%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 18.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 0.88 w 0 i [] 0 d 1 J 1 j 3 M 58.5 768.1505859375 m 553.5 768.1505859375 l s q 0 0 0 rg BT 58.50 770.55 Td (_______________________________________________________) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 130.40 741.15 Td (UNITED ST) Tj ET Q q 0 0 0 rg BT 192.84 741.15 Td (A) Tj ET Q q 0 0 0 rg BT 200.62 741.15 Td (TES SECURITIES ) Tj ET Q q 0 0 0 rg BT 302.19 741.15 Td (AND EXCHANGE COMMISSION ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 249.80 730.35 Td (W) Tj ET Q q 0 0 0 rg BT 257.80 730.35 Td (ASHINGT) Tj ET Q q 0 0 0 rg BT 298.14 730.35 Td (ON, D.C. 20549 ) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 257.45 705.75 Td (FORM 10-K ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.20 681.15 Td (\(Mark One\) ) Tj ET Q /GS0 gs q 9.54 0 0 9.78 170.50 665.50 cm /I1 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.04 667.35 Td () Tj ET Q q 0 0 0 rg BT 189.55 667.35 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 225.72 667.35 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 260.06 667.35 Td (T) Tj ET Q q 0 0 0 rg BT 265.40 667.35 Td ( PURSUANT) Tj ET Q q 0 0 0 rg BT 317.24 667.35 Td ( ) Tj ET Q q 0 0 0 rg BT 319.58 667.35 Td (T) Tj ET Q q 0 0 0 rg BT 324.92 667.35 Td (O SECTION 13 OR 15\(d\) OF ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.85 656.55 Td (THE SECURITIES EXCHANGE ) Tj ET Q q 0 0 0 rg BT 229.37 656.55 Td (ACT) Tj ET Q q 0 0 0 rg BT 247.21 656.55 Td ( OF 1934 FOR ) Tj ET Q q 0 0 0 rg BT 308.57 656.55 Td (THE FISCAL) Tj ET Q q 0 0 0 rg BT 360.24 656.55 Td ( ) Tj ET Q q 0 0 0 rg BT 362.58 656.55 Td (YEAR ENDED DECEMBER 31, 2016 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.25 642.75 Td (OR ) Tj ET Q /GS0 gs q 8.02 0 0 9.78 161.95 627.10 cm /I2 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.97 628.95 Td () Tj ET Q q 0 0 0 rg BT 179.81 628.95 Td (TRANSITION REPOR) Tj ET Q q 0 0 0 rg BT 268.65 628.95 Td (T) Tj ET Q q 0 0 0 rg BT 273.99 628.95 Td ( PURSUANT) Tj ET Q q 0 0 0 rg BT 325.83 628.95 Td ( ) Tj ET Q q 0 0 0 rg BT 328.17 628.95 Td (T) Tj ET Q q 0 0 0 rg BT 333.50 628.95 Td (O SECTION 13 OR 15\(d\) OF ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.85 618.15 Td (THE SECURITIES EXCHANGE ) Tj ET Q q 0 0 0 rg BT 223.37 618.15 Td (ACT) Tj ET Q q 0 0 0 rg BT 241.21 618.15 Td ( OF 1934 FOR ) Tj ET Q q 0 0 0 rg BT 302.57 618.15 Td (THE ) Tj ET Q q 0 0 0 rg BT 322.91 618.15 Td (TRANSITION PERIOD FROM) Tj ET Q q 0 0 0 rg BT 473.25 618.15 Td (T) Tj ET Q q 0 0 0 rg BT 478.59 618.15 Td (O. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.70 604.35 Td (Commission File No.001-32236 ) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 202.95 579.75 Td (COHEN& STEERS, INC.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 226.20 568.35 Td (\(Exact name of registrant as specified in its charter\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.45 548.80 Td (Delaware) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.90 539.80 Td (\(State or Other Jurisdiction of Incorporation or Organization\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 548.80 Td (14-1904657) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.20 539.80 Td (\(I.R.S. Employer Identification No.\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 100.25 522.80 Td (280 Park ) Tj ET Q q 0 0 0 rg BT 138.28 522.80 Td (A) Tj ET Q q 0 0 0 rg BT 144.12 522.80 Td (venue, New ) Tj ET Q q 0 0 0 rg BT 193.98 522.80 Td (Y) Tj ET Q q 0 0 0 rg BT 199.16 522.80 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 237.00 522.80 Td (Y) Tj ET Q q 0 0 0 rg BT 242.18 522.80 Td (ork) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.55 513.80 Td (\(Address of Principal Executive Of) Tj ET Q q 0 0 0 rg BT 234.94 513.80 Td (fices\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.95 522.80 Td (10017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.20 513.80 Td (\(Zip Code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.30 496.55 Td (Registrant's telephone number) Tj ET Q q 0 0 0 rg BT 292.09 496.55 Td (, including area code: \(212\)832-3232 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.90 481.55 Td (Securities registered pursuant to Section12\(b\) of the ) Tj ET Q q 0 0 0 rg BT 404.52 481.55 Td (Act:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.02 481.55 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 145.00 462.31 Td (Title of each class) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 462.31 Td (Name of each exchange on which registered) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 121.50 449.31 Td (Common Stock, $.01 par value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.00 449.31 Td (New York Stock Exchange) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.90 428.75 Td (Securities registered pursuant to Section12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 404.52 428.75 Td (Act: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.20 417.95 Td (None ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 401.15 Td (Indicate by check mark if the registrant is a well-known seasoned issuer) Tj ET Q q 0 0 0 rg BT 334.63 401.15 Td (, as defined in Rule 405 of the Securities ) Tj ET Q q 0 0 0 rg BT 498.24 401.15 Td (Act.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 390.35 Td (Y) Tj ET Q q 0 0 0 rg BT 54.68 390.35 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 71.68 388.46 cm /I3 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 79.70 390.35 Td (No) Tj ET Q /GS0 gs q 9.54 0 0 9.45 106.21 388.46 cm /I4 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 115.75 390.35 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 376.55 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15\(d\) of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 365.75 Td (Act.) Tj ET Q q 0 0 0 rg BT 74.84 365.75 Td (Y) Tj ET Q q 0 0 0 rg BT 80.02 365.75 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.45 94.53 363.86 cm /I5 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.55 365.75 Td (No) Tj ET Q /GS0 gs q 9.54 0 0 9.45 129.05 363.86 cm /I6 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 138.59 365.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 351.95 Td (Indicate by check mark whether the registrant \(1\)has filed all reports required to be filed by Section13 or 15\(d\) of the Securities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 341.15 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 91.53 341.15 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was required to file such ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 330.35 Td (reports\), and \(2\)has been subject to such filing requirements for the past 90days.) Tj ET Q q 0 0 0 rg BT 386.02 330.35 Td (Y) Tj ET Q q 0 0 0 rg BT 391.19 330.35 Td (es ) Tj ET Q /GS0 gs q 9.54 0 0 9.45 408.20 328.46 cm /I7 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.74 330.35 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.45 444.25 328.46 cm /I8 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.27 330.35 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 316.55 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any) Tj ET Q q 0 0 0 rg BT 514.57 316.55 Td (, every ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 305.75 Td (Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 434.56 305.75 Td ( \(232.405 of this chapter\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 294.95 Td (during the preceding 12 months \(or for such shorter period that the registrant was required to submit and post such ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 284.15 Td (files\).) Tj ET Q q 0 0 0 rg BT 80.84 284.15 Td (Y) Tj ET Q q 0 0 0 rg BT 86.02 284.15 Td (es) Tj ET Q /GS0 gs q 9.54 0 0 9.45 100.52 282.26 cm /I9 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.07 284.15 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.45 136.57 282.26 cm /I10 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.59 284.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 270.35 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein and will ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 259.55 Td (not be contained, to the best of the registrant's knowledge, in the definitive proxy or information statements incorporated by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 248.75 Td (reference in Part III of this Form 10-K or any amendment to this Form 10-K.) Tj ET Q /GS0 gs q 9.54 0 0 9.45 359.12 246.86 cm /I11 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.66 248.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 234.95 Td (Indicate by check mark whether the registrant is a large accelerated filer) Tj ET Q q 0 0 0 rg BT 335.64 234.95 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 416.19 234.95 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 509.74 234.95 Td (, or a smaller ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 224.15 Td (reporting company) Tj ET Q q 0 0 0 rg BT 123.37 224.15 Td (. See the definitions of large accelerated filer) Tj ET Q q 0 0 0 rg BT 303.48 224.15 Td (, accelerated filer and smaller reporting company in Rule ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 212.15 Td (12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 142.07 212.15 Td (Act. \(Check one\):) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 211.60 212.15 Td ( ) Tj ET Q BT /F1 3.00 Tf ET q 0 0 0 rg BT 49.50 208.55 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 189.31 Td (LargeAcceleratedFiler) Tj ET Q /GS0 gs q 9.54 0 0 8.78 184.50 186.77 cm /I12 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.50 189.31 Td (Accelerated Filer) Tj ET Q /GS0 gs q 8.02 0 0 8.78 532.50 186.77 cm /I13 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 51.50 172.31 Td (Non Accelerated Filer) Tj ET Q /GS0 gs q 8.02 0 0 8.78 184.50 169.77 cm /I14 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.50 172.00 Td (\(Do not check if a smaller reporting company\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 410.50 172.31 Td (Smallerreportingcompany) Tj ET Q /GS0 gs q 8.02 0 0 8.78 532.50 169.77 cm /I15 Do Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 154.75 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the Exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 143.95 Td (Act.\)) Tj ET Q q 0 0 0 rg BT 77.84 143.95 Td (Y) Tj ET Q q 0 0 0 rg BT 83.02 143.95 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.45 97.52 142.06 cm /I16 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 105.54 143.95 Td (No) Tj ET Q /GS0 gs q 9.54 0 0 9.45 132.05 142.06 cm /I17 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.59 143.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 130.15 Td (The aggregate market value of the voting common stock held by non-af) Tj ET Q q 0 0 0 rg BT 333.50 130.15 Td (filiates of the Registrant as of June30, 2016 was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 119.35 Td (approximately $836 million. ) Tj ET Q q 0 0 0 rg BT 160.89 119.35 Td (There is no non-voting common stock of the Registrant outstanding. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 105.55 Td (As of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.51 105.55 Td (February21, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.06 105.55 Td (, there were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.08 105.55 Td (46,285,336) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.12 105.55 Td ( shares of the Registrant's common stock outstanding. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 91.75 Td (Documents Incorporated by Reference ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 77.95 Td (Portions of the definitive Proxy Statement of Cohen& Steers, Inc. \(the Proxy Statement\) to be filed pursuant to Regulation 14A) Tj ET Q q 0 0 0 rg BT 552.78 77.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 67.15 Td (of the general rules and regulations of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 302.16 67.15 Td (Act of 1934, as amended, for the 2017 annual meeting of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 55.15 Td (stockholders scheduled to be held on May4, 2017 are incorporated by reference into PartIII of this Form 10-K.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.74 55.15 Td ( ) Tj ET Q BT /F1 18.00 Tf ET 0 0 0 RG /GS0 gs 0.88 w 0 i [] 0 d 1 J 1 j 3 M 54 30.150585937499955 m 558 30.150585937499955 l s q 0 0 0 rg BT 54.00 32.55 Td (________________________________________________________) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.60 30.60 Td (i) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 731.25 Td (COHEN& STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 731.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 252.65 714.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 714.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 714.25 Td ( CONTENTS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 673.75 m 558.5 673.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 678.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 101.00 678.00 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 534.75 677.98 Td (Page) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 664.48 Td (Part I) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 650.32 Td (Item1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 650.32 Td (Business) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.50 650.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 636.32 Td (Item 1A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 636.32 Td (Risk Factors) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.50 636.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 622.32 Td (Item 1B) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 622.32 Td (Unresolved Staf) Tj ET Q q 0 0 0 rg BT 165.53 622.32 Td (f Comments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 622.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 608.32 Td (Item 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 608.32 Td (Properties) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.50 608.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 594.32 Td (Item 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 594.32 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.50 594.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 580.32 Td (Item 4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 580.32 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.50 580.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 566.48 Td (Part II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 552.32 Td (Item 5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 552.32 Td (Market for Registrant's Common Equity) Tj ET Q q 0 0 0 rg BT 261.58 552.32 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 542.37 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.50 542.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 530.32 Td (Item 6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 530.32 Td (Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.50 530.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 516.32 Td (Item7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 516.32 Td (Management) Tj ET Q q 0 0 0 rg BT 155.98 516.32 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 225.15 516.32 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.50 516.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 502.32 Td (Item7A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 502.32 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 265.40 502.32 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.50 502.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 488.32 Td (Item8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 488.32 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 488.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 474.32 Td (Item9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 474.32 Td (Changes in and Disagreements ) Tj ET Q q 0 0 0 rg BT 226.90 474.32 Td (W) Tj ET Q q 0 0 0 rg BT 235.94 474.32 Td (ith ) Tj ET Q q 0 0 0 rg BT 248.44 474.32 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 312.88 474.32 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.50 474.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 460.32 Td (Item9A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 460.32 Td (Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.50 460.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 446.32 Td (Item9B) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 446.32 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.50 446.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 432.43 Td (Part III) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 418.32 Td (Item10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 418.32 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 196.06 418.32 Td (ficers and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.50 418.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 404.32 Td (Item 11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 404.32 Td (Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.50 404.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 390.32 Td (Item 12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 390.32 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 390.32 Td (. . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 376.32 Td (Item 13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 376.32 Td (Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 239.68 376.32 Td (T) Tj ET Q q 0 0 0 rg BT 245.43 376.32 Td (ransactions, and Director Independence) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 376.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 362.32 Td (Item14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 362.32 Td (Principal ) Tj ET Q q 0 0 0 rg BT 139.05 362.32 Td (Accountant Fees and Services) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.50 362.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 348.48 Td (PartIV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 334.32 Td (Item15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 334.32 Td (Exhibits and Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 334.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 320.32 Td (Item16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 320.32 Td (Form 10-K Summary) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.50 320.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.00 650.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.00 636.32 Td (6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.35 622.32 Td (1) Tj ET Q q 0 0 0 rg BT 549.98 622.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.35 608.32 Td (1) Tj ET Q q 0 0 0 rg BT 549.98 608.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.35 594.32 Td (1) Tj ET Q q 0 0 0 rg BT 549.98 594.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.35 580.32 Td (1) Tj ET Q q 0 0 0 rg BT 549.98 580.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 544.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 530.32 Td (13) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 516.32 Td (14) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 502.32 Td (31) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 488.32 Td (32) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 474.32 Td (32) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 460.32 Td (32) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 446.32 Td (32) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 418.32 Td (33) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 404.32 Td (33) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 390.32 Td (33) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 376.32 Td (33) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 362.32 Td (33) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 334.32 Td (34) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 320.32 Td (36) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 39.60 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.37 731.25 Td (AR) Tj ET Q q 0 0 0 rg BT 73.46 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 79.95 731.25 Td ( I ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 704.25 Td (Item1. Business ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 680.25 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.09 680.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 663.25 Td (Cohen& Steers, Inc. \(CNS\), a Delaware corporation formed on March 17, 2004, is a global investment manager ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.25 Td (specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.25 Td (equities, as well as preferred securities and other income solutions. Headquartered in New ) Tj ET Q q 0 0 0 rg BT 416.56 639.25 Td (Y) Tj ET Q q 0 0 0 rg BT 422.78 639.25 Td (ork City) Tj ET Q q 0 0 0 rg BT 455.19 639.25 Td (, with of) Tj ET Q q 0 0 0 rg BT 488.61 639.25 Td (fices in London, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.25 Td (Hong Kong, ) Tj ET Q q 0 0 0 rg BT 105.76 627.25 Td (T) Tj ET Q q 0 0 0 rg BT 111.17 627.25 Td (okyo and Seattle, we serve institutional and individual investors around the world. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 606.25 Td (CNS is the holding company for its direct and indirect subsidiaries, including Cohen& Steers Capital Management, Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 594.25 Td (\(CSCM\), Cohen& Steers Securities, LLC \(CSS\), Cohen& Steers ) Tj ET Q q 0 0 0 rg BT 319.83 594.25 Td (Asia Limited \(CSAL\), Cohen& Steers UK Limited \(CSUK\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 582.25 Td (and Cohen & Steers Japan, LLC \(CSJL\). CNS and its subsidiaries are collectively referred to as the Company) Tj ET Q q 0 0 0 rg BT 492.42 582.25 Td (, we, us or our) Tj ET Q q 0 0 0 rg BT 549.08 582.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 561.25 Td (Our revenue is derived from fees received from our clients, including fees for managing or sub-advising client accounts; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 549.25 Td (investment advisory) Tj ET Q q 0 0 0 rg BT 134.17 549.25 Td (, administration, distribution and service fees received from Company-sponsored open-end and closed-end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 537.25 Td (funds; and fees for portfolio consulting and other services. Our fees are paid in arrears, based on contractually specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 525.25 Td (percentages of the value of the assets we manage and, in certain cases, investment performance. Our revenue fluctuates with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 513.25 Td (changes in the total value of our assets under management, which may occur as a result of investment performance, market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 501.25 Td (conditions, foreign currency fluctuations, or investor subscriptions or redemptions, and is recognized over the period that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 489.25 Td (assets are managed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 468.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 468.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 468.25 Td (, we managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.34 468.25 Td ($57.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.45 468.25 Td ( in assets - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.89 468.25 Td ($28.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 468.25 Td ( in institutional accounts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.04 468.25 Td ($19.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.16 468.25 Td ( in open-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 456.25 Td (end funds, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.10 456.25 Td ($9.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.21 456.25 Td ( in closed-end funds. Our assets under management increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.02 456.25 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.35 456.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.79 456.25 Td ($52.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.90 456.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 444.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 444.25 Td ( as a result of net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.45 444.25 Td ($6.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.56 444.25 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.01 444.25 Td ($3.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.12 444.25 Td (, partially of) Tj ET Q q 0 0 0 rg BT 500.09 444.25 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 432.25 Td (distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.33 432.25 Td ($5.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.45 432.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 411.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 104.09 411.25 Td (V) Tj ET Q q 0 0 0 rg BT 110.40 411.25 Td (ehicles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.72 411.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 394.25 Td (e manage three types of investment vehicles: institutional accounts, open-end funds and closed-end funds. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 373.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 105.21 373.25 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 356.25 Td (Institutional accounts for which we serve as investment adviser represent portfolios of securities we manage for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 344.25 Td (institutional clients. ) Tj ET Q q 0 0 0 rg BT 135.20 344.25 Td (W) Tj ET Q q 0 0 0 rg BT 143.84 344.25 Td (e manage the assets in each institutional account in accordance with the investment requirements of that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 332.25 Td (client as set forth in such client's investment advisory agreement and investment guidelines. ) Tj ET Q q 0 0 0 rg BT 423.31 332.25 Td (The investment advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 320.25 Td (agreements with our institutional account clients are generally terminable at any time. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.82 320.25 Td (years ended December31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.25 Td (2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.44 308.25 Td (, investment advisory fees from our institutional accounts totaled approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.86 308.25 Td ($93.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 308.25 Td (, $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.75 308.25 Td (85.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.64 308.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 296.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.94 296.25 Td ($81.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.83 296.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 177.49 296.25 Td (, and accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.62 296.25 Td (29%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.95 296.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.95 296.25 Td (28%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.28 296.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.72 296.25 Td (28%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.05 296.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 388.71 296.25 Td (, of our investment advisory and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 284.25 Td (administrative fee revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 263.25 Td (Subadvisory assets, which represent accounts for which we have been appointed as a subadvisor by the investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.25 Td (adviser to that investment vehicle, are included in our institutional account assets. ) Tj ET Q q 0 0 0 rg BT 382.80 251.25 Td (As subadvisor) Tj ET Q q 0 0 0 rg BT 439.35 251.25 Td (, we are responsible for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.25 Td (managing the investments, while the investment adviser oversees our performance as subadvisor; the fund sponsor is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.25 Td (responsible for decisions regarding the amount, timing and whether to pay distributions of income for the investment vehicle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.25 Td (to its beneficial owners. ) Tj ET Q q 0 0 0 rg BT 151.48 215.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.92 215.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 215.25 Td (, approximately $19.6 billion of our institutional account assets were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.25 Td (subadvisory assets.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 182.25 Td (Open-end Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 165.25 Td (The open-end funds for which we serve as investment adviser of) Tj ET Q q 0 0 0 rg BT 334.57 165.25 Td (fer and issue new shares continuously as assets are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 153.25 Td (invested and redeem shares when assets are withdrawn. ) Tj ET Q q 0 0 0 rg BT 278.46 153.25 Td (The share price for purchases and redemptions of shares of each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 141.25 Td (open-end funds is determined by each fund's net asset value, which is calculated at the end of each business day) Tj ET Q q 0 0 0 rg BT 500.56 141.25 Td (. ) Tj ET Q q 0 0 0 rg BT 505.38 141.25 Td (The net asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 129.25 Td (value per share is the current value of a fund's assets less liabilities, divided by the fund's total shares outstanding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 108.25 Td (The investment advisory fees that we receive from the open-end funds for which we serve as investment adviser vary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 96.25 Td (based on each fund's investment strategy) Tj ET Q q 0 0 0 rg BT 216.50 96.25 Td (, fees char) Tj ET Q q 0 0 0 rg BT 257.12 96.25 Td (ged by other comparable funds and the market in which the fund is of) Tj ET Q q 0 0 0 rg BT 535.47 96.25 Td (fered. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 84.25 Td (In addition, we receive a separate fee for providing administrative services to certain open-end funds at a rate that is designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 72.25 Td (to reimburse us for the cost of providing these services. ) Tj ET Q q 0 0 0 rg BT 277.93 72.25 Td (The open-end funds pay us a monthly investment advisory fee and an ) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 19.60 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (administration fee, if applicable, based on a percentage of the value of the fund's average assets under management. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 730.10 Td (, investment advisory and administrative fees from open-end funds totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.26 718.10 Td ($149.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.15 718.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 718.10 Td ($136.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.04 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.48 718.10 Td ($127.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.37 718.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 368.03 718.10 Td (, and accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.16 718.10 Td (47%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.49 718.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.49 718.10 Td (45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.82 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.26 718.10 Td (44%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.59 718.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.66 706.10 Td (, of our investment advisory and administrative fee revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 685.10 Td (Our investment advisory and administration agreements with the U.S. registered open-end funds for which we serve as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 673.10 Td (investment adviser are generally terminable upon a vote of a majority of the fund's board of directors on 60 days' notice, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td (each investment advisory agreement, including the fees payable thereunder) Tj ET Q q 0 0 0 rg BT 354.31 661.10 Td (, is subject to annual approval, following the initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (two-year term, by a majority of the directors of the fund's board who are not "interested persons," as defined by the Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 94.83 637.10 Td (Act of 1940 \(the Investment Company ) Tj ET Q q 0 0 0 rg BT 250.92 637.10 Td (Act\).) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 616.10 Td (Closed-end Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 599.10 Td (The closed-end funds for which we serve as investment adviser are registered investment companies that have issued a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (fixed number of shares through public of) Tj ET Q q 0 0 0 rg BT 217.67 587.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 250.25 587.10 Td (These shares are listed on the New ) Tj ET Q q 0 0 0 rg BT 391.22 587.10 Td (Y) Tj ET Q q 0 0 0 rg BT 397.44 587.10 Td (ork Stock Exchange and cannot be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (redeemed by the fund's shareholders. ) Tj ET Q q 0 0 0 rg BT 204.46 575.10 Td (The trading price of the shares is determined by supply and demand in the marketplace, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (and, as a result, the shares may trade at a premium or discount to the net asset value of the fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 542.10 Td (The investment advisory fees that we receive from the closed-end funds for which we serve as investment adviser vary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 530.10 Td (based on each fund's investment strategy) Tj ET Q q 0 0 0 rg BT 216.50 530.10 Td (, fees char) Tj ET Q q 0 0 0 rg BT 257.12 530.10 Td (ged by other comparable funds and prevailing market conditions at the time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 518.10 Td (each closed-end fund initially of) Tj ET Q q 0 0 0 rg BT 183.22 518.10 Td (fered its shares to the public. In addition, we receive a separate fee for providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 506.10 Td (administrative services to eight of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.73 506.10 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.95 506.10 Td ( closed-end funds at a rate that is designed to reimburse us for the cost of providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.10 Td (these services. ) Tj ET Q q 0 0 0 rg BT 114.07 494.10 Td (The closed-end funds pay us a monthly investment advisory fee and an administration fee, if applicable, based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (on a percentage of the value of the fund's average assets under management. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.89 482.10 Td (years ended December31, 2016, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 470.10 Td (and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.94 470.10 Td (, investment advisory and administrative fees from closed-end funds totaled approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.95 470.10 Td ($76.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.84 470.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.84 470.10 Td ($81.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 458.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 458.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.33 458.10 Td ($82.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.22 458.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 208.88 458.10 Td (, and accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.01 458.10 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.34 458.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.34 458.10 Td (27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.67 458.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.11 458.10 Td (28%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.44 458.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 420.10 458.10 Td (, of our investment advisory and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 446.10 Td (administrative fee revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 425.10 Td (Our investment advisory agreements with each closed-end fund for which we serve as investment adviser are generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (terminable upon a vote of a majority of the fund's board of directors on 60 days' notice and are subject to annual approval, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (following the initial two-year term, by a majority of the directors of the fund's board who are not "interested persons," as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (defined by the Investment Company ) Tj ET Q q 0 0 0 rg BT 201.47 389.10 Td (Act.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 368.10 Td (Portfolio Consulting and Other Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 351.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 351.10 Td (e maintain two proprietary indexes, Cohen& Steers Realty Majors Index \(RMP\) and Cohen& Steers Global Realty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 339.10 Td (Majors Index \(GRM\). RMP) Tj ET Q q 0 0 0 rg BT 165.29 339.10 Td ( is the basis for the iShares Cohen& Steers REIT) Tj ET Q q 0 0 0 rg BT 362.86 339.10 Td ( ETF sponsored by BlackRock Institutional ) Tj ET Q q 0 0 0 rg BT 538.77 339.10 Td (T) Tj ET Q q 0 0 0 rg BT 544.53 339.10 Td (rust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 327.10 Td (Company) Tj ET Q q 0 0 0 rg BT 92.24 327.10 Td (, N.A. GRM is the basis for Cohen& Steers Global Realty Majors ETF sponsored by ) Tj ET Q q 0 0 0 rg BT 435.26 327.10 Td (ALPS Fund Services, Inc. and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 315.10 Td (iShares Global Real Estate Index Fund sponsored by BlackRock Investments Canada Inc. ) Tj ET Q q 0 0 0 rg BT 415.13 315.10 Td (W) Tj ET Q q 0 0 0 rg BT 423.77 315.10 Td (e earn a licensing fee based on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 303.10 Td (percentage of the funds' assets for the use of our indexes, which assets, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.54 303.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.13 303.10 Td (, were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.32 303.10 Td ($3.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 291.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.11 291.10 Td (. ) Tj ET Q q 0 0 0 rg BT 84.93 291.10 Td (While we receive a fee on these assets, they are not included in our reported assets under management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 270.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 270.10 Td (e also provide services in connection with model-based strategies accounts. ) Tj ET Q q 0 0 0 rg BT 389.03 270.10 Td (W) Tj ET Q q 0 0 0 rg BT 397.67 270.10 Td (e construct portfolios of securities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 258.10 Td (fulfill the investment objective of a specified mandate and supply portfolio models on a regular basis.) Tj ET Q q 0 0 0 rg BT 461.95 258.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.39 258.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 246.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 246.10 Td (, we provided such services to accounts with aggregate assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.81 246.10 Td ($2.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.92 246.10 Td (. ) Tj ET Q q 0 0 0 rg BT 383.74 246.10 Td (While we receive a fee on these assets, they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 234.10 Td (are not included in our reported assets under management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 213.10 Td (In addition, we provide several services in connection with assets held by unit investment trusts \(UIT) Tj ET Q q 0 0 0 rg BT 480.71 213.10 Td (s\). ) Tj ET Q q 0 0 0 rg BT 492.38 213.10 Td (A) Tj ET Q q 0 0 0 rg BT 499.05 213.10 Td ( UIT) Tj ET Q q 0 0 0 rg BT 518.03 213.10 Td ( is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 201.10 Td (registered investment company that holds a portfolio of securities that generally does not change during the life of the UIT) Tj ET Q q 0 0 0 rg BT 543.95 201.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 189.10 Td (\(generally two to five years\) except that the sponsor of the UIT) Tj ET Q q 0 0 0 rg BT 306.23 189.10 Td ( may sell portfolio securities under certain narrowly defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 177.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 115.09 177.10 Td (As portfolio consultant to a number of UIT) Tj ET Q q 0 0 0 rg BT 286.86 177.10 Td (s, we construct a portfolio of securities that we believe is well suited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 165.10 Td (to satisfy the investment objective of the UIT) Tj ET Q q 0 0 0 rg BT 234.60 165.10 Td (. ) Tj ET Q q 0 0 0 rg BT 239.42 165.10 Td (W) Tj ET Q q 0 0 0 rg BT 248.06 165.10 Td (e also provide ongoing portfolio monitoring services and provide a license to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 153.10 Td (certain firms to use our name in connection with certain of their investment products. ) Tj ET Q q 0 0 0 rg BT 396.96 153.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.46 153.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.04 153.10 Td (, we provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 141.10 Td (such portfolio consulting services to UIT) Tj ET Q q 0 0 0 rg BT 217.44 141.10 Td (s with aggregate assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.13 141.10 Td ($1.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.24 141.10 Td (. ) Tj ET Q q 0 0 0 rg BT 373.06 141.10 Td (While we receive a fee on these assets, they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 129.10 Td (are not included in our reported assets under management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 108.10 Td (Our fee schedules for these services vary based on the type of services.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 87.10 Td (Our) Tj ET Q q 0 0 0 rg BT 71.60 87.10 Td ( Investment Strategies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 70.10 Td (Each of our investment strategies is overseen by a specialist team, each of which is led by a portfolio manager) Tj ET Q q 0 0 0 rg BT 516.51 70.10 Td (, or a team ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 58.10 Td (of portfolio managers, supported by dedicated analysts. ) Tj ET Q q 0 0 0 rg BT 277.93 58.10 Td (These personnel are located in our New ) Tj ET Q q 0 0 0 rg BT 438.88 58.10 Td (Y) Tj ET Q q 0 0 0 rg BT 445.10 58.10 Td (ork, Seattle, London and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 46.10 Td (Hong Kong of) Tj ET Q q 0 0 0 rg BT 111.59 46.10 Td (fices. Each team executes fundamentally driven, actively managed investment strategies and each has a unique ) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 19.60 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (and well defined process that includes top-down macroeconomic and bottom-up fundamental research and portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (management elements. ) Tj ET Q q 0 0 0 rg BT 147.95 730.10 Td (These teams are subject to multiple levels of oversight and support from our President and Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (Investment Of) Tj ET Q q 0 0 0 rg BT 111.30 718.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 129.22 718.10 Td (, our Chief ) Tj ET Q q 0 0 0 rg BT 174.21 718.10 Td (Administrative Of) Tj ET Q q 0 0 0 rg BT 247.08 718.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 265.19 718.10 Td (-Investments, our Investment Risk Committee, our Investment Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (Committee and our Legal and Compliance Department. Some of our strategies may involve multiple asset classes and are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (overseen by investment committees led by senior portfolio managers of our specialist teams.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 673.10 Td (Below is a summary of our investment strategies:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 652.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 75.39 652.10 Td (Assets Multi-Strategy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.87 652.10 Td ( invests in a diversified multi-strategy portfolio of companies and securities that generally own or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 640.10 Td (are backed by tangible real assets, including real estate securities, global listed infrastructure, commodities and natural ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 628.10 Td (resource equities, with the objective of achieving attractive total returns over the long term, while providing diversification and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 616.10 Td (maximizing the potential for real returns in periods of rising inflation and rising interest rates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 595.10 Td (Real Estate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.75 595.10 Td ( invests in a portfolio of common stocks and other securities issued by U.S. and non-U.S. real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 583.10 Td (companies, including real estate investment trusts \(REIT) Tj ET Q q 0 0 0 rg BT 280.19 583.10 Td (s\) and similar REIT) Tj ET Q q 0 0 0 rg BT 358.42 583.10 Td (-like entities. ) Tj ET Q q 0 0 0 rg BT 412.95 583.10 Td (This strategy draws on the expertise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 571.10 Td (of our integrated global real estate securities investment team. ) Tj ET Q q 0 0 0 rg BT 304.28 571.10 Td (The investment objective is total return. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td (Global Listed Infrastructur) Tj ET Q q 0 0 0 rg BT 171.60 550.10 Td (e) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 176.04 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.54 550.10 Td (invests in a diversified portfolio of U.S. and non-U.S. securities issued by infrastructure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.10 Td (companies such as utilities, pipelines, toll roads, airports, railroads, marine ports and telecommunications companies located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (developed markets with opportunistic allocations to emer) Tj ET Q q 0 0 0 rg BT 283.20 526.10 Td (ging markets. ) Tj ET Q q 0 0 0 rg BT 339.96 526.10 Td (The investment objective is total return.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 505.10 Td (MLPs and Midstr) Tj ET Q q 0 0 0 rg BT 130.49 505.10 Td (eam Energy) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 181.87 505.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.37 505.10 Td (invests in a diversified portfolio of ener) Tj ET Q q 0 0 0 rg BT 342.48 505.10 Td (gy-related master limited partnerships \(MLPs\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 493.10 Td (securities of companies that derive revenues or operating income from the exploration, production, gathering, transportation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 481.10 Td (processing, storage, refining, distribution or marketing of natural gas, crude oil and other ener) Tj ET Q q 0 0 0 rg BT 428.99 481.10 Td (gy) Tj ET Q q 0 0 0 rg BT 438.34 481.10 Td (. ) Tj ET Q q 0 0 0 rg BT 443.16 481.10 Td (The investment objective is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 469.10 Td (total return.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 448.10 Td (Commodities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.16 448.10 Td (invests in a diversified portfolio of exchange-traded commodity future contracts and other commodity-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 436.10 Td (financial derivative instruments. ) Tj ET Q q 0 0 0 rg BT 185.45 436.10 Td (W) Tj ET Q q 0 0 0 rg BT 194.08 436.10 Td (e take a fundamental, research-driven approach to commodities management, while seeking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 424.10 Td (alpha through active trade implementation, which may entail going long, short or employing spread trades. ) Tj ET Q q 0 0 0 rg BT 483.71 424.10 Td (The investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 412.10 Td (objective is total return.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 64.37 391.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 85.27 391.10 Td (ed Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.92 391.10 Td (invests in a diversified portfolio of preferred and debt securities issued by U.S. and non-U.S. companies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.10 Td (The preferred securities are issued by banks, insurance companies, REIT) Tj ET Q q 0 0 0 rg BT 344.58 379.10 Td (s and other diversified financial institutions as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 367.10 Td (utility) Tj ET Q q 0 0 0 rg BT 77.24 367.10 Td (, ener) Tj ET Q q 0 0 0 rg BT 99.27 367.10 Td (gy) Tj ET Q q 0 0 0 rg BT 108.62 367.10 Td (, pipeline and telecommunications companies. ) Tj ET Q q 0 0 0 rg BT 295.88 367.10 Td (W) Tj ET Q q 0 0 0 rg BT 304.52 367.10 Td (e employ a unified investment process that underlies our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 355.10 Td (traditional total return preferred securities strategy as well as the lower duration capital preservation strategies.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 334.10 Td (Large Cap ) Tj ET Q q 0 0 0 rg BT 102.15 334.10 Td (V) Tj ET Q q 0 0 0 rg BT 108.45 334.10 Td (alue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.73 334.10 Td (invests in a diversified portfolio of stocks issued by U.S. lar) Tj ET Q q 0 0 0 rg BT 367.96 334.10 Td (ge capitalization companies that appear to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td (undervalued but have good prospects for capital appreciation and dividend growth. ) Tj ET Q q 0 0 0 rg BT 388.16 322.10 Td (The investment objective is total return.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 301.10 Td (Global Natural Resour) Tj ET Q q 0 0 0 rg BT 151.60 301.10 Td (ce Equities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.48 301.10 Td (seeks to maximize total returns by investing in companies involved in the production, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 289.10 Td (extraction, or processing of commodities and natural resources. Specifically) Tj ET Q q 0 0 0 rg BT 357.14 289.10 Td (, the strategy invests in ener) Tj ET Q q 0 0 0 rg BT 468.59 289.10 Td (gy producers, metals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 277.10 Td (and mining companies and agriculture-based businesses. ) Tj ET Q q 0 0 0 rg BT 282.93 277.10 Td (The investment objective is total return.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 256.10 Td (In addition, we of) Tj ET Q q 0 0 0 rg BT 147.41 256.10 Td (fer variations on these strategies that may combine multiple strategies in a single portfolio. Individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 244.10 Td (portfolios may be customized to comply with client-specific guidelines, benchmarks or risk profiles. Certain portfolios may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 232.10 Td (employ leverage.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 211.10 Td (Our Distribution Network) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 194.10 Td (Our distribution network encompasses the major channels in the asset management industry) Tj ET Q q 0 0 0 rg BT 443.82 194.10 Td (, including lar) Tj ET Q q 0 0 0 rg BT 499.46 194.10 Td (ge brokerage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 182.10 Td (firms, registered investment advisers, institutional investors and retirement recordkeepers. ) Tj ET Q q 0 0 0 rg BT 416.49 182.10 Td (The U.S. registered open-end funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 170.10 Td (for which we serve as investment adviser are available for purchase with and without commissions through full service and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 158.10 Td (discount broker) Tj ET Q q 0 0 0 rg BT 116.29 158.10 Td (-dealers as well as the significant networks serving financial advisers. Our institutional account clients include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 146.10 Td (corporate and public defined benefit and defined contribution pension plans, endowment funds and foundations, insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.10 Td (companies and other financial institutions that access our investment management services directly) Tj ET Q q 0 0 0 rg BT 449.62 134.10 Td (, through consultants or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 122.10 Td (through other intermediaries.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 19.60 Td (4) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 742.25 Td (Geographic Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.25 Td (The table below presents revenue by client domicile for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.41 725.25 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.41 725.25 Td ( \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.25 Td (thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.75 691.75 m 433.75 691.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.75 691.75 m 437.75 691.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 691.75 m 497.75 691.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.75 691.75 m 501.75 691.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.75 691.75 m 561.75 691.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.75 691.75 m 433.75 691.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.75 680.75 m 433.75 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 691.75 m 497.75 691.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 680.75 m 497.75 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.75 691.75 m 561.75 691.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.75 680.75 m 561.75 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.75 680.75 m 433.75 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 680.75 m 497.75 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.75 680.75 m 561.75 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.75 624.75 m 433.75 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 624.75 m 497.75 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.75 624.75 m 561.75 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.75 624.75 m 433.75 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.75 611.75 m 433.75 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.75 609.75 m 433.75 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 624.75 m 497.75 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 611.75 m 497.75 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.75 609.75 m 497.75 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.75 624.75 m 561.75 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.75 611.75 m 561.75 611.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.75 609.75 m 561.75 609.75 l s BT /F1 4.00 Tf ET q 0 0 0 rg BT 56.25 695.13 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 421.30 694.83 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 395.25 683.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.25 683.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 523.25 683.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 671.32 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.75 671.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.25 671.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 671.32 Td (282,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.25 671.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.40 671.32 Td (266,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.25 671.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.40 671.32 Td (256,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 657.32 Td (Non - U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.25 643.32 Td (Japan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.75 643.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 643.32 Td (43,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.40 643.32 Td (41,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 643.32 Td (40,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.25 629.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.75 629.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 629.32 Td (23,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.40 629.32 Td (20,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.40 629.32 Td (17,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.25 615.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.75 615.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.25 615.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 615.32 Td (349,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.25 615.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.40 615.32 Td (328,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.25 615.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.40 615.32 Td (313,934) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 587.25 Td (Competition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 570.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 570.25 Td (e compete with a lar) Tj ET Q q 0 0 0 rg BT 166.03 570.25 Td (ge number of global and U.S. investment managers, commercial banks, broker) Tj ET Q q 0 0 0 rg BT 480.19 570.25 Td (-dealers, insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 558.25 Td (companies and other financial institutions. Many competing firms are parts of lar) Tj ET Q q 0 0 0 rg BT 378.17 558.25 Td (ger financial services companies and attract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 546.25 Td (business through numerous channels, including retail banking, investment banking and underwriting contacts, insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 534.25 Td (agencies and broker) Tj ET Q q 0 0 0 rg BT 133.76 534.25 Td (-dealers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 513.25 Td (Our direct competitors in wealth management are other funds and exchange-traded-fund \(ETF\) sponsors, including lar) Tj ET Q q 0 0 0 rg BT 549.78 513.25 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 501.25 Td (nationally recognized investment management firms that have a more diverse product of) Tj ET Q q 0 0 0 rg BT 407.86 501.25 Td (fering and smaller boutique firms that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 489.25 Td (specialize in particular asset classes. ) Tj ET Q q 0 0 0 rg BT 201.53 489.25 Td (W) Tj ET Q q 0 0 0 rg BT 210.17 489.25 Td (e also compete against managers that will manage separate-account portfolios for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 477.25 Td (wealth management clients. In the institutional channel, we compete against a number of investment managers of) Tj ET Q q 0 0 0 rg BT 507.29 477.25 Td (fering similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 465.25 Td (products and services, from boutique establishments to major commercial and investment banks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 444.25 Td (Performance, price and brand are our principal sources of competition. Prospective clients will typically base their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 432.25 Td (decisions to invest, or continue to invest, with us on our ability to generate returns in excess of a benchmark and the cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 420.25 Td (doing so. ) Tj ET Q q 0 0 0 rg BT 92.99 420.25 Td (W) Tj ET Q q 0 0 0 rg BT 101.63 420.25 Td (e are evaluated based on our performance and our fees relative to our competitors. In addition, individual fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 408.25 Td (shareholders may also base their decision on the ability to access the funds we manage through a particular distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 396.25 Td (channel.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 375.25 Td (As interest in real assets increases, we may face increased competition from other managers that are competing for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 363.25 Td (same client base that we serve. Financial intermediaries that of) Tj ET Q q 0 0 0 rg BT 304.83 363.25 Td (fer our products to their clients may also of) Tj ET Q q 0 0 0 rg BT 477.38 363.25 Td (fer competing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 351.25 Td (products. Many of our competitors have greater brand name recognition and more extensive client bases than we do, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 339.25 Td (could be to our disadvantage. In addition, our lar) Tj ET Q q 0 0 0 rg BT 248.77 339.25 Td (ger competitors have more resources and may have more capacity to expand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 327.25 Td (their distribution channels and capture market share through ongoing business relationships and extensive marketing ef) Tj ET Q q 0 0 0 rg BT 530.36 327.25 Td (forts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 315.25 Td (However) Tj ET Q q 0 0 0 rg BT 90.25 315.25 Td (, compared to our lar) Tj ET Q q 0 0 0 rg BT 173.65 315.25 Td (ger competitors, we may be able to grow our business at a faster rate from a relatively smaller ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 303.25 Td (asset base and shift resources in response to changing market conditions more quickly) Tj ET Q q 0 0 0 rg BT 397.71 303.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 279.25 Td (Regulation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 262.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 262.25 Td (e are subject to regulation under U.S. federal and state laws, as well as applicable laws in the other jurisdictions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.25 Td (which we do business. ) Tj ET Q q 0 0 0 rg BT 146.31 250.25 Td (V) Tj ET Q q 0 0 0 rg BT 152.93 250.25 Td (iolation of applicable laws or regulations could result in fines, temporary or permanent prohibition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 238.25 Td (engagement in certain activities, reputational harm and loss of clients, suspension of personnel or revocation of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.25 Td (regulatory licenses, suspension or termination of investment adviser and/or broker) Tj ET Q q 0 0 0 rg BT 382.60 226.25 Td (-dealer registrations, or other sanctions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 214.25 Td (penalties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 193.25 Td (CSCM is a registered investment adviser with the U.S. Securities and Exchange Commission \(the SEC\) and is an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.25 Td (approved investment manager with the Luxembour) Tj ET Q q 0 0 0 rg BT 258.48 181.25 Td (g Commission de Surveillance du Secteur Financier \(the CSSF\) and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.25 Td (Irish Financial Services Regulatory ) Tj ET Q q 0 0 0 rg BT 197.30 169.25 Td (Authority) Tj ET Q q 0 0 0 rg BT 235.54 169.25 Td (. CSCM has also obtained exemptions from registration that allow it to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.25 Td (investment management services to institutions in ) Tj ET Q q 0 0 0 rg BT 255.64 157.25 Td (Australia and Canada. CSCM is also a registered commodity trading advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.25 Td (and a registered commodity pool operator with the Commodities Futures ) Tj ET Q q 0 0 0 rg BT 347.65 145.25 Td (T) Tj ET Q q 0 0 0 rg BT 353.41 145.25 Td (rading Commission \(the CFTC\) and is a member of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.25 Td (the National Futures ) Tj ET Q q 0 0 0 rg BT 137.60 133.25 Td (Association \(the NF) Tj ET Q q 0 0 0 rg BT 217.40 133.25 Td (A\), a futures industry self-regulatory or) Tj ET Q q 0 0 0 rg BT 374.95 133.25 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 421.42 133.25 Td (The CFTC and NF) Tj ET Q q 0 0 0 rg BT 495.96 133.25 Td (A) Tj ET Q q 0 0 0 rg BT 502.63 133.25 Td ( regulate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 121.25 Td (futures contracts, swaps, and various other financial instruments in which certain of the Company) Tj ET Q q 0 0 0 rg BT 447.51 121.25 Td (s clients may invest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 100.25 Td (CSUK, our UK-based subsidiary) Tj ET Q q 0 0 0 rg BT 207.51 100.25 Td (, is a registered investment adviser with the SEC and the United Kingdom Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 88.25 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 89.83 88.25 Td (Authority and is an approved investment manager with the CSSF) Tj ET Q q 0 0 0 rg BT 349.83 88.25 Td (. CSUK provides investment management services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 76.25 Td (in several European Union member states pursuant to the Markets in Financial Instruments Directive \(MiFID\). CSUK is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 64.25 Td (subject to the Financial Services and Markets ) Tj ET Q q 0 0 0 rg BT 237.56 64.25 Td (Act 2000, which regulates, among other things, certain liquidity and capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 52.25 Td (resources requirements. Such requirements may limit our ability to withdraw capital from CSUK. CSUK is also subject to ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 19.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 742.10 Td (certain pan-European regulations, including MiFID, the Capital Requirements Directive and the ) Tj ET Q q 0 0 0 rg BT 439.72 742.10 Td (Alternative Investment Fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 730.10 Td (Managers Directive \(AIFMD\). MiFID regulates the provision of investment services throughout the European Economic ) Tj ET Q q 0 0 0 rg BT 539.72 730.10 Td (Area ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 718.10 Td (and the Capital Requirements Directive regulates capital requirements. ) Tj ET Q q 0 0 0 rg BT 339.18 718.10 Td (AIFMD regulates the management, administration and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 706.10 Td (marketing of alternative investment funds domiciled in or marketed within the European Union and establishes a regime for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 694.10 Td (the cross-border marketing of those funds. Please refer to Item 1A. Regulatory and Legal Risks for a discussion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 682.10 Td (potential impact of the U.K. vote to exit the European Union on June 23, 2016 \(referred to as "Brexit"\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 661.10 Td (CSAL, our Hong Kong-based subsidiary) Tj ET Q q 0 0 0 rg BT 238.89 661.10 Td (, is a registered investment adviser with the SEC and the Hong Kong Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 649.10 Td (and Futures Commission \(the SFC\) and is an approved investment manager with the CSSF) Tj ET Q q 0 0 0 rg BT 416.78 649.10 Td (. CSAL) Tj ET Q q 0 0 0 rg BT 446.97 649.10 Td ( is subject to the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 637.10 Td (and Futures Ordinance \(the SFO\), which regulates, among other things, of) Tj ET Q q 0 0 0 rg BT 350.70 637.10 Td (fers of investments to the public and the licensing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.10 Td (intermediaries. CSAL) Tj ET Q q 0 0 0 rg BT 141.39 625.10 Td ( and its employees conducting any of the regulated activities specified in the SFO are required to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.10 Td (licensed with the SFC and are subject to the rules, codes and guidelines issued by the SFC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 592.10 Td (In their capacity as U.S. registered investment advisers, CSCM, CSUK and CSAL) Tj ET Q q 0 0 0 rg BT 405.25 592.10 Td ( are subject to the rules and regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 580.10 Td (of the Investment ) Tj ET Q q 0 0 0 rg BT 125.93 580.10 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 163.43 580.10 Td (Act of 1940 \(the ) Tj ET Q q 0 0 0 rg BT 231.19 580.10 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 268.69 580.10 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 291.28 580.10 Td (The ) Tj ET Q q 0 0 0 rg BT 308.78 580.10 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 346.28 580.10 Td (Act imposes numerous obligations on registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 568.10 Td (investment advisers, including recordkeeping, operational and marketing requirements, disclosure obligations and prohibitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 556.10 Td (on fraudulent activities. In addition, our subsidiaries that serve as investment adviser or subadviser to U.S. registered funds are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 544.10 Td (subject to the Investment Company ) Tj ET Q q 0 0 0 rg BT 197.59 544.10 Td (Act, which imposes additional governance, compliance, reporting and fiduciary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 532.10 Td (obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 511.10 Td (CSJL, our ) Tj ET Q q 0 0 0 rg BT 119.38 511.10 Td (T) Tj ET Q q 0 0 0 rg BT 124.79 511.10 Td (okyo-based subsidiary) Tj ET Q q 0 0 0 rg BT 213.85 511.10 Td (, is a financial instruments operator registered with the Financial Services ) Tj ET Q q 0 0 0 rg BT 509.87 511.10 Td (Agency of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 499.10 Td (Japan and the Kanto Local Finance Bureau and is subject to the Financial Instruments and Exchange ) Tj ET Q q 0 0 0 rg BT 458.33 499.10 Td (Act. CSJL) Tj ET Q q 0 0 0 rg BT 499.63 499.10 Td ( supports the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.10 Td (marketing, client service and business development activities of the Company) Tj ET Q q 0 0 0 rg BT 364.93 487.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 466.10 Td (CSS is a registered broker) Tj ET Q q 0 0 0 rg BT 180.72 466.10 Td (-dealer regulated by the SEC, the Financial Industry Regulatory ) Tj ET Q q 0 0 0 rg BT 437.88 466.10 Td (Authority and other federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.10 Td (and state agencies. CSS is subject to regulations governing, among other things, sales practices, capital structure, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.10 Td (recordkeeping. CSS is also subject to the SEC) Tj ET Q q 0 0 0 rg BT 241.20 442.10 Td (s net capital rule, which specifies minimum net capital levels for registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (broker) Tj ET Q q 0 0 0 rg BT 79.90 430.10 Td (-dealers and is designed to enforce minimum standards regarding the general financial condition and liquidity of broker) Tj ET Q q 0 0 0 rg BT 557.88 430.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.10 Td (dealers. Under certain circumstances, this rule may limit our ability to withdraw capital and receive dividends from CSS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 397.10 Td (Because of the global and integrated nature of our business, regulation applicable to an af) Tj ET Q q 0 0 0 rg BT 434.25 397.10 Td (filiate in one jurisdiction may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 385.10 Td (af) Tj ET Q q 0 0 0 rg BT 61.59 385.10 Td (fect the operation of af) Tj ET Q q 0 0 0 rg BT 152.47 385.10 Td (filiates in others or require compliance at a group level.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 361.10 Td (Employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 344.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 344.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 344.10 Td (, we had 287 full-time employees.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 320.10 Td (A) Tj ET Q q 0 0 0 rg BT 60.48 320.10 Td (vailable Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.54 320.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 303.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 303.10 Td (e file annual, quarterly and current reports, proxy statements and all amendments to these reports and other information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 291.10 Td (with the SEC. ) Tj ET Q q 0 0 0 rg BT 112.15 291.10 Td (W) Tj ET Q q 0 0 0 rg BT 120.79 291.10 Td (e make available free of char) Tj ET Q q 0 0 0 rg BT 236.37 291.10 Td (ge on or through our website at ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 363.84 291.10 Td (www) Tj ET Q q 0 0 0 rg BT 383.11 291.10 Td (.cohenandsteers.com) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.97 291.10 Td ( our ) Tj ET Q q 0 0 0 rg BT 484.75 291.10 Td (Annual Reports on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.10 Td (Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports as soon as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.10 Td (reasonably practicable after such reports are electronically filed with or furnished to the SEC) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 425.25 267.10 Td (. ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 39.60 Td (6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Item1A. Risk Factors ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 140.76 707.25 Td ( Business ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 686.25 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 686.25 Td ( significant portion of our) Tj ET Q q 0 0 0 rg BT 192.44 686.25 Td ( r) Tj ET Q q 0 0 0 rg BT 199.20 686.25 Td (evenue for) Tj ET Q q 0 0 0 rg BT 243.72 686.25 Td ( 2016 was derived fr) Tj ET Q q 0 0 0 rg BT 329.64 686.25 Td (om a single institutional client.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 669.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 669.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 669.25 Td (, our lar) Tj ET Q q 0 0 0 rg BT 198.78 669.25 Td (gest institutional client, Daiwa ) Tj ET Q q 0 0 0 rg BT 322.93 669.25 Td (Asset Management, which holds accounts across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 657.25 Td (numerous strategies and in subadvisory and model-based accounts and products, represented approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.49 657.25 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.82 657.25 Td ( of our total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 645.25 Td (revenue for 2016. ) Tj ET Q q 0 0 0 rg BT 126.75 645.25 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.80 645.25 Td (47%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.13 645.25 Td ( of the institutional account assets we managed and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.83 645.25 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.16 645.25 Td ( of our total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 633.25 Td (assets under management were derived from this client. In addition, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.06 633.25 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.39 633.25 Td ( of our assets under advisement were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 621.25 Td (derived from this client. Loss of, or significant withdrawal of assets from, any of these accounts would reduce our revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 609.25 Td (and adversely af) Tj ET Q q 0 0 0 rg BT 119.34 609.25 Td (fect our financial condition.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 588.25 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 588.25 Td ( decline in the absolute or) Tj ET Q q 0 0 0 rg BT 192.15 588.25 Td ( r) Tj ET Q q 0 0 0 rg BT 198.91 588.25 Td (elative performance of r) Tj ET Q q 0 0 0 rg BT 301.74 588.25 Td (eal estate securities would have an adverse effect on the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 576.25 Td (assets we manage and our) Tj ET Q q 0 0 0 rg BT 164.38 576.25 Td ( r) Tj ET Q q 0 0 0 rg BT 171.13 576.25 Td (evenue. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 559.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 559.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 559.25 Td (, a significant majority of the assets we managed were concentrated in real estate securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 547.25 Td (Real estate securities and real property investments owned by the issuers of real estate securities are subject to varying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 535.25 Td (degrees of risk that could af) Tj ET Q q 0 0 0 rg BT 165.17 535.25 Td (fect any returns we realize. Returns on investments in real estate securities depend on the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 523.25 Td (of income and capital appreciation or loss realized by the underlying real property) Tj ET Q q 0 0 0 rg BT 381.56 523.25 Td (. Income and real estate values may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 511.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 102.40 511.25 Td (fected by) Tj ET Q q 0 0 0 rg BT 138.68 511.25 Td (, among other things, the cost of compliance with applicable laws, interest rates, the availability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 499.25 Td (financing, the creditworthiness of the tenants, and the limited ability of issuers of real estate securities to vary their portfolios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.25 Td (promptly in response to changes in market conditions. If the underlying properties do not generate suf) Tj ET Q q 0 0 0 rg BT 461.50 487.25 Td (ficient income to meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.25 Td (operating expenses, the income and the ability of an issuer of real estate securities to pay interest and principal on debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.25 Td (securities or any dividends on common or preferred stocks will be adversely af) Tj ET Q q 0 0 0 rg BT 369.28 463.25 Td (fected. ) Tj ET Q q 0 0 0 rg BT 398.15 463.25 Td (A) Tj ET Q q 0 0 0 rg BT 404.82 463.25 Td ( decline in the performance of real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.25 Td (estate securities would have an adverse ef) Tj ET Q q 0 0 0 rg BT 220.97 451.25 Td (fect on the assets we manage, reducing the fees we earn and our revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 430.25 Td (Our) Tj ET Q q 0 0 0 rg BT 94.10 430.25 Td ( gr) Tj ET Q q 0 0 0 rg BT 105.86 430.25 Td (owth may be constrained by the size and number) Tj ET Q q 0 0 0 rg BT 314.57 430.25 Td ( of r) Tj ET Q q 0 0 0 rg BT 332.16 430.25 Td (eal estate securities issuers, as well as REIT) Tj ET Q q 0 0 0 rg BT 516.95 430.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 418.25 Td (ownership r) Tj ET Q q 0 0 0 rg BT 105.21 418.25 Td (estrictions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 401.25 Td (Investments in real estate securities continue to play an important role in our overall business strategy) Tj ET Q q 0 0 0 rg BT 482.68 401.25 Td (. Our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.25 Td (continue to increase our ownership of real estate securities depends in part on growth in the size and number of issuers in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.25 Td (real estate securities market, particularly in the U.S. Our ability to increase our ownership may also be constrained by REIT) Tj ET Q q 0 0 0 rg BT 548.66 377.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.25 Td (ownership limits, which limit ownership of a REIT) Tj ET Q q 0 0 0 rg BT 261.20 365.25 Td (s outstanding capital stock, common stock, and/or preferred stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.25 Td (Although certain REIT) Tj ET Q q 0 0 0 rg BT 145.50 353.25 Td (s in which we invest have granted us waivers from these ownership limits to allow greater investment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.25 Td (such REIT) Tj ET Q q 0 0 0 rg BT 96.35 341.25 Td (s generally retain the right to revoke or reduce the waiver limits at any time. ) Tj ET Q q 0 0 0 rg BT 402.35 341.25 Td (As a result of these constraints, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.25 Td (have in the past, and may in the future, be prevented from acquiring new or additional real estate securities, which may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.25 Td (negatively af) Tj ET Q q 0 0 0 rg BT 105.74 317.25 Td (fect our investment performance and our ability to increase the assets we manage and our revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 296.25 Td (Support pr) Tj ET Q q 0 0 0 rg BT 123.83 296.25 Td (ovided to new pr) Tj ET Q q 0 0 0 rg BT 195.04 296.25 Td (oducts may r) Tj ET Q q 0 0 0 rg BT 250.42 296.25 Td (educe fee income, incr) Tj ET Q q 0 0 0 rg BT 344.64 296.25 Td (ease expenses and expose us to potential losses on ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 284.25 Td (invested capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 267.25 Td (Our success is partially dependent on our ability to develop, launch, market and manage new investment strategies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.25 Td (products. New investment strategies and products require an initial cash investment, innovation, time and the appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.25 Td (resources as well as ongoing support. From time to time, we may support the launch of new investment strategies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.25 Td (products by making seed investments in those strategies. ) Tj ET Q q 0 0 0 rg BT 282.95 231.25 Td (W) Tj ET Q q 0 0 0 rg BT 291.58 231.25 Td (e may also be required to provide additional support to seed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.25 Td (investment products after the initial cash investment. Numerous risks and uncertainties are associated with all stages of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 207.25 Td (seed investment product life cycle, including investment performance, market risks, shifting client or market preferences, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 195.25 Td (introduction of competing products and compliance with regulatory requirements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 178.25 Td (Seed investments in new products utilize capital that would otherwise be available for other corporate purposes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 166.25 Td (potentially expose us to capital losses, against which we do not currently hedge. For the year ended December 31, 2016, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.25 Td (recorded non-operating income from seed investments of $6.7 million, excluding losses attributable to redeemable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 142.25 Td (noncontrolling interest, the majority of which was unrealized. For the year ended December 31, 2015, we recorded non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 130.25 Td (operating loss from seed investments of $14.0 million, excluding losses attributable to redeemable noncontrolling interest, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 118.25 Td (majority of which was unrealized. ) Tj ET Q q 0 0 0 rg BT 192.66 118.25 Td (T) Tj ET Q q 0 0 0 rg BT 198.07 118.25 Td (o the extent we incur losses on our seed investments, our earnings and financial condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 106.25 Td (may be adversely impacted.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 39.60 Td (7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 731.25 Td (Incr) Tj ET Q q 0 0 0 rg BT 94.65 731.25 Td (eased competition fr) Tj ET Q q 0 0 0 rg BT 181.11 731.25 Td (om investment managers that charge lower) Tj ET Q q 0 0 0 rg BT 365.06 731.25 Td ( fees may for) Tj ET Q q 0 0 0 rg BT 419.58 731.25 Td (ce us to r) Tj ET Q q 0 0 0 rg BT 457.99 731.25 Td (educe the fees we ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 719.25 Td (charge for) Tj ET Q q 0 0 0 rg BT 97.96 719.25 Td ( our) Tj ET Q q 0 0 0 rg BT 115.28 719.25 Td ( services which could have a negative impact on our) Tj ET Q q 0 0 0 rg BT 335.37 719.25 Td ( r) Tj ET Q q 0 0 0 rg BT 342.13 719.25 Td (evenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 702.25 Td (Increased competition from investment managers, including passive investment managers, that of) Tj ET Q q 0 0 0 rg BT 466.76 702.25 Td (fer products and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 690.25 Td (services at lower fees has resulted in downward pressure on fees. In order to maintain our current fee structure in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 678.25 Td (competitive environment, we must be able to provide clients with investment returns and service that will encourage them to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 666.25 Td (pay our fees. In the event our competitors char) Tj ET Q q 0 0 0 rg BT 240.14 666.25 Td (ge lower fees for substantially similar products and services, we may be forced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 654.25 Td (to reduce our fees in order to attract and retain clients, which would have a negative impact on our revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 633.25 Td (The inability to access clients thr) Tj ET Q q 0 0 0 rg BT 216.03 633.25 Td (ough third-party intermediaries could have a material adverse effect on our) Tj ET Q q 0 0 0 rg BT 538.58 633.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 621.25 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 604.25 Td (In recent years, a significant portion of the growth we have experienced in the assets we manage has been from assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 592.25 Td (obtained through the distribution of our products through third-party intermediaries. Our ability to distribute our funds is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 580.25 Td (highly dependent on access to the client bases and product platforms of international, national and regional securities firms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 568.25 Td (banks, insurance companies, defined contribution plan administrators and other intermediaries which generally of) Tj ET Q q 0 0 0 rg BT 508.68 568.25 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 556.25 Td (competing investment products. In addition, our separate account business and subadvisory and model delivery services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 544.25 Td (depend in part on recommendations by consultants, financial planners and other professional advisors, as well as our existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 532.25 Td (clients.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 511.25 Td (The structure and terms of the distribution arrangements with intermediaries, including fees or rebates paid by us or our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 499.25 Td (funds to intermediaries to assist with distribution ef) Tj ET Q q 0 0 0 rg BT 259.63 499.25 Td (forts and the ability of our funds to participate in these intermediary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.25 Td (platforms, are subject to changes driven by market competition and regulatory developments. For example, our existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.25 Td (relationships with third-party intermediaries and access to new intermediaries could be adversely af) Tj ET Q q 0 0 0 rg BT 452.01 475.25 Td (fected by recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.25 Td (consolidation within the financial services industry) Tj ET Q q 0 0 0 rg BT 257.47 463.25 Td (. Consolidation may result in increased distribution costs, a reduction in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.25 Td (the number of third parties distributing our investment products or increased competition to access third-party distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.25 Td (channels. ) Tj ET Q q 0 0 0 rg BT 93.80 439.25 Td (There can be no assurance that we will be able to retain access to these channels. Loss of any of these third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.25 Td (distribution channels, or changes to their structure and terms, or any reduction in our ability to access clients and investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.25 Td (through existing and new distribution channels, could adversely af) Tj ET Q q 0 0 0 rg BT 319.59 415.25 Td (fect our business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 394.25 Td (The gr) Tj ET Q q 0 0 0 rg BT 104.93 394.25 Td (owth of our) Tj ET Q q 0 0 0 rg BT 154.19 394.25 Td ( business could be adversely affected if we ar) Tj ET Q q 0 0 0 rg BT 344.55 394.25 Td (e unable to manage the costs associated with the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 382.25 Td (implementation of our) Tj ET Q q 0 0 0 rg BT 149.37 382.25 Td ( business strategy) Tj ET Q q 0 0 0 rg BT 223.82 382.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 365.25 Td (Our business strategy continues to involve diversifying our investment management business to include products and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.25 Td (services outside of investments in U.S. real estate securities. ) Tj ET Q q 0 0 0 rg BT 296.72 353.25 Td (As part of the implementation of our strategy) Tj ET Q q 0 0 0 rg BT 476.86 353.25 Td (, we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.25 Td (emphasized the development of broader real assets strategies, including commodities, global listed infrastructure, and natural ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.25 Td (resource equities, and have expanded our geographical presence outside the U.S. ) Tj ET Q q 0 0 0 rg BT 379.25 329.25 Td (This has entailed hiring additional portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.25 Td (managers and additional personnel to support our strategies. ) Tj ET Q q 0 0 0 rg BT 296.44 317.25 Td (As a result, our fixed costs and other expenses have increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.25 Td (due to expenses incurred to support the development of new strategies and products and to enhance our infrastructure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.25 Td (including additional of) Tj ET Q q 0 0 0 rg BT 144.91 293.25 Td (fice space, increased travel and technology and compliance resources. ) Tj ET Q q 0 0 0 rg BT 427.10 293.25 Td (The success of our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.25 Td (strategy and future growth is contingent upon our ability to continue to support the development and implementation of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.25 Td (strategies and products and our ability to successfully manage multiple of) Tj ET Q q 0 0 0 rg BT 348.19 269.25 Td (fices and navigate legal and regulatory systems both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.25 Td (domestically and internationally) Tj ET Q q 0 0 0 rg BT 182.20 257.25 Td (. In the future, we may not have suf) Tj ET Q q 0 0 0 rg BT 324.20 257.25 Td (ficient resources to adequately support our growth.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 236.25 Td (Our) Tj ET Q q 0 0 0 rg BT 94.10 236.25 Td ( clients may withdraw or) Tj ET Q q 0 0 0 rg BT 200.02 236.25 Td ( r) Tj ET Q q 0 0 0 rg BT 206.77 236.25 Td (educe the amount of assets we manage or) Tj ET Q q 0 0 0 rg BT 381.85 236.25 Td ( otherwise change the terms of our) Tj ET Q q 0 0 0 rg BT 528.85 236.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 224.25 Td (r) Tj ET Q q 0 0 0 rg BT 58.26 224.25 Td (elationship which could have an adverse impact on our) Tj ET Q q 0 0 0 rg BT 291.99 224.25 Td ( r) Tj ET Q q 0 0 0 rg BT 298.75 224.25 Td (evenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 207.25 Td (Our institutional clients, and firms with which we have strategic alliances, may terminate their relationship with us, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 195.25 Td (reduce the aggregate amount of assets we manage, shift their funds to other types of accounts with dif) Tj ET Q q 0 0 0 rg BT 460.91 195.25 Td (ferent fee structures, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.25 Td (renegotiate the fees we char) Tj ET Q q 0 0 0 rg BT 165.42 183.25 Td (ge them for any number of reasons, including investment performance, changes in prevailing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.25 Td (interest rates and financial market performance. Certain investors in the funds that we manage hold their shares indirectly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.25 Td (through platforms sponsored by financial institutions that have the authority to make investment and asset allocation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.25 Td (decisions on behalf of such shareholders. Decisions to redeem assets may cause the fund to sell assets at a disadvantageous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.25 Td (time or price which could negatively af) Tj ET Q q 0 0 0 rg BT 210.98 135.25 Td (fect the value of our assets under management. In a declining market or in conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.25 Td (of poor relative or absolute performance, the pace of redemptions and withdrawals, and the loss of institutional and individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.25 Td (separate account clients could accelerate. ) Tj ET Q q 0 0 0 rg BT 220.94 111.25 Td (The occurrence of any of these events could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 503.95 111.25 Td (fect on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 99.25 Td (revenue.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 39.60 Td (8) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 731.25 Td (Regulations r) Tj ET Q q 0 0 0 rg BT 133.82 731.25 Td (estricting the use of commission cr) Tj ET Q q 0 0 0 rg BT 280.55 731.25 Td (edits to pay for) Tj ET Q q 0 0 0 rg BT 344.53 731.25 Td ( r) Tj ET Q q 0 0 0 rg BT 351.29 731.25 Td (esear) Tj ET Q q 0 0 0 rg BT 373.32 731.25 Td (ch could r) Tj ET Q q 0 0 0 rg BT 415.91 731.25 Td (esult in incr) Tj ET Q q 0 0 0 rg BT 466.29 731.25 Td (eased expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 714.25 Td (On behalf of our clients, we make decisions to buy and sell securities, select broker) Tj ET Q q 0 0 0 rg BT 410.03 714.25 Td (-dealers to execute trades and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 702.25 Td (negotiate brokerage commission rates. In connection with these transactions, we may receive commission credits to pay for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 690.25 Td (eligible research and services from broker) Tj ET Q q 0 0 0 rg BT 221.78 690.25 Td (-dealers and other eligible service providers that have the ef) Tj ET Q q 0 0 0 rg BT 460.66 690.25 Td (fect of reducing certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 678.25 Td (expenses. New regulations outside the U.S. may restrict or eliminate the Company) Tj ET Q q 0 0 0 rg BT 386.70 678.25 Td (s ability to use commission credits to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 666.25 Td (for such eligible research, which could increase our operating expenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 77.00 645.25 Td (Limitations on our) Tj ET Q q 0 0 0 rg BT 156.83 645.25 Td ( ability to utilize leverage in the closed-end funds we sponsor) Tj ET Q q 0 0 0 rg BT 414.42 645.25 Td ( could r) Tj ET Q q 0 0 0 rg BT 447.02 645.25 Td (educe our) Tj ET Q q 0 0 0 rg BT 488.78 645.25 Td ( assets under) Tj ET Q q 0 0 0 rg BT 543.60 645.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 633.25 Td (management and r) Tj ET Q q 0 0 0 rg BT 134.37 633.25 Td (evenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 616.25 Td (Certain of the closed-end funds sponsored by us utilize leverage in the form of bank financing, which in the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 604.25 Td (amounted to $2.3 billion as of December31, 2016. ) Tj ET Q q 0 0 0 rg BT 259.89 604.25 Td (T) Tj ET Q q 0 0 0 rg BT 265.30 604.25 Td (o the extent any closed-end fund sponsored by us elects or is required by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 592.25 Td (regulation or the terms of its bank financing to reduce leverage, such fund may need to liquidate its investments. Reducing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 580.25 Td (leverage or liquidation during adverse market conditions could reduce the Company's assets under management and revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 559.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.95 559.25 Td (e could incur) Tj ET Q q 0 0 0 rg BT 141.32 559.25 Td ( financial losses, r) Tj ET Q q 0 0 0 rg BT 216.70 559.25 Td (eputational harm, and r) Tj ET Q q 0 0 0 rg BT 318.75 559.25 Td (egulatory penalties if we fail to implement effective ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 547.25 Td (information security policies and pr) Tj ET Q q 0 0 0 rg BT 206.59 547.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 235.85 547.25 Td (es.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 530.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 530.25 Td (e are dependent on the ef) Tj ET Q q 0 0 0 rg BT 185.68 530.25 Td (fectiveness of our information security policies and procedures to protect our computer) Tj ET Q q 0 0 0 rg BT 533.78 530.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 518.25 Td (network and telecommunications systems and the data that reside in or are transmitted through them. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 497.25 Td (As part of ournormal operations, we maintain and transmit confidential information about our clients' portfolios as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.25 Td (as proprietary information relating to our business operations. ) Tj ET Q q 0 0 0 rg BT 303.48 485.25 Td (W) Tj ET Q q 0 0 0 rg BT 312.12 485.25 Td (e maintain a system of internal controls designed to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.25 Td (reasonable assurance that fraudulent activity) Tj ET Q q 0 0 0 rg BT 231.05 473.25 Td (, including misappropriation of Company assets, fraudulent financial reporting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td (and unauthorized access to sensitive or confidential data is either prevented or timely detected and remediated. However) Tj ET Q q 0 0 0 rg BT 535.35 461.25 Td (, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.25 Td (technology systems may still be vulnerable to unauthorized access or may be corrupted by cyber attacks, computer viruses or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.25 Td (other malicious software code, or authorized persons could inadvertently or intentionally release confidential or proprietary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.25 Td (information. ) Tj ET Q q 0 0 0 rg BT 105.66 425.25 Td (Although we take precautions to password protect and encrypt our mobile electronic hardware, if such hardware ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.25 Td (is stolen, misplaced or left unattended, it may become vulnerable to hacking or other unauthorized use, creating a possible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.25 Td (security risk. Breach of our technology systems could result in the loss of valuable information, liability for stolen assets or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.25 Td (information, remediation costs to repair damage caused by the breach, additional security costs to mitigate against future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.25 Td (incidents and litigation costs resulting from the incident. Moreover) Tj ET Q q 0 0 0 rg BT 321.04 377.25 Td (, loss of confidential client information could harm our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.25 Td (reputation, result in the termination of contracts by our existing clients and subject us to liability under laws that protect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.25 Td (confidential personal data, resulting in increased costs or loss of revenues. ) Tj ET Q q 0 0 0 rg BT 352.90 353.25 Td (W) Tj ET Q q 0 0 0 rg BT 361.53 353.25 Td (e have minimal coverage under our existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.25 Td (insurance policies, and we do not currently maintain insurance coverage that specifically protects against cyber attacks. ) Tj ET Q q 0 0 0 rg BT 533.26 341.25 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.25 Td (such, we may be liable for all losses incurred in connection with any information security breaches, including cyber attacks.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 308.25 Td (Failur) Tj ET Q q 0 0 0 rg BT 102.98 308.25 Td (e to maintain adequate business continuity plans could have a material adverse effect on the Company and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 296.25 Td (its pr) Tj ET Q q 0 0 0 rg BT 76.32 296.25 Td (oducts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 279.25 Td (Significant portions of our business operations and those of our critical third-party service providers are concentrated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.25 Td (a few geographic areas, including New ) Tj ET Q q 0 0 0 rg BT 212.17 267.25 Td (Y) Tj ET Q q 0 0 0 rg BT 218.39 267.25 Td (ork and New Jersey) Tj ET Q q 0 0 0 rg BT 296.89 267.25 Td (. Critical operations that are geographically concentrated in New ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.25 Td (Y) Tj ET Q q 0 0 0 rg BT 60.22 255.25 Td (ork include portfolio management, trading operations, information technology) Tj ET Q q 0 0 0 rg BT 372.54 255.25 Td (, investment administration, and portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.25 Td (accounting services for the Company) Tj ET Q q 0 0 0 rg BT 205.62 243.25 Td (s products and services. Should we, or our critical service providers, experience a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.25 Td (material local or regional disaster or other significant business disruption, our ability to remain operational will depend in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.25 Td (part on the safety and availability of our personnel, our of) Tj ET Q q 0 0 0 rg BT 284.58 219.25 Td (fice facilities, and the proper functioning of our computer) Tj ET Q q 0 0 0 rg BT 514.38 219.25 Td (, network, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 207.25 Td (telecommunication and other related systems and operations. ) Tj ET Q q 0 0 0 rg BT 300.41 207.25 Td (W) Tj ET Q q 0 0 0 rg BT 309.05 207.25 Td (e have developed backup systems and contingency plans, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 195.25 Td (we cannot ensure that they will be adequate in all circumstances that could arise or that material interruptions and disruptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.25 Td (will not occur) Tj ET Q q 0 0 0 rg BT 108.99 183.25 Td (. In addition, we rely to varying degrees on outside vendors for disaster recovery support, and we cannot ensure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.25 Td (that these vendors will be able to perform in an adequate and timely manner) Tj ET Q q 0 0 0 rg BT 357.51 171.25 Td (. Failure by us, or our critical service providers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.25 Td (to maintain up to date business continuity plans, including system backup facilities, would impede our ability to operate in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.25 Td (the event of a significant business disruption, which could result in financial losses to the Company and our clients and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.25 Td (investors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 114.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.95 114.25 Td (e could suffer) Tj ET Q q 0 0 0 rg BT 143.54 114.25 Td ( financial losses in earnings or) Tj ET Q q 0 0 0 rg BT 271.42 114.25 Td ( r) Tj ET Q q 0 0 0 rg BT 278.18 114.25 Td (evenue if our) Tj ET Q q 0 0 0 rg BT 333.55 114.25 Td ( r) Tj ET Q q 0 0 0 rg BT 340.30 114.25 Td (eputation is harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 97.25 Td (Our reputation is important to the success of our business. ) Tj ET Q q 0 0 0 rg BT 311.50 97.25 Td (W) Tj ET Q q 0 0 0 rg BT 320.14 97.25 Td (e believe that the Cohen& Steers brand has been, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.25 Td (continues to be, well received globally both in our industry and with our clients, reflecting the fact that our brand, like our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 73.25 Td (business, is based in part on trust and confidence. Our reputation may be harmed by a number of factors, including, but not ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 39.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (limited to, poor investment performance, the dissemination by current or former clients of unfavorable opinions relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (our services, and the imposition of legal or regulatory sanctions or penalties in connection with our business activities. If our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (reputation is harmed, existing clients and investors may reduce amounts held in, or withdraw entirely from, funds or accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (that we advise, or funds or accounts may terminate their relationship with us. In addition, reputational harm may cause us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (lose current employees and we may be unable to attract new ones with similar qualifications or skills which could negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (af) Tj ET Q q 0 0 0 rg BT 61.59 671.10 Td (fect our operations. If we fail to address, or appear to fail to address, successfully and promptly the underlying causes of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (any reputational harm, we may be unsuccessful in repairing any harm to our reputation and our future business prospects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (would likely be af) Tj ET Q q 0 0 0 rg BT 126.30 647.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 155.54 647.10 Td (The loss of client relationships could reduce our assets under management, revenue and earnings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 626.10 Td (The failur) Tj ET Q q 0 0 0 rg BT 119.38 626.10 Td (e of a key vendor) Tj ET Q q 0 0 0 rg BT 191.96 626.10 Td ( to fulfill its obligations to the Company could have a material adverse effect on the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 614.10 Td (Company and its pr) Tj ET Q q 0 0 0 rg BT 139.12 614.10 Td (oducts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 597.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 597.10 Td (e depend on a number of key vendors for various fund administration, fund accounting, custody and transfer agent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.10 Td (roles and other operational needs. ) Tj ET Q q 0 0 0 rg BT 190.99 585.10 Td (The failure or inability of the Company to diversify its sources for key services or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.10 Td (failure of any key vendor to fulfill its obligations could lead to operational issues for the Company and certain of its products, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 561.10 Td (which could result in financial losses for the Company and its clients.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 537.10 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 140.76 537.10 Td ( Common Stock ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 516.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 516.10 Td ( majority of our) Tj ET Q q 0 0 0 rg BT 151.03 516.10 Td ( common stock is owned by our) Tj ET Q q 0 0 0 rg BT 284.74 516.10 Td ( Chairman and our) Tj ET Q q 0 0 0 rg BT 367.08 516.10 Td ( Chief Executive Officer) Tj ET Q q 0 0 0 rg BT 469.18 516.10 Td (, which may limit ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 504.10 Td (the ability of other) Tj ET Q q 0 0 0 rg BT 132.97 504.10 Td ( stockholders to influence the affairs of the Company) Tj ET Q q 0 0 0 rg BT 357.96 504.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 487.10 Td (Our Chairman and our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 246.82 487.10 Td (ficer beneficially owned approximately 51% of our common stock as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 475.10 Td (. ) Tj ET Q q 0 0 0 rg BT 137.03 475.10 Td (As long as our Chairman and our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 349.85 475.10 Td (ficer own a majority of our common stock, they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.10 Td (will have the ability to, among other things:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 448.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 448.10 Td (elect all of the members of our board of directors, thereby controlling the management and af) Tj ET Q q 0 0 0 rg BT 463.01 448.10 Td (fairs of the Company;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 433.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 433.10 Td (determine the outcome of matters submitted to a vote of our stockholders; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 418.10 Td (prevent any unsolicited acquisition of us and, consequently) Tj ET Q q 0 0 0 rg BT 325.96 418.10 Td (, adversely af) Tj ET Q q 0 0 0 rg BT 379.37 418.10 Td (fect the market price of our common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 406.10 Td (or prevent our stockholders from realizing a premium on their shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 389.10 Td (The interests of our Chairman and our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 309.30 389.10 Td (ficer may dif) Tj ET Q q 0 0 0 rg BT 360.76 389.10 Td (fer from those of other stockholders in instances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (where, for example, management compensation is being determined or where an unsolicited acquisition of us could result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (a change in our management. ) Tj ET Q q 0 0 0 rg BT 173.77 365.10 Td (The concentration of beneficial ownership in our Chairman and our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 524.02 365.10 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (may limit the ability of our other stockholders to influence the af) Tj ET Q q 0 0 0 rg BT 312.92 353.10 Td (fairs of the Company) Tj ET Q q 0 0 0 rg BT 396.97 353.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 332.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 332.10 Td ( sale of a substantial number) Tj ET Q q 0 0 0 rg BT 205.50 332.10 Td ( of shar) Tj ET Q q 0 0 0 rg BT 237.54 332.10 Td (es of our) Tj ET Q q 0 0 0 rg BT 274.02 332.10 Td ( common stock may adversely affect the market price of our) Tj ET Q q 0 0 0 rg BT 529.88 332.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 320.10 Td (common stock, and the issuance of additional shar) Tj ET Q q 0 0 0 rg BT 268.29 320.10 Td (es will dilute your) Tj ET Q q 0 0 0 rg BT 343.94 320.10 Td ( per) Tj ET Q q 0 0 0 rg BT 360.70 320.10 Td (centage ownership in the Company) Tj ET Q q 0 0 0 rg BT 510.15 320.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 303.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 303.10 Td ( sale of a substantial number of shares of our common stock in the public market, or the perception that such sale may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 291.10 Td (occur) Tj ET Q q 0 0 0 rg BT 75.81 291.10 Td (, could adversely af) Tj ET Q q 0 0 0 rg BT 153.93 291.10 Td (fect the market price of our common stock. Our Chairman and our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 499.46 291.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 517.38 291.10 Td (, who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.10 Td (beneficially owned, in the aggregate, 23,229,900 shares of our common stock as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.63 279.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.21 279.10 Td (, may sell shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.10 Td (our common stock in the open market, subject to any restrictions imposed by U.S. federal securities laws on sales by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.10 Td (af) Tj ET Q q 0 0 0 rg BT 61.59 255.10 Td (filiates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 234.10 Td (In addition, in connection with our initial public of) Tj ET Q q 0 0 0 rg BT 279.34 234.10 Td (fering in 2004, we entered into a Registration Rights ) Tj ET Q q 0 0 0 rg BT 491.52 234.10 Td (Agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 222.10 Td (our Chairman and our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 222.10 222.10 Td (ficer and certain of their af) Tj ET Q q 0 0 0 rg BT 328.80 222.10 Td (filiates which requires us to register under the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 210.10 Td (Act of 1933, as amended, shares of our common stock \(and other securities convertible into or exchangeable or exercisable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 198.10 Td (for shares of common stock\) held by them under certain circumstances. In ) Tj ET Q q 0 0 0 rg BT 352.52 198.10 Td (August 2015, we filed a Registration Statement on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.10 Td (Form S-3, as amended, covering \(i\) the resale of up to an aggregate of 23,578,122 shares owned by our Chairman and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.10 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 131.57 174.10 Td (ficer and \(ii\) the of) Tj ET Q q 0 0 0 rg BT 206.91 174.10 Td (fer and sale of up to 10,000,000 shares by us to the public. ) Tj ET Q q 0 0 0 rg BT 442.79 174.10 Td (The sale of a substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 162.10 Td (number of shares of our common stock may adversely af) Tj ET Q q 0 0 0 rg BT 281.25 162.10 Td (fect the market price of our common stock and any additional shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 150.10 Td (that we issue will dilute your percentage ownership in the Company) Tj ET Q q 0 0 0 rg BT 325.51 150.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 129.10 Td (Anti-takeover) Tj ET Q q 0 0 0 rg BT 135.75 129.10 Td ( pr) Tj ET Q q 0 0 0 rg BT 148.07 129.10 Td (ovisions in our) Tj ET Q q 0 0 0 rg BT 210.13 129.10 Td ( charter) Tj ET Q q 0 0 0 rg BT 244.09 129.10 Td ( documents and Delawar) Tj ET Q q 0 0 0 rg BT 349.75 129.10 Td (e law may delay or) Tj ET Q q 0 0 0 rg BT 429.55 129.10 Td ( pr) Tj ET Q q 0 0 0 rg BT 441.87 129.10 Td (event a change in contr) Tj ET Q q 0 0 0 rg BT 540.57 129.10 Td (ol ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 117.10 Td (of us, which could decr) Tj ET Q q 0 0 0 rg BT 151.88 117.10 Td (ease the trading price of our) Tj ET Q q 0 0 0 rg BT 271.95 117.10 Td ( common stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 100.10 Td (Our certificate of incorporation and bylaws and Delaware law contain certain anti-takeover provisions that could have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 88.10 Td (the ef) Tj ET Q q 0 0 0 rg BT 76.30 88.10 Td (fect of making it more dif) Tj ET Q q 0 0 0 rg BT 179.15 88.10 Td (ficult for a third-party to acquire, or of discouraging a third-party from attempting to acquire, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 76.10 Td (control of the Company without negotiating with our board of directors. Such provisions could limit the price that certain ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (investors might be willing to pay in the future for the Company) Tj ET Q q 0 0 0 rg BT 310.35 731.10 Td (s common stock. Certain of these provisions allow the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (Company to issue preferred stock with rights more senior to those of our common stock, impose various procedural and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (requirements which could make it more dif) Tj ET Q q 0 0 0 rg BT 226.54 707.10 Td (ficult for stockholders to ef) Tj ET Q q 0 0 0 rg BT 335.22 707.10 Td (fect certain corporate actions and set forth rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (regarding how stockholders may present proposals or nominate directors for election at annual meetings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 674.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 674.10 Td (e believe these provisions protect our stockholders from coercive or other unfair takeover tactics by requiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 662.10 Td (potential acquirers to negotiate with our board of directors and by providing our board of directors with more time to assess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (acquisition proposals. However) Tj ET Q q 0 0 0 rg BT 179.96 650.10 Td (, these provisions apply even if an acquisition proposal may be considered beneficial by some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 638.10 Td (stockholders and could have the ef) Tj ET Q q 0 0 0 rg BT 192.38 638.10 Td (fect of delaying or preventing an acquisition. In the event that our board of directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 626.10 Td (determines that a potential business combination transaction would be beneficial to the Company and its stockholders, such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 614.10 Td (stockholders may elect to sell their shares in the Company and the trading price of our common stock could decrease.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 590.10 Td (Regulatory and Legal Risks ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 569.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.95 569.10 Td (e may be adversely impacted by legal and r) Tj ET Q q 0 0 0 rg BT 269.64 569.10 Td (egulatory changes in the U.S. and internationally) Tj ET Q q 0 0 0 rg BT 477.44 569.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 548.