<PAGE>
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
January 13, 2000
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
BLACKROCK, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER 001-15305
DELAWARE 51-0380803
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
345 Park Avenue
New York, NY 10154
(212) 754-5560
ITEM 5. OTHER EVENTS
1999 Financial Results
On January 13, 2000, BlackRock, Inc. ("Corporation") reported results
of operations for the period ended December 31, 1999. A copy of the
earnings press release issued by the Corporation is attached as
Exhibit 99.1 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The Exhibits listed on the Exhibit Index on page 3 of this Form 8-K
are filed herewith.
<PAGE>
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 thereunto duly authorized.
BlackRock, Inc.
(Registrant)
Date: January 13, 2000 By: /s/ Paul L. Audet
-----------------------------
Paul L. Audet
Managing Director
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
99.1 Earnings press release issued by the Corporation on January 13, 2000, with
respect to results of operations for the period ended December 31, 1999,
filed herewith.
<PAGE>
(EXHIBIT 99.1)
[LOGO OF BLACKROCK]
CONTACTS:
Paul L. Audet: (212) 409-3555
[email protected]
BlackRock, Inc. Announces Record Full Year 1999 and Fourth Quarter Results
With Year-end Assets Under Management at $164.5 Billion
New York, New York - January 13, 2000, BlackRock, Inc. (NYSE: BLK) today
reported record net income for 1999 of $59.4 million, a 67% increase over the
$35.6 million earned in 1998. Diluted earnings per share for 1999 were $1.04 as
compared to $.66 for 1998. Adjusted operating revenues for 1999 were $377.8
million, a 36% increase over the $278.3 million generated in 1998. Total
revenues for 1999 and 1998 were $381.0 million and $339.5 million, respectively.
BlackRock Asset Investors (BAI), which was liquidated in the third quarter of
1999, generated $61.2 million in revenue for 1998.
Net income for the fourth quarter of 1999 was $17.2 million, a 33% increase over
the $13 million reported for the fourth quarter of 1998. Diluted earnings per
share for the fourth quarter of 1999 were $.27 as compared to $.24 for 1998.
Operating revenues for the fourth quarter of 1999 were $100.8 million, an 18%
increase over the $85.3 million of adjusted operating revenues for the fourth
quarter of 1998. Total revenues for the fourth quarter of 1998 were $129.7
million, which included $44.4 million from BAI.
"I am delighted with BlackRock's performance during the fourth quarter and for
1999 as a whole," commented Laurence D. Fink, Chairman and Chief Executive
Officer. "We continued to achieve strong investment performance and have
attracted substantial assets from new and existing clients across our products.
In particular, we had a spectacular year in fixed income, where we raised more
than $23 billion in net new business. Liquidity assets grew by more than $6.5
billion in the fourth quarter alone, although we assume that much of those
assets represent temporary deployment of Y2K cash balances. Building our equity
business continues to be a key priority, and I am pleased with the progress of
integrating our new European equity team, with whom we have already raised $2
billion. Overall, we are proud of our accomplishments and eager to continue
pursuing our strategies for the future."
Fourth Quarter Highlights
. Assets under management rose to a record $164.5 billion, an 11% increase from
the $148.1 billion reported at September 30, 1999 and a 26.0% increase from
the $130.6 billion reported at December 31, 1998.
. BlackRock continued to generate strong new business with net subscriptions
for the fourth quarter and full year 1999 of $14.8 billion and $32.7 billion,
respectively.
. Mutual fund advisory fees were $53.4 million, a 12.7% increase over the $47.4
million earned in 1998.
<PAGE>
. Separate account advisory fees were $43.6 million, a 31.0% increase from the
$33.3 million earned in 1998.
. Adjusted operating income was $30.2 million, a 45.6% increase over the $20.7
million earned in the fourth quarter of 1998. Adjusted operating income
reflects the exclusion of BAI results for 1998 and closed-end fund offering
costs for 1999 and 1998.
. BlackRock's adjusted operating margin, after deducting fund administration
and servicing costs paid to PNC affiliates from adjusted operating revenues,
was 36.7% as compared to 30.6% for the fourth quarter of 1998.
Revenue growth for 1999, excluding BAI, was strong across all product
categories, particularly separate accounts which rose 52.0% from $101.4 million
in 1998 to $154.0 million for 1999. Separate account revenue growth was
primarily attributable to $23.3 billion in new fixed income business, a full
year of advisory fees from Magnetite (CBO fund launched in December, 1998), and
strong investment performance on Obsidian, a family of fixed income hedge funds.
