%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 776.6 m 305.5 776.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 774.6 m 305.5 774.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 776.6 m 566.5 776.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 774.6 m 566.5 774.6 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET q 0 0 0 rg BT 130.40 746.70 Td (UNITED ST) Tj ET Q q 0 0 0 rg BT 192.84 746.70 Td (A) Tj ET Q q 0 0 0 rg BT 200.62 746.70 Td (TES SECURITIES ) Tj ET Q q 0 0 0 rg BT 302.19 746.70 Td (AND EXCHANGE COMMISSION ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 249.80 735.90 Td (W) Tj ET Q q 0 0 0 rg BT 257.80 735.90 Td (ASHINGT) Tj ET Q q 0 0 0 rg BT 298.14 735.90 Td (ON, D.C. 20549 ) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 257.45 711.30 Td (FORM 10-K ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.20 686.70 Td (\(Mark One\) ) Tj ET Q /GS0 gs q 9.54 0 0 9.78 170.50 671.05 cm /I1 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.04 672.90 Td () Tj ET Q q 0 0 0 rg BT 189.55 672.90 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 225.72 672.90 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 260.06 672.90 Td (T) Tj ET Q q 0 0 0 rg BT 265.40 672.90 Td ( PURSUANT) Tj ET Q q 0 0 0 rg BT 317.24 672.90 Td ( ) Tj ET Q q 0 0 0 rg BT 319.58 672.90 Td (T) Tj ET Q q 0 0 0 rg BT 324.92 672.90 Td (O SECTION 13 OR 15\(d\) OF ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.85 662.10 Td (THE SECURITIES EXCHANGE ) Tj ET Q q 0 0 0 rg BT 229.37 662.10 Td (ACT) Tj ET Q q 0 0 0 rg BT 247.21 662.10 Td ( OF 1934 FOR ) Tj ET Q q 0 0 0 rg BT 308.57 662.10 Td (THE FISCAL) Tj ET Q q 0 0 0 rg BT 360.24 662.10 Td ( ) Tj ET Q q 0 0 0 rg BT 362.58 662.10 Td (YEAR ENDED DECEMBER 31, 2017 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.25 648.30 Td (OR ) Tj ET Q /GS0 gs q 8.02 0 0 9.78 161.95 632.65 cm /I2 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.97 634.50 Td () Tj ET Q q 0 0 0 rg BT 179.81 634.50 Td (TRANSITION REPOR) Tj ET Q q 0 0 0 rg BT 268.65 634.50 Td (T) Tj ET Q q 0 0 0 rg BT 273.99 634.50 Td ( PURSUANT) Tj ET Q q 0 0 0 rg BT 325.83 634.50 Td ( ) Tj ET Q q 0 0 0 rg BT 328.17 634.50 Td (T) Tj ET Q q 0 0 0 rg BT 333.50 634.50 Td (O SECTION 13 OR 15\(d\) OF ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.85 623.70 Td (THE SECURITIES EXCHANGE ) Tj ET Q q 0 0 0 rg BT 223.37 623.70 Td (ACT) Tj ET Q q 0 0 0 rg BT 241.21 623.70 Td ( OF 1934 FOR ) Tj ET Q q 0 0 0 rg BT 302.57 623.70 Td (THE ) Tj ET Q q 0 0 0 rg BT 322.91 623.70 Td (TRANSITION PERIOD FROM) Tj ET Q q 0 0 0 rg BT 473.25 623.70 Td (T) Tj ET Q q 0 0 0 rg BT 478.59 623.70 Td (O. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.70 609.90 Td (Commission File No.001-32236 ) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 202.95 585.30 Td (COHEN& STEERS, INC.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 226.20 573.90 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 156.45 554.35 Td (Delaware) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.90 545.40 Td (\(State or Other Jurisdiction of Incorporation or Organization\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.45 554.35 Td (14-1904657) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.20 545.40 Td (\(I.R.S. Employer Identification No.\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.25 534.35 Td (280 Park ) Tj ET Q q 0 0 0 rg BT 136.28 534.35 Td (A) Tj ET Q q 0 0 0 rg BT 142.12 534.35 Td (venue, New ) Tj ET Q q 0 0 0 rg BT 191.98 534.35 Td (Y) Tj ET Q q 0 0 0 rg BT 197.16 534.35 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 235.00 534.35 Td (Y) Tj ET Q q 0 0 0 rg BT 240.18 534.35 Td (ork) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.55 525.40 Td (\(Address of Principal Executive Of) Tj ET Q q 0 0 0 rg BT 232.94 525.40 Td (fices\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.95 534.35 Td (10017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.20 525.40 Td (\(Zip Code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.20 510.10 Td (Registrant) Tj ET Q q 0 0 0 rg BT 213.06 510.10 Td (s telephone number) Tj ET Q q 0 0 0 rg BT 292.11 510.10 Td (, including area code: \(212\)832-3232 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.90 495.10 Td (Securities registered pursuant to Section12\(b\) of the ) Tj ET Q q 0 0 0 rg BT 404.52 495.10 Td (Act:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.02 495.10 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 143.00 475.86 Td (T) Tj ET Q q 0 0 0 rg BT 148.34 475.86 Td (itle of each class) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 356.75 475.86 Td (Name of each exchange on which registered) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 119.50 462.86 Td (Common Stock, $.01 par value) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 388.00 462.86 Td (New ) Tj ET Q q 0 0 0 rg BT 406.91 462.86 Td (Y) Tj ET Q q 0 0 0 rg BT 412.51 462.86 Td (ork Stock Exchange) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.90 442.30 Td (Securities registered pursuant to Section12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 404.52 442.30 Td (Act: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.20 431.50 Td (None ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 414.70 Td (Indicate by check mark if the registrant is a well-known seasoned issuer) Tj ET Q q 0 0 0 rg BT 330.13 414.70 Td (, as defined in Rule 405 of the Securities ) Tj ET Q q 0 0 0 rg BT 493.74 414.70 Td (Act.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 403.90 Td (Y) Tj ET Q q 0 0 0 rg BT 50.18 403.90 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 64.68 402.01 cm /I3 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.70 403.90 Td (No) Tj ET Q /GS0 gs q 9.54 0 0 9.45 99.21 402.01 cm /I4 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.75 403.90 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 390.10 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 q 0 0 0 rg BT 499.24 390.10 Td (Act. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 379.30 Td (Y) Tj ET Q q 0 0 0 rg BT 50.18 379.30 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.45 64.68 377.41 cm /I5 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.70 379.30 Td (No) Tj ET Q /GS0 gs q 9.54 0 0 9.45 99.21 377.41 cm /I6 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.75 379.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 365.50 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 45.00 354.70 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 87.03 354.70 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was required to file such ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 343.90 Td (reports\), and \(2\)has been subject to such filing requirements for the past 90days.) Tj ET Q q 0 0 0 rg BT 381.52 343.90 Td (Y) Tj ET Q q 0 0 0 rg BT 386.69 343.90 Td (es ) Tj ET Q /GS0 gs q 9.54 0 0 9.45 403.70 342.01 cm /I7 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.24 343.90 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.45 439.75 342.01 cm /I8 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.77 343.90 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 330.10 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 510.07 330.10 Td (, every ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 319.30 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 430.06 319.30 Td ( \(232.405 of this chapter\) during ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 308.50 Td (the preceding 12 months \(or for such shorter period that the registrant was required to submit and post such files\). ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 297.70 Td (Y) Tj ET Q q 0 0 0 rg BT 50.18 297.70 Td (es) Tj ET Q /GS0 gs q 9.54 0 0 9.45 64.68 295.81 cm /I9 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.22 297.70 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.45 100.73 295.81 cm /I10 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.75 297.70 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 283.90 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein and will not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 273.10 Td (be contained, to the best of the registrant) Tj ET Q q 0 0 0 rg BT 210.45 273.10 Td (s knowledge, in the definitive proxy or information statements incorporated by reference ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 262.30 Td (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 9.45 314.10 260.41 cm /I11 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.64 262.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 248.50 Td (Indicate by check mark whether the registrant is a large accelerated filer) Tj ET Q q 0 0 0 rg BT 331.14 248.50 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 411.69 248.50 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 505.24 248.50 Td (, or a smaller ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 237.70 Td (reporting company) Tj ET Q q 0 0 0 rg BT 118.87 237.70 Td (. See the definitions of large accelerated filer) Tj ET Q q 0 0 0 rg BT 298.98 237.70 Td (, accelerated filer and smaller reporting company in Rule 12b-2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 225.70 Td (of the Exchange ) Tj ET Q q 0 0 0 rg BT 112.05 225.70 Td (Act. \(Check one\):) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.58 225.70 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 206.15 Td (Largeacceleratedfiler) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.00 206.46 Td () Tj ET Q /GS0 gs q 9.54 0 0 8.78 185.00 203.92 cm /I12 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 206.15 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 206.15 Td (Acceleratedfiler) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 206.46 Td () Tj ET Q /GS0 gs q 8.02 0 0 8.78 550.00 203.92 cm /I13 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 193.15 Td (Smallerreportingcompany) Tj ET Q /GS0 gs q 8.02 0 0 8.78 550.00 190.92 cm /I14 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 180.15 Td (Non-accelerated filer) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.00 180.46 Td () Tj ET Q /GS0 gs q 8.02 0 0 9.78 185.00 177.92 cm /I15 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 193.02 179.76 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.52 179.76 Td (\(Do not check if a smaller reporting company\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.00 180.15 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 180.15 Td (Emerging growth company) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 546.00 180.46 Td () Tj ET Q /GS0 gs q 8.02 0 0 8.78 550.00 177.92 cm /I16 Do Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 162.90 Td (If an emerging growth company) Tj ET Q q 0 0 0 rg BT 170.40 162.90 Td (, indicate by check mark if the registrant has elected not to use the extended transition period for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 152.10 Td (complying with any new or revised financial accounting standards provided pursuant to Section 13\(a\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 515.78 152.10 Td (Act. ) Tj ET Q /GS0 gs q 8.02 0 0 9.45 541.28 150.21 cm /I17 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 138.30 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the Exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 127.50 Td (Act.\)) Tj ET Q q 0 0 0 rg BT 73.34 127.50 Td (Y) Tj ET Q q 0 0 0 rg BT 78.52 127.50 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.45 93.02 125.61 cm /I18 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.04 127.50 Td (No) Tj ET Q /GS0 gs q 9.54 0 0 9.45 127.55 125.61 cm /I19 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 137.09 127.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 113.70 Td (The aggregate market value of the voting common stock held by non-af) Tj ET Q q 0 0 0 rg BT 329.00 113.70 Td (filiates of the Registrant as of June30, 2017 was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 102.90 Td (approximately $878 million. ) Tj ET Q q 0 0 0 rg BT 156.39 102.90 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 45.00 89.10 Td (As of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.01 89.10 Td (February20, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.56 89.10 Td (, there were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.58 89.10 Td (46,738,105) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.62 89.10 Td ( shares of the Registrant) Tj ET Q q 0 0 0 rg BT 336.51 89.10 Td (s common stock outstanding. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 75.30 Td (Documents Incorporated by Reference ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 61.50 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 548.28 61.50 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 50.70 Td (the general rules and regulations of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 287.66 50.70 Td (Act of 1934, as amended, for the 2018 annual meeting of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 39.90 Td (stockholders scheduled to be held on May3, 2018 are incorporated by reference into PartIII of this Form 10-K.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 26.399999999999977 m 306.5 26.399999999999977 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 24.399999999999977 m 306.5 24.399999999999977 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 26.399999999999977 m 567.5 26.399999999999977 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 24.399999999999977 m 567.5 24.399999999999977 l s BT /F1 10.00 Tf ET 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) Tj ET Q q 0 0 0 rg BT 190.42 552.32 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 262.55 552.32 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 1) Tj ET Q q 0 0 0 rg BT 82.45 404.32 Td (1) 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 545.00 622.32 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 608.32 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 594.32 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 580.32 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 544.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 530.32 Td (14) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.00 516.32 Td (15) 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 (35) 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 (36) 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 (36) 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 (36) 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 (36) 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 (37) 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 (37) 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 (37) 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 (37) 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 (37) 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 (38) 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 (40) 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, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 594.25 Td (Inc. \(CSCM\), Cohen& Steers Securities, LLC \(CSS\), Cohen& Steers ) Tj ET Q q 0 0 0 rg BT 337.59 594.25 Td (Asia Limited \(CSAL\), Cohen& Steers UK Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 582.25 Td (\(CSUK\) 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 528.25 582.25 Td (, we, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 570.25 Td (us or our) Tj ET Q q 0 0 0 rg BT 89.00 570.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 549.25 Td (Our revenue is derived from fees received from our clients, including fees for managing or subadvising client accounts; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 537.25 Td (investment advisory) Tj ET Q q 0 0 0 rg BT 134.17 537.25 Td (, administration, distribution and service fees received from Company-sponsored open-end and closed-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 525.25 Td (end 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 54.00 513.25 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 54.00 501.25 Td (changes in the total value of our assets under management, which may occur as a result of investment performance, addition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 489.25 Td (or termination of client accounts, inflows or outflows from client accounts, market conditions, or foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 477.25 Td (fluctuations and is recognized over the period that the assets are managed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 456.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 456.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 456.25 Td (, we managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.34 456.25 Td ($62.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.45 456.25 Td ( in assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.56 456.25 Td ($29.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.67 456.25 Td ( in institutional accounts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.71 456.25 Td ($23.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.83 456.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 444.25 Td (open-end funds, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.87 444.25 Td ($9.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.98 444.25 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 432.79 444.25 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.12 444.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.56 444.25 Td ($57.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.67 444.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 432.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 432.25 Td ( as a result of net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.45 432.25 Td ($3.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.56 432.25 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.01 432.25 Td ($5.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.12 432.25 Td (, partially of) Tj ET Q q 0 0 0 rg BT 500.09 432.25 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 420.25 Td (distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.33 420.25 Td ($4.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.45 420.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 399.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 104.09 399.25 Td (V) Tj ET Q q 0 0 0 rg BT 110.40 399.25 Td (ehicles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.72 399.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 382.25 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 54.00 361.25 Td (Institutional ) Tj ET Q q 0 0 0 rg BT 105.21 361.25 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 344.25 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 54.00 332.25 Td (institutional clients. ) Tj ET Q q 0 0 0 rg BT 135.20 332.25 Td (W) Tj ET Q q 0 0 0 rg BT 143.84 332.25 Td (e manage the assets in each institutional account in accordance with the investment requirements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 320.25 Td (that client as set forth in such client) Tj ET Q q 0 0 0 rg BT 198.68 320.25 Td (s investment management agreement and investment guidelines. ) Tj ET Q q 0 0 0 rg BT 458.43 320.25 Td (The investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.25 Td (management 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 484.41 308.25 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 296.25 Td (December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 296.25 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 519.44 296.25 Td ($101.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 284.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 284.25 Td (, $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.89 284.25 Td (93.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.78 284.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.22 284.25 Td ($85.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.11 284.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 267.77 284.25 Td (, and accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.91 284.25 Td (29%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.24 284.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.24 284.25 Td (29%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.57 284.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 284.25 Td (28%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.33 284.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 479.00 284.25 Td (, of our investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 272.25 Td (advisory and administration fee revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 251.25 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 54.00 239.25 Td (manager of that investment vehicle, are included in our institutional account assets. ) Tj ET Q q 0 0 0 rg BT 388.90 239.25 Td (As subadvisor) Tj ET Q q 0 0 0 rg BT 445.45 239.25 Td (, we are responsible for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.25 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 54.00 215.25 Td (responsible for decisions regarding the amount, timing and whether to pay distributions of income from the investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.25 Td (vehicle to its beneficial owners. ) Tj ET Q q 0 0 0 rg BT 182.85 203.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.29 203.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.88 203.25 Td (, approximately $18.1 billion of our institutional account assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.25 Td (were in subadvisory accounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 170.25 Td (Advisory assets, which represent accounts for which we have been appointed as the investment manager) Tj ET Q q 0 0 0 rg BT 494.02 170.25 Td (, are included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 158.25 Td (in our institutional account assets. ) Tj ET Q q 0 0 0 rg BT 191.76 158.25 Td (As investment adviser) Tj ET Q q 0 0 0 rg BT 280.23 158.25 Td (, we are responsible to oversee the daily operations and manage the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 146.25 Td (assets in the account while adhering to the specified investment objectives. ) Tj ET Q q 0 0 0 rg BT 355.58 146.25 Td (As of December31, 2017, approximately $1) Tj ET Q q 0 0 0 rg BT 533.50 146.25 Td (1.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.25 Td (billion of our institutional account assets were in advisory accounts.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 113.25 Td (Open-end Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 96.25 Td (The open-end funds for which we serve as investment adviser of) Tj ET Q q 0 0 0 rg BT 334.57 96.25 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 84.25 Td (invested and redeem shares when assets are withdrawn. ) Tj ET Q q 0 0 0 rg BT 278.46 84.25 Td (The share price for purchases and redemptions of shares of each of ) 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 35.10 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 740.10 Td (the open-end funds is determined by each fund) Tj ET Q q 0 0 0 rg BT 244.22 740.10 Td (s net asset value, which is calculated at the end of each business day) Tj ET Q q 0 0 0 rg BT 516.26 740.10 Td (. ) Tj ET Q q 0 0 0 rg BT 521.08 740.10 Td (The net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 728.10 Td (asset value per share is the current value of a fund) Tj ET Q q 0 0 0 rg BT 256.70 728.10 Td (s assets less liabilities, divided by the fund) Tj ET Q q 0 0 0 rg BT 429.45 728.10 Td (s total shares outstanding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 707.10 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 54.00 695.10 Td (based on each fund) Tj ET Q q 0 0 0 rg BT 133.69 695.10 Td (s investment strategy) Tj ET Q q 0 0 0 rg BT 217.47 695.10 Td (, fees char) Tj ET Q q 0 0 0 rg BT 258.10 695.10 Td (ged by other comparable funds and the market in which the fund is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (of) Tj ET Q q 0 0 0 rg BT 62.15 683.10 Td (fered. In addition, we receive a separate fee for providing administrative services to certain open-end funds at a rate that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (designed to reimburse us for the cost of providing these services. ) Tj ET Q q 0 0 0 rg BT 315.98 671.10 Td (The open-end funds pay us a monthly investment advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (fee and an administration fee, if applicable, based on a contractual fee rate applied to the fund) Tj ET Q q 0 0 0 rg BT 431.61 659.10 Td (s average assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (management. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.20 647.10 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.20 647.10 Td (, investment advisory and administration fees from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (open-end funds totaled approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.40 635.10 Td ($165.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.29 635.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.29 635.10 Td ($149.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.18 635.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.62 635.10 Td ($136.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.51 635.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 462.17 635.10 Td (, and accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (48%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.33 623.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.33 623.10 Td (47%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.66 623.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.10 623.10 Td (45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.43 623.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 186.09 623.10 Td (, of our investment advisory and administration fee revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 602.10 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 54.00 590.10 Td (investment adviser are generally terminable upon a vote of a majority of the fund) Tj ET Q q 0 0 0 rg BT 381.39 590.10 Td (s board of directors on 60 days) Tj ET Q q 0 0 0 rg BT 507.28 590.10 Td ( notice, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 578.10 Td (each investment advisory agreement, including the fees payable thereunder) Tj ET Q q 0 0 0 rg BT 354.31 578.10 Td (, is subject to annual approval by a majority of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 566.10 Td (directors of the fund) Tj ET Q q 0 0 0 rg BT 138.14 566.10 Td (s board who are not "interested persons," as defined by the Investment Company ) Tj ET Q q 0 0 0 rg BT 462.90 566.10 Td (Act of 1940 \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 554.10 Td (Investment Company ) Tj ET Q q 0 0 0 rg BT 141.77 554.10 Td (Act\), following the initial two-year term.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (Closed-end Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 516.10 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 54.00 504.10 Td (fixed number of shares through public of) Tj ET Q q 0 0 0 rg BT 217.67 504.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 250.25 504.10 Td (These shares are listed on the New ) Tj ET Q q 0 0 0 rg BT 391.22 504.10 Td (Y) Tj ET Q q 0 0 0 rg BT 397.44 504.10 Td (ork Stock Exchange and cannot be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 492.10 Td (redeemed by the fund) Tj ET Q q 0 0 0 rg BT 143.69 492.10 Td (s shareholders. ) Tj ET Q q 0 0 0 rg BT 205.44 492.10 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 54.00 480.10 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 76.50 459.10 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 54.00 447.10 Td (based on each fund) Tj ET Q q 0 0 0 rg BT 133.69 447.10 Td (s investment strategy) Tj ET Q q 0 0 0 rg BT 217.47 447.10 Td (, fees char) Tj ET Q q 0 0 0 rg BT 258.10 447.10 Td (ged by other comparable funds and prevailing market conditions at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 435.10 Td (time each closed-end fund initially of) Tj ET Q q 0 0 0 rg BT 203.49 435.10 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 54.00 423.10 Td (administration services to eight of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.30 423.10 Td (nine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.51 423.10 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 54.00 411.10 Td (these services. ) Tj ET Q q 0 0 0 rg BT 114.07 411.10 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 54.00 399.10 Td (on a contractual fee rate applied to the fund) Tj ET Q q 0 0 0 rg BT 230.59 399.10 Td (s average assets under management. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.86 399.10 Td (years ended December31, 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 387.10 Td (2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.44 387.10 Td (, investment advisory and administration fees from closed-end funds totaled approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.01 387.10 Td ($79.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.90 387.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 375.10 Td ($76.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 375.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.33 375.10 Td ($81.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.22 375.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 233.88 375.10 Td (, and accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.01 375.10 Td (23%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.34 375.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.34 375.10 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.67 375.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.11 375.10 Td (27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.44 375.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 445.10 375.10 Td (, of our investment advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 363.10 Td (and administration fee revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 342.10 Td (Our investment advisory agreements with each U.S. closed-end fund for which we serve as investment adviser are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 330.10 Td (generally terminable upon a vote of a majority of the fund) Tj ET Q q 0 0 0 rg BT 288.92 330.10 Td (s board of directors on 60 days) Tj ET Q q 0 0 0 rg BT 414.82 330.10 Td ( notice and are subject to annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 318.10 Td (approval by a majority of the directors of the fund) Tj ET Q q 0 0 0 rg BT 256.99 318.10 Td (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 54.00 306.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 94.83 306.10 Td (Act, following the initial two-year term.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 285.10 Td (Portfolio Consulting and Other Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 268.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 268.10 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 54.00 256.10 Td (Majors Index \(GRM\). RMP) Tj ET Q q 0 0 0 rg BT 165.29 256.10 Td ( is the basis for the iShares Cohen& Steers REIT) Tj ET Q q 0 0 0 rg BT 362.86 256.10 Td ( ETF sponsored by BlackRock Institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 244.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.76 244.10 Td (rust Company) Tj ET Q q 0 0 0 rg BT 115.49 244.10 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 458.52 244.10 Td (ALPS Fund Services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 232.10 Td (Inc. and iShares Global Real Estate Index ETF sponsored by BlackRock ) Tj ET Q q 0 0 0 rg BT 345.60 232.10 Td (Asset Management Canada Limited. ) Tj ET Q q 0 0 0 rg BT 493.99 232.10 Td (W) Tj ET Q q 0 0 0 rg BT 502.63 232.10 Td (e earn a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 220.10 Td (licensing fee based on a percentage of the funds) Tj ET Q q 0 0 0 rg BT 248.17 220.10 Td ( assets for the use of our indexes, which were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.54 220.10 Td ($3.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.66 220.10 Td ( as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 208.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.83 208.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.41 208.10 Td (. ) Tj ET Q q 0 0 0 rg BT 148.23 208.10 Td (While we receive a fee on these assets, they are not included in our reported assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 196.10 Td (management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 175.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 175.10 Td (e also provide services in connection with model-based strategies accounts. ) Tj ET Q q 0 0 0 rg BT 389.03 175.10 Td (W) Tj ET Q q 0 0 0 rg BT 397.67 175.10 Td (e provide model portfolios of securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.10 Td (that fulfill the investment objective of a specified strategy on a regular basis.) Tj ET Q q 0 0 0 rg BT 362.24 163.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.68 163.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.26 163.10 Td (, we provided such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 151.10 Td (services to accounts with aggregate assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.77 151.10 Td ($3.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.88 151.10 Td (. ) Tj ET Q q 0 0 0 rg BT 285.70 151.10 Td (While we receive a fee on these assets, they are not included in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 139.10 Td (reported assets under management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 118.10 Td (In addition, we provide several services in connection with assets held by unit investment trusts \(UIT) Tj ET Q q 0 0 0 rg BT 480.71 118.10 Td (s\). ) Tj ET Q q 0 0 0 rg BT 492.38 118.10 Td (A) Tj ET Q q 0 0 0 rg BT 499.05 118.10 Td ( UIT) Tj ET Q q 0 0 0 rg BT 518.03 118.10 Td ( is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 106.10 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 543.95 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 94.10 Td (\(generally two to five years\) except that the sponsor of the UIT) Tj ET Q q 0 0 0 rg BT 306.23 94.10 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 82.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 115.09 82.10 Td (As a portfolio consultant to a number of UIT) Tj ET Q q 0 0 0 rg BT 293.79 82.10 Td (s, we construct a portfolio of securities that we believe is well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 70.10 Td (suited to satisfy the investment objective of the UIT) Tj ET Q q 0 0 0 rg BT 260.99 70.10 Td (. ) Tj ET Q q 0 0 0 rg BT 265.81 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.44 70.10 Td (e also provide ongoing portfolio monitoring services and provide a ) 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 35.10 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 740.10 Td (license to certain firms to use our name in connection with certain of their investment products. ) Tj ET Q q 0 0 0 rg BT 437.50 740.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 740.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.58 740.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 728.10 Td (provided such portfolio consulting services to UIT) Tj ET Q q 0 0 0 rg BT 255.48 728.10 Td (s with aggregate assets of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.44 728.10 Td ($669 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.83 728.10 Td (. ) Tj ET Q q 0 0 0 rg BT 476.65 728.10 Td (While we receive a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 716.10 Td (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 76.50 695.10 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 54.00 674.10 Td (Our) Tj ET Q q 0 0 0 rg BT 71.60 674.10 Td ( Investment Strategies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 657.10 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 516.51 657.10 Td (, or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 645.10 Td (team of portfolio managers, supported by dedicated analysts. ) Tj ET Q q 0 0 0 rg BT 299.86 645.10 Td (These personnel are located in our New ) Tj ET Q q 0 0 0 rg BT 460.81 645.10 Td (Y) Tj ET Q q 0 0 0 rg BT 467.03 645.10 Td (ork, Seattle, London ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 633.10 Td (and Hong Kong of) Tj ET Q q 0 0 0 rg BT 128.53 633.10 Td (fices. Each team executes fundamentally driven, actively managed investment strategies and each has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 621.10 Td (unique 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 54.00 609.10 Td (management elements. ) Tj ET Q q 0 0 0 rg BT 147.95 609.10 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 54.00 597.10 Td (Investment Of) Tj ET Q q 0 0 0 rg BT 111.30 597.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 129.22 597.10 Td (, our Chief ) Tj ET Q q 0 0 0 rg BT 174.21 597.10 Td (Administrative Of) Tj ET Q q 0 0 0 rg BT 247.08 597.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 265.19 597.10 Td (-Investments, our Investment Risk Committee, our Investment Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.10 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 54.00 573.10 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 76.50 552.10 Td (Below is a summary of our investment strategies:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 531.10 Td (Real ) Tj ET Q q 0 0 0 rg BT 75.39 531.10 Td (Assets Multi-Strategy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.87 531.10 Td ( invests in a diversified multi-strategy portfolio of listed companies and securities that generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 519.10 Td (own or are backed by tangible real assets, including real estate securities, global listed infrastructure, commodities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 507.10 Td (natural resource equities, with the objective of achieving attractive total returns over the long term, while providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 495.10 Td (diversification and 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 54.00 474.10 Td (U.S. and Global Real Estate Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.06 474.10 Td ( invests in a portfolio of common stocks and other securities issued by U.S. and non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 462.10 Td (U.S. real estate companies, including real estate investment trusts \(REIT) Tj ET Q q 0 0 0 rg BT 343.22 462.10 Td (s\) and similar REIT) Tj ET Q q 0 0 0 rg BT 421.45 462.10 Td (-like entities. ) Tj ET Q q 0 0 0 rg BT 475.98 462.10 Td (This strategy draws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 450.10 Td (on the expertise of our integrated global real estate securities investment team. ) Tj ET Q q 0 0 0 rg BT 370.09 450.10 Td (The investment objective is total return with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 438.10 Td (balance of capital appreciation and income. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 417.10 Td (Global Listed Infrastructur) Tj ET Q q 0 0 0 rg BT 171.60 417.10 Td (e) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 176.04 417.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.54 417.10 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 54.00 405.10 Td (companies such as utilities, pipelines, toll roads, airports, railroads, marine ports and communications companies located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 393.10 Td (developed markets with opportunistic allocations to emer) Tj ET Q q 0 0 0 rg BT 283.20 393.10 Td (ging markets. ) Tj ET Q q 0 0 0 rg BT 339.96 393.10 Td (The investment objective is total return with a balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 381.10 Td (of capital appreciation and income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 360.10 Td (MLPs and Midstr) Tj ET Q q 0 0 0 rg BT 130.49 360.10 Td (eam Energy) Tj ET Q BT /F6 10.00 Tf ET q 0 0 0 rg BT 181.87 360.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.37 360.10 Td (invests in a diversified portfolio of companies that own and operate assets in the midstream ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 348.10 Td (segment of the ener) Tj ET Q q 0 0 0 rg BT 132.40 348.10 Td (gy value chain, where cash flows are generally tied to the transportation, processing and storage of crude ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 336.10 Td (oil, natural gas and natural gas liquids in North ) Tj ET Q q 0 0 0 rg BT 243.97 336.10 Td (America. ) Tj ET Q q 0 0 0 rg BT 283.21 336.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.85 336.10 Td (e adhere to a disciplined fundamental, relative value-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 324.10 Td (approach to investing in midstream ener) Tj ET Q q 0 0 0 rg BT 214.61 324.10 Td (gy) Tj ET Q q 0 0 0 rg BT 223.96 324.10 Td (. ) Tj ET Q q 0 0 0 rg BT 228.78 324.10 Td (W) Tj ET Q q 0 0 0 rg BT 237.41 324.10 Td (e do not invest in upstream, downstream or integrated ener) Tj ET Q q 0 0 0 rg BT 472.16 324.10 Td (gy companies. ) Tj ET Q q 0 0 0 rg BT 532.25 324.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 312.10 Td (investment objective is to maximize total return balancing income and capital appreciation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 291.10 Td (Global Natural Resour) Tj ET Q q 0 0 0 rg BT 151.60 291.10 Td (ce Equities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.48 291.10 Td (seeks to maximize total return by investing in companies involved in the production, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.10 Td (extraction, or processing of commodities and natural resources. Specifically) Tj ET Q q 0 0 0 rg BT 357.14 279.10 Td (, the strategy invests in ener) Tj ET Q q 0 0 0 rg BT 468.59 279.10 Td (gy producers, metals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.10 Td (and mining companies and agriculture-based businesses. ) Tj ET Q q 0 0 0 rg BT 282.93 267.10 Td (The investment objective is total return.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 246.10 Td (Commodities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.16 246.10 Td (invests in a diversified portfolio of exchange-traded commodity futures contracts and other commodity-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 234.10 Td (financial derivative instruments. ) Tj ET Q q 0 0 0 rg BT 185.45 234.10 Td (W) Tj ET Q q 0 0 0 rg BT 194.08 234.10 Td (e take a fundamental, research-driven approach to commodities management, while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 222.10 Td (seeking alpha through active trade implementation, which may entail going long, short or employing spread trades. ) Tj ET Q q 0 0 0 rg BT 516.75 222.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 210.10 Td (investment objective is total return.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 189.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 64.37 189.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 85.27 189.10 Td (ed Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.92 189.10 Td (invests in a diversified portfolio of preferred and debt securities issued by U.S. and non-U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 177.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 101.58 177.10 Td (The preferred securities are issued by banks, insurance companies, REIT) Tj ET Q q 0 0 0 rg BT 392.16 177.10 Td (s and other diversified financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 165.10 Td (institutions as well as utility) Tj ET Q q 0 0 0 rg BT 165.57 165.10 Td (, ener) Tj ET Q q 0 0 0 rg BT 187.60 165.10 Td (gy) Tj ET Q q 0 0 0 rg BT 196.95 165.10 Td (, pipeline and telecommunications companies. ) Tj ET Q q 0 0 0 rg BT 384.21 165.10 Td (W) Tj ET Q q 0 0 0 rg BT 392.85 165.10 Td (e employ a unified investment process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 153.10 Td (that underlies our traditional total return preferred securities strategy as well as the lower duration capital preservation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 141.10 Td (strategies.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 120.10 Td (Large Cap ) Tj ET Q q 0 0 0 rg BT 102.15 120.10 Td (V) Tj ET Q q 0 0 0 rg BT 108.45 120.10 Td (alue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.73 120.10 Td (invests in a diversified portfolio of stocks issued by U.S. lar) Tj ET Q q 0 0 0 rg BT 367.96 120.10 Td (ge capitalization companies that appear to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 108.10 Td (undervalued but have good prospects for capital appreciation and dividend growth. ) Tj ET Q q 0 0 0 rg BT 388.16 108.10 Td (The investment objective is total return.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 87.10 Td (In addition, we of) Tj ET Q q 0 0 0 rg BT 147.41 87.10 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 75.10 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 63.10 Td (employ leverage.) 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 35.10 Td (4) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 740.10 Td (Our Distribution Network) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 723.10 Td (Our distribution network encompasses the major channels in the asset management industry) Tj ET Q q 0 0 0 rg BT 443.82 723.10 Td (, including lar) Tj ET Q q 0 0 0 rg BT 499.46 723.10 Td (ge brokerage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 711.10 Td (firms, registered investment advisers, institutional investors and retirement recordkeepers. ) Tj ET Q q 0 0 0 rg BT 416.49 711.10 Td (The U.S. registered open-end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 699.10 Td (funds for which we serve as investment adviser are available for purchase with and without commissions through full service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 687.10 Td (and discount broker) Tj ET Q q 0 0 0 rg BT 133.22 687.10 Td (-dealers as well as the significant networks serving financial advisers. Our institutional account clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 675.10 Td (include corporate and public defined benefit and defined contribution pension plans, endowment funds and foundations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 663.10 Td (insurance companies and other financial institutions that access our investment management services directly) Tj ET Q q 0 0 0 rg BT 490.43 663.10 Td (, through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 651.10 Td (consultants or through other intermediaries.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 627.10 Td (Geographic Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 610.10 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 316.41 610.10 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.41 610.10 Td ( \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 598.10 Td (thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 576.6 m 429.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 576.6 m 433.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 576.6 m 493.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 576.6 m 497.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 576.6 m 557.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 576.6 m 429.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 565.6 m 429.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 576.6 m 493.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 565.6 m 493.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 576.6 m 557.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 565.6 m 557.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 565.6 m 429.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 565.6 m 493.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 565.6 m 557.5 565.6 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 429.5 509.6 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 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 370.5 509.6 m 429.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 496.6 m 429.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 494.6 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 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 433.5 496.6 m 493.5 496.6 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 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 497.5 496.6 m 557.5 496.6 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 BT /F1 4.00 Tf ET q 0 0 0 rg BT 56.00 579.98 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 419.20 579.68 Td (Y) Tj ET Q q 0 0 0 rg BT 424.09 579.68 Td (ear) Tj ET Q q 0 0 0 rg BT 435.05 579.68 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.78 579.68 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.50 568.68 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 568.68 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 568.68 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 556.17 Td (North ) Tj ET Q q 0 0 0 rg BT 81.55 556.17 Td (America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 556.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 556.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 556.17 Td (313,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 556.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 556.17 Td (285,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 556.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 556.17 Td (269,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 542.17 Td (Japan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 542.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 542.17 Td (42,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 542.17 Td (43,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 542.17 Td (41,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 528.17 Td (Asia excluding Japan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 528.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 528.17 Td (1) Tj ET Q q 0 0 0 rg BT 403.15 528.17 Td (1,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 528.17 Td (9,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 528.17 Td (6,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 514.17 Td (Europe) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.50 514.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 514.17 Td (10,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 514.17 Td (10,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 514.17 Td (10,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 500.17 Td (T) Tj ET Q q 0 0 0 rg BT 88.41 500.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.50 500.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 500.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 500.17 Td (378,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 500.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 500.17 Td (349,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 500.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 500.17 Td (328,655) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 472.10 Td (Competition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 455.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 455.10 Td (e compete with a lar) Tj ET Q q 0 0 0 rg BT 166.03 455.10 Td (ge number of global and U.S. investment managers, commercial banks, broker) Tj ET Q q 0 0 0 rg BT 480.19 455.10 Td (-dealers, insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 443.10 Td (companies and other financial institutions. Many competing firms are parts of lar) Tj ET Q q 0 0 0 rg BT 378.17 443.10 Td (ger financial services companies and attract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.10 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 54.00 419.10 Td (agencies and broker) Tj ET Q q 0 0 0 rg BT 133.76 419.10 Td (-dealers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 398.10 Td (Our direct competitors in wealth management are other funds and exchange-traded-fund \(ETF\) sponsors, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 386.10 Td (lar) Tj ET Q q 0 0 0 rg BT 64.37 386.10 Td (ge nationally recognized investment management firms that have more diverse product of) Tj ET Q q 0 0 0 rg BT 423.23 386.10 Td (ferings and smaller boutique ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 374.10 Td (firms that specialize in particular asset classes. ) Tj ET Q q 0 0 0 rg BT 242.64 374.10 Td (W) Tj ET Q q 0 0 0 rg BT 251.28 374.10 Td (e also compete against managers that will manage separate-account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 362.10 Td (portfolios for high net worth clients. In the institutional channel, we compete against a number of investment managers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 350.10 Td (of) Tj ET Q q 0 0 0 rg BT 62.15 350.10 Td (fering similar 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 76.50 329.10 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 54.00 317.10 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 54.00 305.10 Td (doing so. ) Tj ET Q q 0 0 0 rg BT 92.99 305.10 Td (W) Tj ET Q q 0 0 0 rg BT 101.63 305.10 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 54.00 293.10 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 54.00 281.10 Td (channel.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 260.10 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 54.00 248.10 Td (same client base that we tar) Tj ET Q q 0 0 0 rg BT 164.05 248.10 Td (get and serve. Financial intermediaries that of) Tj ET Q q 0 0 0 rg BT 346.86 248.10 Td (fer our products to their clients may also of) Tj ET Q q 0 0 0 rg BT 519.41 248.10 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.10 Td (competing products. Many of our competitors have greater brand name recognition and more extensive client bases than we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 224.10 Td (do, which could be to our disadvantage. In addition, our lar) Tj ET Q q 0 0 0 rg BT 290.70 224.10 Td (ger competitors have more resources and may have more capacity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 212.10 Td (to expand their product of) Tj ET Q q 0 0 0 rg BT 157.68 212.10 Td (ferings and distribution channels and capture market share through ongoing business relationships ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 200.10 Td (and extensive marketing ef) Tj ET Q q 0 0 0 rg BT 161.83 200.10 Td (forts. However) Tj ET Q q 0 0 0 rg BT 221.41 200.10 Td (, compared to our lar) Tj ET Q q 0 0 0 rg BT 304.81 200.10 Td (ger competitors, we may be able to grow our business at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 188.10 Td (faster rate from a relatively smaller asset base and shift resources in response to changing market conditions more quickly) Tj ET Q q 0 0 0 rg BT 540.97 188.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 164.10 Td (Regulation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 147.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 147.10 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 54.00 135.10 Td (which we do business or of) Tj ET Q q 0 0 0 rg BT 162.97 135.10 Td (fer our products and services. ) Tj ET Q q 0 0 0 rg BT 283.30 135.10 Td (V) Tj ET Q q 0 0 0 rg BT 289.92 135.10 Td (iolation of applicable laws or regulations could result in fines, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.10 Td (temporary or permanent prohibition of engagement in certain activities, reputational harm and loss of clients, suspension of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.10 Td (personnel or revocation of their regulatory licenses, suspension or termination of investment adviser and/or broker) Tj ET Q q 0 0 0 rg BT 511.17 111.10 Td (-dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 99.10 Td (registrations, or other sanctions and penalties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 78.10 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 66.10 Td (approved investment manager with the Luxembour) Tj ET Q q 0 0 0 rg BT 258.48 66.10 Td (g Commission de Surveillance du Secteur Financier \(the CSSF\), the Irish ) 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 35.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 740.10 Td (Financial Services Regulatory ) Tj ET Q q 0 0 0 rg BT 176.47 740.10 Td (Authority \(the IFSRA\) and the Korean Financial Services Commission. CSCM has also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 728.10 Td (obtained exemptions from registration that allow it to provide investment management services to institutions in ) Tj ET Q q 0 0 0 rg BT 504.75 728.10 Td (Australia ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 716.10 Td (and Canada. CSCM is also a registered commodity trading adviser and a registered commodity pool operator with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 704.10 Td (Commodities Futures ) Tj ET Q q 0 0 0 rg BT 142.71 704.10 Td (T) Tj ET Q q 0 0 0 rg BT 148.47 704.10 Td (rading Commission \(the CFTC\) and is a member of the National Futures ) Tj ET Q q 0 0 0 rg BT 441.21 704.10 Td (Association \(the NF) Tj ET Q q 0 0 0 rg BT 521.01 704.10 Td (A\), a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 692.10 Td (futures industry self-regulatory or) Tj ET Q q 0 0 0 rg BT 189.06 692.10 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 235.53 692.10 Td (The CFTC and NF) Tj ET Q q 0 0 0 rg BT 310.06 692.10 Td (A) Tj ET Q q 0 0 0 rg BT 316.73 692.10 Td ( regulate futures contracts, swaps, and various other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 680.10 Td (financial instruments in which certain of the Company) Tj ET Q q 0 0 0 rg BT 274.78 680.10 Td (s clients may invest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 659.10 Td (CSUK, our UK-based subsidiary) Tj ET Q q 0 0 0 rg BT 207.51 659.10 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 54.00 647.10 Td (Conduct ) Tj ET Q q 0 0 0 rg BT 89.83 647.10 Td (Authority and is an approved investment manager with the CSSF) Tj ET Q q 0 0 0 rg BT 349.83 647.10 Td (. CSUK provides investment management services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (in several European Union member states pursuant to the Directive on Markets in Financial Instruments repealing Directive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (2004/39/EC \(MiFID II\) and the Regulation on Markets in Financial Instruments \(MiFIR\). CSUK is subject to the Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 611.10 Td (Services and Markets ) Tj ET Q q 0 0 0 rg BT 142.03 611.10 Td (Act 2000, which regulates, among other things, certain liquidity and capital resources requirements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 599.10 Td (Such requirements may limit our ability to withdraw capital from CSUK. CSUK is also subject to certain pan-European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (regulations, including MiFID II, the Capital Requirements Directive and the ) Tj ET Q q 0 0 0 rg BT 360.60 587.10 Td (Alternative Investment Fund Managers Directive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (\(AIFMD\). MiFID II and MiFIR regulate the provision of investment services throughout the European Economic ) Tj ET Q q 0 0 0 rg BT 510.03 575.10 Td (Area and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 563.10 Td (the Capital Requirements Directive regulates capital requirements. ) Tj ET Q q 0 0 0 rg BT 322.24 563.10 Td (AIFMD regulates the management, administration and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 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 54.00 539.10 Td (the cross-border marketing of those funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 518.10 Td (CSAL, our Hong Kong-based subsidiary) Tj ET Q q 0 0 0 rg BT 238.89 518.10 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 54.00 506.10 Td (and Futures Commission \(the SFC\) and is an approved investment manager with the CSSF and the IFSRA. CSAL) Tj ET Q q 0 0 0 rg BT 510.27 506.10 Td ( is subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.10 Td (to the Securities and Futures Ordinance \(the SFO\), which regulates, among other things, of) Tj ET Q q 0 0 0 rg BT 417.63 494.10 Td (fers of investments to the public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (and the licensing of intermediaries. CSAL) Tj ET Q q 0 0 0 rg BT 222.48 482.10 Td ( and its employees conducting any of the regulated activities specified in the SFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 470.10 Td (are required to be 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 76.50 449.10 Td (In their capacity as U.S. registered investment advisers, CSCM, CSUK and CSAL) Tj ET Q q 0 0 0 rg BT 405.25 449.10 Td ( are subject to the rules and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (regulations of the Investment ) Tj ET Q q 0 0 0 rg BT 172.86 437.10 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 210.36 437.10 Td (Act of 1940 \(the ) Tj ET Q q 0 0 0 rg BT 278.13 437.10 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 315.63 437.10 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 338.21 437.10 Td (The ) Tj ET Q q 0 0 0 rg BT 355.71 437.10 Td (Advisers ) Tj ET Q q 0 0 0 rg BT 393.21 437.10 Td (Act imposes numerous obligations on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (registered investment advisers, including recordkeeping, operational and marketing requirements, disclosure obligations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (prohibitions on fraudulent activities. In addition, our subsidiaries that serve as investment adviser or subadvisor to U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (registered funds are subject to the Investment Company ) Tj ET Q q 0 0 0 rg BT 278.94 401.10 Td (Act, which imposes additional governance, compliance, reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (and fiduciary obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 368.10 Td (CSJL, a Delaware limited liability company and subsidiary that operates from a branch of) Tj ET Q q 0 0 0 rg BT 435.66 368.10 Td (fice in ) Tj ET Q q 0 0 0 rg BT 463.24 368.10 Td (T) Tj ET Q q 0 0 0 rg BT 468.65 368.10 Td (okyo, is a financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 356.10 Td (instruments operator \(investment advisory and agency business\) registered with the Financial Services ) Tj ET Q q 0 0 0 rg BT 465.56 356.10 Td (Agency of Japan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 344.10 Td (the Kanto Local Finance Bureau and is subject to the Financial Instruments and Exchange ) Tj ET Q q 0 0 0 rg BT 416.12 344.10 Td (Act. CSJL) Tj ET Q q 0 0 0 rg BT 457.42 344.10 Td ( supports the marketing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 332.10 Td (client service and business development activities of the Company) Tj ET Q q 0 0 0 rg BT 319.39 332.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 311.10 Td (CSS is a registered broker) Tj ET Q q 0 0 0 rg BT 180.72 311.10 Td (-dealer regulated by the SEC, the Financial Industry Regulatory ) Tj ET Q q 0 0 0 rg BT 437.88 311.10 Td (Authority and other federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 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 54.00 287.10 Td (recordkeeping. CSS is also subject to the SEC) Tj ET Q q 0 0 0 rg BT 241.20 287.10 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 54.00 275.10 Td (broker) Tj ET Q q 0 0 0 rg BT 79.90 275.10 Td (-dealers and is designed to enforce minimum standards regarding the general financial condition and liquidity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (broker) Tj ET Q q 0 0 0 rg BT 79.90 263.10 Td (-dealers. Under certain circumstances, this rule may limit our ability to withdraw capital and receive dividends from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (CSS. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 230.10 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 434.25 230.10 Td (filiate in one jurisdiction may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 218.10 Td (af) Tj ET Q q 0 0 0 rg BT 61.59 218.10 Td (fect the operation of af) Tj ET Q q 0 0 0 rg BT 152.47 218.10 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 54.00 194.10 Td (Employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 177.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 177.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 177.10 Td (, we had 303 full-time employees.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 153.10 Td (A) Tj ET Q q 0 0 0 rg BT 60.48 153.10 Td (vailable Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.54 153.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 136.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 136.10 Td (e file annual, quarterly and current reports, proxy statements and all amendments to these reports and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 124.10 Td (information with the SEC. ) Tj ET Q q 0 0 0 rg BT 161.87 124.10 Td (W) Tj ET Q q 0 0 0 rg BT 170.50 124.10 Td (e make available free of char) Tj ET Q q 0 0 0 rg BT 286.08 124.10 Td (ge on or through our website at ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 413.55 124.10 Td (www) Tj ET Q q 0 0 0 rg BT 432.82 124.10 Td (.cohenandsteers.com) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.69 124.10 Td ( our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 112.10 Td (Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 100.10 Td (reports as soon as 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 498.57 100.10 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 ( 2017 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 (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 669.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 669.25 Td (, our lar) Tj ET Q q 0 0 0 rg BT 210.72 669.25 Td (gest institutional client, Daiwa ) Tj ET Q q 0 0 0 rg BT 334.87 669.25 Td (Asset Management, which holds assets in numerous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 657.25 Td (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 445.55 657.25 Td (1) Tj ET Q q 0 0 0 rg BT 450.18 657.25 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.51 657.25 Td ( of our total revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 645.25 Td (for 2017. ) Tj ET Q q 0 0 0 rg BT 92.61 645.25 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.65 645.25 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.98 645.25 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 441.68 645.25 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.01 645.25 Td ( of our total assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 633.25 Td (under management as well as approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.49 633.25 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.82 633.25 Td ( of our assets under advisement were derived from this client. Investor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 621.25 Td (demand for products we subadvise for this client can be af) Tj ET Q q 0 0 0 rg BT 287.08 621.25 Td (fected by) Tj ET Q q 0 0 0 rg BT 323.35 621.25 Td (, among other things, changes in the distributions paid by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 609.25 Td (those products, the strength of the Japanese yen compared to the currencies in which the assets held in those products are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 597.25 Td (denominated, and the market and regulatory environment in the Japanese mutual fund market. Loss of, or significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.25 Td (withdrawal of assets from, any of these accounts would reduce our revenue and adversely af) Tj ET Q q 0 0 0 rg BT 422.85 585.25 Td (fect our financial condition.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 564.25 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 564.25 Td ( decline in the absolute or) Tj ET Q q 0 0 0 rg BT 192.15 564.25 Td ( r) Tj ET Q q 0 0 0 rg BT 198.91 564.25 Td (elative performance of r) Tj ET Q q 0 0 0 rg BT 301.74 564.25 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 54.00 552.25 Td (assets we manage and our) Tj ET Q q 0 0 0 rg BT 164.38 552.25 Td ( r) Tj ET Q q 0 0 0 rg BT 171.13 552.25 Td (evenue. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 535.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 535.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 535.25 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 54.00 523.25 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 54.00 511.25 Td (degrees of risk that could af) Tj ET Q q 0 0 0 rg BT 165.17 511.25 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 54.00 499.25 Td (of income and capital appreciation or loss realized by the underlying real property) Tj ET Q q 0 0 0 rg BT 381.56 499.25 Td (. Income and real estate values may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 102.40 487.25 Td (fected by) Tj ET Q q 0 0 0 rg BT 138.68 487.25 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 54.00 475.25 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 54.00 463.25 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 461.50 463.25 Td (ficient income to meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.25 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 54.00 439.25 Td (securities or any dividends on common or preferred stocks will be adversely af) Tj ET Q q 0 0 0 rg BT 369.28 439.25 Td (fected. ) Tj ET Q q 0 0 0 rg BT 398.15 439.25 Td (A) Tj ET Q q 0 0 0 rg BT 404.82 439.25 Td ( decline in the performance of real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.25 Td (estate securities would have an adverse ef) Tj ET Q q 0 0 0 rg BT 220.97 427.25 Td (fect on the assets we manage and reduce the fees we earn and our revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 406.25 Td (Our) Tj ET Q q 0 0 0 rg BT 94.10 406.25 Td ( gr) Tj ET Q q 0 0 0 rg BT 105.86 406.25 Td (owth may be constrained by the size and number) Tj ET Q q 0 0 0 rg BT 314.57 406.25 Td ( of r) Tj ET Q q 0 0 0 rg BT 332.16 406.25 Td (eal estate securities issuers, as well as REIT) Tj ET Q q 0 0 0 rg BT 516.95 406.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 394.25 Td (ownership r) Tj ET Q q 0 0 0 rg BT 105.21 394.25 Td (estrictions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 377.25 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 482.68 377.25 Td (. Our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.25 Td (continue to increase our ownership of real estate securities depends, in part, on growth in the size and number of issuers in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.25 Td (the real estate securities market, particularly in the U.S. Our ability to increase our ownership may also be constrained by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 76.04 341.25 Td ( ownership limits, which limit ownership of a REIT) Tj ET Q q 0 0 0 rg BT 285.73 341.25 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 54.00 329.25 Td (Although certain REIT) Tj ET Q q 0 0 0 rg BT 145.50 329.25 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 54.00 317.25 Td (such REIT) Tj ET Q q 0 0 0 rg BT 96.35 317.25 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 402.35 317.25 Td (As a result of these constraints, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.25 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 54.00 293.25 Td (negatively af) Tj ET Q q 0 0 0 rg BT 105.74 293.25 Td (fect 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 76.50 272.25 Td (Seed investments made to support the launch of new strategies and pr) Tj ET Q q 0 0 0 rg BT 373.82 272.25 Td (oducts may expose us to potential losses on ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 260.25 Td (invested capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 243.25 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 54.00 231.25 Td (products. New investment strategies and products require an initial cash investment, time and the appropriate resources as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.25 Td (well as ongoing marketing and other support including subsidies of operating costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 198.25 Td (From time to time, we may support the launch of new investment strategies and products by making seed investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.25 Td (in those strategies and products. Numerous risks and uncertainties are associated with all stages of the seed investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 174.25 Td (product life cycle, including investment performance, market risks, shifting client or market preferences, the introduction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 162.25 Td (competing products and compliance with regulatory requirements. Seed investments in new products utilize capital that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 150.25 Td (would otherwise be available for other corporate purposes and expose us to potential capital losses, against which we do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 138.25 Td (currently hedge. For the year ended December 31, 2017, we recorded non-operating income from seed investments of $3.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 126.25 Td (million, excluding income attributable to redeemable noncontrolling interest, the majority of which was unrealized. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 114.25 Td (year ended December 31, 2016, we recorded non-operating income from seed investments of $6.8 million, excluding losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 102.25 Td (attributable to redeemable noncontrolling interest, the majority of which was unrealized. ) Tj ET Q q 0 0 0 rg BT 410.09 102.25 Td (T) Tj ET Q q 0 0 0 rg BT 415.50 102.25 Td (o the extent we incur losses on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 90.25 Td (seed investments, our earnings and financial condition 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 76.00 731.25 Td (Regulations r) Tj ET Q q 0 0 0 rg BT 133.32 731.25 Td (estricting the use of commission cr) Tj ET Q q 0 0 0 rg BT 280.05 731.25 Td (edits to pay for) Tj ET Q q 0 0 0 rg BT 344.03 731.25 Td ( r) Tj ET Q q 0 0 0 rg BT 350.79 731.25 Td (esear) Tj ET Q q 0 0 0 rg BT 372.82 731.25 Td (ch will incr) Tj ET Q q 0 0 0 rg BT 420.41 731.25 Td (ease our) Tj ET Q q 0 0 0 rg BT 455.50 731.25 Td ( operating expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 714.25 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 409.03 714.25 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 regulation in the European Union has led the Company to eliminate the use of commission credits to pay for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 666.25 Td (research for accounts managed by CSUK and other accounts subject to MiFID II. ) Tj ET Q q 0 0 0 rg BT 382.06 666.25 Td (This will increase the Company) Tj ET Q q 0 0 0 rg BT 512.03 666.25 Td (s operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 654.25 Td (expenses because we will now pay for research from our own assets. In the future, the Company may also adopt this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 642.25 Td (approach for other accounts depending on market and regulatory developments, which will further increase the Company) Tj ET Q q 0 0 0 rg BT 542.17 642.