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 548.10 Td (e operate in a highly regulated industry and are subject to new regulations and revisions to, and evolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 536.10 Td (interpretations of, existing regulations in the U.S. and internationally) Tj ET Q q 0 0 0 rg BT 328.57 536.10 Td (. In recent years, regulators in the U.S. and abroad have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 524.10 Td (increased oversight of the financial industry) Tj ET Q q 0 0 0 rg BT 229.13 524.10 Td (, which may result in regulation that increases the Company) Tj ET Q q 0 0 0 rg BT 471.84 524.10 Td (s cost of conducting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 512.10 Td (its business or limit or change the Company) Tj ET Q q 0 0 0 rg BT 232.59 512.10 Td (s current or prospective business. Some of the newly adopted and proposed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 500.10 Td (regulations are focused directly on the investment management industry) Tj ET Q q 0 0 0 rg BT 341.60 500.10 Td (, while others are more broadly focused, but impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 488.10 Td (our industry) Tj ET Q q 0 0 0 rg BT 101.96 488.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 467.10 Td (In the U.S., the SEC proposed rules governing the use of derivatives by registered investment companies, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (Department of Labor) Tj ET Q q 0 0 0 rg BT 138.78 455.10 Td () Tj ET Q q 0 0 0 rg BT 141.56 455.10 Td (s final rule on conflicts of interest for fiduciary investment advice, as well as the SEC) Tj ET Q q 0 0 0 rg BT 486.46 455.10 Td (s final rules and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (amendments to modernize investment company reporting and disclosure and to develop and implement a liquidity risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (management program for open-end investment companies could limit investment opportunities for certain funds we manage, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (impact flows, and increase our expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 398.10 Td (Outside the U.S., rules and regulations under MiFID II and the Markets in Financial Instruments Regulation in Europe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 386.10 Td (are currently being promulgated and generally become ef) Tj ET Q q 0 0 0 rg BT 282.88 386.10 Td (fective on January 3, 2018. ) Tj ET Q q 0 0 0 rg BT 393.50 386.10 Td (These will have direct and indirect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 374.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 374.10 Td (fects on our operations in the European Economic ) Tj ET Q q 0 0 0 rg BT 263.75 374.10 Td (Area, including marketing restrictions and increased compliance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 362.10 Td (disclosure and other obligations, which could impact our ability to operate in these markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 341.10 Td (In addition, Brexit could disrupt our business operations, including our reported financial results and the liquidity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (value of our investments. Brexit has caused significant geo-political and legal uncertainty and market volatility in the U.K. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (and elsewhere, which may continue during the Brexit negotiation process. Depending on the outcome of these negotiations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (CSUK) Tj ET Q q 0 0 0 rg BT 83.45 305.10 Td (s ability to market its services or serve as a distributor of financial products within the European Economic area, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (well as the ability of our EU-domiciled funds to be marketed in the U.K. could be restricted temporarily or in the long term. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 272.10 Td (Brexit has also caused exchange rate fluctuations that have resulted in the strengthening of the U.S. dollar against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 260.10 Td (foreign currencies in which we conduct business, including the British pound and the Euro. ) Tj ET Q q 0 0 0 rg BT 421.51 260.10 Td (The strengthening of the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 248.10 Td (dollar relative to other currencies may adversely af) Tj ET Q q 0 0 0 rg BT 257.33 248.10 Td (fect our results of operations. In addition, fluctuations in the exchange rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.10 Td (may af) Tj ET Q q 0 0 0 rg BT 81.30 236.10 Td (fect operating expenses of CSUK where the functional currency is the British pound, cash balances we hold in non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 224.10 Td (U.S. currencies and investments we hold in non-U.S. currencies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 203.10 Td (Although the full extent of the foregoing regulatory and political changes is still unclear) Tj ET Q q 0 0 0 rg BT 427.95 203.10 Td (, they may af) Tj ET Q q 0 0 0 rg BT 479.97 203.10 Td (fect our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (operations and increase our operating expenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 170.10 Td (Our) Tj ET Q q 0 0 0 rg BT 94.10 170.10 Td ( involvement in legal pr) Tj ET Q q 0 0 0 rg BT 194.47 170.10 Td (oceedings could adversely affect our) Tj ET Q q 0 0 0 rg BT 348.15 170.10 Td ( r) Tj ET Q q 0 0 0 rg BT 354.91 170.10 Td (esults of operations and financial condition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 153.10 Td (Many aspects of our business involve risks of legal liability) Tj ET Q q 0 0 0 rg BT 313.87 153.10 Td (. Claims against us may arise in the ordinary course of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 141.10 Td (business, and from time to time, we may receive subpoenas or other requests for information from various U.S. and non-U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 129.10 Td (governmental and regulatory authorities and third parties in connection with certain industry-wide, company-specific or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 117.10 Td (investigations or proceedings. In addition, certain of the funds that the Company manages may become subject to lawsuits, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 105.10 Td (any of which could potentially harm the investment returns of the applicable fund.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 39.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 39.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 731.10 Td (e carry insurance in amounts and under terms that we believe are appropriate. ) Tj ET Q q 0 0 0 rg BT 397.60 731.10 Td (W) Tj ET Q q 0 0 0 rg BT 406.24 731.10 Td (e cannot guarantee that our insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (will cover all liabilities and losses to which we may be exposed, or that our insurance policies will continue to be available at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (acceptable terms and fees. Certain insurance coverage may not be available or may be prohibitively expensive in future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 87.89 695.10 Td (As our insurance policies are due for renewal, we may need to assume higher deductibles or pay higher premiums, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (which would increase our expenses and reduce our net income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 662.10 Td (The tax tr) Tj ET Q q 0 0 0 rg BT 119.09 662.10 Td (eatment of certain of our) Tj ET Q q 0 0 0 rg BT 224.98 662.10 Td ( funds involves the interpr) Tj ET Q q 0 0 0 rg BT 337.03 662.10 Td (etation of complex pr) Tj ET Q q 0 0 0 rg BT 427.67 662.10 Td (ovisions of U.S. federal ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (income tax law for) Tj ET Q q 0 0 0 rg BT 132.96 650.10 Td ( which no pr) Tj ET Q q 0 0 0 rg BT 186.41 650.10 Td (ecedent may be available and may be subject to potential legislative, judicial or) Tj ET Q q 0 0 0 rg BT 522.59 650.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 638.10 Td (administrative change and differing interpr) Tj ET Q q 0 0 0 rg BT 239.92 638.10 Td (etations, possibly on a r) Tj ET Q q 0 0 0 rg BT 340.04 638.10 Td (etr) Tj ET Q q 0 0 0 rg BT 352.06 638.10 Td (oactive basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 621.10 Td (The U.S. federal income tax treatment of certain of our funds depends in some instances on determinations of fact and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 609.10 Td (interpretations of complex provisions of U.S. federal income tax law for which no clear precedent or authority may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 597.10 Td (available. U.S. federal income tax rules are constantly under review by the IRS and the U.S. Department of ) Tj ET Q q 0 0 0 rg BT 485.07 597.10 Td (T) Tj ET Q q 0 0 0 rg BT 490.83 597.10 Td (reasury) Tj ET Q q 0 0 0 rg BT 519.61 597.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.10 Td (frequently resulting in revised interpretations of established concepts, statutory changes, revisions to regulations and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.10 Td (modifications and interpretations. Changes to the U.S. federal income tax laws and interpretations thereof could cause us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 561.10 Td (change our investments and commitments, af) Tj ET Q q 0 0 0 rg BT 234.88 561.10 Td (fect the tax considerations of an investment in us and change the character or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 549.10 Td (treatment of portions of our income. In addition, the Company may be required to make certain assumptions when electing a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 537.10 Td (particular tax treatment. It is possible that the IRS could assert successfully that the assumptions made by us do not satisfy the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 525.10 Td (technical requirements of the Internal Revenue Code and/or ) Tj ET Q q 0 0 0 rg BT 295.39 525.10 Td (T) Tj ET Q q 0 0 0 rg BT 301.15 525.10 Td (reasury Regulations and could require items of income, gain, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 513.10 Td (deduction, loss or credit, including interest deductions, be adjusted, reallocated or disallowed in a manner that adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 501.10 Td (af) Tj ET Q q 0 0 0 rg BT 61.59 501.10 Td (fects us and our clients.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 474.10 Td (Item1B. Unr) Tj ET Q q 0 0 0 rg BT 110.20 474.10 Td (esolved Staff Comments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 457.10 Td (The Company has no unresolved SEC staf) Tj ET Q q 0 0 0 rg BT 245.74 457.10 Td (f comments. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (Item2. Pr) Tj ET Q q 0 0 0 rg BT 96.86 430.10 Td (operties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 413.10 Td (Our principal executive of) Tj ET Q q 0 0 0 rg BT 181.55 413.10 Td (fice is located in leased of) Tj ET Q q 0 0 0 rg BT 285.49 413.10 Td (fice space at 280 Park ) Tj ET Q q 0 0 0 rg BT 375.18 413.10 Td (A) Tj ET Q q 0 0 0 rg BT 381.66 413.10 Td (venue, New ) Tj ET Q q 0 0 0 rg BT 431.55 413.10 Td (Y) Tj ET Q q 0 0 0 rg BT 437.77 413.10 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 477.11 413.10 Td (Y) Tj ET Q q 0 0 0 rg BT 483.33 413.10 Td (ork. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (we have leased of) Tj ET Q q 0 0 0 rg BT 125.17 401.10 Td (fice space in London, Hong Kong, ) Tj ET Q q 0 0 0 rg BT 265.51 401.10 Td (T) Tj ET Q q 0 0 0 rg BT 270.92 401.10 Td (okyo and Seattle. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 374.10 Td (Item3. Legal Pr) Tj ET Q q 0 0 0 rg BT 123.24 374.10 Td (oceedings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 357.10 Td (From time to time, we may become involved in legal matters relating to claims arising in the ordinary course of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 345.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 92.71 345.10 Td (There are currently no such matters pending that we believe could have a material ef) Tj ET Q q 0 0 0 rg BT 430.71 345.10 Td (fect on our consolidated results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 333.10 Td (of operations, cash flows or financial condition. In addition, from time to time, we may receive subpoenas or other requests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 321.10 Td (for information from various U.S. federal and state governmental authorities, domestic and international regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 309.10 Td (authorities and third parties in connection with certain industry-wide inquiries or other investigations or legal proceedings. It ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 297.10 Td (is our policy to cooperate fully with such requests.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 270.10 Td (Item4. Mine Safety Disclosur) Tj ET Q q 0 0 0 rg BT 180.19 270.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 253.10 Td (Not applicable.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (12) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.37 731.25 Td (AR) Tj ET Q q 0 0 0 rg BT 73.46 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 79.95 731.25 Td ( II) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 704.25 Td (Item5. Market for) Tj ET Q q 0 0 0 rg BT 133.79 704.25 Td ( Registrant's Common Equity) Tj ET Q q 0 0 0 rg BT 260.74 704.25 Td (, Related Stockholder) Tj ET Q q 0 0 0 rg BT 352.50 704.25 Td ( Matters and Issuer) Tj ET Q q 0 0 0 rg BT 435.92 704.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 454.35 704.25 Td (chases of Equity ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 692.25 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 675.25 Td (Our common stock is listed on the New ) Tj ET Q q 0 0 0 rg BT 237.22 675.25 Td (Y) Tj ET Q q 0 0 0 rg BT 243.44 675.25 Td (ork Stock Exchange \(NYSE\) and is traded under the symbol CNS. ) Tj ET Q q 0 0 0 rg BT 520.05 675.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 663.25 Td (February 21, 2017, there were 22 holders of record of our common stock. Holders of record include institutional and omnibus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.25 Td (accounts that hold common stock on behalf of numerous underlying beneficial owners. ) Tj ET Q q 0 0 0 rg BT 404.56 651.25 Td (The closing sale price of our common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.25 Td (stock on February 21, 2017 was $36.30 per share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 618.25 Td (The following table sets forth, for the periods indicated, the high and low reported sale prices and dividends declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 606.25 Td (per share for our common stock as reported by the NYSE: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 595.75 m 300.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 584.75 m 300.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 595.75 m 362.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 584.75 m 362.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 595.75 m 424.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 584.75 m 424.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 595.75 m 486.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 584.75 m 486.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 595.75 m 548.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 584.75 m 548.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 548.5 595.75 m 557.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 548.5 584.75 m 557.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 584.75 m 362.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 584.75 m 424.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 584.75 m 486.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 584.75 m 548.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 548.5 584.75 m 557.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 520.75 m 300.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 509.75 m 300.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 520.75 m 362.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 509.75 m 362.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 520.75 m 424.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 509.75 m 424.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 520.75 m 486.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 509.75 m 486.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 520.75 m 548.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 509.75 m 548.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 548.5 520.75 m 557.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 548.5 509.75 m 557.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 509.75 m 362.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 509.75 m 424.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 509.75 m 486.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 509.75 m 548.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 548.5 509.75 m 557.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 453.75 m 300.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 453.75 m 362.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 453.75 m 424.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 453.75 m 486.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 453.75 m 548.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 548.5 453.75 m 557.5 453.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 586.37 Td (Three Months Ended 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.70 586.37 Td (March31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.55 586.37 Td (June30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.35 586.37 Td (September30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.20 586.37 Td (December31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 575.32 Td (High price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 575.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.00 575.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 575.32 Td (39.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 575.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 575.32 Td (42.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 575.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 575.32 Td (43.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 575.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 575.32 Td (43.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 561.32 Td (Low price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 561.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 561.32 Td (26.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 561.32 Td (36.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 561.32 Td (38.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 561.32 Td (33.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 547.32 Td (Closing price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 547.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 547.32 Td (38.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 547.32 Td (40.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 547.32 Td (42.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 547.32 Td (33.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 533.32 Td (Cash dividends declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 533.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.00 533.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 533.32 Td (0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 533.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 533.32 Td (0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 533.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 533.32 Td (0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 533.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 533.32 Td (0.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 533.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 511.37 Td (Three Months Ended 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.70 511.37 Td (March31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.55 511.37 Td (June30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.35 511.37 Td (September30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.20 511.37 Td (December31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 500.32 Td (High price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 500.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.00 500.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 500.32 Td (47.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 500.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 500.32 Td (41.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 500.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 500.32 Td (35.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 500.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 500.32 Td (32.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 486.32 Td (Low price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 486.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.00 486.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 486.32 Td (40.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 486.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 486.32 Td (33.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 486.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 486.32 Td (26.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 486.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 486.32 Td (25.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 472.32 Td (Closing price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 472.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.00 472.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 472.32 Td (40.95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 472.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 472.32 Td (34.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 472.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 472.32 Td (27.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 472.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 472.32 Td (30.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 458.32 Td (Cash dividends declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 458.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 458.32 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 458.32 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 458.32 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 458.32 Td (0.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 458.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 454.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.25 Td (* Includes special dividends declared by the Company in the amount of $0.50 per share on November 2, 2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 424.25 Td (November 3, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 403.25 Td (Payment of any dividends to our common stockholders is subject to the discretion of our Board of Directors. ) Tj ET Q q 0 0 0 rg BT 513.18 403.25 Td (When ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.25 Td (determining whether to pay a dividend, our Board of Directors takes into account such matters as general economic and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.25 Td (business conditions, our strategic plans, our financial results and condition, contractual, legal and regulatory restrictions on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 367.25 Td (the payment of dividends by us and our subsidiaries and such other factors that our Board of Directors deems relevant. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 355.25 Td (February23, 2017, we declared a quarterly cash dividend on our common stock in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.17 355.25 Td ($0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.67 355.25 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 509.99 355.25 Td (As set forth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 343.25 Td (in the table above, we have historically paid quarterly cash dividends.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 319.25 Td (Issuer) Tj ET Q q 0 0 0 rg BT 79.93 319.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 98.36 319.25 Td (chases of Equity Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 298.25 Td (During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.86 298.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.44 298.25 Td (, we did not make any purchases of our equity securities that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.25 Td (registered pursuant to Section12\(b\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 308.65 286.25 Td (Act of 1934.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 262.25 Td (Recent Sales of Unr) Tj ET Q q 0 0 0 rg BT 137.97 262.25 Td (egister) Tj ET Q q 0 0 0 rg BT 166.10 262.25 Td (ed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 241.25 Td (During the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.29 241.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.87 241.25 Td (, we did not sell any equity securities that were not registered under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 229.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 95.38 229.25 Td (Act of 1933, as amended.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (13) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Item6. Selected Financial Data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 714.25 Td (The selected consolidated financial data, together with other information presented below) Tj ET Q q 0 0 0 rg BT 434.33 714.25 Td (, should be read in conjunction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 702.25 Td (with our consolidated financial statements and the notes to those statements and Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 503.76 702.25 Td (Analysis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 690.25 Td (Financial Condition and Results of Operations included in this ) Tj ET Q q 0 0 0 rg BT 310.36 690.25 Td (Annual Report on Form 10-K.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 663.25 Td (Selected Consolidated Financial and Other) Tj ET Q q 0 0 0 rg BT 236.60 663.25 Td ( Data ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 640.75 m 294.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 640.75 m 307.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 640.75 m 357.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 640.75 m 370.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 640.75 m 420.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 640.75 m 431.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 640.75 m 481.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 640.75 m 494.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 640.75 m 544.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 629.75 m 294.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 629.75 m 357.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 629.75 m 420.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 629.75 m 481.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 629.75 m 544.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 587.75 m 294.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 587.75 m 357.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 587.75 m 420.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 587.75 m 481.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 587.75 m 544.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 559.75 m 294.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 559.75 m 357.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 559.75 m 420.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 559.75 m 481.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 559.75 m 544.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 531.75 m 294.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 531.75 m 357.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 531.75 m 420.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 531.75 m 481.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 531.75 m 544.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 491.75 m 294.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 491.75 m 357.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 491.75 m 420.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 491.75 m 481.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 491.75 m 544.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 491.75 m 294.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 466.75 m 294.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 464.75 m 294.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 491.75 m 357.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 466.75 m 357.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 464.75 m 357.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 491.75 m 420.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 466.75 m 420.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 464.75 m 420.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 491.75 m 481.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 466.75 m 481.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 464.75 m 481.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 491.75 m 544.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 466.75 m 544.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 464.75 m 544.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 422.75 m 294.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 420.75 m 294.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 422.75 m 357.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 420.75 m 357.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 422.75 m 420.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 420.75 m 420.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 422.75 m 481.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 420.75 m 481.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 422.75 m 544.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 420.75 m 544.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 408.75 m 294.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 406.75 m 294.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 408.75 m 357.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 406.75 m 357.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 408.75 m 420.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 406.75 m 420.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 408.75 m 481.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 406.75 m 481.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 408.75 m 544.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 406.75 m 544.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 375.75 m 294.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 373.75 m 294.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 375.75 m 357.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 373.75 m 357.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 375.75 m 420.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 373.75 m 420.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 375.75 m 481.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 373.75 m 481.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 375.75 m 544.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 373.75 m 544.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 361.75 m 294.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 359.75 m 294.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 361.75 m 357.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 359.75 m 357.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 361.75 m 420.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 359.75 m 420.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 361.75 m 481.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 359.75 m 481.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 361.75 m 544.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 359.75 m 544.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 160.75 m 294.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 160.75 m 357.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 160.75 m 420.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 160.75 m 481.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 160.75 m 544.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 147.75 m 294.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 145.75 m 294.5 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 147.75 m 357.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 145.75 m 357.5 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 147.75 m 420.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 145.75 m 420.5 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 147.75 m 481.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 145.75 m 481.5 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 147.75 m 544.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 145.75 m 544.5 145.75 l s BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.00 644.70 Td (\(in thousands, except per share data\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 318.50 644.83 Td (As of and For the Years Ended December31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 262.00 632.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 324.00 632.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 387.00 632.83 Td (2014) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 448.00 632.83 Td (2013) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 511.00 632.83 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 620.32 Td (Consolidated Statements of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 620.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 620.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 620.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 620.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 606.32 Td (Total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.50 606.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 606.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.10 606.32 Td (349,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 606.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.10 606.32 Td (328,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 606.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.10 606.32 Td (313,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 606.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 606.32 Td (297,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 606.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 606.32 Td (273,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 592.32 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 592.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.10 592.32 Td (214,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.10 592.32 Td (201,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.10 592.32 Td (191,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 592.32 Td (191,371) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 484.00 591.59 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 592.32 Td (177,121) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 547.00 591.59 Td (\(2\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 578.43 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 578.32 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.10 578.32 Td (135,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.10 578.32 Td (127,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.10 578.32 Td (121,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 578.32 Td (106,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 578.32 Td (96,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 564.32 Td (Total non-operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 564.32 Td (. . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 564.32 Td (7,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.80 564.37 Td (\(14,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 564.32 Td (\)) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 360.00 563.59 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 564.32 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 564.37 Td (\(1,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 564.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 564.32 Td (7,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 550.32 Td (Income before provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.50 550.32 Td (. . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.10 550.32 Td (143,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.10 550.32 Td (112,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.10 550.32 Td (122,014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 550.32 Td (104,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 550.32 Td (104,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 536.32 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 536.32 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.10 536.32 Td (50,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 536.32 Td (48,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 536.32 Td (46,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 536.32 Td (41,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 536.32 Td (36,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 522.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 522.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 522.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.10 522.32 Td (92,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 522.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 522.32 Td (64,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 522.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 522.32 Td (75,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 522.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 522.32 Td (63,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 522.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 522.32 Td (67,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 506.42 Td (Less: Net loss \(income\) attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 496.42 Td (redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 496.32 Td (. . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 496.42 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 496.42 Td (214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 496.47 Td (\(224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 496.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 496.42 Td (4,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 496.47 Td (\(1,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 496.42 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.00 480.43 Td (Net income attributable to common) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 470.43 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 470.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.10 470.42 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 470.42 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 470.42 Td (75,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 470.42 Td (68,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 470.42 Td (66,117) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 450.43 Td (Earnings per share attributable to common) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.00 440.43 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 440.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 440.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 440.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 440.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 426.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 426.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 426.32 Td (2.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 426.32 Td (1.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 426.32 Td (1.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 426.32 Td (1.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 426.32 Td (1.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 412.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 412.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 412.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 412.32 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 412.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 412.32 Td (1.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 412.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 412.32 Td (1.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 412.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 412.32 Td (1.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 412.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 412.32 Td (1.49) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 393.43 Td (Cash dividends declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 379.32 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 379.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 379.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 379.32 Td (1.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 379.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 379.32 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 379.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 379.32 Td (0.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 379.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 379.32 Td (0.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 379.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 379.32 Td (0.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 365.32 Td (Special) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 365.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 365.32 Td (0.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 365.32 Td (0.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 365.32 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 365.32 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 365.32 Td (1.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 349.42 Td (Consolidated Statements of Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 339.42 Td (Condition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 339.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 339.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 339.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 339.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 325.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.50 325.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.10 325.32 Td (183,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.10 325.32 Td (142,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.10 325.32 Td (124,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 325.32 Td (128,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 325.32 Td (95,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 311.32 Td (Trading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.50 311.32 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.10 311.32 Td (12,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 311.32 Td (37,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 311.32 Td (9,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 311.32 Td (15,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 311.32 Td (97,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 297.32 Td (Equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 297.32 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 297.32 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 297.32 Td (16,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 297.32 Td (28,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 297.32 Td (24,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 297.32 Td (8,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 283.32 Td (Available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 283.32 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.10 283.32 Td (35,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 283.32 Td (17,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 283.32 Td (21,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 283.32 Td (10,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 283.32 Td (25,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 269.32 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.50 269.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.10 269.32 Td (333,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.10 269.32 Td (305,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.10 269.32 Td (280,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 269.32 Td (274,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 269.32 Td (337,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 255.32 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 255.32 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.10 255.32 Td (67,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 255.32 Td (62,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 255.32 Td (52,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 255.32 Td (51,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 255.32 Td (67,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 241.32 Td (Total stockholders' equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 241.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.10 241.32 Td (265,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.10 241.32 Td (231,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.10 241.32 Td (227,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 241.32 Td (223,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 241.32 Td (216,580) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 221.43 Td (Other) Tj ET Q q 0 0 0 rg BT 81.37 221.43 Td ( Financial Data) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 146.92 221.43 Td ( \(inmillions\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 221.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 207.32 Td (Assets under management \(AUM\) by investment vehicle:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.00 207.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 207.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 207.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 207.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 193.32 Td (Institutional accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 193.32 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 193.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.10 193.32 Td (28,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 193.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 193.32 Td (26,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 193.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 193.32 Td (26,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 193.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 193.32 Td (22,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 193.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 193.32 Td (24,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 179.32 Td (Open-end funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 179.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.10 179.32 Td (19,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 179.32 Td (17,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 179.32 Td (17,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 179.32 Td (14,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 179.32 Td (12,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 165.32 Td (Closed-end funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 165.32 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 165.32 Td (8,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.15 165.32 Td (9,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 165.32 Td (9,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 165.32 Td (8,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 165.32 Td (7,985) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 151.43 Td (Total AUM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 151.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 151.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.10 151.32 Td (57,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 151.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.15 151.32 Td (52,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 151.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 151.32 Td (53,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 151.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 151.32 Td (45,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 151.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 151.32 Td (45,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 147.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.25 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 124.45 Td (\(1\) Includes $7.8 million expense associated primarily with the of) Tj ET Q q 0 0 0 rg BT 290.78 124.45 Td (fering of a closed-end fund.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 113.65 Td (\(2\) Includes $15.7 million expense associated primarily with the of) Tj ET Q q 0 0 0 rg BT 295.28 113.65 Td (fering of a closed-end fund.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 102.85 Td (\(3\) Includes $8.2 million of unrealized losses related to the reclassification of one of the company's seed investment from available-for) Tj ET Q q 0 0 0 rg BT 538.78 102.85 Td (-sale ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 92.05 Td (to equity method and a $2.8 million other) Tj ET Q q 0 0 0 rg BT 216.80 92.05 Td (-than-temporary impairment.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (14) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Item7.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.99 731.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.49 731.25 Td (Management) Tj ET Q q 0 0 0 rg BT 145.55 731.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 217.53 731.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 714.25 Td (This ) Tj ET Q q 0 0 0 rg BT 96.23 714.25 Td (Annual Report on Form 10-K and other documents filed by us contain forward-looking statements within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 702.25 Td (meaning of Section27A) Tj ET Q q 0 0 0 rg BT 150.93 702.25 Td ( of the Securities ) Tj ET Q q 0 0 0 rg BT 220.36 702.25 Td (Act of 1933, as amended, and Section21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 501.94 702.25 Td (Act of 1934, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 690.25 Td (as amended, which reflect management's current views with respect to, among other things, our operations and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 678.25 Td (performance. ) Tj ET Q q 0 0 0 rg BT 109.15 678.25 Td (Y) Tj ET Q q 0 0 0 rg BT 115.37 678.25 Td (ou can identify these forward-looking statements by the use of words such as outlook, believes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 666.25 Td (expects, potential, may) Tj ET Q q 0 0 0 rg BT 167.74 666.25 Td (, should, seeks, predicts, intends, plans, estimates, anticipates or the negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 654.25 Td (versions of these words or other comparable words. Such forward-looking statements are subject to various risks and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 642.25 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 109.54 642.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 158.87 642.25 Td (, there are or will be important factors that could cause actual outcomes or results to dif) Tj ET Q q 0 0 0 rg BT 507.74 642.25 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 630.25 Td (materially from those indicated in these forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 330.13 630.25 Td (W) Tj ET Q q 0 0 0 rg BT 338.77 630.25 Td (e believe that these factors include, but are not limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 618.25 Td (to, the risks described in Item1A. Risk Factors of this ) Tj ET Q q 0 0 0 rg BT 272.03 618.25 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 395.73 618.25 Td (These factors are not exhaustive and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 606.25 Td (should be read in conjunction with the other cautionary statements that are included in this ) Tj ET Q q 0 0 0 rg BT 418.07 606.25 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 541.77 606.25 Td (W) Tj ET Q q 0 0 0 rg BT 550.41 606.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 594.25 Td (undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 582.25 Td (future developments or otherwise.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 561.25 Td (Cohen& Steers, Inc. \(CNS\), a Delaware corporation formed in 2004, and its subsidiaries are collectively referred to as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 549.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.95 549.25 Td (, we, us or our) Tj ET Q q 0 0 0 rg BT 163.61 549.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 522.25 Td (Executive Overview ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 501.25 Td (General) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 484.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 484.25 Td (e are a global investment manager specializing in liquid real assets, including real estate securities, listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 472.25 Td (infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 460.25 Td (in 1986, we are headquartered in New ) Tj ET Q q 0 0 0 rg BT 208.57 460.25 Td (Y) Tj ET Q q 0 0 0 rg BT 214.79 460.25 Td (ork City) Tj ET Q q 0 0 0 rg BT 247.19 460.25 Td (, with of) Tj ET Q q 0 0 0 rg BT 280.62 460.25 Td (fices in London, Hong Kong, ) Tj ET Q q 0 0 0 rg BT 400.15 460.25 Td (T) Tj ET Q q 0 0 0 rg BT 405.56 460.25 Td (okyo and Seattle.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 439.25 Td (Our primary investment strategies include U.S. real estate securities, global/international real estate securities, global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.25 Td (listed infrastructure, master limited partnerships \(MLPs\), commodities, real assets multi-strategy) Tj ET Q q 0 0 0 rg BT 439.93 427.25 Td (, preferred securities, lar) Tj ET Q q 0 0 0 rg BT 537.19 427.25 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.25 Td (cap value and global natural resource equities. Our strategies seek to achieve a variety of investment objectives for dif) Tj ET Q q 0 0 0 rg BT 526.14 415.25 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.25 Td (risk profiles and are actively managed by specialist teams of investment professionals who employ fundamental-driven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.25 Td (research and portfolio management processes. ) Tj ET Q q 0 0 0 rg BT 240.97 391.25 Td (W) Tj ET Q q 0 0 0 rg BT 249.61 391.25 Td (e of) Tj ET Q q 0 0 0 rg BT 264.69 391.25 Td (fer our strategies through a variety of investment vehicles, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.25 Td (U.S. registered funds and other commingled vehicles and separate accounts, including subadvised portfolios for financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 367.25 Td (institutions and individuals around the world.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 346.25 Td (Our products and services are marketed through multiple distribution channels. ) Tj ET Q q 0 0 0 rg BT 396.90 346.25 Td (W) Tj ET Q q 0 0 0 rg BT 405.54 346.25 Td (e distribute our U.S. registered funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 334.25 Td (principally through financial intermediaries, including broker) Tj ET Q q 0 0 0 rg BT 299.28 334.25 Td (-dealers, registered investment advisers, banks and fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.25 Td (supermarkets. Our funds domiciled in Europe are marketed to individual and institutional investors through financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 310.25 Td (intermediaries, as well as privately to institutional investors. Our institutional clients include corporate and public defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 298.25 Td (benefit and defined contribution pension plans, endowment funds and foundations, insurance companies and other financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.25 Td (institutions that access our investment management services directly) Tj ET Q q 0 0 0 rg BT 326.89 286.25 Td (, through consultants or through other intermediaries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 265.25 Td (Our revenue is derived from fees received from our clients, including fees for managing or sub-advising client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 253.25 Td (accounts; investment advisory) Tj ET Q q 0 0 0 rg BT 174.43 253.25 Td (, administration, distribution and service fees received from Company-sponsored open-end and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 241.25 Td (closed-end funds; and fees for portfolio consulting and other services. Our fees are paid in arrears, based on contractually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 229.25 Td (specified percentages of the value of the assets we manage and, in certain cases, investment performance. Our revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 217.25 Td (fluctuates with changes in the total value of our assets under management, which may occur as a result of investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.25 Td (performance, market conditions, foreign currency fluctuations, or investor subscriptions or redemptions, and is recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.25 Td (over the period that the assets are managed.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 172.25 Td (2016 Financial Highlights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 155.25 Td (Revenue increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.74 155.25 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.07 155.25 Td ( from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.22 155.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.43 155.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.31 155.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.89 155.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.67 155.25 Td ($349.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.56 155.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.94 155.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 155.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.02 155.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 143.25 Td (. ) Tj ET Q q 0 0 0 rg BT 78.82 143.25 Td (The increase in revenue was primarily attributable to higher average assets under management in open-end funds and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.25 Td (institutional accounts. Operating income increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.94 131.25 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.27 131.25 Td ( from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.42 131.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.63 131.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.51 131.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.09 131.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.87 131.25 Td ($135.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.76 131.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.14 131.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.34 131.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 119.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 119.25 Td (. Operating mar) Tj ET Q q 0 0 0 rg BT 221.81 119.25 Td (gin decreased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.28 119.25 Td (38.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.11 119.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.57 119.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.16 119.25 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.25 Td (38.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.83 107.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.29 107.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.88 107.25 Td (. Our ef) Tj ET Q q 0 0 0 rg BT 266.51 107.25 Td (fective tax rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.47 107.25 Td (35.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.30 107.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.76 107.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.35 107.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.25 Td (compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.20 95.25 Td (42.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.03 95.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.49 95.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.08 95.25 Td (.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 731.10 Td (Assets under management increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.22 731.10 Td ($4.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.34 731.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.17 731.10 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 731.10 Td (, in 2016 from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.21 731.10 Td ($52.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.33 731.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.49 731.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.07 731.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td ($57.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.11 719.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.27 719.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.86 719.10 Td (. ) Tj ET Q q 0 0 0 rg BT 212.68 719.10 Td (The increase was driven by net inflows and market appreciation, partially of) Tj ET Q q 0 0 0 rg BT 517.38 719.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (distributions. ) Tj ET Q q 0 0 0 rg BT 108.45 707.10 Td (A) Tj ET Q q 0 0 0 rg BT 114.93 707.10 Td (verage assets under management increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.52 707.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.85 707.10 Td ( during 2016 from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.40 707.10 Td ($52.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.51 707.10 Td ( during 2015 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.40 707.10 Td ($56.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.51 707.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (during 2016. Our overall annual or) Tj ET Q q 0 0 0 rg BT 193.23 695.10 Td (ganic growth rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.75 695.10 Td (12.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.58 695.10 Td ( for 2016. ) Tj ET Q q 0 0 0 rg BT 351.06 695.10 Td (The or) Tj ET Q q 0 0 0 rg BT 377.26 695.10 Td (ganic growth rate represents the ratio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (annual net flows to the beginning assets under management.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 662.10 Td (Recent Business Developments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 641.10 Td (In November 2016, Dr) Tj ET Q q 0 0 0 rg BT 180.54 641.10 Td (. Reena ) Tj ET Q q 0 0 0 rg BT 212.47 641.10 Td (Aggarwal joined the Company's Board of Directors and became a member of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 629.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 136.53 629.10 Td (Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 617.10 Td (Dr) Tj ET Q q 0 0 0 rg BT 100.00 617.10 Td (. ) Tj ET Q q 0 0 0 rg BT 104.45 617.10 Td (Aggarwal currently serves as ) Tj ET Q q 0 0 0 rg BT 223.11 617.10 Td (V) Tj ET Q q 0 0 0 rg BT 229.73 617.10 Td (ice Provost for Faculty at Geor) Tj ET Q q 0 0 0 rg BT 353.13 617.10 Td (getown University and as a Professor of Finance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 605.10 Td (and the Director of the Geor) Tj ET Q q 0 0 0 rg BT 202.83 605.10 Td (getown Center for Financial Markets and Policy at Geor) Tj ET Q q 0 0 0 rg BT 427.58 605.10 Td (getown's McDonough School of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 593.10 Td (Business. Dr) Tj ET Q q 0 0 0 rg BT 140.56 593.10 Td (. ) Tj ET Q q 0 0 0 rg BT 145.01 593.10 Td (Aggarwal also serves on the Board of FBR & Co. and IndexIQ. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 572.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 572.10 Td (During the fourth quarter of 2016, our recently launched real assets multi-strategy collective investment trust \(CIT\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 560.10 Td (had net inflows of $425 million from a public pension fund. ) Tj ET Q q 0 0 0 rg BT 332.01 560.10 Td (The CIT) Tj ET Q q 0 0 0 rg BT 365.98 560.10 Td ( business and the retirement markets are a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 548.10 Td (strategic focus of the Company for 2017, and we believe that our current suite of CIT) Tj ET Q q 0 0 0 rg BT 431.38 548.10 Td ( vehicles is well positioned to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 536.10 Td (facilitate ef) Tj ET Q q 0 0 0 rg BT 135.06 536.10 Td (ficient delivery of our real assets capabilities in the retirement markets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 515.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 515.10 Td (In December 2016, a newly awarded separate account mandate in Japan of $140 million funded. ) Tj ET Q q 0 0 0 rg BT 477.73 515.10 Td (This mandate is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 503.10 Td (significant as the institutional market in Japan is another strategic focus of the Company) Tj ET Q q 0 0 0 rg BT 442.32 503.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 482.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 482.10 Td (In January 2017, the Company celebrated the three-year anniversary of the Cohen & Steers MLP) Tj ET Q q 0 0 0 rg BT 477.56 482.10 Td ( & Ener) Tj ET Q q 0 0 0 rg BT 509.03 482.10 Td (gy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 470.10 Td (Opportunity Fund. Since inception, the fund has been ranked in the top quartile versus 85 funds across all share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 458.10 Td (classes of its Ener) Tj ET Q q 0 0 0 rg BT 161.74 458.10 Td (gy Limited Partnership Morningstar Category peer group. ) Tj ET Q q 0 0 0 rg BT 395.03 458.10 Td (Additional information on the fund's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 446.10 Td (performance and Morningstar ratings is available on the Company's website at www) Tj ET Q q 0 0 0 rg BT 427.45 446.10 Td (.cohenandsteers.com under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 434.10 Td ("Funds - U.S. Mutual Funds - MLP) Tj ET Q q 0 0 0 rg BT 231.51 434.10 Td ( & Ener) Tj ET Q q 0 0 0 rg BT 262.98 434.10 Td (gy Opportunity Fund.") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 413.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 413.10 Td (In January 2017, the Company launched a new Irish-domiciled commodities fund which is available to institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 401.10 Td (and sophisticated investors worldwide. ) Tj ET Q q 0 0 0 rg BT 247.85 401.10 Td (The launch of this fund further expands our real assets strategy of) Tj ET Q q 0 0 0 rg BT 510.08 401.10 Td (ferings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 389.10 Td (outside of the U.S. after the launch of our Luxembour) Tj ET Q q 0 0 0 rg BT 305.04 389.10 Td (g-domiciled global listed infrastructure fund in September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 377.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 114.82 377.10 Td (W) Tj ET Q q 0 0 0 rg BT 123.46 377.10 Td (e now have four Luxembour) Tj ET Q q 0 0 0 rg BT 237.13 377.10 Td (g/Irish of) Tj ET Q q 0 0 0 rg BT 273.89 377.10 Td (fshore vehicles for global real estate, European real estate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 365.10 Td (commodities and global listed infrastructure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 344.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 344.10 Td (In January 2017, consistent with the Company's strategic focus on real assets, the Company seeded a track record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 332.10 Td (account with $10 million for a second real assets multi-strategy portfolio with a balanced risk/return profile. ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 30.60 Td (16) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Assets Under) Tj ET Q q 0 0 0 rg BT 110.21 731.25 Td ( Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 710.25 Td (The following table sets forth information about net flows, appreciation/\(depreciation\) and distributions of assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 698.25 Td (management by investment vehicle for the periods presented \(in millions\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 676.75 m 430.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 676.75 m 434.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 676.75 m 494.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 676.75 m 498.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 676.75 m 558.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 665.75 m 430.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 676.75 m 494.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 665.75 m 494.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 665.75 m 558.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 638.75 m 430.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 638.75 m 494.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 638.75 m 558.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 613.75 m 430.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 613.75 m 494.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 613.75 m 558.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 560.75 m 430.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 560.75 m 494.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 560.75 m 558.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 560.75 m 430.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 547.75 m 430.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 560.75 m 494.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 547.75 m 494.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 560.75 m 558.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 547.75 m 558.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 535.75 m 430.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 533.75 m 430.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 535.75 m 494.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 533.75 m 494.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 535.75 m 558.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 533.75 m 558.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 533.75 m 430.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 535.75 m 430.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 522.75 m 430.5 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 520.75 m 430.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 533.75 m 494.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 535.75 m 494.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 522.75 m 494.5 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 520.75 m 494.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 533.75 m 558.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 535.75 m 558.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 522.75 m 558.5 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 520.75 m 558.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 491.75 m 430.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 491.75 m 494.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 491.75 m 558.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 467.75 m 430.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 467.75 m 494.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 467.75 m 558.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 415.75 m 430.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 415.75 m 494.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 415.75 m 558.5 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 402.75 m 430.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 402.75 m 494.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 402.75 m 558.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 390.75 m 430.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 388.75 m 430.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 390.75 m 494.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 388.75 m 494.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 390.75 m 558.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 388.75 m 558.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 388.75 m 430.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 390.75 m 430.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 377.75 m 430.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 375.75 m 430.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 388.75 m 494.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 390.75 m 494.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 377.75 m 494.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 375.75 m 494.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 388.75 m 558.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 390.75 m 558.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 377.75 m 558.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 375.75 m 558.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 346.75 m 430.5 346.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 346.75 m 494.5 346.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 346.75 m 558.5 346.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 322.75 m 430.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 322.75 m 494.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 322.75 m 558.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 283.75 m 430.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 283.75 m 494.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 283.75 m 558.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 270.75 m 430.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 283.75 m 494.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 270.75 m 494.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 283.75 m 558.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 270.75 m 558.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 258.75 m 430.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 256.75 m 430.5 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 258.75 m 494.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 256.75 m 494.5 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 258.75 m 558.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 256.75 m 558.5 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 256.75 m 430.5 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 258.75 m 430.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 245.75 m 430.5 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 243.75 m 430.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 256.75 m 494.5 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 258.75 m 494.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 245.75 m 494.5 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 243.75 m 494.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 256.75 m 558.5 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 258.75 m 558.5 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 245.75 m 558.5 245.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 243.75 m 558.5 243.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 214.75 m 430.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 214.75 m 494.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 214.75 m 558.5 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 190.75 m 430.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 190.75 m 494.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 190.75 m 558.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 138.75 m 430.5 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 138.75 m 494.5 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 138.75 m 558.5 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 125.75 m 430.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 138.75 m 494.5 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 125.75 m 494.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 138.75 m 558.5 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 125.75 m 558.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 113.75 m 430.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 111.75 m 430.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 125.75 m 494.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 113.75 m 494.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 111.75 m 494.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 125.75 m 558.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 113.75 m 558.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 111.75 m 558.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 100.75 m 430.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 98.75 m 430.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 100.75 m 494.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 98.75 m 494.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 100.75 m 558.5 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 98.75 m 558.5 98.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 679.70 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.05 679.83 Td (Years Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 668.70 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 392.00 668.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.95 668.83 Td (2015 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 469.95 672.46 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 515.95 668.83 Td (2014 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 533.95 672.46 Td (\(1\)) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 57 654.91259765625 m 151.1845703125 654.91259765625 l s q 0 0 0 rg BT 57.00 656.48 Td (Institutional Accounts) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 643.48 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 643.32 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 643.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 643.32 Td (26,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 643.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 643.32 Td (26,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 643.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 643.32 Td (22,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 629.32 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 629.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 629.32 Td (6,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 629.32 Td (3,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 629.32 Td (3,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 616.37 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 616.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 616.37 Td (\(2,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 616.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 616.37 Td (\(2,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 616.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 616.37 Td (\(4,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 616.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 604.32 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.50 604.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 604.32 Td (3,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 604.32 Td (1,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 604.37 Td (\(1,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 604.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 591.32 Td (Market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.50 591.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 591.32 Td (1,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 591.32 Td (863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 591.32 Td (5,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 578.32 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 578.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 578.37 Td (\(3,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 578.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 578.37 Td (\(2,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 578.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 578.37 Td (\(1,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 578.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 564.32 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 100.27 568.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 564.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 564.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 564.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 564.32 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 551.32 Td (Total increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 551.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 551.32 Td (2,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 551.37 Td (\(96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 551.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 551.32 Td (3,275) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 538.48 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 538.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 538.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 538.32 Td (28,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 538.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 538.32 Td (26,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 538.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 538.32 Td (26,201) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 525.48 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 525.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 525.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 525.32 Td (28,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 525.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 525.32 Td (25,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 525.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 525.32 Td (24,856) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 57 506.91259765625 m 128.416015625 506.91259765625 l s q 0 0 0 rg BT 57.00 508.48 Td (Open-end Funds) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 495.48 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 495.32 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 495.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 495.32 Td (17,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 495.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 495.32 Td (17,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 495.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 495.32 Td (14,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 482.37 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 482.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 482.37 Td (9,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 482.37 Td (7,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 482.37 Td (6,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 470.37 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 470.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 470.37 Td (\(6,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 470.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 470.37 Td (\(5,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 470.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 470.37 Td (\(5,701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 470.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 458.32 Td (Net inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 458.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 458.32 Td (2,799) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 458.32 Td (1,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 458.32 Td (937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 445.32 Td (Market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.50 445.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 445.32 Td (917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 445.32 Td (560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 445.32 Td (3,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 432.32 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 432.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 432.37 Td (\(1,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 432.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 432.37 Td (\(1,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 432.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 432.37 Td (\(910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 432.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 419.32 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 100.27 423.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 419.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 419.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 419.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 419.37 Td (\(113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 419.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 406.32 Td (Total increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.50 406.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 406.32 Td (2,116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 406.32 Td (329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 406.32 Td (3,115) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 393.48 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 393.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 393.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 393.32 Td (19,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 393.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 393.32 Td (17,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 393.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 393.32 Td (17,131) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 380.48 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 380.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 380.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 380.32 Td (19,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 380.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 380.32 Td (17,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 380.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 380.32 Td (16,097) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 57 361.91259765625 m 133.9677734375 361.91259765625 l s q 0 0 0 rg BT 57.00 363.48 Td (Closed-end Funds) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 350.48 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 350.32 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 350.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 350.32 Td (9,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 350.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 350.32 Td (9,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 350.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 350.32 Td (8,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 337.37 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 337.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 337.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 337.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 337.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 325.37 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 325.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.30 325.37 Td (\(88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 325.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 325.37 Td (\(53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 325.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 325.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 313.32 Td (Net outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 313.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.30 313.37 Td (\(88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 313.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 313.37 Td (\(53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 313.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 313.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 300.32 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.50 300.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 300.32 Td (554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 300.37 Td (\(206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 300.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 300.32 Td (1,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 287.32 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 287.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.30 287.37 Td (\(532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 287.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 287.37 Td (\(517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 287.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 287.37 Td (\(478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 287.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 274.32 Td (Total \(decrease\) increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 274.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.30 274.37 Td (\(66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 274.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 274.37 Td (\(776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 274.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 274.32 Td (840) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 261.48 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 261.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 261.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 261.32 Td (8,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 261.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 261.32 Td (9,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 261.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 261.32 Td (9,805) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 248.48 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 248.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 248.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 248.32 Td (9,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 248.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 248.32 Td (9,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 248.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 248.32 Td (9,680) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 57 229.91259765625 m 78.8603515625 229.91259765625 l s q 0 0 0 rg BT 57.00 231.48 Td (Total) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 218.48 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 218.32 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 218.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 218.32 Td (52,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 218.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 218.32 Td (53,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 218.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 218.32 Td (45,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 205.37 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 205.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 205.37 Td (16,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 205.37 Td (10,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 205.37 Td (9,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 193.37 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 193.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 193.37 Td (\(9,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 193.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 193.37 Td (\(8,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 193.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 193.37 Td (\(9,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 193.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 181.32 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.50 181.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 181.32 Td (6,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 181.32 Td (2,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 181.37 Td (\(109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 181.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 168.32 Td (Market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.50 168.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 168.32 Td (3,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 168.32 Td (1,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 168.32 Td (9,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 155.32 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 155.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 155.37 Td (\(5,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 155.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 155.37 Td (\(4,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 155.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 155.37 Td (\(2,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 155.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 142.32 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 100.27 146.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 142.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 142.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 142.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 142.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 129.32 Td (Total increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 129.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 129.32 Td (4,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 129.37 Td (\(543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 129.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 129.32 Td (7,230) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 116.48 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 116.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 116.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 116.32 Td (57,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 116.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 116.32 Td (52,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 116.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 116.32 Td (53,137) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 103.48 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 103.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 103.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 103.32 Td (56,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 103.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 103.32 Td (52,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 103.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 103.32 Td (50,633) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 90.65 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 79.85 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 79.85 Td (December 31, 2015 and 2014 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 69.05 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 69.05 Td (Represents transfer of assets under management not related to subscriptions, redemptions, market appreciation \(depreciation\) or ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 58.25 Td (distributions. ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 30.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 731.10 Td (The following table sets forth information about net flows, appreciation/\(depreciation\) and distributions of assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (management in institutional accounts by account type for the periods presented \(in millions\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 695.6 m 429.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 695.6 m 433.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 695.6 m 493.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 695.6 m 497.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 695.6 m 557.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 682.6 m 429.5 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 695.6 m 493.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 682.6 m 493.5 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 695.6 m 497.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 695.6 m 557.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 682.6 m 557.5 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 654.6 m 429.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 654.6 m 493.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 654.6 m 557.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 626.6 m 429.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 626.6 m 493.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 626.6 m 557.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 626.6 m 429.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 626.6 m 493.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 626.6 m 557.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 584.6 m 429.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 584.6 m 493.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 584.6 m 557.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 584.6 m 429.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 570.6 m 429.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 584.6 m 493.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 570.6 m 493.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 584.6 m 557.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 570.6 m 557.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 557.6 m 429.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 555.6 m 429.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 557.6 m 493.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 555.6 m 493.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 557.6 m 557.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 555.6 m 557.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 555.6 m 429.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 557.6 m 429.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 543.6 m 429.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 541.6 m 429.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 555.6 m 493.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 557.6 m 493.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 543.6 m 493.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 541.6 m 493.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 555.6 m 557.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 557.6 m 557.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 543.6 m 557.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 541.6 m 557.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 510.6 m 429.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 510.6 m 493.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 510.6 m 557.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 482.6 m 429.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 482.6 m 493.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 482.6 m 557.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 454.6 m 429.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 454.6 m 493.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 454.6 m 557.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 440.6 m 429.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 454.6 m 493.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 440.6 m 493.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 454.6 m 557.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.6 m 557.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 427.6 m 429.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 425.6 m 429.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 440.6 m 493.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 427.6 m 493.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 425.6 m 493.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.6 m 557.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 427.6 m 557.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 425.6 m 557.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 425.6 m 429.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 427.6 m 429.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 413.6 m 429.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 411.6 m 429.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 425.6 m 493.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 427.6 m 493.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 413.6 m 493.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 411.6 m 493.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 425.6 m 557.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 427.6 m 557.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 413.6 m 557.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 411.6 m 557.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 380.6 m 429.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 380.6 m 493.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 380.6 m 557.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 352.6 m 429.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 352.6 m 493.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 352.6 m 557.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 352.6 m 429.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 352.6 m 493.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 352.6 m 557.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 310.6 m 429.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 310.6 m 493.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 310.6 m 557.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 310.6 m 429.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 296.6 m 429.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 310.6 m 493.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 296.6 m 493.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 310.6 m 557.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 296.6 m 557.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 296.6 m 429.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 283.6 m 429.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 281.6 m 429.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 296.6 m 493.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 283.6 m 493.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 281.6 m 493.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 296.6 m 557.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 283.6 m 557.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 281.6 m 557.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 281.6 m 429.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 283.6 m 429.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 269.6 m 429.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 267.6 m 429.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 281.6 m 493.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 283.6 m 493.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 269.6 m 493.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 267.6 m 493.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 281.6 m 557.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 283.6 m 557.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 269.6 m 557.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 267.6 m 557.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 236.60000000000002 m 429.5 236.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 236.60000000000002 m 493.5 236.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 236.60000000000002 m 557.5 236.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 236.60000000000002 m 493.5 236.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 236.60000000000002 m 557.5 236.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 209.60000000000002 m 429.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 209.60000000000002 m 493.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 209.60000000000002 m 557.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 209.60000000000002 m 429.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 209.60000000000002 m 493.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 209.60000000000002 m 557.5 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 153.60000000000002 m 429.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 153.60000000000002 m 493.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 153.60000000000002 m 557.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 153.60000000000002 m 429.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 139.60000000000002 m 429.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 153.60000000000002 m 493.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 139.60000000000002 m 493.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 153.60000000000002 m 557.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 139.60000000000002 m 557.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 139.60000000000002 m 429.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 126.60000000000002 m 429.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 124.60000000000002 m 429.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 139.60000000000002 m 493.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 126.60000000000002 m 493.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 124.60000000000002 m 493.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 139.60000000000002 m 557.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 126.60000000000002 m 557.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 124.60000000000002 m 557.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 124.60000000000002 m 429.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 126.60000000000002 m 429.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 112.60000000000002 m 429.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 110.60000000000002 m 429.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 124.60000000000002 m 493.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 126.60000000000002 m 493.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 112.60000000000002 m 493.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 110.60000000000002 m 493.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 124.60000000000002 m 557.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 126.60000000000002 m 557.5 126.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 112.60000000000002 m 557.5 112.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 110.60000000000002 m 557.5 110.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 699.83 Td (Years Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 686.85 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 686.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 450.95 686.83 Td (2015 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 468.95 690.46 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.95 686.83 Td (2014 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 532.95 690.46 Td (\(1\)) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 56 671.7125976562501 m 137.9775390625 671.7125976562501 l s q 0 0 0 rg BT 56.00 673.28 Td (Japan Subadvisory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 673.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 659.33 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 659.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 659.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 659.17 Td (13,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 659.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 659.17 Td (13,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 659.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 659.17 Td (11,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 645.17 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 645.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 645.17 Td (3,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 645.17 Td (1,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 645.17 Td (1,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 631.17 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 631.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 631.22 Td (\(503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 631.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 631.22 Td (\(607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 631.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 631.22 Td (\(875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 631.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 617.17 Td (Net inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 617.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 617.17 Td (2,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 617.17 Td (1,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 617.17 Td (187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 603.17 Td (Market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 603.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 603.17 Td (818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 603.17 Td (709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 603.17 Td (3,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 589.17 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 589.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 589.22 Td (\(3,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 589.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 589.22 Td (\(2,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 589.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 589.22 Td (\(1,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 589.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 575.17 Td (Total increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 575.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 575.17 Td (587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 575.22 Td (\(265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 575.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 575.17 Td (2,334) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 561.33 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 561.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 561.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 561.17 Td (13,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 561.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 561.17 Td (13,112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 561.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 561.17 Td (13,377) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 547.33 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 547.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 547.17 Td (13,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 547.17 Td (12,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 547.17 Td (12,462) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 56 527.71259765625 m 183.8271484375 527.71259765625 l s q 0 0 0 rg BT 56.00 529.28 Td (Subadvisory Excluding Japan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.50 529.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 515.33 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 515.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 515.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 515.17 Td (5,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 515.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 515.17 Td (5,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 515.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 515.17 Td (5,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 501.17 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 501.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 501.17 Td (1,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 501.17 Td (1,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 501.17 Td (1,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 487.17 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 487.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 487.22 Td (\(919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 487.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 487.22 Td (\(1,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 487.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 487.22 Td (\(2,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 487.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 473.17 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 473.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 473.17 Td (111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 473.17 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 473.22 Td (\(995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 473.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 459.17 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 459.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 459.17 Td (353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 459.22 Td (\(73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 459.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 459.17 Td (825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 445.17 Td (Total increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 445.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 445.17 Td (464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 445.22 Td (\(52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 445.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 445.22 Td (\(170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 445.17 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 431.33 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 431.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 431.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 431.17 Td (5,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 431.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 431.17 Td (5,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 431.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 431.17 Td (5,480) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 417.33 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 417.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 417.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 417.17 Td (5,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 417.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 417.17 Td (5,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 417.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 417.17 Td (5,500) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 56 397.71259765625 m 94.8916015625 397.71259765625 l s q 0 0 0 rg BT 56.00 399.28 Td (Advisory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 399.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 385.33 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 385.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 385.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 385.17 Td (7,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 385.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 385.17 Td (7,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 385.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 385.17 Td (6,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 371.17 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 371.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 371.17 Td (2,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 371.17 Td (753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 371.17 Td (750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 357.17 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 357.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 357.22 Td (\(992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 357.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 357.22 Td (\(759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 357.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 357.22 Td (\(988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 357.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 343.17 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 343.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 343.17 Td (1,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 343.22 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 343.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 343.22 Td (\(238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 343.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 329.17 Td (Market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 329.