Separate account revenues were also modestly impacted by $7.1 billion in new
liquidity business associated with PFPC Worldwide security lending assets.
Other income, which largely reflects BlackRock's risk management activities,
increased 33.5% from $14.4 million in 1998 to $19.3 for 1999. Operating income
for the year ended December 31, 1999 of $110.9 million reflected a $31.5 million
or 39.8% increase from the $79.4 million earned in 1998.
About BlackRock BlackRock is one of the largest publicly traded investment
management firms in the United States with $164.5 billion of assets under
management as of December 31, 1999. BlackRock manages assets on behalf of more
than 3,000 institutions and 150,000 individuals through a variety of equity,
fixed income, liquidity and alternative investment separate accounts and mutual
funds, including the Company's flagship fund families, BlackRock Funds and
Provident Institutional Funds. In addition, risk management and advisory
services are provided to a growing number of large institutional fixed income
investors. BlackRock is a majority-owned subsidiary of PNC Bank Corp. (NYSE:
PNC). Visit BlackRock on the World Wide Web at www.blackrock.com.
-----------------
PNC Bank Corp. (NYSE: PNC), headquartered in Pittsburgh, is one of the largest
diversified financial services organizations in the United States. Its major
businesses include PNC Regional Bank, PNC Advisors, BlackRock, PFPC Worldwide,
PNC Institutional Bank, PNC Secured Finance and PNC Mortgage. Visit PNC Bank on
the World Wide Web at www.pncbank.com.
---------------
This press release contains forward-looking statements with respect to financial
performance and other financial and business matters within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
are typically identified by words or phrases such as "believe," "expect,"
"anticipate," "intend," "estimate," "may increase," "may fluctuate," and
variations of such words and similar expressions, or future or conditional verbs
such as "will," "should," "would," and "could". The Company cautions that these
forward-looking statements are subject to numerous assumptions, risks and
uncertainties, all of which change over time, and the Company assumes no duty to
update forward-looking statements. Actual results could differ materially from
those anticipated in these forward-looking statements. In addition
<PAGE>
to factors previously disclosed by the Company, the factors underlying these
forward-looking statements include, but are not limited to, the performance of
financial markets, the investment performance of BlackRock's sponsored
investment products and separately managed accounts, government regulations
including tax law changes, competitive conditions, future acquisitions, the
impact, extent and timing of technological changes, and general economic
conditions including changes in market interest rates.
<PAGE>
BlackRock, Inc.
Financial Highlights
(amounts in thousands, except share data)
(unaudited)
Three Months Ended December 31,
1999 1998 % Change
---------- --------- ----------
Adjusted Operating Revenue (a) $100,782 $85,257 18.2%
Adjusted Operating Expense (a) 70,612 64,540 9.4
Adjusted Operating Income 30,170 20,717 45.6
Net effect of adjustments (511) 6,107 (108.4)
Reported Operating Income 29,659 26,824 10.6
Net Income 17,209 12,976 32.6
Diluted earnings per share 0.27 0.24 12.5
Diluted cash earnings per share (b) 0.31 0.28 10.7
Average Diluted Shares Outstanding 64,185,316 54,982,635 16.7
EBITDA (c) 35,299 30,753 14.8
Operating Margin (d) 36.7% 30.6%
Year Ended December 31,
1999 1998 % Change
---------- --------- ----------
adjusted Operating Revenue (e) $377,821 $278,283 35.8%
Adjusted Operating Expense (e) 267,676 211,062 26.8
Adjusted Operating Income 110,145 67,221 63.9
Net effect of adjustments 798 12,141 (93.4)
Reported Operating Income 110,943 79,362 39.8
Net Income 59,417 35,615 66.8
Diluted earnings per share 1.04 0.66 57.6
Diluted cash earnings per share (b) 1.21 0.84 44.0
Average Diluted Shares Outstanding 57,268,912 53,682,204 6.7
EBITDA (c) 132,541 94,209 40.7
Operating Margin (d) 36.2% 29.8%
(a) Excludes revenue of $0 and $44,401 and expense of $511 and $38,294 for the
fourth quarters of 1999 and 1998, respectively. Amounts include revenue and
and incentive compensation expense for 1998 associated with BlackRock Asset
Investors (BAI) which was liquidated in the third quarter of 1999 and
closed-end fund offering costs for 1999 and 1998.