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 630.25 Td (operating expenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 609.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.95 609.25 Td (e face substantial competition in all aspects of our) Tj ET Q q 0 0 0 rg BT 297.42 609.25 Td ( investment management business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 592.25 Td (The investment management industry is highly competitive and investment management customers are increasingly fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 580.25 Td (sensitive. ) Tj ET Q q 0 0 0 rg BT 93.81 580.25 Td (W) Tj ET Q q 0 0 0 rg BT 102.45 580.25 Td (e compete against a lar) Tj ET Q q 0 0 0 rg BT 193.89 580.25 Td (ge number of investment products and services sold to the public by investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 568.25 Td (management companies, investment dealers, banks, insurance companies and others, and many institutions we compete with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 556.25 Td (have greater financial resources than us. ) Tj ET Q q 0 0 0 rg BT 216.80 556.25 Td (W) Tj ET Q q 0 0 0 rg BT 225.44 556.25 Td (e compete with these firms on the basis of investment performance, diversity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 544.25 Td (products, distribution capability) Tj ET Q q 0 0 0 rg BT 180.83 544.25 Td (, scope and quality of services, reputation and the ability to develop new investment strategies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 532.25 Td (and products to meet the changing needs of investors. In addition, our actively managed investment strategies compete not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 520.25 Td (only against other active strategies, but also against similarly positioned index strategies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 499.25 Td (The continuing shift in market demand toward index funds and other passive strategies reduces opportunities for active ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.25 Td (managers and may accelerate fee compression. In the event that competitors char) Tj ET Q q 0 0 0 rg BT 378.12 487.25 Td (ge lower fees for substantially similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.25 Td (products, we may be forced to compete on the basis of price in order to attract and retain customers. In order to maintain our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.25 Td (current fee structure in a competitive environment, we must be able to provide clients with investment returns and service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.25 Td (that will encourage them to pay our fees. ) Tj ET Q q 0 0 0 rg BT 219.60 451.25 Td (T) Tj ET Q q 0 0 0 rg BT 225.01 451.25 Td (o the extent that current or potential clients decide to invest in products sponsored ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.25 Td (by our competitors, the sales of our products as well as our market share, revenue and net income could decline.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 418.25 Td (The inability to access clients thr) Tj ET Q q 0 0 0 rg BT 216.03 418.25 Td (ough third-party intermediaries could have a material adverse effect on our) Tj ET Q q 0 0 0 rg BT 538.58 418.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 406.25 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 389.25 Td (In recent years, a significant portion of the growth in the assets we manage has been from assets attributable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.25 Td (distribution of our products through third-party intermediaries. Our ability to distribute our funds is highly dependent on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.25 Td (access to the client bases and product platforms of international, national and regional securities firms, banks, insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.25 Td (companies, defined contribution plan administrators and other intermediaries, which generally of) Tj ET Q q 0 0 0 rg BT 442.03 353.25 Td (fer competing investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.25 Td (products that could limit the distribution of our products. In addition, our separate account business and subadvisory and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.25 Td (model delivery services depend in part on recommendations by consultants, financial planners and other professional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.25 Td (advisors, as well as our existing clients.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 296.25 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 54.00 284.25 Td (funds to intermediaries to assist with distribution ef) Tj ET Q q 0 0 0 rg BT 259.63 284.25 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 54.00 272.25 Td (platforms, are subject to changes driven by market competition and regulatory developments. Our existing relationships with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 260.25 Td (third-party intermediaries and access to new intermediaries could be adversely af) Tj ET Q q 0 0 0 rg BT 378.13 260.25 Td (fected by recent consolidation within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 248.25 Td (financial services industry) Tj ET Q q 0 0 0 rg BT 158.32 248.25 Td (. Consolidation may result in increased distribution costs, a reduction in the number of third parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.25 Td (distributing our investment products or increased competition to access third-party distribution channels. ) Tj ET Q q 0 0 0 rg BT 475.11 236.25 Td (There can be no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 224.25 Td (assurance that we will be able to retain access to these channels. Loss of any of these third-party distribution channels, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 212.25 Td (changes to their structure and terms, or any reduction in our ability to access clients and investors through existing and new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 200.25 Td (distribution channels, could adversely af) Tj ET Q q 0 0 0 rg BT 215.72 200.25 Td (fect our business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 179.25 Td (The gr) Tj ET Q q 0 0 0 rg BT 104.93 179.25 Td (owth of our) Tj ET Q q 0 0 0 rg BT 154.19 179.25 Td ( business could be adversely affected if we ar) Tj ET Q q 0 0 0 rg BT 344.55 179.25 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 54.00 167.25 Td (expansion of our) Tj ET Q q 0 0 0 rg BT 124.94 167.25 Td ( business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 150.25 Td (Our growth 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 54.00 138.25 Td (services outside of investments in U.S. real estate securities. ) Tj ET Q q 0 0 0 rg BT 296.72 138.25 Td (As part of the implementation of our strategy) Tj ET Q q 0 0 0 rg BT 476.86 138.25 Td (, we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 126.25 Td (emphasized the development of broader real assets strategies, including global listed infrastructure, commodities, and natural ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 114.25 Td (resource equities, and have expanded our geographical presence outside the U.S. ) Tj ET Q q 0 0 0 rg BT 378.88 114.25 Td (As a result, our fixed costs and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 102.25 Td (expenses have increased 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 90.25 Td (including additional of) Tj ET Q q 0 0 0 rg BT 144.91 90.25 Td (fice space, increased travel and technology and compliance resources. ) Tj ET Q q 0 0 0 rg BT 427.10 90.25 Td (The success of our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 78.25 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 66.25 Td (strategies and products and our ability to successfully manage multiple of) Tj ET Q q 0 0 0 rg BT 348.19 66.25 Td (fices and navigate legal and regulatory systems both ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (domestically and internationally) Tj ET Q q 0 0 0 rg BT 182.20 731.10 Td (. In the future, we may not have suf) Tj ET Q q 0 0 0 rg BT 324.20 731.10 Td (ficient resources to adequately support growth in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (manner) Tj ET Q q 0 0 0 rg BT 83.43 719.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 698.10 Td (Our) Tj ET Q q 0 0 0 rg BT 94.10 698.10 Td ( clients may withdraw or) Tj ET Q q 0 0 0 rg BT 200.02 698.10 Td ( r) Tj ET Q q 0 0 0 rg BT 206.77 698.10 Td (educe the amount of assets we manage or) Tj ET Q q 0 0 0 rg BT 381.85 698.10 Td ( otherwise change the terms of our) Tj ET Q q 0 0 0 rg BT 528.85 698.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 686.10 Td (r) Tj ET Q q 0 0 0 rg BT 58.26 686.10 Td (elationship which could have an adverse impact on our) Tj ET Q q 0 0 0 rg BT 291.99 686.10 Td ( r) Tj ET Q q 0 0 0 rg BT 298.75 686.10 Td (evenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 669.10 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 54.00 657.10 Td (reduce the amount of assets we manage, shift their funds to other types of accounts with dif) Tj ET Q q 0 0 0 rg BT 419.55 657.10 Td (ferent fee structures, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 645.10 Td (renegotiate the fees we char) Tj ET Q q 0 0 0 rg BT 165.42 645.10 Td (ge them for any number of reasons, including investment performance, redemptions by beneficial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 633.10 Td (owners of funds we manage or subadvise, changes in prevailing interest rates and financial market performance. Certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 621.10 Td (investors in the funds that we manage hold their shares indirectly through platforms sponsored by financial institutions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 609.10 Td (have the authority to make investment and asset allocation decisions on behalf of such shareholders. Decisions by investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 597.10 Td (to redeem assets may require selling investments at a disadvantageous time or price which could negatively af) Tj ET Q q 0 0 0 rg BT 494.23 597.10 Td (fect the value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.10 Td (of our assets under management. In a declining market or in conditions of poor relative or absolute performance, the pace of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.10 Td (redemptions and withdrawals and the loss of institutional and individual separate account clients could accelerate. ) Tj ET Q q 0 0 0 rg BT 512.01 573.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 561.10 Td (occurrence of any of these events could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 318.96 561.10 Td (fect on our revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 77.00 540.10 Td (Limitations on our) Tj ET Q q 0 0 0 rg BT 156.83 540.10 Td ( ability to utilize leverage in the closed-end funds we sponsor) Tj ET Q q 0 0 0 rg BT 414.42 540.10 Td ( could r) Tj ET Q q 0 0 0 rg BT 447.02 540.10 Td (educe our) Tj ET Q q 0 0 0 rg BT 488.78 540.10 Td ( assets under) Tj ET Q q 0 0 0 rg BT 543.60 540.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 528.10 Td (management and r) Tj ET Q q 0 0 0 rg BT 134.37 528.10 Td (evenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 511.10 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 54.00 499.10 Td (amounted to approximately $2.3 billion as of December31, 2017. ) Tj ET Q q 0 0 0 rg BT 320.15 499.10 Td (T) Tj ET Q q 0 0 0 rg BT 325.56 499.10 Td (o the extent any closed-end fund sponsored by us elects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.10 Td (or is required by regulation or the terms of its bank financing to reduce leverage, such fund may need to liquidate its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.10 Td (investments. Reducing leverage or liquidating investments during adverse market conditions could reduce the Company) Tj ET Q q 0 0 0 rg BT 537.21 475.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.10 Td (assets under management and revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.95 442.10 Td (e could incur) Tj ET Q q 0 0 0 rg BT 141.32 442.10 Td ( financial losses, r) Tj ET Q q 0 0 0 rg BT 216.70 442.10 Td (eputational harm, and r) Tj ET Q q 0 0 0 rg BT 318.75 442.10 Td (egulatory penalties if we fail to implement effective ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 430.10 Td (information security policies and pr) Tj ET Q q 0 0 0 rg BT 206.59 430.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 235.85 430.10 Td (es.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 413.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 413.10 Td (e are dependent on the ef) Tj ET Q q 0 0 0 rg BT 185.68 413.10 Td (fectiveness of our information security policies and procedures to protect our network and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (telecommunications systems and the data that reside in or are transmitted through such systems. ) Tj ET Q q 0 0 0 rg BT 439.75 401.10 Td (As part of ournormal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (operations, we maintain and transmit confidential information about our employees and clients) Tj ET Q q 0 0 0 rg BT 435.93 389.10 Td ( portfolios as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (proprietary information relating to our business operations. ) Tj ET Q q 0 0 0 rg BT 292.65 377.10 Td (W) Tj ET Q q 0 0 0 rg BT 301.29 377.10 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 54.00 365.10 Td (reasonable assurance that fraudulent activity) Tj ET Q q 0 0 0 rg BT 231.05 365.10 Td (, including misappropriation of Company assets, fraudulent financial reporting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (and unauthorized access to sensitive or confidential information is either prevented or timely detected and remediated. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (However) Tj ET Q q 0 0 0 rg BT 90.25 341.10 Td (, our technology systems may still be vulnerable to unauthorized access or may be corrupted by cyber attacks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (computer viruses or other malicious software code, or authorized persons could inadvertently or intentionally release ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (confidential or proprietary information. ) Tj ET Q q 0 0 0 rg BT 214.04 317.10 Td (The nature of these threats is constantly evolving and becoming increasingly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (sophisticated. ) Tj ET Q q 0 0 0 rg BT 110.66 305.10 Td (Although we take precautions to password protect and encrypt our mobile electronic devices, if such devices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (are stolen, misplaced or left unattended, they may become vulnerable to hacking or other unauthorized use, creating a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (possible security risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 260.10 Td (Breach or other failure of our technology systems, including those of third parties with whom we do business, could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 248.10 Td (result in the loss of valuable information, liability for stolen assets or information, remediation costs to repair damage caused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 236.10 Td (by the incident, additional security costs to mitigate against future incidents and litigation costs resulting from the incident. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 224.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 93.03 224.10 Td (, loss of confidential client information could harm our reputation, result in the termination of contracts by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 212.10 Td (existing clients and subject us to liability under laws that protect confidential personal data, resulting in increased costs or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 200.10 Td (loss of revenues. In the past, we have not maintained insurance coverage that specifically protected against information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 188.10 Td (security breaches, including cyber breaches, and had minimal coverage under our other insurance policies. ) Tj ET Q q 0 0 0 rg BT 482.26 188.10 Td (T) Tj ET Q q 0 0 0 rg BT 487.67 188.10 Td (o help mitigate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 176.10 Td (against any potential losses in the future, we purchased a cyber security insurance policy covering the period from December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 164.10 Td (31, 2017 to December 31, 2018 and anticipate renewing the policy for subsequent periods. However) Tj ET Q q 0 0 0 rg BT 454.87 164.10 Td (, insurance and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 152.10 Td (safeguards may only partially reimburse us for our losses, if at all, and if a claim is successful and exceeds or is not covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 140.10 Td (by our insurance policy) Tj ET Q q 0 0 0 rg BT 147.49 140.10 Td (, we may be required to pay a substantial amount in respect of such successful claim.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 119.10 Td (Failur) Tj ET Q q 0 0 0 rg BT 102.98 119.10 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 54.00 107.10 Td (its pr) Tj ET Q q 0 0 0 rg BT 76.32 107.10 Td (oducts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 90.10 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 78.10 Td (a few geographic areas, including New ) Tj ET Q q 0 0 0 rg BT 212.17 78.10 Td (Y) Tj ET Q q 0 0 0 rg BT 218.39 78.10 Td (ork and New Jersey) Tj ET Q q 0 0 0 rg BT 296.89 78.10 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 66.10 Td (Y) Tj ET Q q 0 0 0 rg BT 60.22 66.10 Td (ork include portfolio management, trading operations, information technology) Tj ET Q q 0 0 0 rg BT 372.54 66.10 Td (, investment administration, and portfolio ) 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 (accounting services for the Company) Tj ET Q q 0 0 0 rg BT 205.62 731.10 Td (s products and services. Should we, or any of our critical service providers, experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (a significant 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 54.00 707.10 Td (part on the safety and availability of our personnel, our of) Tj ET Q q 0 0 0 rg BT 284.58 707.10 Td (fice facilities, and the proper functioning of our network, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (telecommunication and other related systems and operations. ) Tj ET Q q 0 0 0 rg BT 300.41 695.10 Td (W) Tj ET Q q 0 0 0 rg BT 309.05 695.10 Td (e have backup systems and contingency plans, but we cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (ensure that they will be adequate in all circumstances that could arise or that material interruptions and disruptions will not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (occur) Tj ET Q q 0 0 0 rg BT 75.66 671.10 Td (. In addition, we rely to varying degrees on outside vendors for disaster recovery support, and we cannot ensure that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 659.10 Td (these vendors will be able to perform in an adequate and timely manner) Tj ET Q q 0 0 0 rg BT 340.02 659.10 Td (. Failure by us, or any of our critical service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 647.10 Td (providers, to maintain up to date business continuity plans, including system backup facilities, would impede our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 635.10 Td (operate in the event of a significant business disruption, which could result in financial losses to the Company and our clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.10 Td (and investors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 602.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.95 602.10 Td (e could experience loss of client r) Tj ET Q q 0 0 0 rg BT 225.73 602.10 Td (elationships if our) Tj ET Q q 0 0 0 rg BT 302.23 602.10 Td ( r) Tj ET Q q 0 0 0 rg BT 308.99 602.10 Td (eputation is harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 585.10 Td (Our reputation is important to the success of our business. ) Tj ET Q q 0 0 0 rg BT 311.50 585.10 Td (W) Tj ET Q q 0 0 0 rg BT 320.14 585.10 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 54.00 573.10 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 54.00 561.10 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 549.10 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 54.00 537.10 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 54.00 525.10 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 54.00 513.10 Td (that we manage, 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 54.00 501.10 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 54.00 489.10 Td (af) Tj ET Q q 0 0 0 rg BT 61.59 489.10 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 54.00 477.10 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 54.00 465.10 Td (would likely be af) Tj ET Q q 0 0 0 rg BT 126.30 465.10 Td (fected. ) Tj ET Q q 0 0 0 rg BT 155.54 465.10 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 76.50 444.10 Td (The failur) Tj ET Q q 0 0 0 rg BT 119.38 444.10 Td (e of a key vendor) Tj ET Q q 0 0 0 rg BT 191.96 444.10 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 54.00 432.10 Td (Company and its pr) Tj ET Q q 0 0 0 rg BT 139.12 432.10 Td (oducts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 415.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 415.10 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 54.00 403.10 Td (services, information technology services, market data, and other operational needs. ) Tj ET Q q 0 0 0 rg BT 392.03 403.10 Td (The failure or inability of the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.10 Td (to provide backup for key services or the failure of any key vendor to fulfill its obligations could lead to operational issues for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 379.10 Td (the Company and certain of its products, 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 54.00 355.10 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 140.76 355.10 Td ( Common Stock ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 334.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 334.10 Td ( significant portion of our) Tj ET Q q 0 0 0 rg BT 192.44 334.10 Td ( common stock is owned by our) Tj ET Q q 0 0 0 rg BT 326.15 334.10 Td ( Chairman and our) Tj ET Q q 0 0 0 rg BT 408.49 334.10 Td ( Chief Executive Officer) Tj ET Q q 0 0 0 rg BT 510.59 334.10 Td (, which ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 322.10 Td (may limit the ability of other) Tj ET Q q 0 0 0 rg BT 176.30 322.10 Td ( stockholders to influence the affairs of the Company) Tj ET Q q 0 0 0 rg BT 401.29 322.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 305.10 Td (Our Chairman and our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 246.82 305.10 Td (ficer beneficially owned approximately 49% of our common stock as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 293.10 Td (. ) Tj ET Q q 0 0 0 rg BT 137.03 293.10 Td (As long as our Chairman and our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 349.85 293.10 Td (ficer own a significant portion of our common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (stock, they may have the ability to significantly influence, among other things:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 266.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 266.10 Td (the election of the members of our board of directors, thereby controlling the management and af) Tj ET Q q 0 0 0 rg BT 478.01 266.10 Td (fairs of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 254.10 Td (Company;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 239.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 239.10 Td (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 76.50 224.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 224.10 Td (any unsolicited acquisition of us and, consequently) Tj ET Q q 0 0 0 rg BT 293.48 224.10 Td (, adversely af) Tj ET Q q 0 0 0 rg BT 346.88 224.10 Td (fect the market price of our common stock or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 212.10 Td (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 76.50 195.10 Td (The interests of our Chairman and our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 309.30 195.10 Td (ficer may dif) Tj ET Q q 0 0 0 rg BT 360.76 195.10 Td (fer from those of other stockholders in instances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 183.10 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 54.00 171.10 Td (a change in our management. ) Tj ET Q q 0 0 0 rg BT 173.77 171.10 Td (The concentration of beneficial ownership in our Chairman and our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 524.02 171.10 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.10 Td (may limit the ability of our other stockholders to influence the af) Tj ET Q q 0 0 0 rg BT 312.92 159.10 Td (fairs of the Company) Tj ET Q q 0 0 0 rg BT 396.97 159.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 138.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 138.10 Td ( sale of a substantial number) Tj ET Q q 0 0 0 rg BT 205.50 138.10 Td ( of shar) Tj ET Q q 0 0 0 rg BT 237.54 138.10 Td (es of our) Tj ET Q q 0 0 0 rg BT 274.02 138.10 Td ( common stock may adversely affect the market price of our) Tj ET Q q 0 0 0 rg BT 529.88 138.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 126.10 Td (common stock, and the issuance of additional shar) Tj ET Q q 0 0 0 rg BT 268.29 126.10 Td (es will dilute your) Tj ET Q q 0 0 0 rg BT 343.94 126.10 Td ( per) Tj ET Q q 0 0 0 rg BT 360.70 126.10 Td (centage ownership in the Company) Tj ET Q q 0 0 0 rg BT 510.15 126.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 109.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 109.10 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 97.10 Td (occur) Tj ET Q q 0 0 0 rg BT 75.81 97.10 Td (, could adversely af) Tj ET Q q 0 0 0 rg BT 153.93 97.10 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 97.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 517.38 97.10 Td (, who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.10 Td (beneficially owned, in the aggregate, 22,645,719 shares of our common stock as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.63 85.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.21 85.10 Td (, may sell shares of ) 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 (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 54.00 719.10 Td (af) Tj ET Q q 0 0 0 rg BT 61.59 719.10 Td (filiates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 698.10 Td (In addition, in connection with our initial public of) Tj ET Q q 0 0 0 rg BT 279.34 698.10 Td (fering in 2004, we entered into a Registration Rights ) Tj ET Q q 0 0 0 rg BT 491.52 698.10 Td (Agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 686.10 Td (our Chairman and our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 222.10 686.10 Td (ficer and certain of their af) Tj ET Q q 0 0 0 rg BT 328.80 686.10 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 54.00 674.10 Td (Act of 1933, as amended, shares of our common stock \(and other securities convertible into or exchangeable or exercisable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 662.10 Td (for shares of common stock\) held by them under certain circumstances. In ) Tj ET Q q 0 0 0 rg BT 352.52 662.10 Td (August 2015, we filed a Registration Statement on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (Form S-3, as amended, covering \(i\) the resale of up to an aggregate of 23,579,791 shares owned by our Chairman and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 638.10 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 131.57 638.10 Td (ficer and certain of their af) Tj ET Q q 0 0 0 rg BT 238.27 638.10 Td (filiates and \(ii\) the of) Tj ET Q q 0 0 0 rg BT 322.50 638.10 Td (fer and sale of up to 10,000,000 shares by us to the public. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 626.10 Td (The sale of a substantial number of shares of our common stock may adversely af) Tj ET Q q 0 0 0 rg BT 380.39 626.10 Td (fect the market price of our common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 614.10 Td (and any additional shares that we issue will dilute your percentage ownership in the Company) Tj ET Q q 0 0 0 rg BT 429.37 614.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 593.10 Td (Anti-takeover) Tj ET Q q 0 0 0 rg BT 135.75 593.10 Td ( pr) Tj ET Q q 0 0 0 rg BT 148.07 593.10 Td (ovisions in our) Tj ET Q q 0 0 0 rg BT 210.13 593.10 Td ( charter) Tj ET Q q 0 0 0 rg BT 244.09 593.10 Td ( documents and Delawar) Tj ET Q q 0 0 0 rg BT 349.75 593.10 Td (e law may delay or) Tj ET Q q 0 0 0 rg BT 429.55 593.10 Td ( pr) Tj ET Q q 0 0 0 rg BT 441.87 593.10 Td (event a change in contr) Tj ET Q q 0 0 0 rg BT 540.57 593.10 Td (ol ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (of us, which could decr) Tj ET Q q 0 0 0 rg BT 151.88 581.10 Td (ease the trading price of our) Tj ET Q q 0 0 0 rg BT 271.95 581.10 Td ( common stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 564.10 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 54.00 552.10 Td (the ef) Tj ET Q q 0 0 0 rg BT 76.30 552.10 Td (fect of making it more dif) Tj ET Q q 0 0 0 rg BT 179.15 552.10 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 54.00 540.10 Td (control of the Company without negotiating with our board of directors. Such provisions could limit the price that certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 528.10 Td (investors might be willing to pay in the future for the Company) Tj ET Q q 0 0 0 rg BT 310.35 528.10 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 54.00 516.10 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 54.00 504.10 Td (requirements that could make it more dif) Tj ET Q q 0 0 0 rg BT 217.10 504.10 Td (ficult for stockholders to ef) Tj ET Q q 0 0 0 rg BT 325.78 504.10 Td (fect certain corporate actions, and set forth rules about ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 492.10 Td (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 76.50 471.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 471.10 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 54.00 459.10 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 54.00 447.10 Td (acquisition proposals. However) Tj ET Q q 0 0 0 rg BT 179.96 447.10 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 54.00 435.10 Td (stockholders and could have the ef) Tj ET Q q 0 0 0 rg BT 192.38 435.10 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 54.00 423.10 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 54.00 411.10 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 54.00 387.10 Td (Regulatory and Legal Risks ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 366.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.95 366.10 Td (e may be adversely impacted by legal and r) Tj ET Q q 0 0 0 rg BT 269.64 366.10 Td (egulatory changes in the U.S. and internationally) Tj ET Q q 0 0 0 rg BT 477.44 366.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 345.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 345.10 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 54.00 333.10 Td (interpretations of, existing regulations in the U.S. and internationally) Tj ET Q q 0 0 0 rg BT 328.57 333.10 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 54.00 321.10 Td (increased oversight of the financial industry) Tj ET Q q 0 0 0 rg BT 229.13 321.10 Td (, which may result in regulation that increases the Company) Tj ET Q q 0 0 0 rg BT 471.84 321.10 Td (s cost of conducting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 309.10 Td (its business or limit or change the Company) Tj ET Q q 0 0 0 rg BT 232.59 309.10 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 54.00 297.10 Td (regulations are focused directly on the investment management industry) Tj ET Q q 0 0 0 rg BT 341.60 297.10 Td (, while others are more broadly focused, but impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 285.10 Td (our industry) Tj ET Q q 0 0 0 rg BT 101.96 285.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 264.10 Td (In the U.S., the ) Tj ET Q q 0 0 0 rg BT 139.37 264.10 Td (T) Tj ET Q q 0 0 0 rg BT 144.78 264.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 214.22 264.10 Td (Act \(the ) Tj ET Q q 0 0 0 rg BT 249.03 264.10 Td (T) Tj ET Q q 0 0 0 rg BT 254.44 264.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 265.83 264.10 Td (Act\) was enacted on December 22, 2017. ) Tj ET Q q 0 0 0 rg BT 433.08 264.10 Td (The ) Tj ET Q q 0 0 0 rg BT 450.95 264.10 Td (T) Tj ET Q q 0 0 0 rg BT 456.36 264.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 467.75 264.10 Td (Act, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 252.10 Td (things, imposed a one-time tax on deemed repatriated accumulated earnings and profits of our foreign subsidiaries, moved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 240.10 Td (from the current system of worldwide taxation to a territorial system and reduced the statutory corporate tax rate to 21%. ) Tj ET Q q 0 0 0 rg BT 541.62 240.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 228.10 Td (a result of these changes, in the fourth quarter of 2017, the Company recorded a transition tax attributable to the shift in tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 216.10 Td (regimes and also remeasured its deferred and other tax balances using enacted tax rates that will be in ef) Tj ET Q q 0 0 0 rg BT 470.32 216.10 Td (fect when such items ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 204.10 Td (are expected to reverse. Furthermore, additional guidance and changes may be issued that may have a direct ef) Tj ET Q q 0 0 0 rg BT 496.13 204.10 Td (fect on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 192.10 Td (financial condition, results of operations and liquidity) Tj ET Q q 0 0 0 rg BT 268.03 192.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 171.10 Td (In 2016, the U.S. Department of Labor \(DOL\) began introducing changes to definitions and rules relating to fiduciaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.10 Td (serving holders of qualified retirement accounts. Full implementation has been delayed, and may be further delayed, during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 147.10 Td (which time additional revisions may be made to the definitions and rules relating to fiduciaries. If adopted as currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 135.10 Td (proposed, the DOL) Tj ET Q q 0 0 0 rg BT 130.01 135.10 Td () Tj ET Q q 0 0 0 rg BT 132.79 135.10 Td (s changes may materially impact how advice can be provided to retirement account holders in 401\(k\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 123.10 Td (plans, individual retirement accounts and other qualified retirement programs. ) Tj ET Q q 0 0 0 rg BT 368.44 123.10 Td (W) Tj ET Q q 0 0 0 rg BT 377.08 123.10 Td (e may need to modify our interactions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.10 Td (limit distribution to retirement plans. In addition, our revenues and expenses may be adversely af) Tj ET Q q 0 0 0 rg BT 442.05 111.10 Td (fected by the new rule ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 99.10 Td (adopted in 2016 by the SEC to address liquidity risk management by registered open-end funds. ) Tj ET Q q 0 0 0 rg BT 440.41 99.10 Td (These rules could limit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 87.10 Td (investment opportunities for certain funds we manage, impact flows, and increase our expenses.) 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 (Outside the U.S., rules and regulations under MiFID II and MiFIR became ef) Tj ET Q q 0 0 0 rg BT 385.42 731.10 Td (fective on January 3, 2018. ) Tj ET Q q 0 0 0 rg BT 496.04 731.10 Td (These have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (had and will continue to have direct and indirect ef) Tj ET Q q 0 0 0 rg BT 257.35 719.10 Td (fects on our operations in the European Economic ) Tj ET Q q 0 0 0 rg BT 459.52 719.10 Td (Area, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (increased costs for investment research and increased compliance, disclosure, reporting, and other obligations, which could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.10 Td (impact our ability to operate in these markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 674.10 Td (In May 2018, the European Union) Tj ET Q q 0 0 0 rg BT 216.47 674.10 Td (s General Data Protection Regulation \(GDPR\) will become ef) Tj ET Q q 0 0 0 rg BT 463.44 674.10 Td (fective. ) Tj ET Q q 0 0 0 rg BT 495.46 674.10 Td (The primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 662.10 Td (objectives of GDPR are to give citizens control of their personal data and to simplify the regulatory environment for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (international business by unifying data protection regulation in the European Union. Compliance with the stringent rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 638.10 Td (under GDPR will require an extensive review of all of our global data processing systems. Failure to comply with GDPR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 626.10 Td (could result in fines up to the higher of 20 million Euros or 4% of annual global revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 605.10 Td (The decision of the U.K. to exit from the European Union following the June 2016 vote on the matter \(referred to as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (Brexit\) may disrupt our business operations, including our reported financial results and the liquidity and value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (investments. Brexit has caused significant geo-political and legal uncertainty and market volatility in the U.K. and elsewhere, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (which may continue during the Brexit negotiation process. Depending on the outcome of these negotiations, CSUK) Tj ET Q q 0 0 0 rg BT 518.63 569.10 Td (s ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (to market its services or serve as a distributor of financial products within the European Economic ) Tj ET Q q 0 0 0 rg BT 448.89 557.10 Td (Area, as well as the ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (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 76.50 524.10 Td (Although the full extent of the foregoing regulatory changes is still unclear) Tj ET Q q 0 0 0 rg BT 375.74 524.10 Td (, they may af) Tj ET Q q 0 0 0 rg BT 427.76 524.10 Td (fect our business operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 512.10 Td (increase our operating expenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 491.10 Td (Our) Tj ET Q q 0 0 0 rg BT 94.10 491.10 Td ( involvement in legal pr) Tj ET Q q 0 0 0 rg BT 194.47 491.10 Td (oceedings could adversely affect our) Tj ET Q q 0 0 0 rg BT 348.15 491.10 Td ( r) Tj ET Q q 0 0 0 rg BT 354.91 491.10 Td (esults of operations and financial condition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 474.10 Td (Many aspects of our business involve risks of legal liability) Tj ET Q q 0 0 0 rg BT 313.87 474.10 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 54.00 462.10 Td (business, including employment-related claims, and from time to time, we may receive subpoenas or other requests for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 450.10 Td (information from various U.S. and non-U.S. governmental and regulatory authorities and third parties in connection with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 438.10 Td (certain industry-wide, company-specific or other investigations or proceedings. In addition, certain of the funds that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 426.10 Td (Company manages may become subject to lawsuits, any of which could potentially harm the investment returns of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 414.10 Td (applicable fund.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 393.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 393.10 Td (e carry insurance in amounts and under terms that we believe are appropriate to cover potential liabilities related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 381.10 Td (litigation. However) Tj ET Q q 0 0 0 rg BT 131.36 381.10 Td (, we cannot guarantee that our insurance will cover all liabilities and losses to which we may be exposed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 369.10 Td (or that our insurance policies will continue to be available at acceptable terms and fees. ) Tj ET Q q 0 0 0 rg BT 404.98 369.10 Td (As our insurance policies are due for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 357.10 Td (renewal, we may need to assume higher deductibles or pay higher premiums, which would increase our expenses and reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 345.10 Td (our net income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 324.10 Td (The tax tr) Tj ET Q q 0 0 0 rg BT 119.09 324.10 Td (eatment of certain of our) Tj ET Q q 0 0 0 rg BT 224.98 324.10 Td ( funds involves the interpr) Tj ET Q q 0 0 0 rg BT 337.03 324.10 Td (etation of complex pr) Tj ET Q q 0 0 0 rg BT 427.67 324.10 Td (ovisions of U.S. federal ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 312.10 Td (income tax law for) Tj ET Q q 0 0 0 rg BT 132.96 312.10 Td ( which no pr) Tj ET Q q 0 0 0 rg BT 186.41 312.10 Td (ecedent may be available and may be subject to potential legislative, judicial or) Tj ET Q q 0 0 0 rg BT 522.59 312.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 300.10 Td (administrative change and differing interpr) Tj ET Q q 0 0 0 rg BT 239.92 300.10 Td (etations, possibly on a r) Tj ET Q q 0 0 0 rg BT 340.04 300.10 Td (etr) Tj ET Q q 0 0 0 rg BT 352.06 300.10 Td (oactive basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 283.10 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 54.00 271.10 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 54.00 259.10 Td (available. U.S. federal income tax rules are constantly under review by the IRS and the U.S. Department of the ) Tj ET Q q 0 0 0 rg BT 499.79 259.10 Td (T) Tj ET Q q 0 0 0 rg BT 505.54 259.10 Td (reasury) Tj ET Q q 0 0 0 rg BT 534.32 259.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 247.10 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 54.00 235.10 Td (modifications and interpretations. Recent and ongoing changes to U.S. federal income tax laws and interpretations thereof ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 223.10 Td (could cause us to change our investments and commitments, af) Tj ET Q q 0 0 0 rg BT 305.98 223.10 Td (fect the tax considerations of an investment in us and change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 211.10 Td (the character or treatment of portions of our income. In addition, the Company may be required to make certain assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 199.10 Td (when electing a particular tax treatment. It is possible that the IRS could assert successfully that the assumptions made by us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 187.10 Td (do not satisfy the technical requirements of the Internal Revenue Code and/or ) Tj ET Q q 0 0 0 rg BT 366.50 187.10 Td (T) Tj ET Q q 0 0 0 rg BT 372.25 187.10 Td (reasury Regulations and could require items ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 175.10 Td (of income, gain, deduction, loss or credit, including interest deductions, be adjusted, reallocated or disallowed in a manner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 163.10 Td (that adversely af) Tj ET Q q 0 0 0 rg BT 119.90 163.10 Td (fects us and our clients.) 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 (Item1B. Unr) Tj ET Q q 0 0 0 rg BT 110.20 731.25 Td (esolved Staff Comments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 714.25 Td (The Company has no unresolved SEC staf) Tj ET Q q 0 0 0 rg BT 245.74 714.25 Td (f comments. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 687.25 Td (Item2. Pr) Tj ET Q q 0 0 0 rg BT 96.86 687.25 Td (operties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.25 Td (Our principal executive of) Tj ET Q q 0 0 0 rg BT 181.55 670.25 Td (fice is located in leased of) Tj ET Q q 0 0 0 rg BT 285.49 670.25 Td (fice space at 280 Park ) Tj ET Q q 0 0 0 rg BT 375.18 670.25 Td (A) Tj ET Q q 0 0 0 rg BT 381.66 670.25 Td (venue, New ) Tj ET Q q 0 0 0 rg BT 431.55 670.25 Td (Y) Tj ET Q q 0 0 0 rg BT 437.77 670.25 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 477.11 670.25 Td (Y) Tj ET Q q 0 0 0 rg BT 483.33 670.25 Td (ork. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 658.25 Td (we have leased of) Tj ET Q q 0 0 0 rg BT 125.17 658.25 Td (fice space in London, Hong Kong, ) Tj ET Q q 0 0 0 rg BT 265.51 658.25 Td (T) Tj ET Q q 0 0 0 rg BT 270.92 658.25 Td (okyo and Seattle. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 631.25 Td (Item3. Legal Pr) Tj ET Q q 0 0 0 rg BT 123.24 631.25 Td (oceedings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 614.25 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 54.00 602.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 92.71 602.25 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 430.71 602.25 Td (fect on our consolidated results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 590.25 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 54.00 578.25 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 54.00 566.25 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 54.00 554.25 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 54.00 527.25 Td (Item4. Mine Safety Disclosur) Tj ET Q q 0 0 0 rg BT 180.19 527.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 510.25 Td (Not applicable.) 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 (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) Tj ET Q q 0 0 0 rg BT 184.23 704.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 260.92 704.25 Td (, Related Stockholder) Tj ET Q q 0 0 0 rg BT 352.68 704.25 Td ( Matters and Issuer) Tj ET Q q 0 0 0 rg BT 436.10 704.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 454.53 704.25 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 20, 2018, there were 20 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 20, 2018 was $40.31 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 298.5 595.75 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 298.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 595.75 m 360.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 584.75 m 360.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 595.75 m 422.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 584.75 m 422.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 595.75 m 484.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 584.75 m 484.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 595.75 m 546.5 595.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 584.75 m 546.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546.5 595.75 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 546.5 584.75 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 298.5 584.75 m 360.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 584.75 m 422.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 584.75 m 484.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 584.75 m 546.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546.5 584.75 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 298.5 520.75 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 298.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 520.75 m 360.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 509.75 m 360.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 520.75 m 422.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 509.75 m 422.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 520.75 m 484.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 509.75 m 484.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 520.75 m 546.5 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 509.75 m 546.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546.5 520.75 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 546.5 509.75 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 298.5 509.75 m 360.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 509.75 m 422.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 509.75 m 484.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 509.75 m 546.5 509.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546.5 509.75 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 298.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 453.75 m 360.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 453.75 m 422.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 453.75 m 484.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 453.75 m 546.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546.5 453.75 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 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.70 586.37 Td (March31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.55 586.37 Td (June30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.35 586.37 Td (September30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.20 586.37 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 102.50 575.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 575.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 575.32 Td (40.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 575.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 575.32 Td (41.93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 575.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 575.32 Td (42.99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 575.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.15 575.32 Td (47.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 561.32 Td (Low price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 561.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 561.32 Td (33.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 561.32 Td (38.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 561.32 Td (36.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 561.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.15 561.32 Td (39.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 547.32 Td (Closing price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 547.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 547.32 Td (39.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 547.32 Td (40.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 547.32 Td (39.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.15 547.32 Td (47.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 533.32 Td (Cash dividends declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.50 533.32 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 533.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 533.32 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 533.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 533.32 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 533.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 533.32 Td (0.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 533.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 533.32 Td (1.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 533.32 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 511.37 Td (Three Months Ended 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.70 511.37 Td (March31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.55 511.37 Td (June30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.35 511.37 Td (September30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.20 511.37 Td (December31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 500.32 Td (High price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 500.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 500.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 500.32 Td (39.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 500.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 500.32 Td (42.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 500.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 500.32 Td (43.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 500.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.15 500.32 Td (43.1) Tj ET Q q 0 0 0 rg BT 537.65 500.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 486.32 Td (Low price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 486.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 486.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 486.32 Td (26.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 486.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 486.32 Td (36.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 486.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 486.32 Td (38.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 486.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.15 486.32 Td (33.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 472.32 Td (Closing price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 472.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 472.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 472.32 Td (38.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 472.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 472.32 Td (40.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 472.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 472.32 Td (42.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 472.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.15 472.32 Td (33.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 458.32 Td (Cash dividends declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.50 458.32 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 458.32 Td (0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 458.32 Td (0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 458.32 Td (0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 458.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 458.32 Td (0.76) 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 (* ) Tj ET Q q 0 0 0 rg BT 63.00 439.25 Td (Includes special dividends declared by the Company in the amount of $1.00 per share on November 8, 2017 and $0.50 per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 427.25 Td (share on November 2, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 406.25 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 513.18 406.25 Td (When ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.25 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 54.00 382.25 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 54.00 370.25 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 54.00 358.25 Td (February22, 2018, we declared a quarterly cash dividend on our common stock in the amount of $0.33 per share. ) Tj ET Q q 0 0 0 rg BT 509.99 358.25 Td (As set forth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 346.25 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 54.00 322.25 Td (Issuer) Tj ET Q q 0 0 0 rg BT 79.93 322.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 98.36 322.25 Td (chases of Equity Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 301.25 Td (During the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.86 301.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.44 301.25 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 54.00 289.25 Td (registered pursuant to Section12\(b\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 308.65 289.25 Td (Act of 1934.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 265.25 Td (Recent Sales of Unr) Tj ET Q q 0 0 0 rg BT 137.97 265.25 Td (egister) Tj ET Q q 0 0 0 rg BT 166.10 265.25 Td (ed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 244.25 Td (None.) 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 (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) Tj ET Q q 0 0 0 rg BT 435.56 702.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 504.73 702.25 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 244.5 640.75 m 292.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 640.75 m 305.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 640.75 m 355.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 640.75 m 368.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 640.75 m 418.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 640.75 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 244.5 629.75 m 292.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 629.75 m 355.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 629.75 m 418.5 629.75 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 494.5 640.75 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 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 244.5 587.75 m 292.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 587.75 m 355.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 587.75 m 418.5 587.75 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 244.5 559.75 m 292.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 559.75 m 355.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 559.75 m 418.5 559.75 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 244.5 531.75 m 292.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 531.75 m 355.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 531.75 m 418.5 531.75 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 244.5 491.75 m 292.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 491.75 m 355.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 491.75 m 418.5 491.75 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 244.5 491.75 m 292.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 466.75 m 292.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 464.75 m 292.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 491.75 m 355.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 466.75 m 355.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 464.75 m 355.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 491.75 m 418.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 466.75 m 418.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 464.75 m 418.5 464.75 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 244.5 422.75 m 292.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 420.75 m 292.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 422.75 m 355.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 420.75 m 355.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 422.75 m 418.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 420.75 m 418.5 420.75 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 244.5 408.75 m 292.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 406.75 m 292.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 408.75 m 355.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 406.75 m 355.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 408.75 m 418.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 406.75 m 418.5 406.75 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 244.5 375.75 m 292.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 373.75 m 292.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 375.75 m 355.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 373.75 m 355.5 373.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 375.75 m 418.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 373.75 m 418.5 373.75 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 244.5 361.75 m 292.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 359.75 m 292.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 361.75 m 355.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 359.75 m 355.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 361.75 m 418.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 359.75 m 418.5 359.75 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 244.5 146.75 m 292.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 146.75 m 355.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 146.75 m 418.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 146.75 m 481.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 146.75 m 544.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 133.75 m 292.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 131.75 m 292.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 133.75 m 355.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 131.75 m 355.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 133.75 m 418.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 131.75 m 418.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 133.75 m 481.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 131.75 m 481.5 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 133.75 m 544.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 131.75 m 544.5 131.75 l s BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.00 644.70 Td (\(in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 152.36 644.70 Td (e data\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 319.15 644.83 Td (As of and For) Tj ET Q q 0 0 0 rg BT 365.97 644.83 Td ( the ) Tj ET Q q 0 0 0 rg BT 380.41 644.83 Td (Y) Tj ET Q q 0 0 0 rg BT 385.60 644.83 Td (ear) Tj ET Q q 0 0 0 rg BT 396.18 644.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 456.92 644.83 Td (31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 260.00 632.83 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 322.00 632.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 385.00 632.83 Td (2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 448.00 632.83 Td (2014) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 511.00 632.83 Td (2013) 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 308.00 620.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 620.32 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 (T) Tj ET Q q 0 0 0 rg BT 70.76 606.32 Td (otal revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 606.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 606.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.10 606.32 Td (378,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 606.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 606.32 Td (349,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 606.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.10 606.32 Td (328,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 606.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 606.32 Td (313,934) 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 (297,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 592.32 Td (T) Tj ET Q q 0 0 0 rg BT 70.76 592.32 Td (otal expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 592.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.10 592.32 Td (223,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 592.32 Td (214,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.10 592.32 Td (201,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 592.32 Td (191,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 592.32 Td (191,371) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 547.00 591.59 Td (\(1\)) 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 133.50 578.32 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.10 578.32 Td (154,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 578.32 Td (135,51) Tj ET Q q 0 0 0 rg BT 346.60 578.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.10 578.32 Td (127,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 578.32 Td (121,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 578.32 Td (106,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 564.32 Td (T) Tj ET Q q 0 0 0 rg BT 70.76 564.32 Td (otal non-operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 564.32 Td (. . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 564.32 Td (5,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 564.32 Td (7,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.80 564.37 Td (\(14,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 564.32 Td (\)) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 421.00 563.59 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 564.32 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 564.37 Td (\(1,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 564.32 Td (\)) 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 223.50 550.32 Td (. . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.10 550.32 Td (160,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 550.32 Td (143,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.10 550.32 Td (1) Tj ET Q q 0 0 0 rg BT 387.10 550.32 Td (12,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 550.32 Td (122,014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 550.32 Td (104,364) 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 163.50 536.32 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.10 536.32 Td (67,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 536.32 Td (50,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 536.32 Td (48,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 536.32 Td (46,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 536.32 Td (41,109) 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 103.50 522.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.10 522.32 Td (92,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 522.32 Td (92,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 522.32 Td (64,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 522.32 Td (75,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 522.32 Td (63,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 506.42 Td (Less: Net \(income\) loss 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 208.50 496.32 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.30 496.42 Td (\(547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 496.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 496.42 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 496.42 Td (214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 496.47 Td (\(224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 496.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 496.42 Td (4,864) 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 128.50 470.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.10 470.42 Td (91,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 470.42 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 470.42 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 470.42 Td (75,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 470.42 Td (68,1) Tj ET Q q 0 0 0 rg BT 530.65 470.42 Td (19) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 450.43 Td (Earnings per) Tj ET Q q 0 0 0 rg BT 111.75 450.43 Td ( shar) Tj ET Q q 0 0 0 rg BT 132.96 450.43 Td (e attributable to common) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 65.00 440.43 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.00 440.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 440.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 440.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 440.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 426.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 426.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 426.32 Td (1.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 426.32 Td (2.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 426.32 Td (1.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 426.32 Td (1.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 426.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 426.32 Td (1.54) 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 98.50 412.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 412.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 412.32 Td (1.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 412.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 412.32 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 412.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 412.32 Td (1.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 412.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 412.32 Td (1.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 412.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 412.32 Td (1.51) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 393.43 Td (Cash dividends declar) Tj ET Q q 0 0 0 rg BT 150.28 393.43 Td (ed per) Tj ET Q q 0 0 0 rg BT 177.04 393.43 Td ( shar) Tj ET Q q 0 0 0 rg BT 198.25 393.43 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 379.32 Td (Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 379.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 379.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 379.32 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 379.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 379.32 Td (1.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 379.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 379.32 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 379.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 379.32 Td (0.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 379.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 379.32 Td (0.80) 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 98.50 365.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 365.32 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 365.32 Td (0.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 365.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 365.32 Td (0.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 365.32 Td ($) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 365.32 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 349.42 Td (Consolidated Statements of Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 339.42 Td (Condition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.00 339.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 339.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 339.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 339.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 325.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 325.32 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.10 325.32 Td (193,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 325.32 Td (183,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.10 325.32 Td (142,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 325.32 Td (124,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 325.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 325.32 Td (128,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 311.32 Td (T) Tj ET Q q 0 0 0 rg BT 70.93 311.32 Td (rading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 311.32 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.10 311.32 Td (74,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 311.32 Td (12,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 311.32 Td (37,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 311.32 Td (9,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 311.32 Td (15,668) 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 178.50 297.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 297.32 Td (6,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 297.32 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 297.32 Td (16,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 297.32 Td (28,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 297.32 Td (24,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 283.32 Td (A) Tj ET Q q 0 0 0 rg BT 71.85 283.32 Td (vailable-for) Tj ET Q q 0 0 0 rg BT 118.02 283.32 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.50 283.32 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.10 283.32 Td (27,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 283.32 Td (35,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 283.32 Td (17,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 283.32 Td (21,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 283.32 Td (10,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 269.32 Td (T) Tj ET Q q 0 0 0 rg BT 79.76 269.32 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 269.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.10 269.32 Td (410,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 269.32 Td (333,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.10 269.32 Td (305,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 269.32 Td (280,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 269.32 Td (274,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 255.32 Td (T) Tj ET Q q 0 0 0 rg BT 79.76 255.32 Td (otal liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 255.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.10 255.32 Td (86,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 255.32 Td (67,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 255.32 Td (62,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 255.32 Td (52,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 255.32 Td (51,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 241.32 Td (Redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.50 241.32 Td (. . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.10 241.32 Td (47,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 241.32 Td (853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 241.32 Td (1) Tj ET Q q 0 0 0 rg BT 392.15 241.32 Td (1,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 241.32 Td (607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 241.32 Td (207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 227.32 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 227.32 Td (otal stockholders) Tj ET Q q 0 0 0 rg BT 150.04 227.32 Td ( equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 227.