------------------------------------- --------
Mutual Funds
BlackRock Funds
Beginning assets
under management $18,115 $18,013 $18,410 $18,044 $18,354
Net subscriptions
(redemptions) 18 (213) (385) 57 427
Market appreciation
(depreciation) (120) 610 19 253 204
---------------------------------------- ---------
Ending assets
under management 18,013 18,410 18,044 18,354 18,985
---------------------------------------- ---------
BlackRock Global Series
Beginning assets
under management 211 500 589 794 838
Net subscriptions
(redemptions) 287 44 193 (3) 181
Market appreciation 2 45 12 47 7
---------------------------------------- ---------
Ending assets
under management 500 589 794 838 1,026
---------------------------------------- ---------
BlackRock Liquidity Funds
Beginning assets
under management 59,576 48,489 51,163 51,078 52,870
Net subscriptions
(redemptions) (11,087) 2,674 (85) 1,792 289
---------------------------------------- ---------
Ending assets
under management 48,489 51,163 51,078 52,870 53,159
---------------------------------------- ---------
Closed End
Beginning assets
under management 10,771 11,294 11,723 12,920 13,961
Net subscriptions 380 185 1,038 944 449
Market appreciation 143 244 159 97 142
---------------------------------------- ---------
Ending assets
under management 11,294 11,723 12,920 13,961 14,552
---------------------------------------- ---------
Short Term Investment
Funds (STIF)
Beginning assets
under management 655 748 747 753 744
Net subscriptions
(redemptions) 93 (1) 6 (9) 23
---------------------------------------- ---------
Ending assets
under management 748 747 753 744 767
---------------------------------------- ---------
Total Mutual Funds
Beginning assets
under management 89,328 79,044 82,632 83,589 86,767
Net subscriptions
(redemptions) (10,309) 2,689 767 2,781 1,369
Market appreciation 25 899 190 397 353
---------------------------------------- ---------
Ending assets
under management $79,044 $82,632 $83,589 $86,767 $88,489
======================================== =========
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