(b) Net income plus goodwill amortization for the period divided by weighted
average shares outstanding.
(c) Earnings before interest, taxes, depreciation and amortization.
(d) Adjusted operating income divided by adjusted operating revenue less fund
administration and servicing costs - affiliates.
(e) Excludes revenue of $3,160 and $61,199 and expense of $2,362 and $49,058 for
1999 and 1998, respectively. Amounts for 1999 and 1998 include revenue and
incentive compensation expense associated with BlackRock Asset Investors
(BAI) which was liquidated in the third quarter of 1999 and other
adjustments including closed-end fund offering costs.
<PAGE>
BlackRock, Inc.
Condensed Consolidated Statements of Financial Condition
(Dollar amounts in thousands)
(unaudited)
<TABLE>
<CAPTION>
December 31, December 31,
1999 1998
---- ----
<S> <C> <C>
Assets
Cash and cash equivalents $157,129 $113,450
Accounts Receivable 65,837 106,656
Investments 2,255 2,515
Property and equipment, net 22,677 12,252
Goodwill 194,258 203,910
Other assets 5,426 2,001
------------------- ------------------
Total assets $447,582 $440,784
=================== ==================
Liabilities and stockholders' equity
Note and loan to affiliates 28,200 197,000
Accrued compensation 90,350 110,329
Accounts payable and accrued liabilities 44,656 25,280
Other liabilities 3,850 1,984
------------------- ------------------
Total liabilities 167,056 334,593
Stockholders' equity 280,526 106,191
------------------- ------------------
Total liabilities and stockholders' equity $447,582 $440,784
=================== ==================
</TABLE>
<PAGE>
BlackRock, Inc.
Condensed Consolidated Statements of Income
(Dollar amounts in thousands, except share data)
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended Year Ended
------------------ ----------
Dec. 31, 1999 Dec. 31, 1998 % Change Dec. 31, 1999 Dec. 31, 1998 % Change
------------- ------------- -------- ------------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Revenue
Investment advisory and administration fees
Mutual funds $ 53,427 $ 47,412 12.7% $ 214,728 $ 162,487 32.2%
Separate accounts 43,569 33,256 31.0% 154,046 101,352 52.0%
BAI - 44,401 NM (7,072) 61,199 NM
Other income 3,786 4,589 (17.5%) 19,279 14,444 33.5%
----------------------------- -----------------------------
Total revenues 100,782 129,658 (22.3%) 380,981 339,482 12.2%
----------------------------- -----------------------------
Expenses
Employee compensation and benefits 36,890 32,445 13.7% 138,025 109,741 25.8%
BAI incentive compensation - 34,042 NM (5,387) 44,806 NM
Fund administration and servicing costs -
affiliates 18,608 17,602 5.7% 78,666 52,972 48.5%
General and administration 12,701 12,080 5.1% 48,570 38,696 25.8%
Amortization of goodwill 2,413 2,413 0.0% 9,653 9,653 0.0%
Closed end fund offering costs 511 4,252 NM 511 4,252 NM
----------------------------- -----------------------------
Total Expenses 71,123 102,834 (30.8%) 270,038 260,120 3.8%
----------------------------- -----------------------------
Operating Income 29,659 26,824 10.6% 110,943 79,362 39.8%
Non-operating income (expense)
Interest and dividend income 1,233 513 140.4% 3,445 1,995 72.7%
Interest expense - affiliates (700) (2,558) (72.6%) (10,938) (13,347) (18.0%)
----------------------------- -----------------------------
533 (2,045) 126.1% (7,493) (11,352) 34.0%
Income before income taxes 30,192 24,779 21.8% 103,450 68,010 52.1%
Income Taxes 12,983 11,803 10.0% 44,033 32,395 35.9%
----------------------------- -----------------------------
Net Income $ 17,209 $ 12,976 32.6% $ 59,417 $ 35,615 66.8%
============================= =============================
Earnings per share
Basic $ 0.27 $ 0.24 12.5% $ 1.04 $ 0.67 55.2%
Diluted $ 0.27 $ 0.24 12.5% $ 1.04 $ 0.66 57.6%
Weighted average shares outstanding
Basic 63,864,382 54,807,482 57,057,014 53,507,051
Diluted 64,185,316 54,982,635 57,268,912 53,682,204
</TABLE>
NM - Not Meaningful
4
<PAGE>
BlackRock, Inc.