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.10 227.32 Td (275,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 227.32 Td (265,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.10 227.32 Td (231,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 227.32 Td (227,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 227.32 Td (223,557) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 207.43 Td (Other) Tj ET Q q 0 0 0 rg BT 81.37 207.43 Td ( Data) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 104.42 207.43 Td ( \(inmillions\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.00 207.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 207.32 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 56.00 193.32 Td (Assets under management \(AUM\) by investment vehicle:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.00 193.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 193.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 193.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.00 193.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 179.32 Td (Institutional accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 179.32 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 179.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.10 179.32 Td (29,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 179.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 179.32 Td (28,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 179.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 179.32 Td (26,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 179.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 179.32 Td (26,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 179.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 179.32 Td (22,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 165.32 Td (Open-end funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.50 165.32 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.10 165.32 Td (23,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 165.32 Td (19,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 165.32 Td (17,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 165.32 Td (17,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 165.32 Td (14,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 151.32 Td (Closed-end funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 151.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 151.32 Td (9,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 151.32 Td (8,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 151.32 Td (9,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 151.32 Td (9,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 151.32 Td (8,965) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 137.43 Td (T) Tj ET Q q 0 0 0 rg BT 79.75 137.43 Td (otal ) Tj ET Q q 0 0 0 rg BT 97.81 137.43 Td (AUM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 137.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 137.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.10 137.32 Td (62,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 137.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 137.32 Td (57,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 137.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 137.32 Td (52,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 137.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 137.32 Td (53,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 137.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 137.32 Td (45,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 133.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 121.25 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 110.45 Td (\(1\) Includes $7.8 million expense associated primarily with the of) Tj ET Q q 0 0 0 rg BT 290.78 110.45 Td (fering of a closed-end fund.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 99.65 Td (\(2\) Includes $8.2 million of unrealized losses related to the reclassification of one of the Company) Tj ET Q q 0 0 0 rg BT 410.40 99.65 Td (s seed investment from available-for) Tj ET Q q 0 0 0 rg BT 541.67 99.65 Td (-) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 88.85 Td (sale to equity method and a $2.8 million other) Tj ET Q q 0 0 0 rg BT 233.04 88.85 Td (-than-temporary impairment.) 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 /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) Tj ET Q q 0 0 0 rg BT 214.76 690.25 Td (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 subadvising client accounts; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 253.25 Td (investment advisory) Tj ET Q q 0 0 0 rg BT 134.17 253.25 Td (, administration, distribution and service fees received from Company-sponsored open-end and closed-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 241.25 Td (end 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 54.00 229.25 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 54.00 217.25 Td (changes in the total value of our assets under management, which may occur as a result of investment performance, addition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.25 Td (or termination of client accounts, contributions or withdrawals from client accounts, market conditions, foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 193.25 Td (fluctuations, or investor subscriptions or redemptions, and is recognized over the period that the assets are managed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 172.25 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 172.25 Td ( majority of our revenue, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.62 172.25 Td (92%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.95 172.25 Td (, 91% and 92% for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.42 172.25 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.42 172.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 160.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.66 160.25 Td (, was derived from investment advisory and administration fees for providing asset management services to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 148.25 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 443.55 148.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 127.25 Td (2017 Financial Highlights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 110.25 Td (Revenue increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.74 110.25 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.07 110.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.85 110.25 Td ($378.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.74 110.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.12 110.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.32 110.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.20 110.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.78 110.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.22 110.25 Td ($349.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.11 110.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.49 110.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.70 110.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 98.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 98.25 Td (. ) Tj ET Q q 0 0 0 rg BT 137.40 98.25 Td (The increase was primarily driven by higher average assets under management in all three investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 86.25 Td (vehiclesinstitutional accounts, open-end funds and closed-end funds. Operating income increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.10 86.25 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.43 86.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.21 86.25 Td ($154.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.10 86.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 74.25 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.88 74.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 74.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.96 74.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.54 74.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.98 74.25 Td ($135.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.88 74.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.25 74.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.46 74.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.34 74.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.92 74.25 Td (. Our operating mar) Tj ET Q q 0 0 0 rg BT 525.60 74.25 Td (gin was ) 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 39.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (40.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.83 731.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.29 731.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.88 731.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.08 731.10 Td (38.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.91 731.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.37 731.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.95 731.10 Td (. Our ef) Tj ET Q q 0 0 0 rg BT 515.59 731.10 Td (fective tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.54 719.10 Td (42.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.37 719.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.83 719.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.41 719.10 Td (, compared with 35.3% for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.91 719.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.49 719.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 698.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.44 698.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.03 698.10 Td (, assets under management were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.64 698.10 Td ($62.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.76 698.10 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.78 698.10 Td ($4.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.89 698.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.72 698.10 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.05 698.10 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.99 698.10 Td ($57.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 686.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.11 686.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.27 686.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.86 686.10 Td (. ) Tj ET Q q 0 0 0 rg BT 187.68 686.10 Td (The increase was driven by net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.62 686.10 Td ($3.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.74 686.10 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.19 686.10 Td ($5.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 674.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.11 674.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 129.08 674.10 Td (fset by distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.86 674.10 Td ($4.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.97 674.10 Td (. ) Tj ET Q q 0 0 0 rg BT 272.42 674.10 Td (A) Tj ET Q q 0 0 0 rg BT 278.90 674.10 Td (verage assets under management were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.66 674.10 Td ($60.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.77 674.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 662.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 662.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 662.10 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.98 662.10 Td ($3.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.10 662.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.93 662.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.26 662.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.70 662.10 Td ($56.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.81 662.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.27 662.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.85 662.10 Td (. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (overall annual or) Tj ET Q q 0 0 0 rg BT 121.57 650.10 Td (ganic growth rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.09 650.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.42 650.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.58 650.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.17 650.10 Td (. ) Tj ET Q q 0 0 0 rg BT 332.98 650.10 Td (The or) Tj ET Q q 0 0 0 rg BT 359.18 650.10 Td (ganic growth rate represents the ratio of annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 638.10 Td (net flows to the beginning assets under management.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (Recent Business Developments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 596.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 596.10 Td (In January 2018, the Company received three awards for leadership and investment performance from the ) Tj ET Q q 0 0 0 rg BT 515.40 596.10 Td (Asia ) Tj ET Q q 0 0 0 rg BT 535.68 596.10 Td (Asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 584.10 Td (Management 2018 Best of the Best Performance ) Tj ET Q q 0 0 0 rg BT 290.78 584.10 Td (A) Tj ET Q q 0 0 0 rg BT 297.08 584.10 Td (wards, including Best Real ) Tj ET Q q 0 0 0 rg BT 411.23 584.10 Td (Assets House and Performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 572.10 Td (A) Tj ET Q q 0 0 0 rg BT 96.30 572.10 Td (wards - Global REIT) Tj ET Q q 0 0 0 rg BT 179.75 572.10 Td (s \(3 years\) and Global REIT) Tj ET Q q 0 0 0 rg BT 292.08 572.10 Td (s \(10 years\). ) Tj ET Q q 0 0 0 rg BT 343.54 572.10 Td (These awards recognized the Company) Tj ET Q q 0 0 0 rg BT 503.49 572.10 Td (s leadership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 560.10 Td (in real estate and other real assets investments. In addition, Cohen & Steers MLP) Tj ET Q q 0 0 0 rg BT 413.72 560.10 Td ( & Ener) Tj ET Q q 0 0 0 rg BT 445.20 560.10 Td (gy Opportunity Fund ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 548.10 Td (2017 as the top performing fund in its category and gained a four) Tj ET Q q 0 0 0 rg BT 350.28 548.10 Td (-star rating from Morningstar) Tj ET Q q 0 0 0 rg BT 467.20 548.10 Td (. Please refer to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 536.10 Td (Company) Tj ET Q q 0 0 0 rg BT 131.67 536.10 Td (s website for additional disclosure on the Morningstar rating. ) 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 (Our European business development ef) Tj ET Q q 0 0 0 rg BT 247.00 515.10 Td (forts are beginning to translate into asset flows as evidenced by net inflows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 503.10 Td (into our European real estate SICA) Tj ET Q q 0 0 0 rg BT 228.95 503.10 Td (V) Tj ET Q q 0 0 0 rg BT 234.88 503.10 Td (, primarily from a lar) Tj ET Q q 0 0 0 rg BT 318.83 503.10 Td (ge European financial intermediary that included this fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 491.10 Td (in their discretionary models during the fourth quarter and increased request for proposal activity in the region. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 479.10 Td (addition, in February 2018, we were awarded our first institutional account mandate in Germany) Tj ET Q q 0 0 0 rg BT 475.63 479.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 458.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 458.10 Td (Institutional interest in our preferred securities strategy) Tj ET Q q 0 0 0 rg BT 309.28 458.10 Td (, global listed infrastructure strategy and global real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 446.10 Td (strategy remains strong with institutional accounts in each strategy experiencing net inflows for the year of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 434.10 Td (approximately $558 million, $448 million and $175 million, respectively) Tj ET Q q 0 0 0 rg BT 381.53 434.10 Td (. ) 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 November) Tj ET Q q 0 0 0 rg BT 142.64 413.10 Td (, our lar) Tj ET Q q 0 0 0 rg BT 173.83 413.10 Td (gest Japanese distribution partner reduced the distribution rate on the second U.S. REIT) Tj ET Q q 0 0 0 rg BT 524.67 413.10 Td ( fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 401.10 Td (that we subadvise in Japan by 25%. ) Tj ET Q q 0 0 0 rg BT 234.79 401.10 Td (This distribution rate cut followed the 30% reduction in the distribution rate on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 389.10 Td (the other U.S. REIT) Tj ET Q q 0 0 0 rg BT 170.08 389.10 Td ( fund that we subadvise for this partner announced in July 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 368.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 368.10 Td (In January 2018, we were awarded our first MLP) Tj ET Q q 0 0 0 rg BT 286.51 368.10 Td ( focused institutional account mandate which was funded by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 356.10 Td (client in February 2018.) 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 /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, market appreciation \(depreciation\) and distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 698.25 Td (assets under 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 370.5 151.75 m 430.5 151.75 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 434.5 151.75 m 494.5 151.75 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 498.5 151.75 m 558.5 151.75 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 370.5 126.75 m 430.5 126.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 124.75 m 430.5 124.75 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 434.5 126.75 m 494.5 126.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 124.75 m 494.5 124.75 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 498.5 126.75 m 558.5 126.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 124.75 m 558.5 124.75 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 434.5 113.75 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 498.5 113.75 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 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 419.70 679.83 Td (Y) Tj ET Q q 0 0 0 rg BT 424.59 679.83 Td (ear) Tj ET Q q 0 0 0 rg BT 435.55 679.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 496.28 679.83 Td ( 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 (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.00 668.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 515.95 668.83 Td (2015 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 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 ) Tj ET Q q 0 0 0 rg BT 112.02 656.48 Td (Accounts) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 643.48 Td (Assets under) Tj ET Q q 0 0 0 rg BT 111.64 643.48 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 643.32 Td (28,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 643.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 643.32 Td (26,105) 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 (26,201) 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 (3,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 629.32 Td (6,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 629.32 Td (3,646) 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 (\(3,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 616.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 616.37 Td (\(2,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 616.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 616.37 Td (\(2,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 616.37 Td (\)) 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 411.65 604.32 Td (696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 604.32 Td (3,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 604.32 Td (1,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 591.32 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.50 591.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 591.32 Td (2,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 591.32 Td (1,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 591.32 Td (863) 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 (\(3,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 578.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 578.37 Td (\(3,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 578.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 578.37 Td (\(2,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 578.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 564.32 Td (T) Tj ET Q q 0 0 0 rg BT 80.93 564.32 Td (ransfers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 564.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 564.32 Td (192) 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 544.65 564.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 551.32 Td (T) Tj ET Q q 0 0 0 rg BT 80.76 551.32 Td (otal 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 411.65 551.32 Td (737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 551.32 Td (2,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 551.37 Td (\(96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 551.32 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 538.48 Td (Assets under) Tj ET Q q 0 0 0 rg BT 111.64 538.48 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 538.32 Td (29,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 538.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 538.32 Td (28,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 538.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 538.32 Td (26,105) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 525.48 Td (A) Tj ET Q q 0 0 0 rg BT 63.85 525.48 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 146.71 525.48 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.50 525.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 525.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 525.32 Td (29,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 525.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 525.32 Td (28,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 525.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 525.32 Td (25,884) 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) Tj ET Q q 0 0 0 rg BT 111.64 495.48 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 495.32 Td (19,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 495.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 495.32 Td (17,460) 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 (17,131) 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 (9,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 482.37 Td (9,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 482.37 Td (7,344) 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 (\(6,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 470.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 470.37 Td (\(6,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 470.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 470.37 Td (\(5,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 470.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 458.32 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.50 458.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 458.32 Td (3,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 458.32 Td (2,799) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 458.32 Td (1,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 445.32 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.50 445.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 445.32 Td (1,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 445.32 Td (917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 445.32 Td (560) 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 (\(1,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 432.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 432.37 Td (\(1,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 432.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 432.37 Td (\(1,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 432.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 419.32 Td (T) Tj ET Q q 0 0 0 rg BT 80.93 419.32 Td (ransfers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.50 419.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.30 419.37 Td (\(192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 419.32 Td (\)) 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 544.65 419.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 406.32 Td (T) Tj ET Q q 0 0 0 rg BT 80.76 406.32 Td (otal increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 406.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 406.32 Td (3,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 406.32 Td (2,1) Tj ET Q q 0 0 0 rg BT 480.65 406.32 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 406.32 Td (329) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 393.48 Td (Assets under) Tj ET Q q 0 0 0 rg BT 111.64 393.48 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 393.32 Td (23,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 393.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 393.32 Td (19,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 393.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 393.32 Td (17,460) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 380.48 Td (A) Tj ET Q q 0 0 0 rg BT 63.85 380.48 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 146.71 380.48 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.50 380.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 380.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 380.32 Td (21,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 380.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 380.32 Td (19,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 380.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 380.32 Td (17,252) 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) Tj ET Q q 0 0 0 rg BT 111.64 350.48 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 350.32 Td (8,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 350.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 350.32 Td (9,029) 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 (9,805) 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 416.65 325.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 325.37 Td (\(88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 325.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 325.37 Td (\(53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 325.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 313.32 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.50 313.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 313.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 313.37 Td (\(88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 313.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 313.37 Td (\(53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 313.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 300.32 Td (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 (949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 300.32 Td (554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 300.37 Td (\(206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 300.32 Td (\)) 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 (\(506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 287.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 287.37 Td (\(532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 287.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 287.37 Td (\(517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 287.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 274.32 Td (T) Tj ET Q q 0 0 0 rg BT 80.76 274.32 Td (otal increase \(decrease\)) 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 411.65 274.32 Td (443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 274.37 Td (\(66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 274.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 274.37 Td (\(776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 274.32 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 261.48 Td (Assets under) Tj ET Q q 0 0 0 rg BT 111.55 261.48 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 261.32 Td (9,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 261.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 261.32 Td (8,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 261.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 261.32 Td (9,029) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 248.48 Td (A) Tj ET Q q 0 0 0 rg BT 63.85 248.48 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 146.71 248.48 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.50 248.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 248.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 248.32 Td (9,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 248.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 248.32 Td (9,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 248.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 248.32 Td (9,586) 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 (T) Tj ET Q q 0 0 0 rg BT 62.75 231.48 Td (otal) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 218.48 Td (Assets under) Tj ET Q q 0 0 0 rg BT 111.64 218.48 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 218.32 Td (57,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 218.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 218.32 Td (52,594) 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 (53,137) 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 (13,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 205.37 Td (16,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 205.37 Td (10,990) 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 (\(9,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 193.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 193.37 Td (\(9,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 193.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 193.37 Td (\(8,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 193.37 Td (\)) 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 (3,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 181.32 Td (6,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 181.32 Td (2,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 168.32 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.50 168.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 168.32 Td (5,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 168.32 Td (3,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 168.32 Td (1,217) 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 (\(4,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 155.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 155.37 Td (\(5,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 155.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 155.37 Td (\(4,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 155.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 142.32 Td (T) Tj ET Q q 0 0 0 rg BT 80.41 142.32 Td (otal increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 142.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 142.32 Td (4,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 142.32 Td (4,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 142.37 Td (\(543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 142.32 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 129.48 Td (Assets under) Tj ET Q q 0 0 0 rg BT 111.64 129.48 Td ( management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 129.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 129.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 129.32 Td (62,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 129.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 129.32 Td (57,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 129.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 129.32 Td (52,594) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 116.48 Td (A) Tj ET Q q 0 0 0 rg BT 63.48 116.48 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 146.62 116.48 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.50 116.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 116.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 116.32 Td (60,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 116.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 116.32 Td (56,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 116.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 116.32 Td (52,722) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 103.65 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 92.85 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 92.85 Td (December 31, 2015 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows.) 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, market appreciation \(depreciation\) and distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (assets under management by institutional 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 418.70 699.83 Td (Y) Tj ET Q q 0 0 0 rg BT 423.59 699.83 Td (ear) Tj ET Q q 0 0 0 rg BT 434.55 699.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.28 699.83 Td ( 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 (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 686.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.95 686.83 Td (2015 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 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) Tj ET Q q 0 0 0 rg BT 110.64 659.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 659.17 Td (13,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 659.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 659.17 Td (13,1) Tj ET Q q 0 0 0 rg BT 479.65 659.17 Td (12) 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 (13,377) 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 (1,41) Tj ET Q q 0 0 0 rg BT 420.65 645.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 645.17 Td (3,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 645.17 Td (1,859) 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 399.80 631.22 Td (\(1,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 631.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 631.22 Td (\(503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 631.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 631.22 Td (\(607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 631.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 617.17 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 617.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 617.22 Td (\(134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 617.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 617.17 Td (2,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 617.17 Td (1,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 603.17 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 603.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 603.17 Td (91) Tj ET Q q 0 0 0 rg BT 420.65 603.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 603.17 Td (818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 603.17 Td (709) 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 (\(3,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 589.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 589.22 Td (\(3,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 589.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 589.22 Td (\(2,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 589.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 575.17 Td (T) Tj ET Q q 0 0 0 rg BT 79.76 575.17 Td (otal 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 399.80 575.22 Td (\(2,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 575.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 575.17 Td (587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 575.22 Td (\(265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 575.17 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 561.33 Td (Assets under) Tj ET Q q 0 0 0 rg BT 110.64 561.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 561.17 Td (1) Tj ET Q q 0 0 0 rg BT 403.15 561.17 Td (1,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 561.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 561.17 Td (13,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 561.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 561.17 Td (13,1) Tj ET Q q 0 0 0 rg BT 543.65 561.17 Td (12) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 547.33 Td (A) Tj ET Q q 0 0 0 rg BT 62.85 547.33 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 145.71 547.33 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 547.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 547.17 Td (12,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 547.17 Td (13,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 547.17 Td (12,973) 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) Tj ET Q q 0 0 0 rg BT 110.64 515.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 515.17 Td (5,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 515.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 515.17 Td (5,428) 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 (5,480) 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 410.65 501.17 Td (730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 501.17 Td (1,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 501.17 Td (1,034) 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 (\(854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 487.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 487.22 Td (\(919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 487.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 487.22 Td (\(1,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 487.17 Td (\)) 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 407.30 473.22 Td (\(124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 473.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 473.17 Td (1) Tj ET Q q 0 0 0 rg BT 479.65 473.17 Td (1) Tj ET Q q 0 0 0 rg BT 484.65 473.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 473.17 Td (21) 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 (829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 459.17 Td (353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 459.22 Td (\(73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 459.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 445.17 Td (T) Tj ET Q q 0 0 0 rg BT 79.76 445.17 Td (otal 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 (705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 445.17 Td (464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 445.22 Td (\(52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 445.17 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 431.33 Td (Assets under) Tj ET Q q 0 0 0 rg BT 110.64 431.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 431.17 Td (6,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 431.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 431.17 Td (5,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 431.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 431.17 Td (5,428) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 417.33 Td (A) Tj ET Q q 0 0 0 rg BT 62.85 417.33 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 145.71 417.33 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 417.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 417.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 417.17 Td (6,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 417.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 417.17 Td (5,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 417.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 417.17 Td (5,537) 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) Tj ET Q q 0 0 0 rg BT 110.64 385.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 385.17 Td (9,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 385.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 385.17 Td (7,565) 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 (7,344) 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 (1,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 371.17 Td (2,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 371.17 Td (753) 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 (\(868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 357.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 357.22 Td (\(992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 357.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 357.22 Td (\(759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 357.17 Td (\)) 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 410.65 343.17 Td (954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 343.17 Td (1,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 343.22 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 343.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 329.17 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 329.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 329.17 Td (1,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 329.17 Td (456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 329.17 Td (227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 315.17 Td (T) Tj ET Q q 0 0 0 rg BT 79.93 315.17 Td (ransfers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 315.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 315.17 Td (192) 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 543.65 315.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 301.17 Td (T) Tj ET Q q 0 0 0 rg BT 79.76 301.17 Td (otal increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 301.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 301.17 Td (2,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 301.17 Td (1,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 301.17 Td (221) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 287.33 Td (Assets under) Tj ET Q q 0 0 0 rg BT 110.64 287.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 287.17 Td (1) Tj ET Q q 0 0 0 rg BT 403.15 287.17 Td (1,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 287.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 287.17 Td (9,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 287.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 287.17 Td (7,565) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 273.33 Td (A) Tj ET Q q 0 0 0 rg BT 62.85 273.33 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 145.71 273.33 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 273.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 273.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 273.17 Td (10,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 273.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 273.17 Td (8,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 273.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 273.17 Td (7,374) 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 (T) Tj ET Q q 0 0 0 rg BT 61.75 255.28 Td (otal Institutional ) Tj ET Q q 0 0 0 rg BT 135.10 255.28 Td (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) Tj ET Q q 0 0 0 rg BT 110.64 241.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 241.17 Td (28,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 241.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 241.17 Td (26,105) 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 (26,201) 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 (3,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 227.17 Td (6,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 227.17 Td (3,646) 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 (\(3,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 214.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 214.22 Td (\(2,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 214.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 214.22 Td (\(2,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 214.17 Td (\)) 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 410.65 200.17 Td (696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 200.17 Td (3,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 200.17 Td (1,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 186.17 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 186.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 186.17 Td (2,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 186.17 Td (1,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 186.17 Td (863) 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 (\(3,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 172.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 172.22 Td (\(3,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 172.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 172.22 Td (\(2,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 172.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 158.17 Td (T) Tj ET Q q 0 0 0 rg BT 79.93 158.17 Td (ransfers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 158.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 158.17 Td (192) 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 543.65 158.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 144.17 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 144.17 Td (otal 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 410.65 144.17 Td (737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 144.17 Td (2,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 144.22 Td (\(96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 144.17 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 130.33 Td (Assets under) Tj ET Q q 0 0 0 rg BT 110.64 130.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 130.17 Td (29,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 130.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 130.17 Td (28,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 130.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 130.17 Td (26,105) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 116.33 Td (A) Tj ET Q q 0 0 0 rg BT 62.48 116.33 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 145.62 116.33 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 116.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 116.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 116.17 Td (29,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 116.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 116.17 Td (28,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 116.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 116.17 Td (25,884) 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 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows.) 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 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, market appreciation \(depreciation\) and distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (assets under 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 418.70 699.83 Td (Y) Tj ET Q q 0 0 0 rg BT 423.59 699.83 Td (ear) Tj ET Q q 0 0 0 rg BT 434.55 699.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.28 699.83 Td ( 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 (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 686.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.95 686.83 Td (2015 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 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) Tj ET Q q 0 0 0 rg BT 110.64 660.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 660.17 Td (28,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 660.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 660.17 Td (27,814) 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 (28,357) 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 (5,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 646.17 Td (7,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 646.17 Td (5,410) 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 (\(5,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 632.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 632.22 Td (\(4,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 632.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 632.22 Td (\(3,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 632.17 Td (\)) 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 410.65 618.17 Td (462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 618.17 Td (3,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 618.17 Td (1,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 604.17 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 604.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 604.17 Td (1,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 604.17 Td (1,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 604.17 Td (1,358) 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 (\(3,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 590.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 590.22 Td (\(4,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 590.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 590.22 Td (\(3,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 590.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 576.17 Td (T) Tj ET Q q 0 0 0 rg BT 79.93 576.17 Td (ransfers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 576.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 576.22 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 576.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 576.22 Td (\(127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 576.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 576.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 563.17 Td (T) Tj ET Q q 0 0 0 rg BT 79.76 563.17 Td (otal 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 399.80 563.22 Td (\(1,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 563.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 563.17 Td (1,1) Tj ET Q q 0 0 0 rg BT 479.65 563.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 563.22 Td (\(543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 563.17 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 550.33 Td (Assets under) Tj ET Q q 0 0 0 rg BT 110.64 550.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 550.17 Td (27,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 550.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 550.17 Td (28,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 550.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 550.17 Td (27,814) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 536.33 Td (A) Tj ET Q q 0 0 0 rg BT 62.85 536.33 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 145.71 536.33 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 536.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 536.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 536.17 Td (28,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 536.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 536.17 Td (29,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 536.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 536.17 Td (27,663) 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 (Pr) Tj ET Q q 0 0 0 rg BT 66.46 518.33 Td (eferr) Tj ET Q q 0 0 0 rg BT 87.36 518.33 Td (ed 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) Tj ET Q q 0 0 0 rg BT 110.64 505.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 505.17 Td (9,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 505.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 505.17 Td (7,705) 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 (6,342) 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 (5,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 492.17 Td (4,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 492.17 Td (3,048) 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 (\(2,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 479.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 479.22 Td (\(2,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 479.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 479.22 Td (\(1,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 479.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 466.17 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 466.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 466.17 Td (2,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 466.17 Td (2,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 466.17 Td (1,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 453.17 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 453.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 453.17 Td (1,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 453.17 Td (365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 453.17 Td (371) 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 (\(540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 440.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 440.22 Td (\(455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 440.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 440.22 Td (\(354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 440.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 427.17 Td (T) Tj ET Q q 0 0 0 rg BT 79.76 427.17 Td (otal increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 427.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 427.17 Td (3,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 427.17 Td (2,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 427.17 Td (1,363) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 414.33 Td (Assets under) Tj ET Q q 0 0 0 rg BT 110.64 414.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 414.17 Td (13,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 414.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 414.17 Td (9,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 414.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 414.17 Td (7,705) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 401.33 Td (A) Tj ET Q q 0 0 0 rg BT 62.85 401.33 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 145.71 401.33 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 401.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 401.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 401.17 Td (1) Tj ET Q q 0 0 0 rg BT 403.15 401.17 Td (1,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 401.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 401.17 Td (9,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 401.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 401.17 Td (6,915) 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) Tj ET Q q 0 0 0 rg BT 110.64 370.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 370.17 Td (9,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 370.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 370.17 Td (9,476) 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 526.15 370.17 Td (10,184) 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 (1,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 356.17 Td (1,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 356.17 Td (1,017) 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 (\(1,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 342.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 342.22 Td (\(1,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 342.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 342.22 Td (\(1,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 342.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 328.17 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 328.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 328.17 Td (449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 328.22 Td (\(271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 328.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 328.22 Td (\(883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 328.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 314.17 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 314.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 314.17 Td (1,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 314.17 Td (336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 314.17 Td (389) 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 (\(212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 300.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 300.22 Td (\(265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 300.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 300.22 Td (\(214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 300.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 286.17 Td (T) Tj ET Q q 0 0 0 rg BT 79.93 286.17 Td (ransfers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 286.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 286.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 286.17 Td (127) 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 (T) Tj ET Q q 0 0 0 rg BT 79.76 273.17 Td (otal increase \(decrease\)) 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 403.15 273.17 Td (1,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 273.22 Td (\(73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 273.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 273.22 Td (\(708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 273.17 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 260.33 Td (Assets under) Tj ET Q q 0 0 0 rg BT 110.64 260.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 260.17 Td (1) Tj ET Q q 0 0 0 rg BT 403.15 260.17 Td (1,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 260.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 260.17 Td (9,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 260.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 260.17 Td (9,476) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 246.33 Td (A) Tj ET Q q 0 0 0 rg BT 62.85 246.33 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 145.71 246.33 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 246.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 246.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 246.17 Td (10,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 246.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 246.17 Td (9,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 246.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 246.17 Td (9,938) 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 Infrastructur) Tj ET Q q 0 0 0 rg BT 173.60 228.33 Td (e) 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) Tj ET Q q 0 0 0 rg BT 110.64 215.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 215.17 Td (5,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 215.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 215.17 Td (5,147) 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 (5,697) 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 (872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 201.17 Td (732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 201.17 Td (918) 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 (\(376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 188.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 188.22 Td (\(402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 188.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 188.22 Td (\(608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 188.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 175.17 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 175.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 175.17 Td (496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 175.17 Td (330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 175.17 Td (310) 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 (935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 162.17 Td (428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 162.22 Td (\(670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 162.17 Td (\)) 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 (\(196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 148.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 148.22 Td (\(208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 148.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 148.22 Td (\(190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 148.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 135.17 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 135.17 Td (otal 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 403.15 135.17 Td (1,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 135.17 Td (550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 135.22 Td (\(550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 135.17 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 122.33 Td (Assets under) Tj ET Q q 0 0 0 rg BT 110.64 122.33 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 122.17 Td (6,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 122.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 122.17 Td (5,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 122.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 122.17 Td (5,147) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 109.33 Td (A) Tj ET Q q 0 0 0 rg BT 62.48 109.33 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 145.62 109.33 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 109.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 109.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 109.17 Td (6,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 109.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 109.17 Td (5,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 109.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 109.17 Td (5,559) 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 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows.) 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 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 369.5 613.5 m 429.5 613.5 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 433.5 613.5 m 493.5 613.5 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 497.5 613.5 m 557.5 613.5 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 369.5 586.5 m 429.5 586.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 584.5 m 429.5 584.5 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 433.5 586.5 m 493.5 586.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 584.5 m 493.5 584.5 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 497.5 586.5 m 557.5 586.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 584.5 m 557.5 584.5 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 433.5 572.5 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 497.5 572.5 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 369.5 539.5 m 429.5 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 539.5 m 493.5 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 539.5 m 557.5 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 511.5 m 429.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 511.5 m 493.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 511.5 m 557.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 511.5 m 429.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 511.5 m 493.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 511.5 m 557.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 469.5 m 429.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 455.5 m 429.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 469.5 m 493.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 455.5 m 493.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 469.5 m 557.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 455.5 m 557.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 455.5 m 429.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 442.5 m 429.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 440.5 m 429.5 440.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 455.5 m 493.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 442.5 m 493.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 440.5 m 493.5 440.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 455.5 m 557.5 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 442.5 m 557.5 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.5 m 557.5 440.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 428.5 m 429.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 426.5 m 429.5 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 428.5 m 493.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 426.5 m 493.5 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 428.5 m 557.5 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 426.5 m 557.5 426.5 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.70 728.73 Td (Y) Tj ET Q q 0 0 0 rg BT 423.59 728.73 Td (ear) Tj ET Q q 0 0 0 rg BT 434.55 728.73 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.28 728.73 Td ( 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 (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 715.73 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.95 715.73 Td (2015 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 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) Tj ET Q q 0 0 0 rg BT 110.64 688.23 Td ( 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 688.07 Td (3,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 688.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 688.07 Td (2,452) 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 (2,557) 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 (402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 674.07 Td (998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 674.07 Td (597) 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 (\(485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 660.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 660.12 Td (\(381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 660.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 660.12 Td (\(394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 660.07 Td (\)) 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 412.30 646.12 Td (\(83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 646.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 646.07 Td (617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 646.07 Td (203) 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 (330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 632.07 Td (295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 632.12 Td (\(231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 632.07 Td (\)) 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 (\(70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 618.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 618.12 Td (\(73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 618.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 618.12 Td (\(77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 618.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 604.07 Td (T) Tj ET Q q 0 0 0 rg BT 79.76 604.07 Td (otal increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 604.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 604.07 Td (177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 604.07 Td (839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 604.12 Td (\(105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 604.07 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 590.23 Td (Assets under) Tj ET Q q 0 0 0 rg BT 110.64 590.23 Td ( management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 590.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 590.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 590.07 Td (3,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 590.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 590.07 Td (3,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 590.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 590.07 Td (2,452) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 576.23 Td (A) Tj ET Q q 0 0 0 rg BT 62.85 576.23 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 145.71 576.23 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 576.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 576.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 576.07 Td (3,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 576.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 576.07 Td (2,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 576.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 576.07 Td (2,647) 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 56 556.61259765625 m 77.8603515625 556.61259765625 l s q 0 0 0 rg BT 56.00 558.18 Td (T) Tj ET Q q 0 0 0 rg BT 61.75 558.18 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 558.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 544.23 Td (Assets under) Tj ET Q q 0 0 0 rg BT 110.64 544.23 Td ( management, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 544.07 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 544.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 544.07 Td (57,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 544.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 544.07 Td (52,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 544.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 544.07 Td (53,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 530.07 Td (Inflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 530.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 530.07 Td (13,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 530.07 Td (16,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 530.07 Td (10,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 516.07 Td (Outflows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 516.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 516.12 Td (\(9,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 516.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 516.12 Td (\(9,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 516.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 516.12 Td (\(8,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 516.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 502.07 Td (Net inflows \(outflows\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 502.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 502.07 Td (3,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 502.07 Td (6,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 502.07 Td (2,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 488.07 Td (Market appreciation \(depreciation\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 488.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 488.07 Td (5,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 488.07 Td (3,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 488.07 Td (1,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 474.07 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 474.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 474.12 Td (\(4,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 474.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 474.12 Td (\(5,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 474.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 474.12 Td (\(4,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 474.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 460.07 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 460.07 Td (otal increase \(decrease\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 460.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 460.07 Td (4,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 460.07 Td (4,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 460.12 Td (\(543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 460.07 Td (\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 446.23 Td (Assets under) Tj ET Q q 0 0 0 rg BT 110.64 446.23 Td ( management, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 446.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 446.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 446.07 Td (62,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 446.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 446.07 Td (57,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 446.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 446.07 Td (52,594) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 432.23 Td (A) Tj ET Q q 0 0 0 rg BT 62.48 432.23 Td (verage assets under) Tj ET Q q 0 0 0 rg BT 145.62 432.23 Td ( management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 432.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 432.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 432.07 Td (60,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 432.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 432.07 Td (56,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 432.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 432.07 Td (52,722) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 418.40 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 407.60 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 407.60 Td (December 31, 2015 amounts have been reclassified to show distributions separately and dividend reinvestments as inflows.