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 329.17 Td (456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 329.17 Td (227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 329.17 Td (1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 315.17 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 99.27 319.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 315.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 315.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 315.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 315.17 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 301.17 Td (Total increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.50 301.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 301.17 Td (1,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 301.17 Td (221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 301.17 Td (1,111) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 287.33 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 287.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 287.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 287.17 Td (9,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 287.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 287.17 Td (7,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 287.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 287.17 Td (7,344) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 273.33 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 273.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 273.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 273.17 Td (8,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 273.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 273.17 Td (7,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 273.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 273.17 Td (6,894) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 56 253.71259765624995 m 174.544921875 253.71259765624995 l s q 0 0 0 rg BT 56.00 255.28 Td (Total Institutional Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 255.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 241.33 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 241.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 241.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 241.17 Td (26,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 241.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 241.17 Td (26,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 241.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 241.17 Td (22,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 227.17 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 227.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 227.17 Td (6,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 227.17 Td (3,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 227.17 Td (3,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 214.17 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 214.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 214.22 Td (\(2,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 214.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 214.22 Td (\(2,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 214.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 214.22 Td (\(4,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 214.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 200.17 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 200.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 200.17 Td (3,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 200.17 Td (1,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 200.22 Td (\(1,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 200.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 186.17 Td (Market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 186.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 186.17 Td (1,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 186.17 Td (863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 186.17 Td (5,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 172.17 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 172.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 172.22 Td (\(3,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 172.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 172.22 Td (\(2,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 172.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 172.22 Td (\(1,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 172.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 158.17 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 99.27 162.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 158.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 158.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 158.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 158.17 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 144.17 Td (Total increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 144.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 144.17 Td (2,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 144.22 Td (\(96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 144.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 144.17 Td (3,275) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 130.33 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 130.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 130.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 130.17 Td (28,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 130.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 130.17 Td (26,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 130.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 130.17 Td (26,201) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 116.33 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 116.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 116.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 116.17 Td (28,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 116.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 116.17 Td (25,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 116.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 116.17 Td (24,856) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 102.50 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 91.70 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 91.70 Td (December 31, 2015 and 2014 amounts have been reclassified to show distributions separately) Tj ET Q q 0 0 0 rg BT 408.58 91.70 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 80.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 80.90 Td (Represents transfer of assets under management not related to subscriptions, redemptions, market appreciation \(depreciation\) or ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 70.10 Td (distributions. ) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 30.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 731.10 Td (The following table sets forth information about net flows, appreciation/\(depreciation\) and distributions of assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (management by investment strategy for the periods presented \(in millions\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 695.6 m 429.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 695.6 m 433.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 695.6 m 493.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 695.6 m 497.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 695.6 m 557.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 682.6 m 429.5 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 695.6 m 493.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 682.6 m 493.5 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 695.6 m 497.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 695.6 m 557.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 682.6 m 557.5 682.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 655.6 m 429.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 655.6 m 493.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 655.6 m 557.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 627.6 m 429.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 627.6 m 493.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 627.6 m 557.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 627.6 m 429.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 627.6 m 493.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 627.6 m 557.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 572.6 m 429.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 572.6 m 493.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 572.6 m 557.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 572.6 m 429.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 559.6 m 429.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 572.6 m 493.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 559.6 m 493.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 572.6 m 557.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 559.6 m 557.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 546.6 m 429.5 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 544.6 m 429.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 546.6 m 493.5 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 544.6 m 493.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 546.6 m 557.5 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 544.6 m 557.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 544.6 m 429.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 546.6 m 429.5 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 532.6 m 429.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 530.6 m 429.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 544.6 m 493.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 546.6 m 493.5 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 532.6 m 493.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 530.6 m 493.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 544.6 m 557.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 546.6 m 557.5 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 532.6 m 557.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 530.6 m 557.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 501.6 m 429.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 501.6 m 493.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 501.6 m 557.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 475.6 m 429.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 475.6 m 493.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 475.6 m 557.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 475.6 m 429.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 475.6 m 493.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 475.6 m 557.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 436.6 m 429.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 436.6 m 493.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 436.6 m 557.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 436.6 m 429.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 423.6 m 429.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 436.6 m 493.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 423.6 m 493.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 436.6 m 557.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 423.6 m 557.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 423.6 m 429.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 411.6 m 429.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 409.6 m 429.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 423.6 m 493.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 411.6 m 493.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 409.6 m 493.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 423.6 m 557.5 423.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 411.6 m 557.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 409.6 m 557.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 398.6 m 429.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 396.6 m 429.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 398.6 m 493.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 396.6 m 493.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 409.6 m 557.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 411.6 m 557.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 398.6 m 557.5 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 396.6 m 557.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 365.6 m 429.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 365.6 m 493.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 365.6 m 557.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 337.6 m 429.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 337.6 m 493.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 337.6 m 557.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 337.6 m 429.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 337.6 m 493.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 337.6 m 557.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 282.6 m 429.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 282.6 m 493.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 282.6 m 557.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 282.6 m 429.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 269.6 m 429.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 282.6 m 493.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 269.6 m 493.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 282.6 m 557.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 269.6 m 557.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 269.6 m 429.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 256.6 m 429.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 254.60000000000002 m 429.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 269.6 m 493.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 256.6 m 493.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 254.60000000000002 m 493.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 269.6 m 557.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 256.6 m 557.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 254.60000000000002 m 557.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 254.60000000000002 m 429.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 256.6 m 429.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 242.60000000000002 m 429.5 242.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 240.60000000000002 m 429.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 254.60000000000002 m 493.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 256.6 m 493.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 242.60000000000002 m 493.5 242.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 240.60000000000002 m 493.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 254.60000000000002 m 557.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 256.6 m 557.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 242.60000000000002 m 557.5 242.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 240.60000000000002 m 557.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 210.60000000000002 m 429.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 210.60000000000002 m 493.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 210.60000000000002 m 557.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 184.60000000000002 m 429.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 184.60000000000002 m 493.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 184.60000000000002 m 557.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 184.60000000000002 m 429.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 184.60000000000002 m 493.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 184.60000000000002 m 557.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 144.60000000000002 m 429.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 144.60000000000002 m 493.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 144.60000000000002 m 557.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 144.60000000000002 m 429.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 131.60000000000002 m 429.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 144.60000000000002 m 493.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 131.60000000000002 m 493.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 144.60000000000002 m 557.5 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 131.60000000000002 m 557.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 131.60000000000002 m 429.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 119.60000000000002 m 429.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 117.60000000000002 m 429.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 131.60000000000002 m 493.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 119.60000000000002 m 493.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 117.60000000000002 m 493.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 131.60000000000002 m 557.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 119.60000000000002 m 557.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 117.60000000000002 m 557.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 105.60000000000002 m 429.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 103.60000000000002 m 429.5 103.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 105.60000000000002 m 493.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 103.60000000000002 m 493.5 103.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 105.60000000000002 m 557.5 105.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 103.60000000000002 m 557.5 103.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 699.83 Td (Years Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 686.85 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 686.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 450.95 686.83 Td (2015 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 468.95 690.46 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.95 686.83 Td (2014 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 532.95 690.46 Td (\(1\)) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 56 671.76259765625 m 124.8818359375 671.76259765625 l s q 0 0 0 rg BT 56.00 673.33 Td (U.S. Real Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 673.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 660.33 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 660.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 660.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 660.17 Td (27,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 660.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 660.17 Td (28,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 660.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 660.17 Td (23,116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 646.17 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 646.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 646.17 Td (7,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 646.17 Td (5,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 646.17 Td (3,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 632.17 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 632.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 632.22 Td (\(4,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 632.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 632.22 Td (\(3,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 632.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 632.22 Td (\(4,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 632.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 618.17 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 618.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 618.17 Td (3,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 618.17 Td (1,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 618.22 Td (\(282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 618.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 604.17 Td (Market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 604.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 604.17 Td (1,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 604.17 Td (1,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 604.17 Td (6,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 590.17 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 590.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 590.22 Td (\(4,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 590.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 590.22 Td (\(3,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 590.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 590.22 Td (\(1,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 590.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 576.17 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 99.27 580.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 576.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 576.22 Td (\(127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 576.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 576.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 576.17 Td (222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 563.17 Td (Total increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 563.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 563.17 Td (1,113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 563.22 Td (\(543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 563.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 563.17 Td (5,241) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 550.33 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 550.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 550.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 550.17 Td (28,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 550.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 550.17 Td (27,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 550.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 550.17 Td (28,357) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 536.33 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 536.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 536.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 536.17 Td (29,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 536.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 536.17 Td (27,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 536.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 536.17 Td (26,585) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 56 516.76259765625 m 141.4248046875 516.76259765625 l s q 0 0 0 rg BT 56.00 518.33 Td (Preferred Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 518.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 505.33 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 505.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 505.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 505.17 Td (7,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 505.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 505.17 Td (6,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 505.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 505.17 Td (4,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 492.17 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 492.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 492.17 Td (4,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 492.17 Td (3,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 492.17 Td (2,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 479.17 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 479.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 479.22 Td (\(2,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 479.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 479.22 Td (\(1,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 479.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 479.22 Td (\(1,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 479.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 466.17 Td (Net inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 466.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 466.17 Td (2,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 466.17 Td (1,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 466.17 Td (1,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 453.17 Td (Market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 453.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 453.17 Td (365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 453.17 Td (371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 453.17 Td (613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 440.17 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 440.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 440.22 Td (\(455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 440.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 440.22 Td (\(354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 440.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 440.22 Td (\(285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 440.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 427.17 Td (Total increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.50 427.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 427.17 Td (2,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 427.17 Td (1,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 427.17 Td (1,620) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 414.33 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 414.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 414.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 414.17 Td (9,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 414.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 414.17 Td (7,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 414.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 414.17 Td (6,342) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 401.33 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 401.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 401.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 401.17 Td (9,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 401.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 401.17 Td (6,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 401.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 401.17 Td (5,550) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 56 382.71259765625 m 195.443359375 382.71259765625 l s q 0 0 0 rg BT 56.00 384.28 Td (Global/International Real Estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 384.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 370.33 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 370.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 370.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 370.17 Td (9,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 370.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 370.17 Td (10,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 370.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 370.17 Td (9,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 356.17 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 356.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 356.17 Td (1,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 356.17 Td (1,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 356.17 Td (1,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 342.17 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 342.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 342.22 Td (\(1,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 342.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 342.22 Td (\(1,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 342.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 342.22 Td (\(2,244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 342.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 328.17 Td (Net outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 328.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 328.22 Td (\(271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 328.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 328.22 Td (\(883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 328.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 328.22 Td (\(459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 328.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 314.17 Td (Market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 314.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 314.17 Td (336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 314.17 Td (389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 314.17 Td (1,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 300.17 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 300.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 300.22 Td (\(265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 300.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 300.22 Td (\(214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 300.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 300.22 Td (\(221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 300.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 286.17 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 99.27 290.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 286.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 286.17 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 286.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 286.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 273.17 Td (Total \(decrease\) increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 273.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 273.22 Td (\(73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 273.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 273.22 Td (\(708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 273.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 273.17 Td (686) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 260.33 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 260.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 260.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 260.17 Td (9,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 260.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 260.17 Td (9,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 260.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 260.17 Td (10,184) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 246.33 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 246.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 246.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 246.17 Td (9,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 246.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 246.17 Td (9,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 246.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 246.17 Td (9,954) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 56 226.76259765625002 m 178.0361328125 226.76259765625002 l s q 0 0 0 rg BT 56.00 228.33 Td (Global Listed Infrastructure) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 228.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 215.33 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 215.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 215.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 215.17 Td (5,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 215.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 215.17 Td (5,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 215.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 215.17 Td (4,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 201.17 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 201.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 201.17 Td (732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 201.17 Td (918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 201.17 Td (1,051) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 188.17 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 188.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 188.22 Td (\(402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 188.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 188.22 Td (\(608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 188.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 188.22 Td (\(500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 188.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 175.17 Td (Net inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 175.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 175.17 Td (330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 175.17 Td (310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 175.17 Td (551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 162.17 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 162.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 162.17 Td (428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 162.22 Td (\(670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 162.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 162.17 Td (596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 148.17 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 148.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 148.22 Td (\(208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 148.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 148.22 Td (\(190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 148.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 148.22 Td (\(164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 148.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 135.17 Td (Total increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 135.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 135.17 Td (550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 135.22 Td (\(550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 135.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 135.17 Td (983) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 122.33 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 122.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 122.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 122.17 Td (5,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 122.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 122.17 Td (5,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 122.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 122.17 Td (5,697) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 109.33 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 109.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 109.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 109.17 Td (5,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 109.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 109.17 Td (5,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 109.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 109.17 Td (5,440) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 95.50 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 84.70 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 84.70 Td (December 31, 2015 and 2014 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 73.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 73.90 Td (Represents transfer of assets under management not related to subscriptions, redemptions, market appreciation \(depreciation\) or ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 63.10 Td (distributions. ) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 30.60 Td (19) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 724.5 m 429.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 724.5 m 433.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 724.5 m 493.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 724.5 m 497.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 724.5 m 557.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 711.5 m 429.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 724.5 m 493.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 711.5 m 493.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 724.5 m 497.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 724.5 m 557.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 711.5 m 557.5 711.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 683.5 m 429.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 683.5 m 493.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 683.5 m 557.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 655.5 m 429.5 655.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 655.5 m 493.5 655.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 655.5 m 557.5 655.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 655.5 m 429.5 655.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 655.5 m 493.5 655.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 655.5 m 557.5 655.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 599.5 m 429.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 599.5 m 493.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 599.5 m 557.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 599.5 m 429.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 585.5 m 429.5 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 599.5 m 493.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 585.5 m 493.5 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 599.5 m 557.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 585.5 m 557.5 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 585.5 m 429.5 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 572.5 m 429.5 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 570.5 m 429.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 585.5 m 493.5 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 572.5 m 493.5 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 570.5 m 493.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 585.5 m 557.5 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 572.5 m 557.5 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 570.5 m 557.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 558.5 m 429.5 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 556.5 m 429.5 556.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 558.5 m 493.5 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 556.5 m 493.5 556.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 558.5 m 557.5 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 556.5 m 557.5 556.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 525.5 m 429.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 525.5 m 493.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 525.5 m 557.5 525.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 497.5 m 429.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 497.5 m 493.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 497.5 m 557.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 497.5 m 429.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 497.5 m 493.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 497.5 m 557.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 441.5 m 429.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 441.5 m 493.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 441.5 m 557.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 441.5 m 429.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 427.5 m 429.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 441.5 m 493.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 427.5 m 493.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 441.5 m 557.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 427.5 m 557.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 427.5 m 429.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 414.5 m 429.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 412.5 m 429.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 427.5 m 493.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 414.5 m 493.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 412.5 m 493.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 427.5 m 557.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 414.5 m 557.5 414.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 412.5 m 557.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 400.5 m 429.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 398.5 m 429.5 398.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 400.5 m 493.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 398.5 m 493.5 398.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 400.5 m 557.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 398.5 m 557.5 398.5 l s BT /F6 9.00 Tf ET q 0 0 0 rg BT 56.00 728.90 Td (Assets Under Management By Investment Strategy - continued) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 728.73 Td (Years Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 715.75 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 715.73 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 450.95 715.73 Td (2015 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 468.95 719.36 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.95 715.73 Td (2014 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 532.95 719.36 Td (\(1\)) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 56 700.61259765625 m 81.45654296875 700.61259765625 l s q 0 0 0 rg BT 56.00 702.18 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.50 702.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 688.23 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 688.07 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 688.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 688.07 Td (2,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 688.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 688.07 Td (2,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 688.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 688.07 Td (3,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 674.07 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 674.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 674.07 Td (998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 674.07 Td (597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 674.07 Td (736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 660.07 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 660.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 660.12 Td (\(381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 660.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 660.12 Td (\(394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 660.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 660.12 Td (\(1,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 660.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 646.07 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 646.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 646.07 Td (617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 646.07 Td (203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 646.12 Td (\(1,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 646.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 632.07 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 632.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 632.07 Td (295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 632.12 Td (\(231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 632.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 632.07 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 618.07 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 618.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 618.12 Td (\(73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 618.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 618.12 Td (\(77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 618.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 618.12 Td (\(96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 618.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 604.07 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 99.27 608.60 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 604.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 604.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 604.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 604.12 Td (\(222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 604.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 590.07 Td (Total increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 590.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 590.07 Td (839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 590.12 Td (\(105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 590.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 590.12 Td (\(1,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 590.07 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 576.23 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 576.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 576.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 576.07 Td (3,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 576.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 576.07 Td (2,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 576.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 576.07 Td (2,557) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 562.23 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 562.07 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 562.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 562.07 Td (2,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 562.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 562.07 Td (2,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 562.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 562.07 Td (3,104) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 56 542.61259765625 m 77.8603515625 542.61259765625 l s q 0 0 0 rg BT 56.00 544.18 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 544.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 530.23 Td (Assets under management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 530.07 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 530.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 530.07 Td (52,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 530.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 530.07 Td (53,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 530.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 530.07 Td (45,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 516.07 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 516.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 516.07 Td (16,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 516.07 Td (10,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 516.07 Td (9,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 502.07 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 502.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 502.12 Td (\(9,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 502.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 502.12 Td (\(8,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 502.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 502.12 Td (\(9,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 502.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 488.07 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 488.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 488.07 Td (6,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 488.07 Td (2,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 488.12 Td (\(109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 488.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 474.07 Td (Market appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 474.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 474.07 Td (3,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 474.07 Td (1,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 474.07 Td (9,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 460.07 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 460.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 460.12 Td (\(5,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 460.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 460.12 Td (\(4,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 460.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 460.12 Td (\(2,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 460.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 446.07 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 99.27 450.60 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 446.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 446.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 446.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 446.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 432.07 Td (Total increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 432.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 432.07 Td (4,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 432.12 Td (\(543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 432.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 432.07 Td (7,230) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 418.23 Td (Assets under management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 418.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 418.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 418.07 Td (57,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 418.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 418.07 Td (52,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 418.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 418.07 Td (53,137) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 404.23 Td (Average assets under management for period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 404.07 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 404.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 404.07 Td (56,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 404.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 404.07 Td (52,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 404.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 404.07 Td (50,633) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 390.40 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 379.60 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 379.60 Td (December 31, 2015 and 2014 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 368.80 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 368.80 Td (Represents transfer of assets under management not related to subscriptions, redemptions, market appreciation \(depreciation\) or ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 358.00 Td (distributions. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 332.00 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 315.00 Td (Assets under management were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.40 315.00 Td ($57.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.51 315.00 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.73 315.00 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.31 315.00 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.34 315.00 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.67 315.00 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.10 315.00 Td ($52.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.22 315.00 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 303.00 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 303.00 Td ( and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.04 303.00 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.38 303.00 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.81 303.00 Td ($53.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.93 303.00 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.14 303.00 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.73 303.00 Td (. ) Tj ET Q q 0 0 0 rg BT 394.55 303.00 Td (The increase in assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 291.00 Td (management during 2016 was due to net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.01 291.00 Td ($6.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.13 291.00 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.58 291.00 Td ($3.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.69 291.00 Td (, partially of) Tj ET Q q 0 0 0 rg BT 515.66 291.00 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.00 Td (distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.33 279.00 Td ($5.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.45 279.00 Td (. Net inflows in 2016 included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.60 279.00 Td ($3.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.71 279.00 Td ( into U.S. real estate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.24 279.00 Td ($2.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 279.00 Td ( into preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.00 Td (securities. Market appreciation in 2016 included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.77 267.00 Td ($1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.88 267.00 Td ( from U.S. real estate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.86 267.00 Td ($428 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.25 267.00 Td ( from global listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.00 Td (infrastructure and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.30 255.00 Td ($365 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.69 255.00 Td ( from preferred securities. Distributions in 2016 included $4.2 billion from U.S. real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 234.00 Td (The decrease in assets under management during 2015 was due to distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.64 234.00 Td ($4.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.75 234.00 Td (, partially of) Tj ET Q q 0 0 0 rg BT 502.72 234.00 Td (fset by net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 222.00 Td (inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.33 222.00 Td ($2.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.44 222.00 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.89 222.00 Td ($1.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.01 222.00 Td (. Net inflows in 2015 included $1.7 billion into U.S. real estate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 210.00 Td ($1.3 billion into preferred securities and $310 million into global listed infrastructure, partially of) Tj ET Q q 0 0 0 rg BT 443.45 210.00 Td (fset by net outflows of $883 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 198.00 Td (million from global/international real estate. Market appreciation in 2015 included $1.4 billion from U.S. real estate and $389 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.00 Td (million from global/international real estate, partially of) Tj ET Q q 0 0 0 rg BT 277.36 186.00 Td (fset by market depreciation of $670 million from global listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.00 Td (infrastructure. Distributions in 2015 included $3.6 billion from U.S. real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 153.00 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 153.00 Td ( majority of our revenue, approximately 91%, 92% and 93% for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.42 153.00 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.42 153.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 141.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.66 141.00 Td (, was derived from investment advisory and administrative fees for providing asset management services to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 129.00 Td (institutional accounts as well as open-end funds and closed-end funds sponsored by the Company) Tj ET Q q 0 0 0 rg BT 443.55 129.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 108.00 Td (A) Tj ET Q q 0 0 0 rg BT 82.98 108.00 Td (verage assets under management were $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.74 108.00 Td (56.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.85 108.00 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.32 108.00 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.90 108.00 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.92 108.00 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.25 108.00 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 96.00 Td ($52.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.11 96.00 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.57 96.00 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.16 96.00 Td ( and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.62 96.00 Td (1) Tj ET Q q 0 0 0 rg BT 343.25 96.00 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.58 96.00 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.02 96.00 Td ($50.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.13 96.00 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 84.00 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 84.00 Td (.) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 30.60 Td (20) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 731.10 Td (Institutional accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 714.10 Td (Assets under management in institutional accounts, which represented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.04 714.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.37 714.10 Td ( of total assets under management, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 702.10 Td ($28.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.11 702.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.33 702.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.91 702.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.12 702.10 Td ($26.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.23 702.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 702.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.03 702.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.47 702.10 Td ($26.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.58 702.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.80 702.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 690.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 690.10 Td (. ) Tj ET Q q 0 0 0 rg BT 78.82 690.10 Td (The increase in institutional assets under management during 2016 was due to net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.79 690.10 Td ($4.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.90 690.10 Td ( and market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 678.10 Td (appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.75 678.10 Td ($1.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.86 678.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 211.83 678.10 Td (fset by distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.61 678.10 Td ($3.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.72 678.10 Td (. Net inflows in 2016 included $2.4 billion into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 666.10 Td (U.S. real estate, $775 million into real assets multi-strategy \(included in "Other" in the table above\) and $428 million into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 654.10 Td (preferred securities. Market appreciation in 2016 included $924 million from U.S. real estate, $306 million from global/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 642.10 Td (international real estate and $167 million from global listed infrastructure. Distributions in 2016 included $3.0 billion from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 630.10 Td (U.S. real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 613.10 Td (The decrease in assets under management during 2015 was due to distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.14 613.10 Td ($2.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.25 613.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 501.22 613.10 Td (fset by net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 601.10 Td (inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.33 601.10 Td ($1.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.44 601.10 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.89 601.10 Td ($863 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.29 601.10 Td (. Net inflows in 2015 included $1.3 billion from U.S. real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 589.10 Td (estate. Market appreciation in 2015 included $815 million from U.S. real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 568.10 Td (A) Tj ET Q q 0 0 0 rg BT 82.98 568.10 Td (verage assets under management for institutional accounts were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.67 568.10 Td ($28.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.78 568.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.24 568.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.82 568.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 556.10 Td (an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.02 556.10 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.35 556.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.79 556.10 Td ($25.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.90 556.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.37 556.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.95 556.10 Td ( and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.41 556.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.74 556.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.18 556.10 Td ($24.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.29 556.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 544.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 544.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.67 544.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 523.10 Td (Assets under management in Japan subadvised accounts, which represented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.96 523.10 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.29 523.10 Td ( of institutional assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 511.10 Td (management, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.02 511.10 Td ($13.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.13 511.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.35 511.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.93 511.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.13 511.10 Td ($13.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.25 511.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.46 511.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.05 511.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.49 511.10 Td ($13.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.60 511.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 499.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.72 499.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.30 499.10 Td (. ) Tj ET Q q 0 0 0 rg BT 147.12 499.10 Td (The increase in Japan subadvised assets under management during 2016 was due to net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.10 Td ($2.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.11 487.10 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.56 487.10 Td ($818 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.96 487.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 312.93 487.10 Td (fset by distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.70 487.10 Td ($3.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.81 487.10 Td (, all of which were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.10 Td (primarily from U.S. real estate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 454.10 Td (The decrease in assets under management during 2015 was due to distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.14 454.10 Td ($2.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.25 454.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 501.22 454.10 Td (fset by net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 442.10 Td (inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.33 442.10 Td ($1.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.44 442.10 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.89 442.10 Td ($709 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.29 442.10 Td (, all of which were primarily from U.S. real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 421.10 Td (A) Tj ET Q q 0 0 0 rg BT 84.48 421.10 Td (verage assets under management for Japan subadvised accounts were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.09 421.10 Td ($13.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.21 421.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.67 421.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 409.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 409.10 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.02 409.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.35 409.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.79 409.10 Td ($13.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.90 409.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.37 409.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.95 409.10 Td (, and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.91 409.10 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.24 409.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.68 409.10 Td ($12.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.79 409.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 397.10 Td (for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.96 397.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.54 397.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 376.10 Td (Assets under management in institutional subadvised accounts excluding Japan, which represented 21% of institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 364.10 Td (assets under management, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.12 364.10 Td ($5.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.23 364.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.45 364.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.03 364.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.23 364.10 Td ($5.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.35 364.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.56 364.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 364.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 352.10 Td ($5.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.11 352.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.33 352.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.91 352.10 Td (. ) Tj ET Q q 0 0 0 rg BT 195.73 352.10 Td (The increase in assets under management during 2016 was due to net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.42 352.10 Td ($1) Tj ET Q q 0 0 0 rg BT 528.05 352.10 Td (1) Tj ET Q q 0 0 0 rg BT 532.68 352.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 340.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 340.10 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.34 340.10 Td ($353 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.73 340.10 Td (. Net inflows in 2016 included $201 million from global/international real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 328.10 Td (estate, and $106 million from global listed infrastructure, partially of) Tj ET Q q 0 0 0 rg BT 329.02 328.10 Td (fset by net outflows of $140 million from U.S. real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 316.10 Td (estate. Market appreciation in 2016 included $91 million from global/international real estate, $77 million from global listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 304.10 Td (infrastructure, $69 million from lar) Tj ET Q q 0 0 0 rg BT 194.06 304.10 Td (ge cap value and $63 million from commodities \(both of which are included in "Other" in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 292.10 Td (the table above\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 271.10 Td (The decrease in assets under management during 2015 was due to market depreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.82 271.10 Td ($73 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.21 271.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 531.18 271.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 259.10 Td (by net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.55 259.10 Td ($21 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.94 259.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 238.10 Td (A) Tj ET Q q 0 0 0 rg BT 84.48 238.10 Td (verage assets under management for institutional subadvised accounts excluding Japan were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.31 238.10 Td ($6.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.42 238.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 226.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 226.10 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.98 226.10 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.31 226.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.75 226.10 Td ($5.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.87 226.10 Td ( for each of the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.86 226.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.45 226.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 214.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 214.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 193.10 Td (Assets under management in institutional advised accounts, which represented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.08 193.10 Td (32%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.41 193.10 Td ( of institutional assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.10 Td (management, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.02 181.10 Td ($9.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.13 181.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.35 181.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.93 181.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.13 181.10 Td ($7.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.25 181.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.46 181.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.05 181.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.49 181.10 Td ($7.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.60 181.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 169.10 Td (. ) Tj ET Q q 0 0 0 rg BT 137.40 169.10 Td (The increase in assets under management during 2016 was due to net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.09 169.10 Td ($1.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.21 169.10 Td ( and market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.10 Td (appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.75 157.10 Td ($456 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.14 157.10 Td (. Net inflows in 2016 included $775 million into real assets multi-strategy \(included in "Other" in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.10 Td (the table above\) and $321 million into global listed infrastructure. Market appreciation included $265 million from global/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.10 Td (international real estate and $79 million from global listed infrastructure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 112.10 Td (The increase in assets under management during 2015 was primarily due to market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.87 112.10 Td ($227 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.26 112.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 91.10 Td (A) Tj ET Q q 0 0 0 rg BT 84.48 91.10 Td (verage assets under management for institutional advised accounts were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.21 91.10 Td ($8.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.33 91.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.79 91.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 79.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 79.10 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.02 79.10 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.35 79.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.79 79.10 Td ($7.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.90 79.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.37 79.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.95 79.10 Td (, and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.91 79.10 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.24 79.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.68 79.10 Td ($6.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.79 79.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 67.10 Td (for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.96 67.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.54 67.10 Td (.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 30.60 Td (21) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 731.10 Td (Open-end funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 714.10 Td (Assets under management in open-end funds, which represented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.70 714.10 Td (34%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.03 714.10 Td ( of total assets under management, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.75 714.10 Td ($19.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 702.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.11 702.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.33 702.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.91 702.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.12 702.10 Td ($17.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.23 702.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.45 702.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.03 702.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.47 702.10 Td ($17.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.58 702.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 702.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.38 702.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 690.10 Td (The increase in assets under management during 2016 was due to net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.69 690.10 Td ($2.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.80 690.10 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.25 690.10 Td ($917 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 678.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 678.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 131.86 678.10 Td (fset by distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.63 678.10 Td ($1.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.75 678.10 Td (. Net inflows in 2016 included $1.8 billion into preferred securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 666.10 Td ($1.3 billion into U.S. real estate, partially of) Tj ET Q q 0 0 0 rg BT 230.17 666.10 Td (fset by net outflows of $383 million from global/international real estate. Market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 654.10 Td (appreciation in 2016 included $594 million from U.S. real estate and $216 million from preferred securities. Distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 642.10 Td (included $1.2 billion from U.S. real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 621.10 Td (The increase in assets under management during 2015 was due to net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.19 621.10 Td ($1.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 621.10 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 609.10 Td ($560 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.39 609.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 154.36 609.10 Td (fset by distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.13 609.10 Td ($1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.25 609.10 Td (. Net inflows in 2015 included $1.6 billion into preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 597.10 Td (securities and $421 million into U.S. real estate, partially of) Tj ET Q q 0 0 0 rg BT 292.65 597.10 Td (fset by net outflows of $496 million from global/international real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.10 Td (estate strategies. Market appreciation in 2015 included $395 million from U.S. real estate and $212 million from preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.10 Td (securities, partially of) Tj ET Q q 0 0 0 rg BT 140.73 573.10 Td (fset by market deprecation of $61 million from global listed infrastructure. Distributions were primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 561.10 Td (from U.S. real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 540.10 Td (A) Tj ET Q q 0 0 0 rg BT 84.48 540.10 Td (verage assets under management for open-end funds were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.83 540.10 Td ($19.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.94 540.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.40 540.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.99 540.10 Td (, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 528.10 Td (increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 528.10 Td (1) Tj ET Q q 0 0 0 rg BT 104.71 528.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.04 528.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.48 528.10 Td ($17.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.59 528.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.06 528.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.64 528.10 Td ( and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.10 528.10 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.43 528.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.87 528.10 Td ($16.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.98 528.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 516.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 516.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.67 516.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 490.10 Td (Closed-end funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 473.10 Td (Assets under management in closed-end funds, which represented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.81 473.10 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.14 473.10 Td ( of total assets under management, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.86 473.10 Td ($9.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.11 461.10 Td ( at both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.61 461.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.19 461.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.63 461.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.21 461.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.42 461.10 Td ($9.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.53 461.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 461.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.33 461.10 Td (. ) Tj ET Q q 0 0 0 rg BT 498.15 461.10 Td (The decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (in assets under management during 2015 was primarily due to distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.39 449.10 Td ($517 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.78 449.10 Td ( and market depreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.23 449.10 Td ($206 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 437.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 416.10 Td (A) Tj ET Q q 0 0 0 rg BT 82.98 416.10 Td (verage assets under management for closed-end funds were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.44 416.10 Td ($9.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.55 416.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.01 416.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.60 416.10 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 404.10 Td (decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.74 404.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.07 404.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.51 404.10 Td ($9.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.63 404.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.09 404.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.67 404.10 Td ( and a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.79 404.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.12 404.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.56 404.10 Td ($9.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.67 404.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 392.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 392.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 392.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (Investment Performance as of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 184.52 371.10 Td (December) Tj ET Q q 0 0 0 rg BT 227.64 371.10 Td (31, 2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 265.14 371.10 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 360.6 m 54.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 360.6 m 348.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 360.6 m 348.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 360.6 m 418.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 360.6 m 488.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 360.6 m 558.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 360.6 m 558.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 347.6 m 54.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 347.6 m 348.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 347.6 m 348.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 347.6 m 418.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 347.6 m 418.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 347.6 m 488.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 347.6 m 488.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 347.6 m 558.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 347.6 m 558.5 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 326.6 m 54.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 326.6 m 348.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 326.6 m 348.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 326.6 m 418.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 326.6 m 418.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 326.6 m 488.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 326.6 m 488.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 326.6 m 558.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 326.6 m 558.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 311.6 m 54.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 311.6 m 348.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 311.6 m 348.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 311.6 m 418.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 311.6 m 418.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 311.6 m 488.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 311.6 m 488.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 311.6 m 558.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 311.6 m 558.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 296.6 m 54.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 296.6 m 348.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 296.6 m 348.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 296.6 m 418.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 296.6 m 418.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 296.6 m 488.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 296.6 m 488.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 296.6 m 558.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 296.6 m 558.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 281.6 m 54.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 281.6 m 348.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 266.6 m 348.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 281.6 m 348.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 281.6 m 418.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 266.6 m 418.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 281.6 m 418.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 281.6 m 488.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 266.6 m 488.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 281.6 m 488.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 558.5 281.6 m 558.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 281.6 m 558.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 266.6 m 558.5 266.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 371.15 351.83 Td (% of ) Tj ET Q q 0 0 0 rg BT 389.67 351.83 Td (T) Tj ET Q q 0 0 0 rg BT 394.27 351.83 Td (otal ) Tj ET Q q 0 0 0 rg BT 408.72 351.83 Td (AUM in Outperforming Strategies ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 528.70 355.46 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 359.75 338.83 Td (December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 375.00 330.83 Td (2014) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 429.75 338.83 Td (December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 445.00 330.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 499.75 338.83 Td (December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 515.00 330.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 316.27 Td (1-Year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.80 316.27 Td (95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 316.27 Td (88%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 316.27 Td (44%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 301.27 Td (3-Year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.80 301.27 Td (76%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.30 301.27 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 301.27 Td (96%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 286.27 Td (5-Year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.80 286.27 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 286.27 Td (76%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 286.27 Td (76%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 271.27 Td (10-Year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.80 271.27 Td (61%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.30 271.27 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.80 271.27 Td (95%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 30.60 Td (22) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 737.5 m 53.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 737.5 m 221.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 737.5 m 389.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 557.5 737.5 m 557.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 737.5 m 557.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 724.5 m 53.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 724.5 m 221.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 724.5 m 221.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 724.5 m 389.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 724.5 m 389.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 557.5 724.5 m 557.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 724.5 m 557.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 709.5 m 53.5 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 709.5 m 221.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 709.5 m 221.5 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 709.5 m 389.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 709.5 m 389.5 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 557.5 709.5 m 557.5 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 709.5 m 557.5 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 674.5 m 53.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 674.5 m 221.5 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 674.5 m 221.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 674.5 m 389.5 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 674.5 m 389.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 557.5 674.5 m 557.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 674.5 m 557.5 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 659.5 m 53.5 624.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 659.5 m 221.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 624.5 m 221.5 624.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 659.5 m 221.5 624.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 659.5 m 389.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 624.5 m 389.5 624.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 659.5 m 389.5 624.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 557.5 659.5 m 557.5 624.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 659.5 m 557.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 624.5 m 557.5 624.5 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 162.00 728.73 Td (% of U.S. Open-End Fund ) Tj ET Q q 0 0 0 rg BT 254.25 728.73 Td (AUM by Morningstar) Tj ET Q q 0 0 0 rg BT 329.21 728.73 Td ( Rating ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 356.33 732.36 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 362.39 728.73 Td (,) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 364.39 732.36 Td ( ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.69 728.73 Td (as of December) Tj ET Q q 0 0 0 rg BT 417.97 728.73 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.55 714.17 Td (Not Rated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 714.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 714.17 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 679.17 Td (1 or 2 Star) Tj ET Q /GS0 gs q 8.91 0 0 10.76 300.50 697.04 cm /I18 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.80 689.87 Td (or) Tj ET Q /GS0 gs q 8.91 0 0 10.76 296.05 677.04 cm /I19 Do Q /GS0 gs q 8.91 0 0 10.76 304.96 677.04 cm /I20 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 679.17 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.15 664.17 Td (3 Star) Tj ET Q /GS0 gs q 26.73 0 0 9.76 291.60 662.04 cm /I21 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 664.17 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.00 629.17 Td (4 or 5 Star) Tj ET Q /GS0 gs q 8.91 0 0 10.76 287.15 647.04 cm /I22 Do Q /GS0 gs q 8.91 0 0 10.76 296.06 647.04 cm /I23 Do Q /GS0 gs q 8.91 0 0 10.76 304.97 647.04 cm /I24 Do Q /GS0 gs q 8.91 0 0 10.76 313.88 647.04 cm /I25 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.80 639.87 Td (or) Tj ET Q /GS0 gs q 8.91 0 0 10.76 282.70 627.04 cm /I26 Do Q /GS0 gs q 8.91 0 0 10.76 291.61 627.04 cm /I27 Do Q /GS0 gs q 8.91 0 0 10.76 300.52 627.04 cm /I28 Do Q /GS0 gs q 8.91 0 0 10.76 309.43 627.04 cm /I29 Do Q /GS0 gs q 8.91 0 0 10.76 318.34 627.04 cm /I30 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 629.17 Td (88%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.00 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 597.20 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 597.20 Td (Past performance of investment strategies is no guarantee of future results. Outperformance determined by annualized investment ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 586.40 Td (performance of all accounts in each investment strategy measured gross of fees and net of withholding taxes in comparison to ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 575.60 Td (performance of each account) Tj ET Q q 0 0 0 rg BT 178.69 575.60 Td (s reference benchmark measured net of withholding taxes, where applicable. ) Tj ET Q q 0 0 0 rg BT 456.41 575.60 Td (This is not investment ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 564.80 Td (advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 554.00 Td (Steers.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 543.20 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 543.20 Td (Past performance is no guarantee of future results. Based on independent ratings by Morningstar) Tj ET Q q 0 0 0 rg BT 419.04 543.20 Td (, Inc. of investment performance of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 532.40 Td (each Cohen & Steers-sponsored open-end U.S. registered mutual fund for the overall period as of December 31, 2016. ) Tj ET Q q 0 0 0 rg BT 500.21 532.40 Td (This is not ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 521.60 Td (investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 510.80 Td (by Cohen & Steers.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 489.20 Td ( 2017 Morningstar) Tj ET Q q 0 0 0 rg BT 145.47 489.20 Td (, Inc. ) Tj ET Q q 0 0 0 rg BT 165.47 489.20 Td (All Rights Reserved. ) Tj ET Q q 0 0 0 rg BT 242.80 489.20 Td (The information contained in the table above: \(1\) is proprietary to Morningstar and/or ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 478.40 Td (its content providers; \(2\) may not be copied or distributed; and \(3\) is not warranted to be accurate, complete, or timely) Tj ET Q q 0 0 0 rg BT 496.78 478.40 Td (. Neither ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 467.60 Td (Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 456.80 Td (calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance \(including ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 446.00 Td (the ef) Tj ET Q q 0 0 0 rg BT 92.07 446.00 Td (fects of sales char) Tj ET Q q 0 0 0 rg BT 156.13 446.00 Td (ges, loads, and redemption fees\), placing more emphasis on downward variations and rewarding consistent ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 435.20 Td (performance. ) Tj ET Q q 0 0 0 rg BT 121.81 435.20 Td (The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 424.40 Td (stars, the next 22.5% receive two stars and the bottom 10% receive one star) Tj ET Q q 0 0 0 rg BT 343.16 424.40 Td (. Based on independent ratings by Morningstar) Tj ET Q q 0 0 0 rg BT 511.52 424.40 Td (, Inc. of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 413.60 Td (investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 402.80 Td (period as of December 31, 2016. Overall Morningstar rating is a weighted average based on the 3-year) Tj ET Q q 0 0 0 rg BT 441.01 402.80 Td (, 5-year and 10-year ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 392.00 Td (Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately) Tj ET Q q 0 0 0 rg BT 466.53 392.00 Td (, which may cause slight ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 381.20 Td (variations in the distribution percentages. ) Tj ET Q q 0 0 0 rg BT 222.80 381.20 Td (This is not investment advice and may not be construed as sales or marketing material for ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 370.40 Td (any financial product or service sponsored or provided by Cohen & Steers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 343.40 Td (Results of Operations) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 319.9 m 429.5 319.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 319.9 m 433.5 319.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 319.9 m 493.5 319.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 319.9 m 497.5 319.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 319.9 m 557.5 319.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 319.9 m 429.5 319.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 306.9 m 429.5 306.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 319.9 m 493.5 319.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 306.9 m 493.5 306.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 319.9 m 557.5 319.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 306.9 m 557.5 306.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 306.9 m 557.5 306.9 l s BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.00 324.15 Td (\(in thousands, except per share data and percentages\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 324.13 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 311.13 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 311.13 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 311.13 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 297.63 Td (U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 284.47 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 284.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 284.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 284.47 Td (349,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 284.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 284.47 Td (328,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 284.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.15 284.47 Td (313,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 271.47 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 271.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 271.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 271.47 Td (214,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 271.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 271.47 Td (201,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 271.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.15 271.47 Td (191,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 258.47 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 258.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 258.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 258.47 Td (135,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 258.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 258.47 Td (127,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 258.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.15 258.47 Td (121,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 245.47 Td (Operating margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 245.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 245.47 Td (38.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 245.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 245.47 Td (38.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 245.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 245.47 Td (38.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 245.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 232.47 Td (Non-operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 232.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 232.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 232.47 Td (7,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 232.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 232.52 Td (\(14,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 232.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 232.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 232.47 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 219.47 Td (Net income attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 219.47 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 219.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 219.47 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 219.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 219.47 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 219.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 219.47 Td (75,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 206.47 Td (Diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.50 206.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 206.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 206.47 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 206.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 206.47 Td (1.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 206.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 206.47 Td (1.65) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 189.63 Td (As ) Tj ET Q q 0 0 0 rg BT 69.06 189.63 Td (Adjusted ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 110.46 194.16 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 176.47 Td (Net income attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 176.47 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 176.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 176.47 Td (86,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 176.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 176.47 Td (78,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 176.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 176.47 Td (75,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 163.47 Td (Diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.50 163.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 163.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 163.47 Td (1.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 163.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 163.47 Td (1.71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 163.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 163.47 Td (1.66) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 148.40 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 137.60 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 137.60 Td (The as adjusted financial measures represent non-GAAP) Tj ET Q q 0 0 0 rg BT 275.60 137.60 Td ( financial measures. Please refer to the Non-GAAP) Tj ET Q q 0 0 0 rg BT 463.20 137.60 Td ( Reconciliations on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 126.80 Td (pages 26-27 for a reconciliation to the most directly comparable U.S. GAAP) Tj ET Q q 0 0 0 rg BT 347.34 126.80 Td ( financial measures.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (23) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 54 729.68505859375 m 102.33740234375 729.68505859375 l s q 0 0 0 rg BT 54.00 731.25 Td (U.S. GAAP) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (2016 Compar) Tj ET Q q 0 0 0 rg BT 111.87 707.25 Td (ed with 2015) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 686.25 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 669.25 Td (Revenue increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.24 669.25 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.57 669.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.35 669.25 Td ($349.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.24 669.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.70 669.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.28 669.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.72 669.25 Td ($328.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.61 669.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 657.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 657.25 Td (. ) Tj ET Q q 0 0 0 rg BT 137.40 657.25 Td (This increase was primarily attributable to higher investment advisory and administration fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.02 657.25 Td ($15.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 645.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 645.25 Td (, primarily resulting from higher average assets under management in institutional accounts and open-end funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 624.25 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.69 624.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 624.25 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 607.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 607.25 Td (T) Tj ET Q q 0 0 0 rg BT 113.41 607.25 Td (otal investment advisory revenue from institutional accounts increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.33 607.25 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.66 607.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.44 607.25 Td ($93.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.33 607.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.77 607.25 Td ($85.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.66 607.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 595.25 Td (for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.96 595.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.54 595.25 Td (. ) Tj ET Q q 0 0 0 rg BT 266.36 595.25 Td (T) Tj ET Q q 0 0 0 rg BT 271.77 595.25 Td (otal investment advisory revenue compared with average assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 583.25 Td (management in institutional accounts implied an annual ef) Tj ET Q q 0 0 0 rg BT 341.36 583.25 Td (fective fee rate of 33 bps for both the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 571.25 Td (December 31, 2016 and 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 554.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 554.25 Td (T) Tj ET Q q 0 0 0 rg BT 113.41 554.25 Td (otal investment advisory and administration revenue from open-end funds increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.20 554.25 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.53 554.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.31 554.25 Td ($149.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.20 554.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 542.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.94 542.25 Td ($136.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.83 542.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.29 542.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.88 542.25 Td (. ) Tj ET Q q 0 0 0 rg BT 349.69 542.25 Td (T) Tj ET Q q 0 0 0 rg BT 355.10 542.25 Td (otal investment advisory and administration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 530.25 Td (revenue compared with average assets under management in open-end funds implied an annual ef) Tj ET Q q 0 0 0 rg BT 499.06 530.25 Td (fective fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 518.25 Td (rate of 78 bps and 79 bps for the years ended December 31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 460.57 518.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 501.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 501.25 Td (T) Tj ET Q q 0 0 0 rg BT 113.41 501.25 Td (otal investment advisory and administration revenue from closed-end funds decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.97 501.25 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 501.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.08 501.25 Td ($76.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.97 501.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 489.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.94 489.25 Td ($81.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.83 489.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.29 489.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.88 489.25 Td (. ) Tj ET Q q 0 0 0 rg BT 344.69 489.25 Td (T) Tj ET Q q 0 0 0 rg BT 350.10 489.25 Td (otal investment advisory and administration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 477.25 Td (revenue compared with average assets under management in closed-end funds implied an annual ef) Tj ET Q q 0 0 0 rg BT 505.17 477.25 Td (fective fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 465.25 Td (rate of 84 bps and 85 bps for the years ended December 31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 460.57 465.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 444.25 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 427.25 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 427.25 Td (otal operating expenses increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.52 427.25 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.85 427.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.63 427.25 Td ($214.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.52 427.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.98 427.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.57 427.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 427.25 Td ($201.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.90 427.25 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.25 Td (the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.80 415.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.38 415.25 Td (, primarily due to increases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.29 415.25 Td ($7.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.18 415.25 Td ( in employee compensation and benefits, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.97 415.25 Td ($3.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 403.25 Td ( in distribution and service fee expenses, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.78 403.25 Td ($705,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.28 403.25 Td ( in general and administrative expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 382.25 Td (Employee compensation and benefits increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.93 382.25 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.26 382.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.04 382.25 Td ($1) Tj ET Q q 0 0 0 rg BT 304.67 382.25 Td (15.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.56 382.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.02 382.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.61 382.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.25 Td ($107.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.89 370.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.35 370.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.94 370.25 Td (. ) Tj ET Q q 0 0 0 rg BT 273.76 370.25 Td (This increase was primarily due to increases in incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 358.25 Td (compensation of approximately $4.0 million, salaries of approximately $2.9 million, and higher production compensation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.25 Td (approximately $1.4 million, partially of) Tj ET Q q 0 0 0 rg BT 212.12 346.25 Td (fset by lower amortization of restricted stock units of approximately $384,000.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 325.25 Td (Distribution and service fee expenses increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 325.25 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.98 325.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.76 325.25 Td ($39.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 325.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.11 325.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.69 325.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.13 325.25 Td ($36.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 313.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 313.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.35 313.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.94 313.25 Td (. ) Tj ET Q q 0 0 0 rg BT 243.76 313.25 Td (The increase was primarily due to higher average assets under management in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 301.25 Td (U.S. no-load open-end funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 280.25 Td (General and administrative expenses increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.64 280.25 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.97 280.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.75 280.25 Td ($51.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.64 280.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.10 280.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.69 280.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.13 280.25 Td ($50.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 268.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 268.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.35 268.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.94 268.25 Td (. ) Tj ET Q q 0 0 0 rg BT 243.76 268.25 Td (The increase was primarily due to higher information technology expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 256.25 Td (approximately $719,000, professional fees of approximately $592,000, and rent and occupancy costs of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 244.25 Td ($305,000, partially of) Tj ET Q q 0 0 0 rg BT 140.47 244.25 Td (fset by lower hosted conferences of approximately $528,000 and travel and entertainment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 232.25 Td (approximately $415,000.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 211.25 Td (Operating Mar) Tj ET Q q 0 0 0 rg BT 126.46 211.25 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 194.25 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 135.85 194.25 Td (gin for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.09 194.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.67 194.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.23 194.25 Td (38.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.06 194.25 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.26 194.25 Td (38.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.09 194.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 182.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 182.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 161.25 Td (Non-operating Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 144.25 Td (Non-operating income for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.71 144.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.29 144.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.85 144.25 Td ($7.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.74 144.25 Td (, compared with a non-operating loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 132.25 Td ($14.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 132.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.35 132.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.94 132.25 Td (, which included an unrealized non-operating loss of $8.2 million on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 120.25 Td (seed investment that, due to third-party shareholder redemptions, was reclassified from available-for) Tj ET Q q 0 0 0 rg BT 455.61 120.25 Td (-sale investments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 108.25 Td (equity method investments. In addition, non-operating loss for the year ended December 31, 2015 included a $2.8 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 96.25 Td (other) Tj ET Q q 0 0 0 rg BT 74.35 96.25 Td (-than-temporary impairment. Non-operating income for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.63 96.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.21 96.25 Td ( included net loss attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 84.25 Td (to redeemable noncontrolling interest of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 84.25 Td ($126,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 84.25 Td (. Non-operating loss for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.34 84.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.92 84.25 Td ( included net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 72.25 Td (loss attributable to redeemable noncontrolling interest of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.10 72.25 Td ($214,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.60 72.25 Td (.) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (24) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 731.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 102.57 731.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 714.10 Td (Income tax expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.96 714.10 Td ($50.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.85 714.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.31 714.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.90 714.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 714.10 Td ($48.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.99 714.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 702.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 702.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 702.10 Td (. ) Tj ET Q q 0 0 0 rg BT 163.78 702.10 Td (The provision for income taxes for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 702.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.79 702.10 Td ( included U.S. federal, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 690.10 Td (state, local and foreign taxes at an ef) Tj ET Q q 0 0 0 rg BT 199.86 690.10 Td (fective tax rate of approximately 35.3%, which dif) Tj ET Q q 0 0 0 rg BT 401.55 690.10 Td (fers from the U.S. federal statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 678.10 Td (rate primarily due to the release of a valuation allowance associated with gains on the Company's seed investments, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 666.10 Td (discrete items. ) Tj ET Q q 0 0 0 rg BT 114.08 666.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 139.71 666.10 Td (fective tax rate for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.58 666.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.16 666.10 Td ( was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.97 666.10 Td (42.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 666.