Condensed Consolidated Statements of Cash Flows
(Dollar amounts in thousands)
(unaudited)
<TABLE>
<CAPTION>
Year ended December 31,
----------------------
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
Cash flows from operating activities
Net income $ 59,417 $ 35,615 $22,086
Adjustments to reconcile net income to net cash provided from (used in)
operating activities:
Depreciation and amortization 18,153 12,852 12,151
Discount on issuance of restricted stock 99 1,737 -
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable 42,484 (70,364) (7,484)
Decrease (increase) in receivable from affiliate (1,665) 1,422 (325)
Decrease (increase) in other assets (3,425) 192 (358)
Increase (decrease) in accrued compensation (19,979) 61,597 16,723
Increase in accounts payable and accrued liabilities 19,848 11,126 6,516
(Decrease) in accrued interest payable to affiliates (471) (483) (536)
Increase (decrease) in other liabilities 1,866 41 (1,578)
--------------------------------------------------
Cash provided from operating activities 116,327 53,735 47,195
Cash flows from investing activities
Purchase of property and equipment (18,926) (8,414) (2,165)
(Purchase) / sale of investments 29 3,400 (790)
--------------------------------------------------
Cash used by investing activities (18,897) (5,014) (2,955)
Cash flows from financing activities
Net repayment of note and loan payable to affiliates (168,800) (28,232) (30,627)
Issuance of class A common stock 114,849 - -
Issuance of restricted stock - 34,214 -
Capital contribution from PNC - 2,063 -
Purchase of treasury stock (550) (200) -
Reissuance of treasury stock 750 - -
Forgiveness of intercompany allocations - 99 -
Dividend of intercompany allocations - - (9,795)
Dividends to PNC - (12,300) -
--------------------------------------------------
Cash used in financing activities (53,751) (4,356) (40,422)
Net increase in cash and cash equivalents 43,679 44,365 3,818
Cash and cash equivalents, beginning of period 113,450 69,085 65,267
--------------------------------------------------
Cash and cash equivalents, end of period $157,129 $113,450 $69,085
==================================================
</TABLE>
<PAGE>
BlackRock, Inc.
Quarterly Operating Results
(amounts in thousands)
(unaudited)
<TABLE>
<CAPTION>
Full Year '99 12/31/99 09/30/99 06/30/99 03/31/99 Full Year '98 12/31/98
------------- -------- -------- -------- -------- ------------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Adjusted Revenue:
Mutual fund advisory and
administration fees $204,496 $ 53,427 $51,433 $51,123 $48,513 $162,487 $47,412
Separate account advisory fees 154,046 43,569 39,141 35,968 35,368 101,352 33,256
Other income 19,279 3,786 4,319 5,742 5,432 14,444 4,589
-----------------------------------------------------------------------------------------------
Adjusted operating revenue 377,821 100,782 94,893 92,833 89,313 278,283 85,257
Adjusted Expense:
Compensation and benefits 136,244 36,890 33,391 32,732 33,231 109,741 32,445
Fund administration and servicing
costs - affiliates 73,209 18,608 18,266 18,359 17,976 52,972 17,602
General and administration 48,570 12,701 12,035 11,908 11,926 38,696 12,080
Amortization of goodwill 9,653 2,413 2,413 2,413 2,413 9,653 2,413
-----------------------------------------------------------------------------------------------
Adjusted operating expense 267,676 70,612 66,105 65,412 65,546 211,062 64,540
Adjusted operating income 110,145 30,170 28,788 27,421 23,767 67,221 20,717
Net effect of adjustments (a) 798 (511) 1,870 (499) (62) 12,141 6,107
-----------------------------------------------------------------------------------------------
Reported operating income 110,943 29,659 30,658 26,922 23,705 79,362 26,824
Interest and dividend income 3,445 1,233 918 675 619 1,995 513
Interest expense - affiliates (10,938) (700) (3,116) (3,451) (3,671) (13,347) (2,558)
-----------------------------------------------------------------------------------------------
Non-operating income/(expense) (7,493) 533 (2,198) (2,776) (3,052) (11,352) (2,045)
Income before income taxes 103,450 30,192 28,460 24,146 20,653 68,010 24,779
Income Taxes 44,033 12,983 12,237 10,379 8,434 32,395 11,803
------------------------------------------------------------------------------------------------
Net Income $ 59,417 $ 17,209 $16,223 $13,767 $12,219 $ 35,615 $12,976
================================================================================================
Operating Margin 36.2% 36.7% 37.6% 36.8% 33.3% 29.8% 30.6%
</TABLE>
(a) Primarily reflects the operating income effect of BAI and closed-end fund
offering costs.