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Investment Performance as of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 184.52 731.25 Td (December) Tj ET Q q 0 0 0 rg BT 227.64 731.25 Td (31, 2017) Tj ET Q BT /F4 10.00 Tf ET /GS0 gs q 504.00 0 0 296.25 54.00 421.01 cm /I20 Do Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 409.00 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 398.20 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 398.20 Td (Past performance is no guarantee of future results. Outperformance is determined by annualized investment performance of all ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 387.40 Td (accounts in each investment strategy measured gross of fees and net of withholding taxes in comparison to the performance of each ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 376.60 Td (account) Tj ET Q q 0 0 0 rg BT 102.48 376.60 Td (s reference benchmark measured net of withholding taxes, where applicable. ) Tj ET Q q 0 0 0 rg BT 380.21 376.60 Td (This is not investment advice and may not be ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 365.80 Td (construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 355.00 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 355.00 Td ( 2018 Morningstar) Tj ET Q q 0 0 0 rg BT 145.47 355.00 Td (, Inc. ) Tj ET Q q 0 0 0 rg BT 165.47 355.00 Td (All Rights Reserved. ) Tj ET Q q 0 0 0 rg BT 242.80 355.00 Td (The information contained herein: \(1\) is proprietary to Morningstar and/or its content ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 344.20 Td (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 457.29 344.20 Td (. Neither Morningstar nor ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 333.40 Td (its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 322.60 Td (ratings based on a risk-adjusted return measure that accounts for variation in a fund) Tj ET Q q 0 0 0 rg BT 374.65 322.60 Td (s monthly performance \(including the ef) Tj ET Q q 0 0 0 rg BT 519.69 322.60 Td (fects of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 311.80 Td (sales char) Tj ET Q q 0 0 0 rg BT 107.07 311.80 Td (ges, loads, and redemption fees\), placing more emphasis on downward variations and rewarding consistent performance. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 301.00 Td (The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 290.20 Td (22.5% receive two stars and the bottom 10% receive one star) Tj ET Q q 0 0 0 rg BT 291.18 290.20 Td (. Past performance is no guarantee of future results. Based on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 279.40 Td (independent rating by Morningstar) Tj ET Q q 0 0 0 rg BT 196.86 279.40 Td (, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 268.60 Td (mutual fund for all share classes for the overall period as of December 31, 2017. Overall Morningstar rating is a weighted average ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 257.80 Td (based on the 3-year) Tj ET Q q 0 0 0 rg BT 141.86 257.80 Td (, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 247.00 Td (rated separately) Tj ET Q q 0 0 0 rg BT 128.13 247.00 Td (, which may cause slight variations in the distribution percentages. ) Tj ET Q q 0 0 0 rg BT 369.91 247.00 Td (This is not investment advice and may not be ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 236.20 Td (construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 210.20 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 193.20 Td (Assets under management were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.40 193.20 Td ($62.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.51 193.20 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.73 193.20 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.31 193.20 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.34 193.20 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.67 193.20 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.10 193.20 Td ($57.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.22 193.20 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.20 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 181.20 Td ( and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.04 181.20 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.38 181.20 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.81 181.20 Td ($52.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.93 181.20 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.14 181.20 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.73 181.20 Td (. ) Tj ET Q q 0 0 0 rg BT 399.55 181.20 Td (The increase in assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.20 Td (management during 2017 was due to net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.01 169.20 Td ($3.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.13 169.20 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.58 169.20 Td ($5.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.69 169.20 Td (, partially of) Tj ET Q q 0 0 0 rg BT 515.66 169.20 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.20 Td (distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.33 157.20 Td ($4.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.45 157.20 Td (. Net inflows in 2017 included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.60 157.20 Td ($2.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.71 157.20 Td ( into preferred securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.17 157.20 Td ($496 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.56 157.20 Td ( into global listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.20 Td (infrastructure and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.30 145.20 Td ($462 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.69 145.20 Td ( into U.S. real estate. Market appreciation in 2017 included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.79 145.20 Td ($1.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 145.20 Td ( from U.S. real estate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.20 Td ($1.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.11 133.20 Td ( from global/international real estate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.61 133.20 Td ($1.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.72 133.20 Td ( from preferred securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.50 133.20 Td ($935 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.89 133.20 Td ( from global listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 121.20 Td (infrastructure. Distributions in 2017 included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.30 121.20 Td ($3.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.41 121.20 Td ( from U.S. real estate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.82 121.20 Td ($540 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.21 121.20 Td ( from preferred securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 100.20 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 400.69 100.20 Td ($6.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 100.20 Td ( and market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 88.20 Td ($3.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.11 88.20 Td (, partially of) Tj ET Q q 0 0 0 rg BT 149.08 88.20 Td (fset by distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.86 88.20 Td ($5.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.97 88.20 Td (. Net inflows in 2016 included $3.7 billion into U.S. real estate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 76.20 Td ($2.3 billion into preferred securities. Market appreciation in 2016 included $1.7 billion from U.S. real estate, $428 million ) Tj ET Q 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td (from global listed infrastructure and $365 million from preferred securities. Distributions in 2016 included $4.2 billion from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (U.S. real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 698.10 Td (A) Tj ET Q q 0 0 0 rg BT 82.98 698.10 Td (verage assets under management were $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.74 698.10 Td (60.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.85 698.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.32 698.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.90 698.10 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.92 698.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.25 698.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 686.10 Td ($56.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.11 686.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.57 686.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.16 686.10 Td ( and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.62 686.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.95 686.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.39 686.10 Td ($52.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.50 686.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 674.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 674.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 648.10 Td (Institutional accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 631.10 Td (Assets under management in institutional accounts, which represented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.04 631.10 Td (47%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.37 631.10 Td ( of total assets under management, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 619.10 Td ($29.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.11 619.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.33 619.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.91 619.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.12 619.10 Td ($28.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.23 619.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 619.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.03 619.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.47 619.10 Td ($26.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.58 619.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.80 619.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 607.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 607.10 Td (. ) Tj ET Q q 0 0 0 rg BT 78.82 607.10 Td (The increase in institutional assets under management during 2017 was due to market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.75 607.10 Td ($2.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.87 607.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 595.10 Td (net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.05 595.10 Td ($696 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.44 595.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 212.41 595.10 Td (fset by distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.18 595.10 Td ($3.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.29 595.10 Td (. Net inflows in 2017 included $558 million into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 583.10 Td (preferred securities and $448 million into global listed infrastructure, partially of) Tj ET Q q 0 0 0 rg BT 376.78 583.10 Td (fset by net outflows of $379 million from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 571.10 Td (U.S. real estate. Market appreciation in 2017 included $1.2 billion from global/international real estate, $863 million from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 559.10 Td (U.S. real estate and $467 million from global listed infrastructure. Distributions in 2017 included $2.8 billion from U.S. real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 547.10 Td (estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 530.10 Td (The increase in institutional assets under management during 2016 was due to net inflows of $4.0 billion and market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 518.10 Td (appreciation of $1.6 billion, partially of) Tj ET Q q 0 0 0 rg BT 211.83 518.10 Td (fset by distributions of $3.0 billion. Net inflows in 2016 included $2.4 billion into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 506.10 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 54.00 494.10 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 54.00 482.10 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 54.00 470.10 Td (U.S. real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 449.10 Td (A) Tj ET Q q 0 0 0 rg BT 82.98 449.10 Td (verage assets under management for institutional accounts were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.67 449.10 Td ($29.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.78 449.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.24 449.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.82 449.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.02 437.10 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.35 437.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.79 437.10 Td ($28.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.90 437.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.37 437.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.95 437.10 Td ( and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.41 437.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.74 437.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.18 437.10 Td ($25.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.29 437.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 425.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.67 425.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 404.10 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 381.96 404.10 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.29 404.10 Td ( of institutional assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 392.10 Td (management, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.02 392.10 Td ($1) Tj ET Q q 0 0 0 rg BT 141.65 392.10 Td (1.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.76 392.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.98 392.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.56 392.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.76 392.10 Td ($13.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.88 392.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.09 392.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.68 392.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.12 392.10 Td ($13.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.23 392.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 380.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.72 380.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.30 380.10 Td (. ) Tj ET Q q 0 0 0 rg BT 147.12 380.10 Td (The decrease in Japan subadvised assets under management during 2017 was due to net outflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 368.10 Td ($134 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.39 368.10 Td ( and distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.17 368.10 Td ($3.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.28 368.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 283.25 368.10 Td (fset by market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.70 368.10 Td ($91) Tj ET Q q 0 0 0 rg BT 420.33 368.10 Td (1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.72 368.10 Td (. Net outflows in 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 356.10 Td (included $63 million from global/international real estate and $27 million from preferred securities. Market appreciation in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 344.10 Td (2017 included $594 million from U.S. real estate and $254 million from global/international real estate. Distributions in 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 332.10 Td (included $2.8 billion from U.S. real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 311.10 Td (The increase in Japan subadvised assets under management during 2016 was due to net inflows of $2.8 billion and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.10 Td (market appreciation of $818 million, partially of) Tj ET Q q 0 0 0 rg BT 247.37 299.10 Td (fset by distributions of $3.0 billion, all of which were primarily from U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.10 Td (real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 266.10 Td (A) Tj ET Q q 0 0 0 rg BT 84.48 266.10 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 364.09 266.10 Td ($12.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.21 266.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.67 266.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 254.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 254.10 Td (, a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.68 254.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.01 254.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.45 254.10 Td ($13.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.56 254.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.03 254.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.61 254.10 Td (, and a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.23 254.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.56 254.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 254.10 Td ($13.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.11 254.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 242.10 Td (for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.96 242.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.54 242.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 221.10 Td (Assets under management in institutional subadvised accounts excluding Japan, which represented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.18 221.10 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.51 221.10 Td ( of institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (assets under management, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.12 209.10 Td ($6.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.23 209.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.45 209.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.03 209.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.23 209.10 Td ($5.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.35 209.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.56 209.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 209.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td ($5.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.11 197.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.33 197.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.91 197.10 Td (. ) Tj ET Q q 0 0 0 rg BT 195.73 197.10 Td (The increase in institutional subadvised accounts excluding Japan assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (management during 2017 was due to market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.98 185.10 Td ($829 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.37 185.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 397.34 185.10 Td (fset by net outflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.83 185.10 Td ($124 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.22 185.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (Net outflows in 2017 included $227 million from lar) Tj ET Q q 0 0 0 rg BT 264.35 173.10 Td (ge cap value \(which is included in Other in the table above\), partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 161.10 Td (of) Tj ET Q q 0 0 0 rg BT 62.15 161.10 Td (fset by net inflows of $178 million from global/international real estate. Market appreciation in 2017 included $434 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 149.10 Td (from global/international real estate and $221 million from global listed infrastructure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 128.10 Td (The increase in institutional subadvised accounts excluding Japan assets under management during 2016 was due to net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 116.10 Td (inflows of $1) Tj ET Q q 0 0 0 rg BT 106.96 116.10 Td (1) Tj ET Q q 0 0 0 rg BT 111.59 116.10 Td (1 million and market appreciation of $353 million. Net inflows in 2016 included $201 million from global/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 104.10 Td (international real estate, and $106 million from global listed infrastructure, partially of) Tj ET Q q 0 0 0 rg BT 399.55 104.10 Td (fset by net outflows of $140 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 92.10 Td (from U.S. real estate. Market appreciation in 2016 included $91 million from global/international real estate, $77 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 80.10 Td (from global listed infrastructure, $69 million from lar) Tj ET Q q 0 0 0 rg BT 267.66 80.10 Td (ge cap value and $63 million from commodities \(both of which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 68.10 Td (included in Other in the table above\).) 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 30.60 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 731.10 Td (A) Tj ET Q q 0 0 0 rg BT 84.48 731.10 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 456.31 731.10 Td ($6.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.42 731.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 719.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 719.10 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.98 719.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.31 719.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.75 719.10 Td ($6.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.87 719.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.33 719.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.91 719.10 Td (, and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.33 707.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.77 707.10 Td ($5.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.88 707.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.34 707.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.93 707.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 686.10 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 393.08 686.10 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.41 686.10 Td ( of institutional assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 674.10 Td (management, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.02 674.10 Td ($1) Tj ET Q q 0 0 0 rg BT 141.65 674.10 Td (1.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.76 674.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.98 674.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.56 674.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.76 674.10 Td ($9.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.88 674.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.09 674.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.68 674.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.12 674.10 Td ($7.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.23 674.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 662.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 662.10 Td (. ) Tj ET Q q 0 0 0 rg BT 137.40 662.10 Td (The increase in institutional advised accounts assets under management during 2017 was primarily due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.10 Td (to market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.29 650.10 Td ($1.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.40 650.10 Td ( and net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.89 650.10 Td ($1.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 650.10 Td (. Net inflows in 2017 included $565 million into global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 638.10 Td (listed infrastructure and $559 million into preferred securities, partially of) Tj ET Q q 0 0 0 rg BT 349.28 638.10 Td (fset by net outflows of $281 million from U.S. real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 626.10 Td (estate. Market appreciation included $485 million from global/international real estate, $241 million from global listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 614.10 Td (infrastructure and $204 million from U.S. real estate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 593.10 Td (The increase in assets under management for institutional advised accounts during 2016 was due to net inflows of $1.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (billion and market appreciation of $456 million. Net inflows in 2016 included $775 million into real assets multi-strategy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (\(included in Other in the table above\) and $321 million into global listed infrastructure. Market appreciation included $265 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (million from global/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 78.00 536.10 Td (A) Tj ET Q q 0 0 0 rg BT 84.48 536.10 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 375.21 536.10 Td ($10.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.33 536.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 524.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 524.10 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.61 524.10 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.94 524.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.38 524.10 Td ($8.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.49 524.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.95 524.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.53 524.10 Td (, and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.49 524.10 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.82 524.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 512.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.94 512.10 Td ($7.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.05 512.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.51 512.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.10 512.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 486.10 Td (Open-end funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 469.10 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 336.70 469.10 Td (38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.03 469.10 Td ( of total assets under management, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.75 469.10 Td ($23.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 457.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.11 457.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.33 457.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.91 457.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.12 457.10 Td ($19.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.23 457.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.45 457.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.03 457.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.47 457.10 Td ($17.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.58 457.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 457.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.38 457.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 445.10 Td (The increase in assets under management in open-end funds during 2017 was primarily due to net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.11 445.10 Td ($3.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.22 445.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 433.10 Td (market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.01 433.10 Td ($1.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.13 433.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 242.10 433.10 Td (fset by distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.87 433.10 Td ($1.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.98 433.10 Td (. Net inflows in 2017 included $2.0 billion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 421.10 Td (into preferred securities and $842 million into U.S. real estate. Market appreciation in 2017 included $816 million from U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 409.10 Td (real estate and $769 million from preferred securities. Distributions included $679 million from U.S. real estate and $416 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 397.10 Td (million from preferred securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 376.10 Td (The increase in assets under management in open-end funds during 2016 was due to net inflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.90 376.10 Td ($2.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.01 376.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 364.10 Td (market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.01 364.10 Td ($917 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.40 364.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 247.37 364.10 Td (fset by distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 364.10 Td ($1.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.26 364.10 Td (. Net inflows in 2016 included $1.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 352.10 Td (billion into preferred securities and $1.3 billion into U.S. real estate, partially of) Tj ET Q q 0 0 0 rg BT 373.18 352.10 Td (fset by net outflows of $383 million from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 340.10 Td (global/international real estate. Market appreciation in 2016 included $594 million from U.S. real estate and $216 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 328.10 Td (from preferred securities. Distributions included $1.2 billion from U.S. real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 307.10 Td (A) Tj ET Q q 0 0 0 rg BT 84.48 307.10 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 318.83 307.10 Td ($21.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.94 307.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.40 307.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.99 307.10 Td (, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 295.10 Td (increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 295.10 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.41 295.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.85 295.10 Td ($19.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.97 295.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.43 295.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.01 295.10 Td ( and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.47 295.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 295.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.24 295.10 Td ($17.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.35 295.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 283.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 283.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.67 283.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 257.10 Td (Closed-end funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 240.10 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 342.81 240.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.14 240.10 Td ( of total assets under management, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.86 240.10 Td ($9.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 228.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.11 228.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.33 228.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.91 228.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.12 228.10 Td ($9.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.23 228.10 Td ( at both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.72 228.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.31 228.10 Td ( and 2015. ) Tj ET Q q 0 0 0 rg BT 439.57 228.10 Td (The increase in closed-end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 216.10 Td (funds assets under management during 2017 was primarily due to market appreciation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.51 216.10 Td ($949 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.90 216.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 512.87 216.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 204.10 Td (distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.33 204.10 Td ($506 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.73 204.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 183.10 Td (A) Tj ET Q q 0 0 0 rg BT 82.98 183.10 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 323.44 183.10 Td ($9.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.55 183.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.01 183.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.60 183.10 Td (, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 171.10 Td (increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 171.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.41 171.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.85 171.10 Td ($9.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.97 171.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.43 171.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.01 171.10 Td ( and a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.13 171.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.46 171.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 171.10 Td ($9.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.01 171.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 159.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 159.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 159.10 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 /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 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 369.5 707.75 m 429.5 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 707.75 m 433.5 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 707.75 m 493.5 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 707.75 m 497.5 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 707.75 m 557.5 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 707.75 m 429.5 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 694.75 m 429.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 707.75 m 493.5 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 694.75 m 493.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 707.75 m 557.5 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 694.75 m 557.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 694.75 m 557.5 694.75 l s BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.00 712.00 Td (\(in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 152.36 712.00 Td (e data and per) Tj ET Q q 0 0 0 rg BT 198.50 712.00 Td (centages\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.70 711.98 Td (Y) Tj ET Q q 0 0 0 rg BT 423.59 711.98 Td (ear) Tj ET Q q 0 0 0 rg BT 434.55 711.98 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.28 711.98 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 698.98 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 698.98 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 698.98 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 685.48 Td (U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 672.32 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 672.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 672.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 672.32 Td (378,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 672.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 672.32 Td (349,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 672.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.15 672.32 Td (328,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 659.32 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 659.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 659.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 659.32 Td (223,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 659.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 659.32 Td (214,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 659.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.15 659.32 Td (201,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 646.32 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 646.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 646.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 646.32 Td (154,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 646.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 646.32 Td (135,51) Tj ET Q q 0 0 0 rg BT 479.65 646.32 Td (1) 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 516.15 646.32 Td (127,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 633.32 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 113.94 633.32 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 633.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 633.32 Td (40.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 633.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 633.32 Td (38.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 633.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 633.32 Td (38.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 633.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 620.32 Td (Non-operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 620.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 620.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 620.32 Td (5,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 620.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 620.32 Td (7,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 620.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.80 620.37 Td (\(14,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 620.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 607.32 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 372.00 607.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 607.32 Td (91,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 607.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 607.32 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 607.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 607.32 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 594.32 Td (Diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.50 594.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 594.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 594.32 Td (1.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 594.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 594.32 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 594.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 594.32 Td (1.41) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 577.48 Td (As ) Tj ET Q q 0 0 0 rg BT 69.06 577.48 Td (Adjusted ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 110.46 582.01 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 564.32 Td (Net income attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 564.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 564.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 564.32 Td (97,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 564.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 564.32 Td (86,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 564.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 564.32 Td (78,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 551.32 Td (Diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.50 551.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 551.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 551.32 Td (2.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 551.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 551.32 Td (1.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 551.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 551.32 Td (1.71) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 536.25 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 525.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 525.45 Td (The As ) Tj ET Q q 0 0 0 rg BT 103.99 525.45 Td (Adjusted amounts represent non-GAAP) Tj ET Q q 0 0 0 rg BT 251.38 525.45 Td ( financial measures. Please refer to the Non-GAAP) Tj ET Q q 0 0 0 rg BT 438.98 525.45 Td ( Reconciliation on pages 28-29 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 514.65 Td (for a reconciliation to the most directly comparable U.S. GAAP) Tj ET Q q 0 0 0 rg BT 301.35 514.65 Td ( financial measures.) 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 54 487.08505859375 m 102.33740234375 487.08505859375 l s q 0 0 0 rg BT 54.00 488.65 Td (U.S. GAAP) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 464.65 Td (2017 Compar) Tj ET Q q 0 0 0 rg BT 111.87 464.65 Td (ed with 2016) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 443.65 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 426.65 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 426.65 Td (otal revenue increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.80 426.65 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.13 426.65 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.91 426.65 Td ($378.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.80 426.65 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.27 426.65 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.85 426.65 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.29 426.65 Td ($349.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.18 426.65 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 414.65 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 414.65 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 414.65 Td (. ) Tj ET Q q 0 0 0 rg BT 163.78 414.65 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 54.00 402.65 Td ($27.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 402.65 Td ( due to higher average assets under management in all three investment vehicles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 381.65 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.69 381.65 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 381.65 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 364.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 364.65 Td (T) Tj ET Q q 0 0 0 rg BT 113.41 364.65 Td (otal investment advisory fees from institutional accounts increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.78 364.65 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.11 364.65 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.89 364.65 Td ($101.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.78 364.65 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.22 364.65 Td ($93.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.11 364.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 352.65 Td (for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.96 352.65 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.54 352.65 Td (. ) Tj ET Q q 0 0 0 rg BT 266.36 352.65 Td (T) Tj ET Q q 0 0 0 rg BT 271.77 352.65 Td (otal investment advisory fees compared with average assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 340.65 Td (management in institutional accounts implied an annual ef) Tj ET Q q 0 0 0 rg BT 341.36 340.65 Td (fective fee rate of 34.7 bps and 33.2 bps for the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 328.65 Td (ended December 31, 2017 and 2016, respectively) Tj ET Q q 0 0 0 rg BT 305.06 328.65 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 311.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 311.65 Td (T) Tj ET Q q 0 0 0 rg BT 113.41 311.65 Td (otal investment advisory and administration fees from open-end funds increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 311.65 Td (1) Tj ET Q q 0 0 0 rg BT 441.28 311.65 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.61 311.65 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.39 311.65 Td ($165.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.28 311.65 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 299.65 Td ($149.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.89 299.65 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.35 299.65 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.94 299.65 Td (. ) Tj ET Q q 0 0 0 rg BT 327.76 299.65 Td (T) Tj ET Q q 0 0 0 rg BT 333.17 299.65 Td (otal investment advisory and administration fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 287.65 Td (compared with average assets under management in open-end funds implied an annual ef) Tj ET Q q 0 0 0 rg BT 464.91 287.65 Td (fective fee rate of 76.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 275.65 Td (bps and 78.2 bps for the years ended December 31, 2017 and 2016, respectively) Tj ET Q q 0 0 0 rg BT 427.26 275.65 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 258.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 258.65 Td (T) Tj ET Q q 0 0 0 rg BT 113.41 258.65 Td (otal investment advisory and administration fees from closed-end funds increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.76 258.65 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.09 258.65 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.87 258.65 Td ($79.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.76 258.65 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 246.65 Td ($76.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.89 246.65 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.35 246.65 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.94 246.65 Td (. ) Tj ET Q q 0 0 0 rg BT 322.76 246.65 Td (T) Tj ET Q q 0 0 0 rg BT 328.17 246.65 Td (otal investment advisory and administration fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 234.65 Td (compared with average assets under management in closed-end funds implied an annual ef) Tj ET Q q 0 0 0 rg BT 471.02 234.65 Td (fective fee rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 222.65 Td (84.6 bps and 84.1 bps for the years ended December 31, 2017 and 2016, respectively) Tj ET Q q 0 0 0 rg BT 447.26 222.65 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 201.65 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 201.65 Td ( majority of our revenue, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.62 201.65 Td (92%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.95 201.65 Td ( and 91% for the years ended December31, 2017 and 2016, respectively) Tj ET Q q 0 0 0 rg BT 553.75 201.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 189.65 Td (was derived from investment advisory and administration fees for providing asset management services to institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 177.65 Td (accounts as well as open-end funds and closed-end funds sponsored by the Company) Tj ET Q q 0 0 0 rg BT 393.27 177.65 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 156.65 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 139.65 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 139.65 Td (otal operating expenses increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.52 139.65 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.85 139.65 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.63 139.65 Td ($223.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.52 139.65 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.98 139.65 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.57 139.65 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 139.65 Td ($214.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.90 139.65 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 127.65 Td (the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.80 127.65 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.38 127.65 Td (, primarily due to an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.34 127.65 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.23 127.65 Td ( in employee compensation and benefits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 106.65 Td (Employee compensation and benefits increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.93 106.65 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.26 106.65 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.04 106.65 Td ($124.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.93 106.65 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.39 106.65 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.98 106.65 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 94.65 Td ($1) Tj ET Q q 0 0 0 rg BT 63.63 94.65 Td (15.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.52 94.65 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.98 94.65 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.57 94.65 Td (. ) Tj ET Q q 0 0 0 rg BT 273.38 94.65 Td (This increase was primarily due to higher incentive compensation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 82.65 Td (approximately $4.7 million and salaries of approximately $3.2 million.) 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 (Operating Mar) Tj ET Q q 0 0 0 rg BT 126.46 731.10 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 714.10 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 135.85 714.10 Td (gin for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.09 714.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.67 714.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.23 714.10 Td (40.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.06 714.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.26 714.10 Td (38.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.09 714.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 702.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 702.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 681.10 Td (Non-operating Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 664.10 Td (Non-operating income for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.71 664.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.29 664.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.85 664.10 Td ($5.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.74 664.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.94 664.10 Td ($7.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.83 664.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 652.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 652.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.67 652.10 Td (. ) Tj ET Q q 0 0 0 rg BT 183.49 652.10 Td (The change was primarily due to lower net realized and unrealized gains on our seed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 640.10 Td (investments of approximately $3.0 million and net losses associated with forward currency contracts used to hedge certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 628.10 Td (non-U.S. dollar investment advisory fees receivable of $973,000, partially of) Tj ET Q q 0 0 0 rg BT 361.24 628.10 Td (fset by an increase in interest and dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 616.10 Td (income from our seed investments and corporate cash of approximately $2.2 million. Non-operating income 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, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 604.10 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 456.08 604.10 Td ($547,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.58 604.10 Td (, compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 592.10 Td (with net loss attributable to redeemable noncontrolling interest of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.10 592.10 Td ($126,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.60 592.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.06 592.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.64 592.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 571.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 104.07 571.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 554.10 Td (On December 22, 2017, the ) Tj ET Q q 0 0 0 rg BT 190.84 554.10 Td (T) Tj ET Q q 0 0 0 rg BT 196.25 554.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 265.70 554.10 Td (Act \(the ) Tj ET Q q 0 0 0 rg BT 300.50 554.10 Td (T) Tj ET Q q 0 0 0 rg BT 305.92 554.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 317.30 554.10 Td (Act\) was enacted. ) Tj ET Q q 0 0 0 rg BT 390.97 554.10 Td (The ) Tj ET Q q 0 0 0 rg BT 408.84 554.10 Td (T) Tj ET Q q 0 0 0 rg BT 414.25 554.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 425.64 554.10 Td (Act, among other things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 542.10 Td (imposed a one-time tax on deemed repatriated accumulated earnings and profits of our foreign subsidiaries, moved from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 530.10 Td (current system of worldwide taxation to a territorial system and reduced the statutory corporate tax rate to 21%. ) Tj ET Q q 0 0 0 rg BT 502.47 530.10 Td (As a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 518.10 Td (these changes, in the fourth quarter of 2017, the Company recorded a transition tax attributable to the shift in tax regimes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 506.10 Td (also remeasured its deferred and other tax balances using enacted tax rates that will be in ef) Tj ET Q q 0 0 0 rg BT 419.22 506.10 Td (fect when such items are expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.10 Td (to reverse.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 477.10 Td (Income tax expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.96 477.10 Td ($67.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.85 477.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.31 477.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.90 477.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 477.10 Td ($50.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.99 477.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 465.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 465.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 465.10 Td (. ) Tj ET Q q 0 0 0 rg BT 163.78 465.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 189.42 465.10 Td (fective tax rate for the year ended December 31, 2017 was 42.5%, which dif) Tj ET Q q 0 0 0 rg BT 494.11 465.10 Td (fered from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 453.10 Td (U.S. federal statutory rate primarily due to tax char) Tj ET Q q 0 0 0 rg BT 258.19 453.10 Td (ges of approximately $8.4 million related to a transition tax on the deemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 441.10 Td (repatriation of foreign earnings and profits and approximately $4.3 million related to the remeasurement of deferred and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.10 Td (tax balances, partially of) Tj ET Q q 0 0 0 rg BT 152.11 429.10 Td (fset by the release of certain tax reserves and other tax-related items aggregating to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 417.10 Td ($4.6 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 400.10 Td (T) Tj ET Q q 0 0 0 rg BT 83.41 400.10 Td (ax char) Tj ET Q q 0 0 0 rg BT 112.38 400.10 Td (ges in connection with the enactment of the ) Tj ET Q q 0 0 0 rg BT 288.81 400.10 Td (T) Tj ET Q q 0 0 0 rg BT 294.22 400.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 305.60 400.10 Td (Act discussed above may change due to, among other things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 388.10 Td (additional guidance that may be issued by the U.S. Department of the ) Tj ET Q q 0 0 0 rg BT 334.30 388.10 Td (T) Tj ET Q q 0 0 0 rg BT 340.06 388.10 Td (reasury with respect to the ) Tj ET Q q 0 0 0 rg BT 447.90 388.10 Td (T) Tj ET Q q 0 0 0 rg BT 453.31 388.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 464.69 388.10 Td (Act and revisions to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 376.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 110.38 376.10 Td (s assumptions as further information and interpretations become available.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 352.10 Td (2016 Compar) Tj ET Q q 0 0 0 rg BT 111.87 352.10 Td (ed with 2015) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 331.10 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 314.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 314.10 Td (otal revenue increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.80 314.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.13 314.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.91 314.10 Td ($349.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.80 314.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.18 314.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.39 314.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.27 314.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.85 314.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.29 314.10 Td ($328.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.18 314.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.56 314.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.76 314.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 302.10 Td (ended December31, 2015. ) Tj ET Q q 0 0 0 rg BT 163.78 302.10 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 54.00 290.10 Td ($15.9 million, due to 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 76.50 269.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 269.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.82 269.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.69 269.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 269.10 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 252.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 252.10 Td (T) Tj ET Q q 0 0 0 rg BT 113.41 252.10 Td (otal investment advisory fees from institutional accounts increased 9% to $93.2 million from $85.5 million for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 240.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.72 240.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.92 240.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.80 240.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.38 240.10 Td (. ) Tj ET Q q 0 0 0 rg BT 252.20 240.10 Td (T) Tj ET Q q 0 0 0 rg BT 257.61 240.10 Td (otal investment advisory fees compared with average assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 228.10 Td (management in institutional accounts implied an annual ef) Tj ET Q q 0 0 0 rg BT 341.36 228.10 Td (fective fee rate of 33.2 bps and 33.0 bps for the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 216.10 Td (ended December 31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 305.06 216.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 199.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 199.10 Td (T) Tj ET Q q 0 0 0 rg BT 113.41 199.10 Td (otal investment advisory and administration fees from open-end funds increased 10% to $149.9 million from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 187.10 Td ($136.9 million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.27 187.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.48 187.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.35 187.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.94 187.10 Td (. ) Tj ET Q q 0 0 0 rg BT 327.76 187.10 Td (T) Tj ET Q q 0 0 0 rg BT 333.17 187.10 Td (otal investment advisory and administration fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 175.10 Td (compared with average assets under management in open-end funds implied an annual ef) Tj ET Q q 0 0 0 rg BT 464.91 175.10 Td (fective fee rate of 78.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 163.10 Td (bps and 79.3 bps for the years ended December 31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 427.26 163.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 146.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 146.10 Td (T) Tj ET Q q 0 0 0 rg BT 113.41 146.10 Td (otal investment advisory and administration fees from closed-end funds decreased 6% to $76.6 million from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 134.10 Td ($81.4 million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.27 134.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.48 134.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.35 134.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.94 134.10 Td (. ) Tj ET Q q 0 0 0 rg BT 322.76 134.10 Td (T) Tj ET Q q 0 0 0 rg BT 328.17 134.10 Td (otal investment advisory and administration fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 122.10 Td (compared with average assets under management in closed-end funds implied an annual ef) Tj ET Q q 0 0 0 rg BT 471.02 122.10 Td (fective fee rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 110.10 Td (84.1 bps and 84.9 bps for the years ended December 31, 2016 and 2015 respectively) Tj ET Q q 0 0 0 rg BT 444.76 110.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 89.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 89.10 Td ( majority of our revenue, approximately 91% and 92% for the years ended December31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 553.75 89.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.10 Td (was derived from investment advisory and administration fees for providing asset management services to institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (accounts as well as open-end funds and closed-end funds sponsored by the Company) Tj ET Q q 0 0 0 rg BT 393.27 65.10 Td (.) 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 /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 731.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 714.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 714.10 Td (otal operating expenses increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.52 714.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.85 714.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.63 714.10 Td ($214.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.52 714.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.90 714.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.11 714.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.98 714.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.57 714.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 714.10 Td ($201.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.90 714.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 702.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.72 702.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.92 702.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.80 702.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.38 702.10 Td (, primarily due to increases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.29 702.10 Td ($7.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.18 702.10 Td ( in employee compensation and benefits and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 690.10 Td ($3.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.89 690.10 Td ( in distribution and service fee expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 673.10 Td (Employee compensation and benefits increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.93 673.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.26 673.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.04 673.10 Td ($1) Tj ET Q q 0 0 0 rg BT 304.67 673.10 Td (15.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.56 673.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.94 673.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.14 673.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.02 673.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.61 673.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 661.10 Td ($107.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.89 661.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.27 661.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.48 661.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.35 661.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.94 661.10 Td (. ) Tj ET Q q 0 0 0 rg BT 273.76 661.10 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 54.00 649.10 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 54.00 637.10 Td (approximately $1.4 million, partially of) Tj ET Q q 0 0 0 rg BT 212.12 637.10 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 76.50 616.10 Td (Distribution and service fee expenses increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 616.10 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.98 616.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.76 616.10 Td ($39.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 616.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.11 616.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.69 616.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.13 616.10 Td ($36.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 604.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 604.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.35 604.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.94 604.10 Td (. ) Tj ET Q q 0 0 0 rg BT 243.76 604.10 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 54.00 592.10 Td (U.S. no-load open-end funds.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 571.10 Td (Operating Mar) Tj ET Q q 0 0 0 rg BT 126.46 571.10 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 554.10 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 135.85 554.10 Td (gin for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.09 554.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.67 554.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.23 554.10 Td (38.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.06 554.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.26 554.10 Td (38.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.09 554.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 542.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 542.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 521.10 Td (Non-operating Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 504.10 Td (Non-operating income for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.71 504.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.29 504.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.85 504.10 Td ($7.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.74 504.10 Td (, compared with a non-operating loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 492.10 Td ($14.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 492.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.35 492.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.94 492.10 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 54.00 480.10 Td (seed investment that, due to third-party shareholder redemptions, was reclassified from available-for) Tj ET Q q 0 0 0 rg BT 455.61 480.10 Td (-sale investments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 468.10 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 54.00 456.10 Td (other) Tj ET Q q 0 0 0 rg BT 74.35 456.10 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 360.63 456.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.21 456.10 Td ( included net loss attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 444.10 Td (to redeemable noncontrolling interest of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.00 444.10 Td ($126,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 444.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.71 444.10 Td ($214,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.21 444.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.67 444.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.25 444.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 423.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 102.57 423.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 406.10 Td (Income tax expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.96 406.10 Td ($50.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.85 406.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.31 406.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.90 406.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 406.10 Td ($48.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.99 406.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 394.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 394.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 394.10 Td (. ) Tj ET Q q 0 0 0 rg BT 163.78 394.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 189.42 394.10 Td (fective tax rate for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.28 394.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.86 394.10 Td ( was 35.3%, which dif) Tj ET Q q 0 0 0 rg BT 494.11 394.10 Td (fered from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 382.10 Td (U.S. federal statutory rate primarily due to the release of a valuation allowance associated with gains on the Company) Tj ET Q q 0 0 0 rg BT 528.29 382.10 Td (s seed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.10 Td (investments and other tax-related items. ) Tj ET Q q 0 0 0 rg BT 215.99 370.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 241.63 370.10 Td (fective tax rate for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.49 370.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.08 370.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.63 370.10 Td (42.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.46 370.10 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 54 344.53505859375 m 105.9580078125 344.53505859375 l s q 0 0 0 rg BT 54.00 346.10 Td (As ) Tj ET Q q 0 0 0 rg BT 67.06 346.10 Td (Adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (The term As ) Tj ET Q q 0 0 0 rg BT 110.37 329.10 Td (Adjusted is used to identify non-GAAP) Tj ET Q q 0 0 0 rg BT 272.49 329.10 Td ( financial information in the discussion below) Tj ET Q q 0 0 0 rg BT 455.13 329.10 Td (. Please refer to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 105.85 317.10 Td ( Reconciliation on pages 28-29 for a reconciliation to the most directly comparable U.S. GAAP) Tj ET Q q 0 0 0 rg BT 492.04 317.10 Td ( financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (measures.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (2017 Compar) Tj ET Q q 0 0 0 rg BT 111.87 281.10 Td (ed with 2016) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 260.10 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 239.10 Td (Revenue, as adjusted, increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.89 239.10 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.22 239.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.00 239.10 Td ($378.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.89 239.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.36 239.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.94 239.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.38 239.10 Td ($350.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.27 239.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.80 227.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.38 227.10 Td (. Revenue, as adjusted, excluded investment advisory and administration fees attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (to the consolidation of our seed investments.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 194.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 177.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 177.10 Td (otal operating expenses, as adjusted, increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.18 177.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.51 177.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.29 177.10 Td ($223.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.18 177.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.64 177.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.22 177.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 165.10 Td ($212.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.89 165.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.35 165.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.94 165.10 Td (. ) Tj ET Q q 0 0 0 rg BT 273.76 165.10 Td (T) Tj ET Q q 0 0 0 rg BT 279.17 165.10 Td (otal operating expenses, as adjusted, excluded general and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 153.10 Td (administrative expenses attributable to the consolidation of our seed investments, employee compensation and benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 141.10 Td (related to the accelerated vesting of certain restricted stock units due to retirements, and refunds of foreign withholding taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 129.10 Td (for prior years.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 108.10 Td (Operating Mar) Tj ET Q q 0 0 0 rg BT 127.96 108.10 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 87.10 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 134.35 87.10 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 87.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.83 87.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.38 87.10 Td (40.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.21 87.10 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.91 87.10 Td (39.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.74 87.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 75.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 75.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 75.10 Td (.) 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 /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 731.10 Td (Non-operating Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 714.10 Td (Non-operating income, as adjusted, for both the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.04 714.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.62 714.10 Td ( and 2016 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.61 714.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 714.10 Td (. Non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 702.10 Td (operating income, as adjusted, excluded amounts attributable to the consolidation of our seed investments and the results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 690.10 Td (from our equity method and available-for) Tj ET Q q 0 0 0 rg BT 219.58 690.10 Td (-sale seed investments. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 669.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 104.07 669.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 652.10 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 285.03 652.