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 642.10 Td (2015 Compar) Tj ET Q q 0 0 0 rg BT 111.87 642.10 Td (ed with 2014) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 621.10 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 604.10 Td (Revenue increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.24 604.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.57 604.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.35 604.10 Td ($328.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.24 604.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.62 604.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.82 604.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.70 604.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.28 604.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.72 604.10 Td ($313.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.61 604.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.99 604.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.20 604.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 592.10 Td (December31, 2014. ) Tj ET Q q 0 0 0 rg BT 137.40 592.10 Td (This increase was primarily attributable to higher investment advisory and administration fees of $12.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 580.10 Td (million, resulting from higher average assets under management in institutional accounts and open-end funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 559.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 559.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.82 559.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.69 559.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 559.10 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 542.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 542.10 Td (T) Tj ET Q q 0 0 0 rg BT 113.41 542.10 Td (otal investment advisory revenue from institutional accounts increased 4% to $85.5 million from $81.9 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 530.10 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.88 530.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.08 530.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.96 530.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.54 530.10 Td (. ) Tj ET Q q 0 0 0 rg BT 266.36 530.10 Td (T) Tj ET Q q 0 0 0 rg BT 271.77 530.10 Td (otal investment advisory revenue compared with average assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 518.10 Td (management in institutional accounts implied an annual ef) Tj ET Q q 0 0 0 rg BT 341.36 518.10 Td (fective fee rate of 33 bps for both the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 506.10 Td (December 31, 2015 and 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 489.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 489.10 Td (T) Tj ET Q q 0 0 0 rg BT 113.41 489.10 Td (otal investment advisory and administration revenue from open-end funds increased 7% to $136.9 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 477.10 Td (from $127.4 million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.21 477.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.41 477.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.29 477.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.88 477.10 Td (. ) Tj ET Q q 0 0 0 rg BT 349.69 477.10 Td (T) Tj ET Q q 0 0 0 rg BT 355.10 477.10 Td (otal investment advisory and administration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 465.10 Td (revenue compared with average assets under management in open-end funds implied an annual ef) Tj ET Q q 0 0 0 rg BT 499.06 465.10 Td (fective fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 453.10 Td (rate of 79 bps for both the years ended December 31, 2015 and 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 436.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 436.10 Td (T) Tj ET Q q 0 0 0 rg BT 113.41 436.10 Td (otal investment advisory and administration revenue from closed-end funds decreased 1% to $81.4 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 424.10 Td (from $82.5 million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.21 424.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.41 424.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.29 424.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.88 424.10 Td (. ) Tj ET Q q 0 0 0 rg BT 344.69 424.10 Td (T) Tj ET Q q 0 0 0 rg BT 350.10 424.10 Td (otal investment advisory and administration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 412.10 Td (revenue compared with average assets under management in closed-end funds implied an annual ef) Tj ET Q q 0 0 0 rg BT 505.17 412.10 Td (fective fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 400.10 Td (rate of 85 bps for both the years ended December 31, 2015 and 2014.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 379.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 362.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 362.10 Td (otal operating expenses increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.52 362.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.85 362.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.63 362.10 Td ($201.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.52 362.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.90 362.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.11 362.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.98 362.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.57 362.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 362.10 Td ($192.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.90 362.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 350.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.72 350.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.92 350.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.80 350.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.38 350.10 Td (, primarily due to increases in employee compensation and benefits of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.08 350.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.97 350.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 338.10 Td (general and administrative expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.00 338.10 Td ($3.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.89 338.10 Td ( and distribution and service fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.12 338.10 Td ($860,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.62 338.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 317.10 Td (Employee compensation and benefits increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.93 317.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.26 317.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.04 317.10 Td ($107.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.93 317.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.31 317.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.52 317.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.39 317.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.98 317.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td ($102.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.89 305.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.27 305.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.48 305.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.35 305.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.94 305.10 Td (. ) Tj ET Q q 0 0 0 rg BT 273.76 305.10 Td (This increase was primarily due to increases in incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (compensation of approximately $3.1 million, salaries and benefits of approximately $2.1 million primarily due to new hires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (and production compensation of approximately $1.1 million, partially of) Tj ET Q q 0 0 0 rg BT 343.76 281.10 Td (fset by lower amortization of restricted stock units of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (approximately $2.9 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 248.10 Td (General and administrative expenses increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.14 248.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.47 248.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.25 248.10 Td ($50.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.14 248.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.52 248.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.73 248.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.60 248.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.19 248.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.63 248.10 Td ($47.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 236.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.27 236.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.48 236.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.35 236.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.94 236.10 Td (. ) Tj ET Q q 0 0 0 rg BT 243.76 236.10 Td (The increase was primarily due to higher rent and occupancy costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 224.10 Td (approximately $1.1 million attributable to the expansion of of) Tj ET Q q 0 0 0 rg BT 300.71 224.10 Td (fice space at our corporate headquarters, recruiting fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 212.10 Td (approximately $1.0 million, travel and entertainment expenses of approximately $574,000 resulting from increased business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 200.10 Td (travel and hosted and sponsored conference expenses of approximately $470,000.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 179.10 Td (Distribution and service fee expenses increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 179.10 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.98 179.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.76 179.10 Td ($36.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 179.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.11 179.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.69 179.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.13 179.10 Td ($35.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 167.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.35 167.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.94 167.10 Td (. ) Tj ET Q q 0 0 0 rg BT 243.76 167.10 Td (The increase was primarily due to higher average assets under management in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (open-end funds, partially of) Tj ET Q q 0 0 0 rg BT 164.90 155.10 Td (fset by a shift to lower cost share classes and the expiration of a compensation agreement entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (into in connection with the common stock of) Tj ET Q q 0 0 0 rg BT 232.96 143.10 Td (fering of one of our closed-end funds for which fees were incurred through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (January 2015.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 110.10 Td (Operating Mar) Tj ET Q q 0 0 0 rg BT 126.46 110.10 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 93.10 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 135.85 93.10 Td (gin for both years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.54 93.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.13 93.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.57 93.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 93.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.70 93.10 Td (38.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.53 93.10 Td (.) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (25) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 731.10 Td (Non-operating Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 714.10 Td (Non-operating loss for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.84 714.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.42 714.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.97 714.10 Td ($14.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.87 714.10 Td (, compared with non-operating income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 702.10 Td ($73,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 702.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.96 702.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.54 702.10 Td (. Non-operating loss for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.38 702.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.97 702.10 Td ( included an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 690.10 Td (unrealized loss of $8.2 million on a seed investment that was reclassified from available-for) Tj ET Q q 0 0 0 rg BT 420.91 690.10 Td (-sale investments to equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 678.10 Td (method investments and a $2.8 million other) Tj ET Q q 0 0 0 rg BT 232.38 678.10 Td (-than-temporary impairment. Non-operating loss for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 666.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 666.10 Td ( included net loss attributable to redeemable noncontrolling interest of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.84 666.10 Td ($214,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.34 666.10 Td (. Non-operating income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 654.10 Td (for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.96 654.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.54 654.10 Td ( included net income attributable to redeemable noncontrolling interest of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.67 654.10 Td ($224,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.17 654.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 633.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 102.57 633.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 616.10 Td (Income tax expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.96 616.10 Td ($48.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.85 616.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.31 616.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.90 616.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 616.10 Td ($46.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.99 616.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 604.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 604.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 604.10 Td (. ) Tj ET Q q 0 0 0 rg BT 163.78 604.10 Td (The provision for income taxes for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.21 604.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.79 604.10 Td ( included U.S. federal, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 592.10 Td (state, local and foreign taxes at an ef) Tj ET Q q 0 0 0 rg BT 199.86 592.10 Td (fective tax rate of approximately 42.9%, which included the ef) Tj ET Q q 0 0 0 rg BT 449.86 592.10 Td (fect of recording a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 580.10 Td (valuation allowance on the tax benefit associated with the unrealized losses on the Company's seed investments. ) Tj ET Q q 0 0 0 rg BT 505.22 580.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 568.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 568.10 Td (fective tax rate for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.45 568.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.04 568.10 Td ( was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.85 568.10 Td (38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.18 568.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 54 540.53505859375 m 105.9580078125 540.53505859375 l s q 0 0 0 rg BT 54.00 542.10 Td (As ) Tj ET Q q 0 0 0 rg BT 67.06 542.10 Td (Adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 525.10 Td (The term as adjusted is used to identify non-GAAP) Tj ET Q q 0 0 0 rg BT 267.47 525.10 Td ( financial information in the discussion below and excludes the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 513.10 Td (results associated with our seed investments, the ef) Tj ET Q q 0 0 0 rg BT 257.66 513.10 Td (fect of the accelerated vesting of certain restricted stock units in the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 501.10 Td (quarter of 2016 and related tax ef) Tj ET Q q 0 0 0 rg BT 187.09 501.10 Td (fect as well as certain discrete items. Please refer to the Non-GAAP) Tj ET Q q 0 0 0 rg BT 462.17 501.10 Td ( Reconciliations on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 489.10 Td (pages 26-27 for a reconciliation to the most directly comparable U.S. GAAP) Tj ET Q q 0 0 0 rg BT 359.94 489.10 Td ( financial measures.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 465.10 Td (2016 Compar) Tj ET Q q 0 0 0 rg BT 111.87 465.10 Td (ed with 2015) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 444.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 427.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 427.10 Td (otal operating expenses, as adjusted, increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.18 427.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.51 427.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.29 427.10 Td ($212.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.18 427.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.64 427.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.22 427.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.10 Td ($201.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.89 415.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.35 415.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.94 415.10 Td (. ) Tj ET Q q 0 0 0 rg BT 273.76 415.10 Td (T) Tj ET Q q 0 0 0 rg BT 279.17 415.10 Td (otal operating expenses, as adjusted, excluded employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.10 Td (compensation and benefits attributable to the accelerated vesting of certain restricted stock units recorded during the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (quarter of 2016 and general and administrative expenses from our consolidated seed investments.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 370.10 Td (Operating Mar) Tj ET Q q 0 0 0 rg BT 127.96 370.10 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 349.10 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 134.35 349.10 Td (gin, as adjusted, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.25 349.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.83 349.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.38 349.10 Td (39.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.21 349.10 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.91 349.10 Td (38.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.74 349.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 337.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 337.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 316.10 Td (Non-operating Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 299.10 Td (Non-operating income, as adjusted, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.87 299.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.45 299.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 299.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.89 299.10 Td ( compared with non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (operating loss, as adjusted, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.81 287.10 Td ($772,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.31 287.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.77 287.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.36 287.10 Td (. Non-operating income, as adjusted, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 275.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.67 275.10 Td (, was comprised primarily of net gains of $827,000 associated with forward contracts used to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (hedge certain non-U.S. dollar advisory fee receivables and interest earned on corporate cash of $395,000.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 242.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 104.07 242.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 225.10 Td (Income tax expense, as adjusted, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.03 225.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.61 225.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.16 225.10 Td ($52.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.05 225.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.25 225.10 Td ($48.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 213.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 213.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.35 213.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.94 213.10 Td (. ) Tj ET Q q 0 0 0 rg BT 243.76 213.10 Td (The provision for income taxes, as adjusted, excluded income tax ef) Tj ET Q q 0 0 0 rg BT 515.71 213.10 Td (fects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 201.10 Td (related to the accelerated vesting of certain restricted stock units in the first quarter of 2016 and certain discrete items. ) Tj ET Q q 0 0 0 rg BT 527.80 201.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 189.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 189.10 Td (fective tax rate, as adjusted, for both the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.39 189.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.97 189.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.41 189.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.99 189.10 Td ( was 38%.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 165.10 Td (2015 Compar) Tj ET Q q 0 0 0 rg BT 111.87 165.10 Td (ed with 2014) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 144.10 Td (Operating Mar) Tj ET Q q 0 0 0 rg BT 127.96 144.10 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 127.10 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 134.35 127.10 Td (gin, as adjusted, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.25 127.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.83 127.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.38 127.10 Td (38.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.21 127.10 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.91 127.10 Td (39.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.74 127.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 115.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 115.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 115.10 Td (. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 94.10 Td (Non-operating Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 77.10 Td (Non-operating loss, as adjusted, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.99 77.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.58 77.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.13 77.10 Td ($772,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.63 77.10 Td ( compared with non-operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (loss, as adjusted, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.55 65.10 Td ($18,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.05 65.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.51 65.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.09 65.10 Td (. Non-operating loss, as adjusted, for the year ended ) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 731.10 Td (, was comprised primarily of net losses of $630,000 associated with forward contracts used to hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (certain non-U.S. dollar advisory fee receivables and interest earned on corporate cash of $21) Tj ET Q q 0 0 0 rg BT 423.76 719.10 Td (1,000.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 698.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 104.07 698.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 681.10 Td (Income tax expense, as adjusted, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.03 681.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.61 681.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.16 681.10 Td ($48.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.05 681.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.25 681.10 Td ($46.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 669.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 669.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.35 669.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.94 669.10 Td (. ) Tj ET Q q 0 0 0 rg BT 243.76 669.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 269.39 669.10 Td (fective tax rate, as adjusted, for both years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.36 669.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.95 669.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 657.10 Td (and 2014 was 38%.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 631.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 102.89 631.10 Td ( Reconciliations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 607.10 Td (Management believes that use of these non-GAAP) Tj ET Q q 0 0 0 rg BT 256.35 607.10 Td ( financial measures may enhance the evaluation of our results, as they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 595.10 Td (provide greater transparency into our operating results. In addition, these non-GAAP) Tj ET Q q 0 0 0 rg BT 392.98 595.10 Td ( financial measures are used to prepare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 583.10 Td (our internal management reports and are used by management in evaluating our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.10 Td (While we believe that this non-GAAP) Tj ET Q q 0 0 0 rg BT 206.09 562.10 Td ( financial information is useful in evaluating our results and operating performance, this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.10 Td (information should be considered as supplemental in nature and not as a substitute for the related financial information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.10 Td (prepared in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 215.89 538.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 512.10 Td (Reconciliation of U.S. GAAP) Tj ET Q q 0 0 0 rg BT 176.50 512.10 Td ( Net Income ) Tj ET Q q 0 0 0 rg BT 230.09 512.10 Td (Attributable to Common Stockholders and U.S. GAAP) Tj ET Q q 0 0 0 rg BT 463.44 512.10 Td ( Earnings per) Tj ET Q q 0 0 0 rg BT 521.60 512.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 544.48 512.10 Td (e ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 500.10 Td (to Net Income ) Tj ET Q q 0 0 0 rg BT 115.93 500.10 Td (Attributable to Common Stockholders, ) Tj ET Q q 0 0 0 rg BT 284.54 500.10 Td (As ) Tj ET Q q 0 0 0 rg BT 297.60 500.10 Td (Adjusted and Earnings per) Tj ET Q q 0 0 0 rg BT 413.28 500.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 436.16 500.10 Td (e, ) Tj ET Q q 0 0 0 rg BT 445.05 500.10 Td (As ) Tj ET Q q 0 0 0 rg BT 458.11 500.10 Td (Adjusted) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 474.6 m 428.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 474.6 m 432.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 474.6 m 493.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 474.6 m 497.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 474.6 m 558.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 474.6 m 428.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 461.6 m 428.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 474.6 m 432.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 474.6 m 493.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 461.6 m 493.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 474.6 m 497.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 474.6 m 558.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 461.6 m 558.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 461.6 m 428.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 461.6 m 493.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 461.6 m 558.5 461.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 381.6 m 367.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 381.6 m 428.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 381.6 m 432.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 381.6 m 493.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 381.6 m 497.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 381.6 m 558.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 381.6 m 558.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 286.6 m 367.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 286.6 m 428.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 286.6 m 432.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 286.6 m 493.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 286.6 m 497.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 286.6 m 558.5 286.6 l s BT /F5 10.00 Tf ET q 0 0 0 rg BT 57.00 479.31 Td (\(in thousands, except per share data\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.55 478.83 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.50 465.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.50 465.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 465.83 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 451.28 Td (Net income attributable to common stockholders, U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.50 451.17 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 451.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 451.27 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 451.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 451.27 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 451.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 451.27 Td (75,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 437.17 Td (Accelerated vesting of restricted stock units) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 232.21 441.70 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 437.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 437.17 Td (1,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 437.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 437.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 424.17 Td (Deconsolidation ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 125.04 428.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 424.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 424.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 424.22 Td (\(654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 424.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 424.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 424.17 Td (2,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 424.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 424.17 Td (1,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 411.17 Td (Results from seed investments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 181.43 415.70 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 411.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 411.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 411.22 Td (\(5,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 411.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 411.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 411.17 Td (11,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 411.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 411.22 Td (\(1,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 411.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 398.17 Td (T) Tj ET Q q 0 0 0 rg BT 62.41 398.17 Td (ax adjustments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 122.12 402.70 Td ( \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.50 398.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 398.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 398.22 Td (\(2,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 398.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 398.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 398.17 Td (174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 398.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 398.22 Td (\(237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 398.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 385.17 Td (Net income attributable to common stockholders, as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.50 385.17 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 385.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 385.17 Td (86,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 385.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 385.17 Td (78,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 385.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 385.17 Td (75,897) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 368.33 Td (Diluted weighted average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.50 368.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 368.17 Td (46,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 368.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 368.17 Td (45,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 368.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 368.17 Td (45,643) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 355.33 Td (Diluted earnings per share, U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 355.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 355.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 355.17 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 355.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 355.17 Td (1.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 355.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 355.17 Td (1.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 342.17 Td (Accelerated vesting of restricted stock units) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 232.21 346.70 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 342.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 342.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 342.17 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 342.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 342.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 342.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 342.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 329.17 Td (Deconsolidation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 122.54 333.70 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 329.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 329.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 329.22 Td (\(0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 329.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 329.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 329.17 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 329.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 329.17 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 316.17 Td (Results from seed investments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 178.93 320.70 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 316.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 316.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 316.22 Td (\(0.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 316.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 316.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 316.17 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 316.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 316.22 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 316.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 303.17 Td (T) Tj ET Q q 0 0 0 rg BT 62.41 303.17 Td (ax adjustments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 122.12 307.70 Td ( \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.50 303.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 303.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 303.22 Td (\(0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 303.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 303.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 303.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 303.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 303.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 290.17 Td (Diluted earnings per share, as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.50 290.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 290.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 290.17 Td (1.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 290.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 290.17 Td (1.71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 290.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 290.17 Td (1.66) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 276.30 Td (________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 265.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 265.50 Td (Represents amounts attributable to the accelerated vesting of certain restricted stock units in the first quarter of 2016.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 254.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 254.70 Td (Represents amounts related to deconsolidation of the Company) Tj ET Q q 0 0 0 rg BT 302.20 254.70 Td (s consolidated seed investments in Company-sponsored funds.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 243.90 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 72.00 243.90 Td (Represents dividend income and realized gains on the Company) Tj ET Q q 0 0 0 rg BT 305.44 243.90 Td (s seed investments classified as available-for) Tj ET Q q 0 0 0 rg BT 466.45 243.90 Td (-sale, and the Company) Tj ET Q q 0 0 0 rg BT 553.93 243.90 Td (s ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 233.10 Td (proportionate share of the results of operations of seed investments classified as equity method investments, including realized and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 222.30 Td (unrealized gains and losses.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 211.50 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 72.00 211.50 Td (Represents the tax benefit associated with the accelerated vesting of certain restricted stock units for the year ended December 31, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 200.70 Td (2016 as well as discrete items recorded in each of the periods presented. ) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (27) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Reconciliation of U.S. GAAP) Tj ET Q q 0 0 0 rg BT 176.50 731.25 Td ( Operating Income and U.S. GAAP) Tj ET Q q 0 0 0 rg BT 326.23 731.25 Td ( Operating Margin to Operating Income, ) Tj ET Q q 0 0 0 rg BT 503.16 731.25 Td (As ) Tj ET Q q 0 0 0 rg BT 516.22 731.25 Td (Adjusted ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 719.25 Td (and Operating Margin, ) Tj ET Q q 0 0 0 rg BT 155.67 719.25 Td (As ) Tj ET Q q 0 0 0 rg BT 168.74 719.25 Td (Adjusted) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 695.75 m 428.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 695.75 m 432.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 695.75 m 493.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 695.75 m 497.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 695.75 m 558.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 695.75 m 428.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 683.75 m 428.5 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 695.75 m 432.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 695.75 m 493.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 683.75 m 493.5 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 695.75 m 497.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 695.75 m 558.5 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 683.75 m 558.5 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 683.75 m 428.5 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 683.75 m 493.5 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 683.75 m 558.5 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 641.75 m 367.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 641.75 m 428.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 641.75 m 432.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 641.75 m 493.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 641.75 m 497.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 641.75 m 558.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 579.75 m 367.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 579.75 m 428.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 579.75 m 432.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 579.75 m 493.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 579.75 m 497.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 579.75 m 558.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 518.75 m 367.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 518.75 m 428.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 518.75 m 432.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 518.75 m 493.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 518.75 m 497.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 518.75 m 558.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 486.75 m 367.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 486.75 m 428.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 486.75 m 432.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 486.75 m 493.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 486.75 m 497.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 486.75 m 558.5 486.75 l s BT /F5 8.00 Tf ET q 0 0 0 rg BT 57.00 700.70 Td (\(in thousands, except percentages\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.55 699.98 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.50 687.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.50 687.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 687.83 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 674.48 Td (Revenue, U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.50 674.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 674.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 674.32 Td (349,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 674.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 674.32 Td (328,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 674.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 674.32 Td (313,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 660.42 Td (Deconsolidation ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 125.04 664.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 660.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 660.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 660.42 Td (147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 660.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 660.42 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 660.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 660.42 Td (258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 646.32 Td (Revenue, as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 646.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 646.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 646.32 Td (350,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 646.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 646.32 Td (328,757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 646.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 646.32 Td (314,192) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 628.48 Td (Expenses, U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.50 628.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 628.32 Td (214,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 628.32 Td (201,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 628.32 Td (191,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 614.42 Td (Deconsolidation ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 125.04 618.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 614.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 614.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.30 614.47 Td (\(106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 614.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 614.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 614.47 Td (\(48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 614.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 614.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.30 614.47 Td (\(233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 614.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 599.42 Td (Accelerated vesting of restricted stock units) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 232.21 603.95 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 599.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 599.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.80 599.47 Td (\(1,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 599.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 599.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 599.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 599.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 599.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 584.42 Td (Expenses, as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.50 584.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 584.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 584.42 Td (212,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 584.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 584.42 Td (201,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 584.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 584.42 Td (191,760) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 566.48 Td (Operating income, U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 566.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 566.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 566.32 Td (135,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 566.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 566.32 Td (127,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 566.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 566.32 Td (121,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 552.42 Td (Deconsolidation ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 125.04 556.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 552.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 552.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 552.42 Td (253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 552.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 552.42 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 552.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 552.42 Td (491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 537.42 Td (Accelerated vesting of restricted stock units) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 232.21 541.95 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 537.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 537.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 537.42 Td (1,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 537.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 537.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 537.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 537.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 523.32 Td (Operating income, as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 523.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 523.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 523.32 Td (137,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 523.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 523.32 Td (127,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 523.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 523.32 Td (122,432) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 505.43 Td (Operating margin, U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 505.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 505.32 Td (38.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 505.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 505.32 Td (38.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 505.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 505.32 Td (38.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 505.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 491.32 Td (Operating margin, as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 491.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 491.32 Td (39.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 491.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 491.32 Td (38.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 491.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 491.32 Td (39.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 491.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td (Reconciliation of U.S. GAAP) Tj ET Q q 0 0 0 rg BT 176.50 461.25 Td ( Non-operating Income \(Loss\) to Non-operating Income \(Loss\), ) Tj ET Q q 0 0 0 rg BT 446.76 461.25 Td (As ) Tj ET Q q 0 0 0 rg BT 459.83 461.25 Td (Adjusted) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 437.75 m 427.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 437.75 m 431.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 437.75 m 492.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 437.75 m 496.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 437.75 m 557.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 437.75 m 427.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 425.75 m 427.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 437.75 m 431.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 437.75 m 492.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 425.75 m 492.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 437.75 m 496.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 437.75 m 557.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 425.75 m 557.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 367.75 m 366.5 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 367.75 m 427.5 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 367.75 m 431.5 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 367.75 m 492.5 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 367.75 m 496.5 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 367.75 m 557.5 367.75 l s BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.00 442.70 Td (\(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 415.55 441.98 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 388.50 429.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.50 429.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 518.50 429.83 Td (2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 416.43 Td (Non-operating income \(loss\), U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.50 416.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.00 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 416.32 Td (7,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 416.37 Td (\(14,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 416.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 416.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 416.32 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 401.42 Td (Deconsolidation ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 124.04 405.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 401.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.00 401.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.30 401.47 Td (\(781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 401.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 401.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 401.42 Td (2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 401.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 401.42 Td (1,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 386.42 Td (Results from seed investments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 180.43 390.95 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 386.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.00 386.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 386.47 Td (\(5,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 386.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 386.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 386.42 Td (11,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 386.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 386.47 Td (\(1,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 386.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 372.32 Td (Non-operating income \(loss\), as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.50 372.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.00 372.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 372.32 Td (1,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 372.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 372.37 Td (\(772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 372.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 372.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 372.37 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 372.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 357.45 Td (________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 346.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 346.65 Td (Represents amounts related to deconsolidation of the Company) Tj ET Q q 0 0 0 rg BT 302.20 346.65 Td (s consolidated seed investments in Company-sponsored funds.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 335.85 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 335.85 Td (Represents amounts attributable to the accelerated vesting of certain restricted stock units in the first quarter of 2016.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 325.05 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 72.00 325.05 Td (Represents dividend income and realized gains on the Company) Tj ET Q q 0 0 0 rg BT 305.44 325.05 Td (s seed investments classified as available-for) Tj ET Q q 0 0 0 rg BT 466.45 325.05 Td (-sale, and the Company) Tj ET Q q 0 0 0 rg BT 553.93 325.05 Td (s ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 314.25 Td (proportionate share of the results of operations of seed investments classified as equity method investments, including realized and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 303.45 Td (unrealized gains and losses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 276.45 Td (Changes in Financial Condition, Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 320.00 276.45 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 259.45 Td (Our investment advisory business does not require us to maintain significant capital balances. Our current financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 247.45 Td (condition is highly liquid, with a significant amount of our assets comprised of cash and cash equivalents, equity method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 235.45 Td (investments, available-for) Tj ET Q q 0 0 0 rg BT 157.65 235.45 Td (-sale investments and accounts receivable \(together) Tj ET Q q 0 0 0 rg BT 363.00 235.45 Td (, liquid assets\). Our cash flows generally result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 223.45 Td (from the operating activities of our business, with investment advisory and administrative fees being the most significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 211.45 Td (contributor) Tj ET Q q 0 0 0 rg BT 97.88 211.45 Td (. Cash and cash equivalents, equity method investments \(excluding investments measured at NA) Tj ET Q q 0 0 0 rg BT 482.62 211.45 Td (V) Tj ET Q q 0 0 0 rg BT 489.66 211.45 Td ( \(or its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.45 Td (equivalent\) as a practical expedient in accordance with ) Tj ET Q q 0 0 0 rg BT 275.01 199.45 Td (Accounting Standards Codification ) Tj ET Q q 0 0 0 rg BT 418.41 199.45 Td (T) Tj ET Q q 0 0 0 rg BT 423.82 199.45 Td (opic 820, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 463.54 199.45 Td (Fair V) Tj ET Q q 0 0 0 rg BT 488.81 199.45 Td (alue ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 187.45 Td (Measur) Tj ET Q q 0 0 0 rg BT 84.18 187.45 Td (ement\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.39 187.45 Td (, available-for) Tj ET Q q 0 0 0 rg BT 167.27 187.45 Td (-sale investments and accounts receivable, were 79% and 71% of total assets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.54 187.45 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 175.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 175.45 Td ( and 2015, respectively) Tj ET Q q 0 0 0 rg BT 166.10 175.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 154.45 Td (Net cash provided by operating activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.17 154.45 Td ($1) Tj ET Q q 0 0 0 rg BT 270.80 154.45 Td (15.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.69 154.45 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 154.45 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.73 154.45 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 142.45 Td ($89.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 142.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.33 142.45 Td ($54.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.22 142.45 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.57 142.45 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.16 142.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.60 142.45 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.18 142.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 491.84 142.45 Td (. ) Tj ET Q q 0 0 0 rg BT 496.66 142.45 Td (W) Tj ET Q q 0 0 0 rg BT 505.30 142.45 Td (e expect that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 130.45 Td (cash flows provided by operating activities will continue to serve as our principal source of working capital in the near future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 109.45 Td (Net cash provided by investing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.07 109.45 Td ($2.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.96 109.45 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.42 109.45 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.01 109.45 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 97.45 Td ($397,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 97.45 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.96 97.45 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.54 97.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.98 97.45 Td ($9.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.88 97.45 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.34 97.45 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.92 97.45 Td (. In 2016, net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.45 Td (provided by investing activities was comprised of proceeds from sales of available-for) Tj ET Q q 0 0 0 rg BT 398.97 85.45 Td (-sale investments in the amount of ) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td ($20.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 731.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 156.86 731.10 Td (fset by purchases of property and equipment in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.41 731.10 Td ($10.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 731.10 Td ( and purchases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (available-for) Tj ET Q q 0 0 0 rg BT 104.88 719.10 Td (-sale investments in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.85 719.10 Td ($8.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.74 719.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 698.10 Td (In 2015, net cash provided by investing activities was comprised of proceeds from sales of available-for) Tj ET Q q 0 0 0 rg BT 492.29 698.10 Td (-sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 686.10 Td (investments in the amount of $7.3 million and proceeds from redemption of equity method investments of $1.2 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 674.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 97.97 674.10 Td (fset by purchases of available-for) Tj ET Q q 0 0 0 rg BT 231.05 674.10 Td (-sale investments in the amount of $5.7 million and purchases of property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 662.10 Td (equipment in the amount of $2.4 million. In 2014, net cash provided by investing activities was comprised of proceeds from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (sales of available-for) Tj ET Q q 0 0 0 rg BT 137.65 650.10 Td (-sale investments in the amount of $12.7 million and proceeds from the redemption of equity method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 638.10 Td (investments of $10.9 million, partially of) Tj ET Q q 0 0 0 rg BT 217.96 638.10 Td (fset by purchases of available-for) Tj ET Q q 0 0 0 rg BT 351.04 638.10 Td (-sale investments in the amount of $7.8 million and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 626.10 Td (purchases of property and equipment in the amount of $5.9 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 605.10 Td (Net cash used in financing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.73 605.10 Td ($74.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.62 605.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.08 605.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.67 605.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.87 605.10 Td ($71.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 593.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.35 593.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.94 593.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.38 593.10 Td ($65.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.27 593.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.73 593.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.31 593.10 Td (. In 2016, net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (used in financing activities was primarily for dividends paid to stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 581.10 Td ($70.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.04 581.10 Td (, which included a special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (dividend of approximately $22.9 million paid on December 14, 2016, and repurchases of common stock to satisfy employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (withholding tax obligations on the vesting and delivery of restricted stock units of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.22 557.10 Td ($8.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.11 557.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 482.08 557.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (contributions from redeemable noncontrolling interest of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.94 545.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.83 545.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 524.10 Td (In 2015, net cash used in financing activities was primarily for dividends paid to stockholders of $68.2 million, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 512.10 Td (included a special dividend of approximately $22.7 million paid on December 16, 2015, and repurchases of common stock to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 500.10 Td (satisfy employee withholding tax obligations on the vesting and delivery of restricted stock units of $19.2 million, partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 488.10 Td (of) Tj ET Q q 0 0 0 rg BT 62.15 488.10 Td (fset by contributions from redeemable noncontrolling interest of $1) Tj ET Q q 0 0 0 rg BT 331.15 488.10 Td (1.0 million and excess tax benefits associated with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.10 Td (vesting and delivery of restricted stock units of $4.8 million. In 2014, net cash used in financing activities was primarily for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.10 Td (dividends paid to stockholders of $84.2 million, which included a special dividend of approximately $44.8 million paid on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 452.10 Td (December 19, 2014, repurchases of common stock to satisfy employee withholding tax obligations on the vesting and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 440.10 Td (delivery of restricted stock units of $1) Tj ET Q q 0 0 0 rg BT 205.81 440.10 Td (1.7 million and distributions to redeemable noncontrolling interest of $9.0 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 97.97 428.10 Td (fset by contributions from redeemable noncontrolling interest of $36.3 million and excess tax benefits associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 416.10 Td (with the vesting and delivery of restricted stock units of $2.6 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 395.10 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.69 395.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 395.10 Td (, we redeemed our seed investment in Cohen & Steers Real ) Tj ET Q q 0 0 0 rg BT 471.66 395.10 Td (Assets Fund, Inc. for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 383.10 Td (total proceeds of $13.2 million. For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.22 383.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.81 383.10 Td (, we made two new seed investments totaling $20.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.10 Td (million, including $5.0 million in connection with the launch of the Cohen & Steers SICA) Tj ET Q q 0 0 0 rg BT 413.22 371.10 Td (V) Tj ET Q q 0 0 0 rg BT 420.26 371.10 Td ( Global Listed Infrastructure Fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.10 Td (and $15.0 million in connection with the launch of Cohen & Steers Low Duration Preferred and Income Fund, Inc. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 347.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.67 347.10 Td (, we made one new seed investment of $10.0 million in connection with the launch of Cohen ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td (& Steers ) Tj ET Q q 0 0 0 rg BT 90.67 335.10 Td (Active Commodities Strategy Fund, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 314.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 314.10 Td (e have committed to co-invest up to $5.1 million alongside Cohen & Steers Global Realty Partners III-TE, L.P) Tj ET Q q 0 0 0 rg BT 527.66 314.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 302.10 Td (\(GRP-TE\). ) Tj ET Q q 0 0 0 rg BT 100.11 302.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.55 302.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.14 302.10 Td (, we have funded approximately $3.3 million with respect to this commitment. Our co-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 290.10 Td (investment alongside GRP-TE is illiquid and is anticipated to be invested for the life of the fund. ) Tj ET Q q 0 0 0 rg BT 443.18 290.10 Td (The timing of the funding of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 278.10 Td (the unfunded portion of our commitment is currently unknown, as the drawdown of our commitment is contingent on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 266.10 Td (timing of drawdowns by the underlying funds and co-investments in which GRP-TE invests. ) Tj ET Q q 0 0 0 rg BT 427.11 266.10 Td (The unfunded portion of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 254.10 Td (commitment was not recorded on our consolidated statements of financial condition as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.18 254.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.76 254.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 233.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 233.10 Td (e continuously monitor and evaluate the adequacy of our capital. ) Tj ET Q q 0 0 0 rg BT 347.76 233.10 Td (W) Tj ET Q q 0 0 0 rg BT 356.39 233.10 Td (e have consistently maintained net capital in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td (excess of the regulatory requirements for our broker) Tj ET Q q 0 0 0 rg BT 262.33 221.10 Td (-dealer) Tj ET Q q 0 0 0 rg BT 289.68 221.10 Td (, as prescribed by the Securities and Exchange Commission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (\(SEC\). ) Tj ET Q q 0 0 0 rg BT 83.82 209.10 Td (The SEC) Tj ET Q q 0 0 0 rg BT 122.98 209.10 Td (s Uniform Net Capital Rule 15c3-1 imposes certain requirements that may have the ef) Tj ET Q q 0 0 0 rg BT 466.87 209.10 Td (fect of prohibiting a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (broker) Tj ET Q q 0 0 0 rg BT 79.90 197.10 Td (-dealer from distributing or withdrawing capital and requiring prior notice to the SEC for certain withdrawals of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 85.10 185.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.60 185.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.18 185.10 Td (, we exceeded our minimum regulatory capital requirements by approximately $3.2 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (During July 2016, Cohen & Steers Capital Management, Inc. made a capital contribution of $2 million into Cohen & Steers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (Securities, LLC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 140.10 Td (Cohen & Steers ) Tj ET Q q 0 0 0 rg BT 143.27 140.10 Td (Asia Limited \(CSAL\) and Cohen & Steers UK Limited \(CSUK\) are regulated outside the U.S. by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 128.10 Td (Hong Kong Securities and Futures Commission and the United Kingdom Financial Conduct ) Tj ET Q q 0 0 0 rg BT 425.08 128.10 Td (Authority) Tj ET Q q 0 0 0 rg BT 463.32 128.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 515.98 128.10 Td (. ) Tj ET Q q 0 0 0 rg BT 520.43 128.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 116.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 116.10 Td (, CSAL) Tj ET Q q 0 0 0 rg BT 162.77 116.10 Td ( and CSUK exceeded their aggregate minimum regulatory capital requirements by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 104.10 Td ($65.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 104.10 Td (. ) Tj ET Q q 0 0 0 rg BT 112.71 104.10 Td (W) Tj ET Q q 0 0 0 rg BT 121.35 104.10 Td (e believe that our cash and cash equivalents and cash flows from operations will be more than adequate to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 92.10 Td (meet our anticipated capital requirements and other obligations as they become due.) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 731.10 Td (Included in cash and cash equivalents was approximately $89.9 million held by our foreign subsidiaries as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 719.10 Td (. It is our current intention to permanently reinvest funds held by our non-U.S. subsidiaries. ) Tj ET Q q 0 0 0 rg BT 500.39 719.10 Td (W) Tj ET Q q 0 0 0 rg BT 509.03 719.10 Td (e believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (that our liquid assets held in the U.S. are more than suf) Tj ET Q q 0 0 0 rg BT 273.50 707.10 Td (ficient to cover our working capital needs in the U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 690.10 Td (On February 23, 2017, the Company declared a quarterly dividend on its common stock in the amount of $0.28 per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 678.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 79.92 678.10 Td (This dividend will be payable on March 23, 2017 to stockholders of record at the close of business on March 9,2017.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 654.10 Td (Contractual Obligations and Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 637.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 637.10 Td (e have contractual obligations to make future payments in connection with our noncancelable long-term operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.10 Td (leases for of) Tj ET Q q 0 0 0 rg BT 102.69 625.10 Td (fice space, information technology applications and of) Tj ET Q q 0 0 0 rg BT 319.93 625.10 Td (fice equipment. ) Tj ET Q q 0 0 0 rg BT 384.45 625.10 Td (There were no material capital lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.10 Td (obligations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.60 613.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.19 613.10 Td (. ) Tj ET Q q 0 0 0 rg BT 206.01 613.10 Td (The following summarizes our contractual obligations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.06 613.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.64 613.10 Td ( \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 601.10 Td (thousands\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 590.30 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 558.8 m 264.5 558.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 558.8 m 313.5 558.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 558.8 m 362.5 558.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 558.8 m 411.5 558.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 558.8 m 509.5 558.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 558.8 m 558.5 558.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 558.8 m 264.5 558.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 544.8 m 264.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 542.8 m 264.5 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 558.8 m 313.5 558.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 544.8 m 313.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 542.8 m 313.5 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 558.8 m 362.5 558.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 544.8 m 362.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 542.8 m 362.5 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 558.8 m 411.5 558.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 544.8 m 411.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 542.8 m 411.5 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 558.8 m 460.5 558.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 544.8 m 460.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 542.8 m 460.5 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 558.8 m 509.5 558.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 544.8 m 509.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 542.8 m 509.5 542.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 544.8 m 558.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 542.8 m 558.5 542.8 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 233.50 563.03 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 282.50 563.03 Td (2018) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 331.50 563.03 Td (2019) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 380.50 563.03 Td (2020) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 429.50 563.03 Td (2021) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.50 571.03 Td (2022) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.90 563.03 Td (andafter) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 526.75 563.03 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 549.37 Td (Operating leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 549.37 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.00 548.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.10 548.47 Td (12,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.00 548.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.10 548.47 Td (11,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 548.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.10 548.47 Td (11,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.00 548.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.10 548.47 Td (11,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 548.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.10 548.47 Td (10,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.00 548.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.10 548.47 Td (22,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 548.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.10 548.47 Td (79,923) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 518.30 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 518.30 Td (e had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.01 518.30 Td ($7.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.91 518.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.91 518.30 Td ($7.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.80 518.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.24 518.30 Td ($6.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.13 518.30 Td ( of total gross unrecognized tax benefits as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.24 518.30 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.82 518.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 506.30 Td (2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 166.10 506.30 Td (. ) Tj ET Q q 0 0 0 rg BT 170.92 506.30 Td (The total amount of net unrecognized tax benefits that, if recognized, would af) Tj ET Q q 0 0 0 rg BT 485.07 506.30 Td (fect the ef) Tj ET Q q 0 0 0 rg BT 524.86 506.30 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.30 Td (tax rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.25 494.30 Td ($4.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.15 494.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.15 494.30 Td ($4.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.04 494.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.48 494.30 Td ($4.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.37 494.30 Td ( \(net of the federal benefit on state issues\) as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.69 494.30 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.27 494.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.30 Td (2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 166.10 482.30 Td (. ) Tj ET Q q 0 0 0 rg BT 170.92 482.30 Td (W) Tj ET Q q 0 0 0 rg BT 179.56 482.30 Td (e accrue interest and penalties related to unrecognized tax benefits in the provision for income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 470.30 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 79.00 470.30 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.44 470.30 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.02 470.30 Td ( and 2015, we had accrued interest and penalties related to unrecognized tax benefits of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 458.30 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.26 458.30 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.15 458.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.59 458.30 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.48 458.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 284.14 458.30 Td (. See Note 14 to the consolidated financial statements for additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 446.30 Td (disclosures related to income taxes.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 422.30 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 133.43 422.30 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 405.30 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 405.30 Td (e do not invest in any of) Tj ET Q q 0 0 0 rg BT 181.61 405.30 Td (f-balance sheet vehicles that provide liquidity) Tj ET Q q 0 0 0 rg BT 363.39 405.30 Td (, capital resources, market or credit risk support, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 393.30 Td (or engage in any leasing activities that expose us to any liability that is not reflected in our consolidated financial statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 369.30 Td (Critical ) Tj ET Q q 0 0 0 rg BT 88.71 369.30 Td (Accounting Policies and Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 352.30 Td (A) Tj ET Q q 0 0 0 rg BT 84.67 352.30 Td ( thorough understanding of our accounting policies is essential when reviewing our reported results of operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 340.30 Td (our financial condition. ) Tj ET Q q 0 0 0 rg BT 149.90 340.30 Td (The preparation of our consolidated financial statements in accordance with accounting principles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 328.30 Td (generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 222.55 328.30 Td (America requires us to make certain estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 503.39 328.30 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 316.30 Td (reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 304.30 Td (financial statements and the reported amounts of revenue and expenses during the reporting periods. ) Tj ET Q q 0 0 0 rg BT 456.93 304.30 Td (Actual results could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 292.30 Td (dif) Tj ET Q q 0 0 0 rg BT 64.93 292.30 Td (fer from those estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 271.30 Td (Our significant accounting policies are disclosed in Note 2 to the consolidated financial statements and should be read ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 259.30 Td (in conjunction with the summarized information below) Tj ET Q q 0 0 0 rg BT 273.86 259.30 Td (. Management considers the following accounting policies critical to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 247.30 Td (an informed review of our consolidated financial statements as they require management to make certain judgments about ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 235.30 Td (matters that may be uncertain at the time the policies were applied or the estimates determined.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 214.30 Td (Consolidation of Company-sponsor) Tj ET Q q 0 0 0 rg BT 208.42 214.30 Td (ed Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 197.30 Td (The Company evaluates its investments in Company-sponsored funds at inception and subsequently if there is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.30 Td (reconsideration event to determine whether the investment represents a variable interest entity \(VIE\) or a voting interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.30 Td (entity \(VOE\). ) Tj ET Q q 0 0 0 rg BT 111.30 173.30 Td (This evaluation involves the use of judgment and analysis on an entity by entity basis. In performing this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.30 Td (analysis, we consider the legal structure of the entity) Tj ET Q q 0 0 0 rg BT 263.56 161.30 Td (, management fees earned by the Company and the nature of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.30 Td (ownership interest and rights of interest holders in the entity) Tj ET Q q 0 0 0 rg BT 294.13 149.30 Td (, including the Company) Tj ET Q q 0 0 0 rg BT 392.36 149.30 Td (. If we determine that the entity is a ) Tj ET Q q 0 0 0 rg BT 536.57 149.30 Td (VIE, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.30 Td (we must then assess whether the Company absorbs a majority of the ) Tj ET Q q 0 0 0 rg BT 329.32 137.30 Td (VIEs expected variability in which case it is deemed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.30 Td (be the primary beneficiary of the ) Tj ET Q q 0 0 0 rg BT 187.65 125.30 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 209.13 125.30 Td (The Company consolidates ) Tj ET Q q 0 0 0 rg BT 320.31 125.30 Td (VIEs for which it is deemed to be the primary beneficiary) Tj ET Q q 0 0 0 rg BT 550.69 125.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.30 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 113.30 Td (e consolidate ) Tj ET Q q 0 0 0 rg BT 117.44 113.30 Td (VOEs if we own a majority of the voting interest in the entity or when the Company is the general partner of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.30 Td (the fund and the limited partners do not have substantive kick-out or participating rights. ) Tj ET Q q 0 0 0 rg BT 410.31 101.30 Td (Amounts attributable to third parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.30 Td (in the funds that we consolidate are recorded in redeemable noncontrolling interest on the consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.30 Td (financial condition and net \(income\) loss attributable to redeemable noncontrolling interest on the consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.30 Td (operations.) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (30) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 731.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 714.10 Td (Our investments are classified as trading investments, equity method investments or available-for) Tj ET Q q 0 0 0 rg BT 467.70 714.10 Td (-sale investments at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 702.10 Td (the time of purchase and at the date of each consolidated statement of financial condition. Investments classified as trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 690.10 Td (investments represent securities held within the Company-sponsored funds that we consolidate. Investments classified as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 678.10 Td (equity method investments represent investments in Company-sponsored funds in which the Company) Tj ET Q q 0 0 0 rg BT 467.55 678.10 Td (s ownership is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 666.10 Td (between 20-50% of the outstanding voting interests of the entity or when the Company is able to exercise significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 654.10 Td (influence but not control over the investments. Investments for which the Company has neither control nor the ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 642.10 Td (exercise significant influence are classified as available-for) Tj ET Q q 0 0 0 rg BT 290.35 642.10 Td (-sale.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 621.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 91.28 621.10 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 604.10 Td (The majority of our investments are carried at fair value or amounts that approximate fair value on our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 592.10 Td (statement of financial condition with the periodic mark-to-market included in accumulated other comprehensive income for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 580.10 Td (available-for) Tj ET Q q 0 0 0 rg BT 104.88 580.10 Td (-sale investments and directly in earnings for trading investments and equity method investments. Fair value is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 568.10 Td (the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 556.10 Td (the measurement date. ) Tj ET Q q 0 0 0 rg BT 145.63 556.10 Td (Assets and liabilities reported at fair value are classified and disclosed in a fair value hierarchy based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 544.10 Td (on whether the inputs to the valuation techniques are observable or unobservable. ) Tj ET Q q 0 0 0 rg BT 382.33 544.10 Td (The classification within the hierarchy is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 532.10 Td (determined based on the lowest level of input that is significant to the fair value measurement:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 517.10 Td (Level 1 - Unadjusted quoted prices for identical instruments in active markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 502.10 Td (Level 2 - Quoted prices for similar instruments in active markets, quoted prices of identical or similar instruments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 490.10 Td (markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 478.10 Td (are observable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 463.10 Td (Level 3 - ) Tj ET Q q 0 0 0 rg BT 114.91 463.10 Td (V) Tj ET Q q 0 0 0 rg BT 121.03 463.10 Td (aluations derived from valuation techniques in which significant inputs or significant value drivers are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 451.10 Td (unobservable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 430.10 Td (The Company periodically reviews each individual available-for) Tj ET Q q 0 0 0 rg BT 336.04 430.10 Td (-sale investment that has an unrealized loss to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.10 Td (determine if the loss is other) Tj ET Q q 0 0 0 rg BT 167.38 418.10 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 231.71 418.10 Td (. In evaluating whether such losses are other) Tj ET Q q 0 0 0 rg BT 408.67 418.10 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 472.99 418.10 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 406.10 Td (considers such factors as the extent and duration of the loss, as well as qualitative and quantitative information about the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.10 Td (financial condition and near term prospects of the issuer or fund and the underlying portfolio. If the Company believes that an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td (unrealized loss on an available-for) Tj ET Q q 0 0 0 rg BT 191.52 382.10 Td (-sale investment is other) Tj ET Q q 0 0 0 rg BT 288.79 382.10 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 353.12 382.10 Td (, the loss will be recognized in the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (statement of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 349.10 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 332.10 Td (Goodwill represents the excess of the cost of our investment in the net assets of an acquired company over the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 320.10 Td (of the underlying identifiable net assets at the date of acquisition. Goodwill is not amortized but is tested annually for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.10 Td (impairment and at other times if an event or circumstances occur indicating that it is more likely than not that an impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 296.10 Td (has occurred. ) Tj ET Q q 0 0 0 rg BT 109.63 296.10 Td (W) Tj ET Q q 0 0 0 rg BT 118.26 296.10 Td (e estimate the fair value of goodwill using a market approach based upon multiples of ) Tj ET Q q 0 0 0 rg BT 463.44 296.10 Td (AUM and earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 284.10 Td (before interest, taxes, depreciation and amortization from a set of comparable peers for the current year and the trailing four ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 272.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 79.92 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 88.56 272.10 Td (e determined that the fair value of our goodwill substantially exceeded its carrying value based on the most recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 260.10 Td (impairment test performed as of November 30, 2016.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 239.10 Td (Stock-based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 222.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 222.10 Td (e recognize compensation expense for the grant-date fair value of awards of equity instruments granted to employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 210.10 Td (This expense is recognized over the period during which employees are required to provide service and reflects an adjustment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 198.10 Td (for anticipated forfeitures.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 177.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 102.57 177.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 160.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 160.10 Td (e operate in numerous states and countries through our subsidiaries and therefore must allocate our income, expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 148.10 Td (and earnings to these taxing jurisdictions taking into account the various laws and regulations in each jurisdiction. Our tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 136.10 Td (provision represents an estimate of the total liability that we have incurred in these jurisdictions as a result of our operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 124.10 Td (Each year we file tax returns in each jurisdiction and settle our tax liabilities which may be subject to audit by the taxing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 112.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 101.03 112.10 Td (The determination of our annual provision is subject to judgments and estimates and the actual results may vary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 100.10 Td (from the amounts reported in our consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 326.15 100.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 375.48 100.10 Td (, we recognize additions to, or reductions of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 88.10 Td (income tax expense during reporting periods that may pertain to prior period provisions as our estimated liabilities are revised ) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (and actual tax returns and audits, if any) Tj ET Q q 0 0 0 rg BT 210.52 731.10 Td (, are settled. Such adjustments are recognized in the discrete quarterly period in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (they are determined.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 698.10 Td (In addition, we record deferred tax consequences of all transactions that have been recognized in the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 686.10 Td (financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 674.10 Td (temporary dif) Tj ET Q q 0 0 0 rg BT 108.52 674.10 Td (ferences that will result in deductible amounts in future years. Deferred tax liabilities are recognized for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 662.10 Td (temporary dif) Tj ET Q q 0 0 0 rg BT 108.52 662.10 Td (ferences that will result in taxable income in future years. ) Tj ET Q q 0 0 0 rg BT 340.75 662.10 Td (W) Tj ET Q q 0 0 0 rg BT 349.39 662.10 Td (e record a valuation allowance, when necessary) Tj ET Q q 0 0 0 rg BT 538.93 662.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (reduce deferred tax assets to an amount that more likely than not will be realized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 629.10 Td (The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (regulations in a multitude of jurisdictions across our global operations. In accordance with ) Tj ET Q q 0 0 0 rg BT 417.24 617.10 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 106.31 605.10 Td (T) Tj ET Q q 0 0 0 rg BT 111.72 605.10 Td (opic 740, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 151.44 605.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 188.01 605.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.78 605.10 Td ( \(ASC 740\), a tax benefit from an uncertain tax position may be recognized when it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (litigation processes, on the basis of the technical merits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 560.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 560.10 Td (e record unrecognized tax benefits as liabilities in accordance with ) Tj ET Q q 0 0 0 rg BT 354.86 560.10 Td (ASC 740 and adjust these liabilities when our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 548.10 Td (judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 536.10 Td (some of these uncertainties, the ultimate resolution may result in a payment that is materially dif) Tj ET Q q 0 0 0 rg BT 439.27 536.10 Td (ferent from our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 524.10 Td (estimate of the unrecognized tax benefit liabilities. ) Tj ET Q q 0 0 0 rg BT 258.75 524.10 Td (These dif) Tj ET Q q 0 0 0 rg BT 296.05 524.10 Td (ferences are reflected as increases or decreases to income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 512.10 Td (expense in the period in which new information becomes available.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 491.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 491.10 Td (e consider the earnings of certain non-U.S. subsidiaries to be indefinitely invested outside of the United States on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (basis of estimates that future domestic cash generation will be suf) Tj ET Q q 0 0 0 rg BT 316.52 479.10 Td (ficient to meet future domestic cash needs and our specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (plans for reinvestment of those subsidiary earnings. ) Tj ET Q q 0 0 0 rg BT 262.66 467.10 Td (W) Tj ET Q q 0 0 0 rg BT 271.30 467.10 Td (e have not recorded a deferred tax liability related to the U.S. federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (and state income taxes and foreign withholding taxes on approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.70 455.10 Td ($91.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.59 455.10 Td ( of undistributed earnings of foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (subsidiaries indefinitely invested outside of the United States. ) Tj ET Q q 0 0 0 rg BT 303.50 443.10 Td (W) Tj ET Q q 0 0 0 rg BT 312.13 443.10 Td (ere these foreign earnings repatriated, we would need to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 Td (adjust our income tax provision in the period we determine that the earnings will no longer be indefinitely invested outside of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 Td (the United States.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 398.10 Td (Recently Issued ) Tj ET Q q 0 0 0 rg BT 130.79 398.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 188.46 398.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 377.10 Td (See discussion of Recently Issued ) Tj ET Q q 0 0 0 rg BT 215.48 377.10 Td (Accounting Pronouncements in Note 2 of the consolidated financial statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 350.10 Td (Item7A. Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 258.81 350.10 Td (es ) Tj ET Q q 0 0 0 rg BT 269.09 350.10 Td (About Market Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 333.10 Td (In the normal course of our business, we are exposed to risk as a result of changes in interest and currency rates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 321.10 Td (securities market and general economic fluctuations, which may have an adverse impact on the value of our investments. ) Tj ET Q q 0 0 0 rg BT 539.95 321.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 309.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 309.10 Td (, we had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.94 309.10 Td ($12.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.83 309.10 Td ( of trading investments as a result of consolidating GLI SICA) Tj ET Q q 0 0 0 rg BT 527.61 309.10 Td (V) Tj ET Q q 0 0 0 rg BT 533.55 309.10 Td (, CDF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 297.10 Td (and Cohen & Steers Co-Investment Partnership, L.P) Tj ET Q q 0 0 0 rg BT 262.31 297.10 Td (. \(GRP-CIP\). ) Tj ET Q q 0 0 0 rg BT 316.76 297.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.26 297.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.84 297.10 Td (, we had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.20 297.10 Td ($6.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.09 297.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 285.10 Td (of equity method investments, which represented our equity interests in ) Tj ET Q q 0 0 0 rg BT 341.99 285.10 Td (ACOM and GRP-TE. ) Tj ET Q q 0 0 0 rg BT 430.88 285.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.33 285.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.91 285.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 273.10 Td (had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.20 273.10 Td ($35.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.09 273.10 Td ( of available-for) Tj ET Q q 0 0 0 rg BT 249.30 273.10 Td (-sale investments, which were comprised of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.56 273.10 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 273.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 261.10 Td (invested in foreign and domestic common stocks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.52 261.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.41 261.10 Td ( invested in preferred securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.35 261.10 Td ($29.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.24 261.10 Td ( invested in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 249.10 Td (our sponsored funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 228.10 Td (The following is a summary of the ef) Tj ET Q q 0 0 0 rg BT 224.89 228.10 Td (fect that a 10 percent increase or decrease in equity prices would have on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 216.10 Td (investments subject to equity price fluctuation at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.89 216.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.48 216.10 Td (: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 175.60000000000002 m 409.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 175.60000000000002 m 483.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 175.60000000000002 m 557.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 175.60000000000002 m 409.5 175.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 354.70 187.83 Td (Carrying) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 360.85 179.83 Td (V) Tj ET Q q 0 0 0 rg BT 365.89 179.83 Td (alue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.15 195.83 Td (Carrying) Tj ET Q q 0 0 0 rg BT 453.56 195.83 Td (V) Tj ET Q q 0 0 0 rg BT 458.60 195.83 Td (alue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 426.60 187.83 Td (Assuming a) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.10 179.83 Td (10% Incr) Tj ET Q q 0 0 0 rg BT 455.62 179.83 Td (ease) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 491.15 195.83 Td (Carrying) Tj ET Q q 0 0 0 rg BT 524.56 195.83 Td (V) Tj ET Q q 0 0 0 rg BT 529.60 195.83 Td (alue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 497.60 187.83 Td (Assuming a) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 493.25 179.83 Td (10% Decr) Tj ET Q q 0 0 0 rg BT 527.54 179.83 Td (ease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 166.17 Td (Trading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 166.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 166.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 166.17 Td (12,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 166.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 166.17 Td (13,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 166.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 166.17 Td (11,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 153.17 Td (Equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 153.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 153.17 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 153.17 Td (7,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 153.17 Td (5,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 140.17 Td (Available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 140.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 140.17 Td (35,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 140.17 Td (38,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 140.17 Td (31,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 137.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 119.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 119.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 119.10 Td (, the Company had outstanding foreign currency forward contracts to hedge its currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (exposure related to client receivables with aggregated notional value of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.92 107.10 Td ($13.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.81 107.10 Td (. ) Tj ET Q q 0 0 0 rg BT 460.63 107.10 Td (The Company estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (that a 10 percent adverse change in market prices would result in an increase of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.41 95.10 Td ($141,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.91 95.10 Td ( in the fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (open foreign currency forward contracts held at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.97 83.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.55 83.10 Td (.) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 731.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 731.10 Td ( majority of our revenueapproximately 91%, 92% and 93% for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.42 731.10 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.42 731.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (respectivelywas derived from investment advisory and administration agreements with our clients. Under these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (agreements, the investment advisory and administration fee we receive is based on the market value of the assets we manage. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 103.34 695.10 Td (, a decline in the prices of securities generally) Tj ET Q q 0 0 0 rg BT 285.67 695.10 Td (, and real estate securities in particular) Tj ET Q q 0 0 0 rg BT 438.80 695.10 Td (, attributable to market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (conditions including inflation, interest rate changes and a general economic downturn, may cause our revenue and income to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (decline by causing the value of the assets we manage to decrease, which would result in lower investment advisory and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (administration fees; or by causing our clients to withdraw funds in favor of investments that they perceive as of) Tj ET Q q 0 0 0 rg BT 499.26 659.10 Td (fering greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (opportunity or lower risk or cost, which would also result in lower investment advisory and administration fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 626.10 Td (Market conditions may also preclude us from increasing the assets we manage in closed-end funds. ) Tj ET Q q 0 0 0 rg BT 475.65 626.10 Td (The market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 614.10 Td (conditions for these of) Tj ET Q q 0 0 0 rg BT 143.52 614.10 Td (ferings may not be as favorable in the future, which could adversely impact our ability to grow the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 602.10 Td (assets we manage and realize higher fee revenue associated with such growth. Depending on market conditions, the closed-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 590.10 Td (end funds we manage may increase or decrease their leverage in order to maintain the funds' tar) Tj ET Q q 0 0 0 rg BT 436.57 590.10 Td (get leverage ratios, thereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 578.10 Td (increasing or decreasing the assets we manage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 557.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 557.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 557.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.53 557.10 Td (51%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.86 557.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.30 557.10 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.63 557.10 Td ( of the assets we managed were concentrated in U.S. real estate and preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (securities, respectively) Tj ET Q q 0 0 0 rg BT 144.42 545.10 Td (. ) Tj ET Q q 0 0 0 rg BT 148.87 545.10 Td (An increase in interest rates or prolonged economic downturn could have a negative impact on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (valuation of real estate and preferred securities in our clients' portfolios, which could reduce our revenue. In addition, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (increase in interest rates or prolonged economic downturn could negatively impact our ability to increase assets in our open-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (end funds and to of) Tj ET Q q 0 0 0 rg BT 131.03 509.10 Td (fer new funds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (Item8. Financial Statements and Supplementary Data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 465.10 Td (The report of our independent registered public accounting firm and financial statements listed in the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 453.10 Td (index are included in Item15 of this ) Tj ET Q q 0 0 0 rg BT 201.19 453.10 Td (Annual Report on Form 10-K. See the Index to Financial Statements on page F-1. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 426.10 Td (Item9. Changes in and Disagr) Tj ET Q q 0 0 0 rg BT 183.28 426.10 Td (eements ) Tj ET Q q 0 0 0 rg BT 220.03 426.10 Td (W) Tj ET Q q 0 0 0 rg BT 229.84 426.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 243.46 426.10 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 311.81 426.10 Td (Accounting and Financial Disclosur) Tj ET Q q 0 0 0 rg BT 464.15 426.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 409.10 Td (There have been no disagreements on accounting and financial disclosure matters. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td (Item9A. Contr) Tj ET Q q 0 0 0 rg BT 119.08 382.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 162.24 382.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 191.50 382.10 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 365.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 365.10 Td (e maintain disclosure controls and procedures \(as that term is defined in Rules13a-15\(e\)and 15d-15\(e\)under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 137.31 353.10 Td (Act of 1934, as amended \(the Exchange ) Tj ET Q q 0 0 0 rg BT 298.92 353.10 Td (Act\)\) that are designed to ensure that information required to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (disclosed in our reports under the Exchange ) Tj ET Q q 0 0 0 rg BT 231.45 341.10 Td (Act is recorded, processed, summarized and reported within the time periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (specified in the Securities and Exchange Commission's rulesand forms, and that such information is accumulated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (communicated to our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 331.24 317.10 Td (ficer and our Chief Financial Of) Tj ET Q q 0 0 0 rg BT 459.62 317.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 477.54 317.10 Td (, as appropriate, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (allow timely decisions regarding required disclosures.) Tj ET Q q 0 0 0 rg BT 272.00 305.10 Td (Any controls and procedures, no matter how well designed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (operated, can provide only reasonable assurance of achieving the desired control objectives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 272.10 Td (Our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 284.31 272.10 Td (ficer and our Chief Financial Of) Tj ET Q q 0 0 0 rg BT 412.70 272.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 430.61 272.10 Td (, has evaluated the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 260.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 260.10 Td (fectiveness of our disclosure controls and procedures \(as defined in Rule 13a-15\(e\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 477.28 260.10 Td (Act\) as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 248.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 248.10 Td (. Based on that evaluation and subject to the foregoing, our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 448.70 248.10 Td (ficer and our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.10 Td (Financial Of) Tj ET Q q 0 0 0 rg BT 104.08 236.10 Td (ficer have concluded that our disclosure controls and procedures as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.92 236.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.51 236.10 Td ( were ef) Tj ET Q q 0 0 0 rg BT 496.52 236.10 Td (fective to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 224.10 Td (accomplish their objectives at a reasonable assurance level. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 203.10 Td (There has been no change in our internal control over financial reporting that occurred during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 191.10 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 219.03 191.10 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 400.45 191.10 Td (fect, our internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td (reporting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 158.10 Td (Management's report on internal control over financial reporting is located on page F-2 of this ) Tj ET Q q 0 0 0 rg BT 454.58 158.10 Td (Annual Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 146.10 Td (Form10-K and Deloitte& ) Tj ET Q q 0 0 0 rg BT 162.97 146.10 Td (T) Tj ET Q q 0 0 0 rg BT 168.38 146.10 Td (ouche LLP's report on the ef) Tj ET Q q 0 0 0 rg BT 281.91 146.10 Td (fectiveness of our internal control over financial reporting is located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.10 Td (on page F-3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (Item9B. Other) Tj ET Q q 0 0 0 rg BT 118.53 107.10 Td ( Information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 90.10 Td (None. ) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (33) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.37 731.25 Td (AR) Tj ET Q q 0 0 0 rg BT 73.46 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 79.95 731.25 Td ( III) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 704.25 Td (Item10. Dir) Tj ET Q q 0 0 0 rg BT 105.75 704.25 Td (ectors, Executive Officers and Corporate Governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 687.25 Td (The information regarding directors and executive of) Tj ET Q q 0 0 0 rg BT 288.46 687.25 Td (ficers set forth under the headings Nominee Information and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 675.25 Td (Other Executive Of) Tj ET Q q 0 0 0 rg BT 136.56 675.25 Td (ficers of the Proxy Statement is incorporated by reference herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 654.25 Td (The information regarding compliance with Section16\(a\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 376.95 654.25 Td (Act set forth under the heading Section 16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 642.25 Td (\(a\) Beneficial Ownership Reporting Compliance in the Proxy Statement is incorporated by reference herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 621.25 Td (The information regarding our Code of Business Conduct and Ethics and committees of our Board of Directors under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 609.25 Td (the headings Corporate Governance and Board Meetings and Committees in the Proxy Statement is incorporated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 597.25 Td (reference herein.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 570.25 Td (Item1) Tj ET Q q 0 0 0 rg BT 80.94 570.25 Td (1. Executive Compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 553.25 Td (The information contained under the headings Executive Compensation, Board Meetings and Committees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 541.25 Td (Report of the Compensation Committee of the Proxy Statement is incorporated by reference herein.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 514.25 Td (Item12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder) Tj ET Q q 0 0 0 rg BT 488.51 514.25 Td ( Matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 497.25 Td (The information under the headings Ownership of Cohen& Steers Common Stock and Equity Compensation Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.25 Td (Information of the Proxy Statement is incorporated by reference herein.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 458.25 Td (Item13. Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 240.76 458.25 Td (T) Tj ET Q q 0 0 0 rg BT 246.69 458.25 Td (ransactions, and Dir) Tj ET Q q 0 0 0 rg BT 333.46 458.25 Td (ector) Tj ET Q q 0 0 0 rg BT 354.93 458.25 Td ( Independence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 441.25 Td (The information under the headings Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 365.41 441.25 Td (T) Tj ET Q q 0 0 0 rg BT 371.16 441.25 Td (ransactions and Corporate Governance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.25 Td (the Proxy Statement is incorporated by reference herein.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 402.25 Td (Item14. Principal ) Tj ET Q q 0 0 0 rg BT 132.88 402.25 Td (Accountant Fees and Services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 385.25 Td (The information regarding our independent registered public accounting firm fees and services set forth under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 373.25 Td (heading Ratification of the ) Tj ET Q q 0 0 0 rg BT 167.30 373.25 Td (Appointment of Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 358.09 373.25 Td (Accounting Firm of the Proxy Statement is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 361.25 Td (incorporated by reference herein.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (34) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (P) Tj ET Q q 0 0 0 rg BT 59.37 731.25 Td (AR) Tj ET Q q 0 0 0 rg BT 73.46 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 79.95 731.25 Td ( IV) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 704.25 Td (Item15. Exhibits and Financial Statement Schedules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 684.32 Td (\(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 684.