<PAGE>
BlackRock, Inc.
Assets Under Management
(amounts in millions)
(unaudited)
<TABLE>
<CAPTION>
Year ended
December 31,
--------------------------------------------
1999 1998 1997
---------- ----------- -----------
<S> <C> <C> <C>
Separate Accounts
Fixed income* $ 75,206 $ 52,869 $ 39,261
Liquidity 20,934 13,826 10,019
Equity 3,080 2,417 1,763
---------- ----------- -----------
Subtotal 99,220 69,112 51,043
---------- ----------- -----------
Mutual Funds
Fixed income 13,318 13,888 13,714
Liquidity 36,587 35,555 29,827
Equity 15,392 12,087 10,829
---------- ----------- -----------
Subtotal 65,297 61,530 54,370
---------- ----------- -----------
Total $164,517 $130,642 $105,413
========== =========== ===========
* includes alternative investment products.
<CAPTION>
Year ended
December 31,
--------------------------------------------
1999 1998 1997
---------- ----------- -----------
<S> <C> <C> <C>
Separate Accounts
Beginning assets under management $ 69,112 $ 51,043 $ 37,592
Net subscriptions 30,183 15,166 11,301
Market appreciation (depreciation) (75) 2,903 2,150
---------- ----------- -----------
Ending assets under management 99,220 69,112 51,043
---------- ----------- -----------
Mutual Funds
Beginning assets under management 61,530 54,370 45,122
Net subscriptions 2,524 5,674 7,221
Market appreciation 1,243 1,486 2,027
---------- ----------- -----------
Ending assets under management 65,297 61,530 54,370
---------- ----------- -----------
Total $164,517 $130,642 $105,413
========== =========== ===========
Net subscriptions $ 32,707 $ 20,840 $ 18,522
% of Change in AUM from net subscriptions 96.6% 82.6% 81.6%
</TABLE>
<PAGE>
BlackRock, Inc.
Assets Under Management
Separate Accounts
(amounts in millions)
(unaudited)
<TABLE>
<CAPTION>
Year ended
December 31,
---------------------------------------
1999 1998 1997
--------- --------- ----------
<S> <C> <C> <C>
Separate Accounts
Fixed Income
Beginning assets under management $52,869 $39,261 $28,958
Net subscriptions 23,317 10,928 8,313
Market appreciation (depreciation) (980) 2,680 1,990
--------- --------- ----------
Ending assets under management 75,206 52,869 39,261
--------- --------- ----------
Liquidity
Beginning assets under management 13,826 10,019 7,430
Net subscriptions 7,061 3,788 2,586
Market appreciation 47 19 3
--------- --------- ----------
Ending assets under management 20,934 13,826 10,019
--------- --------- ----------
Equity
Beginning assets under management 2,417 1,763 1,204
Net subscriptions (redemptions) (195) 450 402
Market appreciation 858 204 157
--------- --------- ----------
Ending assets under management 3,080 2,417 1,763
--------- --------- ----------
Total Separate Accounts
Beginning assets under management 69,112 51,043 37,592
Net subscriptions 30,183 15,166 11,301
Market appreciation (depreciation) (75) 2,903 2,150
--------- --------- ----------
Ending assets under management $99,220 $69,112 $51,043
========= ========= ==========
</TABLE>
<PAGE>
BlackRock, Inc.