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.61 652.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.16 652.10 Td ($58.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.05 652.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.25 652.10 Td ($52.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 640.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 640.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.35 640.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.94 640.10 Td (. ) Tj ET Q q 0 0 0 rg BT 243.76 640.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 269.39 640.10 Td (fective tax rate, as adjusted, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.91 640.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.50 640.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 628.10 Td (37.8%, compared with 38.0% for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.32 628.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.91 628.10 Td (. ) Tj ET Q q 0 0 0 rg BT 333.73 628.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 359.36 628.10 Td (fective tax rate, as adjusted, excluded amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 616.10 Td (attributable to the ) Tj ET Q q 0 0 0 rg BT 126.85 616.10 Td (T) Tj ET Q q 0 0 0 rg BT 132.26 616.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 143.65 616.10 Td (Act, the release of certain tax reserves, other tax-related items and the tax ef) Tj ET Q q 0 0 0 rg BT 447.49 616.10 Td (fects of other non-GAAP) Tj ET Q q 0 0 0 rg BT 547.93 616.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 604.10 Td (adjustments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 580.10 Td (2016 Compar) Tj ET Q q 0 0 0 rg BT 111.87 580.10 Td (ed with 2015) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 559.10 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 538.10 Td (Revenue, as adjusted, increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.89 538.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.22 538.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.00 538.10 Td ($350.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.89 538.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.36 538.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.94 538.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.38 538.10 Td ($328.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.27 538.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.80 526.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.38 526.10 Td (. Revenue, as adjusted, excluded investment advisory and administration fees attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.10 Td (to the consolidation of our seed investments.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 493.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 476.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 476.10 Td (otal operating expenses, as adjusted, increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.18 476.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.51 476.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.29 476.10 Td ($212.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.18 476.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.64 476.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.22 476.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.10 Td ($201.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.89 464.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.35 464.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.94 464.10 Td (. ) Tj ET Q q 0 0 0 rg BT 273.76 464.10 Td (T) Tj ET Q q 0 0 0 rg BT 279.17 464.10 Td (otal operating expenses, as adjusted, excluded general and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 452.10 Td (administrative expenses attributable to the consolidation of our seed investments and employee compensation and benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 440.10 Td (related to the accelerated vesting of certain restricted stock units due to retirement.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 419.10 Td (Operating Mar) Tj ET Q q 0 0 0 rg BT 127.96 419.10 Td (gin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 402.10 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 134.35 402.10 Td (gin, as adjusted, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.25 402.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.83 402.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.38 402.10 Td (39.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.21 402.10 Td ( compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.91 402.10 Td (38.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.74 402.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 390.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 390.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.96 390.10 Td (. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 369.10 Td (Non-operating Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 352.10 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 295.87 352.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.45 352.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 352.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.89 352.10 Td (, compared with non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 340.10 Td (operating loss, as adjusted, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.81 340.10 Td ($772,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.31 340.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.77 340.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.36 340.10 Td (. Non-operating income \(loss\), as adjusted, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 328.10 Td (excluded amounts attributable to the consolidation of our seed investments and the results from our equity method and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 316.10 Td (available-for) Tj ET Q q 0 0 0 rg BT 104.88 316.10 Td (-sale seed investments. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 295.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 104.07 295.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 278.10 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 285.03 278.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.61 278.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.16 278.10 Td ($52.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.05 278.10 Td (, compared with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.25 278.10 Td ($48.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 266.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 266.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.35 266.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.94 266.10 Td (. ) Tj ET Q q 0 0 0 rg BT 243.76 266.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 269.39 266.10 Td (fective tax rate, as adjusted, for both the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.08 266.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 254.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 254.10 Td ( and 2015 was 38%. ) Tj ET Q q 0 0 0 rg BT 157.14 254.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 182.77 254.10 Td (fective tax rate, as adjusted, excluded the tax ef) Tj ET Q q 0 0 0 rg BT 371.95 254.10 Td (fects of other non-GAAP) Tj ET Q q 0 0 0 rg BT 472.39 254.10 Td ( adjustments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 242.10 Td (other tax-related items. ) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 102.89 731.25 Td ( Reconciliations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.25 Td (Management believes that use of the following non-GAAP) Tj ET Q q 0 0 0 rg BT 289.41 707.25 Td ( financial measures enhances the evaluation of our results, as they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 695.25 Td (provide greater transparency into our operating performance. In addition, these non-GAAP) Tj ET Q q 0 0 0 rg BT 417.39 695.25 Td ( financial measures are used to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.25 Td (prepare 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 54.00 662.25 Td (While we believe that this non-GAAP) Tj ET Q q 0 0 0 rg BT 206.09 662.25 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 54.00 650.25 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 54.00 638.25 Td (prepared in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 215.89 638.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 614.25 Td (Reconciliation of U.S. GAAP) Tj ET Q q 0 0 0 rg BT 176.50 614.25 Td ( Net Income ) Tj ET Q q 0 0 0 rg BT 230.09 614.25 Td (Attributable to Common Stockholders and U.S. GAAP) Tj ET Q q 0 0 0 rg BT 463.44 614.25 Td ( Earnings per) Tj ET Q q 0 0 0 rg BT 521.60 614.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 544.48 614.25 Td (e ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 602.25 Td (to Net Income ) Tj ET Q q 0 0 0 rg BT 115.93 602.25 Td (Attributable to Common Stockholders, ) Tj ET Q q 0 0 0 rg BT 284.54 602.25 Td (As ) Tj ET Q q 0 0 0 rg BT 297.60 602.25 Td (Adjusted and Earnings per) Tj ET Q q 0 0 0 rg BT 413.28 602.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 436.16 602.25 Td (e, ) Tj ET Q q 0 0 0 rg BT 445.05 602.25 Td (As ) Tj ET Q q 0 0 0 rg BT 458.11 602.25 Td (Adjusted) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 576.75 m 435.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 576.75 m 439.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 576.75 m 493.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 576.75 m 497.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 576.75 m 552.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 552.5 576.75 m 558.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 576.75 m 435.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 563.75 m 435.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 576.75 m 439.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 576.75 m 493.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 563.75 m 493.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 576.75 m 497.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 576.75 m 552.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 563.75 m 552.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 552.5 576.75 m 558.5 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 552.5 563.75 m 558.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 563.75 m 435.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 563.75 m 493.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 563.75 m 552.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 552.5 563.75 m 558.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 483.75 m 435.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 471.75 m 435.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 469.75 m 435.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 483.75 m 493.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 471.75 m 493.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 469.75 m 493.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 483.75 m 552.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 471.75 m 552.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 469.75 m 552.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 375.75 m 435.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 363.75 m 435.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 361.75 m 435.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 375.75 m 493.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 363.75 m 493.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 361.75 m 493.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 375.75 m 552.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 363.75 m 552.5 363.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 361.75 m 552.5 361.75 l s BT /F5 10.00 Tf ET q 0 0 0 rg BT 57.00 581.46 Td (\(in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 177.44 581.46 Td (e data\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 421.70 580.98 Td (Y) Tj ET Q q 0 0 0 rg BT 427.03 580.98 Td (ear) Tj ET Q q 0 0 0 rg BT 437.62 580.98 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 498.35 580.98 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.50 567.98 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.00 567.98 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.50 567.98 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 553.43 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 319.50 553.32 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 553.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 553.42 Td (91,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 553.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 553.42 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 553.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 553.42 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 539.32 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 232.21 543.85 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 539.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 539.32 Td (522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 539.32 Td (1,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 539.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 526.32 Td (Deconsolidation ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 125.04 530.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.50 526.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.80 526.37 Td (\(2,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 526.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 526.37 Td (\(654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 526.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 526.32 Td (2,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 513.32 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 181.43 517.85 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.50 513.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.80 513.37 Td (\(1,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 513.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 513.37 Td (\(5,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 513.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 513.32 Td (1) Tj ET Q q 0 0 0 rg BT 526.15 513.32 Td (1,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 500.32 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 165.29 504.85 Td ( \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 500.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.80 500.37 Td (\(1,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 500.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 500.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 500.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 487.32 Td (T) Tj ET Q q 0 0 0 rg BT 62.41 487.32 Td (ax adjustments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 122.12 491.85 Td ( \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.50 487.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 487.32 Td (9,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 487.37 Td (\(2,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 487.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.65 487.32 Td (174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 474.32 Td (Net income attributable to common stockholders, as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 474.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 474.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 474.32 Td (97,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 474.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 474.32 Td (86,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 474.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 474.32 Td (78,694) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 457.48 Td (Diluted weighted average shar) Tj ET Q q 0 0 0 rg BT 186.62 457.48 Td (es outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 457.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 457.32 Td (46,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 457.32 Td (46,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 457.32 Td (45,897) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 444.48 Td (Diluted earnings per) Tj ET Q q 0 0 0 rg BT 144.60 444.48 Td ( shar) Tj ET Q q 0 0 0 rg BT 165.81 444.48 Td (e, U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 444.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 444.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 444.32 Td (1.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 444.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 444.32 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 444.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 444.32 Td (1.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 431.32 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 232.21 435.85 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 431.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 431.32 Td (0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 431.32 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 431.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 418.32 Td (Deconsolidation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 122.54 422.85 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.50 418.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.80 418.37 Td (\(0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 418.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 418.37 Td (\(0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 418.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 418.32 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 405.32 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 178.93 409.85 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.50 405.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.80 405.37 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 405.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 405.37 Td (\(0.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 405.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 405.32 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 392.32 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 165.29 396.85 Td ( \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 392.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.80 392.37 Td (\(0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 392.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 392.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 392.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 379.32 Td (T) Tj ET Q q 0 0 0 rg BT 62.41 379.32 Td (ax adjustments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 122.12 383.85 Td ( \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.50 379.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 379.32 Td (0.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 379.37 Td (\(0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 379.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 379.32 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 555.00 379.85 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 366.32 Td (Diluted earnings per share, as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.50 366.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 366.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 366.32 Td (2.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 366.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 366.32 Td (1.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 366.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 366.32 Td (1.71) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 353.65 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 341.65 Td (* ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 341.65 Td (Amounts round to less than $0.01 per share.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 329.65 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 329.65 Td (Represents amounts related to the accelerated vesting of certain restricted stock units due to retirements.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 317.65 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 317.65 Td (Represents amounts related to the deconsolidation of seed investments in Company-sponsored funds.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 305.65 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 305.65 Td (Represents dividend income and realized gains \(losses\) on the Company) Tj ET Q q 0 0 0 rg BT 364.43 305.65 Td (s seed investments classified as available-for) Tj ET Q q 0 0 0 rg BT 543.33 305.65 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 293.65 Td (sale and the Company) Tj ET Q q 0 0 0 rg BT 163.37 293.65 Td (s proportionate share of the results of operations of seed investments classified as equity method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 281.65 Td (investments, including realized and unrealized gains \(losses\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 269.65 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.65 Td (Represents refund of foreign withholding taxes. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 257.65 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.65 Td (T) Tj ET Q q 0 0 0 rg BT 77.41 257.65 Td (ax adjustments include the following:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 182.14999999999998 m 494.5 182.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 182.14999999999998 m 557.5 182.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 182.14999999999998 m 431.5 182.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 170.14999999999998 m 431.5 170.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 168.14999999999998 m 431.5 168.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 182.14999999999998 m 494.5 182.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 170.14999999999998 m 494.5 170.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 168.14999999999998 m 494.5 168.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 182.14999999999998 m 557.5 182.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 170.14999999999998 m 557.5 170.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 168.14999999999998 m 557.5 168.14999999999998 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 237.72 Td (T) Tj ET Q q 0 0 0 rg BT 79.93 237.72 Td (ransition tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.50 237.72 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 237.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 237.72 Td (8,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.00 237.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 237.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 237.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 237.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 224.72 Td (Remeasurement of deferred and other tax balances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 224.72 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 224.72 Td (4,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 224.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 224.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 211.72 Td (T) Tj ET Q q 0 0 0 rg BT 79.76 211.72 Td (ax reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 211.72 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.80 211.77 Td (\(3,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 211.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 211.77 Td (\(675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 211.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 211.77 Td (\(234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 211.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 198.72 Td (Other tax-related items) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.50 198.72 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.30 198.77 Td (\(780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 198.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 198.77 Td (\(547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 198.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 198.77 Td (\(26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 198.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 185.72 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 185.72 Td (ax-ef) Tj ET Q q 0 0 0 rg BT 99.77 185.72 Td (fect of non-GAAP) Tj ET Q q 0 0 0 rg BT 173.27 185.72 Td ( adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 185.72 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 185.72 Td (888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 185.77 Td (\(962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 185.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 185.72 Td (434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.00 172.72 Td (T) Tj ET Q q 0 0 0 rg BT 97.41 172.72 Td (otal tax adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 172.72 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.00 172.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 172.72 Td (9,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.00 172.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 172.77 Td (\(2,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 172.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 172.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 172.72 Td (174) Tj ET Q BT /F1 10.00 Tf ET 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 /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 367.5 655.75 m 428.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 642.75 m 428.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 640.75 m 428.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 655.75 m 493.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 642.75 m 493.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 640.75 m 493.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 655.75 m 558.5 655.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 642.75 m 558.5 642.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 640.75 m 558.5 640.75 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 367.5 565.75 m 428.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 563.75 m 428.5 563.75 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 432.5 565.75 m 493.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 563.75 m 493.5 563.75 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 497.5 565.75 m 558.5 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 563.75 m 558.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 503.75 m 428.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 490.75 m 428.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 488.75 m 428.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 503.75 m 493.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 490.75 m 493.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 488.75 m 493.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 503.75 m 558.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 490.75 m 558.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 488.75 m 558.5 488.75 l s BT /F5 8.00 Tf ET q 0 0 0 rg BT 57.00 700.70 Td (\(in thousands, except per) Tj ET Q q 0 0 0 rg BT 137.13 700.70 Td (centages\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.20 699.98 Td (Y) Tj ET Q q 0 0 0 rg BT 423.53 699.98 Td (ear) Tj ET Q q 0 0 0 rg BT 434.12 699.98 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 494.85 699.98 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.50 687.83 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.50 687.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.50 687.83 Td (2015) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 674.32 Td (378,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 674.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 674.32 Td (349,876) 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 (328,655) 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 404.65 660.42 Td (280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 660.42 Td (147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 660.42 Td (102) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 646.32 Td (378,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 646.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 646.32 Td (350,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 646.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 646.32 Td (328,757) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 628.48 Td (Expenses, U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.50 628.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 628.32 Td (223,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 628.32 Td (214,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 628.32 Td (201,106) 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 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 466.30 614.47 Td (\(106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 614.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 614.47 Td (\(48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 614.42 Td (\)) 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 401.30 599.47 Td (\(522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 599.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 599.47 Td (\(1,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 599.42 Td (\)) 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 (General and administrative) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 165.29 588.95 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.50 584.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 584.42 Td (1,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 584.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 584.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 569.42 Td (Expenses, as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.50 569.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 569.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 569.42 Td (223,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 569.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 569.42 Td (212,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 569.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 569.42 Td (201,058) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 551.48 Td (Operating income, U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 551.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 551.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 551.32 Td (154,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 551.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 551.32 Td (135,51) Tj ET Q q 0 0 0 rg BT 479.65 551.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 551.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 551.32 Td (127,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 537.42 Td (Deconsolidation ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 125.04 541.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 537.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 537.42 Td (386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 537.42 Td (253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 537.42 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 522.42 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 232.21 526.95 Td ( \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 522.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 522.42 Td (522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 522.42 Td (1,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 522.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 508.32 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 165.29 512.85 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.50 508.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.80 508.37 Td (\(1,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 508.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 508.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 508.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 494.32 Td (Operating income, as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 494.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.00 494.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 494.32 Td (154,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 494.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 494.32 Td (137,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 494.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 494.32 Td (127,699) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 476.43 Td (Operating margin, U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 476.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 476.32 Td (40.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 476.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 476.32 Td (38.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 476.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 476.32 Td (38.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 476.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 462.32 Td (Operating mar) Tj ET Q q 0 0 0 rg BT 114.85 462.32 Td (gin, as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 462.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 462.32 Td (40.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 462.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 462.32 Td (39.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 462.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 462.32 Td (38.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 462.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 432.25 Td (Reconciliation of U.S. GAAP) Tj ET Q q 0 0 0 rg BT 176.50 432.25 Td ( Non-operating Income \(Loss\) to Non-operating Income \(Loss\), ) Tj ET Q q 0 0 0 rg BT 446.76 432.25 Td (As ) Tj ET Q q 0 0 0 rg BT 459.83 432.25 Td (Adjusted) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 408.75 m 427.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 408.75 m 431.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 408.75 m 492.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 408.75 m 496.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 408.75 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 366.5 408.75 m 427.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 396.75 m 427.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 408.75 m 431.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 408.75 m 492.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 396.75 m 492.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 408.75 m 496.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 408.75 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 496.5 396.75 m 557.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 352.75 m 427.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 339.75 m 427.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 337.75 m 427.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 352.75 m 492.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 339.75 m 492.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 337.75 m 492.5 337.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 352.75 m 557.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 339.75 m 557.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 337.75 m 557.5 337.75 l s BT /F5 8.00 Tf ET q 0 0 0 rg BT 56.00 413.70 Td (\(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.20 412.98 Td (Y) Tj ET Q q 0 0 0 rg BT 422.53 412.98 Td (ear) Tj ET Q q 0 0 0 rg BT 433.12 412.98 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 493.85 412.98 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 388.50 400.83 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.50 400.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 518.50 400.83 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 387.43 Td (Non-operating income \(loss\), U.S. GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.50 387.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.00 387.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 387.32 Td (5,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 387.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 387.32 Td (7,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 387.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 387.37 Td (\(14,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 387.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 372.42 Td (Deconsolidation ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 124.04 376.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 372.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 372.47 Td (\(3,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 372.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 372.47 Td (\(781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 372.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 372.42 Td (2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 357.42 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 180.43 361.95 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 357.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 357.47 Td (\(1,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 357.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 357.47 Td (\(5,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 357.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 357.42 Td (1) Tj ET Q q 0 0 0 rg BT 531.15 357.42 Td (1,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 343.32 Td (Non-operating income \(loss\), as adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.50 343.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.00 343.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 343.32 Td (1,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.00 343.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 343.32 Td (1,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 343.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 343.37 Td (\(772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 343.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.00 Tf ET q 0 0 0 rg BT 54.00 330.85 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 318.85 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 318.85 Td (Represents amounts related to the deconsolidation of seed investments in Company-sponsored funds) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.42 318.85 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 306.85 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 306.85 Td (Represents amounts related to the accelerated vesting of certain restricted stock units due to retirements.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 294.85 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 294.85 Td (Represents refund of foreign withholding taxes.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 282.85 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 282.85 Td (Represents dividend income and realized gains \(losses\) on the Company) Tj ET Q q 0 0 0 rg BT 364.43 282.85 Td (s seed investments classified as available-for) Tj ET Q q 0 0 0 rg BT 543.33 282.85 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 270.85 Td (sale and the Company) Tj ET Q q 0 0 0 rg BT 163.37 270.85 Td (s proportionate share of the results of operations of seed investments classified as equity method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 258.85 Td (investments, including realized and unrealized gains \(losses\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 231.85 Td (Changes in Financial Condition, Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 320.00 231.85 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 210.85 Td (Our principal objectives are to maintain a capital structure that supports our business strategies and to maintain the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 198.85 Td (appropriate amount of liquidity at all times. Furthermore, we believe that our cash flows generated from operations are more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 186.85 Td (than adequate to fund our present and reasonably foreseeable future commitments for investing and financing activities.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 160.85 Td (Net Liquid ) Tj ET Q q 0 0 0 rg BT 112.32 160.85 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 139.85 Td (Our current financial condition is highly liquid and is primarily comprised of cash and cash equivalents, seed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 127.85 Td (investments and accounts receivable. Liquid assets are reduced by current liabilities \(generally defined as obligations due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 115.85 Td (within one year\), which include accrued compensation, distribution and service fees payable, income taxes payable, and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 103.85 Td (liabilities and accrued expenses \(together) Tj ET Q q 0 0 0 rg BT 218.53 103.85 Td (, net liquid assets\). ) Tj ET Q q 0 0 0 rg BT 295.56 103.85 Td (The Company does not currently have any debt outstanding.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 731.10 Td (The table below summarizes net liquid assets for the periods presented \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 699.6 m 498.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 699.6 m 557.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 699.6 m 498.5 699.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 639.6 m 498.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 639.6 m 557.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 639.6 m 498.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 579.6 m 498.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 579.6 m 557.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 565.6 m 498.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 563.6 m 498.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 565.6 m 557.5 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 563.6 m 557.5 563.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 447.25 711.83 Td (December) Tj ET Q q 0 0 0 rg BT 481.75 711.83 Td ( 31, ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.50 703.83 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.25 711.83 Td (December) Tj ET Q q 0 0 0 rg BT 540.75 711.83 Td ( 31, ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 521.50 703.83 Td (2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 690.33 Td (Financial Condition Data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 675.17 Td (Cash and cash equivalents:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 660.17 Td (Cash and cash equivalents held in the U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.50 660.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 659.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 659.27 Td (109,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 659.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 659.27 Td (93,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 645.17 Td (Cash and cash equivalents held outside the U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 645.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 644.27 Td (84,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 644.27 Td (89,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 630.17 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 630.17 Td (otal cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.50 630.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 629.27 Td (193,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 629.27 Td (183,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 615.17 Td (Seed investments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 128.21 619.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.50 615.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 614.27 Td (63,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 614.27 Td (53,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 600.17 Td (Accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.50 600.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 599.27 Td (53,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 599.27 Td (46,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 585.17 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.50 585.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 584.32 Td (\(69,086) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 584.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 584.32 Td (\(60,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 584.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 570.17 Td (Net liquid assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.50 570.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 569.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 569.27 Td (241,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 569.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 569.27 Td (221,769) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 555.50 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 544.70 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 544.70 Td (Excludes certain illiquid investments classified as level 3 and investments measured at NA) Tj ET Q q 0 0 0 rg BT 397.75 544.70 Td (V) Tj ET Q q 0 0 0 rg BT 404.09 544.70 Td ( \(or its equivalent\) as a practical expedient ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 533.90 Td (in accordance with ) Tj ET Q q 0 0 0 rg BT 141.72 533.90 Td (Accounting Standards Codification ) Tj ET Q q 0 0 0 rg BT 270.78 533.90 Td (T) Tj ET Q q 0 0 0 rg BT 275.65 533.90 Td (opic 820, ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 311.40 533.90 Td (Fair V) Tj ET Q q 0 0 0 rg BT 334.15 533.90 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 379.05 533.90 Td (ement) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.54 533.90 Td (, which we are contractually prohibited ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 523.10 Td (from redeeming.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 69.00 502.10 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 481.10 Td (Cash and cash equivalents are on deposit with three major financial institutions and consist of short-term, highly liquid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 469.10 Td (investments, which are readily 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 69.00 448.10 Td (Seed investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 427.10 Td (Seed investments include available-for) Tj ET Q q 0 0 0 rg BT 236.02 427.10 Td (-sale investments, equity method investments and trading investments net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.10 Td (redeemable noncontrolling interests. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 69.00 394.10 Td (Accounts r) Tj ET Q q 0 0 0 rg BT 111.68 394.10 Td (eceivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 373.10 Td (Accounts receivable primarily represents investment advisory and administration fees receivable. ) Tj ET Q q 0 0 0 rg BT 472.25 373.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.69 373.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 361.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 361.10 Td (, institutional accounts comprised 51% of total accounts receivable, while open-end and closed-end funds, together) Tj ET Q q 0 0 0 rg BT 533.18 361.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 349.10 Td (comprised 40% of total accounts receivable. ) Tj ET Q q 0 0 0 rg BT 233.47 349.10 Td (W) Tj ET Q q 0 0 0 rg BT 242.11 349.10 Td (e perform a review of our receivables on an ongoing basis in order to assess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 337.10 Td (collectibility and, based on our analysis as of December 31, 2017, there were no past due items related to institutional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 325.10 Td (accounts. Receivables associated with open-end and closed-end funds are generally collected on the first business day of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 313.10 Td (following month.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 69.00 292.10 Td (Curr) Tj ET Q q 0 0 0 rg BT 88.08 292.10 Td (ent liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 271.10 Td (Current liabilities are generally defined as obligations due within one year) Tj ET Q q 0 0 0 rg BT 377.17 271.10 Td (, which includes accrued compensation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 259.10 Td (distribution and service fees payable, income taxes payable, and other liabilities and accrued expenses.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 69.00 238.10 Td (Cash flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 217.10 Td (Our cash flows generally result from the operating activities of our business, with investment advisory and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.10 Td (administration fees being the most significant contributor) Tj ET Q q 0 0 0 rg BT 282.84 205.10 Td (. ) 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 81.00 731.10 Td (The table below summarizes cash flows for the periods presented \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 707.6 m 452.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 707.6 m 456.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 707.6 m 504.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 707.6 m 508.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 707.6 m 557.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 707.6 m 452.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 694.6 m 452.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 707.6 m 504.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 694.6 m 504.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 707.6 m 557.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 694.6 m 557.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 638.6 m 452.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 638.6 m 504.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 638.6 m 557.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 638.6 m 557.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 596.6 m 452.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 596.6 m 504.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 596.6 m 557.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 596.6 m 452.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 583.6 m 452.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 581.6 m 452.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 596.6 m 504.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 583.6 m 504.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 581.6 m 504.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 596.6 m 557.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 583.6 m 557.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 581.6 m 557.5 581.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 436.20 711.83 Td (Y) Tj ET Q q 0 0 0 rg BT 441.53 711.83 Td (ear) Tj ET Q q 0 0 0 rg BT 452.12 711.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 512.85 711.83 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.00 698.83 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.00 698.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 524.50 698.83 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 56.00 685.33 Td (Cash Flow Data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 671.17 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 671.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 671.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.10 671.17 Td (64,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 671.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.10 671.17 Td (1) Tj ET Q q 0 0 0 rg BT 473.10 671.17 Td (14,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 671.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 671.17 Td (89,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 657.17 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 657.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 657.17 Td (5,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 657.17 Td (2,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 657.17 Td (397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 643.17 Td (Net cash provided by \(used in\) financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 643.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.80 643.22 Td (\(60,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 643.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.80 643.22 Td (\(74,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 643.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 643.22 Td (\(71,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 643.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 629.17 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.50 629.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 629.17 Td (9,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.10 629.17 Td (43,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 629.17 Td (19,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 615.17 Td (Ef) Tj ET Q q 0 0 0 rg BT 65.35 615.17 Td (fect 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 333.50 615.17 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 615.17 Td (679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.80 615.22 Td (\(2,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 615.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 615.22 Td (\(1,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 615.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 601.17 Td (Cash and cash equivalents, beginning of the period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.50 601.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.10 601.17 Td (183,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.10 601.17 Td (142,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.10 601.17 Td (124,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 587.17 Td (Cash and cash equivalents, end of the period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.50 587.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 587.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.10 587.17 Td (193,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 587.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.10 587.17 Td (183,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 587.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.10 587.17 Td (142,728) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 561.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 561.10 Td (e expect that cash flows provided by operating activities will continue to serve as our principal source of working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 549.10 Td (capital in the near future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 528.10 Td (In 2017, net cash provided by investing activities was comprised of proceeds from sales of available-for) Tj ET Q q 0 0 0 rg BT 492.29 528.10 Td (-sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 516.10 Td (investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.10 516.10 Td ($25.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.00 516.10 Td (, including $15.1 million from the redemption of our seed investment in the Cohen & Steers Low ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 504.10 Td (Duration Preferred and Income Fund, Inc. \(LPX\), partially of) Tj ET Q q 0 0 0 rg BT 299.02 504.10 Td (fset by purchases of available-for) Tj ET Q q 0 0 0 rg BT 432.10 504.10 Td (-sale investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.58 504.10 Td ($16.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 492.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 492.10 Td (, including a seed investment of $10.0 million in a track record account for a new real assets multi-strategy portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 480.10 Td (and purchases of property and equipment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.55 480.10 Td ($3.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.45 480.10 Td (. Net cash used in financing activities was primarily for dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 468.10 Td (paid to stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.87 468.10 Td ($98.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.76 468.10 Td (, which included a special dividend of approximately $46.3 million paid on December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 456.10 Td (13, 2017 and repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 444.10 Td (restricted stock units of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.09 444.10 Td ($9.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.98 444.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 247.95 444.10 Td (fset by contributions from redeemable noncontrolling interest of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.33 444.10 Td ($46.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 432.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.89 432.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 411.10 Td (In 2016, net cash provided by investing activities was comprised of proceeds from sales of available-for) Tj ET Q q 0 0 0 rg BT 492.29 411.10 Td (-sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 399.10 Td (investments of $20.8 million, including $13.2 million from the redemption of our seed investment in Cohen & Steers Real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 387.10 Td (Assets Fund, Inc., partially of) Tj ET Q q 0 0 0 rg BT 172.41 387.10 Td (fset by purchases of property and equipment of $10.2 million and purchases of available-for) Tj ET Q q 0 0 0 rg BT 540.44 387.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 375.10 Td (sale investments of $8.1 million. Net cash 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 54.00 363.10 Td ($70.8 million, which included a special dividend of approximately $22.9 million paid on December 14, 2016, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 351.10 Td (repurchases of common stock to satisfy employee withholding tax obligations on the vesting and delivery of restricted stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 339.10 Td (units of $8.0 million, partially of) Tj ET Q q 0 0 0 rg BT 184.64 339.10 Td (fset by contributions from redeemable noncontrolling interest of $4.0 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 318.10 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 492.29 318.10 Td (-sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 306.10 Td (investments of $7.3 million and proceeds from redemption of equity method investments of $1.2 million, partially of) Tj ET Q q 0 0 0 rg BT 521.24 306.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 294.10 Td (purchases of available-for) Tj ET Q q 0 0 0 rg BT 157.64 294.10 Td (-sale investments of $5.7 million and purchases of property and equipment of $2.4 million. Net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 282.10 Td (cash used in financing activities was primarily for dividends paid to stockholders of $68.2 million, which included a special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 270.10 Td (dividend of approximately $22.7 million paid on December 16, 2015, and repurchases of common stock to satisfy employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 258.10 Td (withholding tax obligations on the vesting and delivery of restricted stock units of $19.2 million, partially of) Tj ET Q q 0 0 0 rg BT 487.08 258.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 246.10 Td (contributions from redeemable noncontrolling interest of $1) Tj ET Q q 0 0 0 rg BT 293.57 246.10 Td (1.0 million and excess tax benefits associated with the vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 234.10 Td (and delivery of restricted stock units of $4.8 million. For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.21 234.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.79 234.10 Td (, we made two new seed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 222.10 Td (investments totaling $20.0 million, including $5.0 million in connection with the launch of the Cohen & Steers SICA) Tj ET Q q 0 0 0 rg BT 521.55 222.10 Td (V) Tj ET Q q 0 0 0 rg BT 528.59 222.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 210.10 Td (Global Listed Infrastructure Fund and $15.0 million in connection with the launch of LPX.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 69.00 189.10 Td (Net Capital Requir) Tj ET Q q 0 0 0 rg BT 144.74 189.10 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 168.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 168.10 Td (e continually monitor and evaluate the adequacy of our capital. ) Tj ET Q q 0 0 0 rg BT 341.08 168.10 Td (W) Tj ET Q q 0 0 0 rg BT 349.72 168.10 Td (e have consistently maintained net capital in excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 156.10 Td (of the regulatory requirements for our broker) Tj ET Q q 0 0 0 rg BT 233.73 156.10 Td (-dealer) Tj ET Q q 0 0 0 rg BT 261.08 156.10 Td (, as prescribed by the Securities and Exchange Commission \(SEC\). ) Tj ET Q q 0 0 0 rg BT 531.59 156.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 144.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 144.10 Td (, we exceeded our minimum regulatory capital requirements by approximately $3.3 million. ) Tj ET Q q 0 0 0 rg BT 502.57 144.10 Td (The SEC) Tj ET Q q 0 0 0 rg BT 541.74 144.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 132.10 Td (Uniform Net Capital Rule 15c3-1 imposes certain requirements that may have the ef) Tj ET Q q 0 0 0 rg BT 391.49 132.10 Td (fect of prohibiting a broker) Tj ET Q q 0 0 0 rg BT 499.59 132.10 Td (-dealer from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 120.10 Td (distributing or withdrawing capital and requiring prior notice to the SEC for certain withdrawals of capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 99.10 Td (Cohen & Steers ) Tj ET Q q 0 0 0 rg BT 143.27 99.10 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 87.10 Td (Hong Kong Securities and Futures Commission and the United Kingdom Financial Conduct ) Tj ET Q q 0 0 0 rg BT 425.08 87.10 Td (Authority) Tj ET Q q 0 0 0 rg BT 463.32 87.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 515.98 87.10 Td (. ) Tj ET Q q 0 0 0 rg BT 520.43 87.10 Td (At ) 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 54.00 731.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 731.10 Td (, CSAL) Tj ET Q q 0 0 0 rg BT 162.77 731.10 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 54.00 719.10 Td ($58.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 719.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 698.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 698.10 Td (e believe that our cash flows from operations will be more than adequate to meet our anticipated capital requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 686.10 Td (and other obligations as they become due.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 69.00 665.10 Td (Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.50 644.10 Td (Subject to the approval of our Board of Directors, we anticipate paying dividends. ) Tj ET Q q 0 0 0 rg BT 407.06 644.10 Td (When determining whether to pay a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 632.10 Td (dividend, we take into account general economic and business conditions, our strategic plans, our financial results and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (condition, contractual, legal and regulatory restrictions on the payment of dividends by us and our subsidiaries and such other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (factors deemed relevant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 587.10 Td (On February 22, 2018, the Company declared a quarterly dividend on its common stock in the amount of $0.33 per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 79.92 575.10 Td (This dividend will be payable on March 22, 2018 to stockholders of record at the close of business on March 8,2018.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 69.00 554.10 Td (Investment Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 533.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 533.10 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 527.66 533.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (\(GRP-TE\). ) Tj ET Q q 0 0 0 rg BT 100.11 521.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.55 521.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.14 521.10 Td (, we have funded approximately $3.8 million of this commitment. Our co-investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (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 396.80 509.10 Td (The timing of the funding of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (unfunded portion of our commitment is currently unknown, as the drawdown of our commitment is contingent on the timing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (of drawdowns by the underlying funds and co-investments in which GRP-TE invests. ) Tj ET Q q 0 0 0 rg BT 398.49 485.10 Td (The unfunded portion of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 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 414.18 473.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.76 473.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (Contractual Obligations and Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 432.10 Td (The following table summarizes our contractual obligations by year of payment as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.95 432.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.54 432.10 Td ( \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 418.90 Td (thousands\):) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 100.11 418.90 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 387.4 m 264.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 387.4 m 313.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 387.4 m 362.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 387.4 m 411.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 387.4 m 509.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 387.4 m 558.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 387.4 m 264.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 387.4 m 313.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 387.4 m 362.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 387.4 m 411.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 387.4 m 460.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 387.4 m 509.5 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 357.4 m 264.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 343.4 m 264.5 343.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 341.4 m 264.5 341.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 357.4 m 313.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 343.4 m 313.5 343.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 341.4 m 313.5 341.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 357.4 m 362.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 343.4 m 362.5 343.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 341.4 m 362.5 341.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 357.4 m 411.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 343.4 m 411.5 343.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 341.4 m 411.5 341.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 357.4 m 460.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 343.4 m 460.5 343.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 341.4 m 460.5 341.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 357.4 m 509.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 343.4 m 509.5 343.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 341.4 m 509.5 341.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 357.4 m 558.5 357.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 343.4 m 558.5 343.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 341.4 m 558.5 341.4 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 233.50 391.63 Td (2018) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 282.50 391.63 Td (2019) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 331.50 391.63 Td (2020) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 380.50 391.63 Td (2021) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 429.50 391.63 Td (2022) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.50 399.63 Td (2023) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.90 391.63 Td (andafter) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 526.75 391.63 Td (T) Tj ET Q q 0 0 0 rg BT 531.35 391.63 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 377.97 Td (Operating leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 377.97 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.00 377.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.10 377.07 Td (13,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.00 377.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.10 377.07 Td (13,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 377.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.10 377.07 Td (1) Tj ET Q q 0 0 0 rg BT 336.10 377.07 Td (1,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.00 377.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.10 377.07 Td (10,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 377.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.10 377.07 Td (10,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.00 377.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.10 377.07 Td (1) Tj ET Q q 0 0 0 rg BT 483.10 377.07 Td (1,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 377.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.10 377.07 Td (72,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 362.97 Td (Other liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 362.97 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.65 362.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 362.07 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 362.07 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 362.07 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 362.07 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 362.07 Td (5,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 362.07 Td (8,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 347.97 Td (T) Tj ET Q q 0 0 0 rg BT 62.41 347.97 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 347.97 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.00 347.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.10 347.07 Td (13,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.00 347.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.10 347.07 Td (14,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 347.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.10 347.07 Td (12,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.00 347.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.10 347.07 Td (1) Tj ET Q q 0 0 0 rg BT 385.10 347.07 Td (1,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 347.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.10 347.07 Td (1) Tj ET Q q 0 0 0 rg BT 434.10 347.07 Td (1,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.00 347.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.10 347.07 Td (17,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 347.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.10 347.07 Td (81,322) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 69.00 321.90 Td (Operating Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 300.90 Td (Operating leases consists of our noncancelable long-term operating leases for of) Tj ET Q q 0 0 0 rg BT 398.26 300.90 Td (fice space, information technology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 288.90 Td (applications, market data and of) Tj ET Q q 0 0 0 rg BT 181.83 288.90 Td (fice equipment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 69.00 267.90 Td (Other Liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 246.90 Td (Other liability consists of the transition tax liability based on the cumulative undistributed earnings and profits of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 234.90 Td (foreign subsidiaries in connection with the enactment of the ) Tj ET Q q 0 0 0 rg BT 295.69 234.90 Td (T) Tj ET Q q 0 0 0 rg BT 301.10 234.90 Td (ax ) Tj ET Q q 0 0 0 rg BT 312.49 234.90 Td (Act. ) Tj ET Q q 0 0 0 rg BT 331.75 234.90 Td (This tax liability) Tj ET Q q 0 0 0 rg BT 397.20 234.90 Td (, which is payable over eight years on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 222.90 Td (an interest-free basis, was recorded as part of income tax payable on our consolidated statement of financial condition as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 210.90 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 210.90 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 69.00 189.90 Td (Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 168.90 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 168.90 Td (e had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.27 168.90 Td ($12.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.17 168.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.17 168.90 Td ($7.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.06 168.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 168.90 Td ($7.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.39 168.90 Td ( of total gross unrecognized tax benefits as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 156.90 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 156.90 Td (, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 249.68 156.90 Td (. ) Tj ET Q q 0 0 0 rg BT 254.50 156.90 Td (The total amount of net unrecognized tax benefits that, if recognized, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 144.90 Td (would af) Tj ET Q q 0 0 0 rg BT 89.09 144.90 Td (fect the ef) Tj ET Q q 0 0 0 rg BT 128.88 144.90 Td (fective tax rate was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.09 144.90 Td ($9.