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 684.32 Td (Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 674.32 Td (Included herein at pages F-1 through F-35.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 640.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 660.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 660.32 Td (Financial Data Schedules) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 650.32 Td (All schedules have been omitted because they are not applicable, not required, or the information required is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 640.32 Td (included in the financial statements or notes thereto.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 626.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 626.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 626.32 Td (Exhibits) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 601.25 Td (The agreements and other documents filed as exhibits to this report are not intended to provide factual information or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 589.25 Td (other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 577.25 Td (rely on them for that purpose. 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Employee Stock Purchase Plan* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 414.04 579.60 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 561.07 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 561.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 561.07 Td (Form of Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 223.55 561.07 Td (Agreement for the issuance of awards pursuant to the ) Tj ET Q q 0 0 0 rg BT 438.76 561.07 Td (Amended and Restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 551.07 Td (Cohen & Steers, Inc. Stock Incentive Plan* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 276.85 555.60 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 538.07 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 538.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 538.07 Td (Form of ) Tj ET Q q 0 0 0 rg BT 135.32 538.07 Td (V) Tj ET Q q 0 0 0 rg BT 141.25 538.07 Td (oluntary Deferral Program Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 337.87 538.07 Td (Agreement for the issuance of awards pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 528.07 Td (Amended and Restated Cohen & Steers, Inc. 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Stock Incentive Plan*) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 369.60 509.60 Td ( \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 492.07 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 492.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 491.17 Td (Amendment to Employment ) Tj ET Q q 0 0 0 rg BT 216.32 491.17 Td (Agreement between Cohen & Steers Capital Management, Inc. and Martin Cohen* ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 551.50 495.24 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 477.07 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 477.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 476.17 Td (Amendment to Employment ) Tj ET Q q 0 0 0 rg BT 216.32 476.17 Td (Agreement between Cohen & Steers Capital Management, Inc. and Robert H. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 466.17 Td (Steers* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 132.44 470.70 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 452.07 Td (21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 452.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 452.07 Td (Subsidiaries of the Company \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 438.07 Td (23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 438.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 438.07 Td (Consent of Deloitte & Touche LLP \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 424.07 Td (24.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 424.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 424.07 Td (Powers of Attorney \(included on signature page hereto\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 410.07 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 410.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 410.07 Td (Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 \(filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 400.07 Td (herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 387.07 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 387.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 387.07 Td (Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 \(filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 377.07 Td (herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 364.07 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 364.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 364.07 Td (Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 \(furnished) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 354.07 Td (herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 341.07 Td (32.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 341.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 341.07 Td (Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 \(furnished) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 331.07 Td (herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 318.07 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 318.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 318.07 Td (The following financial statements from the Company's Annual Report on Form 10-K for the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 308.07 Td (December 31, 2016 formatted in XBRL \(eXtensible Business Reporting Language\): \(i\) the Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 298.07 Td (Statements of Financial Condition as of December 31, 2016 and December 31, 2015, \(ii\) the Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 288.07 Td (Statements of Operations for the years ended December 31, 2016, 2015 and 2014, \(iii\) the Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 278.07 Td (Statements of Comprehensive Income for the years ended December 31, 2016, 2015 and 2014, \(iv\) the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 268.07 Td (Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 258.07 Td (years ended December 31, 2016, 2015 and 2014, \(v\) the Consolidated Statements of Cash Flows for the years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 248.12 Td (ended December 31, 2016, 2015 and 2014, and \(vi\) the Notes to the Consolidated Financial Statements.) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 563.50 246.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.00 Td (_________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 222.00 Td (Incorporated by reference to the Company's Registration Statement on Form S-1 \(Registration No.333-1) Tj ET Q q 0 0 0 rg BT 505.17 222.00 Td (14027\), as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 210.00 Td (amended, originally filed with the Securities and Exchange Commission on March30, 2004. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.00 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 198.00 Td (Incorporated by reference to the Company's Quarterly Report on Form 10-Q \(Commission File No.001-32236\), for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 186.00 Td (the quarter ended June30, 2008. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.00 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 174.00 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 257.93 174.00 Td (s Current Report on Form 8-K \(Commission File No.001-32236\), filed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 162.00 Td (May13, 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.00 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 150.00 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 257.93 150.00 Td (s ) Tj ET Q q 0 0 0 rg BT 263.77 150.00 Td (Annual Report on Form 10-K \(Commission File No.001-32236\), for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 138.00 Td (year ended December31, 2012.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.00 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 126.00 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 257.93 126.00 Td (s Quarterly Report on Form 10-Q \(Commission File No.001-32236\), for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 114.00 Td (the quarter ended September30, 2004.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.00 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 102.00 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 257.93 102.00 Td (s ) Tj ET Q q 0 0 0 rg BT 263.77 102.00 Td (Annual Report on Form 10-K \(Commission File No.001-32236\), for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 90.00 Td (year ended December31, 2007.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.00 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 78.00 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 257.93 78.00 Td (s Quarterly Report on Form 10-Q \(Commission File No.001-32236\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 66.00 Td (quarter ended June30, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 54.00 Td (* Denotes compensatory plan.) 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Based on its assessment, our management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.25 Td (believes that, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.92 476.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 476.25 Td (, the Company's internal control over financial reporting is ef) Tj ET Q q 0 0 0 rg BT 453.83 476.25 Td (fective based on those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.25 Td (criteria. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 443.25 Td (The Company's independent registered public accounting firm that audited the accompanying Consolidated Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 Td (Statements has issued an attestation report on the ef) Tj ET Q q 0 0 0 rg BT 260.43 431.25 Td (fectiveness of the Company's internal control over financial reporting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.25 Td (Their report appears on the following page. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.25 Td (February24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.60 389.25 Td ( ) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 39.60 Td (F-3) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 135.40 731.25 Td (REPOR) Tj ET Q q 0 0 0 rg BT 170.05 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 176.54 731.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 192.55 731.25 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 267.66 731.25 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 377.97 731.25 Td (ACCOUNTING FIRM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 709.25 Td ( ) Tj ET Q q 0 0 0 rg BT 56.32 709.25 Td (T) Tj ET Q q 0 0 0 rg BT 61.73 709.25 Td (o the Board of Directors and Stockholders of Cohen & Steers, Inc. New ) Tj ET Q q 0 0 0 rg BT 351.01 709.25 Td (Y) Tj ET Q q 0 0 0 rg BT 357.23 709.25 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 389.63 709.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 687.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 687.25 Td (e have audited the accompanying consolidated statements of financial condition of Cohen & Steers, Inc. and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 675.25 Td (subsidiaries \(the "Company"\) as of December 31, 2016 and 2015, and the related consolidated statements of operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 663.25 Td (comprehensive income, changes in stockholders' equity and redeemable noncontrolling interest, and cash flows for each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.25 Td (the three years in the period ended December 31, 2016. ) Tj ET Q q 0 0 0 rg BT 277.62 651.25 Td (W) Tj ET Q q 0 0 0 rg BT 286.26 651.25 Td (e also have audited the Company's internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.25 Td (reporting as of December 31, 2016) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 193.40 639.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.90 639.25 Td (based on criteria established in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 321.69 639.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 379.38 639.25 Td (ol - Integrated Framework \(2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.46 639.25 Td ( issued by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 627.25 Td (the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 184.92 627.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 258.33 627.25 Td (T) Tj ET Q q 0 0 0 rg BT 264.08 627.25 Td (readway Commission. ) Tj ET Q q 0 0 0 rg BT 355.84 627.25 Td (The Company's management is responsible for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.25 Td (these financial statements, for maintaining ef) Tj ET Q q 0 0 0 rg BT 233.76 615.25 Td (fective internal control over financial reporting, and for its assessment of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.25 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 603.25 Td (fectiveness of internal control over financial reporting, included in the accompanying Management) Tj ET Q q 0 0 0 rg BT 460.33 603.25 Td (s Report on Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.25 Td (Control over Financial Reporting. Our responsibility is to express an opinion on these financial statements and an opinion on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 579.25 Td (the Company's internal control over financial reporting based on our audits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 557.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 557.25 Td (e conducted our audits in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 418.83 557.25 Td (Accounting Oversight Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (\(United States\). ) Tj ET Q q 0 0 0 rg BT 119.08 545.25 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (financial statements are free of material misstatement and whether ef) Tj ET Q q 0 0 0 rg BT 329.53 533.25 Td (fective internal control over financial reporting was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.25 Td (maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.25 Td (estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.25 Td (financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.25 Td (material weakness exists, and testing and evaluating the design and operating ef) Tj ET Q q 0 0 0 rg BT 373.17 473.25 Td (fectiveness of internal control based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td (assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 449.25 Td (e believe that our audits provide a reasonable basis for our opinions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 427.25 Td (A) Tj ET Q q 0 0 0 rg BT 96.67 427.25 Td ( company's internal control over financial reporting is a process designed by) Tj ET Q q 0 0 0 rg BT 400.79 427.25 Td (, or under the supervision of, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.25 Td (company's principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 278.31 415.25 Td (ficers, or persons performing similar functions, and ef) Tj ET Q q 0 0 0 rg BT 493.90 415.25 Td (fected by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.25 Td (company's board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.25 Td (financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.25 Td (accounting principles. ) Tj ET Q q 0 0 0 rg BT 144.25 379.25 Td (A) Tj ET Q q 0 0 0 rg BT 150.92 379.25 Td ( company's internal control over financial reporting includes those policies and procedures that \(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 367.25 Td (pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 355.25 Td (of the assets of the company; \(2\) provide reasonable assurance that transactions are recorded as necessary to permit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 343.25 Td (preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 331.25 Td (expenditures of the company are being made only in accordance with authorizations of management and directors of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 319.25 Td (company; and \(3\) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 307.25 Td (disposition of the company's assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 310.00 307.25 Td (fect on the financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 285.25 Td (Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 273.25 Td (or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 261.25 Td (on a timely basis. ) Tj ET Q q 0 0 0 rg BT 125.94 261.25 Td (Also, projections of any evaluation of the ef) Tj ET Q q 0 0 0 rg BT 301.82 261.25 Td (fectiveness of the internal control over financial reporting to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 249.25 Td (future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 237.25 Td (degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 215.25 Td (In our opinion, the consolidated financial statements referred to above present fairly) Tj ET Q q 0 0 0 rg BT 425.34 215.25 Td (, in all material respects, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.25 Td (financial position of Cohen & Steers, Inc. and subsidiaries as of December 31, 2016 and 2015, and the results of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.25 Td (operations and their cash flows for each of the three years in the period ended December 31, 2016, in conformity with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.25 Td (accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 310.86 179.25 Td (America. ) Tj ET Q q 0 0 0 rg BT 349.73 179.25 Td (Also, in our opinion, the Company maintained, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 167.25 Td (all material respects, ef) Tj ET Q q 0 0 0 rg BT 146.55 167.25 Td (fective internal control over financial reporting as of December 31, 2016, based on the criteria ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.25 Td (established in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 111.21 155.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 168.90 155.25 Td (ol - Integrated Framework \(2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.98 155.25 Td ( issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 478.40 155.25 Td (ganizations of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.25 Td (T) Tj ET Q q 0 0 0 rg BT 59.76 143.25 Td (readway Commission.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.25 Td (/s/DELOITTE&) Tj ET Q q 0 0 0 rg BT 134.36 113.25 Td (T) Tj ET Q q 0 0 0 rg BT 140.29 113.25 Td (OUCHE LLP) Tj ET Q q 0 0 0 rg BT 194.64 113.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.25 Td (New ) Tj ET Q q 0 0 0 rg BT 75.01 101.25 Td (Y) Tj ET Q q 0 0 0 rg BT 81.23 101.25 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 120.57 101.25 Td (Y) Tj ET Q q 0 0 0 rg BT 126.79 101.25 Td (ork ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.25 Td (February24, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.60 89.25 Td ( ) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 39.60 Td (F-4) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 731.25 Td (COHEN& STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 731.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 163.10 714.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 222.92 714.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 257.48 714.25 Td (A) Tj ET Q q 0 0 0 rg BT 263.95 714.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 328.87 714.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 387.49 714.25 Td ( CONDITION) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 235.90 702.25 Td (\(in thousands, except shar) Tj ET Q q 0 0 0 rg BT 346.85 702.25 Td (e data\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 658.75 m 494.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 658.75 m 558.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 494.75 m 494.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 494.75 m 558.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 480.75 m 494.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 478.75 m 494.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 480.75 m 558.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 478.75 m 558.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 354.75 m 494.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 354.75 m 558.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 339.75 m 494.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 339.75 m 558.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 339.75 m 494.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 339.75 m 558.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 309.75 m 494.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 309.75 m 558.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 199.75 m 494.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 199.75 m 558.5 199.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 184.75 m 494.5 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 184.75 m 558.5 184.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 170.75 m 494.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 168.75 m 494.5 168.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 170.75 m 558.5 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 168.75 m 558.5 168.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 440.75 670.98 Td (December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.00 662.98 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 504.75 670.98 Td (December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 520.00 662.98 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 225.35 649.48 Td (ASSETS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 635.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.50 635.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 634.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 634.42 Td (183,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 634.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 634.42 Td (142,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 620.32 Td (T) Tj ET Q q 0 0 0 rg BT 62.76 620.32 Td (rading investments \($487 and $566\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 209.68 624.85 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.88 620.32 Td (\($6,987 and $6,850\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 302.48 624.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 620.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 619.42 Td (12,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 619.42 Td (37,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 605.32 Td (Equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 605.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 604.42 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 604.42 Td (16,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 590.32 Td (Available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 590.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 589.42 Td (35,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 589.42 Td (17,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 575.32 Td (Accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 575.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 574.42 Td (46,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 574.42 Td (44,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 560.32 Td (Due from brokers \($475 and $383\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 199.19 564.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.50 560.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 559.42 Td (1,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 559.42 Td (6,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 545.32 Td (Property and equipmentnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 545.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 544.42 Td (15,964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 544.42 Td (9,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 530.32 Td (Goodwill and intangible assetsnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 530.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 529.42 Td (19,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 529.42 Td (19,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 515.32 Td (Deferred income tax assetnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 515.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 514.42 Td (5,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 514.42 Td (5,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 500.32 Td (Other assets \($43 and $53\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 166.70 504.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 500.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 499.42 Td (7,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 499.42 Td (5,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 485.32 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 485.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 484.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 484.42 Td (333,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 484.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 484.42 Td (305,322) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 136.10 464.43 Td (LIABILITIES AND STOCKHOLDERS EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 450.32 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 435.32 Td (Accrued compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 435.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 434.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 434.42 Td (35,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 434.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 434.42 Td (30,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 420.32 Td (Distribution and service fees payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.50 420.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 419.42 Td (6,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 419.42 Td (6,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 405.32 Td (Income tax payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 405.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 404.42 Td (9,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 404.42 Td (6,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 390.32 Td (Due to brokers \($0 and $12\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 190.53 394.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 390.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 389.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 389.42 Td (4,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 375.32 Td (Deferred rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.50 375.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 374.42 Td (6,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 374.42 Td (6,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 360.32 Td (Other liabilities and accrued expenses \($75 and $55\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 287.71 364.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 360.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 359.42 Td (9,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 359.42 Td (8,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 345.32 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 345.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 344.42 Td (67,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 344.42 Td (62,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 330.32 Td (Commitments and contingencies \(see Note 13\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 315.32 Td (Redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 315.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 314.42 Td (853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 314.42 Td (11,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 300.32 Td (Stockholders equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 285.32 Td (Common stock, $0.01 par value; 500,000,000 shares authorized; 50,415,152 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 275.32 Td (49,690,562 shares issued at December 31, 2016 and December31, 2015, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 275.32 Td (. . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 274.42 Td (504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 274.42 Td (497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 260.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 260.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 259.42 Td (543,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 259.42 Td (519,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 245.32 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 245.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 244.47 Td (\(127,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 244.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.80 244.47 Td (\(148,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 244.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 230.32 Td (Accumulated other comprehensive income, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 230.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 229.47 Td (\(5,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 229.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 229.47 Td (\(3,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 229.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 215.32 Td (Less: Treasury stock, at cost, 4,524,694 and 4,250,476 shares at December 31, 2016 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 205.32 Td (December 31, 2015, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.50 205.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 204.47 Td (\(144,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 204.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.80 204.47 Td (\(136,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 204.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 190.32 Td (Total stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 190.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 189.42 Td (265,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 189.42 Td (231,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 175.32 Td (Total liabilities and stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 175.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 174.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 174.42 Td (333,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 174.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 174.42 Td (305,322) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.00 Tf ET q 0 0 0 rg BT 54.00 163.05 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 152.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 152.25 Td (Pledged as collateral attributable to the consolidated balances of Cohen & Steers ) Tj ET Q q 0 0 0 rg BT 363.91 152.25 Td (Active Commodities Strategy Fund, Inc. as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 141.45 Td (December31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 142.73 141.45 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 160.22 141.45 Td (December31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.95 141.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 278.34 141.45 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 130.65 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 130.65 Td (Asset and liability amounts in parentheses represent the aggregated balances at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.15 130.65 Td (December31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.88 130.65 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.37 130.65 Td (December31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.10 130.65 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 119.85 Td (attributable to Cohen & Steers SICA) Tj ET Q q 0 0 0 rg BT 203.07 119.85 Td (V) Tj ET Q q 0 0 0 rg BT 209.41 119.85 Td ( Global Listed Infrastructure Fund and Cohen & Steers Co-Investment Partnership, L.P) Tj ET Q q 0 0 0 rg BT 522.60 119.85 Td (., which ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 109.05 Td (were variable interest entities as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.45 109.05 Td (December31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.17 109.05 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 287.67 109.05 Td (December31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.39 109.05 Td (, respectively) Tj ET Q q 0 0 0 rg BT 405.79 109.05 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 213.90 71.05 Td (See notes to consolidated financial statements) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 39.60 Td (F-5) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 731.25 Td (COHEN& STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 731.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 189.15 714.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.97 714.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.52 714.25 Td (A) Tj ET Q q 0 0 0 rg BT 290.00 714.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.92 714.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 391.68 714.25 Td (TIONS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 227.55 702.25 Td (\(in thousands, except per) Tj ET Q q 0 0 0 rg BT 334.04 702.25 Td ( shar) Tj ET Q q 0 0 0 rg BT 355.26 702.25 Td (e data\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 667.75 m 430.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 667.75 m 434.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 667.75 m 494.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 667.75 m 498.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 667.75 m 558.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 667.75 m 430.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 654.75 m 430.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 667.75 m 494.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 654.75 m 494.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 667.75 m 558.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 654.75 m 558.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 594.75 m 430.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 594.75 m 494.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 579.75 m 430.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 579.75 m 494.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 594.75 m 558.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 579.75 m 558.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 504.75 m 430.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 504.75 m 494.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 504.75 m 558.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 489.75 m 430.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 489.75 m 494.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 474.75 m 430.5 474.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 474.75 m 494.5 474.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 489.75 m 558.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 474.75 m 558.5 474.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 384.75 m 430.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 384.75 m 494.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 384.75 m 558.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 369.75 m 430.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 369.75 m 494.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 384.75 m 558.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 369.75 m 558.5 369.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 339.75 m 430.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 339.75 m 494.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 339.75 m 558.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 302.75 m 430.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 302.75 m 494.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 302.75 m 558.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 288.75 m 430.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 286.75 m 430.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 288.75 m 494.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 286.75 m 494.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 302.75 m 558.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 288.75 m 558.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 286.75 m 558.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 254.75 m 430.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 252.75 m 430.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 254.75 m 494.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 252.75 m 494.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 254.75 m 558.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 252.75 m 558.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 239.75 m 430.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 237.75 m 430.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 239.75 m 494.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 237.75 m 494.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 239.75 m 558.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 237.75 m 558.5 237.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 209.75 m 430.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 207.75 m 430.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 209.75 m 494.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 207.75 m 494.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 209.75 m 558.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 207.75 m 558.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 194.75 m 430.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 192.75 m 430.5 192.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 194.75 m 494.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 192.75 m 494.5 192.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 194.75 m 558.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 192.75 m 558.5 192.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.05 671.83 Td (Years Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 659.00 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 392.00 658.98 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.00 658.98 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 520.00 658.98 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 645.32 Td (Revenue:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 630.32 Td (Investment advisory and administration fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 630.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 629.42 Td (319,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 629.42 Td (303,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 629.42 Td (291,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 615.32 Td (Distribution and service fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 615.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 614.42 Td (19,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 614.42 Td (16,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 614.42 Td (14,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 600.32 Td (Portfolio consulting and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.50 600.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 599.42 Td (10,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 599.42 Td (8,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 599.42 Td (7,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 585.32 Td (Total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 585.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 584.42 Td (349,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 584.42 Td (328,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 584.42 Td (313,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 570.32 Td (Expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 555.32 Td (Employee compensation and benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.50 555.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 554.42 Td (115,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 554.42 Td (107,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 554.42 Td (102,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 540.32 Td (Distribution and service fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 540.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 539.42 Td (39,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 539.42 Td (36,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 539.42 Td (35,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 525.32 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 525.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 524.42 Td (51,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 524.42 Td (50,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 524.42 Td (47,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 510.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.50 510.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 509.42 Td (7,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 509.42 Td (6,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 509.42 Td (6,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 495.32 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 495.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 494.42 Td (214,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 494.42 Td (201,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 494.42 Td (191,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 480.32 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 480.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 479.42 Td (135,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 479.42 Td (127,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 479.42 Td (121,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 465.32 Td (Non-operating income:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 450.32 Td (Interest and dividend income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 450.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 449.42 Td (2,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 449.42 Td (1,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 449.42 Td (2,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 435.32 Td (Gain \(loss\) from trading investmentsnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 435.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 434.42 Td (218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 434.47 Td (\(2,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 434.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 434.47 Td (\(1,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 434.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 420.32 Td (Equity in earnings \(losses\) of affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 420.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 419.42 Td (3,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 419.47 Td (\(10,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 419.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 419.47 Td (\(1,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 419.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 405.32 Td (Gain \(loss\) from available-for-sale investmentsnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.50 405.32 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 404.42 Td (1,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 404.47 Td (\(2,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 404.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 404.42 Td (2,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 390.32 Td (Other gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 390.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 389.42 Td (780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 389.47 Td (\(1,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 389.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 389.47 Td (\(504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 389.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 375.32 Td (Total non-operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.50 375.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 374.42 Td (7,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 374.47 Td (\(14,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 374.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 374.42 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 360.32 Td (Income before provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 360.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 359.42 Td (143,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 359.42 Td (112,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 359.42 Td (122,014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 345.32 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 345.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 344.42 Td (50,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 344.42 Td (48,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 344.42 Td (46,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 330.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.50 330.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 329.42 Td (92,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 329.42 Td (64,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 329.42 Td (75,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 315.32 Td (Less: Net loss \(income\) attributable to redeemable noncontrolling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 305.37 Td (interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.50 305.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 307.42 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 307.42 Td (214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 307.47 Td (\(224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 307.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 293.32 Td (Net income attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 293.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 292.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 292.42 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 292.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 292.42 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 292.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 292.42 Td (75,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 274.32 Td (Earnings per share attributable to common stockholders:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 259.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 259.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 258.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 258.42 Td (2.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 258.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 258.42 Td (1.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 258.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 258.42 Td (1.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 244.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 244.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 243.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 243.42 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 243.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 243.42 Td (1.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 243.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 243.42 Td (1.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 229.32 Td (Weighted average shares outstanding:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 214.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 214.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 213.42 Td (45,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 213.42 Td (45,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 213.42 Td (44,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 199.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 199.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 198.42 Td (46,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 198.42 Td (45,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 198.42 Td (45,643) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 213.90 80.25 Td (See notes to consolidated financial statements) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 39.60 Td (F-6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 731.25 Td (COHEN& STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 731.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 154.75 714.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 214.57 714.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 249.13 714.25 Td (A) Tj ET Q q 0 0 0 rg BT 255.60 714.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 320.52 714.25 Td ( COMPREHENSIVE INCOME) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 275.55 702.25 Td (\(in thousands\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 667.75 m 429.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 667.75 m 429.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 654.75 m 429.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 667.75 m 433.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 667.75 m 493.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 654.75 m 493.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 667.75 m 497.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 667.75 m 557.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 654.75 m 557.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 617.75 m 429.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 617.75 m 493.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 617.75 m 557.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 602.75 m 429.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 602.75 m 493.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 602.75 m 557.5 602.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 536.75 m 429.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 536.75 m 493.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 536.75 m 557.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 521.75 m 429.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 521.75 m 493.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 521.75 m 557.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 506.75 m 429.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 504.75 m 429.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 521.75 m 493.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 506.75 m 493.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 504.75 m 493.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 521.75 m 557.5 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 506.75 m 557.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 504.75 m 557.5 504.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 671.83 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 658.98 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 658.98 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 658.98 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 644.42 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 644.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 644.42 Td (92,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 644.42 Td (64,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 644.42 Td (75,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 630.32 Td (Less: Net loss \(income\) attributable to redeemable noncontrolling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 620.37 Td (interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 620.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 622.42 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 622.42 Td (214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 622.47 Td (\(224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 622.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 607.42 Td (Net income attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 607.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 607.42 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 607.42 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 607.42 Td (75,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 592.42 Td (Foreign currency translation loss \(net of tax of $0\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 592.32 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 592.47 Td (\(2,937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 592.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 592.47 Td (\(2,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 592.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 592.47 Td (\(3,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 592.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 577.42 Td (Net unrealized gain \(loss\) from available-for-sale investments \(net of tax of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 567.42 Td ($0\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 567.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 567.42 Td (2,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 567.47 Td (\(2,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 567.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 567.42 Td (1,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 551.42 Td (Reclassification to statements of operations of realized \(gain\) loss from) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 541.42 Td (available-for-sale investments \(net of tax of $0\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 541.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 541.47 Td (\(1,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 541.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 541.42 Td (2,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 541.47 Td (\(2,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 541.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 526.42 Td (Other comprehensive loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.50 526.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 526.47 Td (\(2,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 526.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 526.47 Td (\(2,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 526.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 526.47 Td (\(4,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 526.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 510.42 Td (Total comprehensive income attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 510.32 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 510.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 510.42 Td (90,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 510.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 510.42 Td (62,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 510.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 510.42 Td (70,939) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 213.90 81.45 Td (See notes to consolidated financial statements) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 19.60 Td (F-7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 218.30 742.25 Td (COHEN& STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 334.44 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 131.05 725.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 190.87 725.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 225.43 725.25 Td (A) Tj ET Q q 0 0 0 rg BT 231.90 725.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 296.82 725.25 Td ( CHANGES IN ST) Tj ET Q q 0 0 0 rg BT 376.94 725.25 Td (OCKHOLDERS) Tj ET Q q 0 0 0 rg BT 451.21 725.25 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 492.79 725.25 Td ( ) Tj ET Q q 0 0 0 rg BT 494.74 725.25 Td (AND) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 211.30 713.25 Td (REDEEMABLE NONCONTROLLING INTEREST) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 293.30 701.25 Td (\(in thousands\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 645.75 m 260 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 645.75 m 306 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 645.75 m 354 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 645.75 m 408 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 645.75 m 456 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 645.75 m 505 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 645.75 m 558 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 645.75 m 598 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 645.75 m 260 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 645.75 m 306 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 645.75 m 354 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 645.75 m 408 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 645.75 m 456 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 645.75 m 558 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 645.75 m 598 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 468.75 m 558 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 468.75 m 260 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 455.75 m 260 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 468.75 m 306 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 455.75 m 306 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 468.75 m 354 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 455.75 m 354 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 468.75 m 408 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 455.75 m 408 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 468.75 m 456 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 455.75 m 456 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 468.75 m 505 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 455.75 m 505 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 468.75 m 558 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 455.75 m 558 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 468.75 m 598 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 455.75 m 598 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 299.75 m 260 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 286.75 m 260 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 299.75 m 306 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 286.75 m 306 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 299.75 m 354 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 286.75 m 354 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 299.75 m 408 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 286.75 m 408 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 299.75 m 456 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 286.75 m 456 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 299.75 m 505 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 286.75 m 505 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 299.75 m 558 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 286.75 m 558 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 299.75 m 598 299.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 286.75 m 598 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 110.75 m 260 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 98.75 m 260 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 96.75 m 260 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 110.75 m 306 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 98.75 m 306 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 96.75 m 306 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 110.75 m 354 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 98.75 m 354 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 96.75 m 354 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 110.75 m 408 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 98.75 m 408 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 96.75 m 408 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 110.75 m 456 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 98.75 m 456 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 96.75 m 456 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 110.75 m 505 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 98.75 m 505 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 96.75 m 505 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 110.75 m 558 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 98.75 m 558 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 96.75 m 558 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 110.75 m 598 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 98.75 m 598 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 96.75 m 598 96.75 l s BT /F1 7.00 Tf ET q 0 0 0 rg BT 229.95 656.80 Td (Common) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 235.00 649.80 Td (Stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 269.50 663.80 Td (Additional) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 274.15 656.80 Td (Paid-In) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 274.35 649.80 Td (Capital) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 312.80 656.80 Td (Accumulated) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 321.75 649.80 Td (Deficit) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 363.80 683.40 Td (Accumulated ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 374.50 676.40 Td (Other) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 360.50 669.40 Td (Comprehensive) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 372.00 662.40 Td (Income ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 362.95 655.40 Td (\(Loss\),Net of ) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.30 648.40 Td (T) Tj ET Q q 0 0 0 rg BT 381.09 648.40 Td (ax) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 421.15 656.80 Td (T) Tj ET Q q 0 0 0 rg BT 425.18 656.80 Td (reasury) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 425.50 649.80 Td (Stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 474.85 663.80 Td (T) Tj ET Q q 0 0 0 rg BT 478.64 663.80 Td (otal) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 462.80 656.80 Td (Stockholders) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.65 649.80 Td (Equity) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.70 663.80 Td (Redeemable) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 511.60 656.80 Td (Noncontrolling) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.50 649.80 Td (Interest) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 663.80 Td (Shares of) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.45 656.80 Td (Common) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 564.70 649.80 Td (Stock, Net) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 637.15 Td (Beginning balance, January1, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.25 637.01 Td (. . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.50 637.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.00 637.01 Td (477) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.50 637.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 637.01 Td (457,138) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 637.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 637.01 Td (\(131,366) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 637.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 637.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.25 637.01 Td (2,989) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 637.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.25 637.01 Td (\(105,681) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 637.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 637.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 637.01 Td (223,557) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 637.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 637.01 Td (207) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 569.75 637.01 Td (44,254) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 624.01 Td (Dividends \($1.88 per share\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.25 624.01 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 624.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 624.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.75 624.01 Td (\(86,930) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 624.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 624.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 624.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 624.01 Td (\(86,930) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 624.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 624.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 624.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 612.01 Td (Issuance of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 149.75 612.01 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.00 612.01 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 612.01 Td (569) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 612.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 612.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 612.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.00 612.01 Td (578) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 612.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 612.01 Td (858) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 600.01 Td (Repurchase of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 163.25 600.01 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 600.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 600.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 600.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 600.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.75 600.01 Td (\(11,722) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 600.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 600.01 Td (\(11,722) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 600.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 600.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 578.00 600.01 Td (\(319) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 594.50 600.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 588.01 Td (Tax benefits associated with restricted stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 579.06 Td (unitsnet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 91.25 579.06 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 581.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.25 581.21 Td (3,676) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 581.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 581.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 581.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 581.21 Td (3,676) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 581.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 581.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 568.01 Td (Issuance of restricted stock units) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 172.25 568.01 Td (. . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 568.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.25 568.01 Td (3,045) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 568.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 568.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 568.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 568.01 Td (3,045) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 568.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 568.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 556.01 Td (Amortization of restricted stock unitsnet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.25 556.01 Td (. . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 556.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.75 556.01 Td (24,838) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 556.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 556.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 556.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 556.01 Td (24,838) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 556.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 556.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 544.01 Td (Net income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 95.75 544.01 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 544.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 544.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.75 544.01 Td (75,510) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 544.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 544.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 544.01 Td (75,510) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 544.01 Td (224) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 544.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 532.01 Td (Other comprehensive loss, net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 185.75 532.01 Td (. . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 532.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 532.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 532.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 532.01 Td (\(4,571) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.50 532.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 532.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 532.01 Td (\(4,571) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 532.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 532.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 532.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 520.01 Td (Distributions to redeemable noncontrolling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 511.06 Td (interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.25 511.06 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 513.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 513.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 513.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 513.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 513.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 513.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 513.21 Td (\(8,987) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 513.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 513.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 500.01 Td (Contributions from redeemable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 491.06 Td (noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 136.25 491.06 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 493.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 493.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 493.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 493.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 493.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 493.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 493.21 Td (36,278) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 493.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 480.01 Td (Transfer of redeemable noncontrolling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 471.06 Td (interest in consolidated entity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.75 471.06 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 473.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 473.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 473.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 473.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 473.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 473.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.75 473.21 Td (\(27,115) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 473.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 473.21 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 460.15 Td (Ending balance, December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.25 460.01 Td (. . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.50 460.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.00 460.01 Td (486) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.50 460.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 460.01 Td (489,266) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 460.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 460.01 Td (\(142,786) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 460.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 460.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 460.01 Td (\(1,582) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.50 460.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 460.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.25 460.01 Td (\(117,403) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 460.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 460.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 460.01 Td (227,981) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 460.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 460.01 Td (607) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 569.75 460.01 Td (44,793) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 447.01 Td (Dividends \($1.50 per share\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.25 447.01 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 447.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 447.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.75 447.01 Td (\(69,861) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 447.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 447.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 447.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 447.01 Td (\(69,861) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 447.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 447.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 447.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 435.01 Td (Issuance of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 149.75 435.01 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 435.01 Td (11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 435.01 Td (623) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 435.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 435.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 435.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.00 435.01 Td (634) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 435.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 574.25 435.01 Td (1,097) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 423.01 Td (Repurchase of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 163.25 423.01 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 423.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 423.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 423.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 423.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.75 423.01 Td (\(19,234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 423.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 423.01 Td (\(19,234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 423.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 423.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 578.00 423.01 Td (\(450) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 594.50 423.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 411.01 Td (Tax benefits associated with restricted stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 402.06 Td (unitsnet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 91.25 402.06 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 404.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.25 404.21 Td (5,262) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 404.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 404.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 404.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 404.21 Td (5,262) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 404.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 404.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 391.01 Td (Issuance of restricted stock units) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 172.25 391.01 Td (. . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 391.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.25 391.01 Td (2,109) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 391.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 391.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 391.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 391.01 Td (2,109) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 391.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 391.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 379.01 Td (Amortization of restricted stock unitsnet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.25 379.01 Td (. . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 379.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.75 379.01 Td (22,566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 379.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 379.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 379.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 379.01 Td (22,566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 379.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 379.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 367.01 Td (Forfeitures of restricted stock units) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.25 367.01 Td (. . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 367.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 367.01 Td (29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 367.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 367.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 367.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 367.01 Td (29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 367.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 367.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 355.01 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.25 355.01 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 355.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 355.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.75 355.01 Td (64,551) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 355.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 355.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 355.01 Td (64,551) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.00 355.01 Td (\(214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 355.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 355.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 343.01 Td (Other comprehensive loss, net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 185.75 343.01 Td (. . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 343.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 343.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 343.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 343.01 Td (\(2,261) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.50 343.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 343.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 343.01 Td (\(2,261) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 343.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 343.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 343.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 331.01 Td (Distributions to redeemable noncontrolling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 322.06 Td (interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.25 322.06 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 324.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 324.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 324.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 324.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 324.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 324.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 324.21 Td (\(10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 324.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 324.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 311.01 Td (Contributions from redeemable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 302.06 Td (noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 136.25 302.06 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 304.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 304.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 304.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 304.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 304.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 304.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 304.21 Td (10,951) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 304.21 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 291.15 Td (Ending balance, December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.25 291.01 Td (. . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.50 291.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.00 291.01 Td (497) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.50 291.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 291.01 Td (519,855) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 291.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 291.01 Td (\(148,096) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 291.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 291.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 291.01 Td (\(3,843) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.50 291.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 291.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.25 291.01 Td (\(136,637) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 291.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 291.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 291.01 Td (231,776) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 291.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 291.01 Td (11,334) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 569.75 291.01 Td (45,440) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 278.01 Td (Dividends \($1.54 per share\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.25 278.01 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 278.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 278.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.75 278.01 Td (\(72,797) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 278.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 278.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 278.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 278.01 Td (\(72,797) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 278.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 278.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 278.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 266.01 Td (Issuance of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 149.75 266.01 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.00 266.01 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 266.01 Td (749) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 266.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 266.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 266.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.00 266.01 Td (756) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 266.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 266.01 Td (724) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 254.01 Td (Repurchase of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 163.25 254.01 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 254.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 254.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 254.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 254.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.25 254.01 Td (\(8,040) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 254.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 254.01 Td (\(8,040) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 254.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 254.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 578.00 254.01 Td (\(274) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 594.50 254.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 242.01 Td (Tax benefits associated with restricted stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 233.06 Td (unitsnet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 91.25 233.06 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 235.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 235.21 Td (\(758) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.50 235.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 235.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 235.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 235.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 235.21 Td (\(758) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 235.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 235.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 235.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 222.01 Td (Issuance of restricted stock units) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 172.25 222.01 Td (. . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 222.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.25 222.01 Td (2,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 222.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 222.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 222.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 222.01 Td (2,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 222.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 222.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 210.01 Td (Amortization of restricted stock unitsnet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.25 210.01 Td (. . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 210.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.75 210.01 Td (21,555) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 210.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 210.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 210.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 210.01 Td (21,555) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 210.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 210.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 198.01 Td (Forfeitures of restricted stock units) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.25 198.01 Td (. . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 198.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.50 198.01 Td (\(29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.50 198.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 198.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 198.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 198.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.50 198.01 Td (\(29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 198.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 198.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 198.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 186.01 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.25 186.01 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 186.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 186.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.75 186.01 Td (92,936) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 186.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 186.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 186.01 Td (92,936) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.00 186.01 Td (\(126) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 186.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 186.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 174.01 Td (Other comprehensive loss, net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 185.75 174.01 Td (. . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 174.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 174.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 174.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 174.01 Td (\(2,042) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.50 174.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 174.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 174.01 Td (\(2,042) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 174.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 174.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 174.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 162.01 Td (Distributions to redeemable noncontrolling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 153.06 Td (interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.25 153.06 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 155.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 155.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 155.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 155.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 155.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 155.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.00 155.21 Td (\(342) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 155.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 155.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 142.01 Td (Contributions from redeemable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 133.06 Td (noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 136.25 133.06 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 135.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 135.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 135.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 135.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 135.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 135.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 135.21 Td (4,023) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 135.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 122.01 Td (Transfer of redeemable noncontrolling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 113.06 Td (interest in consolidated entity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.75 113.06 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 115.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 115.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 115.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 115.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 115.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 115.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.75 115.21 Td (\(14,036) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 115.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 115.21 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 102.15 Td (Ending balance, December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.25 102.01 Td (. . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.50 102.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.00 102.01 Td (504) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.50 102.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 102.01 Td (543,829) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 102.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 102.01 Td (\(127,957) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 102.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 102.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 102.01 Td (\(5,885) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.50 102.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 102.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.25 102.01 Td (\(144,677) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 102.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 102.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 102.01 Td (265,814) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 102.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 102.01 Td (853) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 569.75 102.01 Td (45,890) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 231.65 62.25 Td (See notes to consolidated financial statements) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 39.60 Td (F-8) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 731.25 Td (COHEN& STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 731.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 188.65 714.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.47 714.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.02 714.25 Td (A) Tj ET Q q 0 0 0 rg BT 289.50 714.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.42 714.25 Td ( CASH FLOWS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 275.55 702.25 Td (\(in thousands\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 667.75 m 430.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 667.75 m 434.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 667.75 m 494.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 667.75 m 498.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 667.75 m 558.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 667.75 m 430.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 656.75 m 430.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 667.75 m 494.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 656.75 m 494.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 667.75 m 558.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 656.75 m 558.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 361.75 m 430.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 361.75 m 494.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 361.75 m 558.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 348.75 m 430.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 348.75 m 494.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 348.75 m 558.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 283.75 m 430.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 283.75 m 494.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 283.75 m 558.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 270.75 m 430.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 270.75 m 494.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 270.75 m 558.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 179.75 m 430.5 179.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 179.75 m 494.5 179.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 179.75 m 558.5 179.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 179.75 m 430.5 179.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 166.75 m 430.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 179.75 m 494.5 179.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 166.75 m 494.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 179.75 m 558.5 179.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 166.75 m 558.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 166.75 m 558.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 127.75 m 430.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 127.75 m 494.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 127.75 m 558.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 115.75 m 430.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 113.75 m 430.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 115.75 m 494.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 113.75 m 494.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 115.75 m 558.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 113.75 m 558.5 113.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 671.70 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.05 671.83 Td (Years Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 659.70 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 392.00 659.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.00 659.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 520.00 659.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 647.32 Td (Cash flows from operating activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 634.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 634.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 634.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 634.32 Td (92,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 634.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 634.32 Td (64,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 634.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 634.32 Td (75,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 621.32 Td (Adjustments to reconcile net income to net cash provided by operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 611.37 Td (activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 599.32 Td (Stock compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 599.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 599.32 Td (21,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 599.32 Td (22,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 599.32 Td (24,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 586.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.50 586.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 586.32 Td (7,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 586.32 Td (6,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 586.32 Td (6,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 573.32 Td (Deferred rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 573.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.30 573.37 Td (\(139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 573.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 573.32 Td (640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 573.32 Td (1,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 560.32 Td (\(Gain\) loss from trading investmentsnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.50 560.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.30 560.37 Td (\(218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 560.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 560.32 Td (2,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 560.32 Td (1,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 547.32 Td (Equity in \(earnings\) losses of affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 547.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 547.37 Td (\(3,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 547.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 547.32 Td (10,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 547.32 Td (1,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 534.32 Td (\(Gain\) loss from available-for-sale investmentsnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 534.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 534.37 Td (\(1,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 534.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 534.32 Td (2,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 534.37 Td (\(2,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 534.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 521.32 Td (Deferred income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 521.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.30 521.37 Td (\(900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 521.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 521.32 Td (7,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 521.37 Td (\(279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 521.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 508.32 Td (Foreign currency loss \(gain\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 508.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 508.32 Td (1,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 508.37 Td (\(443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 508.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 508.37 Td (\(588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 508.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 495.32 Td (Changes in operating assets and liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 482.32 Td (Accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 482.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 482.37 Td (\(3,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 482.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 482.37 Td (\(724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 482.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 482.37 Td (\(1,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 482.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 469.32 Td (Due from brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 469.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 469.37 Td (\(1,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 469.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 469.37 Td (\(4,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 469.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 469.37 Td (\(1,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 469.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 456.32 Td (Deferred commissions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 456.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 456.37 Td (\(3,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 456.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 456.37 Td (\(2,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 456.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 456.37 Td (\(1,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 456.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 443.32 Td (Trading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.50 443.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 443.37 Td (\(3,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 443.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 443.37 Td (\(30,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 443.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 443.37 Td (\(51,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 443.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 430.32 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 430.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 430.37 Td (\(1,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 430.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 430.37 Td (\(1,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 430.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 430.32 Td (809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 417.32 Td (Accrued compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.50 417.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 417.32 Td (4,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 417.32 Td (2,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 417.32 Td (3,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 404.32 Td (Distribution and service fees payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 404.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 404.32 Td (260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 404.37 Td (\(803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 404.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 404.32 Td (497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 391.32 Td (Due to broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 391.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 391.32 Td (1,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 391.32 Td (4,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 391.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 378.32 Td (Income tax payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 378.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 378.32 Td (2,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 378.32 Td (5,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 378.37 Td (\(3,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 378.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 365.32 Td (Other liabilities and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 365.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 365.32 Td (2,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 365.32 Td (1,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 365.32 Td (843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 352.32 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 352.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 352.32 Td (114,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 352.32 Td (89,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 352.32 Td (54,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 339.32 Td (Cash flows from investing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 326.32 Td (Proceeds from redemptions of equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.50 326.32 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 326.32 Td (363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 326.32 Td (1,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 326.32 Td (10,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 313.32 Td (Purchases of available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 313.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 313.37 Td (\(8,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 313.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 313.37 Td (\(5,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 313.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 313.37 Td (\(7,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 313.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 300.32 Td (Proceeds from sales of available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.50 300.32 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 300.32 Td (20,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 300.32 Td (7,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 300.32 Td (12,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 287.32 Td (Purchases of property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 287.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.80 287.37 Td (\(10,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 287.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 287.37 Td (\(2,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 287.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 287.37 Td (\(5,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 287.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 274.32 Td (Net cash provided by investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 274.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 274.32 Td (2,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 274.32 Td (397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 274.32 Td (9,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 261.32 Td (Cash flows from financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 248.32 Td (Excess tax benefits associated with restricted stock units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 248.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 248.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 248.32 Td (4,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 248.32 Td (2,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 235.32 Td (Issuance of common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 235.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 235.32 Td (642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 235.32 Td (539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 235.32 Td (491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 222.32 Td (Repurchase of common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 222.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 222.37 Td (\(8,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 222.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 222.37 Td (\(19,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 222.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 222.37 Td (\(11,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 222.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 209.32 Td (Dividends to stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.50 209.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.80 209.37 Td (\(70,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 209.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 209.37 Td (\(68,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 209.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 209.37 Td (\(84,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 209.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 196.32 Td (Distributions to redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 196.32 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.30 196.37 Td (\(342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 196.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 196.37 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 196.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 196.37 Td (\(8,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 196.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 183.32 Td (Contributions from redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.50 183.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 183.32 Td (4,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 183.32 Td (10,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 183.32 Td (36,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 170.32 Td (Net cash used in financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.50 170.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.80 170.37 Td (\(74,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 170.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 170.37 Td (\(71,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 170.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 170.37 Td (\(65,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 170.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 157.32 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 157.32 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 157.32 Td (43,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 157.32 Td (19,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 157.37 Td (\(1,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 157.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 144.32 Td (Effect of foreign exchange rate changes on cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.50 144.32 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 144.37 Td (\(2,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 144.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 144.37 Td (\(1,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 144.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 144.37 Td (\(2,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 144.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 131.32 Td (Cash and cash equivalents, beginning of the year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 131.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 131.32 Td (142,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 131.32 Td (124,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 131.32 Td (128,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 118.32 Td (Cash and cash equivalents, end of the year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.50 118.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 118.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 118.32 Td (183,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 118.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 118.32 Td (142,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 118.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 118.32 Td (124,938) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 213.90 83.25 Td (See notes to consolidated financial statements) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 39.60 Td (F-9) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 731.25 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 731.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 157.80 714.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 217.62 714.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 252.18 714.25 Td (A) Tj ET Q q 0 0 0 rg BT 258.65 714.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 323.57 714.25 Td ( CASH FLOWS\(Continued\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 692.65 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 671.65 Td (Supplemental disclosur) Tj ET Q q 0 0 0 rg BT 153.56 671.65 Td (es of cash flow information:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 654.65 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.11 654.65 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.11 654.65 Td (, the Company paid taxes, net of tax refunds, of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 642.65 Td ($49,331,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 642.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.00 642.65 Td ($30,885,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 642.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.44 642.65 Td ($46,840,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.44 642.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 281.10 642.65 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 616.65 Td (Supplemental disclosur) Tj ET Q q 0 0 0 rg BT 153.56 616.65 Td (es of non-cash investing and financing activities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 599.65 Td (In connection with its stock incentive plan, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.28 599.65 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.28 599.65 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.65 Td (issued fully vested restricted stock units in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.51 587.65 Td ($486,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.01 587.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.01 587.65 Td ($425,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.51 587.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.95 587.65 Td ($352,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.45 587.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 474.11 587.65 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.22 587.65 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.65 Td (December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 575.65 Td (, the Company recorded restricted stock unit dividend equivalents, net of forfeitures, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.65 Td (the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.04 563.65 Td ($1,972,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.04 563.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.04 563.65 Td ($1,684,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.04 563.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.48 563.65 Td ($2,693,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.48 563.