Assets Under Management
Mutual Funds
(amounts in millions)
(unaudited)
<TABLE>
<CAPTION>
Year ended
December 31,
------------------------------------
1999 1998 1997
--------- -------- ---------
<S> <C> <C> <C>
Mutual Funds
BlackRock Funds
Beginning assets under management $24,231 $22,129 $17,846
Net subscriptions 1,459 718 2,489
Market appreciation 1,649 1,384 1,794
-------- -------- ---------
Ending assets under management 27,339 24,231 22,129
-------- -------- ---------
Closed End
Beginning assets under management 7,756 8,114 7,881
Net redemptions (10) (460) -
Market appreciation (depreciation) (406) 102 233
-------- -------- ---------
Ending assets under management 7,340 7,756 8,114
-------- -------- ---------
PIF
Beginning assets under management 25,368 20,278 16,230
Net subscriptions 186 5,090 4,048
Market appreciation - - -
-------- -------- ---------
Ending assets under management 25,554 25,368 20,278
-------- -------- ---------
Other
Beginning assets under management 4,175 3,849 3,165
Net subscriptions 889 326 684
Market appreciation - - -
-------- -------- ---------
Ending assets under management 5,064 4,175 3,849
-------- -------- ---------
Total Mutual Funds
Beginning assets under management 61,530 54,370 45,122
Net subscriptions 2,524 5,674 7,221
Market appreciation 1,243 1,486 2,027
-------- -------- ---------
Ending assets under management $65,297 $61,530 $54,370
======== ======== =========
</TABLE>
<PAGE>
BlackRock, Inc.
Assets Under Management
Quarterly Trend
(amounts in millions)
(unaudited)
<TABLE>
<CAPTION>
Quarter ended Year ended
----------------------------------------------------
March 31 June 30 September 30 December 31 1999
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Separate Accounts
Fixed Income
Beginning assets under management $52,869 $64,381 $68,286 $69,266 $52,869
Net subscriptions 11,816 4,509 886 6,106 23,317
Market appreciation (depreciation) (304) (604) 94 (166) (980)
----------------------------------------------------------------
Ending assets under management 64,381 68,286 69,266 75,206 75,206
----------------------------------------------------------------
Liquidity
Beginning assets under management 13,826 13,975 12,362 17,310 13,826
Net subscriptions (redemptions) 152 (1,626) 4,933 3,602 7,061
Market appreciation (depreciation) (3) 13 15 22 47
----------------------------------------------------------------
Ending assets under management 13,975 12,362 17,310 20,934 20,934
----------------------------------------------------------------
Equity
Beginning assets under management 2,417 2,121 2,353 2,454 2,417
Net subscriptions (redemptions) (344) 20 94 35 (195)
Market appreciation 48 212 7 591 858
----------------------------------------------------------------
Ending assets under management 2,121 2,353 2,454 3,080 3,080
----------------------------------------------------------------
Total Separate Accounts
Beginning assets under management 69,112 80,477 83,001 89,030 69,112
Net subscriptions 11,624 2,903 5,913 9,743 30,183
Market appreciation (depreciation) (259) (379) 116 447 (75)
----------------------------------------------------------------
Ending assets under management $80,477 $83,001 $89,030 $99,220 $99,220
================================================================
Mutual Funds
BlackRock Funds
Beginning assets under management $24,231 $24,757 $25,255 $24,453 $24,231
Net subscriptions (redemptions) 313 (257) (172) 1,575 1,459
Market appreciation (depreciation) 213 755 (630) 1,310 1,648
----------------------------------------------------------------
Ending assets under management 24,757 25,255 24,453 27,338 27,338
----------------------------------------------------------------
Closed End
Beginning assets under management 7,756 7,668 7,509 7,580 7,756
Net subscriptions (redemptions) - (1) 120 (129) (10)
Market appreciation (depreciation) (88) (158) (49) (110) (405)
----------------------------------------------------------------
Ending assets under management 7,668 7,509 7,580 7,341 7,341
----------------------------------------------------------------
PIF
Beginning assets under management 25,368 22,978 21,580 22,390 25,368
Net subscriptions (redemptions) (2,390) (1,398) 810 3,165 187
Market appreciation - - - - -
----------------------------------------------------------------
Ending assets under management 22,978 21,580 22,390 25,555 25,555
----------------------------------------------------------------
Other
Beginning assets under management 4,175 4,346 4,460 4,653 4,175
Net subscriptions 171 114 193 414 892
Market appreciation - - - - -
----------------------------------------------------------------
Ending assets under management 4,346 4,460 4,653 5,067 5,067
----------------------------------------------------------------
Total Mutual Funds
Beginning assets under management 61,530 59,749 58,804 59,076 61,530
Net subscriptions (redemptions) (1,906) (1,542) 951 5,025 2,528
Market appreciation (depreciation) 125 597 (679) 1,200 1,243
----------------------------------------------------------------
Ending assets under management $59,749 $58,804 $59,076 $65,301 $65,301
================================================================
</TABLE>