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.98 144.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.98 144.90 Td ($4.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.88 144.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.31 144.90 Td ($4.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.21 144.90 Td ( \(net of the federal benefit on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 132.90 Td (state issues\) as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.21 132.90 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.79 132.90 Td (, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 321.89 132.90 Td (. ) Tj ET Q q 0 0 0 rg BT 326.71 132.90 Td (W) Tj ET Q q 0 0 0 rg BT 335.35 132.90 Td (e accrue interest and penalties related to unrecognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 120.90 Td (tax benefits in the provision for income taxes. ) Tj ET Q q 0 0 0 rg BT 239.23 120.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.68 120.90 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.26 120.90 Td ( and 2016, we had accrued interest and penalties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 108.90 Td (related to unrecognized tax benefits of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.30 108.90 Td ($1.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.20 108.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.63 108.90 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.53 108.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 440.19 108.90 Td (. See Note 14 to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 96.90 Td (consolidated financial statements for additional disclosures related to income taxes.) 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 (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 133.43 731.25 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 714.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 714.25 Td (e do not invest in any of) Tj ET Q q 0 0 0 rg BT 181.61 714.25 Td (f-balance sheet vehicles that provide liquidity) Tj ET Q q 0 0 0 rg BT 363.39 714.25 Td (, capital resources, market or credit risk support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 702.25 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 54.00 678.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 88.71 678.25 Td (Accounting Policies and Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 661.25 Td (A) Tj ET Q q 0 0 0 rg BT 84.67 661.25 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 54.00 649.25 Td (our financial condition. ) Tj ET Q q 0 0 0 rg BT 149.90 649.25 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 54.00 637.25 Td (generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 222.55 637.25 Td (America requires us to make certain estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 503.39 637.25 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 625.25 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 54.00 613.25 Td (financial statements and the reported amounts of revenue and expenses during the reporting periods. ) Tj ET Q q 0 0 0 rg BT 456.93 613.25 Td (Actual results could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 601.25 Td (dif) Tj ET Q q 0 0 0 rg BT 64.93 601.25 Td (fer from those estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 580.25 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 54.00 568.25 Td (in conjunction with the summarized information below) Tj ET Q q 0 0 0 rg BT 273.86 568.25 Td (. Management considers the following accounting policies critical to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 556.25 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 54.00 544.25 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 66.00 523.25 Td (Consolidation of Company-sponsor) Tj ET Q q 0 0 0 rg BT 208.42 523.25 Td (ed Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 506.25 Td (The Company evaluates its investments in Company-sponsored funds at inception and thereafter) Tj ET Q q 0 0 0 rg BT 463.89 506.25 Td (, if there is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.25 Td (reconsideration event, in order to determine whether to apply the variable interest entity \(VIE\) model or the voting interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.25 Td (entity \(VOE\) model. ) Tj ET Q q 0 0 0 rg BT 141.30 482.25 Td (This evaluation involves the use of judgment and analysis on an entity by entity basis. In performing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 470.25 Td (this analysis, we consider the legal structure of the entity) Tj ET Q q 0 0 0 rg BT 280.51 470.25 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 54.00 458.25 Td (ownership interest and rights of interest holders in the entity) Tj ET Q q 0 0 0 rg BT 294.13 458.25 Td (, including the Company) Tj ET Q q 0 0 0 rg BT 392.36 458.25 Td (. If we determine that the entity is a ) Tj ET Q q 0 0 0 rg BT 536.57 458.25 Td (VIE, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 446.25 Td (we must then assess whether the Company absorbs a majority of the ) Tj ET Q q 0 0 0 rg BT 329.32 446.25 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 54.00 434.25 Td (be the primary beneficiary of the ) Tj ET Q q 0 0 0 rg BT 187.65 434.25 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 209.13 434.25 Td (The Company consolidates ) Tj ET Q q 0 0 0 rg BT 320.31 434.25 Td (VIEs for which it is deemed to be the primary beneficiary) Tj ET Q q 0 0 0 rg BT 550.69 434.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 422.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 422.25 Td (e consolidate ) Tj ET Q q 0 0 0 rg BT 117.44 422.25 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 54.00 410.25 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 410.31 410.25 Td (Amounts attributable to third parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 398.25 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 54.00 386.25 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 54.00 374.25 Td (operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 353.25 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 336.25 Td (Our investments are classified as trading investments, equity method investments or available-for) Tj ET Q q 0 0 0 rg BT 467.70 336.25 Td (-sale investments at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 324.25 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 54.00 312.25 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 54.00 300.25 Td (equity method investments represent investments in Company-sponsored funds in which the Company) Tj ET Q q 0 0 0 rg BT 467.55 300.25 Td (s ownership is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 288.25 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 54.00 276.25 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 54.00 264.25 Td (exercise significant influence are classified as available-for) Tj ET Q q 0 0 0 rg BT 290.35 264.25 Td (-sale.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 243.25 Td (Fair V) Tj ET Q q 0 0 0 rg BT 91.28 243.25 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 226.25 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 54.00 214.25 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 54.00 202.25 Td (available-for) Tj ET Q q 0 0 0 rg BT 104.88 202.25 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 54.00 190.25 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 54.00 178.25 Td (the measurement date. ) Tj ET Q q 0 0 0 rg BT 145.63 178.25 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 54.00 166.25 Td (on whether the inputs to the valuation techniques are observable or unobservable. ) Tj ET Q q 0 0 0 rg BT 382.33 166.25 Td (The classification within the hierarchy is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.25 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 76.50 139.25 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 76.50 124.25 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 76.50 112.25 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 76.50 100.25 Td (are observable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 85.25 Td (Level 3 - ) Tj ET Q q 0 0 0 rg BT 114.91 85.25 Td (V) Tj ET Q q 0 0 0 rg BT 121.03 85.25 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 73.25 Td (unobservable.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 731.10 Td (The Company periodically reviews each individual available-for) Tj ET Q q 0 0 0 rg BT 336.04 731.10 Td (-sale investment that has an unrealized loss to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (determine if the loss is other) Tj ET Q q 0 0 0 rg BT 167.38 719.10 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 231.71 719.10 Td (. In evaluating whether such losses are other) Tj ET Q q 0 0 0 rg BT 408.67 719.10 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 472.99 719.10 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 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 54.00 695.10 Td (financial condition and near) Tj ET Q q 0 0 0 rg BT 165.70 695.10 Td (-term prospects of the issuer or fund and the underlying portfolio. If the Company believes that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 683.10 Td (an unrealized loss on an available-for) Tj ET Q q 0 0 0 rg BT 203.46 683.10 Td (-sale investment is other) Tj ET Q q 0 0 0 rg BT 300.73 683.10 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 365.05 683.10 Td (, the loss will be recognized in the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 671.10 Td (statement of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 650.10 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 633.10 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 54.00 621.10 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 54.00 609.10 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 54.00 597.10 Td (has occurred. ) Tj ET Q q 0 0 0 rg BT 109.63 597.10 Td (W) Tj ET Q q 0 0 0 rg BT 118.26 597.10 Td (e estimate the fair value of goodwill using a market approach based on our market capitalization. ) Tj ET Q q 0 0 0 rg BT 508.22 597.10 Td (W) Tj ET Q q 0 0 0 rg BT 516.86 597.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 585.10 Td (determined that the fair value of our goodwill substantially exceeded its carrying value based on the most recent impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.10 Td (test performed as of November 30, 2017.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 552.10 Td (Stock-based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 535.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 535.10 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 54.00 523.10 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 54.00 511.10 Td (for actual forfeitures.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 490.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 102.57 490.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 473.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 473.10 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 54.00 461.10 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 54.00 449.10 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 54.00 437.10 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 54.00 425.10 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 101.03 425.10 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 54.00 413.10 Td (from the amounts reported in our consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 326.15 413.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 375.48 413.10 Td (, we recognize additions to, or reductions of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (income tax expense during reporting periods that may pertain to prior period provisions as our estimated liabilities are revised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (and actual tax returns and audits, if any) Tj ET Q q 0 0 0 rg BT 210.52 389.10 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 54.00 377.10 Td (they are determined.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 356.10 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 54.00 344.10 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 54.00 332.10 Td (temporary dif) Tj ET Q q 0 0 0 rg BT 108.52 332.10 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 54.00 320.10 Td (temporary dif) Tj ET Q q 0 0 0 rg BT 108.52 320.10 Td (ferences that will result in taxable income in future years. ) Tj ET Q q 0 0 0 rg BT 340.75 320.10 Td (W) Tj ET Q q 0 0 0 rg BT 349.39 320.10 Td (e record a valuation allowance, when necessary) Tj ET Q q 0 0 0 rg BT 538.93 320.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.10 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 78.00 287.10 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 54.00 275.10 Td (regulations in a multitude of jurisdictions across our global operations. In accordance with ) Tj ET Q q 0 0 0 rg BT 417.24 275.10 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 106.31 263.10 Td (T) Tj ET Q q 0 0 0 rg BT 111.72 263.10 Td (opic 740, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 151.44 263.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 188.01 263.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.78 263.10 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 54.00 251.10 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 54.00 239.10 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 78.00 218.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.64 218.10 Td (e record unrecognized tax benefits as liabilities in accordance with ) Tj ET Q q 0 0 0 rg BT 354.86 218.10 Td (ASC 740 and adjust these liabilities when our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 206.10 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 54.00 194.10 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 439.27 194.10 Td (ferent from our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 182.10 Td (estimate of the unrecognized tax benefit liabilities. ) Tj ET Q q 0 0 0 rg BT 258.75 182.10 Td (These dif) Tj ET Q q 0 0 0 rg BT 296.05 182.10 Td (ferences are reflected as increases or decreases in income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 170.10 Td (expense in the period in which new information becomes available.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 149.10 Td (Recently Issued ) Tj ET Q q 0 0 0 rg BT 130.79 149.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 188.46 149.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 128.10 Td (See discussion of Recently Issued ) Tj ET Q q 0 0 0 rg BT 215.48 128.10 Td (Accounting Pronouncements in Note 2 of the consolidated financial statements.) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (35) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Item7A. Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 258.81 731.25 Td (es ) Tj ET Q q 0 0 0 rg BT 269.09 731.25 Td (About Market Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 714.25 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 54.00 702.25 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 539.95 702.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 690.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 690.25 Td (, we had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.94 690.25 Td ($74.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.83 690.25 Td ( of trading investments as a result of consolidating CDF) Tj ET Q q 0 0 0 rg BT 505.61 690.25 Td (, GLI ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 678.25 Td (SICA) Tj ET Q q 0 0 0 rg BT 75.49 678.25 Td (V) Tj ET Q q 0 0 0 rg BT 81.43 678.25 Td (, GRP-CIP) Tj ET Q q 0 0 0 rg BT 124.40 678.25 Td ( and SICA) Tj ET Q q 0 0 0 rg BT 165.33 678.25 Td (V) Tj ET Q q 0 0 0 rg BT 172.37 678.25 Td ( Preferred. ) Tj ET Q q 0 0 0 rg BT 216.52 678.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.02 678.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.60 678.25 Td (, we had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.96 678.25 Td ($6.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.85 678.25 Td ( of equity method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 666.25 Td (investments, which represented our equity interests in ) Tj ET Q q 0 0 0 rg BT 271.17 666.25 Td (ACOM and GRP-TE. ) Tj ET Q q 0 0 0 rg BT 360.06 666.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.51 666.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.09 666.25 Td (, we had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 654.25 Td ($27.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.89 654.25 Td ( of available-for) Tj ET Q q 0 0 0 rg BT 172.10 654.25 Td (-sale investments, which were comprised of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.36 654.25 Td ($14.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.25 654.25 Td ( invested in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 642.25 Td (sponsored funds, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.27 642.25 Td ($7.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.17 642.25 Td ( invested in foreign and domestic common stocks, $4.0 million invested in fixed income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 630.25 Td (securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.76 630.25 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.66 630.25 Td ( invested in preferred securities and $1) Tj ET Q q 0 0 0 rg BT 300.23 630.25 Td (19,000 invested in other investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 609.25 Td (The following table summarizes the ef) Tj ET Q q 0 0 0 rg BT 230.44 609.25 Td (fect of a ten percent increase or decrease in equity prices on our investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 597.25 Td (subject to equity price fluctuation as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.56 597.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.15 597.25 Td (: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 556.75 m 409.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 556.75 m 483.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 556.75 m 557.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 556.75 m 409.5 556.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 354.70 568.98 Td (Carrying) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 360.85 560.98 Td (V) Tj ET Q q 0 0 0 rg BT 365.89 560.98 Td (alue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.15 576.98 Td (Carrying) Tj ET Q q 0 0 0 rg BT 453.56 576.98 Td (V) Tj ET Q q 0 0 0 rg BT 458.60 576.98 Td (alue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 426.60 568.98 Td (Assuming a) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.10 560.98 Td (10% Incr) Tj ET Q q 0 0 0 rg BT 455.62 560.98 Td (ease) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 491.15 576.98 Td (Carrying) Tj ET Q q 0 0 0 rg BT 524.56 576.98 Td (V) Tj ET Q q 0 0 0 rg BT 529.60 576.98 Td (alue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 497.60 568.98 Td (Assuming a) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 493.25 560.98 Td (10% Decr) Tj ET Q q 0 0 0 rg BT 527.54 560.98 Td (ease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 547.32 Td (T) Tj ET Q q 0 0 0 rg BT 61.93 547.32 Td (rading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 547.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 547.32 Td (74,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 547.32 Td (82,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 547.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 547.32 Td (67,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 534.32 Td (Equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 534.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 534.32 Td (6,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 534.32 Td (6,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 534.32 Td (5,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 521.32 Td (A) Tj ET Q q 0 0 0 rg BT 62.48 521.32 Td (vailable-for) Tj ET Q q 0 0 0 rg BT 108.92 521.32 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 521.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 521.32 Td (27,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 521.32 Td (29,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 521.32 Td (24,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 518.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 500.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 500.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 500.25 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 54.00 488.25 Td (exposure related to certain client receivables with an aggregated notional value of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.56 488.25 Td ($12.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.45 488.25 Td (. ) Tj ET Q q 0 0 0 rg BT 502.27 488.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.25 Td (Company estimates that a ten percent adverse change in market prices would result in a decrease of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.38 476.25 Td ($6,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.88 476.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.25 Td (the fair value of open foreign currency forward contracts held at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.05 464.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.63 464.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 443.25 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 443.25 Td ( majority of our revenueapproximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.62 443.25 Td (92%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.95 443.25 Td (, 91% and 92% for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.42 443.25 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.42 443.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 431.25 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 54.00 419.25 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 54.00 407.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 103.34 407.25 Td (, a decline in the prices of securities generally) Tj ET Q q 0 0 0 rg BT 285.67 407.25 Td (, and real estate securities in particular) Tj ET Q q 0 0 0 rg BT 438.80 407.25 Td (, attributable to market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 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 54.00 383.25 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 54.00 371.25 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 499.26 371.25 Td (fering greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.25 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 76.50 338.25 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 475.65 338.25 Td (The market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 326.25 Td (conditions for these of) Tj ET Q q 0 0 0 rg BT 143.52 326.25 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 54.00 314.25 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 54.00 302.25 Td (end funds we manage may increase or decrease their leverage in order to maintain the funds) Tj ET Q q 0 0 0 rg BT 424.49 302.25 Td ( tar) Tj ET Q q 0 0 0 rg BT 437.35 302.25 Td (get leverage ratios, thereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 290.25 Td (increasing or decreasing the assets we manage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 269.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 269.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 269.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.53 269.25 Td (44%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.86 269.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.30 269.25 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.63 269.25 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 54.00 257.25 Td (securities, respectively) Tj ET Q q 0 0 0 rg BT 144.42 257.25 Td (. ) Tj ET Q q 0 0 0 rg BT 148.87 257.25 Td (A) Tj ET Q q 0 0 0 rg BT 155.54 257.25 Td ( change 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 54.00 245.25 Td (valuation of real estate and preferred securities in our clients) Tj ET Q q 0 0 0 rg BT 298.43 245.25 Td ( portfolios, reduce our revenue, and impact our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.25 Td (increase assets in our open-end funds or of) Tj ET Q q 0 0 0 rg BT 224.60 233.25 Td (fer new funds.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (36) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (Item8. Financial Statements and Supplementary Data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 714.25 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 54.00 702.25 Td (index are included in Item15 of this ) Tj ET Q q 0 0 0 rg BT 201.19 702.25 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 54.00 675.25 Td (Item9. Changes in and Disagr) Tj ET Q q 0 0 0 rg BT 183.28 675.25 Td (eements ) Tj ET Q q 0 0 0 rg BT 220.03 675.25 Td (W) Tj ET Q q 0 0 0 rg BT 229.84 675.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 243.46 675.25 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 311.81 675.25 Td (Accounting and Financial Disclosur) Tj ET Q q 0 0 0 rg BT 464.15 675.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 658.25 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 54.00 631.25 Td (Item9A. Contr) Tj ET Q q 0 0 0 rg BT 119.08 631.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 162.24 631.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 191.50 631.25 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 614.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 614.25 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 54.00 602.25 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 137.31 602.25 Td (Act of 1934, as amended \(the Exchange ) Tj ET Q q 0 0 0 rg BT 298.92 602.25 Td (Act\)\) 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 54.00 590.25 Td (disclosed in our reports under the Exchange ) Tj ET Q q 0 0 0 rg BT 231.45 590.25 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 54.00 578.25 Td (specified in the Securities and Exchange Commission) Tj ET Q q 0 0 0 rg BT 271.73 578.25 Td (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 54.00 566.25 Td (communicated to our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 331.24 566.25 Td (ficer and our Chief Financial Of) Tj ET Q q 0 0 0 rg BT 459.62 566.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 477.54 566.25 Td (, as appropriate, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 554.25 Td (allow timely decisions regarding required disclosures.) Tj ET Q q 0 0 0 rg BT 272.00 554.25 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 54.00 542.25 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 76.50 521.25 Td (Our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 284.31 521.25 Td (ficer and our Chief Financial Of) Tj ET Q q 0 0 0 rg BT 412.70 521.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 430.61 521.25 Td (, has evaluated the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 509.25 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 477.28 509.25 Td (Act\) as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 497.25 Td (. Based on that evaluation and subject to the foregoing, our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 448.70 497.25 Td (ficer and our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.25 Td (Financial Of) Tj ET Q q 0 0 0 rg BT 104.08 485.25 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 385.92 485.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.51 485.25 Td ( were ef) Tj ET Q q 0 0 0 rg BT 496.52 485.25 Td (fective to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.25 Td (accomplish their objectives at a reasonable assurance level. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 452.25 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 54.00 440.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 440.25 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 219.03 440.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 400.45 440.25 Td (fect, our internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.25 Td (reporting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 407.25 Td (Management) Tj ET Q q 0 0 0 rg BT 131.48 407.25 Td (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 455.56 407.25 Td (Annual Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.25 Td (Form10-K and Deloitte& ) Tj ET Q q 0 0 0 rg BT 162.97 395.25 Td (T) Tj ET Q q 0 0 0 rg BT 168.38 395.25 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 215.31 395.25 Td (s report on the ef) Tj ET Q q 0 0 0 rg BT 282.89 395.25 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 54.00 383.25 Td (on page F-3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 356.25 Td (Item9B. Other) Tj ET Q q 0 0 0 rg BT 118.53 356.25 Td ( Information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 339.25 Td (None. ) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (37) 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 81 0 obj <> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 39.60 Td (38) 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-37.) 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. In particular) Tj ET Q q 0 0 0 rg BT 224.10 577.25 Td (, any representations and warranties made by us in these agreements or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 565.25 Td (documents were made solely within the specific context of the relevant agreement or document and may not describe the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 553.25 Td (actual state of af) Tj ET Q q 0 0 0 rg BT 119.62 553.25 Td (fairs as of the date they were made or at any other time. ) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 21.60 Td (39) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 746.5 m 84 746.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 728.5 m 84 728.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 84 746.5 m 98 746.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 84 728.5 m 98 728.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98 746.5 m 562 746.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98 728.5 m 562 728.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98 728.5 m 562 728.5 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 738.58 Td (Exhibit) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.50 730.63 Td (Number) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 100.50 732.73 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 719.07 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 719.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 719.07 Td (Form of ) Tj ET Q q 0 0 0 rg BT 134.95 719.07 Td (Amended and Restated Certificate of Incorporation of the Company \(1\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 706.07 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 706.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 706.07 Td (Form of ) Tj ET Q q 0 0 0 rg BT 134.95 706.07 Td (Amended and Restated Bylaws of the Company \(2\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 693.07 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 693.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 693.07 Td (Specimen Common Stock Certificate \(6\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 680.07 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 680.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 680.07 Td (Form of Registration Rights ) Tj ET Q q 0 0 0 rg BT 214.95 680.07 Td (Agreement among the Company) Tj ET Q q 0 0 0 rg BT 344.54 680.07 Td (, Martin Cohen, Robert H. Steers, ) Tj ET Q q 0 0 0 rg BT 481.56 680.07 Td (The Martin Cohen ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 670.07 Td (1998 Family ) Tj ET Q q 0 0 0 rg BT 153.65 670.07 Td (T) Tj ET Q q 0 0 0 rg BT 159.41 670.07 Td (rust and Robert H. Steers Family ) Tj ET Q q 0 0 0 rg BT 293.38 670.07 Td (T) Tj ET Q q 0 0 0 rg BT 299.14 670.07 Td (rust \(1\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 657.07 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 657.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 657.07 Td (Form of Employment ) Tj ET Q q 0 0 0 rg BT 189.11 657.07 Td (Agreement between Cohen & Steers Capital Management, Inc. and Robert H. Steers* \(1\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 643.07 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 643.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 643.07 Td (Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan* \(7\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 630.07 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 630.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 630.07 Td (Amended and Restated Cohen & Steers, Inc. ) Tj ET Q q 0 0 0 rg BT 281.29 630.07 Td (Annual Incentive Plan* \(3\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 617.07 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 617.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 617.07 Td (Amended and Restated Cohen & Steers, Inc. Employee Stock Purchase Plan* \(3\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 603.07 Td (10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 603.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 603.07 Td (Form of Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 223.55 603.07 Td (Agreement for the issuance of awards pursuant to the ) Tj ET Q q 0 0 0 rg BT 438.76 603.07 Td (Amended and Restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 593.07 Td (Cohen & Steers, Inc. Stock Incentive Plan* \(4\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 580.07 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 580.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 579.17 Td (Amendment to Employment ) Tj ET Q q 0 0 0 rg BT 216.32 579.17 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 100.50 569.17 Td (Steers* \(5\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 555.07 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 555.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 554.17 Td (Form of Mandatory Deferral Program Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 342.67 554.17 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 100.50 544.17 Td (Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.43 544.17 Td (filed herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.24 544.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 530.07 Td (21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 530.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 530.07 Td (Subsidiaries of the Company \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.15 530.07 Td (filed herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.96 530.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 516.07 Td (23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 516.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 516.07 Td (Consent of Deloitte & ) Tj ET Q q 0 0 0 rg BT 191.42 516.07 Td (T) Tj ET Q q 0 0 0 rg BT 196.83 516.07 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 240.61 516.07 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.44 516.07 Td (filed herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.25 516.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 502.07 Td (24.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 502.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 502.07 Td (Powers of ) Tj ET Q q 0 0 0 rg BT 142.72 502.07 Td (Attorney \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.10 502.07 Td (included on signature page hereto) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.05 502.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 488.07 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 488.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 488.07 Td (Certification of the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 256.65 488.07 Td (ficer pursuant to Section 302 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 466.04 488.07 Td (Act of 2002 \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.64 488.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 478.07 Td (herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.49 478.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 465.07 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 465.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 465.07 Td (Certification of the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 253.88 465.07 Td (ficer pursuant to Section 302 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 463.27 465.07 Td (Act of 2002 \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.87 465.07 Td (filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 455.07 Td (herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.49 455.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 442.07 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 442.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 442.07 Td (Certification of the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 256.65 442.07 Td (ficer pursuant to Section 906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 466.04 442.07 Td (Act of 2002 \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.64 442.07 Td (furnished ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 432.07 Td (herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.49 432.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 419.07 Td (32.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 419.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 419.07 Td (Certification of the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 253.88 419.07 Td (ficer pursuant to Section 906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 463.27 419.07 Td (Act of 2002 \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.87 419.07 Td (furnished ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 409.07 Td (herewith) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.49 409.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 396.07 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 396.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 396.07 Td (The following financial statements from the Company) Tj ET Q q 0 0 0 rg BT 320.45 396.07 Td (s ) Tj ET Q q 0 0 0 rg BT 326.29 396.07 Td (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 100.50 386.07 Td (December 31, 2017 formatted in XBRL) Tj ET Q q 0 0 0 rg BT 259.53 386.07 Td ( \(eXtensible Business Reporting Language\): \(i\) the Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 376.07 Td (Statements of Financial Condition as of December 31, 2017 and December 31, 2016, \(ii\) the Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 366.07 Td (Statements of Operations for the years ended December 31, 2017, 2016 and 2015, \(iii\) the Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 356.07 Td (Statements of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015, \(iv\) the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 346.07 Td (Consolidated Statements of Changes in Stockholders) Tj ET Q q 0 0 0 rg BT 315.01 346.07 Td ( Equity and Redeemable Noncontrolling Interest for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 336.07 Td (years ended December 31, 2017, 2016 and 2015, \(v\) the Consolidated Statements of Cash Flows for the years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 326.12 Td (ended December 31, 2017, 2016 and 2015, and \(vi\) the Notes to the Consolidated Financial Statements.) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 563.50 324.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.00 Td (_________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 300.00 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 257.93 300.00 Td (s Registration Statement on Form S-1 \(Registration No.333-1) Tj ET Q q 0 0 0 rg BT 506.14 300.00 Td (14027\), as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 288.00 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 49.50 276.00 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 276.00 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 257.93 276.00 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 85.50 264.00 Td (the quarter ended June30, 2008. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.00 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 252.00 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 257.93 252.00 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 85.50 240.00 Td (May13, 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.00 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 228.00 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 257.93 228.00 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 85.50 216.00 Td (the quarter ended March31, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.00 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 204.00 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 257.93 204.00 Td (s ) Tj ET Q q 0 0 0 rg BT 263.77 204.00 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 85.50 192.00 Td (year ended December31, 2007.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.00 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 180.00 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 257.93 180.00 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 85.50 168.00 Td (quarter ended June30, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.00 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 156.00 Td (Incorporated by reference to the Company) Tj ET Q q 0 0 0 rg BT 257.93 156.00 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 85.50 144.00 Td (May10, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 132.00 Td (* Denotes compensatory plan.) 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 301.00 19.60 Td (40) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item16. Form 10-K Summary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 725.25 Td (None.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 96.66 725.25 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 301.00 39.60 Td (41) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 731.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 84.93 731.25 Td (TURES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 710.25 Td (Pursuant to the requirements of Section13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 393.37 710.25 Td (Act of 1934, the Company has duly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 698.25 Td (caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 687.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 640.95 m 432 640.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 640.95 m 558 640.95 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 667.52 Td (C) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 294.17 667.52 Td (OHEN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.61 667.52 Td (& S) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 331.95 667.52 Td (TEERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.34 667.52 Td (, I) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 361.67 667.52 Td (NC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.40 667.52 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 645.52 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 645.52 Td (/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 311.28 645.52 Td (S) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.17 645.52 Td (/R) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 334.62 645.52 Td (OBER) Tj ET Q q 0 0 0 rg BT 352.87 645.52 Td (T) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.14 645.52 Td ( H. S) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.43 645.52 Td (TEERS) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 287.50 619.33 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 630.62 Td (Robert H. Steers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 620.62 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 386.07 620.62 Td (ficer and Director) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 595.45 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 595.45 Td ( ) Tj ET Q q 0 0 0 rg BT 126.00 595.45 Td ( ) Tj ET Q q 0 0 0 rg BT 162.00 595.45 Td ( ) Tj ET Q q 0 0 0 rg BT 198.00 595.45 Td ( ) Tj ET Q q 0 0 0 rg BT 234.00 595.45 Td ( ) Tj ET Q q 0 0 0 rg BT 270.00 595.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 595.45 Td (February23, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.60 595.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 574.45 Td (Each of the of) Tj ET Q q 0 0 0 rg BT 132.68 574.45 Td (ficers and directors of Cohen& Steers, Inc. whose signature appears below) Tj ET Q q 0 0 0 rg BT 432.77 574.45 Td (, in so signing, also makes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.45 Td (constitutes and appoints Robert H. Steers, acting alone, his or her true and lawful attorney-in-fact, with full power and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 550.45 Td (substitution, for him or her in any and all capacities, to execute and cause to be filed with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 538.45 Td (Commission any and all amendments to the ) Tj ET Q q 0 0 0 rg BT 230.92 538.45 Td (Annual Report on Form 10-K, with exhibits thereto and other documents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 526.45 Td (connected therewith and to perform any acts necessary to be done in order to file such documents, and hereby ratifies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.45 Td (confirms all that said attorney-in-fact or his substitute or substitutes may do or cause to be done by virtue hereof. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 496.45 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 302.55 496.45 Td (Act of 1934, this report has been signed below by the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 484.45 Td (persons on behalf of the Company and in the capacities and on the dates indicated.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 463.15 m 169.5 463.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 451.15 m 169.5 451.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 463.15 m 203.5 463.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 451.15 m 203.5 451.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 463.15 m 477.5 463.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 451.15 m 477.5 451.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 463.15 m 557.5 463.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 451.15 m 557.5 451.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 428.15 m 169.5 428.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 394.15 m 169.5 394.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 360.15 m 169.5 360.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 326.15 m 169.5 326.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 292.15 m 169.5 292.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 258.15 m 169.5 258.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 224.14999999999998 m 169.5 224.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 190.14999999999998 m 169.5 190.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 156.14999999999998 m 169.5 156.14999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 133.14999999999998 m 169.5 133.14999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 133.14999999999998 m 203.5 133.14999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 133.14999999999998 m 477.5 133.14999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 133.14999999999998 m 557.5 133.14999999999998 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.00 455.10 Td (Signature) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.00 455.10 Td (T) Tj ET Q q 0 0 0 rg BT 210.75 455.10 Td (itle) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.00 455.10 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 432.72 Td (/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 58.78 432.72 Td (S) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.67 432.72 Td (/ M) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 76.84 432.72 Td (AR) Tj ET Q q 0 0 0 rg BT 86.15 432.72 Td (TIN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.81 432.72 Td ( C) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 106.98 432.72 Td (OHEN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 418.72 Td (Martin Cohen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 418.72 Td (Chairman and Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 418.72 Td (February 23, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 398.72 Td (/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 58.78 398.72 Td (S) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.67 398.72 Td (/ R) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 74.62 398.72 Td (OBER) Tj ET Q q 0 0 0 rg BT 92.87 398.72 Td (T) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.14 398.72 Td ( H. S) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 117.43 398.72 Td (TEERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 384.72 Td (Robert H. Steers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 384.72 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 283.66 384.72 Td (ficer and Director \(Principal Executive Of) Tj ET Q q 0 0 0 rg BT 452.01 384.72 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 384.72 Td (February 23, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 364.72 Td (/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 58.78 364.72 Td (S) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.67 364.72 Td (/ P) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 73.51 364.72 Td (ETER) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.01 364.72 Td ( L. R) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 111.29 364.72 Td (HEIN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 350.72 Td (Peter L. Rhein) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 350.72 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 350.72 Td (February 23, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 330.72 Td (/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 58.78 330.72 Td (S) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.67 330.72 Td (/ R) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 74.62 330.72 Td (ICHARD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.45 330.72 Td ( P) Tj ET Q q 0 0 0 rg BT 108.41 330.72 Td (. S) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 118.97 330.72 Td (IMON) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 316.72 Td (Richard P) Tj ET Q q 0 0 0 rg BT 95.16 316.72 Td (. Simon) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 316.72 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 316.72 Td (February 23, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 296.72 Td (/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 58.78 296.72 Td (S) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.67 296.72 Td (/ E) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 74.06 296.72 Td (DMOND) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 296.72 Td ( D. ) Tj ET Q q 0 0 0 rg BT 115.04 296.72 Td (V) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 122.27 296.72 Td (ILLANI) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 282.72 Td (Edmond D. ) Tj ET Q q 0 0 0 rg BT 104.52 282.72 Td (V) Tj ET Q q 0 0 0 rg BT 111.35 282.72 Td (illani) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 282.72 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 282.72 Td (February 23, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 262.72 Td (/s/ F) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 73.51 262.72 Td (RANK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.34 262.72 Td ( C) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 102.51 262.72 Td (ONNOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 248.72 Td (Frank Connor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 248.72 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 248.72 Td (February 23, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 228.72 Td (/s/ Reena ) Tj ET Q q 0 0 0 rg BT 95.16 228.72 Td (Aggarwal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 214.72 Td (Reena ) Tj ET Q q 0 0 0 rg BT 83.21 214.72 Td (Aggarwal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 214.72 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 214.72 Td (February 23, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 194.72 Td (/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 58.78 194.72 Td (S) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.67 194.72 Td (/ M) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 76.84 194.72 Td (A) Tj ET Q q 0 0 0 rg BT 81.12 194.72 Td (TTHEW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.61 194.72 Td ( S. S) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 124.23 194.72 Td (T) Tj ET Q q 0 0 0 rg BT 127.95 194.72 Td (ADLER) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 180.72 Td (Matthew S. Stadler) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 180.72 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 280.89 180.72 Td (ficer \(Principal Financial Of) Tj ET Q q 0 0 0 rg BT 393.72 180.72 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 180.72 Td (February 23, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 160.72 Td (/) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 58.78 160.72 Td (S) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.67 160.72 Td (/ E) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 74.06 160.72 Td (LENA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.72 160.72 Td ( D) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 102.44 160.72 Td (ULIK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 146.72 Td (Elena Dulik) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 146.72 Td (Chief ) Tj ET Q q 0 0 0 rg BT 230.44 146.72 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 289.78 146.72 Td (ficer \(Principal ) Tj ET Q q 0 0 0 rg BT 352.16 146.72 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 411.51 146.72 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 146.72 Td (February 23, 2018) Tj ET Q BT /F1 10.00 Tf ET 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-1) 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 BT /F4 10.00 Tf ET q 0 0 0 rg BT 243.25 699.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 299.37 699.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 313.36 699.25 Td (A) Tj ET Q q 0 0 0 rg BT 319.84 699.25 Td (TEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 662.32 Td (Management) Tj ET Q q 0 0 0 rg BT 111.98 662.32 Td (s Report on Internal Control over Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 648.32 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 222.24 648.32 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 634.32 Td (Consolidated Statements of Financial Condition) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 620.32 Td (Consolidated Statements of Operations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 606.32 Td (Consolidated Statements of Comprehensive Income) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 592.32 Td (Consolidated Statements of Changes in Stockholders) Tj ET Q q 0 0 0 rg BT 271.51 592.32 Td ( Equity and Redeemable Noncontrolling Interest) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 578.32 Td (Consolidated Statements of Cash Flows) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 564.32 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.10 662.32 Td (F-2) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.10 648.32 Td (F-3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.10 634.32 Td (F-5) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.10 620.32 Td (F-6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.10 606.32 Td (F-7) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.10 592.32 Td (F-8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.10 578.32 Td (F-9) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 564.32 Td (F-1) Tj ET Q q 0 0 0 rg BT 549.97 564.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET 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-2) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 248.90 731.25 Td (COHEN& STEERS, INC. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.20 719.25 Td (MANAGEMENTS REPOR) Tj ET Q q 0 0 0 rg BT 224.79 719.25 Td (T) Tj ET Q q 0 0 0 rg BT 231.28 719.25 Td ( ON INTERNAL) Tj ET Q q 0 0 0 rg BT 303.52 719.25 Td ( CONTROL) Tj ET Q q 0 0 0 rg BT 356.03 719.25 Td ( OVER FINANCIAL) Tj ET Q q 0 0 0 rg BT 446.04 719.25 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 483.19 719.25 Td (TING ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 698.25 Td (The management of Cohen& Steers, Inc. \(the Company\) is responsible for establishing and maintaining adequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 686.25 Td (internal control over financial reporting. ) Tj ET Q q 0 0 0 rg BT 217.09 686.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 276.80 686.25 Td (s internal control system is designed to provide reasonable assurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 674.25 Td (to the Company) Tj ET Q q 0 0 0 rg BT 120.66 674.25 Td (s management and Board of Directors regarding the reliability of financial reporting and the preparation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 662.25 Td (published financial statements in accordance with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 512.45 662.25 Td (America. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 650.25 Td (All internal control systems, no matter how well designed, have inherent limitations. ) Tj ET Q q 0 0 0 rg BT 394.58 650.25 Td (Therefore, even those systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 638.25 Td (determined to be ef) Tj ET Q q 0 0 0 rg BT 131.29 638.25 Td (fective can provide only reasonable assurance with respect to financial statement preparation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 626.25 Td (presentation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 605.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 136.21 605.25 Td (s internal control over financial reporting \(1\) includes policies and procedures that pertain to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.25 Td (maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; \(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.25 Td (provides reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.25 Td (accordance with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 378.59 569.25 Td (America, and that receipts and expenditures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td (are being made only in accordance with authorizations of management and the directors of the Company; \(3\) and provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (Company) Tj ET Q q 0 0 0 rg BT 95.67 533.25 Td (s assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 241.26 533.25 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 327.63 533.25 Td (s financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 512.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 136.21 512.25 Td (s management assessed the ef) Tj ET Q q 0 0 0 rg BT 254.88 512.25 Td (fectiveness of the Company) Tj ET Q q 0 0 0 rg BT 369.01 512.25 Td (s internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 500.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 500.25 Td (. In making this assessment, it used the criteria set forth by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 500.67 500.25 Td (ganizations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 68.54 488.25 Td (T) Tj ET Q q 0 0 0 rg BT 74.29 488.25 Td (readway Commission in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 174.00 488.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 231.69 488.25 Td (ol-Integrated Framework \(2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.77 488.25 Td (. 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, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 476.25 Td (, the Company) Tj ET Q q 0 0 0 rg BT 270.88 476.25 Td (s internal control over financial reporting is ef) Tj ET Q q 0 0 0 rg BT 454.81 476.25 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) Tj ET Q q 0 0 0 rg BT 136.21 443.25 Td (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) Tj ET Q q 0 0 0 rg BT 374.57 431.25 Td (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 (February23, 2018) 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 93 0 obj <> endobj 94 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 (T) Tj ET Q q 0 0 0 rg BT 59.41 709.25 Td (o the Board of Directors and Stockholders of Cohen & Steers, Inc. New ) Tj ET Q q 0 0 0 rg BT 348.69 709.25 Td (Y) Tj ET Q q 0 0 0 rg BT 354.91 709.25 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 387.32 709.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 687.25 Td (Opinions ) Tj ET Q q 0 0 0 rg BT 93.17 687.25 Td (on ) Tj ET Q q 0 0 0 rg BT 105.67 687.25 Td (the ) Tj ET Q q 0 0 0 rg BT 120.39 687.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 160.10 687.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 206.48 687.25 Td (and ) Tj ET Q q 0 0 0 rg BT 223.42 687.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 257.01 687.25 Td (Control ) Tj ET Q q 0 0 0 rg BT 290.07 687.25 Td (over ) Tj ET Q q 0 0 0 rg BT 310.34 687.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 350.05 687.25 Td (Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 663.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 663.25 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 54.00 651.25 Td (subsidiaries \(the "Company"\) as of December 31, 2017 and 2016, and the related consolidated statements of operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 639.25 Td (comprehensive income, changes in stockholders) Tj ET Q q 0 0 0 rg BT 249.59 639.25 Td ( 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 54.00 627.25 Td (the three years in the period ended December 31, 2017 and the related notes \(collectively referred to as the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 615.25 Td (statements\). ) Tj ET Q q 0 0 0 rg BT 108.80 615.25 Td (W) Tj ET Q q 0 0 0 rg BT 117.44 615.25 Td (e also have audited the Company) Tj ET Q q 0 0 0 rg BT 252.68 615.25 Td (s internal control over financial reporting as of December 31, 2017) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 520.08 615.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.58 615.25 Td (based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 603.25 Td (criteria established in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 142.02 603.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 199.71 603.25 Td (ol - Integrated Framework \(2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.79 603.25 Td ( issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 509.21 603.25 Td (ganizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 591.25 Td (of the ) Tj ET Q q 0 0 0 rg BT 79.37 591.25 Td (T) Tj ET Q q 0 0 0 rg BT 85.12 591.25 Td (readway Commission \(COSO\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 569.25 Td (In our opinion, the consolidated financial statements referred to above present fairly) Tj ET Q q 0 0 0 rg BT 425.34 569.25 Td (, in all material respects, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.25 Td (financial position of the Company as of December 31, 2017 and 2016, and the results of its operations and its cash flows for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.25 Td (each of the three years in the period ended December 31, 2017, in conformity with accounting principles generally accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (in the United States of ) Tj ET Q q 0 0 0 rg BT 145.38 533.25 Td (America. ) Tj ET Q q 0 0 0 rg BT 184.25 533.25 Td (Also, in our opinion, the Company maintained, in all material respects, ef) Tj ET Q q 0 0 0 rg BT 478.17 533.25 Td (fective internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.25 Td (control over financial reporting as of December 31,2017, based on the criteria established in Internal Control - Integrated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (Framework \(2013\) issued by COSO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 487.25 Td (Basis ) Tj ET Q q 0 0 0 rg BT 78.17 487.25 Td (for ) Tj ET Q q 0 0 0 rg BT 92.33 487.25 Td (Opinions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 463.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 463.25 Td (The ) Tj ET Q q 0 0 0 rg BT 108.52 463.25 Td (Company) Tj ET Q q 0 0 0 rg BT 150.18 463.25 Td (s ) Tj ET Q q 0 0 0 rg BT 157.04 463.25 Td (management ) Tj ET Q q 0 0 0 rg BT 211.10 463.25 Td (is ) Tj ET Q q 0 0 0 rg BT 220.74 463.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 269.26 463.25 Td (for ) Tj ET Q q 0 0 0 rg BT 283.89 463.25 Td (these ) Tj ET Q q 0 0 0 rg BT 307.41 463.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 345.36 463.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 393.04 463.25 Td (for ) Tj ET Q q 0 0 0 rg BT 407.67 463.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 458.41 463.25 Td (ef) Tj ET Q q 0 0 0 rg BT 466.00 463.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 496.17 463.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 529.68 463.25 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.25 Td (over ) Tj ET Q q 0 0 0 rg BT 74.33 451.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 111.86 451.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 153.58 451.25 Td (and ) Tj ET Q q 0 0 0 rg BT 170.57 451.25 Td (for ) Tj ET Q q 0 0 0 rg BT 184.79 451.25 Td (its ) Tj ET Q q 0 0 0 rg BT 196.80 451.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 243.79 451.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.68 451.25 Td (the ) Tj ET Q q 0 0 0 rg BT 269.46 451.25 Td (ef) Tj ET Q q 0 0 0 rg BT 277.04 451.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 324.02 451.25 Td (of ) Tj ET Q q 0 0 0 rg BT 334.91 451.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 368.01 451.25 Td (control ) Tj ET Q q 0 0 0 rg BT 398.89 451.25 Td (over ) Tj ET Q q 0 0 0 rg BT 419.22 451.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 456.76 451.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 498.47 451.25 Td (included ) Tj ET Q q 0 0 0 rg BT 535.46 451.25 Td (in ) Tj ET Q q 0 0 0 rg BT 545.80 451.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 439.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 114.71 439.25 Td (Management) Tj ET Q q 0 0 0 rg BT 169.69 439.25 Td (s ) Tj ET Q q 0 0 0 rg BT 175.99 439.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 205.61 439.25 Td (on ) Tj ET Q q 0 0 0 rg BT 218.01 439.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 251.51 439.25 Td (Control ) Tj ET Q q 0 0 0 rg BT 284.47 439.25 Td (over ) Tj ET Q q 0 0 0 rg BT 304.65 439.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 344.26 439.25 Td (Reporting. ) Tj ET Q q 0 0 0 rg BT 389.16 439.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 407.12 439.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 463.96 439.25 Td (is ) Tj ET Q q 0 0 0 rg BT 473.04 439.25 Td (to ) Tj ET Q q 0 0 0 rg BT 483.22 439.25 Td (express ) Tj ET Q q 0 0 0 rg BT 515.61 439.25 Td (an ) Tj ET Q q 0 0 0 rg BT 527.45 439.25 Td (opinion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 427.25 Td (on ) Tj ET Q q 0 0 0 rg BT 66.13 427.25 Td (these ) Tj ET Q q 0 0 0 rg BT 88.80 427.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 125.90 427.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 170.24 427.25 Td (and ) Tj ET Q q 0 0 0 rg BT 186.81 427.25 Td (an ) Tj ET Q q 0 0 0 rg BT 198.37 427.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 231.05 427.25 Td (on ) Tj ET Q q 0 0 0 rg BT 243.18 427.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.52 427.25 Td (Company) Tj ET Q q 0 0 0 rg BT 299.18 427.25 Td (s ) Tj ET Q q 0 0 0 rg BT 305.20 427.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 337.87 427.25 Td (control ) Tj ET Q q 0 0 0 rg BT 368.32 427.25 Td (over ) Tj ET Q q 0 0 0 rg BT 388.21 427.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 425.32 427.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 464.10 427.25 Td (based ) Tj ET Q q 0 0 0 rg BT 488.99 427.25 Td (on ) Tj ET Q q 0 0 0 rg BT 501.12 427.25 Td (our ) Tj ET Q q 0 0 0 rg BT 516.58 427.25 Td (audits. ) Tj ET Q q 0 0 0 rg BT 544.93 427.25 Td (W) Tj ET Q q 0 0 0 rg BT 553.57 427.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 415.25 Td (are ) Tj ET Q q 0 0 0 rg BT 69.04 415.25 Td (a ) Tj ET Q q 0 0 0 rg BT 76.31 415.25 Td (public ) Tj ET Q q 0 0 0 rg BT 104.13 415.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 150.84 415.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 170.88 415.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 213.14 415.25 Td (with ) Tj ET Q q 0 0 0 rg BT 233.75 415.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.80 415.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 277.18 415.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 318.28 415.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 367.76 415.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 410.03 415.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 437.30 415.25 Td (\(United ) Tj ET Q q 0 0 0 rg BT 470.68 415.25 Td (States\) ) Tj ET Q q 0 0 0 rg BT 500.73 415.25 Td (\(PCAOB\) ) Tj ET Q q 0 0 0 rg BT 543.56 415.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 403.25 Td (are ) Tj ET Q q 0 0 0 rg BT 67.97 403.25 Td (required ) Tj ET Q q 0 0 0 rg BT 103.05 403.25 Td (to ) Tj ET Q q 0 0 0 rg BT 112.60 403.25 Td (be ) Tj ET Q q 0 0 0 rg BT 123.80 403.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 174.44 403.25 Td (with ) Tj ET Q q 0 0 0 rg BT 193.98 403.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 224.06 403.25 Td (to ) Tj ET Q q 0 0 0 rg BT 233.60 403.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.59 403.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 288.24 403.25 Td (in ) Tj ET Q q 0 0 0 rg BT 297.78 403.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 344.51 403.25 Td (with ) Tj ET Q q 0 0 0 rg BT 364.05 403.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.03 403.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 397.58 403.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 427.10 403.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 466.63 403.25 Td (laws ) Tj ET Q q 0 0 0 rg BT 486.72 403.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.93 403.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.91 403.25 Td (applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 391.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 75.94 391.25 Td (and ) Tj ET Q q 0 0 0 rg BT 92.88 391.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 139.81 391.25 Td (of ) Tj ET Q q 0 0 0 rg BT 150.64 391.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.36 391.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 207.29 391.25 Td (and ) Tj ET Q q 0 0 0 rg BT 224.23 391.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 266.15 391.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 319.22 391.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.16 391.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.88 391.25 Td (PCAOB. ) Tj ET Q q 0 0 0 rg BT 389.22 391.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 369.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 369.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.64 369.25 Td (e ) Tj ET Q q 0 0 0 rg BT 105.91 369.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 149.85 369.25 Td (our ) Tj ET Q q 0 0 0 rg BT 166.02 369.25 Td (audits ) Tj ET Q q 0 0 0 rg BT 192.74 369.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.36 369.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 251.16 369.25 Td (with ) Tj ET Q q 0 0 0 rg BT 271.77 369.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.83 369.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 327.44 369.25 Td (of ) Tj ET Q q 0 0 0 rg BT 338.60 369.25 Td (the ) Tj ET Q q 0 0 0 rg BT 353.66 369.25 Td (PCOAB. ) Tj ET Q q 0 0 0 rg BT 392.14 369.25 Td (Those ) Tj ET Q q 0 0 0 rg BT 419.41 369.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 460.02 369.25 Td (require ) Tj ET Q q 0 0 0 rg BT 491.17 369.25 Td (that ) Tj ET Q q 0 0 0 rg BT 509.01 369.25 Td (we ) Tj ET Q q 0 0 0 rg BT 523.51 369.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 543.56 369.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 357.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 87.68 357.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.37 357.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 122.84 357.25 Td (to ) Tj ET Q q 0 0 0 rg BT 132.09 357.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 158.56 357.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 202.79 357.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 243.13 357.25 Td (about ) Tj ET Q q 0 0 0 rg BT 266.82 357.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 300.50 357.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.19 357.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 350.64 357.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 394.33 357.25 Td (are ) Tj ET Q q 0 0 0 rg BT 408.01 357.25 Td (free ) Tj ET Q q 0 0 0 rg BT 425.02 357.25 Td (of ) Tj ET Q q 0 0 0 rg BT 434.83 357.25 Td (material ) Tj ET Q q 0 0 0 rg BT 469.06 357.25 Td (misstatement, ) Tj ET Q q 0 0 0 rg BT 525.80 357.25 Td (whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 345.25 Td (due ) Tj ET Q q 0 0 0 rg BT 70.94 345.25 Td (to ) Tj ET Q q 0 0 0 rg BT 81.22 345.25 Td (error ) Tj ET Q q 0 0 0 rg BT 103.15 345.25 Td (or ) Tj ET Q q 0 0 0 rg BT 113.98 345.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 140.07 345.25 Td (and ) Tj ET Q q 0 0 0 rg BT 157.01 345.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 191.72 345.25 Td (ef) Tj ET Q q 0 0 0 rg BT 199.31 345.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 229.01 345.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 262.05 345.25 Td (control ) Tj ET Q q 0 0 0 rg BT 292.88 345.25 Td (over ) Tj ET Q q 0 0 0 rg BT 313.15 345.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 350.63 345.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 389.78 345.25 Td (was ) Tj ET Q q 0 0 0 rg BT 407.83 345.25 Td (maintained ) Tj ET Q q 0 0 0 rg BT 454.76 345.