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 324.14 563.65 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 542.65 Td (Ef) Tj ET Q q 0 0 0 rg BT 87.26 542.65 Td (fective March 1, 2016, the Company's proportionate ownership interest in Cohen & Steers Low Duration Preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 530.65 Td (and Income Fund, Inc. \(LPX\) decreased and the Company deconsolidated the assets and liabilities of LPX resulting in a non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 518.65 Td (cash reduction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.36 518.65 Td ($14,036,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.36 518.65 Td ( from redeemable noncontrolling interest and a non-cash increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.25 518.65 Td ($14,550,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.25 518.65 Td ( to equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 506.65 Td (method investments. Ef) Tj ET Q q 0 0 0 rg BT 148.53 506.65 Td (fective October 1, 2016, the Company's proportionate ownership interest in LPX decreased and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.65 Td (Company recorded a non-cash reclassification of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.26 494.65 Td ($15,045,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.26 494.65 Td (, from equity method investments into available-for) Tj ET Q q 0 0 0 rg BT 508.39 494.65 Td (-sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.65 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 461.65 Td (Ef) Tj ET Q q 0 0 0 rg BT 87.26 461.65 Td (fective June 1, 2016, the Company's proportionate ownership interest in Cohen & Steers MLP) Tj ET Q q 0 0 0 rg BT 463.35 461.65 Td ( & Ener) Tj ET Q q 0 0 0 rg BT 494.82 461.65 Td (gy Opportunity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.65 Td (Fund, Inc. \(MLO\) decreased and the Company recorded a non-cash reclassification of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.54 449.65 Td ($12,995,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.54 449.65 Td (, from equity method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.65 Td (investments into available-for) Tj ET Q q 0 0 0 rg BT 173.21 437.65 Td (-sale investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 416.65 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.63 416.65 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.21 416.65 Td (, the Company) Tj ET Q q 0 0 0 rg BT 309.60 416.65 Td (s proportionate ownership interest in Cohen & Steers ) Tj ET Q q 0 0 0 rg BT 524.01 416.65 Td (Active ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 404.65 Td (Commodities Fund, LP) Tj ET Q q 0 0 0 rg BT 147.25 404.65 Td ( \(ACOM\) decreased and the Company deconsolidated the assets and liabilities of ) Tj ET Q q 0 0 0 rg BT 473.83 404.65 Td (ACOM resulting in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 392.65 Td (a non-cash increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.62 392.65 Td ($8,840,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.62 392.65 Td ( to equity method investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 371.65 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.63 371.65 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.21 371.65 Td (, the Company) Tj ET Q q 0 0 0 rg BT 309.60 371.65 Td (s proportionate ownership interest in MLO decreased and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.65 Td (Company deconsolidated the assets and liabilities of MLO resulting in a non-cash reduction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.03 359.65 Td ($26,906,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.03 359.65 Td ( from redeemable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.65 Td (noncontrolling interest and a non-cash increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.88 347.65 Td ($22,338,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.88 347.65 Td ( to equity method investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 326.65 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.63 326.65 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.21 326.65 Td (, the Company redeemed a portion of its shares in Cohen & Steers Real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 314.65 Td (Assets Fund, Inc. \(RAP\) and recorded a non-cash reclassification of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.37 314.65 Td ($14,909,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.37 314.65 Td (, which represents the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 302.65 Td (proportionate share of RAP) Tj ET Q q 0 0 0 rg BT 163.15 302.65 Td (, from equity method investments into available-for) Tj ET Q q 0 0 0 rg BT 369.28 302.65 Td (-sale investments.) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-10) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 731.25 Td (COHEN& STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 731.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 175.30 714.25 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 714.25 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 714.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 714.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 714.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 714.25 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 714.25 Td (TEMENTS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 675.25 Td (1. Basis of Pr) Tj ET Q q 0 0 0 rg BT 109.93 675.25 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 658.25 Td (Cohen& Steers, Inc. \(CNS\) was or) Tj ET Q q 0 0 0 rg BT 218.91 658.25 Td (ganized as a Delaware corporation on March17, 2004. CNS is the holding company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 646.25 Td (for its direct and indirect subsidiaries, including Cohen& Steers Capital Management, Inc. \(CSCM\), Cohen & Steers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 634.25 Td (Securities, LLC \(CSS\), Cohen & Steers ) Tj ET Q q 0 0 0 rg BT 214.55 634.25 Td (Asia Limited \(CSAL\), Cohen & Steers UK Limited \(CSUK\) and Cohen & Steers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 622.25 Td (Japan, LLC \(collectively) Tj ET Q q 0 0 0 rg BT 152.48 622.25 Td (, the Company\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 601.25 Td (The Company is a global investment manager specializing in liquid real assets, including real estate securities, listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 589.25 Td (infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 577.25 Td (in 1986, the Company is headquartered in New ) Tj ET Q q 0 0 0 rg BT 244.97 577.25 Td (Y) Tj ET Q q 0 0 0 rg BT 251.19 577.25 Td (ork City) Tj ET Q q 0 0 0 rg BT 283.60 577.25 Td (, with of) Tj ET Q q 0 0 0 rg BT 317.03 577.25 Td (fices in London, Hong Kong, ) Tj ET Q q 0 0 0 rg BT 436.55 577.25 Td (T) Tj ET Q q 0 0 0 rg BT 441.96 577.25 Td (okyo and Seattle.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 556.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.32 556.25 Td (The consolidated financial statements have been prepared in accordance with accounting principles generally accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 544.25 Td (in the United States of ) Tj ET Q q 0 0 0 rg BT 145.38 544.25 Td (America \(GAAP\). ) Tj ET Q q 0 0 0 rg BT 221.01 544.25 Td (The consolidated financial statements set forth herein include the accounts of CNS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 532.25 Td (and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 505.25 Td (2. Summary of Significant ) Tj ET Q q 0 0 0 rg BT 167.62 505.25 Td (Accounting Policies) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 76.50 488.25 Td (New ) Tj ET Q q 0 0 0 rg BT 96.60 488.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 154.27 488.25 Td (onouncements ) Tj ET Q q 0 0 0 rg BT 213.79 488.25 Td (Adopted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.12 488.25 Td (In February 2015, the Financial ) Tj ET Q q 0 0 0 rg BT 385.43 488.25 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 511.61 488.25 Td (ASB\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.25 Td (revised the guidance applicable to consolidation of legal entities. ) Tj ET Q q 0 0 0 rg BT 315.40 476.25 Td (The revised rules include guidance for evaluating \(a\) limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.25 Td (partnerships and similar entities, \(b\) the impact of decision maker or service provider fees on the consolidation analysis, \(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 452.25 Td (the impact of interests held by related parties on the consolidation analysis and \(d\) consolidation of certain investment funds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 440.25 Td (The Company adopted this guidance ef) Tj ET Q q 0 0 0 rg BT 210.72 440.25 Td (fective January 1, 2016, using a full retrospective method. In connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.25 Td (adoption of this guidance, the Company reevaluated all of its sponsored funds and management fees under the new guidance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 416.25 Td (The Company concluded that certain entities that were not previously considered ) Tj ET Q q 0 0 0 rg BT 380.66 416.25 Td (V) Tj ET Q q 0 0 0 rg BT 386.77 416.25 Td (ariable Interest Entities \(VIEs\) would be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 404.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 99.63 404.25 Td (VIEs under the revised guidance. See Note 4 for further discussion of the Company's seed investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 383.25 Td (In May 2015, the F) Tj ET Q q 0 0 0 rg BT 154.20 383.25 Td (ASB issued new guidance related to the disclosure of certain investments that calculate net asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 371.25 Td (value per share \(NA) Tj ET Q q 0 0 0 rg BT 133.51 371.25 Td (V\) as a practical expedient. ) Tj ET Q q 0 0 0 rg BT 244.94 371.25 Td (This guidance removes the requirement to categorize such investments within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.25 Td (the fair value hierarchy table. ) Tj ET Q q 0 0 0 rg BT 173.76 359.25 Td (The Company adopted this guidance on January 1, 2016 on a retrospective basis to all periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.25 Td (presented. ) Tj ET Q q 0 0 0 rg BT 96.76 347.25 Td (As a result of adoption, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.86 347.25 Td ($7.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.75 347.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.19 347.25 Td ($6.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.08 347.25 Td ( of NA) Tj ET Q q 0 0 0 rg BT 336.56 347.25 Td (V) Tj ET Q q 0 0 0 rg BT 343.60 347.25 Td ( investments at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.09 347.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.68 347.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 335.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 185.25 335.25 Td (, are no longer classified within Level 2 and Level 3 within the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 516.70 335.25 Td (. ) Tj ET Q q 0 0 0 rg BT 521.51 335.25 Td (The fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.25 Td (value amounts presented in Note 5 are intended to permit reconciliation of the investments included in the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.25 Td (hierarchy to the amounts presented on the consolidated statement of financial position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 290.25 Td (In ) Tj ET Q q 0 0 0 rg BT 88.28 290.25 Td (August 2014, the F) Tj ET Q q 0 0 0 rg BT 164.21 290.25 Td (ASB issued new guidance regarding disclosure of going concern uncertainties in the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 278.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 101.03 278.25 Td (The guidance requires management to evaluate whether there are conditions or events, considered in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 266.25 Td (aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 254.25 Td (that the financial statements are issued at each annual and interim reporting period. ) Tj ET Q q 0 0 0 rg BT 388.14 254.25 Td (This new guidance was ef) Tj ET Q q 0 0 0 rg BT 491.81 254.25 Td (fective for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 242.25 Td (Company's first quarter of 2016. ) Tj ET Q q 0 0 0 rg BT 186.15 242.25 Td (The adoption of this new guidance did not have a material impact on its consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 230.25 Td (financial statements and related disclosures.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 209.25 Td (Accounting Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.93 209.25 Td (The preparation of the consolidated financial statements in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 506.13 209.25 Td ( requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.25 Td (management to make certain estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 305.41 197.25 Td (fect the reported amounts of assets and liabilities and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.25 Td (disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.25 Td (of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.25 Td (financial statements are reasonable and prudent. ) Tj ET Q q 0 0 0 rg BT 248.09 161.25 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 341.50 161.25 Td (fer from those estimates.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 140.25 Td (Consolidation of Company-sponsor) Tj ET Q q 0 0 0 rg BT 220.42 140.25 Td (ed Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.36 140.25 Td (The Company consolidates entities, including sponsored funds, that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 128.25 Td (deemed to be voting interest entities \(VOE\) when it has financial control over the entity which is generally when the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 116.25 Td (Company owns a majority of the outstanding voting interest. Investments in Company-sponsored funds and management fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 104.25 Td (are evaluated at inception and subsequently if there is a reconsideration event to determine if the fund is a ) Tj ET Q q 0 0 0 rg BT 478.94 104.25 Td (VIE or ) Tj ET Q q 0 0 0 rg BT 508.75 104.25 Td (VOE and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 92.25 Td (which consolidation model to apply) Tj ET Q q 0 0 0 rg BT 196.66 92.25 Td (. ) Tj ET Q q 0 0 0 rg BT 201.11 92.25 Td (All of the Company's management fees are presumed to be commensurate and at market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 80.25 Td (and are therefore not considered variable interests. ) Tj ET Q q 0 0 0 rg BT 258.17 80.25 Td (VIEs for which the Company is deemed to be the primary beneficiary are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 68.25 Td (consolidated. Investments in Company-sponsored funds that are determined to be ) Tj ET Q q 0 0 0 rg BT 382.35 68.25 Td (VOEs are consolidated when the ) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.70 39.60 Td (F-1) Tj ET Q q 0 0 0 rg BT 310.22 39.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (Company) Tj ET Q q 0 0 0 rg BT 95.67 677.10 Td (s ownership interest is greater than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.29 677.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.62 677.10 Td ( of the outstanding voting interests of the fund or when the Company is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (general partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund. ) Tj ET Q q 0 0 0 rg BT 530.07 665.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (Company records noncontrolling interests in consolidated subsidiaries for which the Company) Tj ET Q q 0 0 0 rg BT 435.04 653.10 Td (s ownership is less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.98 653.10 Td (100 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.42 641.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 620.10 Td (A) Tj ET Q q 0 0 0 rg BT 84.67 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.99 620.10 Td (VIE is an entity in which either \(a\)the equity investment at risk is not suf) Tj ET Q q 0 0 0 rg BT 380.91 620.10 Td (ficient to permit the entity to finance its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (own activities without additional financial support or \(b\)the group of holders of the equity investment at risk lack certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td (characteristics of a controlling financial interest. ) Tj ET Q q 0 0 0 rg BT 249.57 596.10 Td (The primary beneficiary is the entity that has \(a\) the power to direct the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (activities of the ) Tj ET Q q 0 0 0 rg BT 117.96 584.10 Td (VIE that most significantly af) Tj ET Q q 0 0 0 rg BT 236.65 584.10 Td (fect its performance and \(b\) the obligation to absorb losses of the entity or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 572.10 Td (right to receive benefits from the entity that could potentially be significant to the ) Tj ET Q q 0 0 0 rg BT 382.06 572.10 Td (VIE. Investments and redemptions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 560.10 Td (amendments to the governing documents of the respective entities could af) Tj ET Q q 0 0 0 rg BT 353.17 560.10 Td (fect an entity's status as a ) Tj ET Q q 0 0 0 rg BT 456.43 560.10 Td (VIE or the determination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 548.10 Td (of the primary beneficiary) Tj ET Q q 0 0 0 rg BT 158.02 548.10 Td (. ) Tj ET Q q 0 0 0 rg BT 162.84 548.10 Td (The Company assesses whether it is the primary beneficiary of any ) Tj ET Q q 0 0 0 rg BT 433.41 548.10 Td (VIEs identified by evaluating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 536.10 Td (its economic interests in the entity held either directly by the Company and its af) Tj ET Q q 0 0 0 rg BT 376.51 536.10 Td (filiates or indirectly through employees. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 524.10 Td (Note 4 for further discussion about the Company) Tj ET Q q 0 0 0 rg BT 252.57 524.10 Td (s seed investments.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 503.10 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.83 503.10 Td (Cash equivalents consist of short-term, highly liquid investments, which are readily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (convertible into cash and have original maturities of three months or less.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 470.10 Td (Due fr) Tj ET Q q 0 0 0 rg BT 103.46 470.10 Td (om/to Br) Tj ET Q q 0 0 0 rg BT 138.37 470.10 Td (okers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.03 470.10 Td (The Company conducts business, primarily with respect to its consolidated seed investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 458.10 Td (with brokers for certain of its investment activities.) Tj ET Q q 0 0 0 rg BT 260.71 458.10 Td (The clearing and custody operations for these investment activities are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 446.10 Td (performed pursuant to contractual agreements.) Tj ET Q q 0 0 0 rg BT 242.63 446.10 Td (The due from/to brokers balance represents cash and cash equivalents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 434.10 Td (balances at brokers/custodians and/or receivables and payables for unsettled securities transactions.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 413.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.21 413.10 Td (Management of the Company determines the appropriate classification of its investments at the time of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (purchase and re-evaluates such determination at each statement of financial condition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 380.10 Td (Investments classified as trading represent securities held within the af) Tj ET Q q 0 0 0 rg BT 360.23 380.10 Td (filiated funds that the Company consolidates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 368.10 Td (are measured at fair value based on quoted market prices, market prices obtained from independent pricing services engaged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 356.10 Td (by management or as determined by management and approved by the Company) Tj ET Q q 0 0 0 rg BT 380.85 356.10 Td (s valuation committee. Unrealized gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 344.10 Td (and losses are recorded as gain \(loss\) from trading investmentsnet in the Company) Tj ET Q q 0 0 0 rg BT 396.70 344.10 Td (s consolidated statements of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 323.10 Td (Investments classified as equity method investments represent seed investments in which the Company owns between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.10 Td (20-50% of the outstanding voting interests in the af) Tj ET Q q 0 0 0 rg BT 259.34 311.10 Td (filiated fund or when it is determined that the Company is able to exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (significant influence but not control over the investments. ) Tj ET Q q 0 0 0 rg BT 287.37 299.10 Td (When using the equity method, the Company recognizes its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (respective share of the af) Tj ET Q q 0 0 0 rg BT 153.77 287.10 Td (filiated investee fund net income or loss for the period which is recorded as equity in earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (\(losses\) of af) Tj ET Q q 0 0 0 rg BT 105.47 275.10 Td (filiates in the Company) Tj ET Q q 0 0 0 rg BT 201.84 275.10 Td (s consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 362.92 275.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.36 275.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.95 275.10 Td (, the Company's equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (method investments consisted of interests in af) Tj ET Q q 0 0 0 rg BT 241.01 263.10 Td (filiated funds which measure their underlying investments at fair value based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (on quoted market prices or NA) Tj ET Q q 0 0 0 rg BT 176.84 251.10 Td (V) Tj ET Q q 0 0 0 rg BT 183.88 251.10 Td ( \(or its equivalent\) as a practical expedient and report a net asset value on a recurring basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (The carrying amounts of these investments approximate their fair value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 218.10 Td (Investments classified as available-for) Tj ET Q q 0 0 0 rg BT 230.80 218.10 Td (-sale are comprised of equity securities, investment-grade preferred instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 206.10 Td (and investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 194.10 Td (significant influence. ) Tj ET Q q 0 0 0 rg BT 140.73 194.10 Td (These investments are carried at fair value based on quoted market prices or market prices obtained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 182.10 Td (from independent pricing services engaged by management, with unrealized gains and losses, net of tax, reported in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 170.10 Td (accumulated other comprehensive income. ) Tj ET Q q 0 0 0 rg BT 227.36 170.10 Td (The Company periodically reviews each individual security position that has an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 158.10 Td (unrealized loss, or impairment, to determine if that impairment is other than temporary) Tj ET Q q 0 0 0 rg BT 400.47 158.10 Td (. If the Company believes an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 146.10 Td (impairment of a security position is other than temporary) Tj ET Q q 0 0 0 rg BT 281.63 146.10 Td (, based on available quantitative and qualitative information as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.10 Td (report date, the loss will be recognized as gain \(loss\) from available-for) Tj ET Q q 0 0 0 rg BT 339.25 134.10 Td (-sale investmentsnet in the Company) Tj ET Q q 0 0 0 rg BT 499.78 134.10 Td (s consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 122.10 Td (statements of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 101.10 Td (From time to time, the af) Tj ET Q q 0 0 0 rg BT 177.80 101.10 Td (filiated funds consolidated by the Company enter into derivative contracts to gain exposure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.10 Td (the underlying commodities markets or to hedge market and credit risks of the underlying portfolios utilizing options, total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (return swaps, credit default swaps and futures contracts. ) Tj ET Q q 0 0 0 rg BT 280.41 77.10 Td (These instruments are measured at fair value based on their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (settlement price at the close of trading on the associated commodities exchange or board of trade with gains and losses ) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (recorded as gain \(loss\) from trading investmentsnet in the Company's consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 499.13 677.10 Td (The fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (values of these instruments are recorded in other assets or other liabilities and accrued expenses in the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (consolidated statements of financial condition. ) Tj ET Q q 0 0 0 rg BT 242.29 653.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.73 653.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.31 653.10 Td (, none of the outstanding derivative contracts were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (subject to a master netting agreement or other similar arrangement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 620.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 127.90 620.10 Td (, from time to time, the Company enters into foreign exchange contracts to hedge its currency exposure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (related to certain client receivables. ) Tj ET Q q 0 0 0 rg BT 198.18 608.10 Td (These instruments are measured at fair value with gains and losses recorded in other non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td (operating income in the Company's consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 353.33 596.10 Td (The fair values of these contracts are recorded in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (other assets or other liabilities and accrued expenses in the Company's consolidated statements of financial condition.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 563.10 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 178.65 563.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.65 563.10 Td (Goodwill represents the excess of the cost of the Company) Tj ET Q q 0 0 0 rg BT 451.65 563.10 Td (s investment in the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. Goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (and indefinite lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (value to their carrying amounts. Finite lived intangible assets are amortized over their useful lives and are tested for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. See Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (3 for further discussion about the Company) Tj ET Q q 0 0 0 rg BT 230.64 503.10 Td (s goodwill and intangible assets.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 482.10 Td (Redeemable Noncontr) Tj ET Q q 0 0 0 rg BT 166.77 482.10 Td (olling Inter) Tj ET Q q 0 0 0 rg BT 211.67 482.10 Td (est) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.78 482.10 Td (Redeemable noncontrolling interest represents third-party interests in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 470.10 Td (Company's consolidated entities. ) Tj ET Q q 0 0 0 rg BT 187.82 470.10 Td (This interest is redeemable at the option of the investors and therefore is not treated as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 458.10 Td (permanent equity) Tj ET Q q 0 0 0 rg BT 123.05 458.10 Td (. Redeemable noncontrolling interest is remeasured at redemption value which approximates the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 446.10 Td (at each reporting period.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 425.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 123.63 425.10 Td (Advisory and ) Tj ET Q q 0 0 0 rg BT 179.00 425.10 Td (Administration Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.38 425.10 Td (The Company earns revenue by providing asset management services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (to institutional accounts and to Company-sponsored open-end and closed-end funds. Investment advisory fees are earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (pursuant to the terms of investment management agreements, and are based on a contractual fee rate applied to the assets in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (the portfolio. ) Tj ET Q q 0 0 0 rg BT 108.53 389.10 Td (The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (pursuant to the terms of underlying administration contracts. ) Tj ET Q q 0 0 0 rg BT 298.12 377.10 Td (Administration fees are based on the average assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (management of such funds. Investment advisory and administration fee revenue is recognized as such fees are earned.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 344.10 Td (Distribution and Service Fee Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.17 344.10 Td (CSS acts as the principal distributor of the Company) Tj ET Q q 0 0 0 rg BT 453.47 344.10 Td (s sponsored open-end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 332.10 Td (funds which may of) Tj ET Q q 0 0 0 rg BT 133.53 332.10 Td (fer the following classes: Class ) Tj ET Q q 0 0 0 rg BT 259.89 332.10 Td (A) Tj ET Q q 0 0 0 rg BT 266.56 332.10 Td ( \(initial sales load\), Class C \(back-end sales load\), Class R \(load ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 320.10 Td (retirement\) and Class Z \(no load retirement\). Ef) Tj ET Q q 0 0 0 rg BT 244.86 320.10 Td (fective May 2007, the Company suspended sales of Class B shares and all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.10 Td (remaining Class B shares converted to Class ) Tj ET Q q 0 0 0 rg BT 233.69 308.10 Td (A) Tj ET Q q 0 0 0 rg BT 240.36 308.10 Td ( shares in 2015. Distribution and service fee revenue is based on the average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 296.10 Td (daily net assets of the funds as detailed below) Tj ET Q q 0 0 0 rg BT 236.08 296.10 Td (. Distribution and service fee revenue is earned daily and is recorded gross of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 284.10 Td (any third-party distribution and service fee expense for applicable share classes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 263.10 Td (Pursuant to distribution plans with the Company's sponsored open-end funds, CSS receives distribution fees of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (25bps for Class ) Tj ET Q q 0 0 0 rg BT 118.17 251.10 Td (A) Tj ET Q q 0 0 0 rg BT 124.84 251.10 Td ( shares and 75bps for Class C shares. CSS also receives shareholder servicing fees of up to 10bps on Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (A) Tj ET Q q 0 0 0 rg BT 60.67 239.10 Td ( shares, 25bps on Class C shares and 15bps on Class Z shares, pursuant to shareholder servicing plans with the funds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 63.26 227.10 Td (fective October 1, 2014, the Company no longer receives shareholder servicing fees on Class Z shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 206.10 Td (CSS receives combined distribution and shareholder servicing fees of up to 50bps for Class R shares.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 185.10 Td (Distribution and Service Fee Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.62 185.10 Td (Distribution and service fee expense includes distribution fees, service fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (intermediary assistance payments. Distribution and service fee expense is recorded as incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 152.10 Td (Distribution fee expense represents payments made to qualified intermediaries for \(i\) assistance in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 140.10 Td (distribution of the Company's sponsored open-end funds' shares and \(ii\) for other expenses such as advertising costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 128.10 Td (printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 116.10 Td (services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company ) Tj ET Q q 0 0 0 rg BT 503.61 116.10 Td (Act of 1940 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 104.10 Td (\(Rule 12b-1\). CSS pays distribution fee expense based on the average daily net assets under management of up to 25bps on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 92.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 77.62 92.10 Td (A) Tj ET Q q 0 0 0 rg BT 84.29 92.10 Td ( shares and 75bps on Class C shares.) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 677.10 Td (Shareholder servicing fee expense represents payments made to qualified intermediaries for shareholder account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (service and maintenance. ) Tj ET Q q 0 0 0 rg BT 157.10 665.10 Td (These services are provided pursuant to written agreements with such qualified institutions. CSS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (pays service fee expenses based on the average daily net assets under management of up to 10bps on Class ) Tj ET Q q 0 0 0 rg BT 483.04 653.10 Td (A) Tj ET Q q 0 0 0 rg BT 489.71 653.10 Td ( shares, 25bps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (on Class C shares and 15bps on Class Z shares. Ef) Tj ET Q q 0 0 0 rg BT 255.19 641.10 Td (fective October 1, 2014, the Company no longer pays shareholder service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (fees on Class Z shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 608.10 Td (CSS pays combined distribution and service fee expenses based on the average daily net assets under management of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td (up to 50bps on Class R shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 575.10 Td (Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (shareholder servicing and marketing and support of Company-sponsored open-end funds and are incremental to those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (described above. Intermediary assistance payments are generally based on the average assets under management or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (number of accounts being serviced.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 518.10 Td (Portfolio Consulting and Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.84 518.10 Td (The Company earns portfolio consulting and other fees by: \(i\) providing portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 506.10 Td (consulting services in connection with model-based strategy accounts; \(ii\) earning a licensing fee for the use of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.10 Td (Company's proprietary indexes; and \(iii\) providing portfolio monitoring services related to a number of unit investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (trusts. ) Tj ET Q q 0 0 0 rg BT 80.49 482.10 Td (This revenue is earned pursuant to the terms of the underlying contract, and the fee schedules for these relationships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 470.10 Td (vary based on the type of services the Company provides for each relationship. ) Tj ET Q q 0 0 0 rg BT 372.06 470.10 Td (This revenue is recognized as such fees are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 458.10 Td (earned.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 437.10 Td (Stock-based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.59 437.10 Td (The Company recognizes compensation expense for the grant-date fair value of awards of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (equity instruments to employees. ) Tj ET Q q 0 0 0 rg BT 188.52 425.10 Td (This expense is recognized over the period during which employees are required to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 87.13 413.10 Td (The Company also estimates forfeitures.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 392.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 114.57 392.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.34 392.10 Td (The Company records the current and deferred tax consequences of all transactions that have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 380.10 Td (recognized in the consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 368.10 Td (assets are recognized for temporary dif) Tj ET Q q 0 0 0 rg BT 209.58 368.10 Td (ferences that will result in deductible amounts in future years at tax rates that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 356.10 Td (expected to apply in those years. Deferred tax liabilities are recognized for temporary dif) Tj ET Q q 0 0 0 rg BT 409.22 356.10 Td (ferences that will result in taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 344.10 Td (income in future years at tax rates that are expected to apply in those years. ) Tj ET Q q 0 0 0 rg BT 357.03 344.10 Td (The Company records a valuation allowance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 332.10 Td (when necessary) Tj ET Q q 0 0 0 rg BT 116.38 332.10 Td (, to reduce deferred tax assets to an amount that more likely than not will be realized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 311.10 Td (The calculation of the tax liabilities involves dealing with uncertainties in the application of complex tax laws and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (regulations in a multitude of jurisdictions across our global operations. ) Tj ET Q q 0 0 0 rg BT 338.67 299.10 Td (A) Tj ET Q q 0 0 0 rg BT 345.34 299.10 Td ( tax benefit from an uncertain tax position may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (related appeals or litigation processes, on the basis of the technical merits.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 254.10 Td (Curr) Tj ET Q q 0 0 0 rg BT 97.08 254.10 Td (ency T) Tj ET Q q 0 0 0 rg BT 122.91 254.10 Td (ranslation and T) Tj ET Q q 0 0 0 rg BT 189.04 254.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.71 254.10 Td (Assets and liabilities of subsidiaries having non-U.S. dollar functional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 242.10 Td (currencies are translated at exchange rates at the applicable consolidated statement of financial condition date. Revenue and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 230.10 Td (expenses of such subsidiaries are translated at average exchange rates during the period. ) Tj ET Q q 0 0 0 rg BT 408.68 230.10 Td (The gains or losses resulting from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 218.10 Td (translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 206.10 Td (comprehensive income. ) Tj ET Q q 0 0 0 rg BT 151.29 206.10 Td (The cumulative translation adjustment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.41 206.10 Td ($\(6,845,000\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.07 206.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.07 206.10 Td ($\(3,908,000\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.73 206.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.17 206.10 Td ($\(1,446,000\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.83 206.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 194.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 194.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.58 194.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.17 194.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.61 194.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.19 194.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 366.85 194.10 Td (. Gains or losses resulting from non-U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 182.10 Td (currency transactions are included in other non-operating income in the consolidated statements of operations. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 161.10 Td (Compr) Tj ET Q q 0 0 0 rg BT 105.41 161.10 Td (ehensive Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.76 161.10 Td (The Company reports all changes in comprehensive income in the consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (comprehensive income. Comprehensive income includes net income or loss attributable to common stockholders, foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 137.10 Td (currency translation gain and loss \(net of tax\), unrealized gain and loss from available-for) Tj ET Q q 0 0 0 rg BT 412.00 137.10 Td (-sale investments \(net of tax\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.10 Td (reclassification to statements of operations of realized gain and loss from available-for) Tj ET Q q 0 0 0 rg BT 399.51 125.10 Td (-sale investments \(net of tax\).) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 104.10 Td (Recently Issued ) Tj ET Q q 0 0 0 rg BT 142.79 104.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 200.46 104.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.67 104.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 356.63 104.10 Td (ASB issued guidance to simplify the impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 92.10 Td (test by removing the requirement to perform a hypothetical purchase price allocation. ) Tj ET Q q 0 0 0 rg BT 397.49 92.10 Td (A) Tj ET Q q 0 0 0 rg BT 404.16 92.10 Td ( goodwill impairment will now be the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 80.10 Td (amount by which a reporting unit) Tj ET Q q 0 0 0 rg BT 190.36 80.10 Td (s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ) Tj ET Q q 0 0 0 rg BT 535.89 80.10 Td (This ) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (new guidance will be ef) Tj ET Q q 0 0 0 rg BT 149.34 677.10 Td (fective for the Company) Tj ET Q q 0 0 0 rg BT 249.58 677.10 Td (s first quarter of 2020. ) Tj ET Q q 0 0 0 rg BT 341.05 677.10 Td (The Company is currently evaluating the potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 665.10 Td (fect of this new guidance on its consolidated financial statements and related disclosures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 644.10 Td (In ) Tj ET Q q 0 0 0 rg BT 88.28 644.10 Td (August 2016, the F) Tj ET Q q 0 0 0 rg BT 164.21 644.10 Td (ASB issued new guidance amending the current guidance on the classification of certain cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 632.10 Td (receipts and payments in the statement of cash flows. ) Tj ET Q q 0 0 0 rg BT 269.31 632.10 Td (This guidance is intended to unify the currently diverse presentations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (and classifications, which address eight classification issues related to the statement of cash flows, including debt prepayment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td (that are insignificant in relation to the ef) Tj ET Q q 0 0 0 rg BT 214.60 596.10 Td (fective interest rate of the borrowing, contingent consideration payments made after a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 572.10 Td (life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 560.10 Td (beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 548.10 Td (principle. ) Tj ET Q q 0 0 0 rg BT 94.36 548.10 Td (This new guidance will be ef) Tj ET Q q 0 0 0 rg BT 209.98 548.10 Td (fective for the Company) Tj ET Q q 0 0 0 rg BT 310.22 548.10 Td (s first quarter of 2018 and requires a retrospective approach ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 536.10 Td (to adoption. ) Tj ET Q q 0 0 0 rg BT 104.09 536.10 Td (The Company is currently evaluating the potential ef) Tj ET Q q 0 0 0 rg BT 315.24 536.10 Td (fect of this new guidance on its consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 524.10 Td (statements and the related disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 503.10 Td (In March 2016, the F) Tj ET Q q 0 0 0 rg BT 161.96 503.10 Td (ASB issued new guidance amending the current accounting for an investment that becomes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (qualified for the equity method of accounting. ) Tj ET Q q 0 0 0 rg BT 240.43 491.10 Td (The guidance requires that the cost of acquiring an additional interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (investment, if any) Tj ET Q q 0 0 0 rg BT 125.28 479.10 Td (, that resulted in it qualifying for the equity method be added to the carrying value of the investment.) Tj ET Q q 0 0 0 rg BT 530.26 479.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (equity method will then be applied from that point forward without any retroactive application or adjustment. ) Tj ET Q q 0 0 0 rg BT 493.98 467.10 Td (This new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 455.10 Td (guidance will be ef) Tj ET Q q 0 0 0 rg BT 130.18 455.10 Td (fective for the Company) Tj ET Q q 0 0 0 rg BT 230.42 455.10 Td (s first quarter of 2017. ) Tj ET Q q 0 0 0 rg BT 321.89 455.10 Td (The Company does not expect the adoption of the new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (standard to have a material ef) Tj ET Q q 0 0 0 rg BT 171.82 443.10 Td (fect on its consolidated financial statements and related disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 422.10 Td (In March 2016, the F) Tj ET Q q 0 0 0 rg BT 161.96 422.10 Td (ASB issued new guidance which simplifies several aspects of the accounting for share-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 410.10 Td (payment transactions, including the accounting for income taxes, excess tax benefits, forfeitures and statutory tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 398.10 Td (withholding requirements, as well as classification in the statement of cash flows. ) Tj ET Q q 0 0 0 rg BT 382.63 398.10 Td (This new guidance will be ef) Tj ET Q q 0 0 0 rg BT 498.24 398.10 Td (fective for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 386.10 Td (Company) Tj ET Q q 0 0 0 rg BT 95.67 386.10 Td (s first quarter of 2017. ) Tj ET Q q 0 0 0 rg BT 187.13 386.10 Td (The Company has evaluated the impact that adoption of this standard will have on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 374.10 Td (financial statements and related disclosures and has concluded that adoption will result in the tax ef) Tj ET Q q 0 0 0 rg BT 451.20 374.10 Td (fect associated with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 362.10 Td (dif) Tj ET Q q 0 0 0 rg BT 64.93 362.10 Td (ferences between the grant date price and delivery date price of restricted stock units being recorded on the income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 350.10 Td (statement rather than in additional paid-in capital and reclassification of such amounts on the statement of cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 338.10 Td (financing activities to operating activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 317.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 171.96 317.10 Td (ASB issued guidance introducing a new lease model which requires all operating leases to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (recorded on the balance sheet as right of use assets and of) Tj ET Q q 0 0 0 rg BT 284.57 305.10 Td (fsetting lease liability obligations. ) Tj ET Q q 0 0 0 rg BT 422.42 305.10 Td (The guidance requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (disclosures by lessees and lessors to enable users of financial statements to assess the amount, timing, and uncertainty of cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (flows arising from leases. ) Tj ET Q q 0 0 0 rg BT 159.07 281.10 Td (This new guidance will be ef) Tj ET Q q 0 0 0 rg BT 274.69 281.10 Td (fective for the Company) Tj ET Q q 0 0 0 rg BT 374.93 281.10 Td (s first quarter of 2019. ) Tj ET Q q 0 0 0 rg BT 466.40 281.10 Td (The Company is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (currently evaluating the potential ef) Tj ET Q q 0 0 0 rg BT 196.54 269.10 Td (fect of this new guidance on its consolidated financial statements and related disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 248.10 Td (In January 2016, the F) Tj ET Q q 0 0 0 rg BT 166.96 248.10 Td (ASB issued new guidance amending the accounting for equity investments, financial liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.10 Td (under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the F) Tj ET Q q 0 0 0 rg BT 534.23 236.10 Td (ASB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 224.10 Td (clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 212.10 Td (unrealized losses on available-for) Tj ET Q q 0 0 0 rg BT 187.91 212.10 Td (-sale debt securities. ) Tj ET Q q 0 0 0 rg BT 271.59 212.10 Td (This new guidance will be ef) Tj ET Q q 0 0 0 rg BT 387.20 212.10 Td (fective for the Company) Tj ET Q q 0 0 0 rg BT 487.45 212.10 Td (s first quarter of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 200.10 Td (2018. Upon adoption of this guidance, changes in the fair value of the Company's available-for) Tj ET Q q 0 0 0 rg BT 433.83 200.10 Td (-sale investments will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 188.10 Td (reported through earnings rather than through other comprehensive income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 167.10 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 152.70 167.10 Td (ASB issued new guidance which outlined a single comprehensive model for entities to use in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 155.10 Td (accounting for revenue arising from contracts with customers. ) Tj ET Q q 0 0 0 rg BT 304.57 155.10 Td (The core principle of the revenue model is that an entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 143.10 Td (recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 131.10 Td (consideration to which the entity expects to be entitled in exchange for those goods or services. In March 2016, the F) Tj ET Q q 0 0 0 rg BT 521.47 131.10 Td (ASB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 119.10 Td (issued revised guidance which clarifies the guidance related to \(a\) determining the appropriate unit of account under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.10 Td (revenue standard) Tj ET Q q 0 0 0 rg BT 124.80 107.10 Td (s principal versus agent guidance and \(b\) applying the indicators of whether an entity is a principal or an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.10 Td (agent in accordance with the revenue standard) Tj ET Q q 0 0 0 rg BT 241.69 95.10 Td (s control principle. In ) Tj ET Q q 0 0 0 rg BT 329.73 95.10 Td (April 2016, the F) Tj ET Q q 0 0 0 rg BT 397.87 95.10 Td (ASB issued an amendment to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.10 Td (more detailed guidance including additional implementation guidance and examples related to a\) identifying performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.10 Td (obligations and b\) licenses of intellectual property) Tj ET Q q 0 0 0 rg BT 253.85 71.10 Td (. In May 2016, the F) Tj ET Q q 0 0 0 rg BT 335.04 71.10 Td (ASB amended the standard to clarify the guidance on ) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (assessing collectibility) Tj ET Q q 0 0 0 rg BT 143.61 677.10 Td (, presenting sales taxes, measuring noncash consideration, and certain transition matters. ) Tj ET Q q 0 0 0 rg BT 499.72 677.10 Td (This new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (guidance will be ef) Tj ET Q q 0 0 0 rg BT 130.18 665.10 Td (fective for the Company's first quarter of 2018 and requires either a retrospective or a modified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (retrospective approach to adoption. ) Tj ET Q q 0 0 0 rg BT 197.38 653.10 Td (The Company's implementation analysis is ongoing, however) Tj ET Q q 0 0 0 rg BT 443.46 653.10 Td (, it does not expect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (adoption of the guidance to have a significant ef) Tj ET Q q 0 0 0 rg BT 246.53 641.10 Td (fect on the timing of the recognition of revenue. ) Tj ET Q q 0 0 0 rg BT 440.73 641.10 Td (The Company is currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (evaluating performance obligations and the related transaction costs. ) Tj ET Q q 0 0 0 rg BT 330.67 629.10 Td (The overall ef) Tj ET Q q 0 0 0 rg BT 386.56 629.10 Td (fect upon adoption may change based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (further analysis and implementation ef) Tj ET Q q 0 0 0 rg BT 208.21 617.10 Td (forts. ) Tj ET Q q 0 0 0 rg BT 231.36 617.10 Td (The Company has not yet determined which transition method will be employed. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 590.10 Td (3. Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 169.87 590.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 573.10 Td (The following summarizes the changes in the Company's goodwill and intangible assets during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 561.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 561.10 Td ( and 2015 \(in thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 532.6 m 373.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 532.6 m 465.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 532.6 m 557.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 532.6 m 373.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 532.6 m 465.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 532.6 m 557.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 490.6 m 373.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 490.6 m 465.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 490.6 m 557.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 448.6 m 373.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 448.6 m 465.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 448.6 m 557.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 448.6 m 373.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 435.6 m 373.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 433.6 m 373.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 448.6 m 465.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 435.6 m 465.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 433.6 m 465.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 448.6 m 557.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 435.6 m 557.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 433.6 m 557.5 433.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 313.40 536.83 Td (Goodwill) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 380.15 542.68 Td (FiniteLivedIntangible) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.80 534.73 Td (Assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 479.55 542.68 Td (IndefiniteLived) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 477.95 534.73 Td (Intangible) Tj ET Q q 0 0 0 rg BT 514.63 534.73 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 523.17 Td (Balance at January1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 523.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.00 523.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 523.17 Td (19,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 523.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 523.17 Td (362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 523.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 523.17 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 509.17 Td (Currency revaluation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 509.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 509.22 Td (\(1,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 509.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 509.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 509.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 495.17 Td (Amortization during 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 495.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.30 495.17 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 495.22 Td (\(89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 495.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 495.17 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 481.17 Td (Balance at December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.50 481.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.00 481.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 481.17 Td (17,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 481.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 481.17 Td (273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 481.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 481.17 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 467.17 Td (Currency revaluation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 467.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.30 467.22 Td (\(291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 467.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 467.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 467.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 453.17 Td (Amortization during 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 453.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.30 453.17 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 453.22 Td (\(89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 453.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 453.17 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 439.17 Td (Balance at December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.50 439.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.00 439.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 439.17 Td (17,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 439.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 439.17 Td (184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 439.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 439.17 Td (1,250) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 559.00 435.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 413.30 Td (The following is a summary of the intangible assets at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.84 413.30 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.43 413.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.87 413.30 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.45 413.30 Td ( \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 365.79999999999995 m 366.5 365.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 365.79999999999995 m 430.5 365.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 365.79999999999995 m 494.5 365.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 365.79999999999995 m 558.5 365.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 290.79999999999995 m 430.5 290.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 290.79999999999995 m 494.5 290.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 290.79999999999995 m 558.5 290.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 276.79999999999995 m 430.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 274.79999999999995 m 430.5 274.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 276.79999999999995 m 494.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 274.79999999999995 m 494.5 274.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 276.79999999999995 m 558.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 274.79999999999995 m 558.5 274.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 200.79999999999995 m 430.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 200.79999999999995 m 494.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 200.79999999999995 m 558.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 186.79999999999995 m 430.5 186.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 184.79999999999995 m 430.5 184.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 186.79999999999995 m 494.5 186.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 184.79999999999995 m 494.5 184.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 186.79999999999995 m 558.5 186.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 184.79999999999995 m 558.5 184.79999999999995 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 317.30 394.03 Td (Remaining) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 313.10 386.03 Td (Amortization) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 324.65 378.03 Td (Period) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 316.30 370.03 Td (\(in months\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 390.05 386.03 Td (Gr) Tj ET Q q 0 0 0 rg BT 399.68 386.03 Td (oss) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 384.20 378.03 Td (Carrying) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 385.95 370.03 Td (Amount) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.30 378.03 Td (Accumulated) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.10 370.03 Td (Amortization) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 510.40 378.03 Td (Intangible) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 509.30 370.03 Td (Assets,Net) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 355.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 340.47 Td (Amortized intangible assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 326.37 Td (Client relationships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 326.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 325.47 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 325.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 325.47 Td (1,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 325.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 325.52 Td (\(1,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 325.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 325.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 325.47 Td (184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 311.37 Td (Non-amortized intangible assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 296.37 Td (Fund management contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 296.37 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 295.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 295.47 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 295.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 295.47 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 281.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 281.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 280.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 280.47 Td (2,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 280.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 280.52 Td (\(1,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 280.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 280.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 280.47 Td (1,434) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 265.48 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 251.37 Td (Amortized intangible assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 236.37 Td (Client relationships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 236.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 235.47 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 235.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 235.47 Td (1,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 235.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 235.52 Td (\(1,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 235.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 235.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 235.47 Td (273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 221.37 Td (Non-amortized intangible assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 206.37 Td (Fund management contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 206.37 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 205.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 205.47 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 205.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 205.47 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 191.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 191.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 190.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 190.47 Td (2,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 190.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 190.52 Td (\(1,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 190.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 190.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 190.47 Td (1,523) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td (Amortization expenses related to the intangible assets was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.25 677.10 Td ($89,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.75 677.10 Td ( for each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.77 677.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 665.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 249.68 665.10 Td (. Estimated future amortization expense is as follows \(in thousands\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 654.30 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 615.8 m 557.5 615.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 615.8 m 557.5 615.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 587.8 m 557.5 587.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 574.8 m 557.5 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 572.8 m 557.5 572.8 l s BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 56 618.780078125 m 157.1796875 618.780078125 l s q 0 0 0 rg BT 56.00 620.03 Td (Periods Ending December31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 509.65 635.88 Td (Estimated) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 504.10 627.88 Td (Amortization) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 512.75 619.88 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 606.37 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 606.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 606.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 606.37 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 592.37 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 592.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 592.37 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 578.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 578.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 578.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 578.37 Td (184) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 547.30 Td (4. Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 530.30 Td (The following is a summary of the Company's investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.82 530.30 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.40 530.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.84 530.30 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.43 530.30 Td ( \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 518.30 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 489.8 m 493.5 489.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 489.8 m 497.5 489.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 489.8 m 557.5 489.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 476.8 m 493.5 476.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 489.8 m 557.5 489.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 476.8 m 557.5 476.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 476.8 m 493.5 476.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 476.8 m 557.5 476.8 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.75 494.03 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 480.37 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 481.03 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 481.03 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 466.47 Td (Trading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.50 466.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 466.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 466.47 Td (12,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 466.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 466.47 Td (37,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 451.47 Td (Equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 451.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 451.47 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 451.47 Td (16,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 436.47 Td (Available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 436.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 436.47 Td (35,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 436.47 Td (17,191) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 411.30 Td (Gain \(loss\) from investments for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.25 411.30 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.25 411.30 Td ( are summarized below \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 399.30 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 372.8 m 429.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 372.8 m 433.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 372.8 m 493.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 372.8 m 497.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 372.8 m 557.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 372.8 m 429.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 359.8 m 429.5 359.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 372.8 m 493.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 359.8 m 493.5 359.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 372.8 m 497.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 372.8 m 557.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 359.8 m 557.5 359.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 359.8 m 429.5 359.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 359.8 m 493.5 359.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 359.8 m 557.5 359.8 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 211.00 377.03 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 377.03 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 211.00 364.03 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 364.03 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 364.03 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 364.03 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 349.47 Td (Gain \(loss\) from trading investmentsnet ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 227.91 354.00 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.50 349.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 349.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 349.47 Td (218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 349.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 349.52 Td (\(2,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 349.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 349.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 349.52 Td (\(1,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 349.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 334.47 Td (Equity in earnings \(losses\) of affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 334.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 334.47 Td (3,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 334.52 Td (\(10,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 334.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 334.52 Td (\(1,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 334.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 319.47 Td (Gain \(loss\) from available-for-sale investmentsnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.50 319.37 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 319.47 Td (1,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 319.52 Td (\(2,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 319.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 319.47 Td (2,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 296.47 Td (Number of new funds seeded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 296.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 296.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 296.47 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 296.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 280.30 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 269.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 269.50 Td (Includes net income/\(loss\) attributable to redeemable noncontrolling interest for the periods presented.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 248.50 Td (The Cohen & Steers Low Duration Preferred and Income Fund, Inc. \(LPX\), launched by the Company in December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.50 Td (2015, is an open-end fund for which the Company is the investment adviser) Tj ET Q q 0 0 0 rg BT 356.44 236.50 Td (. LPX is a ) Tj ET Q q 0 0 0 rg BT 398.76 236.50 Td (VOE and the Company owned the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 224.50 Td (majority of the outstanding voting interests through February 29, 2016. ) Tj ET Q q 0 0 0 rg BT 340.63 224.50 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 389.97 224.50 Td (, the underlying assets and liabilities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 212.50 Td (results of operations of LPX had been included in the Company's consolidated financial statements with the third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 200.50 Td (interests classified as redeemable noncontrolling interest. ) Tj ET Q q 0 0 0 rg BT 284.76 200.50 Td (As a result of additional third-party subscriptions into the fund, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 188.50 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 188.50 Td (fective March 1, 2016, the Company no longer owned the majority of the outstanding voting interest in LPX, however it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 176.50 Td (was determined that the Company has significant influence over the financial decisions of LPX and therefore recorded its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 164.50 Td (investment in LPX using the equity method of accounting. Ef) Tj ET Q q 0 0 0 rg BT 299.89 164.50 Td (fective October 1, 2016, the Company's ownership interest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 152.50 Td (LPX fell below 20% and the Company no longer had significant influence over LPX. ) Tj ET Q q 0 0 0 rg BT 397.54 152.50 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 446.87 152.50 Td (, the Company began ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 140.50 Td (recording its investment in LPX as an available-for) Tj ET Q q 0 0 0 rg BT 258.46 140.50 Td (-sale investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 119.50 Td (The Cohen & Steers SICA) Tj ET Q q 0 0 0 rg BT 181.87 119.50 Td (V) Tj ET Q q 0 0 0 rg BT 188.91 119.50 Td ( Global Listed Infrastructure Fund \(GLI SICA) Tj ET Q q 0 0 0 rg BT 372.58 119.50 Td (V\), a Luxembour) Tj ET Q q 0 0 0 rg BT 441.54 119.50 Td (g-domiciled undertaking for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.50 Td (collective investments in transferable securities \(UCITS\), was launched by the Company in September 2015, and meets the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.50 Td (definition of an investment company) Tj ET Q q 0 0 0 rg BT 200.54 95.50 Td (. ) Tj ET Q q 0 0 0 rg BT 205.36 95.50 Td (The Company is the investment adviser of GLI SICA) Tj ET Q q 0 0 0 rg BT 417.92 95.50 Td (V) Tj ET Q q 0 0 0 rg BT 424.96 95.50 Td ( for which it receives a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.50 Td (management fee. GLI SICA) Tj ET Q q 0 0 0 rg BT 165.45 83.50 Td (V) Tj ET Q q 0 0 0 rg BT 172.49 83.50 Td ( is a ) Tj ET Q q 0 0 0 rg BT 190.92 83.50 Td (VIE and the Company is the primary beneficiary) Tj ET Q q 0 0 0 rg BT 385.48 83.50 Td (. ) Tj ET Q q 0 0 0 rg BT 389.93 83.50 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.38 83.50 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.96 83.50 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 71.50 Td (was the only investor in the fund and therefore, the Company would absorb all of the expected losses and residual returns of ) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (GLI SICA) Tj ET Q q 0 0 0 rg BT 94.65 677.10 Td (V) Tj ET Q q 0 0 0 rg BT 100.59 677.10 Td (. ) Tj ET Q q 0 0 0 rg BT 105.04 677.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 154.37 677.10 Td (, the underlying assets and liabilities and results of operations of GLI SICA) Tj ET Q q 0 0 0 rg BT 454.42 677.10 Td (V) Tj ET Q q 0 0 0 rg BT 461.46 677.10 Td ( have been included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (the Company's consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 644.10 Td (The following represents the portion of the consolidated statements of financial condition attributable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 632.10 Td (consolidated GLI SICA) Tj ET Q q 0 0 0 rg BT 147.70 632.10 Td (V) Tj ET Q q 0 0 0 rg BT 154.74 632.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.90 632.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.48 632.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.92 632.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 632.10 Td (. ) Tj ET Q q 0 0 0 rg BT 360.32 632.10 Td (The assets may only be used to settle obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (of GLI SICA) Tj ET Q q 0 0 0 rg BT 105.48 620.10 Td (V) Tj ET Q q 0 0 0 rg BT 112.53 620.10 Td ( and the liabilities are the sole obligation of GLI SICA) Tj ET Q q 0 0 0 rg BT 328.97 620.10 Td (V) Tj ET Q q 0 0 0 rg BT 334.90 620.10 Td (, for which creditors do not have recourse to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (general credit of the Company \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 573.6 m 493.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 573.6 m 497.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 573.6 m 557.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 573.6 m 493.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 573.6 m 497.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 573.6 m 557.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 513.6 m 493.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 513.6 m 557.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 513.6 m 493.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 499.6 m 493.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 497.6 m 493.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 513.6 m 557.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 499.6 m 557.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 497.6 m 557.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 440.6 m 493.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.6 m 557.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 426.6 m 493.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 424.6 m 493.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.6 m 557.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 426.6 m 557.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 424.6 m 557.5 424.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 439.75 585.83 Td (December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 577.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 503.75 585.83 Td (December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 577.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 563.27 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 548.27 Td (Trading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.50 548.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 548.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 548.27 Td (5,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 548.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 548.27 Td (4,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 533.27 Td (Due from broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.50 533.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 533.27 Td (181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 533.27 Td (176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 518.27 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.50 518.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 518.27 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 518.27 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 503.27 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 503.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 503.27 Td (5,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 503.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 503.27 Td (4,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 475.27 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 460.27 Td (Due to broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 460.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 460.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 460.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 460.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 460.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 445.27 Td (Other liabilities and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.50 445.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 445.27 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 445.27 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 430.27 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 430.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 430.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 430.27 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 430.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 430.27 Td (62) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 405.10 Td (The Cohen & Steers ) Tj ET Q q 0 0 0 rg BT 159.82 405.10 Td (Active Commodities Strategy Fund, Inc. \(CDF\), launched by the Company in May 2014, is an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 393.10 Td (open-end fund for which the Company is the investment adviser) Tj ET Q q 0 0 0 rg BT 310.33 393.10 Td (. CDF is a ) Tj ET Q q 0 0 0 rg BT 353.21 393.10 Td (VOE and the Company owned the majority of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 381.10 Td (outstanding voting interest in the fund as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.64 381.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.22 381.10 Td (. ) Tj ET Q q 0 0 0 rg BT 313.67 381.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 363.01 381.10 Td (, the underlying assets and liabilities and results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 369.10 Td (of operations of CDF have been included in the Company's consolidated financial statements with the third-party interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 357.10 Td (classified as redeemable noncontrolling interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 336.10 Td (ACOM, launched by the Company in ) Tj ET Q q 0 0 0 rg BT 228.43 336.10 Td (April 2013, is structured as a partnership. ) Tj ET Q q 0 0 0 rg BT 396.27 336.10 Td (The Company is the investment adviser ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 64.28 324.10 Td (ACOM for which it is entitled to receive a management fee. ) Tj ET Q q 0 0 0 rg BT 306.79 324.10 Td (The Company owned all of the voting interest in ) Tj ET Q q 0 0 0 rg BT 503.15 324.10 Td (ACOM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 312.10 Td (through September 30, 2014. ) Tj ET Q q 0 0 0 rg BT 172.32 312.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 221.66 312.10 Td (, the underlying assets and liabilities and results of operations of ) Tj ET Q q 0 0 0 rg BT 480.49 312.10 Td (ACOM had been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 300.10 Td (included in the Company's consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 300.19 300.10 Td (As a result of third-party investments into the fund, ef) Tj ET Q q 0 0 0 rg BT 515.52 300.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 286.90 Td (October 1, 2014, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 123.71 286.90 Td (the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.15 286.90 Td ( Company no longer held a controlling financial interest in ) Tj ET Q q 0 0 0 rg BT 373.76 286.90 Td (ACOM. ) Tj ET Q q 0 0 0 rg BT 408.58 286.90 Td (The Company determined that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 274.90 Td (ACOM was not a ) Tj ET Q q 0 0 0 rg BT 126.59 274.90 Td (VIE as the limited partners, unaf) Tj ET Q q 0 0 0 rg BT 256.92 274.90 Td (filiated with the Company) Tj ET Q q 0 0 0 rg BT 360.98 274.90 Td (, have the ability to liquidate the fund with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 262.90 Td (majority vote. ) Tj ET Q q 0 0 0 rg BT 112.05 262.90 Td (As a result, the Company does not have financial control and ) Tj ET Q q 0 0 0 rg BT 358.10 262.90 Td (ACOM is not consolidated into the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 250.90 Td (consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 191.55 250.90 Td (The Company's equity interest in ) Tj ET Q q 0 0 0 rg BT 325.84 250.90 Td (ACOM represents a seed investment to launch the fund, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 238.90 Td (adjusted for the Company's proportionate share of the fund's earnings. ) Tj ET Q q 0 0 0 rg BT 336.15 238.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.59 238.90 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.18 238.90 Td (, the Company's ownership in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.90 Td (ACOM was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.82 226.90 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.15 226.90 Td (; however) Tj ET Q q 0 0 0 rg BT 222.45 226.90 Td (, as the general partner) Tj ET Q q 0 0 0 rg BT 312.84 226.90 Td (, the Company has significant influence over the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 214.90 Td (decisions of ) Tj ET Q q 0 0 0 rg BT 104.00 214.90 Td (ACOM and therefore records its investment in ) Tj ET Q q 0 0 0 rg BT 292.01 214.90 Td (ACOM using the equity method of accounting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 193.90 Td (Cohen & Steers Global Realty Partners III-TE, L.P) Tj ET Q q 0 0 0 rg BT 279.51 193.90 Td (. \(GRP-TE\), which had its closing in October 201) Tj ET Q q 0 0 0 rg BT 478.00 193.90 Td (1, is structured as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.90 Td (partnership. ) Tj ET Q q 0 0 0 rg BT 103.80 181.90 Td (The Company is the general partner and investment adviser of GRP-TE, for which it receives a management fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.90 Td (and is entitled to receive an incentive distribution, if earned. GRP-TE is a ) Tj ET Q q 0 0 0 rg BT 350.12 169.90 Td (VIE and the Company is not the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.90 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 98.32 157.90 Td (. ) Tj ET Q q 0 0 0 rg BT 102.77 157.90 Td (As the general partner) Tj ET Q q 0 0 0 rg BT 190.94 157.90 Td (, the Company has significant influence over the financial decisions of GRP-TE and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.90 Td (therefore records its investment using the equity method of accounting. ) Tj ET Q q 0 0 0 rg BT 341.24 145.90 Td (The Company's equity interest in GRP-TE represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.90 Td (a seed investment to launch the fund, adjusted for the Company) Tj ET Q q 0 0 0 rg BT 311.44 133.90 Td (s proportionate share of the fund) Tj ET Q q 0 0 0 rg BT 444.45 133.90 Td (s earnings. ) Tj ET Q q 0 0 0 rg BT 489.17 133.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 121.90 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 121.90 Td (, the Company's ownership in GRP-TE was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.63 121.90 Td (0.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.46 121.90 Td (. ) Tj ET Q q 0 0 0 rg BT 395.28 121.90 Td (The Company's risk with respect to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 109.90 Td (investment in GRP-TE is limited to its equity ownership and any uncollected management fees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 88.90 Td (In conjunction with the launch of GRP-TE, the Company established Cohen & Steers Co-Investment Partnership, L.P) Tj ET Q q 0 0 0 rg BT 546.43 88.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 76.90 Td (\(GRP-CIP\), which is used by the Company to fulfill its contractual commitment to co-invest with GRP-TE. See Note 13 for ) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (further discussion regarding the Company's co-investment commitment. ) Tj ET Q q 0 0 0 rg BT 344.63 677.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.08 677.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.66 677.10 Td (, GRP-CIP) Tj ET Q q 0 0 0 rg BT 490.64 677.10 Td ( is a ) Tj ET Q q 0 0 0 rg BT 509.06 677.10 Td (VIE and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (Company is the primary beneficiary as it owns all of the voting interest in GRP-CIP) Tj ET Q q 0 0 0 rg BT 388.95 665.10 Td (. ) Tj ET Q q 0 0 0 rg BT 393.39 665.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 442.73 665.10 Td (, the underlying assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (liabilities and results of operations of GRP-CIP) Tj ET Q q 0 0 0 rg BT 243.05 653.10 Td ( have been included in the Company's consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 632.10 Td (The following represents the portion of the condensed consolidated statements of financial condition attributable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (consolidated GRP-CIP) Tj ET Q q 0 0 0 rg BT 145.02 620.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.18 620.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.76 620.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.20 620.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.78 620.10 Td (. ) Tj ET Q q 0 0 0 rg BT 350.60 620.10 Td (The assets may only be used to settle obligations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (GRP-CIP) Tj ET Q q 0 0 0 rg BT 91.97 608.10 Td ( and the liabilities are the sole obligation of GRP-CIP) Tj ET Q q 0 0 0 rg BT 305.00 608.10 Td (, for which creditors do not have recourse to the general credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td (of the Company \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 561.6 m 493.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 561.6 m 497.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 561.6 m 557.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 561.6 m 493.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 561.6 m 557.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 509.6 m 493.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 509.6 m 557.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 509.6 m 493.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 497.6 m 493.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 495.6 m 493.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 509.6 m 557.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 497.6 m 557.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 495.6 m 557.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 495.6 m 493.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 497.6 m 493.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 440.6 m 493.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.6 m 557.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 440.6 m 493.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 426.6 m 493.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 424.6 m 493.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.6 m 557.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 426.6 m 557.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 424.6 m 557.5 424.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 439.75 573.83 Td (December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 565.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 503.75 573.83 Td (December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 565.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 552.17 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 539.17 Td (Trading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.50 539.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 539.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 539.17 Td (1,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 539.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 539.17 Td (2,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 526.17 Td (Due from broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.50 526.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 526.17 Td (294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 526.17 Td (207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 513.17 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.50 513.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 513.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 513.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 500.17 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 500.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 500.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 500.17 Td (2,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 500.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 500.17 Td (2,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 474.17 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 460.27 Td (Due to broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 460.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 460.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 460.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 460.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 460.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 445.27 Td (Other liabilities and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.50 445.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 445.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 445.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 430.27 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 430.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 430.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 430.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 430.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 430.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 405.10 Td (MLO, launched by the Company in December 2013, is an open-end fund for which the Company is the investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 393.10 Td (adviser) Tj ET Q q 0 0 0 rg BT 82.33 393.10 Td (. MLO is a ) Tj ET Q q 0 0 0 rg BT 127.97 393.10 Td (VOE and the Company owned the majority of the outstanding voting interest in MLO through October 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 381.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 78.45 381.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 127.78 381.10 Td (, the underlying assets and liabilities and results of operations of MLO had been included in the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 369.10 Td (consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. Ef) Tj ET Q q 0 0 0 rg BT 510.06 369.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 357.10 Td (November 1, 2014, as a result of additional third-party subscriptions into the fund, the Company no longer owned the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 345.10 Td (majority of the outstanding voting interest in MLO, however it was determined that the Company has significant influence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 333.10 Td (over the financial decisions of MLO and therefore recorded its investment in MLO using the equity method of accounting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 321.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 63.26 321.10 Td (fective June 1, 2016, the Company's ownership interest in MLO fell below 20% and the Company no longer had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 309.10 Td (significant influence over MLO. ) Tj ET Q q 0 0 0 rg BT 185.35 309.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 234.69 309.10 Td (, the Company began recording its investment in MLO as an available-for) Tj ET Q q 0 0 0 rg BT 529.96 309.10 Td (-sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 297.10 Td (investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 276.10 Td (Cohen & Steers Real ) Tj ET Q q 0 0 0 rg BT 162.60 276.10 Td (Assets Fund, Inc. \(RAP\), launched by the Company in January 2012, is an open-end fund for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 264.10 Td (which the Company is the investment adviser) Tj ET Q q 0 0 0 rg BT 235.64 264.10 Td (. RAP) Tj ET Q q 0 0 0 rg BT 259.72 264.10 Td ( is a ) Tj ET Q q 0 0 0 rg BT 278.15 264.10 Td (VOE. ) Tj ET Q q 0 0 0 rg BT 303.52 264.10 Td (The Company had significant influence over RAP) Tj ET Q q 0 0 0 rg BT 503.65 264.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 252.10 Td (September 30, 2014 and recorded its investment in RAP) Tj ET Q q 0 0 0 rg BT 278.87 252.10 Td ( using the equity method of accounting. Ef) Tj ET Q q 0 0 0 rg BT 449.21 252.10 Td (fective October 1, 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 240.10 Td (the Company's ownership interest in RAP) Tj ET Q q 0 0 0 rg BT 221.25 240.10 Td ( fell below 20% and the Company no longer had significant influence over RAP) Tj ET Q q 0 0 0 rg BT 540.90 240.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 228.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 103.34 228.10 Td (, the Company began recording its investment in RAP) Tj ET Q q 0 0 0 rg BT 319.32 228.10 Td ( as an available-for) Tj ET Q q 0 0 0 rg BT 395.47 228.10 Td (-sale investment. During the fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 216.10 Td (quarter of 2016, the Company sold its remaining interest in RAP) Tj ET Q q 0 0 0 rg BT 311.47 216.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 195.10 Td (The Company owned the majority of the voting interests in Cohen & Steers Global Real Estate Long-Short Fund, L.P) Tj ET Q q 0 0 0 rg BT 546.43 195.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.10 Td (\(the Onshore Fund\) prior to its liquidation in ) Tj ET Q q 0 0 0 rg BT 234.54 183.10 Td (April 2014. ) Tj ET Q q 0 0 0 rg BT 282.60 183.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 331.93 183.10 Td (, the underlying assets and liabilities and results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.10 Td (operations of the Onshore Fund had been included in the Company's consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 468.02 171.10 Td (The Onshore Fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.10 Td (was structured as a partnership and the Company was the general partner and investment adviser of the fund. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 138.10 Td (The Cohen & Steers Global Real Estate Long-Short Of) Tj ET Q q 0 0 0 rg BT 296.83 138.10 Td (fshore Fund, L.P) Tj ET Q q 0 0 0 rg BT 362.94 138.10 Td (. \(the Of) Tj ET Q q 0 0 0 rg BT 396.36 138.10 Td (fshore Fund\), which was liquidated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 126.10 Td (April 2014, was structured as a partnership. ) Tj ET Q q 0 0 0 rg BT 230.72 126.10 Td (The Company was the general partner and investment adviser of the Of) Tj ET Q q 0 0 0 rg BT 516.28 126.10 Td (fshore ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 114.10 Td (Fund for which it received a management fee and was entitled to receive a performance fee, if earned. ) Tj ET Q q 0 0 0 rg BT 464.18 114.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 102.10 Td (determined that the Of) Tj ET Q q 0 0 0 rg BT 144.06 102.10 Td (fshore Fund was not a ) Tj ET Q q 0 0 0 rg BT 234.70 102.10 Td (VIE as the limited partners, unaf) Tj ET Q q 0 0 0 rg BT 365.04 102.10 Td (filiated with the Company) Tj ET Q q 0 0 0 rg BT 469.09 102.10 Td (, had the ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 90.10 Td (dissolve the fund with a majority vote. ) Tj ET Q q 0 0 0 rg BT 210.09 90.10 Td (As a result, the Company did not have financial control and the Of) Tj ET Q q 0 0 0 rg BT 476.23 90.10 Td (fshore Fund was not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 78.10 Td (consolidated into the Company's consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 324.08 78.10 Td (As the general partner) Tj ET Q q 0 0 0 rg BT 412.25 78.10 Td (, the Company had significant ) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (influence over the financial decisions of the Of) Tj ET Q q 0 0 0 rg BT 241.80 677.10 Td (fshore Fund and therefore recorded its investment in this fund using the equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (method of accounting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 644.10 Td (The Company met the significant subsidiaries test for total equity method investments as of December31, 2014 and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 632.10 Td (required to provide the summarized financial information for all equity method investments for all periods presented. ) Tj ET Q q 0 0 0 rg BT 525.07 632.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (following is the aggregate condensed statement of financial condition information for the Company's equity method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.93 608.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.52 608.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.96 608.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.54 608.10 Td ( \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 575.6 m 493.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 575.6 m 497.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 575.6 m 557.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 562.6 m 493.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 575.6 m 557.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 562.6 m 557.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 562.6 m 493.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 562.6 m 557.5 562.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.75 579.83 Td (December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.00 566.85 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 566.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 566.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 552.27 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 552.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 552.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 552.27 Td (105,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 552.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 552.27 Td (147,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 537.27 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 537.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 537.27 Td (109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 537.27 Td (2,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 522.27 Td (Net assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 522.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 522.27 Td (105,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 522.27 Td (145,552) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 486.30 Td (The following is the condensed statement of operations for the aggregate of the Company's equity method investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 474.30 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.88 474.30 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.88 474.30 Td ( \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 441.8 m 429.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 441.8 m 433.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 441.8 m 493.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 441.8 m 497.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 441.8 m 557.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 441.8 m 429.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 428.8 m 429.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 441.8 m 493.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 428.8 m 493.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 441.8 m 497.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 441.8 m 557.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 428.8 m 557.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 428.8 m 429.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 428.8 m 493.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 428.8 m 557.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 372.8 m 429.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 372.8 m 493.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 372.8 m 557.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 372.8 m 429.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 358.8 m 429.5 358.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 356.8 m 429.5 356.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 372.8 m 493.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 358.8 m 493.5 358.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 356.8 m 493.5 356.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 372.8 m 557.5 372.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 358.8 m 557.5 358.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 356.8 m 557.5 356.8 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.00 446.03 Td (Y) Tj ET Q q 0 0 0 rg BT 417.89 446.03 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 492.84 446.03 Td ( 31, ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 506.84 449.66 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 433.05 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 433.03 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 433.03 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 433.03 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 418.47 Td (Total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 418.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 418.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 418.47 Td (5,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 418.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 418.47 Td (2,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 418.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 418.47 Td (2,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 403.47 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.50 403.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 403.47 Td (1,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 403.47 Td (1,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 403.47 Td (2,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 387.47 Td (Net realized gain \(loss\) and net change in unrealized appreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 377.47 Td (\(depreciation\) on investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 377.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 377.47 Td (10,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 377.52 Td (\(44,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 377.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 377.52 Td (\(14,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 377.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 362.47 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 362.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 362.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 362.47 Td (13,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 362.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 362.52 Td (\(43,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 362.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 362.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 362.52 Td (\(13,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 362.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 347.50 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 336.70 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 336.70 Td (Amounts are included only for the time in which the investees were accounted for under the equity method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 315.70 Td (The following is a summary of the fair value of trading investments and equity method investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.63 315.70 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 303.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 303.70 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.44 303.70 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.02 303.70 Td ( \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 277.20000000000005 m 365.5 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 277.20000000000005 m 369.5 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 277.20000000000005 m 429.5 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 277.20000000000005 m 493.5 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 277.20000000000005 m 497.5 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 277.20000000000005 m 557.5 277.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 255.20000000000005 m 365.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 255.20000000000005 m 429.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 255.20000000000005 m 493.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 255.20000000000005 m 557.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 255.20000000000005 m 365.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 255.20000000000005 m 429.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 255.20000000000005 m 493.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 255.20000000000005 m 557.5 255.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 150.20000000000005 m 365.5 150.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 150.20000000000005 m 429.5 150.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 150.20000000000005 m 493.5 150.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 150.20000000000005 m 557.5 150.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 136.20000000000005 m 365.5 136.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 134.20000000000005 m 365.5 134.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 136.20000000000005 m 429.5 136.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 134.20000000000005 m 429.5 134.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 136.20000000000005 m 493.5 136.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 134.20000000000005 m 493.5 134.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 136.20000000000005 m 557.5 136.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 134.20000000000005 m 557.5 134.20000000000005 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 334.75 281.43 Td (December 31, 2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.75 281.43 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 259.45 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 321.25 267.43 Td (Trading) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 314.30 259.43 Td (Investments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 373.10 267.43 Td (Equity Method) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 378.30 259.43 Td (Investments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.25 267.43 Td (Trading) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 442.30 259.43 Td (Investments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 501.10 267.43 Td (Equity Method) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.30 259.43 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 244.87 Td (ACOM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.50 244.77 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 244.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 244.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 244.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 244.87 Td (6,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 244.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 244.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 244.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 244.87 Td (5,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 229.87 Td (CDF) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 229.77 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 229.87 Td (5,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 229.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 229.87 Td (5,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 229.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 214.87 Td (GLI SICAV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.50 214.77 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 214.87 Td (5,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 214.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 214.87 Td (4,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 214.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 199.87 Td (GRP-CIP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 199.77 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 199.87 Td (1,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 199.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 199.87 Td (2,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 199.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 184.87 Td (GRP-TE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 184.77 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 184.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 184.87 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 184.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 184.87 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 169.87 Td (LPX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 169.77 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 169.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 169.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 169.87 Td (24,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 169.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 154.87 Td (MLO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 154.77 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 154.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 154.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 154.87 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 154.87 Td (11,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 139.87 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 139.77 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 139.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 139.87 Td (12,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 139.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 139.87 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 139.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 139.87 Td (37,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 139.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 139.87 Td (16,974) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td (Gain \(loss\) from trading investmentsnet for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.29 677.10 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.29 677.10 Td (, which represent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (realized and unrealized gains and losses recorded by the funds the Company consolidates, are summarized below \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 626.6 m 429.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 626.6 m 433.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 626.6 m 493.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 626.6 m 497.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 626.6 m 557.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 626.6 m 429.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 613.6 m 429.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 626.6 m 493.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 613.6 m 493.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 626.6 m 557.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 613.6 m 557.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 613.6 m 429.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 613.6 m 493.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 613.6 m 557.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 508.6 m 429.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 494.6 m 429.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 492.6 m 429.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 508.6 m 493.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 494.6 m 493.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 492.6 m 493.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 508.6 m 557.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 494.6 m 557.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 492.6 m 557.5 492.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 211.00 630.83 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 630.83 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 211.00 617.83 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 617.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 617.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 617.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 603.27 Td (ACOM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 603.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 603.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 603.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 603.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 603.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 603.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 603.32 Td (\(505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 603.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 588.27 Td (CDF) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 588.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 588.27 Td (839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 588.32 Td (\(2,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 588.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 588.32 Td (\(2,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 588.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 573.27 Td (GLI SICAV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 573.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 573.27 Td (297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 573.32 Td (\(135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 573.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 573.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 558.27 Td (GRP-CIP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 558.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 558.32 Td (\(149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 558.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 558.32 Td (\(80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 558.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 558.27 Td (151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 543.27 Td (LPX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 543.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 543.32 Td (\(769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 543.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 543.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 543.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 528.27 Td (MLO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 528.