● Retail AUM of $398.0 billion reflected net inflows of $4.6 billion and market and investment performance gains of $19.3 billion.U.S. retail and high net worth inflows of $3.5 billion showed diversification across asset classes and continued strength in income-oriented products, such as a high yield bond fund with net inflows of $1.4 billion. Net inflows of $0.2 billion into alternatives products demonstrated BlackRock’s commitment to building a leading alternatives retail franchise. International retail net inflows of $1.1 billion marked a return to positive flows for the first time since the second quarter 2011, with fixed income net inflows of $1.7 billion partially offset by net outflows of $0.4 billion and $0.2 billion from alternatives and equities, respectively. ● iShares net inflows of $25.2 billion reflected positive net inflows across all asset classes, including net inflows of $20.5 billion into equity funds, demonstrating strong renewed investor demand for U.S. equity offerings. Fixed income and alternatives products included net inflows of $3.2 billion and $1.4 billion, respectively. U.S. iShares net inflows into equity funds totaled $16.8 billion as domestic equity products benefited from a risk-on sentiment taking hold in the latter part of the quarter. International iShares similarly showed signs of building risk appetite with equity net inflows of $3.7 billion led by net inflows into emerging market and pan-European products. ● Institutional active AUM increased 4%, or $30.7 billion, to $880.7 billion, including market and investment performance gains of $31.9 billion and $6.2 billion from the acquisition of Swiss Re Private Equity Partners. Multi-asset class products net inflows were $3.1 billion with continued growth from defined contribution plans generating strong inflows into target date and global asset allocation offerings. Alternatives net outflows were $2.9 billion, with modest private equity fund of funds net inflows of $0.1 billion offset by net outflows of $1.9 billion across other core alternatives offerings and net outflows of $1.0 billion from active currency. Net outflows from core products included return of capital on closed-end funds of $0.6 billion. Equity net outflows totaled $5.0 billion, reflecting outflows from active fundamental and scientific active equity (“SAE”). Fixed income net outflows of $2.6 billion reflected outflows from U.S. sector specialty mandates as asset allocation shifted in the latter part of the quarter.