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.04 345.25 Td (all ) Tj ET Q q 0 0 0 rg BT 477.54 345.25 Td (material ) Tj ET Q q 0 0 0 rg BT 512.79 345.25 Td (respects. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 323.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 107.93 323.25 Td (audits ) Tj ET Q q 0 0 0 rg BT 134.20 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 144.92 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.52 323.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 196.88 323.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 241.47 323.25 Td (included ) Tj ET Q q 0 0 0 rg BT 278.29 323.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 325.66 323.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 371.91 323.25 Td (to ) Tj ET Q q 0 0 0 rg BT 382.07 323.25 Td (assess ) Tj ET Q q 0 0 0 rg BT 408.90 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.50 323.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 444.77 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 455.48 323.25 Td (material ) Tj ET Q q 0 0 0 rg BT 490.63 323.25 Td (misstatements ) Tj ET Q q 0 0 0 rg BT 549.67 323.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.25 Td (the ) Tj ET Q q 0 0 0 rg BT 68.96 311.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.69 311.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 154.15 311.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 189.10 311.25 Td (due ) Tj ET Q q 0 0 0 rg BT 206.29 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 216.81 311.25 Td (error ) Tj ET Q q 0 0 0 rg BT 238.99 311.25 Td (or ) Tj ET Q q 0 0 0 rg BT 250.06 311.25 Td (fraud, ) Tj ET Q q 0 0 0 rg BT 276.41 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.59 311.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 341.33 311.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 387.94 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 398.47 311.25 Td (respond ) Tj ET Q q 0 0 0 rg BT 432.87 311.25 Td (to ) Tj ET Q q 0 0 0 rg BT 443.40 311.25 Td (those ) Tj ET Q q 0 0 0 rg BT 467.25 311.25 Td (risks. ) Tj ET Q q 0 0 0 rg BT 491.39 311.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 514.14 311.25 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.25 Td (included ) Tj ET Q q 0 0 0 rg BT 90.65 299.25 Td (examining, ) Tj ET Q q 0 0 0 rg BT 137.59 299.25 Td (on ) Tj ET Q q 0 0 0 rg BT 149.81 299.25 Td (a ) Tj ET Q q 0 0 0 rg BT 156.47 299.25 Td (test ) Tj ET Q q 0 0 0 rg BT 172.57 299.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 197.29 299.25 Td (evidence ) Tj ET Q q 0 0 0 rg BT 235.05 299.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 275.58 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.02 299.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 326.13 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 342.79 299.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 389.45 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 399.45 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.88 299.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 451.08 299.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 498.02 299.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 515.79 299.25 Td (audits ) Tj ET Q q 0 0 0 rg BT 541.90 299.25 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 287.25 Td (included ) Tj ET Q q 0 0 0 rg BT 91.39 287.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 135.99 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.16 287.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 197.98 287.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 240.36 287.25 Td (used ) Tj ET Q q 0 0 0 rg BT 261.65 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 279.04 287.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 324.20 287.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 364.36 287.25 Td (made ) Tj ET Q q 0 0 0 rg BT 388.97 287.25 Td (by ) Tj ET Q q 0 0 0 rg BT 401.92 287.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 458.46 287.25 Td (as ) Tj ET Q q 0 0 0 rg BT 469.74 287.25 Td (well ) Tj ET Q q 0 0 0 rg BT 489.91 287.25 Td (as ) Tj ET Q q 0 0 0 rg BT 501.19 287.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 545.80 287.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 85.34 275.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 137.79 275.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.70 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.49 275.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 204.05 275.25 Td (statement. ) Tj ET Q q 0 0 0 rg BT 248.44 275.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 267.57 275.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 291.14 275.25 Td (of ) Tj ET Q q 0 0 0 rg BT 303.05 275.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 337.17 275.25 Td (control ) Tj ET Q q 0 0 0 rg BT 369.07 275.25 Td (over ) Tj ET Q q 0 0 0 rg BT 390.42 275.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 428.97 275.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 469.21 275.25 Td (included ) Tj ET Q q 0 0 0 rg BT 507.22 275.25 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 548.57 275.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.25 Td (understanding ) Tj ET Q q 0 0 0 rg BT 113.74 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.16 263.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 158.79 263.25 Td (control ) Tj ET Q q 0 0 0 rg BT 190.20 263.25 Td (over ) Tj ET Q q 0 0 0 rg BT 211.06 263.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 249.13 263.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 291.37 263.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 331.68 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 346.98 263.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 365.07 263.25 Td (that ) Tj ET Q q 0 0 0 rg BT 383.15 263.25 Td (a ) Tj ET Q q 0 0 0 rg BT 390.68 263.25 Td (material ) Tj ET Q q 0 0 0 rg BT 426.52 263.25 Td (weakness ) Tj ET Q q 0 0 0 rg BT 467.93 263.25 Td (exists, ) Tj ET Q q 0 0 0 rg BT 496.30 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 513.82 263.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 543.58 263.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 99.55 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.66 251.25 Td (design ) Tj ET Q q 0 0 0 rg BT 145.67 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 164.01 251.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 205.67 251.25 Td (ef) Tj ET Q q 0 0 0 rg BT 213.26 251.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 261.58 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.81 251.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 308.25 251.25 Td (control ) Tj ET Q q 0 0 0 rg BT 340.47 251.25 Td (based ) Tj ET Q q 0 0 0 rg BT 367.13 251.25 Td (on ) Tj ET Q q 0 0 0 rg BT 381.03 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.15 251.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 434.93 251.25 Td (risk. ) Tj ET Q q 0 0 0 rg BT 456.33 251.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 475.77 251.25 Td (audits ) Tj ET Q q 0 0 0 rg BT 503.56 251.25 Td (also ) Tj ET Q q 0 0 0 rg BT 523.57 251.25 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 100.27 239.25 Td (such ) Tj ET Q q 0 0 0 rg BT 119.89 239.25 Td (other ) Tj ET Q q 0 0 0 rg BT 141.72 239.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 186.88 239.25 Td (as ) Tj ET Q q 0 0 0 rg BT 196.49 239.25 Td (we ) Tj ET Q q 0 0 0 rg BT 209.44 239.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 254.04 239.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 294.20 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 303.26 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.76 239.25 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 377.10 239.25 Td (W) Tj ET Q q 0 0 0 rg BT 385.74 239.25 Td (e ) Tj ET Q q 0 0 0 rg BT 391.46 239.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 421.62 239.25 Td (that ) Tj ET Q q 0 0 0 rg BT 437.90 239.25 Td (our ) Tj ET Q q 0 0 0 rg BT 452.52 239.25 Td (audits ) Tj ET Q q 0 0 0 rg BT 477.69 239.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 509.52 239.25 Td (a ) Tj ET Q q 0 0 0 rg BT 515.25 239.25 Td (reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 76.50 227.25 Td (for ) Tj ET Q q 0 0 0 rg BT 90.66 227.25 Td (our ) Tj ET Q q 0 0 0 rg BT 106.49 227.25 Td (opinions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 205.25 Td (Definition ) Tj ET Q q 0 0 0 rg BT 97.60 205.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.54 205.25 Td (Limitations ) Tj ET Q q 0 0 0 rg BT 163.15 205.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.98 205.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 207.57 205.25 Td (Control ) Tj ET Q q 0 0 0 rg BT 240.63 205.25 Td (over ) Tj ET Q q 0 0 0 rg BT 260.90 205.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 300.61 205.25 Td (Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 181.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 181.25 Td (A) Tj ET Q q 0 0 0 rg BT 96.67 181.25 Td ( ) Tj ET Q q 0 0 0 rg BT 98.99 181.25 Td (company) Tj ET Q q 0 0 0 rg BT 138.43 181.25 Td (s ) Tj ET Q q 0 0 0 rg BT 144.64 181.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 177.50 181.25 Td (control ) Tj ET Q q 0 0 0 rg BT 208.15 181.25 Td (over ) Tj ET Q q 0 0 0 rg BT 228.24 181.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 265.54 181.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 304.52 181.25 Td (is ) Tj ET Q q 0 0 0 rg BT 313.51 181.25 Td (a ) Tj ET Q q 0 0 0 rg BT 320.27 181.25 Td (process ) Tj ET Q q 0 0 0 rg BT 352.58 181.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 390.45 181.25 Td (to ) Tj ET Q q 0 0 0 rg BT 400.55 181.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 433.42 181.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 478.50 181.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 519.69 181.25 Td (regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 67.87 169.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 108.40 169.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.38 169.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 155.02 169.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 193.32 169.25 Td (and ) Tj ET Q q 0 0 0 rg BT 209.42 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.28 169.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 270.47 169.25 Td (of ) Tj ET Q q 0 0 0 rg BT 280.45 169.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 317.09 169.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 360.95 169.25 Td (for ) Tj ET Q q 0 0 0 rg BT 374.26 169.25 Td (external ) Tj ET Q q 0 0 0 rg BT 408.12 169.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 445.32 169.25 Td (in ) Tj ET Q q 0 0 0 rg BT 454.75 169.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 501.37 169.25 Td (with ) Tj ET Q q 0 0 0 rg BT 520.80 169.25 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 157.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 91.96 157.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 138.81 157.25 Td (principles. ) Tj ET Q q 0 0 0 rg BT 183.07 157.25 Td (A) Tj ET Q q 0 0 0 rg BT 189.74 157.25 Td ( ) Tj ET Q q 0 0 0 rg BT 192.73 157.25 Td (company) Tj ET Q q 0 0 0 rg BT 232.16 157.25 Td (s ) Tj ET Q q 0 0 0 rg BT 239.04 157.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 272.56 157.25 Td (control ) Tj ET Q q 0 0 0 rg BT 303.87 157.25 Td (over ) Tj ET Q q 0 0 0 rg BT 324.63 157.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 362.59 157.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 402.23 157.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 438.54 157.25 Td (those ) Tj ET Q q 0 0 0 rg BT 462.64 157.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 496.72 157.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.15 157.25 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 145.25 Td (that ) Tj ET Q q 0 0 0 rg BT 72.96 145.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 88.59 145.25 Td (pertain ) Tj ET Q q 0 0 0 rg BT 120.33 145.25 Td (to ) Tj ET Q q 0 0 0 rg BT 132.07 145.25 Td (the ) Tj ET Q q 0 0 0 rg BT 148.26 145.25 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 202.75 145.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.05 145.25 Td (records ) Tj ET Q q 0 0 0 rg BT 248.45 145.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 269.91 145.25 Td (in ) Tj ET Q q 0 0 0 rg BT 281.66 145.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 328.38 145.25 Td (detail, ) Tj ET Q q 0 0 0 rg BT 357.06 145.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 402.11 145.25 Td (and ) Tj ET Q q 0 0 0 rg BT 420.52 145.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 446.14 145.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 475.64 145.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.83 145.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 543.56 145.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 133.25 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 103.87 133.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.29 133.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.59 133.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 154.00 133.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.42 133.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.72 133.25 Td (company; ) Tj ET Q q 0 0 0 rg BT 220.23 133.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 233.98 133.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 266.61 133.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 311.45 133.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 352.40 133.25 Td (that ) Tj ET Q q 0 0 0 rg BT 369.48 133.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 419.32 133.25 Td (are ) Tj ET Q q 0 0 0 rg BT 433.62 133.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 470.67 133.25 Td (as ) Tj ET Q q 0 0 0 rg BT 481.09 133.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 522.04 133.25 Td (to ) Tj ET Q q 0 0 0 rg BT 531.90 133.25 Td (permit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 121.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 104.50 121.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.79 121.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 157.73 121.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 204.91 121.25 Td (in ) Tj ET Q q 0 0 0 rg BT 217.65 121.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 267.57 121.25 Td (with ) Tj ET Q q 0 0 0 rg BT 290.31 121.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 332.48 121.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 372.41 121.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 421.25 121.25 Td (principles, ) Tj ET Q q 0 0 0 rg BT 468.14 121.25 Td (and ) Tj ET Q q 0 0 0 rg BT 487.54 121.25 Td (that ) Tj ET Q q 0 0 0 rg BT 507.50 121.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 543.56 121.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 109.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 106.53 109.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.30 109.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.95 109.25 Td (company ) Tj ET Q q 0 0 0 rg BT 168.04 109.25 Td (are ) Tj ET Q q 0 0 0 rg BT 181.69 109.25 Td (being ) Tj ET Q q 0 0 0 rg BT 205.34 109.25 Td (made ) Tj ET Q q 0 0 0 rg BT 228.43 109.25 Td (only ) Tj ET Q q 0 0 0 rg BT 247.65 109.25 Td (in ) Tj ET Q q 0 0 0 rg BT 256.86 109.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 303.26 109.25 Td (with ) Tj ET Q q 0 0 0 rg BT 322.48 109.25 Td (authorizations ) Tj ET Q q 0 0 0 rg BT 380.57 109.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.33 109.25 Td (management ) Tj ET Q q 0 0 0 rg BT 442.86 109.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.73 109.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 495.16 109.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.92 109.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.58 109.25 Td (company; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 97.25 Td (and ) Tj ET Q q 0 0 0 rg BT 71.05 97.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 85.32 97.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 118.48 97.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 163.84 97.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 205.32 97.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 246.24 97.25 Td (prevention ) Tj ET Q q 0 0 0 rg BT 291.61 97.25 Td (or ) Tj ET Q q 0 0 0 rg BT 302.55 97.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 330.72 97.25 Td (detection ) Tj ET Q q 0 0 0 rg BT 369.98 97.25 Td (of ) Tj ET Q q 0 0 0 rg BT 380.92 97.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 435.73 97.25 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 484.72 97.25 Td (use, ) Tj ET Q q 0 0 0 rg BT 503.16 97.25 Td (or ) Tj ET Q q 0 0 0 rg BT 514.10 97.25 Td (disposition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 85.25 Td (of ) Tj ET Q q 0 0 0 rg BT 64.83 85.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.55 85.25 Td (company) Tj ET Q q 0 0 0 rg BT 118.98 85.25 Td (s ) Tj ET Q q 0 0 0 rg BT 125.37 85.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 151.20 85.25 Td (that ) Tj ET Q q 0 0 0 rg BT 168.70 85.25 Td (could ) Tj ET Q q 0 0 0 rg BT 193.41 85.25 Td (have ) Tj ET Q q 0 0 0 rg BT 214.79 85.25 Td (a ) Tj ET Q q 0 0 0 rg BT 221.73 85.25 Td (material ) Tj ET Q q 0 0 0 rg BT 256.99 85.25 Td (ef) Tj ET Q q 0 0 0 rg BT 264.58 85.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 282.06 85.25 Td (on ) Tj ET Q q 0 0 0 rg BT 294.56 85.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.28 85.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.76 85.25 Td (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-4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 731.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 125.75 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.51 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.16 731.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 186.36 731.10 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 234.07 731.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 267.04 731.10 Td (control ) Tj ET Q q 0 0 0 rg BT 297.80 731.10 Td (over ) Tj ET Q q 0 0 0 rg BT 318.00 731.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 355.42 731.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 394.51 731.10 Td (may ) Tj ET Q q 0 0 0 rg BT 414.16 731.10 Td (not ) Tj ET Q q 0 0 0 rg BT 429.37 731.10 Td (prevent ) Tj ET Q q 0 0 0 rg BT 461.79 731.10 Td (or ) Tj ET Q q 0 0 0 rg BT 472.55 731.10 Td (detect ) Tj ET Q q 0 0 0 rg BT 498.85 731.10 Td (misstatements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 719.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 77.67 719.10 Td (projections ) Tj ET Q q 0 0 0 rg BT 124.38 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.99 719.10 Td (any ) Tj ET Q q 0 0 0 rg BT 151.71 719.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 195.63 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.24 719.10 Td (future ) Tj ET Q q 0 0 0 rg BT 232.40 719.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 264.11 719.10 Td (are ) Tj ET Q q 0 0 0 rg BT 278.60 719.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 309.20 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.26 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.75 719.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 351.03 719.10 Td (that ) Tj ET Q q 0 0 0 rg BT 368.30 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 382.80 719.10 Td (controls ) Tj ET Q q 0 0 0 rg BT 417.29 719.10 Td (may ) Tj ET Q q 0 0 0 rg BT 436.79 719.10 Td (become ) Tj ET Q q 0 0 0 rg BT 470.16 719.10 Td (inadequate ) Tj ET Q q 0 0 0 rg BT 515.75 719.10 Td (because ) Tj ET Q q 0 0 0 rg BT 549.67 719.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 707.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 88.71 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.99 707.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 145.65 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 156.48 707.10 Td (that ) Tj ET Q q 0 0 0 rg BT 173.98 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.69 707.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 217.84 707.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.67 707.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 277.26 707.10 Td (with ) Tj ET Q q 0 0 0 rg BT 297.54 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.25 707.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 345.86 707.10 Td (or ) Tj ET Q q 0 0 0 rg BT 356.69 707.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 403.05 707.10 Td (may ) Tj ET Q q 0 0 0 rg BT 422.77 707.10 Td (deteriorate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (/s/DELOITTE&) Tj ET Q q 0 0 0 rg BT 134.36 677.10 Td (T) Tj ET Q q 0 0 0 rg BT 140.29 677.10 Td (OUCHE LLP) Tj ET Q q 0 0 0 rg BT 194.64 677.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (New ) Tj ET Q q 0 0 0 rg BT 75.01 665.10 Td (Y) Tj ET Q q 0 0 0 rg BT 81.23 665.10 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 120.57 665.10 Td (Y) Tj ET Q q 0 0 0 rg BT 126.79 665.10 Td (ork ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (February23, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.60 653.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 641.10 Td (e have served as the Company) Tj ET Q q 0 0 0 rg BT 186.76 641.10 Td (s auditor since 2003) 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-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 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 434.5 659.75 m 494.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 659.75 m 558.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 495.75 m 494.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 495.75 m 558.5 495.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 481.75 m 494.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 479.75 m 494.5 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 481.75 m 558.5 481.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 479.75 m 558.5 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 358.75 m 494.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 358.75 m 558.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 343.75 m 494.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 343.75 m 558.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 343.75 m 494.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 343.75 m 558.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 314.75 m 494.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 314.75 m 558.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 205.75 m 494.5 205.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 205.75 m 558.5 205.75 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 434.5 176.75 m 494.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 174.75 m 494.5 174.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 176.75 m 558.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 174.75 m 558.5 174.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 440.75 671.83 Td (December) Tj ET Q q 0 0 0 rg BT 475.32 671.83 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.00 663.83 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 504.75 671.83 Td (December) Tj ET Q q 0 0 0 rg BT 539.25 671.83 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 520.00 663.83 Td (2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 225.35 650.48 Td (ASSETS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 636.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.50 636.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 635.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 635.42 Td (193,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 635.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 635.42 Td (183,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 621.32 Td (T) Tj ET Q q 0 0 0 rg BT 62.76 621.32 Td (rading investments \($414 and $487\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 209.68 625.85 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.88 621.32 Td (\($68,101 and $6,987\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 307.48 625.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.50 621.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 620.42 Td (74,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 620.42 Td (12,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 606.32 Td (Equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 606.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 605.42 Td (6,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 605.42 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 591.32 Td (A) Tj ET Q q 0 0 0 rg BT 63.85 591.32 Td (vailable-for) Tj ET Q q 0 0 0 rg BT 110.02 591.32 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 591.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 590.42 Td (27,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 590.42 Td (35,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 576.32 Td (Accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 576.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 575.42 Td (53,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 575.42 Td (46,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 561.32 Td (Due from brokers \($5,410 and $475\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 206.69 565.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.50 561.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 560.42 Td (6,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 560.42 Td (1,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 546.32 Td (Property and equipmentnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 546.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 545.42 Td (15,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 545.42 Td (15,964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 531.32 Td (Goodwill and intangible assetsnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 531.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 530.42 Td (20,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 530.42 Td (19,1) Tj ET Q q 0 0 0 rg BT 544.65 530.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 516.32 Td (Deferred income tax assetnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 516.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 515.42 Td (5,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 515.42 Td (5,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 501.32 Td (Other assets \($931 and $43\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 171.70 505.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 501.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 500.42 Td (7,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 500.42 Td (7,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 486.32 Td (T) Tj ET Q q 0 0 0 rg BT 98.76 486.32 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 486.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 485.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 485.42 Td (410,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 485.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 485.42 Td (333,728) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 136.10 467.43 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 199.75 467.43 Td (AND ST) Tj ET Q q 0 0 0 rg BT 235.96 467.43 Td (OCKHOLDERS) Tj ET Q q 0 0 0 rg BT 310.23 467.43 Td ( EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 453.32 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 439.32 Td (Accrued compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 439.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 438.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 438.42 Td (41,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 438.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 438.42 Td (35,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 424.32 Td (Distribution and service fees payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.50 424.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 423.42 Td (6,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 423.42 Td (6,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 409.32 Td (Income tax payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 409.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 408.42 Td (19,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 408.42 Td (9,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 394.32 Td (Due to brokers \($3,203 and $0\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 203.03 398.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 394.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 393.42 Td (3,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 393.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 379.32 Td (Deferred rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.50 379.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 378.42 Td (5,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 378.42 Td (6,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 364.32 Td (Other liabilities and accrued expenses \($291 and $75\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 292.71 368.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 364.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 363.42 Td (10,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 363.42 Td (9,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 349.32 Td (T) Tj ET Q q 0 0 0 rg BT 98.76 349.32 Td (otal liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 349.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 348.42 Td (86,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 348.42 Td (67,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 334.32 Td (Commitments and contingencies \(see Note 13\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 320.32 Td (Redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 320.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 319.42 Td (47,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 319.42 Td (853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 305.32 Td (Stockholders) Tj ET Q q 0 0 0 rg BT 111.80 305.32 Td ( equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 291.32 Td (Common stock, $0.01 par value; 500,000,000 shares authorized; 51,104,593 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 281.32 Td (50,415,152 shares issued at December 31, 2017 and 2016, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.50 281.32 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 280.42 Td (51) Tj ET Q q 0 0 0 rg BT 485.65 280.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 280.42 Td (504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 266.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 266.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 265.42 Td (570,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 265.42 Td (543,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 251.32 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 251.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 250.47 Td (\(137,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 250.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.80 250.47 Td (\(127,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 250.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 236.32 Td (Accumulated other comprehensive income \(loss\), net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.50 236.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 235.47 Td (\(3,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 235.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 235.47 Td (\(5,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 235.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 221.32 Td (Less: ) Tj ET Q q 0 0 0 rg BT 98.43 221.32 Td (T) Tj ET Q q 0 0 0 rg BT 104.18 221.32 Td (reasury stock, at cost, 4,789,608 and 4,524,694 shares at December 31, 2017 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 211.32 Td (2016, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 210.47 Td (\(153,818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 210.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.80 210.47 Td (\(144,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 210.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 196.32 Td (T) Tj ET Q q 0 0 0 rg BT 98.76 196.32 Td (otal stockholders) Tj ET Q q 0 0 0 rg BT 169.41 196.32 Td ( equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 196.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 195.42 Td (275,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 195.42 Td (265,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 181.32 Td (T) Tj ET Q q 0 0 0 rg BT 98.41 181.32 Td (otal liabilities and stockholders) Tj ET Q q 0 0 0 rg BT 225.70 181.32 Td ( equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 181.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 180.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 180.42 Td (410,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 180.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 180.42 Td (333,728) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.00 Tf ET q 0 0 0 rg BT 54.00 169.05 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 158.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 158.25 Td (Pledged as collateral attributable to the consolidated balances of Cohen & Steers ) Tj ET Q q 0 0 0 rg BT 363.91 158.25 Td (Active Commodities Strategy Fund, Inc. as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 147.45 Td (December31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 142.73 147.45 Td ( and 2016, respectively) Tj ET Q q 0 0 0 rg BT 225.62 147.45 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 136.65 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 136.65 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 358.15 136.65 Td (December31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.88 136.65 Td ( and 2016 attributable to Cohen & ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 125.85 Td (Steers SICA) Tj ET Q q 0 0 0 rg BT 115.59 125.85 Td (V) Tj ET Q q 0 0 0 rg BT 121.93 125.85 Td ( Global Listed Infrastructure Fund, Cohen & Steers Co-Investment Partnership, L.P) Tj ET Q q 0 0 0 rg BT 422.13 125.85 Td (. and Cohen & Steers SICA) Tj ET Q q 0 0 0 rg BT 520.46 125.85 Td (V) Tj ET Q q 0 0 0 rg BT 526.79 125.85 Td ( Global ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 115.05 Td (Preferred Securities Fund, which were variable interest entities as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 320.16 115.05 Td (December31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.89 115.05 Td ( and 2016, respectively) Tj ET Q q 0 0 0 rg BT 473.78 115.05 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 213.90 77.05 Td (See notes to consolidated financial statements) 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 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 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 419.70 671.83 Td (Y) Tj ET Q q 0 0 0 rg BT 425.03 671.83 Td (ear) Tj ET Q q 0 0 0 rg BT 435.62 671.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 496.35 671.83 Td ( 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 (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.00 658.98 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 520.00 658.98 Td (2015) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 629.42 Td (346,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 629.42 Td (319,667) 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 (303,729) 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 (20,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 614.42 Td (19,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 614.42 Td (16,001) 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 (1) Tj ET Q q 0 0 0 rg BT 404.15 599.42 Td (1,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 599.42 Td (10,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 599.42 Td (8,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 585.32 Td (T) Tj ET Q q 0 0 0 rg BT 98.76 585.32 Td (otal 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 (378,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 584.42 Td (349,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 584.42 Td (328,655) 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 (124,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 554.42 Td (1) Tj ET Q q 0 0 0 rg BT 463.15 554.42 Td (15,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 554.42 Td (107,710) 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 (39,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 539.42 Td (39,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 539.42 Td (36,330) 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 (52,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 524.42 Td (51,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 524.42 Td (50,853) 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 (7,1) Tj ET Q q 0 0 0 rg BT 416.65 509.42 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 509.42 Td (7,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 509.42 Td (6,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 495.32 Td (T) Tj ET Q q 0 0 0 rg BT 98.76 495.32 Td (otal 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 (223,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 494.42 Td (214,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 494.42 Td (201,106) 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 (154,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 479.42 Td (135,51) Tj ET Q q 0 0 0 rg BT 485.65 479.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 479.42 Td (127,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 465.32 Td (Non-operating income \(loss\):) 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 (4,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 449.42 Td (2,1) Tj ET Q q 0 0 0 rg BT 480.65 449.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 449.42 Td (1,600) 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 404.15 434.42 Td (1,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 434.42 Td (218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 434.47 Td (\(2,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 434.42 Td (\)) 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 af) Tj ET Q q 0 0 0 rg BT 202.38 420.32 Td (filiatesnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 420.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.30 419.47 Td (\(242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 419.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 419.42 Td (3,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 419.47 Td (\(10,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 419.42 Td (\)) 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) Tj ET Q q 0 0 0 rg BT 194.58 405.32 Td (-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 411.65 404.42 Td (347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 404.42 Td (1,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 404.47 Td (\(2,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 404.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 390.32 Td (Other gains \(losses\)net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.50 390.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.30 389.47 Td (\(699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 389.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 389.42 Td (780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 389.47 Td (\(1,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 389.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 375.32 Td (T) Tj ET Q q 0 0 0 rg BT 98.41 375.32 Td (otal 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 (5,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 374.42 Td (7,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 374.47 Td (\(14,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 374.42 Td (\)) 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 (160,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 359.42 Td (143,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 359.42 Td (1) Tj ET Q q 0 0 0 rg BT 527.15 359.42 Td (12,744) 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 (67,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 344.42 Td (50,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 344.42 Td (48,407) 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 (92,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 329.42 Td (92,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 329.42 Td (64,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 315.32 Td (Less: Net \(income\) loss 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 408.30 307.47 Td (\(547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 307.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 307.42 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 307.42 Td (214) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 292.42 Td (91,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 292.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 292.42 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 292.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 292.42 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 274.32 Td (Earnings per share attributable to common stockholders:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 259.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 259.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 258.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 258.42 Td (1.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 258.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 258.42 Td (2.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 258.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 258.42 Td (1.42) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 243.42 Td (1.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 243.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 243.42 Td (2.00) 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 (1.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 229.32 Td (W) Tj ET Q q 0 0 0 rg BT 65.64 229.32 Td (eighted 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 (46,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 213.42 Td (45,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 213.42 Td (45,433) 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 (46,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 198.42 Td (46,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 198.42 Td (45,897) 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 101 0 obj <> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 39.60 Td (F-7) 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 369.5 531.75 m 429.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 531.75 m 493.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 531.75 m 557.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 516.75 m 429.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 516.75 m 493.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 516.75 m 557.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 501.75 m 429.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 499.75 m 429.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 516.75 m 493.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 501.75 m 493.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 499.75 m 493.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 516.75 m 557.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 501.75 m 557.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 499.75 m 557.5 499.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.70 671.83 Td (Y) Tj ET Q q 0 0 0 rg BT 423.59 671.83 Td (ear) Tj ET Q q 0 0 0 rg BT 434.55 671.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.28 671.83 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 658.98 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 658.98 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 658.98 Td (2015) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 644.42 Td (92,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 644.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 644.42 Td (92,810) 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 (64,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 630.32 Td (Less: Net \(income\) loss 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 407.30 622.47 Td (\(547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 622.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 622.42 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 622.42 Td (214) 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 (91,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 607.42 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 607.42 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 592.42 Td (Other comprehensive income \(loss\), net of tax:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 592.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 577.42 Td (Foreign currency translation income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 577.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 577.42 Td (2,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 577.47 Td (\(2,937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 577.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 577.47 Td (\(2,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 577.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 562.42 Td (Net unrealized gain \(loss\) from available-for) Tj ET Q q 0 0 0 rg BT 252.44 562.42 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 562.32 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 562.42 Td (497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 562.42 Td (2,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 562.47 Td (\(2,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 562.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 546.42 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 74.00 536.42 Td (available-for) Tj ET Q q 0 0 0 rg BT 124.88 536.42 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 536.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 536.47 Td (\(347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 536.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 536.47 Td (\(1,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 536.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 536.42 Td (2,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 521.42 Td (Other comprehensive income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 521.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 521.42 Td (2,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 521.47 Td (\(2,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 521.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 521.47 Td (\(2,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 521.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 505.42 Td (T) Tj ET Q q 0 0 0 rg BT 61.41 505.42 Td (otal comprehensive income attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 505.32 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 505.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 505.42 Td (94,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 505.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 505.42 Td (90,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 505.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 505.42 Td (62,290) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 213.90 76.45 Td (See notes to consolidated financial statements) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 19.60 Td (F-8) 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 227 646.75 m 260 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 646.75 m 306 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 646.75 m 354 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 646.75 m 408 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 646.75 m 456 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 646.75 m 505 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 646.75 m 558 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 646.75 m 598 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 646.75 m 260 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 646.75 m 306 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 646.75 m 354 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 646.75 m 408 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 646.75 m 456 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 646.75 m 558 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 646.75 m 598 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 477.75 m 260 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 464.75 m 260 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 477.75 m 306 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 464.75 m 306 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 477.75 m 354 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 464.75 m 354 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 477.75 m 408 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 464.75 m 408 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 477.75 m 456 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 464.75 m 456 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 477.75 m 505 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 464.75 m 505 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 477.75 m 558 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 464.75 m 558 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 477.75 m 598 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 464.75 m 598 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 288.75 m 260 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 288.75 m 306 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 288.75 m 354 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 288.75 m 408 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 288.75 m 456 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 288.75 m 558 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 288.75 m 598 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 288.75 m 260 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 275.75 m 260 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 288.75 m 306 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 275.75 m 306 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 288.75 m 354 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 275.75 m 354 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 288.75 m 408 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 275.75 m 408 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 288.75 m 456 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 275.75 m 456 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 288.75 m 505 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 275.75 m 505 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 288.75 m 558 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 275.75 m 558 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 288.75 m 598 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 275.75 m 598 275.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 139.75 m 260 139.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 127.75 m 260 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 125.75 m 260 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 139.75 m 306 139.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 127.75 m 306 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 125.75 m 306 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 139.75 m 354 139.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 127.75 m 354 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 125.75 m 354 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 139.75 m 408 139.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 127.75 m 408 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 125.75 m 408 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 139.75 m 456 139.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 127.75 m 456 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 125.75 m 456 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 139.75 m 505 139.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 127.75 m 505 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460 125.75 m 505 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 139.75 m 558 139.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 127.75 m 558 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 125.75 m 558 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 139.75 m 598 139.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 127.75 m 598 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562 125.75 m 598 125.75 l s BT /F1 7.00 Tf ET q 0 0 0 rg BT 229.95 657.80 Td (Common) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 235.00 650.80 Td (Stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 269.50 664.80 Td (Additional) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 274.15 657.80 Td (Paid-In) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 274.35 650.80 Td (Capital) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 312.80 657.80 Td (Accumulated) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 321.75 650.80 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 377.30 648.45 Td (T) Tj ET Q q 0 0 0 rg BT 381.09 648.45 Td (ax) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 421.15 657.80 Td (T) Tj ET Q q 0 0 0 rg BT 425.18 657.80 Td (reasury) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 425.50 650.80 Td (Stock) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 474.85 664.80 Td (T) Tj ET Q q 0 0 0 rg BT 478.64 664.80 Td (otal) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 462.80 657.80 Td (Stockholders) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.65 650.80 Td (Equity) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 515.70 664.80 Td (Redeemable) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 511.60 657.80 Td (Noncontrolling) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.50 650.80 Td (Interest) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 664.80 Td (Shares of) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.45 657.80 Td (Common) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 564.70 650.80 Td (Stock, Net) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 638.15 Td (January1, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.25 638.01 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.50 638.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.00 638.01 Td (486) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.50 638.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 638.01 Td (489,266) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 638.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 638.01 Td (\(142,786) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 638.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 638.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 638.01 Td (\(1,582) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.50 638.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 638.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.25 638.01 Td (\(1) Tj ET Q q 0 0 0 rg BT 427.75 638.01 Td (17,403) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 638.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 638.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 638.01 Td (227,981) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 638.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 638.01 Td (607) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 569.75 638.01 Td (44,793) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 625.01 Td (Dividends \($1.50 per share\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.25 625.01 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 625.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 625.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.75 625.01 Td (\(69,861) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 625.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 625.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 625.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 625.01 Td (\(69,861) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 625.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 625.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 625.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 613.01 Td (Issuance of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 149.75 613.01 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 613.01 Td (1) Tj ET Q q 0 0 0 rg BT 252.00 613.01 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 613.01 Td (623) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 613.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 613.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 613.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.00 613.01 Td (634) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 613.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 574.25 613.01 Td (1,097) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 601.01 Td (Repurchase of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 163.25 601.01 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 601.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 601.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 601.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 601.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.75 601.01 Td (\(19,234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 601.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 601.01 Td (\(19,234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 601.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 601.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 578.00 601.01 Td (\(450) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 594.50 601.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 589.01 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 589.01 Td (ax benefits associated with restricted stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 580.06 Td (unitsnet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 91.25 580.06 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.25 582.21 Td (5,262) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 582.21 Td (5,262) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 582.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 569.01 Td (Issuance of restricted stock units) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 172.25 569.01 Td (. . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 569.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.25 569.01 Td (2,109) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 569.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 569.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 569.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 569.01 Td (2,109) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 569.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 569.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 557.01 Td (Amortization of restricted stock unitsnet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.25 557.01 Td (. . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 557.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.75 557.01 Td (22,566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 557.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 557.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 557.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 557.01 Td (22,566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 557.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 557.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 545.01 Td (Forfeitures of vested restricted stock units) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.75 545.01 Td (. . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 545.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 545.01 Td (29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 545.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 545.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 545.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 545.01 Td (29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 545.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 545.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 533.01 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.25 533.01 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 533.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 533.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.75 533.01 Td (64,551) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 533.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 533.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 533.01 Td (64,551) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.00 533.01 Td (\(214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 533.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 533.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 521.01 Td (Other comprehensive income \(loss\), net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 521.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 521.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 521.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 521.01 Td (\(2,261) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.50 521.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 521.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 521.01 Td (\(2,261) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 521.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 521.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 521.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 509.01 Td (Distributions to redeemable noncontrolling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 500.06 Td (interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.25 500.06 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 502.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 502.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 502.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 502.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 502.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 502.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 502.21 Td (\(10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 502.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 502.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 489.01 Td (Contributions from redeemable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 480.06 Td (noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 136.25 480.06 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 482.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 482.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 482.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 482.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 482.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 482.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 482.21 Td (10,951) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 482.21 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 469.15 Td (December) Tj ET Q q 0 0 0 rg BT 91.39 469.15 Td ( 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 127.25 469.01 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.50 469.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.00 469.01 Td (497) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.50 469.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 469.01 Td (519,855) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 469.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 469.01 Td (\(148,096) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 469.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 469.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 469.01 Td (\(3,843) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.50 469.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 469.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.25 469.01 Td (\(136,637) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 469.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 469.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 469.01 Td (231,776) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 469.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 469.01 Td (1) Tj ET Q q 0 0 0 rg BT 534.25 469.01 Td (1,334) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 569.75 469.01 Td (45,440) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 456.01 Td (Dividends \($1.54 per share\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.25 456.01 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 456.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 456.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 322.75 456.01 Td (\(72,797) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 456.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 456.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 456.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.75 456.01 Td (\(72,797) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 456.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 456.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 456.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 444.01 Td (Issuance of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 149.75 444.01 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.00 444.01 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 444.01 Td (749) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 444.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 444.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 444.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.00 444.01 Td (756) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 444.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 444.01 Td (724) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 432.01 Td (Repurchase of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 163.25 432.01 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 432.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 432.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 432.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 432.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.25 432.01 Td (\(8,040) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 432.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 432.01 Td (\(8,040) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 432.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 432.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 578.00 432.01 Td (\(274) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 594.50 432.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 420.01 Td (T) Tj ET Q q 0 0 0 rg BT 57.68 420.01 Td (ax benefits associated with restricted stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 411.06 Td (unitsnet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 91.25 411.06 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 413.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 413.21 Td (\(758) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.50 413.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 413.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 413.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 413.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 413.21 Td (\(758) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 413.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 413.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 413.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 400.01 Td (Issuance of restricted stock units) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 172.25 400.01 Td (. . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 400.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.25 400.01 Td (2,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 400.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 400.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 400.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 400.01 Td (2,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 400.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 400.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 388.01 Td (Amortization of restricted stock unitsnet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.25 388.01 Td (. . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 388.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.75 388.01 Td (21,555) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 388.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 388.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 388.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 388.01 Td (21,555) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 388.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 388.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 376.01 Td (Forfeitures of restricted stock units) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.25 376.01 Td (. . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 376.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.50 376.01 Td (\(29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.50 376.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 376.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 376.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 376.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.50 376.01 Td (\(29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 376.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 376.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 376.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 364.01 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.25 364.01 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 364.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 364.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.75 364.01 Td (92,936) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 364.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 364.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 364.01 Td (92,936) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.00 364.01 Td (\(126) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 364.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 364.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 352.01 Td (Other comprehensive income \(loss\), net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 352.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 352.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 352.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 352.01 Td (\(2,042) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.50 352.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 352.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 352.01 Td (\(2,042) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 352.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 352.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 352.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 340.01 Td (Distributions to redeemable noncontrolling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 331.06 Td (interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.25 331.06 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 333.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 333.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 333.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 333.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 333.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 333.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.00 333.21 Td (\(342) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 333.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 333.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 320.01 Td (Contributions from redeemable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 311.06 Td (noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 136.25 311.06 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 313.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 313.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 313.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 313.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 313.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 313.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 313.21 Td (4,023) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 313.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 300.01 Td (T) Tj ET Q q 0 0 0 rg BT 57.84 300.01 Td (ransfer of redeemable noncontrolling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 291.06 Td (interest in consolidated entity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 158.75 291.06 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 293.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 293.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 293.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 293.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 293.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 293.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.75 293.21 Td (\(14,036) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 293.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 293.21 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 280.15 Td (December) Tj ET Q q 0 0 0 rg BT 91.39 280.15 Td ( 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 127.25 280.01 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.50 280.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.00 280.01 Td (504) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.50 280.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 280.01 Td (543,829) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 280.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 280.01 Td (\(127,957) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 280.