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 528.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 528.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 528.27 Td (1,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 513.27 Td (Onshore Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 513.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 513.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 513.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 513.27 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 498.27 Td (Total gain \(loss\) from trading investmentsnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 498.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 498.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 498.27 Td (218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 498.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 498.32 Td (\(2,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 498.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 498.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 498.32 Td (\(1,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 498.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 473.10 Td (Equity in earnings \(losses\) of af) Tj ET Q q 0 0 0 rg BT 203.79 473.10 Td (filiates for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.38 473.10 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.38 473.10 Td ( are summarized below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (\(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 434.6 m 429.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 434.6 m 433.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 434.6 m 493.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 434.6 m 497.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 434.6 m 557.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 434.6 m 429.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 421.6 m 429.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 434.6 m 493.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 421.6 m 493.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 434.6 m 557.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 421.6 m 557.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 331.6 m 429.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 331.6 m 493.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 331.6 m 557.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 317.6 m 429.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 315.6 m 429.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 317.6 m 493.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 315.6 m 493.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 317.6 m 557.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 315.6 m 557.5 315.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 438.17 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 438.83 Td (Years Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 425.17 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 425.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 425.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 425.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 411.27 Td (ACOM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 411.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 411.27 Td (748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 411.32 Td (\(1,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 411.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 411.32 Td (\(1,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 411.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 396.27 Td (GRP-TE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 396.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 396.32 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 396.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 396.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 396.27 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 381.27 Td (LPX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 381.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 381.27 Td (852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 381.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 381.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 366.27 Td (MLO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 366.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 366.27 Td (1,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 366.32 Td (\(8,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 366.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 366.32 Td (\(1,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 366.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 351.27 Td (Offshore Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.50 351.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 351.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 351.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 351.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 336.27 Td (RAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 336.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 336.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 336.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 336.27 Td (753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 321.27 Td (Total equity in earnings \(losses\) of affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 321.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 321.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 321.27 Td (3,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 321.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 321.32 Td (\(10,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 321.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 321.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 321.32 Td (\(1,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 321.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 296.10 Td (The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available-for) Tj ET Q q 0 0 0 rg BT 545.60 296.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 284.10 Td (sale investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.98 284.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.56 284.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.00 284.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.59 284.10 Td ( \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 260.6 m 366.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 260.6 m 370.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 260.6 m 430.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 260.6 m 434.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 260.6 m 494.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 260.6 m 498.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 260.6 m 558.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 231.60000000000002 m 366.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 231.60000000000002 m 430.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 260.6 m 494.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 231.60000000000002 m 494.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 231.60000000000002 m 558.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 231.60000000000002 m 366.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 231.60000000000002 m 430.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 231.60000000000002 m 494.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 186.60000000000002 m 366.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 186.60000000000002 m 430.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 186.60000000000002 m 494.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 186.60000000000002 m 558.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 172.60000000000002 m 366.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 170.60000000000002 m 366.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 172.60000000000002 m 430.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 170.60000000000002 m 430.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 172.60000000000002 m 494.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 170.60000000000002 m 494.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 172.60000000000002 m 558.5 172.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 170.60000000000002 m 558.5 170.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 264.85 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.75 264.83 Td (December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 235.85 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 328.20 235.83 Td (Cost) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 390.05 251.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 399.68 251.83 Td (oss) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.40 243.83 Td (Unr) Tj ET Q q 0 0 0 rg BT 395.03 243.83 Td (ealized) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.95 235.83 Td (Gains) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.05 251.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 463.68 251.83 Td (oss) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 445.40 243.83 Td (Unr) Tj ET Q q 0 0 0 rg BT 459.03 243.83 Td (ealized) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 448.85 235.83 Td (Losses ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 473.08 239.46 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 520.70 243.83 Td (Fair) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 518.35 235.83 Td (V) Tj ET Q q 0 0 0 rg BT 523.39 235.83 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 222.17 Td (Preferred securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 222.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 221.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 221.27 Td (1,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 221.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 221.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 221.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 221.32 Td (\(22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 221.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 221.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 221.27 Td (1,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 207.17 Td (Common stocks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 207.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 206.27 Td (4,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 206.27 Td (194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 206.32 Td (\(325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 206.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 206.27 Td (4,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 192.17 Td (Company-sponsored funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 192.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 191.27 Td (28,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 191.27 Td (1,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 191.32 Td (\(110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 191.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 191.27 Td (29,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 177.17 Td (Total available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 177.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 176.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 176.27 Td (33,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 176.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 176.27 Td (1,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 176.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 176.32 Td (\(457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 176.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 176.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 176.27 Td (35,396) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 161.30 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 150.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 150.50 Td (At ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.25 150.50 Td (December31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 153.98 150.50 Td (, there were no securities with unrealized losses continuously for a period of more than 12 months.) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-21) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 670.5 m 366.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 670.5 m 370.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 670.5 m 430.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 670.5 m 434.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 670.5 m 494.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 670.5 m 498.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 670.5 m 558.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 641.5 m 366.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 641.5 m 430.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 670.5 m 494.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 641.5 m 494.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 641.5 m 558.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 641.5 m 366.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 641.5 m 430.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 641.5 m 494.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 599.5 m 366.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 599.5 m 430.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 599.5 m 494.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 599.5 m 558.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 586.5 m 366.5 586.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 584.5 m 366.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 586.5 m 430.5 586.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 584.5 m 430.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 586.5 m 494.5 586.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 584.5 m 494.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 586.5 m 558.5 586.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 584.5 m 558.5 584.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 674.75 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.75 674.73 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 645.75 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 328.20 645.73 Td (Cost) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 390.05 661.73 Td (Gr) Tj ET Q q 0 0 0 rg BT 399.68 661.73 Td (oss) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.40 653.73 Td (Unr) Tj ET Q q 0 0 0 rg BT 395.03 653.73 Td (ealized) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.95 645.73 Td (Gains) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.05 661.73 Td (Gr) Tj ET Q q 0 0 0 rg BT 463.68 661.73 Td (oss) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 445.40 653.73 Td (Unr) Tj ET Q q 0 0 0 rg BT 459.03 653.73 Td (ealized) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 448.85 645.73 Td (Losses ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 473.08 649.36 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 520.70 653.73 Td (Fair) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 518.35 645.73 Td (V) Tj ET Q q 0 0 0 rg BT 523.39 645.73 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 632.07 Td (Preferred securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 632.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 632.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 632.07 Td (1,115) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 632.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 632.07 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 632.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.30 632.12 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 632.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 632.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 632.07 Td (1,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 618.07 Td (Common stocks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 618.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 618.07 Td (3,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 618.07 Td (288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 618.12 Td (\(282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 618.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 618.07 Td (3,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 604.07 Td (Company-sponsored funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 604.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 604.07 Td (12,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 604.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.30 604.12 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 604.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 604.07 Td (12,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 590.07 Td (Total available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 590.07 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 590.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 590.07 Td (17,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 590.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 590.07 Td (355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 590.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 590.12 Td (\(291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 590.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 590.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 590.07 Td (17,191) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 575.20 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 564.40 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 564.40 Td (At ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.25 564.40 Td (December31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 153.98 564.40 Td (, there were no securities with unrealized losses continuously for a period of more than 12 months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 543.40 Td (A) Tj ET Q q 0 0 0 rg BT 82.98 543.40 Td (vailable-for) Tj ET Q q 0 0 0 rg BT 129.42 543.40 Td (-sale investments with a fair value of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.91 543.40 Td ($18,521,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.91 543.40 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.35 543.40 Td ($1,779,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.35 543.40 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.56 543.40 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 543.40 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.40 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.94 531.40 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.52 531.40 Td (, respectively) Tj ET Q q 0 0 0 rg BT 202.18 531.40 Td (, were in an unrealized loss position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 510.40 Td (Unrealized losses on available-for) Tj ET Q q 0 0 0 rg BT 212.63 510.40 Td (-sale investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.94 510.40 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.53 510.40 Td ( were generally caused by market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 498.40 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 100.48 498.40 Td (When evaluating whether an unrealized loss on an available-for) Tj ET Q q 0 0 0 rg BT 355.18 498.40 Td (-sale investment is other than temporary) Tj ET Q q 0 0 0 rg BT 515.31 498.40 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 486.40 Td (Company reviews such factors as the extent and duration of the loss, as well as qualitative and quantitative information about ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 474.40 Td (the financial condition and near term prospects of the funds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 453.40 Td (As of December31, 2015, the Company determined, based on an analysis of quantitative and qualitative factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 441.40 Td (including the estimated recovery period, that the seed investment in RAP) Tj ET Q q 0 0 0 rg BT 346.06 441.40 Td ( was other) Tj ET Q q 0 0 0 rg BT 386.95 441.40 Td (-than-temporarily impaired. ) Tj ET Q q 0 0 0 rg BT 499.97 441.40 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 549.31 441.40 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.40 Td (for the year ended December 31, 2015, the Company recorded an other) Tj ET Q q 0 0 0 rg BT 338.41 429.40 Td (-than-temporary impairment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.31 429.40 Td ($2,846,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.31 429.40 Td ( on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 417.40 Td (investment in RAP) Tj ET Q q 0 0 0 rg BT 129.00 417.40 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 396.40 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 396.40 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 396.40 Td (, the Company determined that it had the ability and intent to hold the remaining available-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 384.40 Td (for) Tj ET Q q 0 0 0 rg BT 65.46 384.40 Td (-sale investments for which no other) Tj ET Q q 0 0 0 rg BT 211.06 384.40 Td (-than-temporary impairment has occurred until a recovery of fair value. ) Tj ET Q q 0 0 0 rg BT 498.99 384.40 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 548.33 384.40 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 372.40 Td (impairment of these investments is considered temporary) Tj ET Q q 0 0 0 rg BT 282.18 372.40 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 351.40 Td (Sales proceeds, gross realized gains and losses from available-for) Tj ET Q q 0 0 0 rg BT 338.16 351.40 Td (-sale investments for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.68 351.40 Td (years ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 339.40 Td (2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.44 339.40 Td ( are summarized below \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 315.9 m 414.5 315.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 315.9 m 425.5 315.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 315.9 m 485.5 315.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 315.9 m 497.5 315.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 315.9 m 557.5 315.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 315.9 m 414.5 315.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 302.9 m 414.5 302.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 315.9 m 485.5 315.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 302.9 m 485.5 302.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 315.9 m 557.5 315.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 302.9 m 557.5 302.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 302.9 m 414.5 302.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 302.9 m 485.5 302.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 302.9 m 557.5 302.9 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 320.15 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 409.55 320.13 Td (Years Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 307.15 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 376.00 307.13 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 447.00 307.13 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 307.13 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 293.47 Td (Proceeds from sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 293.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 292.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 292.57 Td (20,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 292.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 292.57 Td (7,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 292.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 292.57 Td (12,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 278.47 Td (Gross realized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 278.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 277.57 Td (1,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 277.57 Td (759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 277.57 Td (2,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 263.47 Td (Gross realized losses, including other-than-temporary impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 263.47 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.30 262.62 Td (\(428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 262.57 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 262.62 Td (\(3,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 262.57 Td (\)) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 488.00 266.93 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 262.62 Td (\(210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 262.57 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 247.60 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 236.80 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 236.80 Td (Includes other) Tj ET Q q 0 0 0 rg BT 123.05 236.80 Td (-than-temporary impairment char) Tj ET Q q 0 0 0 rg BT 242.84 236.80 Td (ge of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 263.33 236.80 Td ($2,846,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 303.83 236.80 Td ( related to the Company's seed investment in RAP) Tj ET Q q 0 0 0 rg BT 483.42 236.80 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 209.80 Td (5. Fair) Tj ET Q q 0 0 0 rg BT 82.14 209.80 Td ( ) Tj ET Q q 0 0 0 rg BT 84.46 209.80 Td (V) Tj ET Q q 0 0 0 rg BT 90.77 209.80 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 188.80 Td (Accounting Standards Codification ) Tj ET Q q 0 0 0 rg BT 221.40 188.80 Td (T) Tj ET Q q 0 0 0 rg BT 226.81 188.80 Td (opic 820, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 266.53 188.80 Td (Fair V) Tj ET Q q 0 0 0 rg BT 291.81 188.80 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 341.71 188.80 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.58 188.80 Td ( \(ASC 820\) specifies a hierarchy of valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 176.80 Td (classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 164.80 Td (unobservable. ) Tj ET Q q 0 0 0 rg BT 112.13 164.80 Td (These classifications are summarized in the three broad levels listed below:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 149.80 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 149.80 Td (Level 1Unadjusted quoted prices for identical instruments in active markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 134.80 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 134.80 Td (Level 2Quoted prices for similar instruments in active markets; quoted prices for identical or similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 122.80 Td (instruments in markets that are not active; and model-derived valuations in which all significant inputs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 110.80 Td (significant value drivers are observable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 95.80 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 95.80 Td (Level 3V) Tj ET Q q 0 0 0 rg BT 145.38 95.80 Td (aluations derived from valuation techniques in which significant inputs or significant value drivers are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 83.80 Td (unobservable.) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 677.10 Td (Inputs used to measure fair value might fall in dif) Tj ET Q q 0 0 0 rg BT 275.82 677.10 Td (ferent levels of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 430.65 677.10 Td (, in which case the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (defaults to the lowest level input that is significant to the fair value measurement in its entirety) Tj ET Q q 0 0 0 rg BT 431.58 665.10 Td (. ) Tj ET Q q 0 0 0 rg BT 436.40 665.10 Td (These levels are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (necessarily an indication of the risk or liquidity associated with the investments. In determining the appropriate levels, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (Company performed a detailed analysis of the assets and liabilities that are subject to ) Tj ET Q q 0 0 0 rg BT 396.12 641.10 Td (ASC 820. ) Tj ET Q q 0 0 0 rg BT 437.90 641.10 Td (T) Tj ET Q q 0 0 0 rg BT 443.65 641.10 Td (ransfers among levels, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (any) Tj ET Q q 0 0 0 rg BT 67.79 629.10 Td (, are recorded as of the beginning of the reporting period. ) Tj ET Q q 0 0 0 rg BT 298.91 629.10 Td (There were no transfers between level 1 and level 2 during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 617.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.67 617.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 596.10 Td (The following table presents fair value measurements as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.53 596.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.11 596.10 Td ( \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 556.6 m 302.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 556.6 m 366.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 556.6 m 430.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 556.6 m 494.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 556.6 m 558.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 556.6 m 302.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 543.6 m 302.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 541.6 m 302.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 556.6 m 366.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 543.6 m 366.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 541.6 m 366.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 556.6 m 430.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 543.6 m 430.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 541.6 m 430.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 556.6 m 494.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 543.6 m 494.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 541.6 m 494.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 543.6 m 558.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 541.6 m 558.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 541.6 m 302.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 543.6 m 302.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 541.6 m 366.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 543.6 m 366.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 541.6 m 430.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 543.6 m 430.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 541.6 m 558.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 543.6 m 558.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 486.6 m 302.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 486.6 m 366.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 486.6 m 430.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 486.6 m 494.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 486.6 m 302.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 473.6 m 302.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 471.6 m 302.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 486.6 m 366.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 473.6 m 366.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 471.6 m 366.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 486.6 m 430.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 473.6 m 430.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 471.6 m 430.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 486.6 m 494.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 473.6 m 494.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 471.6 m 494.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 486.6 m 558.5 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 473.6 m 558.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 471.6 m 558.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 471.6 m 302.5 471.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 473.6 m 302.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 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0 i [] 0 d 0 J 0 j 3 M 306.5 304.6 m 366.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 291.6 m 366.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 289.6 m 366.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 304.6 m 430.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 291.6 m 430.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 289.6 m 430.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 304.6 m 494.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 291.6 m 494.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 289.6 m 494.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 304.6 m 558.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 291.6 m 558.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 289.6 m 558.5 289.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 259.65 560.83 Td (Level 1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 323.65 560.83 Td (Level 2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 387.65 560.83 Td (Level 3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 443.30 576.83 Td (Investments ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 442.60 568.83 Td (Measur) Tj ET Q q 0 0 0 rg BT 468.67 568.83 Td (ed at ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.85 560.83 Td (NA) Tj ET Q q 0 0 0 rg BT 462.37 560.83 Td (V) Tj ET Q q 0 0 0 rg BT 468.01 560.83 Td ( ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 470.01 564.46 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.25 560.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 547.17 Td (Cash equivalents ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 127.54 551.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 547.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 547.17 Td (140,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 547.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 547.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 547.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 547.17 Td (140,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 533.17 Td (Trading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 519.17 Td (Common stocks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 519.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 519.17 Td (5,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 519.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 519.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 519.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 519.17 Td (5,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 505.17 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 505.17 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 505.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 505.17 Td (5,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 505.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 505.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 505.17 Td (5,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 491.17 Td (Limited partnership interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 491.17 Td (. . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 491.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 491.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 491.17 Td (1,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 491.17 Td (722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 491.17 Td (1,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 477.17 Td (Total trading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.50 477.17 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 477.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 477.17 Td (5,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 477.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 477.17 Td (5,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 477.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 477.17 Td (1,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 477.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 477.17 Td (722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 477.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 477.17 Td (12,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 463.17 Td (Equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.50 463.17 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 463.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 463.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 463.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 463.17 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 463.17 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 449.17 Td (Available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 435.17 Td (Preferred securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.50 435.17 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 435.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 435.17 Td (1,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 435.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 435.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 435.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 435.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 435.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 435.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 435.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 435.17 Td (1,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 421.17 Td (Common stocks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 421.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 421.17 Td (4,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 421.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 421.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 421.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 421.17 Td (4,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 407.17 Td (Company-sponsored funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 407.17 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 407.17 Td (29,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 407.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 407.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 407.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 407.17 Td (29,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 393.17 Td (Total available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 393.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 393.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 393.17 Td (35,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 393.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 393.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 393.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 393.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 393.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 393.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 393.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 393.17 Td (35,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 379.17 Td (Derivatives - assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 365.17 Td (Foreign exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 365.17 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 365.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 365.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 365.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 365.17 Td (1,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 365.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 365.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 365.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 365.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 365.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 365.17 Td (1,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 351.17 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.50 351.17 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 351.17 Td (343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 351.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 351.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 351.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 351.17 Td (343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 337.17 Td (Total derivatives - assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 337.17 Td (. . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 337.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 337.17 Td (343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 337.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 337.17 Td (1,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 337.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 337.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 337.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 337.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 337.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 337.17 Td (1,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 323.17 Td (Derivatives - liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 309.17 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.50 309.17 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 309.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 309.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 309.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 309.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 309.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 309.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 309.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 309.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 309.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 309.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 295.17 Td (Total derivatives - liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 295.17 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 295.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 295.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 295.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 295.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 295.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.10 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 268.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 268.30 Td (Comprised of investments in actively traded U.S. ) Tj ET Q q 0 0 0 rg BT 251.56 268.30 Td (T) Tj ET Q q 0 0 0 rg BT 256.74 268.30 Td (reasury money market funds measured at NA) Tj ET Q q 0 0 0 rg BT 419.02 268.30 Td (V) Tj ET Q q 0 0 0 rg BT 424.36 268.30 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 257.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 257.50 Td (Comprised of certain investments measured at fair value using NA) Tj ET Q q 0 0 0 rg BT 311.02 257.50 Td (V) Tj ET Q q 0 0 0 rg BT 317.36 257.50 Td ( \(or its equivalent\) as a practical expedient. ) Tj ET Q q 0 0 0 rg BT 474.38 257.50 Td (These investments ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 246.70 Td (have not been classified in the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 252.83 246.70 Td (. ) Tj ET Q q 0 0 0 rg BT 257.17 246.70 Td (The fair value amounts presented in this table are intended to permit reconciliation ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 235.90 Td (of the fair value hierarchy to the amounts presented in the condensed consolidated statement of financial position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 214.90 Td (T) Tj ET Q q 0 0 0 rg BT 83.76 214.90 Td (rading investments classified as level 2 in the above table were comprised of United States ) Tj ET Q q 0 0 0 rg BT 448.75 214.90 Td (T) Tj ET Q q 0 0 0 rg BT 454.50 214.90 Td (reasury Bills carried at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 202.90 Td (amortized cost, which approximates fair value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 181.90 Td (T) Tj ET Q q 0 0 0 rg BT 83.76 181.90 Td (rading investments classified as level 3 in the above table were comprised of limited partnership interests which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.90 Td (represent the Company's co-investments through GRP-CIP) Tj ET Q q 0 0 0 rg BT 289.57 169.90 Td ( in limited partnership vehicles that invest in private equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.90 Td (vehicles that invest directly in real estate which are generally valued using a discounted cash flow model. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 136.90 Td (T) Tj ET Q q 0 0 0 rg BT 83.76 136.90 Td (rading investments classified as investments measured at NA) Tj ET Q q 0 0 0 rg BT 327.13 136.90 Td (V) Tj ET Q q 0 0 0 rg BT 334.17 136.90 Td ( in the above table were comprised of limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 124.90 Td (partnership interests which represent the Company's co-investments through GRP-CIP) Tj ET Q q 0 0 0 rg BT 399.82 124.90 Td ( in limited partnership vehicles that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 112.90 Td (invest in non-registered real estate funds, which are valued based on the NA) Tj ET Q q 0 0 0 rg BT 357.33 112.90 Td (Vs of the underlying funds. ) Tj ET Q q 0 0 0 rg BT 468.99 112.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.43 112.90 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 100.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 100.90 Td (, the Company did not have the ability to redeem these interests. ) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 677.10 Td (Equity method investments classified as investments measured at NA) Tj ET Q q 0 0 0 rg BT 354.99 677.10 Td (V) Tj ET Q q 0 0 0 rg BT 362.03 677.10 Td ( in the above table were comprised of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (Company's partnership interests in ) Tj ET Q q 0 0 0 rg BT 194.12 665.10 Td (ACOM and GRP-TE, which approximate their fair value based on the funds' NA) Tj ET Q q 0 0 0 rg BT 516.50 665.10 Td (Vs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (ACOM invests in exchange-traded commodity futures contracts and other commodity related derivatives. ) Tj ET Q q 0 0 0 rg BT 478.98 653.10 Td (The Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (the ability to redeem its investment in ) Tj ET Q q 0 0 0 rg BT 207.03 641.10 Td (ACOM monthly at NA) Tj ET Q q 0 0 0 rg BT 298.24 641.10 Td (V) Tj ET Q q 0 0 0 rg BT 305.28 641.10 Td ( with prior written notice of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.58 641.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.58 641.10 Td ( days and there are no significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (restrictions to redemption. GRP-TE invests in non-registered real estate funds and in private equity vehicles that invest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (directly in real estate. ) Tj ET Q q 0 0 0 rg BT 142.02 617.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.46 617.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.04 617.10 Td (, the Company did not have the ability to redeem its investment in GRP-TE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 596.10 Td (The following table presents fair value measurements as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.53 596.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.11 596.10 Td ( \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 556.6 m 304.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 556.6 m 367.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 556.6 m 430.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 556.6 m 494.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 556.6 m 558.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 556.6 m 304.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 543.6 m 304.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 541.6 m 304.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 556.6 m 367.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 543.6 m 367.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 541.6 m 367.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 556.6 m 430.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 543.6 m 430.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 541.6 m 430.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 556.6 m 494.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 543.6 m 494.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 541.6 m 494.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 556.6 m 558.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 543.6 m 558.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 541.6 m 558.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 541.6 m 304.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 543.6 m 304.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 541.6 m 367.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 543.6 m 367.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 541.6 m 430.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 543.6 m 430.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 541.6 m 494.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 543.6 m 494.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 541.6 m 558.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 543.6 m 558.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 472.6 m 304.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 472.6 m 367.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 472.6 m 430.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 472.6 m 494.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 472.6 m 558.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 472.6 m 304.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 459.6 m 304.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 457.6 m 304.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 472.6 m 367.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 459.6 m 367.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 457.6 m 367.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 472.6 m 430.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 459.6 m 430.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 457.6 m 430.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 472.6 m 494.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 459.6 m 494.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 457.6 m 494.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 472.6 m 558.5 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 459.6 m 558.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 457.6 m 558.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 457.6 m 304.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 459.6 m 304.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 445.6 m 304.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 443.6 m 304.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 457.6 m 367.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 459.6 m 367.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 445.6 m 367.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 443.6 m 367.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 457.6 m 430.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 459.6 m 430.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 445.6 m 430.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 443.6 m 430.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 457.6 m 494.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 459.6 m 494.5 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 445.6 m 494.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 443.6 m 494.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 445.6 m 558.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 443.6 m 558.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 388.6 m 304.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 388.6 m 367.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 388.6 m 430.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 388.6 m 494.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 388.6 m 558.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 375.6 m 304.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 373.6 m 304.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 375.6 m 367.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 373.6 m 367.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 375.6 m 430.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 373.6 m 430.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 388.6 m 494.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 375.6 m 494.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 373.6 m 494.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 375.6 m 558.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 373.6 m 558.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 373.6 m 304.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 375.6 m 304.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 373.6 m 367.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 375.6 m 367.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 373.6 m 430.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 375.6 m 430.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 373.6 m 494.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 375.6 m 494.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 373.6 m 558.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 375.6 m 558.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 332.6 m 367.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 332.6 m 494.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 332.6 m 304.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 319.6 m 304.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 317.6 m 304.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 319.6 m 367.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 317.6 m 367.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 332.6 m 430.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 319.6 m 430.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 317.6 m 430.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 332.6 m 494.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 319.6 m 494.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 317.6 m 494.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 332.6 m 558.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 319.6 m 558.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 317.6 m 558.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 276.6 m 494.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 276.6 m 558.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 276.6 m 304.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 263.6 m 304.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 261.6 m 304.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 276.6 m 367.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 263.6 m 367.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 261.6 m 367.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 276.6 m 430.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 263.6 m 430.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 261.6 m 430.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 276.6 m 494.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 263.6 m 494.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 261.6 m 494.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 276.6 m 558.5 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 263.6 m 558.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 261.6 m 558.5 261.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 262.15 560.83 Td (Level 1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 325.15 560.83 Td (Level 2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 388.15 560.83 Td (Level 3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 443.30 576.83 Td (Investments ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 442.60 568.83 Td (Measur) Tj ET Q q 0 0 0 rg BT 468.67 568.83 Td (ed at ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.85 560.83 Td (NA) Tj ET Q q 0 0 0 rg BT 462.37 560.83 Td (V) Tj ET Q q 0 0 0 rg BT 468.01 560.83 Td ( ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 470.01 564.46 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.25 560.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 547.17 Td (Cash equivalents ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 127.54 551.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.50 547.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 547.17 Td (60,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 547.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 547.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 547.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 547.17 Td (60,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 533.17 Td (Trading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 519.17 Td (Preferred securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 519.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 519.17 Td (3,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 519.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 519.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 519.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 519.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 519.17 Td (3,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 505.17 Td (Common stocks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 505.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 505.17 Td (4,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 505.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 505.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 505.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 505.17 Td (4,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 491.17 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 491.17 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 491.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 491.17 Td (26,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 491.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 491.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 491.17 Td (26,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 477.17 Td (Limited partnership interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 477.17 Td (. . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 477.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 477.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 477.17 Td (1,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 477.17 Td (819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 477.17 Td (2,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 463.17 Td (Total trading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.50 463.17 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 463.17 Td (8,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 463.17 Td (26,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 463.17 Td (1,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 463.17 Td (819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 463.17 Td (37,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 449.17 Td (Equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.50 449.17 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 449.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 449.17 Td (11,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 449.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 449.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 449.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 449.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 449.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 449.17 Td (5,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 449.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 449.17 Td (16,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 435.17 Td (Available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 421.17 Td (Preferred securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 421.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 421.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 421.17 Td (1,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 421.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 421.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 421.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 421.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 421.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 421.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 421.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 421.17 Td (1,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 407.17 Td (Common stocks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 407.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 407.17 Td (3,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 407.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 407.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 407.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 407.17 Td (3,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 393.17 Td (Company-sponsored funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 393.17 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 393.17 Td (12,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 393.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 393.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 393.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 393.17 Td (12,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 379.17 Td (Total available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.50 379.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 379.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 379.17 Td (17,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 379.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 379.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 379.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 379.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 379.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 379.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 379.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 379.17 Td (17,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 365.17 Td (Derivatives - assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 351.17 Td (Foreign exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.50 351.17 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 351.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 351.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 351.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 351.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 351.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 351.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 351.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 351.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 351.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 351.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 337.17 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 337.17 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 337.17 Td (290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 337.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 337.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 337.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 337.17 Td (290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 323.17 Td (Total derivatives - assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 323.17 Td (. . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 323.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 323.17 Td (290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 323.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 323.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 323.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 323.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 323.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 323.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 323.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 323.17 Td (300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 309.17 Td (Derivatives - liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 295.17 Td (Foreign exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.50 295.17 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 295.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 295.17 Td (219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 295.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 295.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 295.17 Td (219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 281.17 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 281.17 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 281.17 Td (425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 281.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 281.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 281.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 281.17 Td (425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 267.17 Td (Total derivatives - liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 267.17 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 267.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 267.17 Td (425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 267.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 267.17 Td (219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 267.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 267.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 267.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 267.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 267.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 267.17 Td (644) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 240.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 240.30 Td (Comprised of investments in actively traded U.S. ) Tj ET Q q 0 0 0 rg BT 251.56 240.30 Td (T) Tj ET Q q 0 0 0 rg BT 256.74 240.30 Td (reasury money market funds measured at NA) Tj ET Q q 0 0 0 rg BT 419.02 240.30 Td (V) Tj ET Q q 0 0 0 rg BT 424.36 240.30 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 229.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 229.50 Td (Comprised of certain investments measured at fair value using NA) Tj ET Q q 0 0 0 rg BT 311.02 229.50 Td (V) Tj ET Q q 0 0 0 rg BT 317.36 229.50 Td ( \(or its equivalent\) as a practical expedient. ) Tj ET Q q 0 0 0 rg BT 474.38 229.50 Td (These investments ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 218.70 Td (have not been classified in the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 252.83 218.70 Td (. ) Tj ET Q q 0 0 0 rg BT 257.17 218.70 Td (The fair value amounts presented in this table are intended to permit reconciliation ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 207.90 Td (of the fair value hierarchy to the amounts presented in the condensed consolidated statement of financial position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 186.90 Td (T) Tj ET Q q 0 0 0 rg BT 83.76 186.90 Td (rading investments classified as level 2 in the above table were comprised of investments in corporate debt securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.90 Td (which are valued based on prices provided by a third-party pricing service or third-party broker) Tj ET Q q 0 0 0 rg BT 435.33 174.90 Td (-dealers, and United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 162.90 Td (T) Tj ET Q q 0 0 0 rg BT 59.76 162.90 Td (reasury Bills carried at amortized cost, which approximates fair value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 141.90 Td (T) Tj ET Q q 0 0 0 rg BT 83.76 141.90 Td (rading investments classified as level 3 in the above table were comprised of limited partnership interests which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 129.90 Td (represent the Company's co-investments through GRP-CIP) Tj ET Q q 0 0 0 rg BT 289.57 129.90 Td ( in limited partnership vehicles that invest in private equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 117.90 Td (vehicles that invest directly in real estate which are generally valued using a discounted cash flow model. ) Tj ET Q q 0 0 0 rg BT 477.19 117.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.64 117.90 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 105.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 105.90 Td (, the Company did not have the ability to redeem these interests. ) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 677.10 Td (T) Tj ET Q q 0 0 0 rg BT 83.76 677.10 Td (rading investments classified as investments measured at NA) Tj ET Q q 0 0 0 rg BT 327.13 677.10 Td (V) Tj ET Q q 0 0 0 rg BT 334.17 677.10 Td ( in the above table were comprised of limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (partnership interests which represent the Company's co-investments through GRP-CIP) Tj ET Q q 0 0 0 rg BT 399.82 665.10 Td ( in limited partnership vehicles that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (invest in non-registered real estate funds, which are valued based on the NA) Tj ET Q q 0 0 0 rg BT 357.33 653.10 Td (Vs of the underlying funds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 632.10 Td (Equity method investments classified as investments measured at NA) Tj ET Q q 0 0 0 rg BT 354.99 632.10 Td (V) Tj ET Q q 0 0 0 rg BT 362.03 632.10 Td ( in the above table were comprised of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (Company's partnership interests in ) Tj ET Q q 0 0 0 rg BT 194.12 620.10 Td (ACOM and GRP-TE, which approximate their fair value based on the funds' NA) Tj ET Q q 0 0 0 rg BT 516.50 620.10 Td (Vs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (ACOM invests in exchange-traded commodity futures contracts and other commodity related derivatives. ) Tj ET Q q 0 0 0 rg BT 478.98 608.10 Td (The Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td (the ability to redeem its investment in ) Tj ET Q q 0 0 0 rg BT 207.03 596.10 Td (ACOM monthly at NA) Tj ET Q q 0 0 0 rg BT 298.24 596.10 Td (V) Tj ET Q q 0 0 0 rg BT 305.28 596.10 Td ( with prior written notice of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.58 596.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.58 596.10 Td ( days and there are no significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (restrictions to redemption. GRP-TE invests in non-registered real estate funds and in private equity vehicles that invest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 572.10 Td (directly in real estate. ) Tj ET Q q 0 0 0 rg BT 142.02 572.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.46 572.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.04 572.10 Td (, the Company did not have the ability to redeem its investment in GRP-TE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 551.10 Td (The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.98 539.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.56 539.10 Td ( and 2015 \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 502.6 m 557.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 502.6 m 557.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 478.6 m 557.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 394.6 m 557.5 394.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 380.6 m 557.5 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 310.6 m 557.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 297.6 m 557.5 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 295.6 m 557.5 295.6 l s BT /F4 7.00 Tf ET q 0 0 0 rg BT 515.00 513.66 Td (T) Tj ET Q q 0 0 0 rg BT 519.15 513.66 Td (rading) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 508.90 506.66 Td (Investments) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 515.10 495.36 Td (Limited) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 509.10 488.36 Td (Partnership) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 514.00 481.36 Td (Interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 469.17 Td (Balance at January 1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.50 469.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 469.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 469.17 Td (1,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 455.17 Td (Purchases / contributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 455.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 455.17 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 441.17 Td (Sales / distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.50 441.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 441.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 427.17 Td (Realized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.50 427.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 427.22 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 427.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 413.17 Td (Unrealized \(losses\) gains ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 172.52 417.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 413.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 413.22 Td (\(211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 413.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 399.17 Td (Transfers into \(out of\) level 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 399.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 399.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 385.17 Td (Balance at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 385.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 385.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 385.17 Td (1,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 371.17 Td (Purchases / contributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 371.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 371.17 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 357.17 Td (Sales / distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.50 357.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 357.22 Td (\(53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 357.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 343.17 Td (Realized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.50 343.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 343.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 329.17 Td (Unrealized \(losses\) gains ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 172.52 333.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 329.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 329.22 Td (\(114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 329.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 315.17 Td (Transfers into \(out of\) level 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 315.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 315.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 301.17 Td (Balance at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 301.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 301.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 301.17 Td (1,196) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 559.00 297.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 285.10 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 274.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 274.30 Td (Pertains to unrealized gains \(losses\) from securities held at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.19 274.30 Td (December31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.91 274.30 Td ( and 2015, respectively) Tj ET Q q 0 0 0 rg BT 434.80 274.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 253.30 Td (Realized and unrealized gains \(losses\) from investments classified as trading investments in the above tables were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 241.30 Td (recorded as gain \(loss\) from trading investments in the Company's consolidated statements of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 215.30 Td (V) Tj ET Q q 0 0 0 rg BT 72.50 215.30 Td (aluation T) Tj ET Q q 0 0 0 rg BT 112.98 215.30 Td (echniques) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 198.30 Td (In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.30 Td (market participants provided by reputable brokers/dealers or independent pricing services. In determining the value of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.30 Td (particular investment, independent pricing services may use information with respect to transactions in such investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 162.30 Td (broker quotes, pricing matrices, market transactions in comparable investments and various relationships between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 150.30 Td (investments. ) Tj ET Q q 0 0 0 rg BT 106.22 150.30 Td (As part of its independent price verification process, the Company generally performs reviews of valuations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 138.30 Td (provided by broker) Tj ET Q q 0 0 0 rg BT 130.45 138.30 Td (-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 126.30 Td (closing price or NA) Tj ET Q q 0 0 0 rg BT 131.86 126.30 Td (V) Tj ET Q q 0 0 0 rg BT 138.90 126.30 Td ( \(or its equivalent\) as a practical expedient.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 105.30 Td (Foreign exchange contracts are valued by interpolating a value using the spot foreign exchange rate and forward points ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 93.30 Td (\(based on the spot rate and currency rate dif) Tj ET Q q 0 0 0 rg BT 229.30 93.30 Td (ferentials\), which are all inputs that are observable in active markets \(level 2\).) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td (In the absence of observable market prices, the Company values its investments using valuation methodologies applied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (based on the best information available in the circumstances, and may incorporate management's own assumptions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (investments are valued on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (other relevant conditions, and valuation models are updated accordingly) Tj ET Q q 0 0 0 rg BT 341.87 617.10 Td (. ) Tj ET Q q 0 0 0 rg BT 346.69 617.10 Td (The valuation process also includes a review by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (Company's valuation committee which is comprised of senior members from various departments within the Company) Tj ET Q q 0 0 0 rg BT 528.95 605.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (including investment management. ) Tj ET Q q 0 0 0 rg BT 196.56 593.10 Td (The valuation committee provides independent oversight of the valuation policies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (procedures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 560.10 Td (The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 548.10 Td (3 investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.43 548.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.02 548.10 Td ( were:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 502.6 m 266.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 502.6 m 355.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 502.6 m 469.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 502.6 m 557.5 502.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 220.15 519.83 Td (Fair Value) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 294.65 519.83 Td (Fair Value) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 395.55 519.83 Td (Significant) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 503.30 519.83 Td (Input /) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 213.65 506.83 Td (\(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 290.05 506.83 Td (Methodology) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 378.30 506.83 Td (Unobservable Inputs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 504.10 506.83 Td (Range) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 482.27 Td (Limited partnership interests - direct) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 472.27 Td (investments in real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.50 472.17 Td (. . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.15 472.27 Td (1,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.55 482.27 Td (Discounted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.35 472.27 Td (flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.25 492.27 Td (Discount rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.75 482.27 Td (Exit capitalization rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.20 472.27 Td (Market rental rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.90 492.27 Td (1) Tj ET Q q 0 0 0 rg BT 493.53 492.27 Td (1% - 12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.75 482.27 Td (8% - 8.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.45 472.27 Td ($14.00 - 17.00 psf) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 447.10 Td (The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 435.10 Td (3 investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.43 435.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.02 435.10 Td ( were:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 389.6 m 265.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 389.6 m 354.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 389.6 m 468.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 389.6 m 557.5 389.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 219.15 406.83 Td (Fair Value) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 293.65 406.83 Td (Fair Value) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 394.55 406.83 Td (Significant) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 502.80 406.83 Td (Input /) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 212.65 393.83 Td (\(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 289.05 393.83 Td (Methodology) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 377.30 393.83 Td (Unobservable Inputs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 503.60 393.83 Td (Range) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 369.27 Td (Limited partnership interests - direct) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 359.27 Td (investments in real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 359.17 Td (. . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.00 359.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.15 359.27 Td (1,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.55 369.27 Td (Discounted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.35 359.27 Td (flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.25 379.27 Td (Discount rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.75 369.27 Td (Exit capitalization rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.20 359.27 Td (Market rental rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.25 379.27 Td (10% - 12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.25 369.27 Td (8% - 8.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.95 359.27 Td ($15.00 - 17.00 psf) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 334.10 Td (Changes in the significant unobservable inputs in the tables above may result in a materially higher or lower fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td (measurement.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 295.10 Td (6. Derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 278.10 Td (The following is a summary of the notional and fair value of the derivative financial instruments. ) Tj ET Q q 0 0 0 rg BT 468.54 278.10 Td (The notional amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 266.10 Td (represents the absolute value amount of all outstanding derivative contracts as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.45 266.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.04 266.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.48 266.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.06 266.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 254.10 Td (\(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 222.60000000000002 m 366.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 222.60000000000002 m 370.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 222.60000000000002 m 430.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 222.60000000000002 m 434.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 222.60000000000002 m 494.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 222.60000000000002 m 498.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 222.60000000000002 m 558.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 210.60000000000002 m 366.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 210.60000000000002 m 370.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 210.60000000000002 m 430.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 210.60000000000002 m 494.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 210.60000000000002 m 498.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 210.60000000000002 m 558.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 198.60000000000002 m 366.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 198.60000000000002 m 430.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 198.60000000000002 m 494.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 198.60000000000002 m 558.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 198.60000000000002 m 366.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 198.60000000000002 m 430.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 198.60000000000002 m 494.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 198.60000000000002 m 558.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 170.60000000000002 m 366.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 170.60000000000002 m 430.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 170.60000000000002 m 494.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 170.60000000000002 m 558.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 170.60000000000002 m 366.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 157.60000000000002 m 366.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 155.60000000000002 m 366.5 155.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 170.60000000000002 m 430.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 157.60000000000002 m 430.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 155.60000000000002 m 430.5 155.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 170.60000000000002 m 494.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 157.60000000000002 m 494.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 155.60000000000002 m 494.5 155.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 170.60000000000002 m 558.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 157.60000000000002 m 558.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 155.60000000000002 m 558.5 155.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.75 226.68 Td (December 31, 2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 357.30 214.68 Td (Assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.85 214.68 Td (Liabilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 321.30 202.68 Td (Notional) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 382.15 202.68 Td (Fair Value) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.30 202.68 Td (Notional) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 510.15 202.68 Td (Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 189.17 Td (Total foreign exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 189.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 189.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 189.17 Td (13,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 189.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 189.17 Td (1,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 189.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 189.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 189.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 189.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 175.17 Td (Total commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 175.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 175.17 Td (6,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 175.17 Td (343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 175.17 Td (4,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 175.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 161.17 Td (Total derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 161.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 161.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 161.17 Td (20,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 161.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 161.17 Td (1,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 161.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 161.17 Td (4,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 161.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 161.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-26) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 671.5 m 366.5 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 671.5 m 370.5 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 671.5 m 430.5 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 671.5 m 434.5 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 671.5 m 494.5 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 671.5 m 498.5 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 671.5 m 558.5 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 659.5 m 366.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 659.5 m 370.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 659.5 m 430.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 659.5 m 494.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 659.5 m 498.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 659.5 m 558.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 647.5 m 366.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 647.5 m 430.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 647.5 m 494.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 647.5 m 558.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 619.5 m 366.5 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 606.5 m 366.5 606.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 604.5 m 366.5 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 619.5 m 430.5 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 606.5 m 430.5 606.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 604.5 m 430.5 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 619.5 m 494.5 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 606.5 m 494.5 606.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 604.5 m 494.5 604.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 619.5 m 558.5 619.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 606.5 m 558.5 606.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 604.5 m 558.5 604.5 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.75 675.58 Td (December 31, 2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 357.30 663.58 Td (Assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.85 663.58 Td (Liabilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 321.30 651.58 Td (Notional) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 382.15 651.58 Td (Fair Value) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.30 651.58 Td (Notional) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 510.15 651.58 Td (Fair Value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 638.07 Td (Total foreign exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 638.07 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 638.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 638.07 Td (2,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 638.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 638.07 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 638.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 638.07 Td (14,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 638.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 638.07 Td (219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 624.07 Td (Total commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 624.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 624.07 Td (3,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 624.07 Td (290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 624.07 Td (7,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 624.07 Td (425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 610.07 Td (Total derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 610.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 610.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 610.07 Td (6,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 610.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 610.07 Td (300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 610.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 610.07 Td (22,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 610.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 610.07 Td (644) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 585.00 Td (Cash included in due from broker in the consolidated statement of financial condition of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.72 585.00 Td ($192,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.22 585.00 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.00 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 573.00 Td ( was held as collateral for futures contracts. Securities included in trading investments in the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 561.00 Td (statement of financial condition of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.49 561.00 Td ($487,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.99 561.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.43 561.00 Td ($566,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.93 561.00 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.09 561.00 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.68 561.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.11 561.00 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.70 561.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 549.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.66 549.00 Td (, were held as collateral for futures contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 528.00 Td (Gains and losses from derivative financial instruments for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.10 528.00 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.10 528.00 Td ( are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 516.00 Td (summarized below \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 484.5 m 430.5 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 472.5 m 430.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 484.5 m 434.5 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 484.5 m 494.5 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 472.5 m 494.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 484.5 m 498.5 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 484.5 m 558.5 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 472.5 m 558.5 472.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 444.5 m 430.5 444.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 431.5 m 430.5 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 429.5 m 430.5 429.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 444.5 m 494.5 444.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 431.5 m 494.5 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 429.5 m 494.5 429.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 444.5 m 558.5 444.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 431.5 m 558.5 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 429.5 m 558.5 429.5 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 419.70 488.58 Td (Year Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 392.00 476.58 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.00 476.58 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 520.00 476.58 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 463.07 Td (Foreign exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.50 463.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 463.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 463.07 Td (1,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 463.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 463.12 Td (\(702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 463.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 463.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 463.07 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 449.07 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 449.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 449.07 Td (835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 449.12 Td (\(2,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 449.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 449.12 Td (\(3,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 449.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 435.07 Td (Total derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 435.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 435.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 435.07 Td (2,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 435.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 435.12 Td (\(2,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 435.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 435.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 435.12 Td (\(3,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 435.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 404.00 Td (7. Pr) Tj ET Q q 0 0 0 rg BT 74.37 404.00 Td (operty and Equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 387.00 Td (The following is a summary of property and equipment as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.28 387.00 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.86 387.00 Td ( and 2015 \(in thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 365.5 m 493.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 365.5 m 497.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 365.5 m 557.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 365.5 m 493.5 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 354.5 m 493.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 354.5 m 557.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 354.5 m 493.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 354.5 m 557.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 298.5 m 493.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 298.5 m 557.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 271.5 m 493.5 271.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 271.5 m 557.5 271.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 259.5 m 493.5 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 257.5 m 493.5 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 259.5 m 557.5 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 257.5 m 557.5 257.5 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.75 368.58 Td (December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 357.58 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 357.58 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 345.07 Td (Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 345.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 345.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 345.07 Td (6,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 345.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 345.07 Td (6,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 331.07 Td (Furniture and fixtures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.50 331.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 331.07 Td (3,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 331.07 Td (2,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 317.07 Td (Software) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 317.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 317.07 Td (18,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 317.07 Td (16,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 303.07 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 303.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 303.07 Td (16,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 303.07 Td (10,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 289.07 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.50 289.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 289.07 Td (44,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 289.07 Td (35,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 276.07 Td (Less: Accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 276.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 276.12 Td (\(29,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 276.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 276.12 Td (\(25,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 276.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 262.07 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.50 262.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 262.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 262.07 Td (15,964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 262.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 262.07 Td (9,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 259.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 238.00 Td (Depreciation and amortization expense related to property and equipment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.38 238.00 Td ($4,155,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.38 238.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.38 238.00 Td ($3,827,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.38 238.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.82 238.00 Td ($4,535,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.82 238.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 226.00 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.88 226.00 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.88 226.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 328.54 226.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 205.00 Td (Depreciation and amortization expense related to property and equipment is recorded using the straight-line method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.00 Td (over the estimated useful lives of the related assets which range from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.79 193.00 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.79 193.00 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.12 193.00 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.12 193.00 Td ( years. Leasehold improvement is amortized using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.00 Td (the straight-line method over the lease term.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 154.00 Td (8. Earnings Per) Tj ET Q q 0 0 0 rg BT 120.21 154.00 Td ( Shar) Tj ET Q q 0 0 0 rg BT 143.09 154.00 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 137.00 Td (Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 125.00 Td (average shares outstanding. Diluted earnings per share is calculated by dividing net income attributable to common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 113.00 Td (stockholders by the total weighted average shares of common stock outstanding and common stock equivalents. Common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 101.00 Td (stock equivalents are comprised of dilutive potential shares from restricted stock unit awards. Common stock equivalents are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 89.00 Td (excluded from the computation if their ef) Tj ET Q q 0 0 0 rg BT 218.76 89.00 Td (fect is anti-dilutive. Diluted earnings per share is computed using the treasury stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.00 Td (method.) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 677.10 Td (Anti-dilutive common stock equivalents of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.39 677.10 Td (14,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.89 677.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.33 677.10 Td (43,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.83 677.10 Td ( shares were excluded from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (computation for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.34 665.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.93 665.10 Td ( and December31, 2015, respectively) Tj ET Q q 0 0 0 rg BT 414.61 665.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.61 665.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.83 665.10 Td ( anti-dilutive common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (equivalents were excluded from the computation for the year ended December31, 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 632.10 Td (The following is a reconciliation of the income and share data used in the basic and diluted earnings per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (computations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.26 620.10 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.26 620.10 Td ( \(in thousands, except per share data\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 597.6 m 430.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 597.6 m 434.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 597.6 m 494.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 597.6 m 498.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 597.6 m 558.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 597.6 m 430.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 585.6 m 430.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 597.6 m 494.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 585.6 m 494.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 597.6 m 558.5 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 585.6 m 558.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 585.6 m 430.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 585.6 m 494.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 585.6 m 558.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 554.6 m 430.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 554.6 m 494.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 554.6 m 558.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 540.6 m 430.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 538.6 m 430.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 540.6 m 494.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 538.6 m 494.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 540.6 m 558.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 538.6 m 558.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 538.6 m 430.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 540.6 m 430.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 538.6 m 494.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 540.6 m 494.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 538.6 m 558.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 540.6 m 558.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 509.6 m 430.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 509.6 m 494.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 509.6 m 558.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 495.6 m 430.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 493.6 m 430.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 495.6 m 494.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 493.6 m 494.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 495.6 m 558.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 493.6 m 558.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 493.6 m 430.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 495.6 m 430.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 480.6 m 430.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 478.6 m 430.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 493.6 m 494.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 495.6 m 494.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 480.6 m 494.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 478.6 m 494.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 493.6 m 558.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 495.6 m 558.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 480.6 m 558.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 478.6 m 558.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 465.6 m 430.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 463.6 m 430.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 465.6 m 494.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 463.6 m 494.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 465.6 m 558.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 463.6 m 558.5 463.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 601.55 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.05 601.68 Td (Years Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 589.55 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 392.00 589.68 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.00 589.68 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 520.00 589.68 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 576.17 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.50 576.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 574.27 Td (92,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 574.27 Td (64,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 574.27 Td (75,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 560.17 Td (Less: Net loss \(income\) attributable to redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.50 560.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 559.27 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 559.27 Td (214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 559.32 Td (\(224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 559.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 545.17 Td (Net income attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 545.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 544.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 544.27 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 544.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 544.27 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 544.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 544.27 Td (75,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 530.17 Td (Basic weighted average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.50 530.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 529.27 Td (45,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 529.27 Td (45,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 529.27 Td (44,788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 515.17 Td (Dilutive potential shares from restricted stock units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.50 515.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 514.27 Td (481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 514.27 Td (464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 514.27 Td (855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 500.17 Td (Diluted weighted average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.50 500.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 499.27 Td (46,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 499.27 Td (45,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 499.27 Td (45,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 485.17 Td (Basic earnings per share attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 485.17 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 484.27 Td (2.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 484.27 Td (1.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 484.27 Td (1.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 470.17 Td (Diluted earnings per share attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.50 470.17 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 469.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 469.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 469.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 469.27 Td (1.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 469.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 469.27 Td (1.65) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 438.10 Td (9. Stock-Based Compensation) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 417.10 Td (Amended and Restated Stock Incentive Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 400.10 Td (The ) Tj ET Q q 0 0 0 rg BT 94.00 400.10 Td (Amended and Restated Cohen& Steers, Inc. Stock Incentive Plan \(the SIP\) provides for the issuance of Restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 388.10 Td (Stock Units \(RSUs\), stock options and other stock-based awards for a period of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.28 388.10 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.49 388.10 Td ( years to eligible employees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 376.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 93.43 376.10 Td (A) Tj ET Q q 0 0 0 rg BT 100.10 376.10 Td ( total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.71 376.10 Td (16.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.60 376.10 Td ( shares of common stock may be granted under the SIP) Tj ET Q q 0 0 0 rg BT 401.99 376.10 Td (. ) Tj ET Q q 0 0 0 rg BT 406.44 376.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.94 376.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.53 376.10 Td (, RSUs with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 364.10 Td (respect to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.35 364.10 Td (14.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.24 364.10 Td ( shares of common stock were issued. ) Tj ET Q q 0 0 0 rg BT 357.92 364.10 Td (T) Tj ET Q q 0 0 0 rg BT 363.33 364.10 Td (otal compensation cost related to unvested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 352.10 Td (RSUs not yet recognized was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.51 352.10 Td ($32,559,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.51 352.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.73 352.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.31 352.10 Td ( and is expected to be recognized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 340.10 Td (approximately the next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.69 340.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.68 340.10 Td ( years. In January 2017, the Company granted approximately 0.8 million restricted stock units ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 328.10 Td (under the SIP) Tj ET Q q 0 0 0 rg BT 108.07 328.10 Td ( which vest over a four year period. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 307.10 Td (Restricted Stock Units ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 289.10 Td (V) Tj ET Q q 0 0 0 rg BT 72.50 289.10 Td (ested Restricted Stock Unit Grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 272.10 Td (The Company has granted awards of vested RSUs to the non-management directors of the Company pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 260.10 Td (SIP) Tj ET Q q 0 0 0 rg BT 67.34 260.10 Td (. ) Tj ET Q q 0 0 0 rg BT 72.16 260.10 Td (The directors are entitled to receive delivery of the underlying common stock on the third anniversary of the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 248.10 Td (grant. Dividends declared during the delayed delivery period are paid to the directors in cash. From time to time, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.10 Td (Company grants awards of vested RSUs to certain employees pursuant to the SIP) Tj ET Q q 0 0 0 rg BT 378.39 236.10 Td (. ) Tj ET Q q 0 0 0 rg BT 383.21 236.10 Td (These grants are generally delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 224.10 Td (ratably over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.53 224.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.19 224.10 Td ( years. ) Tj ET Q q 0 0 0 rg BT 149.24 224.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.74 224.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.32 224.10 Td (, vested RSUs with respect to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.85 224.10 Td (34,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.35 224.10 Td ( shares of common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 212.10 Td (were outstanding pursuant to these grants. In connection with the grant of these vested RSUs, the Company recorded non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 200.10 Td (cash stock-based compensation expense of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.81 200.10 Td ($486,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.31 200.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.31 200.10 Td ($425,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.81 200.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.25 200.10 Td ($352,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.75 200.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.13 200.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 188.10 Td (December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 188.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 249.68 188.10 Td (. ) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td (The following table sets forth activity relating to the Company's awards of RSUs under the SIP) Tj ET Q q 0 0 0 rg BT 456.48 677.10 Td ( to the non-management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (directors and certain employees \(share data in thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 636.6 m 461.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 636.6 m 557.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 636.6 m 461.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 636.6 m 557.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 594.6 m 461.5 594.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 580.6 m 461.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 552.6 m 461.5 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 538.6 m 461.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 510.6 m 461.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 510.6 m 461.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 497.6 m 461.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 495.6 m 461.5 495.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 395.00 640.83 Td (NumberofShares) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 483.15 646.68 Td (W) Tj ET Q q 0 0 0 rg BT 490.71 646.68 Td (eighted) Tj ET Q q 0 0 0 rg BT 517.15 646.68 Td (A) Tj ET Q q 0 0 0 rg BT 522.34 646.68 Td (verage) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.45 638.73 Td (GrantDateFair) Tj ET Q q 0 0 0 rg BT 523.84 638.73 Td ( ) Tj ET Q q 0 0 0 rg BT 525.70 638.73 Td (V) Tj ET Q q 0 0 0 rg BT 530.74 638.73 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 627.17 Td (Balance at January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 627.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 627.17 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 627.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 627.17 Td (31.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 613.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 613.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 613.17 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 613.17 Td (39.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 599.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 599.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 599.22 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 599.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 599.17 Td (29.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 585.17 Td (Balance at December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 585.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 585.17 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 585.17 Td (34.93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 571.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 571.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 571.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 571.17 Td (35.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 557.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 557.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 557.22 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 557.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 557.17 Td (31.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 543.17 Td (Balance at December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 543.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 543.17 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 543.17 Td (36.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 529.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 529.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 529.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 529.17 Td (37.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 515.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 515.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 515.22 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 515.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 515.17 Td (34.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 501.17 Td (Balance at December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 501.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 501.17 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 501.17 Td (37.15) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 479.10 Td (Unvested Restricted Stock Unit Grants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 462.10 Td (The Company grants awards of unvested RSUs to certain employees pursuant to the SIP) Tj ET Q q 0 0 0 rg BT 428.94 462.10 Td (. ) Tj ET Q q 0 0 0 rg BT 433.76 462.10 Td (The fair value at the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 450.10 Td (grant is expensed on a straight-line basis over the applicable service periods. Prior to 2015, except in circumstances where a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 438.10 Td (dividend was determined to be an extraordinary dividend in the sole discretion of the Company's Compensation Committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 426.10 Td (\(in which case dividend equivalents are accrued on such RSUs in the form of additional unvested RSUs\), dividends were not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 414.10 Td (paid to the holders of such unvested RSUs. Commencing with 2015, dividend equivalents are accrued on unvested RSUs for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 402.10 Td (all dividends declared by the Company) Tj ET Q q 0 0 0 rg BT 209.70 402.10 Td (. ) Tj ET Q q 0 0 0 rg BT 214.15 402.10 Td (All dividend equivalents are forfeitable until they are delivered. ) Tj ET Q q 0 0 0 rg BT 470.72 402.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.22 402.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 390.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 390.10 Td (, RSUs with respect to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.48 390.10 Td (307,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.98 390.10 Td ( shares of common stock were outstanding pursuant to these grants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 378.10 Td (Amortization expense related to the unearned stock-based compensation, net of forfeitures, was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.12 378.10 Td ($4,685,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.12 378.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 366.10 Td ($5,233,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 366.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.44 366.10 Td ($8,590,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.44 366.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.82 366.10 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.81 366.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 440.47 366.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 345.10 Td (The following table sets forth activity relating to the Company's awards of RSUs under the SIP) Tj ET Q q 0 0 0 rg BT 456.48 345.10 Td ( to certain employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 333.10 Td (\(share data in thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 304.6 m 461.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 304.6 m 557.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 304.6 m 461.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 304.6 m 557.5 304.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 248.60000000000002 m 461.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 234.60000000000002 m 461.5 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 192.60000000000002 m 461.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 178.60000000000002 m 461.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 136.60000000000002 m 461.5 136.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 136.60000000000002 m 461.5 136.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 123.60000000000002 m 461.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 121.60000000000002 m 461.5 121.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 395.00 308.83 Td (NumberofShares) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 483.15 314.68 Td (W) Tj ET Q q 0 0 0 rg BT 490.71 314.68 Td (eighted) Tj ET Q q 0 0 0 rg BT 517.15 314.68 Td (A) Tj ET Q q 0 0 0 rg BT 522.34 314.68 Td (verage) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.45 306.73 Td (GrantDateFair) Tj ET Q q 0 0 0 rg BT 523.84 306.73 Td ( ) Tj ET Q q 0 0 0 rg BT 525.70 306.73 Td (V) Tj ET Q q 0 0 0 rg BT 530.74 306.73 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 295.17 Td (Balance at January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 295.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 295.17 Td (950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 295.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 295.17 Td (26.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 281.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 281.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 281.17 Td (110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 281.17 Td (37.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 267.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 267.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 267.22 Td (\(361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 267.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 267.17 Td (24.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 253.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 253.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 253.22 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 253.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 253.17 Td (25.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 239.17 Td (Balance at December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 239.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 239.17 Td (690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 239.17 Td (26.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 225.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 225.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 225.17 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 225.17 Td (41.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 211.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 211.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 211.22 Td (\(461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 211.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 211.17 Td (26.95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 197.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 197.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 197.22 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 197.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 197.17 Td (40.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 183.17 Td (Balance at December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 183.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 183.17 Td (296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 183.17 Td (36.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 169.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 169.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 169.17 Td (159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 169.17 Td (30.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 155.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 155.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 155.22 Td (\(147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 155.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 155.17 Td (35.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 141.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 141.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 141.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 141.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 141.17 Td (42.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 127.17 Td (Balance at December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 127.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 127.17 Td (307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 127.17 Td (33.62) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 96.10 Td (Incentive Bonus Plans for Employees of the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 79.10 Td (The Company has implemented a program for employees which, based upon compensation levels,automatically pays a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 67.10 Td (portion of their year) Tj ET Q q 0 0 0 rg BT 134.05 67.10 Td (-end bonuses in the form of unvested RSUs \(Mandatory Program\). Dividend equivalents are accrued on ) Tj ET Q endstream endobj 137 0 obj <> endobj 138 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (the deferred compensation awards in the form of additional unvested RSUs. ) Tj ET Q q 0 0 0 rg BT 359.85 677.10 Td (The RSUs under the Mandatory Program will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (vest and be delivered ratably over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.72 665.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.38 665.10 Td ( years and the dividend equivalents will vest and be delivered on the fourth anniversary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (of the original grant date. ) Tj ET Q q 0 0 0 rg BT 157.67 653.10 Td (The fair value at the date of grant of the RSUs under the Mandatory Program is expensed on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (straight-line basis over the vesting period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 620.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 620.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 620.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.79 620.10 Td (1,399,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.79 620.10 Td ( RSUs under the Mandatory Program including dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (equivalents were outstanding. ) Tj ET Q q 0 0 0 rg BT 175.08 608.10 Td (Amortization expense, net of forfeitures, related to the unearned stock-based compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td (under the Mandatory Program, was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.11 596.10 Td ($16,847,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.11 596.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.11 596.10 Td ($17,315,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.11 596.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.55 596.10 Td ($16,178,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 596.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.93 596.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 584.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 249.68 584.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 563.10 Td (The following table sets forth activity relating to the Company's incentive bonus plans, including the Company match ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (and dividend equivalents \(share data in thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 522.6 m 461.5 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 522.6 m 557.5 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 522.6 m 461.5 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 522.6 m 557.5 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 466.6 m 461.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 452.6 m 461.5 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 410.6 m 461.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 396.6 m 461.5 396.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 354.6 m 461.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 354.6 m 461.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 341.6 m 461.5 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 339.6 m 461.5 339.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 395.00 526.83 Td (NumberofShares) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 483.15 532.68 Td (W) Tj ET Q q 0 0 0 rg BT 490.71 532.68 Td (eighted) Tj ET Q q 0 0 0 rg BT 517.15 532.68 Td (A) Tj ET Q q 0 0 0 rg BT 522.34 532.68 Td (verage) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.45 524.73 Td (GrantDateFair) Tj ET Q q 0 0 0 rg BT 523.84 524.73 Td ( ) Tj ET Q q 0 0 0 rg BT 525.70 524.73 Td (V) Tj ET Q q 0 0 0 rg BT 530.74 524.73 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 513.17 Td (Balance at January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 513.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 513.17 Td (1,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 513.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 513.17 Td (32.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 499.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 499.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 499.17 Td (522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 499.17 Td (36.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 485.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 485.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 485.22 Td (\(472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 485.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 485.17 Td (30.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 471.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 471.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 471.22 Td (\(27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 471.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 471.17 Td (34.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 457.17 Td (Balance at December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 457.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 457.17 Td (1,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 457.17 Td (34.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 443.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 443.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 443.17 Td (496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 443.17 Td (41.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 429.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 429.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 429.22 Td (\(607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 429.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 429.17 Td (32.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 415.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 415.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 415.22 Td (\(61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 415.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 415.17 Td (38.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 401.17 Td (Balance at December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 401.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 401.17 Td (1,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 401.17 Td (37.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 387.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 387.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 387.17 Td (722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 387.17 Td (30.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 373.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 373.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 373.22 Td (\(548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 373.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 373.17 Td (35.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 359.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 359.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 359.22 Td (\(57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 359.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 359.17 Td (35.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 345.17 Td (Balance at December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 345.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 345.17 Td (1,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 345.17 Td (34.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 341.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 320.10 Td (Employee Stock Pur) Tj ET Q q 0 0 0 rg BT 141.04 320.10 Td (chase Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 303.10 Td (Pursuant to the ) Tj ET Q q 0 0 0 rg BT 138.44 303.10 Td (Amended and Restated Employee Stock Purchase Plan \(ESPP\), the Company allows eligible employees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 291.10 Td (as defined in the ESPP) Tj ET Q q 0 0 0 rg BT 144.00 291.10 Td (, to purchase common stock at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.07 291.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.40 291.10 Td ( discount from market value with a maximum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.74 291.10 Td ($25,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.24 291.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.10 Td (annual aggregate purchases by any one individual. ) Tj ET Q q 0 0 0 rg BT 258.19 279.10 Td (The number of shares of common stock authorized for purchase by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.10 Td (eligible employees is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.92 267.10 Td (600,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.42 267.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.53 267.10 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.53 267.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.79 267.10 Td (19,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.29 267.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.29 267.10 Td (19,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.79 267.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.10 Td (14,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 255.10 Td ( shares, respectively) Tj ET Q q 0 0 0 rg BT 161.65 255.10 Td (, had been purchased by eligible employees through the ESPP) Tj ET Q q 0 0 0 rg BT 408.27 255.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.38 255.10 Td (years ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.10 Td (2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.44 243.10 Td (, the Company recorded a non-cash stock-based compensation expense of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.10 243.10 Td ($1) Tj ET Q q 0 0 0 rg BT 505.73 243.10 Td (14,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.23 243.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.73 243.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.10 Td ($95,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 231.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.94 231.10 Td ($87,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.44 231.10 Td (,respectively) Tj ET Q q 0 0 0 rg BT 191.10 231.10 Td (, which represents the discount on the shares issued pursuant to this plan. ) Tj ET Q q 0 0 0 rg BT 485.59 231.10 Td (The ESPP) Tj ET Q q 0 0 0 rg BT 526.06 231.10 Td ( will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.10 Td (terminate upon the earliest to occur of the following: \(1\)termination of the ESPP) Tj ET Q q 0 0 0 rg BT 378.27 219.10 Td ( by the board of directors, or \(2\)issuance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 207.10 Td (all of the shares reserved for issuance under the ESPP) Tj ET Q q 0 0 0 rg BT 268.11 207.10 Td (.) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-30) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (10. 401\(k\) and Pr) Tj ET Q q 0 0 0 rg BT 127.71 677.25 Td (ofit-Sharing Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 660.25 Td (The Company sponsors a profit-sharing plan \(the Plan\) covering all employees who meet certain age and service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (requirements. Subject to limitations, the Plan permits participants to defer up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.49 648.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.82 648.25 Td ( of their eligible compensation pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 636.25 Td (to Section401\(k\) of the Internal Revenue Code. Employee contributions are matched by the Company at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.38 636.25 Td ($0.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.88 636.25 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 636.25 Td ($1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 636.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 624.25 Td (deferred. ) Tj ET Q q 0 0 0 rg BT 92.13 624.25 Td (The Plan also allows the Company to make discretionary contributions, which are integrated with the taxable wage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 612.25 Td (base under the Social Security ) Tj ET Q q 0 0 0 rg BT 177.02 612.25 Td (Act. No discretionary contributions were made for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.12 612.25 Td (years ended December31, 2016, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 600.25 Td (and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.94 600.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 579.25 Td (Forfeitures occur when participants terminate employment before becoming entitled to their full benefits under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 567.25 Td (Plan. Forfeited amounts are used to reduce the Company's contributions to the Plan or to pay Plan expenses. Forfeitures for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 555.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.72 555.25 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.71 555.25 Td ( totaled approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.19 555.25 Td ($126,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.69 555.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.69 555.25 Td ($1) Tj ET Q q 0 0 0 rg BT 406.31 555.25 Td (18,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.81 555.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.25 555.25 Td ($83,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.75 555.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 538.41 555.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 534.25 Td (Matching contributions, net of forfeitures, to the Plan totaled approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.54 534.25 Td ($1,464,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.54 534.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.54 534.25 Td ($1,51) Tj ET Q q 0 0 0 rg BT 454.66 534.25 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.16 534.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.60 534.25 Td ($1,074,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.60 534.25 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 522.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.72 522.25 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.71 522.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 314.38 522.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 495.25 Td (1) Tj ET Q q 0 0 0 rg BT 58.45 495.25 Td (1. Related Party ) Tj ET Q q 0 0 0 rg BT 129.91 495.25 Td (T) Tj ET Q q 0 0 0 rg BT 135.84 495.25 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 478.25 Td (The Company is an investment adviser to, and has administrative agreements with, af) Tj ET Q q 0 0 0 rg BT 419.95 478.25 Td (filiated funds for which certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.25 Td (employees are of) Tj ET Q q 0 0 0 rg BT 122.12 466.25 Td (ficers and/or directors. ) Tj ET Q q 0 0 0 rg BT 214.68 466.25 Td (The following table sets forth the amount of revenue the Company earned from these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.25 Td (af) Tj ET Q q 0 0 0 rg BT 61.59 454.25 Td (filiated funds for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.01 454.25 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 454.25 Td ( \(in thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 421.75 m 429.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 421.75 m 433.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 421.75 m 493.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 421.75 m 497.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 421.75 m 557.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 408.75 m 429.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 408.75 m 493.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 408.75 m 557.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 408.75 m 429.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 408.75 m 493.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 408.75 m 557.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 378.75 m 429.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 378.75 m 493.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 378.75 m 557.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 378.75 m 429.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 364.75 m 429.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 362.75 m 429.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 378.75 m 493.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 364.75 m 493.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 362.75 m 493.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 378.75 m 557.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 364.75 m 557.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 362.75 m 557.5 362.75 l s BT /F1 4.00 Tf ET q 0 0 0 rg BT 56.00 425.13 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 425.98 Td (Years Ended December 31,) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 56.00 412.13 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 412.98 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 412.98 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 412.98 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 398.42 Td (Investment advisory and administration fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 398.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 398.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 398.42 Td (227,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 398.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 398.42 Td (218,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 398.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 398.42 Td (210,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 383.42 Td (Distribution and service fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 383.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 383.42 Td (19,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 383.42 Td (16,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 383.42 Td (14,667) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 56.00 367.13 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 368.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 368.42 Td (246,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 368.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 368.42 Td (234,943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 368.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 368.42 Td (224,983) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 343.25 Td (Sales proceeds, gross realized gains, gross realized losses and dividend income from available-for) Tj ET Q q 0 0 0 rg BT 467.84 343.25 Td (-sale investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 331.25 Td (Company-sponsored funds for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.87 331.25 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.87 331.25 Td ( are summarized below \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 298.75 m 429.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 298.75 m 433.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 298.75 m 493.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 298.75 m 497.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 298.75 m 557.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 298.75 m 429.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 285.75 m 429.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 298.75 m 493.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 285.75 m 493.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 298.75 m 557.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 285.75 m 557.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 285.75 m 429.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 285.75 m 493.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 285.75 m 557.5 285.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 302.98 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 289.98 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 289.98 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 289.98 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 275.42 Td (Proceeds from sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 275.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 275.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 275.42 Td (13,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 275.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 275.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 275.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 275.42 Td (192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 260.42 Td (Gross realized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 260.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 260.42 Td (1,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 260.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 260.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 245.42 Td (Gross realized losses, including other-than-temporary impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 245.32 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 245.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 245.47 Td (\(2,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 245.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 245.47 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 245.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 230.42 Td (Dividend income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 230.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 230.42 Td (787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 230.42 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 230.42 Td (390) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 205.25 Td (The Company has agreements with certain af) Tj ET Q q 0 0 0 rg BT 258.86 205.25 Td (filiated open-end and closed-end funds to reimburse certain fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.25 Td (expenses. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.21 193.25 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.21 193.25 Td (, expenses of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.89 193.25 Td ($8,568,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.89 193.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.89 193.25 Td ($8,676,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.89 193.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.25 Td ($9,218,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 181.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 151.66 181.25 Td (, were incurred by the Company pursuant to these agreements and are included in general and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.25 Td (administrative expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 148.25 Td (Included in accounts receivable at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.54 148.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.13 148.25 Td ( and 2015 are receivables due from Company-sponsored funds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 136.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.26 136.25 Td ($20,221,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.26 136.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.70 136.25 Td ($19,209,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.70 136.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 286.36 136.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 109.25 Td (12. Regulatory Requir) Tj ET Q q 0 0 0 rg BT 149.09 109.25 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 92.25 Td (CSS, a registered broker) Tj ET Q q 0 0 0 rg BT 175.55 92.25 Td (-dealer in the U.S., is subject to the SEC) Tj ET Q q 0 0 0 rg BT 339.69 92.25 Td (s Uniform Net Capital Rule 15c3-1 \(the Rule\), which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 80.25 Td (requires that broker) Tj ET Q q 0 0 0 rg BT 132.10 80.25 Td (-dealers maintain a minimum level of net capital, as prescribed under the Rule. ) Tj ET Q q 0 0 0 rg BT 449.49 80.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.94 80.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.52 80.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 68.25 Td (CSS had net capital of approximately $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.19 68.25 Td (3,459,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.19 68.25 Td (, which exceeded its requirements by approximately $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.23 68.25 Td (3,214,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.23 68.25 Td (. ) Tj ET Q q 0 0 0 rg BT 512.05 68.25 Td (The Rule ) Tj ET Q endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital of a broker) Tj ET Q q 0 0 0 rg BT 516.45 677.10 Td (-dealer is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (less than the amount required under the Rule and requires prior notice to the SEC for certain withdrawals of capital. In July ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (2016, CSCM made a capital contribution into CSS in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.59 653.10 Td ($2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.98 653.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 632.10 Td (CSS does not carry customer accounts and is exempt from SEC Rule 15c3-3 pursuant to provisions \(k\)\(1\) and \(k\)\(2\)\(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (of such rule.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 599.10 Td (CSAL) Tj ET Q q 0 0 0 rg BT 103.19 599.10 Td ( and CSUK are regulated outside the U.S. by the Hong Kong Securities and Futures Commission and the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (Kingdom Financial Conduct ) Tj ET Q q 0 0 0 rg BT 169.83 587.10 Td (Authority) Tj ET Q q 0 0 0 rg BT 208.06 587.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 260.72 587.10 Td (. ) Tj ET Q q 0 0 0 rg BT 265.17 587.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.62 587.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.20 587.10 Td (, CSAL) Tj ET Q q 0 0 0 rg BT 398.39 587.10 Td ( and CSUK had aggregate regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (capital of approximately $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.24 575.10 Td (68,671,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.24 575.10 Td (, which exceeded aggregate regulatory capital requirements by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 563.10 Td (65,862,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 563.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 536.10 Td (13. Commitments and Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 519.10 Td (The Company leases of) Tj ET Q q 0 0 0 rg BT 170.46 519.10 Td (fice space under noncancelable operating leases expiring at various dates through January 2024. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 507.10 Td (The Company also leases certain of) Tj ET Q q 0 0 0 rg BT 196.27 507.10 Td (fice equipment and information technology applications under noncancelable operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 495.10 Td (leases expiring at various dates through December 2020. ) Tj ET Q q 0 0 0 rg BT 282.92 495.10 Td (The aggregate minimum future payments under the leases are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 483.10 Td (follows \(in thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 450.6 m 497.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 450.6 m 557.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 450.6 m 557.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 366.6 m 557.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 354.6 m 557.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 352.6 m 557.5 352.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 56.00 454.83 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 509.40 462.83 Td (Operating) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 515.65 454.83 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 441.17 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 441.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 441.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 441.17 Td (12,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 427.17 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 427.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 427.17 Td (11,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 413.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 413.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 413.17 Td (11,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 399.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 399.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 399.17 Td (11,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 385.17 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 385.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 385.17 Td (10,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 371.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.50 371.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 371.17 Td (22,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 357.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 357.17 Td (79,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 354.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 333.10 Td (Rent expense char) Tj ET Q q 0 0 0 rg BT 149.62 333.10 Td (ged to operations, including escalation char) Tj ET Q q 0 0 0 rg BT 323.27 333.10 Td (ges for real estate taxes and other expenses, totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 321.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.26 321.10 Td ($1) Tj ET Q q 0 0 0 rg BT 123.89 321.10 Td (1,535,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.89 321.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.89 321.10 Td ($1) Tj ET Q q 0 0 0 rg BT 178.52 321.10 Td (1,215,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.52 321.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.96 321.10 Td ($10,103,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.96 321.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.33 321.10 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.33 321.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 309.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.66 309.10 Td (. Sublease rental income received for the year ended December31, 2014 was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.62 309.10 Td ($70,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.12 309.10 Td (. ) Tj ET Q q 0 0 0 rg BT 509.94 309.10 Td (There was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 297.10 Td (no sublease rental income received for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.29 297.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.87 297.10 Td ( and 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 280.10 Td (From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 268.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 92.71 268.10 Td (There are currently no such matters pending that the Company believes could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 509.59 268.10 Td (fect on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 256.10 Td (consolidated results of operations, cash flows or financial position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 235.10 Td (The Company has committed to co-invest up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.74 235.10 Td ($5.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.64 235.10 Td ( alongside GRP-TE, a portion of which is made through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 223.10 Td (GRP-TE and the remainder of which is made through GRP-CIP) Tj ET Q q 0 0 0 rg BT 308.86 223.10 Td ( for up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.30 223.10 Td (12 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.90 223.10 Td ( through the life of GRP-TE. ) Tj ET Q q 0 0 0 rg BT 498.83 223.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 211.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 211.10 Td (, the Company has funded approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.04 211.10 Td ($3.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.94 211.10 Td ( with respect to this commitment. ) Tj ET Q q 0 0 0 rg BT 485.12 211.10 Td (The actual timing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.10 Td (for funding the unfunded portion of this commitment is currently unknown, as the drawdown of the Company's unfunded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 187.10 Td (commitment is contingent on the timing of drawdowns by the underlying funds and co-investments in which GRP-TE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 175.10 Td (invests. ) Tj ET Q q 0 0 0 rg BT 86.60 175.10 Td (The unfunded commitment was not recorded on the Company's consolidated statements of financial condition as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 163.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 136.10 Td (14. Income ) Tj ET Q q 0 0 0 rg BT 102.98 136.10 Td (T) Tj ET Q q 0 0 0 rg BT 108.73 136.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 119.60 Td (The provision for income taxes for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.34 119.60 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.34 119.60 Td ( includes U.S. federal, state, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.60 Td (local and foreign taxes. ) Tj ET Q q 0 0 0 rg BT 149.62 107.60 Td (The ef) Tj ET Q q 0 0 0 rg BT 175.25 107.60 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.03 107.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.24 107.60 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.12 107.60 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.70 107.60 Td ( was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.51 107.60 Td (35.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.34 107.60 Td ( which dif) Tj ET Q q 0 0 0 rg BT 537.71 107.60 Td (fers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.60 Td (from the U.S. federal statutory rate primarily due to the release of a valuation allowance associated with unrealized gains on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 83.60 Td (the Company's seed investments. ) Tj ET Q q 0 0 0 rg BT 188.66 83.60 Td (The ef) Tj ET Q q 0 0 0 rg BT 214.29 83.60 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.07 83.60 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.28 83.60 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.16 83.60 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.74 83.60 Td ( was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.55 83.60 Td (42.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.38 83.60 Td (, ) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (which included the recordation of a valuation allowance on the tax benefit associated with losses on the Company's seed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 106.59 665.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 132.23 665.10 Td (fective tax rate was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.44 665.10 Td (38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.77 665.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.23 665.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.82 665.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 644.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 644.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 644.10 Td (, the Company's foreign subsidiaries have recorded cumulative undistributed earnings and profits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 632.10 Td (of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.09 632.10 Td ($91.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.98 632.10 Td (. ) Tj ET Q q 0 0 0 rg BT 183.80 632.10 Td (The Company does not provide for deferred taxes on these undistributed foreign earnings as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (they are considered to be permanently invested outside of the United States. ) Tj ET Q q 0 0 0 rg BT 360.12 620.10 Td (The determination of additional deferred taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (on this amount is not practicable due to the complexities of the hypothetical calculation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 587.10 Td (The income before provision for income taxes and provision for income taxes for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.17 587.10 Td (years ended December31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.44 575.10 Td ( are as follows \(in thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 551.6 m 429.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 551.6 m 433.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 551.6 m 493.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 551.6 m 497.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 551.6 m 557.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 551.6 m 429.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 538.6 m 429.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 551.6 m 493.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 538.6 m 493.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 551.6 m 557.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 538.6 m 557.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 538.6 m 493.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 510.6 m 493.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 510.6 m 557.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 510.6 m 429.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 497.6 m 429.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 495.6 m 429.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 510.6 m 493.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 497.6 m 493.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 495.6 m 493.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 510.6 m 557.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 497.6 m 557.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 495.6 m 557.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 426.6 m 429.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 426.6 m 493.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 426.6 m 557.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 426.6 m 429.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 412.6 m 429.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 426.6 m 493.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 412.6 m 493.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 426.6 m 557.5 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 412.6 m 557.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 356.6 m 429.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 356.6 m 493.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 356.6 m 557.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 356.6 m 429.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 342.6 m 429.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 356.6 m 493.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 342.6 m 493.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 356.6 m 557.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 342.6 m 557.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 330.6 m 429.5 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 328.6 m 429.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 330.6 m 493.5 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 328.6 m 493.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 330.6 m 557.5 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 328.6 m 557.5 328.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 555.17 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 555.83 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 542.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 542.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 542.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 529.17 Td (Income before provision for income taxes - U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 529.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 529.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 529.17 Td (132,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 529.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 529.17 Td (101,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 529.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 529.17 Td (108,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 515.17 Td (Income before provision for income taxes - Non-U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 515.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 515.17 Td (10,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 515.17 Td (11,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 515.17 Td (13,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 501.17 Td (Total income before provision for incometaxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.50 501.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 501.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 501.17 Td (143,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 501.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 501.17 Td (112,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 501.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 501.17 Td (122,014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 473.17 Td (Current taxes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 473.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 473.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 473.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 459.17 Td (U.S. federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.50 459.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 459.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 459.17 Td (42,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 459.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 459.17 Td (32,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 459.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 459.17 Td (38,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 445.17 Td (State and local) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 445.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 445.17 Td (7,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 445.17 Td (6,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 445.17 Td (4,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 431.17 Td (Non-U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 431.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 431.17 Td (2,014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 431.17 Td (2,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 431.17 Td (2,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 417.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 417.17 Td (51,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 417.17 Td (41,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 417.17 Td (46,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 403.17 Td (Deferred taxes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 403.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 403.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 403.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 389.17 Td (U.S. federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.50 389.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 389.22 Td (\(743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 389.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 389.17 Td (6,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 389.22 Td (\(96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 389.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 375.17 Td (State and local) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 375.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 375.22 Td (\(86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 375.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 375.17 Td (1,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 375.22 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 375.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 361.17 Td (Non-U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 361.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 361.22 Td (\(71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 361.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 361.22 Td (\(215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 361.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 361.22 Td (\(171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 361.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 347.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 347.22 Td (\(900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 347.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 347.17 Td (7,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 347.22 Td (\(279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 347.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 333.17 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.50 333.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 333.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 333.17 Td (50,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 333.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 333.17 Td (48,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 333.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 333.17 Td (46,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 330.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 309.10 Td (Deferred income taxes represent the tax ef) Tj ET Q q 0 0 0 rg BT 245.67 309.10 Td (fects of the temporary dif) Tj ET Q q 0 0 0 rg BT 347.12 309.10 Td (ferences between book and tax bases and are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 297.10 Td (measured using enacted tax rates that will be in ef) Tj ET Q q 0 0 0 rg BT 253.47 297.10 Td (fect when such items are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 436.81 297.10 Td (The Company records a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 285.10 Td (valuation allowance, when necessary) Tj ET Q q 0 0 0 rg BT 201.62 285.10 Td (, to reduce deferred tax assets to an amount that more likely than not will be realized. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 264.10 Td (Significant components of the Company's net deferred income tax asset at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.16 264.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.75 264.10 Td ( and 2015 consist of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 252.10 Td (following \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 230.60000000000002 m 493.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 230.60000000000002 m 497.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 230.60000000000002 m 557.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 230.60000000000002 m 493.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 219.60000000000002 m 493.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 230.60000000000002 m 557.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 219.60000000000002 m 557.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 107.60000000000002 m 493.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 107.60000000000002 m 557.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 79.60000000000002 m 493.5 79.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 79.60000000000002 m 557.5 79.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 79.60000000000002 m 493.5 79.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 67.60000000000002 m 493.5 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 65.60000000000002 m 493.5 65.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 79.60000000000002 m 557.5 79.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 67.60000000000002 m 557.5 67.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 65.60000000000002 m 557.5 65.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.50 233.68 Td (At December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 222.68 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 222.68 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 210.17 Td (Deferred income tax assets \(liabilities\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 210.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 210.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 196.17 Td (Stock-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.50 196.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 196.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 196.17 Td (7,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 196.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 196.17 Td (7,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 182.17 Td (Non-deductible realized loss on investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.50 182.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 182.17 Td (2,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 182.17 Td (4,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 168.17 Td (Dividend equivalents on unvested restricted stock units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 168.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 168.17 Td (2,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 168.17 Td (3,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 154.17 Td (Unrealized loss on investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.50 154.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 154.17 Td (4,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 154.17 Td (4,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 140.17 Td (Deferred compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 140.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 140.22 Td (\(4,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 140.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 140.22 Td (\(6,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 140.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 126.17 Td (Deferred rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.50 126.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 126.17 Td (2,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 126.17 Td (2,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 112.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 112.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 112.22 Td (\(2,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 112.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 112.22 Td (\(757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 112.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 98.17 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 98.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 98.17 Td (12,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 98.17 Td (14,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 84.17 Td (Less: valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.50 84.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 84.22 Td (\(6,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 84.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 84.22 Td (\(9,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 84.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 70.17 Td (Deferred income tax asset - net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.50 70.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 70.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 70.17 Td (5,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 70.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 70.17 Td (5,551) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td (The Company had capital loss carryforwards of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.75 677.10 Td ($6,959,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.75 677.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.19 677.10 Td ($6,413,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.19 677.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 665.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.02 665.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.61 665.10 Td ( which, if unused, will expire in years 2017 to 2021. ) Tj ET Q q 0 0 0 rg BT 441.50 665.10 Td (The valuation allowance on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (the net deferred income tax asset decreased approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.00 653.10 Td ($2,564,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 653.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.91 653.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.49 653.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 632.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 632.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 632.10 Td (, the Company had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.88 632.10 Td ($7,852,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.88 632.10 Td ( of total gross unrecognized tax benefits. Of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (total, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.03 620.10 Td ($4,915,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.03 620.10 Td ( \(net of the federal benefit on state issues\) represents the amount of unrecognized tax benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (that, if recognized, would favorably af) Tj ET Q q 0 0 0 rg BT 207.37 608.10 Td (fect the Company's ef) Tj ET Q q 0 0 0 rg BT 294.24 608.10 Td (fective tax rate in future periods. ) Tj ET Q q 0 0 0 rg BT 427.06 608.10 Td (The Company believes it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td (reasonably possible that it will reduce its unrecognized tax benefits by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.53 596.10 Td ($1,496,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.53 596.10 Td ( within the next twelve months due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (lapse of the statute of limitations on certain positions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 563.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 563.10 Td ( reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows \(in thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 530.6 m 557.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 530.6 m 557.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 475.6 m 557.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 475.6 m 557.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 462.6 m 557.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 462.6 m 557.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 420.6 m 557.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 420.6 m 557.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 407.6 m 557.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 407.6 m 557.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 365.6 m 557.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 365.6 m 557.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 353.6 m 557.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 351.6 m 557.5 351.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.80 542.83 Td (LiabilityforUnrecognized) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 485.90 534.83 Td (TaxBenefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 521.17 Td (Gross unrecognized tax benefits balance at January1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 521.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 521.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 521.17 Td (5,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 508.17 Td (Addition for tax positions of current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 508.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 508.17 Td (1,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 494.17 Td (Addition for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.50 494.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 494.17 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 480.17 Td (Reduction of tax positions from prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.50 480.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 480.22 Td (\(901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 480.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 466.17 Td (Gross unrecognized tax benefits balance at December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 466.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 466.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 466.17 Td (6,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 453.17 Td (Addition for tax positions of current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 453.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 453.17 Td (1,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 439.17 Td (Addition for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.50 439.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 439.17 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 425.17 Td (Reduction of tax positions from prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.50 425.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 425.22 Td (\(484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 425.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 411.17 Td (Gross unrecognized tax benefits balance at December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 411.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 411.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 411.17 Td (7,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 398.17 Td (Addition for tax positions of current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 398.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 398.17 Td (1,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 384.17 Td (Addition for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.50 384.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 384.17 Td (163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 370.17 Td (Reduction of tax positions from prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.50 370.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 370.22 Td (\(1,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 370.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 356.17 Td (Gross unrecognized tax benefits balance at December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 356.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 356.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 356.17 Td (7,852) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 332.10 Td (The Company records potential interest and penalties related to uncertain tax positions in the provision for income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 320.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 79.00 320.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 320.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.08 320.10 Td ( and 2015, the Company had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.82 320.10 Td ($2,250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.82 320.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.26 320.10 Td ($1,661,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.26 320.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 509.92 320.10 Td (, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.10 Td (potential interest and penalties associated with uncertain tax positions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 287.10 Td (The tax years 201) Tj ET Q q 0 0 0 rg BT 147.49 287.10 Td (1 through 2016 remain open to examination by various taxing jurisdictions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 266.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 266.10 Td ( reconciliation of the Company's statutory federal income tax rate and the ef) Tj ET Q q 0 0 0 rg BT 386.90 266.10 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.68 266.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 254.10 Td (December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 254.10 Td ( is as follows: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 232.60000000000002 m 429.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 232.60000000000002 m 433.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 232.60000000000002 m 493.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 232.60000000000002 m 497.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 232.60000000000002 m 557.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 232.60000000000002 m 429.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 221.60000000000002 m 429.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 232.60000000000002 m 493.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 221.60000000000002 m 493.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 232.60000000000002 m 557.5 232.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 221.60000000000002 m 557.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 221.60000000000002 m 429.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 221.60000000000002 m 493.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 221.60000000000002 m 557.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 137.60000000000002 m 429.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 137.60000000000002 m 493.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 137.60000000000002 m 557.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 137.60000000000002 m 429.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 125.60000000000002 m 429.5 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 123.60000000000002 m 429.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 137.60000000000002 m 493.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 125.60000000000002 m 493.5 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 123.60000000000002 m 493.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 137.60000000000002 m 557.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 125.60000000000002 m 557.5 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 123.60000000000002 m 557.5 123.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 235.68 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 224.68 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 224.68 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 224.68 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 212.17 Td (U.S. statutory tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 212.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 212.17 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 212.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 212.17 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 212.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 212.17 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 212.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 198.17 Td (State and local income taxes, net of federal income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.50 198.17 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 198.17 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 198.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 198.17 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 198.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 198.17 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 198.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 184.17 Td (Non-deductible loss on investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 184.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 184.17 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 184.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 184.17 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 184.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 184.17 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 184.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 170.17 Td (Non-taxable gain on investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.50 170.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.45 170.17 Td (\(3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 170.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 170.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 170.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 170.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 170.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 156.17 Td (Foreign operations tax differential) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.50 156.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.45 156.17 Td (\(1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 156.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.45 156.17 Td (\(2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 156.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 156.17 Td (\(2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 156.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 142.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.50 142.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.45 142.17 Td (\(0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 142.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 142.17 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 142.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 142.17 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 142.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 128.17 Td (Effective income tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 128.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 128.17 Td (35.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 128.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 128.17 Td (42.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 128.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 128.17 Td (38.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 128.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-34) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (15. Concentration of Cr) Tj ET Q q 0 0 0 rg BT 155.47 677.25 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 660.25 Td (The Company's cash and cash equivalents are principally on deposit with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.84 660.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.82 660.25 Td ( major financial institutions. ) Tj ET Q q 0 0 0 rg BT 506.90 660.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (Company is subject to credit risk should these financial institutions be unable to fulfill their obligations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 627.25 Td (The following af) Tj ET Q q 0 0 0 rg BT 143.52 627.25 Td (filiated funds and third-party institutional separate account subadvisory relationship, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.25 Td (comprised of multiple accounts, provided 10 percent or more of the total revenue of the Company \(in thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 593.75 m 429.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 593.75 m 433.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 593.75 m 493.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 593.75 m 497.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 593.75 m 557.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 593.75 m 429.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 582.75 m 429.5 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 593.75 m 493.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 582.75 m 493.5 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 593.75 m 557.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 582.75 m 557.5 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 555.75 m 429.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 553.75 m 429.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 555.75 m 493.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 553.75 m 493.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 555.75 m 557.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 553.75 m 557.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 507.75 m 429.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 505.75 m 429.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 507.75 m 493.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 505.75 m 493.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 507.75 m 557.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 505.75 m 557.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 446.75 m 429.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 446.75 m 493.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 446.75 m 557.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 433.75 m 429.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 431.75 m 429.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 446.75 m 493.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 433.75 m 493.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 431.75 m 493.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 446.75 m 557.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 433.75 m 557.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 431.75 m 557.5 431.75 l s BT /F1 4.00 Tf ET q 0 0 0 rg BT 56.00 597.13 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 596.83 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 585.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 585.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 585.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 573.32 Td (Cohen& Steers Realty Shares, Inc. \(CSR\):) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 372.00 572.13 Td () Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 436.00 572.13 Td () Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 500.00 572.13 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 559.32 Td (Investment advisory and administration fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 559.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 559.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 559.32 Td (45,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 559.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 559.32 Td (47,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 559.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 559.32 Td (45,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 543.42 Td (Percent of total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 543.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 543.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 543.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 543.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 543.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 543.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 543.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 525.32 Td (Cohen& Steers Preferred Securities and Income Fund, Inc. \(CPX\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 511.32 Td (Investment advisory and administration fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 511.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 511.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 511.32 Td (43,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 511.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 511.32 Td (29,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 511.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 511.32 Td (20,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 497.32 Td (Percent of total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 497.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 497.32 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 497.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 497.32 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 497.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 497.32 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 497.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 479.32 Td (Daiwa Asset Management:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 465.32 Td (Investment advisory fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 465.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 465.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 465.32 Td (39,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 465.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 465.32 Td (37,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 465.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 465.32 Td (37,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 451.32 Td (Portfolio consulting and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.50 451.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 451.32 Td (2,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 451.32 Td (2,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 451.32 Td (1,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 437.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 437.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 437.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 437.32 Td (42,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 437.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 437.32 Td (40,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 437.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 437.32 Td (39,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 421.42 Td (Percent of total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 421.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 421.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 421.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 421.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 421.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 421.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 421.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 396.25 Td (The table below presents revenue by client domicile for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.41 396.25 Td (years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.41 396.25 Td ( \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 384.25 Td (thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 362.75 m 429.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 362.75 m 433.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 362.75 m 493.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 362.75 m 497.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 362.75 m 557.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 362.75 m 429.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 351.75 m 429.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 362.75 m 493.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 351.75 m 493.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 362.75 m 557.5 362.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 351.75 m 557.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 351.75 m 429.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 351.75 m 493.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 351.75 m 557.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 295.75 m 429.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 295.75 m 493.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 295.75 m 557.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 295.75 m 429.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 282.75 m 429.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 280.75 m 429.5 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 295.75 m 493.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 282.75 m 493.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 280.75 m 493.5 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 295.75 m 557.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 282.75 m 557.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 280.75 m 557.5 280.75 l s BT /F1 4.00 Tf ET q 0 0 0 rg BT 56.00 366.13 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.05 365.83 Td (Years Ended December 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 354.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 354.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 354.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 342.32 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 342.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 342.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 342.32 Td (282,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 342.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 342.32 Td (266,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 342.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 342.32 Td (256,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 328.32 Td (Non - U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 314.32 Td (Japan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 314.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 314.32 Td (43,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 314.32 Td (41,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 314.32 Td (40,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 300.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 300.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 300.32 Td (23,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 300.32 Td (20,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 300.32 Td (17,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 286.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 286.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 286.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 286.32 Td (349,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 286.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 286.32 Td (328,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 286.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 286.32 Td (313,934) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F4 10.00 Tf ET q 0 0 0 rg BT 200.55 727.75 Td (COHEN & STEERS, INC. ) Tj ET Q q 0 0 0 rg BT 316.69 727.75 Td (AND SUBSIDIARIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.45 710.75 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 180.67 710.75 Td (T) Tj ET Q q 0 0 0 rg BT 187.16 710.75 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 257.26 710.75 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 336.44 710.75 Td ( ST) Tj ET Q q 0 0 0 rg BT 350.43 710.75 Td (A) Tj ET Q q 0 0 0 rg BT 356.91 710.75 Td (TEMENTS\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 39.60 Td (F-35) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (16. Selected Quarterly Financial Data \(unaudited\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 660.25 Td (The table below presents selected quarterly financial data for 2016 and 2015 \(in thousands, except per share data\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 638.75 m 317.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 638.75 m 377.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 638.75 m 437.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 638.75 m 497.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 638.75 m 557.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 627.75 m 317.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 627.75 m 377.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 627.75 m 437.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 627.75 m 497.5 627.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 627.75 m 557.5 627.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 393.05 641.83 Td (Quarter) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 282.10 630.83 Td (1st) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 340.55 630.83 Td (2nd) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.00 630.83 Td (3rd) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.40 630.83 Td (4th) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 518.25 630.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 618.32 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 618.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 604.32 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 604.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 604.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 604.32 Td (79,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 604.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 604.32 Td (86,373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 604.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 604.32 Td (94,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 604.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 604.32 Td (89,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 604.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 604.32 Td (349,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 590.32 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.50 590.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 590.32 Td (28,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 590.32 Td (34,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 590.32 Td (37,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 590.32 Td (35,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 590.32 Td (135,511) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 576.32 Td (Net income attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.50 576.32 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 576.32 Td (18,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 576.32 Td (24,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 576.32 Td (23,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 576.32 Td (26,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 576.32 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 562.32 Td (Earnings per share attributable to common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 552.32 Td (stockholders:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 539.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 539.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 539.32 Td (0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 539.32 Td (0.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 539.32 Td (0.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 539.32 Td (0.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 539.32 Td (2.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 526.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.50 526.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 526.32 Td (0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 526.32 Td (0.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 526.32 Td (0.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 526.32 Td (0.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 526.32 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 513.32 Td (Weighted-average shares outstanding:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 513.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 513.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 513.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 513.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 513.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 500.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 500.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 500.32 Td (45,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 500.32 Td (45,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 500.32 Td (45,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 500.32 Td (46,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 500.32 Td (45,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 487.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.50 487.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 487.32 Td (46,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 487.32 Td (46,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 487.32 Td (46,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 487.32 Td (46,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 487.32 Td (46,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 470.32 Td (2015 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 78.50 473.94 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 470.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 470.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 470.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 470.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 470.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 456.32 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 456.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 456.32 Td (83,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 456.32 Td (83,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 456.32 Td (79,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 456.32 Td (81,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 456.32 Td (328,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 442.32 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.50 442.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 442.32 Td (34,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 442.32 Td (31,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 442.32 Td (31,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 442.32 Td (30,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 442.32 Td (127,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 428.32 Td (Net income attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.50 428.32 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 428.32 Td (20,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 428.32 Td (19,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 428.32 Td (12,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 428.32 Td (12,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 428.32 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 414.32 Td (Earnings per share attributable to common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 404.32 Td (stockholders:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 405.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 405.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 405.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 405.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 405.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 391.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 391.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 391.32 Td (0.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 391.32 Td (0.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 391.32 Td (0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 391.32 Td (0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 391.32 Td (1.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 378.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.50 378.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 378.32 Td (0.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 378.32 Td (0.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 378.32 Td (0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 378.32 Td (0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 378.32 Td (1.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 365.32 Td (Weighted-average shares outstanding:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.00 365.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 365.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 365.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 365.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 365.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 352.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 352.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 352.32 Td (45,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 352.32 Td (45,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 352.32 Td (45,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 352.32 Td (45,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 352.32 Td (45,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 339.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.50 339.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 339.32 Td (45,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 339.32 Td (45,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 339.32 Td (45,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 339.32 Td (45,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 339.32 Td (45,897) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.00 Tf ET q 0 0 0 rg BT 54.00 329.05 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 318.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 318.25 Td (During the three months ended December 31, 2015, one of the company's seed investments changed classification from available-for) Tj ET Q q 0 0 0 rg BT 550.54 318.25 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 307.45 Td (sale to equity method. ) Tj ET Q q 0 0 0 rg BT 153.24 307.45 Td (As a result, all prior periods have been retroactively adjusted to reflect this investment as if it had been an ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 296.65 Td (equity method investment in prior periods.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 269.65 Td (17. Subsequent Events) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 252.65 Td (The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 240.65 Td (date the consolidated financial statements were issued. Other than the items described below) Tj ET Q q 0 0 0 rg BT 423.51 240.65 Td (, the Company determined that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 228.65 Td (there were no additional subsequent events that require disclosure and/or adjustment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 211.65 Td (On February 23, 2017, CNS declared a quarterly dividend on its common stock in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.54 211.65 Td ($0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.04 211.65 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 532.72 211.65 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.65 Td (dividend will be payable on March 23, 2017 to stockholders of record at the close of business on March 9,2017.) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.60 39.60 Td (i) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 731.10 Td (Any agreements or other documents filed as exhibits to this report are not intended to provide factual information or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (other disclosure other than with respect to the terms of the agreements or other documents themselves, and should not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (relied upon for that purpose. In particular) Tj ET Q q 0 0 0 rg BT 218.82 707.10 Td (, any representations and warranties made by the Company in these agreements or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (other documents were made solely within the specific context of the relevant agreement or document and may not describe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (the actual state of af) Tj ET Q q 0 0 0 rg BT 134.33 683.10 Td (fairs as of the date they were made or at any other time.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 662.10 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 96.61 662.10 Td ( INDEX ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 651.6 m 89.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 633.6 m 89.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 651.6 m 109.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 633.6 m 109.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 109.5 651.6 m 557.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 109.5 633.6 m 557.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 109.5 633.6 m 557.5 633.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 56.00 643.68 Td (Exhibit) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 56.00 635.73 Td (Number) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 112.00 637.83 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 623.27 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 623.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 623.27 Td (Form of ) Tj ET Q q 0 0 0 rg BT 146.45 623.27 Td (Amended and Restated Certificate of Incorporation of the Company ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 421.08 627.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 608.27 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 608.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 608.27 Td (Form of ) Tj ET Q q 0 0 0 rg BT 146.45 608.27 Td (Amended and Restated Bylaws of the Company ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 341.13 612.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 593.27 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 593.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 593.27 Td (Specimen Common Stock Certificate ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 263.64 597.80 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 579.17 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 579.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 578.27 Td (Form of Registration Rights ) Tj ET Q q 0 0 0 rg BT 226.45 578.27 Td (Agreement among the Company) Tj ET Q q 0 0 0 rg BT 356.04 578.27 Td (, Martin Cohen, Robert H. Steers, ) Tj ET Q q 0 0 0 rg BT 493.06 578.27 Td (The Martin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 568.27 Td (Cohen 1998 Family ) Tj ET Q q 0 0 0 rg BT 193.76 568.27 Td (T) Tj ET Q q 0 0 0 rg BT 199.52 568.27 Td (rust and Robert H. Steers Family ) Tj ET Q q 0 0 0 rg BT 333.49 568.27 Td (T) Tj ET Q q 0 0 0 rg BT 339.25 568.27 Td (rust ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 356.75 572.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 554.17 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 553.27 Td (Form of ) Tj ET Q q 0 0 0 rg BT 146.82 553.27 Td (T) Tj ET Q q 0 0 0 rg BT 152.23 553.27 Td (ax Indemnification ) Tj ET Q q 0 0 0 rg BT 229.98 553.27 Td (Agreement among Cohen & Steers Capital Management, Inc., Martin Cohen, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 543.27 Td (Robert H. Steers, ) Tj ET Q q 0 0 0 rg BT 183.20 543.27 Td (The Martin Cohen 1998 Family ) Tj ET Q q 0 0 0 rg BT 312.72 543.27 Td (T) Tj ET Q q 0 0 0 rg BT 318.48 543.27 Td (rust and Robert H. Steers Family ) Tj ET Q q 0 0 0 rg BT 452.45 543.27 Td (T) Tj ET Q q 0 0 0 rg BT 458.21 543.27 Td (rust ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 475.71 547.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 529.17 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 529.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 528.27 Td (Form of Employment ) Tj ET Q q 0 0 0 rg BT 200.61 528.27 Td (Agreement between Cohen & Steers Capital Management, Inc. and Martin Cohen* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 535.79 532.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 514.17 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 514.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 513.27 Td (Form of Employment ) Tj ET Q q 0 0 0 rg BT 200.61 513.27 Td (Agreement between Cohen & Steers Capital Management, Inc. and Robert H. Steers* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 546.34 517.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 499.17 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 499.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 498.27 Td (Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 383.60 502.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 484.17 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 484.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 483.27 Td (Amended and Restated Cohen & Steers, Inc. ) Tj ET Q q 0 0 0 rg BT 292.79 483.27 Td (Annual Incentive Plan* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 389.71 487.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 469.17 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 469.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 468.27 Td (Amended and Restated Cohen & Steers, Inc. Employee Stock Purchase Plan* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 425.54 472.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 454.17 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 454.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 453.27 Td (Form of Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 235.05 453.27 Td (Agreement for the issuance of awards pursuant to the ) Tj ET Q q 0 0 0 rg BT 450.26 453.27 Td (Amended and Restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 443.27 Td (Cohen & Steers, Inc. Stock Incentive Plan* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 288.35 447.80 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 429.17 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 429.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 428.27 Td (Form of ) Tj ET Q q 0 0 0 rg BT 146.82 428.27 Td (V) Tj ET Q q 0 0 0 rg BT 152.75 428.27 Td (oluntary Deferral Program Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 349.37 428.27 Td (Agreement for the issuance of awards pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 418.27 Td (the ) Tj ET Q q 0 0 0 rg BT 126.17 418.27 Td (Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 397.77 422.80 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 404.17 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 404.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 403.27 Td (Form of Mandatory Deferral Program Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 354.17 403.27 Td (Agreement for the issuance of awards pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 393.27 Td (the ) Tj ET Q q 0 0 0 rg BT 126.17 393.27 Td (Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 397.77 397.80 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 379.17 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 379.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 378.27 Td (Amendment to Employment ) Tj ET Q q 0 0 0 rg BT 227.82 378.27 Td (Agreement between Cohen & Steers Capital Management, Inc. and Martin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 368.27 Td (Cohen* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 145.61 372.80 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 354.17 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 354.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 353.27 Td (Amendment to Employment ) Tj ET Q q 0 0 0 rg BT 227.82 353.27 Td (Agreement between Cohen & Steers Capital Management, Inc. and Robert H. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 343.27 Td (Steers* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 143.94 347.80 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 329.17 Td (21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 329.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 329.17 Td (Subsidiaries of the Company \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 316.17 Td (23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 316.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 316.17 Td (Consent of Deloitte & Touche LLP \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 303.17 Td (24.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 303.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 303.17 Td (Powers of Attorney \(included on signature page hereto\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 290.17 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 290.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 290.17 Td (Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 \(filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 280.22 Td (herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 268.17 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 268.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 268.17 Td (Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 \(filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 258.22 Td (herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 246.17 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 246.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 246.17 Td (Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 236.22 Td (\(furnished herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 224.17 Td (32.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 224.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 224.17 Td (Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 214.22 Td (\(furnished herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 202.17 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 202.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 200.27 Td (The following financial statements from the Company's Annual Report on Form 10-K for the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 190.27 Td (December 31, 2016 formatted in XBRL \(eXtensible Business Reporting Language\): \(i\) the Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 180.27 Td (Statements of Financial Condition as of December 31, 2016 and December 31, 2015, \(ii\) the Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 170.27 Td (Statements of Operations for the years ended December 31, 2016, 2015 and 2014, \(iii\) the Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 160.27 Td (Statements of Comprehensive Income for the years ended December 31, 2016, 2015 and 2014, \(iv\) the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 150.27 Td (Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 140.27 Td (years ended December 31, 2016, 2015 and 2014, \(v\) the Consolidated Statements of Cash Flows for the years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 130.27 Td (ended December 31, 2016, 2015 and 2014, and \(vi\) the Notes to the Consolidated Financial Statements.) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 559.00 126.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 114.10 Td (_________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 102.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 102.10 Td (Incorporated by reference to the Company's Registration Statement on Form S-1 \(Registration No.333-1) Tj ET Q q 0 0 0 rg BT 509.67 102.10 Td (14027\), as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 90.10 Td (amended, originally filed with the Securities and Exchange Commission on March30, 2004. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 78.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 78.10 Td (Incorporated by reference to the Company's Quarterly Report on Form 10-Q \(Commission File No.001-32236\), for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 66.10 Td (the quarter ended June30, 2008. ) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.20 39.60 Td (ii) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 731.10 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 262.43 731.10 Td (s Current Report on Form 8-K \(Commission File No.001-32236\), filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 719.10 Td (on May13, 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 707.10 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 262.43 707.10 Td (s ) Tj ET Q q 0 0 0 rg BT 268.27 707.10 Td (Annual Report on Form 10-K \(Commission File No.001-32236\), for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 695.10 Td (the year ended December31, 2012.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 683.10 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 262.43 683.10 Td (s Quarterly Report on Form 10-Q \(Commission File No.001-32236\), for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 671.10 Td (the quarter ended September30, 2004.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 659.10 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 262.43 659.10 Td (s ) Tj ET Q q 0 0 0 rg BT 268.27 659.10 Td (Annual Report on Form 10-K \(Commission File No.001-32236\), for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 647.10 Td (the year ended December31, 2007.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 635.10 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 262.43 635.10 Td (s Quarterly Report on Form 10-Q \(Commission File No.001-32236\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 623.10 Td (the quarter ended June30, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 611.10 Td (* Denotes compensatory plan. ) Tj ET Q endstream endobj 155 0 obj <> /View <>>>>> endobj 156 0 obj <> /View <>>>>> endobj 157 0 obj <> endobj 158 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;