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 280.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 280.01 Td (\(5,885) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.50 280.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 280.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.25 280.01 Td (\(144,677) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 280.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 280.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 280.01 Td (265,814) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 280.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 280.01 Td (853) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 569.75 280.01 Td (45,890) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 267.01 Td (Dividends \($2.12 per share\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 154.25 267.01 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 267.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 267.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 267.01 Td (\(101,669) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 267.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 267.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 267.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.25 267.01 Td (\(101,669) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 267.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 267.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 267.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 255.01 Td (Issuance of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 149.75 255.01 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 252.00 255.01 Td (7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 255.01 Td (741) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 255.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 255.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 255.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.00 255.01 Td (748) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 255.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 255.01 Td (690) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 243.01 Td (Repurchase of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 163.25 243.01 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 243.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 243.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 243.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 243.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 429.25 243.01 Td (\(9,141) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 243.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 243.01 Td (\(9,141) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 243.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 243.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 578.00 243.01 Td (\(265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 594.50 243.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 231.01 Td (Issuance of restricted stock units) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 172.25 231.01 Td (. . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 231.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 282.25 231.01 Td (3,974) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 231.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 231.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 231.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 231.01 Td (3,974) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 231.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 231.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 219.01 Td (Amortization of restricted stock unitsnet) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 208.25 219.01 Td (. . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 219.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.75 219.01 Td (22,042) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.00 219.01 Td (\(285) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 219.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 219.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 219.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 219.01 Td (21,757) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 219.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 219.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 207.01 Td (Forfeitures of restricted stock units) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.25 207.01 Td (. . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 207.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 207.01 Td (\(100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.50 207.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 207.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 207.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 207.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 207.01 Td (\(100) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.50 207.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 207.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 207.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 195.01 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.25 195.01 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 195.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 195.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.75 195.01 Td (91,939) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 195.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 195.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.75 195.01 Td (91,939) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.00 195.01 Td (547) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 195.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 183.01 Td (Other comprehensive income \(loss\), net of tax) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 183.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 183.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 183.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.25 183.01 Td (2,214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 183.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.25 183.01 Td (2,214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 183.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 183.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 171.01 Td (Distributions to redeemable noncontrolling) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 162.06 Td (interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 82.25 162.06 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 164.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 164.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 164.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 164.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 164.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 164.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.00 164.21 Td (\(263) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 164.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 164.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 151.01 Td (Contributions from redeemable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.50 142.06 Td (noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 136.25 142.06 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 247.50 144.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.50 144.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.50 144.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.50 144.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 443.50 144.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.50 144.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 144.21 Td (46,658) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 585.50 144.21 Td () Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 52.50 131.15 Td (December) Tj ET Q q 0 0 0 rg BT 91.31 131.15 Td ( 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 127.25 131.01 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.50 131.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 243.00 131.01 Td (51) Tj ET Q q 0 0 0 rg BT 252.00 131.01 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 266.50 131.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 131.01 Td (570,486) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 312.50 131.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 318.25 131.01 Td (\(137,972) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.50 131.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.50 131.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 131.01 Td (\(3,671) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.50 131.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.50 131.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.25 131.01 Td (\(153,818) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.50 131.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 131.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.25 131.01 Td (275,536) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 511.50 131.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 131.01 Td (47,795) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 569.75 131.01 Td (46,315) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 231.65 91.25 Td (See notes to consolidated financial statements) Tj ET Q endstream endobj 105 0 obj <> endobj 106 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 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 376.5 667.75 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 438.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 667.75 m 496.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 667.75 m 500.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 667.75 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 376.5 667.75 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 376.5 656.75 m 434.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 667.75 m 496.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 656.75 m 496.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 667.75 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 500.5 656.75 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 376.5 361.75 m 434.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 361.75 m 496.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 361.75 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 376.5 348.75 m 434.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 348.75 m 496.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 348.75 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 376.5 283.75 m 434.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 283.75 m 496.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 283.75 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 376.5 270.75 m 434.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 270.75 m 496.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 270.75 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 376.5 179.75 m 434.5 179.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 179.75 m 496.5 179.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 179.75 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 376.5 179.75 m 434.5 179.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 166.75 m 434.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 179.75 m 496.5 179.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 166.75 m 496.5 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 179.75 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 500.5 166.75 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 500.5 166.75 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 376.5 127.75 m 434.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 127.75 m 496.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 127.75 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 376.5 115.75 m 434.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 113.75 m 434.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 115.75 m 496.5 115.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 113.75 m 496.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 115.75 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 500.5 113.75 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 422.70 671.83 Td (Y) Tj ET Q q 0 0 0 rg BT 427.59 671.83 Td (ear) Tj ET Q q 0 0 0 rg BT 438.55 671.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 499.28 671.83 Td ( 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 397.00 659.83 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.00 659.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 521.00 659.83 Td (2015) 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 125.50 634.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 634.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 634.32 Td (92,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 634.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 634.32 Td (92,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 634.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 634.32 Td (64,337) 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 \(used in\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 611.37 Td (operating 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 210.50 599.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 599.32 Td (21,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 599.32 Td (21,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 599.32 Td (22,686) 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 215.50 586.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 586.32 Td (7,1) Tj ET Q q 0 0 0 rg BT 420.65 586.32 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 586.32 Td (7,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 586.32 Td (6,213) 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 150.50 573.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 573.37 Td (\(235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 573.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 573.37 Td (\(139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 573.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 573.32 Td (640) 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 265.50 560.32 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 560.37 Td (\(1,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 560.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 560.37 Td (\(218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 560.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 560.32 Td (2,376) 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 af) Tj ET Q q 0 0 0 rg BT 220.38 547.32 Td (filiatesnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 547.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 547.32 Td (242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 547.37 Td (\(3,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 547.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 547.32 Td (10,378) 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) Tj ET Q q 0 0 0 rg BT 212.58 534.32 Td (-sale investmentsnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.50 534.32 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 534.37 Td (\(347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 534.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 534.37 Td (\(1,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 534.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 534.32 Td (2,648) 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 185.50 521.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 521.37 Td (\(314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 521.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 521.37 Td (\(900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 521.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 521.32 Td (7,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 508.32 Td (Foreign currency \(gain\) loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.50 508.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 508.32 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 508.32 Td (1,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 508.37 Td (\(443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 508.32 Td (\)) 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 175.50 482.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 482.37 Td (\(7,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 482.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 482.37 Td (\(3,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 482.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 482.37 Td (\(724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 482.32 Td (\)) 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 165.50 469.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 469.37 Td (\(4,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 469.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 469.37 Td (\(1,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 469.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 469.37 Td (\(4,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 469.32 Td (\)) 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 185.50 456.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 456.37 Td (\(1,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 456.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 456.37 Td (\(3,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 456.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 456.37 Td (\(2,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 456.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 443.32 Td (T) Tj ET Q q 0 0 0 rg BT 98.93 443.32 Td (rading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 443.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 443.37 Td (\(60,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 443.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 443.37 Td (\(3,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 443.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 443.37 Td (\(30,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 443.32 Td (\)) 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 145.50 430.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 430.37 Td (\(576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 430.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 430.37 Td (\(1,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 430.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 430.37 Td (\(1,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 430.32 Td (\)) 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 185.50 417.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 417.32 Td (6,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 417.32 Td (4,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 417.32 Td (2,228) 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 245.50 404.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 404.37 Td (\(221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 404.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 404.32 Td (260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 404.37 Td (\(803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 404.32 Td (\)) 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 150.50 391.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 391.32 Td (3,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 391.32 Td (1,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 391.32 Td (4,364) 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 175.50 378.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 378.32 Td (10,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 378.32 Td (2,1) Tj ET Q q 0 0 0 rg BT 482.65 378.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 378.32 Td (5,231) 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 245.50 365.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 365.32 Td (946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 365.32 Td (2,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 365.32 Td (1,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 352.32 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 352.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 352.32 Td (64,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 352.32 Td (1) Tj ET Q q 0 0 0 rg BT 465.15 352.32 Td (14,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 352.32 Td (89,796) 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 310.50 326.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 326.32 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 326.32 Td (363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 326.32 Td (1,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 313.32 Td (Purchases of available-for) Tj ET Q q 0 0 0 rg BT 179.30 313.32 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.50 313.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 313.37 Td (\(16,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 313.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 313.37 Td (\(8,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 313.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 313.37 Td (\(5,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 313.32 Td (\)) 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) Tj ET Q q 0 0 0 rg BT 219.28 300.32 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 300.32 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 300.32 Td (25,81) Tj ET Q q 0 0 0 rg BT 425.65 300.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 300.32 Td (20,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 300.32 Td (7,303) 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 225.50 287.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 287.37 Td (\(3,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 287.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 287.37 Td (\(10,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 287.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 287.37 Td (\(2,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 287.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 274.32 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 274.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 274.32 Td (5,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 274.32 Td (2,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 274.32 Td (397) 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 305.50 248.32 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 248.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 248.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 248.32 Td (4,822) 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 185.50 235.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 235.32 Td (636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 235.32 Td (642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 235.32 Td (539) 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 195.50 222.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 222.37 Td (\(9,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 222.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 222.37 Td (\(8,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 222.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 222.37 Td (\(19,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 222.32 Td (\)) 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 180.50 209.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 209.37 Td (\(98,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 209.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 209.37 Td (\(70,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 209.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 209.37 Td (\(68,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 209.32 Td (\)) 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 280.50 196.32 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 196.37 Td (\(263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 196.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 196.37 Td (\(342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 196.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 196.37 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 196.32 Td (\)) 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 295.50 183.32 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 183.32 Td (46,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 183.32 Td (4,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 183.32 Td (10,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 170.32 Td (Net cash provided by \(used in\) financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 170.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 170.37 Td (\(60,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 170.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 170.37 Td (\(74,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 170.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 170.37 Td (\(71,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 170.32 Td (\)) 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 270.50 157.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 157.32 Td (9,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 157.32 Td (43,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 157.32 Td (19,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 144.32 Td (Ef) Tj ET Q q 0 0 0 rg BT 66.35 144.32 Td (fect 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 335.50 144.32 Td (. . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 144.32 Td (679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 144.37 Td (\(2,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 144.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 144.37 Td (\(1,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 144.32 Td (\)) 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 255.50 131.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 131.32 Td (183,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 131.32 Td (142,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 131.32 Td (124,938) 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 230.50 118.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 118.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 118.32 Td (193,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 118.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 118.32 Td (183,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 118.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 118.32 Td (142,728) 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 107 0 obj <> endobj 108 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 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, 2017, 2016 and 2015) 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 ($57,726,000) 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 ($49,331,000) 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 ($30,885,000) 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, the Company 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 54.00 587.65 Td ($618,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 587.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 587.65 Td ($486,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.00 587.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.44 587.65 Td ($425,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.94 587.65 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.32 587.65 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.31 587.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 467.97 587.65 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.08 587.65 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.65 Td (December31, 2017, 2016 and 2015) 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 ($3,356,000) 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 ($1,972,000) 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 ($1,684,000) 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) Tj ET Q q 0 0 0 rg BT 236.94 542.65 Td (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 approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.62 518.65 Td ($14,036,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.62 518.65 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 54.00 506.65 Td ($14,550,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 506.65 Td ( to equity method investments. Ef) Tj ET Q q 0 0 0 rg BT 238.80 506.65 Td (fective October 1, 2016, the Company) Tj ET Q q 0 0 0 rg BT 394.59 506.65 Td (s proportionate ownership interest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.65 Td (LPX 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 347.22 494.65 Td ($15,045,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.22 494.65 Td (, from equity method investments into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.65 Td (available-for) Tj ET Q q 0 0 0 rg BT 104.88 482.65 Td (-sale 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) Tj ET Q q 0 0 0 rg BT 229.17 461.65 Td (s proportionate ownership interest in Cohen & Steers MLP) Tj ET Q q 0 0 0 rg BT 464.32 461.65 Td ( & Ener) Tj ET Q q 0 0 0 rg BT 495.80 461.65 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 endstream endobj 109 0 obj <> endobj 110 0 obj <> stream 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 /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 (Recently ) Tj ET Q q 0 0 0 rg BT 113.24 488.25 Td (Adopted ) Tj ET Q q 0 0 0 rg BT 148.88 488.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 206.55 488.25 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.76 488.25 Td (In March 2016, the Financial ) Tj ET Q q 0 0 0 rg BT 392.07 488.25 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 518.25 488.25 Td (ASB\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.25 Td (issued new guidance amending the current accounting for an investment that becomes qualified for the equity method of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.25 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 102.69 464.25 Td (The guidance requires that the cost of acquiring an additional interest in the investment, if any) Tj ET Q q 0 0 0 rg BT 478.59 464.25 Td (, that resulted in it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 452.25 Td (qualifying for the equity method be added to the carrying value of the investment. ) Tj ET Q q 0 0 0 rg BT 384.00 452.25 Td (The equity method will then be applied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 440.25 Td (from that point forward without any retroactive application or adjustment. ) Tj ET Q q 0 0 0 rg BT 352.34 440.25 Td (This new guidance was ef) Tj ET Q q 0 0 0 rg BT 456.02 440.25 Td (fective for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.25 Td (Company) Tj ET Q q 0 0 0 rg BT 95.67 428.25 Td (s first quarter of 2017. ) Tj ET Q q 0 0 0 rg BT 187.13 428.25 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 54.00 416.25 Td (financial statements and related disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 395.25 Td (In March 2016, the F) Tj ET Q q 0 0 0 rg BT 160.46 395.25 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 54.00 383.25 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 54.00 371.25 Td (withholding requirements, as well as classification in the statement of cash flows. ) Tj ET Q q 0 0 0 rg BT 382.63 371.25 Td (The Company adopted this guidance on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 359.25 Td (January 1, 2017. ) Tj ET Q q 0 0 0 rg BT 122.05 359.25 Td (As a result, the Company reclassified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.95 359.25 Td ($285,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.45 359.25 Td ( from additional paid-in capital to retained earnings on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 347.25 Td (January 1, 2017. Prospectively beginning January 1, 2017, excess tax benefits or tax deficiencies are now reflected in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.25 Td (consolidated statements of operations as a component of the provision for income taxes. For the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 323.25 Td (2017, the Company recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.47 323.25 Td ($49,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.97 323.25 Td ( of excess tax benefits. ) Tj ET Q q 0 0 0 rg BT 306.71 323.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 356.62 323.25 Td (, the consolidated statements of cash flows now ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 311.25 Td (reflect excess tax benefits from share-based payments as an operating activity) Tj ET Q q 0 0 0 rg BT 364.34 311.25 Td (, rather than a financing activity) Tj ET Q q 0 0 0 rg BT 491.41 311.25 Td (. Finally) Tj ET Q q 0 0 0 rg BT 524.10 311.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 299.25 Td (Company elected to account for forfeitures as they occur) Tj ET Q q 0 0 0 rg BT 280.73 299.25 Td (, rather than estimate expected forfeitures.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 278.25 Td (Accounting Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.93 278.25 Td (The preparation of the consolidated financial statements in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 506.13 278.25 Td ( requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 266.25 Td (management to make certain estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 305.41 266.25 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 54.00 254.25 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 54.00 242.25 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 54.00 230.25 Td (financial statements are reasonable and prudent. ) Tj ET Q q 0 0 0 rg BT 248.09 230.25 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 341.50 230.25 Td (fer from those estimates.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 209.25 Td (Consolidation of Company-sponsor) Tj ET Q q 0 0 0 rg BT 220.42 209.25 Td (ed Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.36 209.25 Td (Investments in Company-sponsored funds and management fees are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.25 Td (evaluated at inception and thereafter) Tj ET Q q 0 0 0 rg BT 199.08 197.25 Td (, if there is a reconsideration event, in order to determine whether to apply the ) Tj ET Q q 0 0 0 rg BT 512.95 197.25 Td (V) Tj ET Q q 0 0 0 rg BT 519.06 197.25 Td (ariable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.25 Td (Interest Entity \(VIE\) model or the ) Tj ET Q q 0 0 0 rg BT 192.11 185.25 Td (V) Tj ET Q q 0 0 0 rg BT 198.04 185.25 Td (oting Interest Entity \(VOE\) model. In performing this analysis, all of the Company) Tj ET Q q 0 0 0 rg BT 532.42 185.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.25 Td (management fees are presumed to be commensurate and at market and are therefore not considered variable interests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 152.25 Td (A) Tj ET Q q 0 0 0 rg BT 84.67 152.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.99 152.25 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 380.91 152.25 Td (ficient to permit the entity to finance its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 140.25 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 54.00 128.25 Td (characteristics of a controlling financial interest. ) Tj ET Q q 0 0 0 rg BT 249.57 128.25 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 54.00 116.25 Td (activities of the ) Tj ET Q q 0 0 0 rg BT 117.96 116.25 Td (VIE that most significantly af) Tj ET Q q 0 0 0 rg BT 236.65 116.25 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 54.00 104.25 Td (right to receive benefits from the entity that could potentially be significant to the ) Tj ET Q q 0 0 0 rg BT 382.06 104.25 Td (VIE. Investments and redemptions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 92.25 Td (amendments to the governing documents of the respective entities could af) Tj ET Q q 0 0 0 rg BT 353.17 92.25 Td (fect an entity) Tj ET Q q 0 0 0 rg BT 408.15 92.25 Td (s status as a ) Tj ET Q q 0 0 0 rg BT 457.41 92.25 Td (VIE or the determination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 80.25 Td (of the primary beneficiary) Tj ET Q q 0 0 0 rg BT 158.02 80.25 Td (. ) Tj ET Q q 0 0 0 rg BT 162.84 80.25 Td (The Company assesses whether it is the primary beneficiary of any ) Tj ET Q q 0 0 0 rg BT 433.41 80.25 Td (VIEs identified by evaluating ) Tj ET Q 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-12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 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 376.51 677.10 Td (filiates or indirectly through employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (VIEs for which the Company is deemed to be the primary beneficiary are consolidated. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 644.10 Td (Investments in Company-sponsored funds that are determined to be ) Tj ET Q q 0 0 0 rg BT 350.81 644.10 Td (VOEs are consolidated when the Company) Tj ET Q q 0 0 0 rg BT 526.05 644.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 632.10 Td (ownership interest is greater than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.23 632.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.56 632.10 Td ( of the outstanding voting interests of the fund or when the Company is the general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 599.10 Td (The Company records noncontrolling interests in consolidated funds for which the Company) Tj ET Q q 0 0 0 rg BT 452.09 599.10 Td (s ownership is less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 587.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.33 587.10 Td (. See Note 4 for further discussion about the Company) Tj ET Q q 0 0 0 rg BT 297.84 587.10 Td (s seed investments.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 566.10 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.83 566.10 Td (Cash and cash equivalents are on deposit with three major financial institutions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 554.10 Td (consist of short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 542.10 Td (months or less.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 521.10 Td (Due fr) Tj ET Q q 0 0 0 rg BT 103.46 521.10 Td (om/to Br) Tj ET Q q 0 0 0 rg BT 138.37 521.10 Td (okers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.03 521.10 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 54.00 509.10 Td (with brokers for certain of its investment activities.) Tj ET Q q 0 0 0 rg BT 260.71 509.10 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 54.00 497.10 Td (performed pursuant to contractual agreements.) Tj ET Q q 0 0 0 rg BT 242.63 497.10 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 54.00 485.10 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 78.00 464.10 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.21 464.10 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 54.00 452.10 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 78.00 431.10 Td (Investments classified as trading represent securities held within the af) Tj ET Q q 0 0 0 rg BT 360.23 431.10 Td (filiated funds that the Company consolidates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 419.10 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 54.00 407.10 Td (by management or as determined by management and approved by the Company) Tj ET Q q 0 0 0 rg BT 380.85 407.10 Td (s valuation committee. Unrealized gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 395.10 Td (and losses are recorded as gain \(loss\) from trading investmentsnet in the Company) Tj ET Q q 0 0 0 rg BT 396.70 395.10 Td (s consolidated statements of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 374.10 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 54.00 362.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 362.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.33 362.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.66 362.10 Td ( of the outstanding voting interests in the af) Tj ET Q q 0 0 0 rg BT 259.34 362.10 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 54.00 350.10 Td (significant influence but not control over the investments. ) Tj ET Q q 0 0 0 rg BT 287.37 350.10 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 54.00 338.10 Td (respective share of the af) Tj ET Q q 0 0 0 rg BT 153.77 338.10 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 54.00 326.10 Td (\(losses\) of af) Tj ET Q q 0 0 0 rg BT 105.47 326.10 Td (filiatesnet in the Company) Tj ET Q q 0 0 0 rg BT 224.06 326.10 Td (s consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 385.14 326.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.58 326.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.17 326.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 549.55 326.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 314.10 Td (equity method investments consisted of interests in af) Tj ET Q q 0 0 0 rg BT 268.50 314.10 Td (filiated funds measured at fair value based on quoted market prices or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 302.10 Td (NA) Tj ET Q q 0 0 0 rg BT 67.15 302.10 Td (V) Tj ET Q q 0 0 0 rg BT 74.20 302.10 Td ( \(or its equivalent\) as a practical expedient and report a net asset value on a recurring basis. ) Tj ET Q q 0 0 0 rg BT 440.81 302.10 Td (The carrying amounts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 290.10 Td (these investments approximate their fair value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 269.10 Td (Investments classified as available-for) Tj ET Q q 0 0 0 rg BT 230.80 269.10 Td (-sale are comprised of equity securities, fixed income securities, investment-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (grade preferred instruments and investments in Company-sponsored open-end funds where the Company has neither control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (nor the ability to exercise significant influence. ) Tj ET Q q 0 0 0 rg BT 244.86 245.10 Td (These investments are carried at fair value based on quoted market prices or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (market prices obtained from independent pricing services engaged by management, with unrealized gains and losses, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td (tax, reported in accumulated other comprehensive income. ) Tj ET Q q 0 0 0 rg BT 290.67 221.10 Td (The Company periodically reviews each individual security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (position that has an unrealized loss, or impairment, to determine if that impairment is other) Tj ET Q q 0 0 0 rg BT 417.60 209.10 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 481.92 209.10 Td (. If the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (believes an impairment of a security position is other than temporary) Tj ET Q q 0 0 0 rg BT 328.83 197.10 Td (, based on available quantitative and qualitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 185.10 Td (information as of the report date, the loss will be recognized as gain \(loss\) from available-for) Tj ET Q q 0 0 0 rg BT 425.34 185.10 Td (-sale investmentsnet in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 173.10 Td (Company) Tj ET Q q 0 0 0 rg BT 95.67 173.10 Td (s consolidated statements of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 152.10 Td (From time to time, the af) Tj ET Q q 0 0 0 rg BT 177.80 152.10 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 54.00 140.10 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 54.00 128.10 Td (return swaps, credit default swaps and futures contracts. ) Tj ET Q q 0 0 0 rg BT 280.41 128.10 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 54.00 116.10 Td (settlement price at the close of trading on the associated commodities exchange or board of trade with gains and losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 104.10 Td (recorded as gain \(loss\) from trading investmentsnet in the Company) Tj ET Q q 0 0 0 rg BT 338.66 104.10 Td (s consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 500.11 104.10 Td (The fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 92.10 Td (values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company) Tj ET Q q 0 0 0 rg BT 508.02 92.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 80.10 Td (consolidated statements of financial condition. ) Tj ET Q q 0 0 0 rg BT 242.29 80.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.73 80.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.31 80.10 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 68.10 Td (subject to a master netting agreement or other similar arrangement.) 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-13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 677.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 127.90 677.10 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 54.00 665.10 Td (related to certain client receivables. ) Tj ET Q q 0 0 0 rg BT 198.18 665.10 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 54.00 653.10 Td (operating income \(loss\) in the Company) Tj ET Q q 0 0 0 rg BT 217.58 653.10 Td (s consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 379.03 653.10 Td (The fair values of these contracts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (recorded in other assets or other liabilities and accrued expenses on the Company) Tj ET Q q 0 0 0 rg BT 382.23 641.10 Td (s consolidated statements of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (condition.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 608.10 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 178.65 608.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.65 608.10 Td (Goodwill represents the excess of the cost of the Company) Tj ET Q q 0 0 0 rg BT 451.65 608.10 Td (s investment in the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 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 54.00 584.10 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 54.00 572.10 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 54.00 560.10 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 54.00 548.10 Td (3 for further discussion about the Company) Tj ET Q q 0 0 0 rg BT 230.64 548.10 Td (s goodwill and intangible assets.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 527.10 Td (Redeemable Noncontr) Tj ET Q q 0 0 0 rg BT 166.77 527.10 Td (olling Inter) Tj ET Q q 0 0 0 rg BT 211.67 527.10 Td (est) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.78 527.10 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 54.00 515.10 Td (Company) Tj ET Q q 0 0 0 rg BT 95.67 515.10 Td (s consolidated funds. ) Tj ET Q q 0 0 0 rg BT 182.14 515.10 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 54.00 503.10 Td (permanent equity) Tj ET Q q 0 0 0 rg BT 123.05 503.10 Td (. Redeemable noncontrolling interest is recorded at redemption value which approximates the fair value at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (each reporting period.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 470.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 123.63 470.10 Td (Advisory and ) Tj ET Q q 0 0 0 rg BT 179.00 470.10 Td (Administration Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.38 470.10 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 54.00 458.10 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 54.00 446.10 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 54.00 434.10 Td (the portfolio. ) Tj ET Q q 0 0 0 rg BT 108.53 434.10 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 54.00 422.10 Td (pursuant to the terms of underlying administration contracts. ) Tj ET Q q 0 0 0 rg BT 298.12 422.10 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 54.00 410.10 Td (management of such funds. Investment advisory and administration fee revenue is recognized when earned.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 389.10 Td (Distribution and Service Fee Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.17 389.10 Td (Distribution and service fee revenue is based on the average daily net assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (certain share classes of the Company) Tj ET Q q 0 0 0 rg BT 204.78 377.10 Td (s sponsored open-end funds distributed by CSS. Distribution and service fee revenue is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (earned daily and is generally recorded gross of any third-party distribution and service fee expense for applicable share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (classes.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 332.10 Td (Distribution and Service Fee Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.62 332.10 Td (Distribution and service fee expense includes distribution fees, shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 320.10 Td (servicing fees and intermediary assistance payments. Distribution and service fee expense is recorded on an accrual basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 299.10 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 54.00 287.10 Td (distribution of the Company) Tj ET Q q 0 0 0 rg BT 169.83 287.10 Td (s sponsored open-end funds) Tj ET Q q 0 0 0 rg BT 283.79 287.10 Td ( 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 54.00 275.10 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 54.00 263.10 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 503.61 263.10 Td (Act of 1940 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (\(Rule 12b-1\). ) Tj ET Q q 0 0 0 rg BT 110.20 251.10 Td (The Company pays distribution fee expense based on the average daily net assets under management of certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (share classes of certain of the funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 218.10 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 54.00 206.10 Td (service and maintenance. ) Tj ET Q q 0 0 0 rg BT 157.10 206.10 Td (These services are provided pursuant to written agreements with such qualified institutions. ) Tj ET Q q 0 0 0 rg BT 525.44 206.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 194.10 Td (Company pays shareholder serving fee expense generally based on the average assets under management or the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 182.10 Td (accounts being serviced. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 161.10 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 54.00 149.10 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 54.00 137.10 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 54.00 125.10 Td (number of accounts being serviced.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 104.10 Td (Portfolio Consulting and Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.84 104.10 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 92.10 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 80.10 Td (Company) Tj ET Q q 0 0 0 rg BT 95.67 80.10 Td (s proprietary indexes and \(iii\) providing portfolio monitoring services related to a number of unit investment trusts. ) 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-14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (This revenue is earned pursuant to the terms of the underlying contract, and the fee schedules for these relationships vary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (based on the type of services the Company provides for each relationship. ) Tj ET Q q 0 0 0 rg BT 351.79 665.10 Td (This revenue is recognized when earned.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 644.10 Td (Stock-based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.59 644.10 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 54.00 632.10 Td (equity instruments to employees. ) Tj ET Q q 0 0 0 rg BT 188.52 632.10 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 54.00 620.10 Td (service. Forfeitures are recorded as incurred.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 599.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 114.57 599.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.34 599.10 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 54.00 587.10 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 54.00 575.10 Td (assets are recognized for temporary dif) Tj ET Q q 0 0 0 rg BT 209.58 575.10 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 54.00 563.10 Td (expected to apply in those years. Deferred tax liabilities are recognized for temporary dif) Tj ET Q q 0 0 0 rg BT 409.22 563.10 Td (ferences that will result in taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 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 357.03 551.10 Td (The Company records a valuation allowance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (when necessary) Tj ET Q q 0 0 0 rg BT 116.38 539.10 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 78.00 518.10 Td (The calculation of 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 54.00 506.10 Td (regulations in a multitude of jurisdictions across the Company) Tj ET Q q 0 0 0 rg BT 305.63 506.10 Td (s global operations. ) Tj ET Q q 0 0 0 rg BT 385.62 506.10 Td (A) Tj ET Q q 0 0 0 rg BT 392.29 506.10 Td ( tax benefit from an uncertain tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.10 Td (position may be recognized when it is more likely than not that the position will be sustained upon examination, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (resolution of any related appeals or litigation processes, on the basis of the technical merits. ) Tj ET Q q 0 0 0 rg BT 422.88 482.10 Td (The Company records potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 470.10 Td (interest and penalties related to uncertain tax positions in the provision for income taxes in the consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 458.10 Td (operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 437.10 Td (Curr) Tj ET Q q 0 0 0 rg BT 97.08 437.10 Td (ency T) Tj ET Q q 0 0 0 rg BT 122.91 437.10 Td (ranslation and T) Tj ET Q q 0 0 0 rg BT 189.04 437.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.71 437.10 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 54.00 425.10 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 54.00 413.10 Td (expenses of such subsidiaries are translated at average exchange rates during the period. ) Tj ET Q q 0 0 0 rg BT 408.68 413.10 Td (The gains or losses resulting from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (translating non-U.S. dollar functional currency into U.S. dollars are included in the Company) Tj ET Q q 0 0 0 rg BT 430.03 401.10 Td (s consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (comprehensive income. ) Tj ET Q q 0 0 0 rg BT 151.29 389.10 Td (The cumulative translation adjustment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.41 389.10 Td ($\(4,781,000\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.07 389.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.07 389.10 Td ($\(6,845,000\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.73 389.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.17 389.10 Td ($\(3,908,000\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.83 389.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 377.10 Td (, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 249.68 377.10 Td (. Gains or losses resulting from non-U.S. dollar currency transactions are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (included in other non-operating income \(loss\) in the consolidated statements of operations. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 344.10 Td (Compr) Tj ET Q q 0 0 0 rg BT 105.41 344.10 Td (ehensive Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.76 344.10 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 54.00 332.10 Td (comprehensive income. Comprehensive income includes net income or loss attributable to common stockholders, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 320.10 Td (the net of tax amounts attributable to foreign currency translation gain \(loss\), unrealized gain \(loss\) from available-for) Tj ET Q q 0 0 0 rg BT 525.58 320.10 Td (-sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.10 Td (investments and the reclassification of realized gain \(loss\) from available-for) Tj ET Q q 0 0 0 rg BT 361.18 308.10 Td (-sale investments to the statements of operations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 78.00 287.10 Td (Recently Issued ) Tj ET Q q 0 0 0 rg BT 142.79 287.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 200.46 287.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.67 287.10 Td (In February 2018, the F) Tj ET Q q 0 0 0 rg BT 361.63 287.10 Td (ASB issued new guidance allowing entities to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 275.10 Td (reclassify certain tax ef) Tj ET Q q 0 0 0 rg BT 146.82 275.10 Td (fects related to the enactment of the ) Tj ET Q q 0 0 0 rg BT 291.85 275.10 Td (T) Tj ET Q q 0 0 0 rg BT 297.26 275.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 308.65 275.10 Td (Act from accumulated other comprehensive income \(AOCI\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 263.10 Td (to retained earnings. Prior to the issuance of the new guidance, a portion of the previously recognized deferred tax ef) Tj ET Q q 0 0 0 rg BT 520.59 263.10 Td (fects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 251.10 Td (recorded in ) Tj ET Q q 0 0 0 rg BT 101.20 251.10 Td (AOCI was left stranded in ) Tj ET Q q 0 0 0 rg BT 217.00 251.10 Td (AOCI as the ef) Tj ET Q q 0 0 0 rg BT 277.08 251.10 Td (fect of remeasuring the deferred taxes using the reduced federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (corporate income tax rate was required to be recorded through income.) Tj ET Q q 0 0 0 rg BT 339.81 239.10 Td (The new guidance allows these stranded tax ef) Tj ET Q q 0 0 0 rg BT 525.95 239.10 Td (fects to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (be reclassified from ) Tj ET Q q 0 0 0 rg BT 135.36 227.10 Td (AOCI to retained earnings.) Tj ET Q q 0 0 0 rg BT 245.98 227.10 Td (The new guidancewill be ef) Tj ET Q q 0 0 0 rg BT 359.36 227.10 Td (fective on January 1, 2019, with early adoption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (permitted and is to be applied either in the period of adoption or retrospectively to each period in which the ef) Tj ET Q q 0 0 0 rg BT 493.12 215.10 Td (fect of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (change in the U.S. federal corporate income tax rate in the ) Tj ET Q q 0 0 0 rg BT 289.55 203.10 Td (T) Tj ET Q q 0 0 0 rg BT 294.96 203.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 306.35 203.10 Td (Act is recognized. ) Tj ET Q q 0 0 0 rg BT 381.14 203.10 Td (The Company is still assessing which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 191.10 Td (adoption method it will choose but it does not expect either method to have a material ef) Tj ET Q q 0 0 0 rg BT 407.61 191.10 Td (fect on its consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 179.10 Td (statements and related disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 158.10 Td (In ) Tj ET Q q 0 0 0 rg BT 88.28 158.10 Td (August 2017, the F) Tj ET Q q 0 0 0 rg BT 164.21 158.10 Td (ASB issued new guidance amending the accounting for hedging activities. ) Tj ET Q q 0 0 0 rg BT 464.23 158.10 Td (The new guidance \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 146.10 Td (expands hedge accounting for nonfinancial and financial risk components and amends measurement methodologies to more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.10 Td (closely align hedge accounting with an entity) Tj ET Q q 0 0 0 rg BT 237.84 134.10 Td (s risk management activities, \(ii\) decreases the complexity of preparing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 122.10 Td (understanding hedge results through eliminating the separate measurement and reporting of hedge inef) Tj ET Q q 0 0 0 rg BT 464.24 122.10 Td (fectiveness, \(iii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 110.10 Td (enhances transparency) Tj ET Q q 0 0 0 rg BT 143.58 110.10 Td (, comparability and understandability of hedge results through enhanced disclosures and changing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 98.10 Td (presentation of hedge results to align the ef) Tj ET Q q 0 0 0 rg BT 226.27 98.10 Td (fects of the hedging instrument and the hedged item and \(iv\) reduces the cost and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 86.10 Td (complexity of applying hedge accounting by simplifying the manner in which assessments of hedge ef) Tj ET Q q 0 0 0 rg BT 463.72 86.10 Td (fectiveness may be ) 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-15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (performed. ) Tj ET Q q 0 0 0 rg BT 100.46 677.10 Td (The new guidance will be ef) Tj ET Q q 0 0 0 rg BT 213.85 677.10 Td (fective on January 1, 2019, with early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 448.05 677.10 Td (The Company is currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (evaluating the potential ef) Tj ET Q q 0 0 0 rg BT 157.95 665.10 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 May 2017, the F) Tj ET Q q 0 0 0 rg BT 154.20 644.10 Td (ASB issued new guidance for modification accounting related to share-based payment transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 632.10 Td (in order to provide clarity and to reduce current diversity in practice. ) Tj ET Q q 0 0 0 rg BT 330.66 632.10 Td (This new guidance does not fundamentally change the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 620.10 Td (notion of a modification. Instead, the amendments clarify which changes to the terms or conditions of a share-based payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (award require an entity to apply modification accounting. ) Tj ET Q q 0 0 0 rg BT 286.24 608.10 Td (The amendments became ef) Tj ET Q q 0 0 0 rg BT 397.95 608.10 Td (fective on January 1, 2018 and must be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td (applied prospectively to any awards modified on or after the adoption date. ) Tj ET Q q 0 0 0 rg BT 356.78 596.10 Td (The adoption of the new guidance did not have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (material ef) Tj ET Q q 0 0 0 rg BT 96.85 584.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 183.21 584.10 Td (s consolidated financial statements and related disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 563.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 166.96 563.10 Td (ASB issued guidance to simplify the goodwill impairment test by removing the requirement to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 551.10 Td (perform a hypothetical purchase price allocation. ) Tj ET Q q 0 0 0 rg BT 251.97 551.10 Td (A) Tj ET Q q 0 0 0 rg BT 258.64 551.10 Td ( goodwill impairment will now be the amount by which a reporting unit) Tj ET Q q 0 0 0 rg BT 548.59 551.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 539.10 Td (carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ) Tj ET Q q 0 0 0 rg BT 393.14 539.10 Td (This new guidance will be ef) Tj ET Q q 0 0 0 rg BT 508.76 539.10 Td (fective on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 527.10 Td (January 1, 2020. ) Tj ET Q q 0 0 0 rg BT 122.42 527.10 Td (The Company does not expect the adoption of the new guidance to have a material ef) Tj ET Q q 0 0 0 rg BT 463.51 527.10 Td (fect on its consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (financial statements and related disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 494.10 Td (In ) Tj ET Q q 0 0 0 rg BT 88.28 494.10 Td (August 2016, the F) Tj ET Q q 0 0 0 rg BT 164.21 494.10 Td (ASB amended the current guidance on the classification of certain cash receipts and payments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (the statement of cash flows. ) Tj ET Q q 0 0 0 rg BT 167.68 482.10 Td (This guidance is intended to unify the currently diverse presentations and classifications, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 470.10 Td (including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 458.10 Td (instruments with coupon interest rates that are insignificant in relation to the ef) Tj ET Q q 0 0 0 rg BT 369.29 458.10 Td (fective interest rate of the borrowing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 446.10 Td (contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 434.10 Td (proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 422.10 Td (distributions received from equity method investees, beneficial interests in securitization transactions, and separately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 410.10 Td (identifiable cash flows and application of the predominance principle. ) Tj ET Q q 0 0 0 rg BT 335.94 410.10 Td (The Company evaluated the eight issues and concluded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 398.10 Td (that only distributions received from equity method investees is applicable to the Company) Tj ET Q q 0 0 0 rg BT 417.72 398.10 Td (. ) Tj ET Q q 0 0 0 rg BT 422.54 398.10 Td (This amended guidance became ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 386.10 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 386.10 Td (fective on January 1, 2018 and was adopted retrospectively) Tj ET Q q 0 0 0 rg BT 297.80 386.10 Td (. ) Tj ET Q q 0 0 0 rg BT 302.62 386.10 Td (The Company made an accounting policy election to use the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 374.10 Td (Cumulative Earnings ) Tj ET Q q 0 0 0 rg BT 140.66 374.10 Td (Approach when determining whether distributions received from equity method investments should be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 362.10 Td (classified as either operating or investing activities within the Company) Tj ET Q q 0 0 0 rg BT 343.65 362.10 Td (s consolidated statements of cash flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 341.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 171.96 341.10 Td (ASB issued guidance introducing a new lease model which requires lessees to recognize leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (on-balance sheet and disclose key information about leasing arrangements. ) Tj ET Q q 0 0 0 rg BT 355.94 329.10 Td (The new guidance establishes a right-of-use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (model \(ROU\) that requires a lessee to recognize an ROU asset and lease liability on the balance sheet for all leases with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (term longer than 12 months. Leases will be classified as finance or operating, with classification af) Tj ET Q q 0 0 0 rg BT 448.98 305.10 Td (fecting the pattern and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (classification of expense recognition in the income statement. ) Tj ET Q q 0 0 0 rg BT 302.91 293.10 Td (The new guidance also requires disclosures by lessees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (lessors to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (The new guidance is ef) Tj ET Q q 0 0 0 rg BT 146.56 269.10 Td (fective on January 1, 2019, with early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 380.76 269.10 Td (The Company expects to adopt the new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (guidance on its ef) Tj ET Q q 0 0 0 rg BT 124.63 257.10 Td (fective date. ) Tj ET Q q 0 0 0 rg BT 175.44 257.10 Td (A) Tj ET Q q 0 0 0 rg BT 182.11 257.10 Td ( modified retrospective transition approach is required for leases existing at, or entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (after) Tj ET Q q 0 0 0 rg BT 71.92 245.10 Td (, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 94.91 233.10 Td (While the Company is continuing to assess the ef) Tj ET Q q 0 0 0 rg BT 291.92 233.10 Td (fect of adoption, it currently believes the most significant change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td (relates to the recognition of new ROU assets and lease liabilities on its consolidated statements of financial condition for its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.10 Td (of) Tj ET Q q 0 0 0 rg BT 62.15 209.10 Td (fice space and other operating leases. ) Tj ET Q q 0 0 0 rg BT 213.29 209.10 Td (The Company does not expect a significant change in its leasing activity between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (now and adoption. ) Tj ET Q q 0 0 0 rg BT 130.47 197.10 Td (The Company is still assessing which of the available practical expedients it plans to elect upon adoption. ) Tj ET Q 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-16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 677.10 Td (In January 2016, the F) Tj ET Q q 0 0 0 rg BT 166.96 677.10 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 54.00 665.10 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 534.23 665.10 Td (ASB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 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 54.00 641.10 Td (unrealized losses on available-for) Tj ET Q q 0 0 0 rg BT 187.91 641.10 Td (-sale debt securities. Upon adoption of this guidance, changes in the fair value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (Company) Tj ET Q q 0 0 0 rg BT 95.67 629.10 Td (s available-for) Tj ET Q q 0 0 0 rg BT 152.94 629.10 Td (-sale equity investments will be reported through earnings rather than through other comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 88.25 617.10 Td (This new guidance became ef) Tj ET Q q 0 0 0 rg BT 206.91 617.10 Td (fective on January 1, 2018 and required a cumulative-ef) Tj ET Q q 0 0 0 rg BT 430.25 617.10 Td (fect adjustment to beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (retained earnings in the amount of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.66 605.10 Td ($1,323,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.66 605.10 Td (, net of tax. ) Tj ET Q q 0 0 0 rg BT 345.87 605.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 395.77 605.10 Td (, if the Company had applied the new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (guidance for the year ended December 31, 2017, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.40 593.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.90 593.10 Td ( of net unrealized gains recorded in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (comprehensive income would have been recorded in non-operating income \(loss\) in the Company) Tj ET Q q 0 0 0 rg BT 448.88 581.10 Td (s consolidated statement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 548.10 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 152.70 548.10 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 54.00 536.10 Td (accounting for revenue arising from contracts with customers. ) Tj ET Q q 0 0 0 rg BT 304.57 536.10 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 54.00 524.10 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 54.00 512.10 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 521.47 512.10 Td (ASB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 500.10 Td (issued a revision which clarifies \(a\) determination of the appropriate unit of account under the revenue standard) Tj ET Q q 0 0 0 rg BT 503.28 500.10 Td (s principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 488.10 Td (versus agent guidance and \(b\) application of the indicators of whether an entity is a principal or an agent in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.10 Td (the revenue standard) Tj ET Q q 0 0 0 rg BT 139.52 476.10 Td (s control principle. In ) Tj ET Q q 0 0 0 rg BT 227.55 476.10 Td (April 2016, the F) Tj ET Q q 0 0 0 rg BT 295.70 476.10 Td (ASB issued an amendment to provide more detailed guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.10 Td (and examples related to \(a\) identifying performance obligations and \(b\) licenses of intellectual property) Tj ET Q q 0 0 0 rg BT 467.36 464.10 Td (. In May 2016, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 452.10 Td (F) Tj ET Q q 0 0 0 rg BT 58.82 452.10 Td (ASB amended the standard to clarify the guidance on assessing collectibility) Tj ET Q q 0 0 0 rg BT 364.76 452.10 Td (, presenting sales taxes, measuring noncash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 440.10 Td (consideration, and certain transition matters. ) Tj ET Q q 0 0 0 rg BT 234.04 440.10 Td (This new guidance became ef) Tj ET Q q 0 0 0 rg BT 352.69 440.10 Td (fective for the Company) Tj ET Q q 0 0 0 rg BT 452.94 440.10 Td (s first quarter of 2018 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.10 Td (was adopted retrospectively) Tj ET Q q 0 0 0 rg BT 164.98 428.10 Td (.) Tj ET Q q 0 0 0 rg BT 169.80 428.10 Td (The adoption of the new standard did not have a material impact on the timing of recognition for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 416.10 Td (the majority of the Company) Tj ET Q q 0 0 0 rg BT 172.31 416.10 Td (s revenue but will af) Tj ET Q q 0 0 0 rg BT 253.77 416.10 Td (fect the presentation of certain costs on either a gross or net basis.In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 404.10 Td (addition, the adoption of the new standard will require additional disclosures in 2018.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (3. Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 169.87 377.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 360.10 Td (The following table summarizes the changes in the Company) Tj ET Q q 0 0 0 rg BT 325.71 360.10 Td (s goodwill and intangible assets during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 348.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 348.10 Td ( and 2016 \(in thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 319.6 m 372.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 319.6 m 465.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 319.6 m 557.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 319.6 m 372.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 319.6 m 465.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 319.6 m 557.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 277.6 m 372.5 277.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 277.6 m 465.5 277.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 277.6 m 557.5 277.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 235.60000000000002 m 372.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 235.60000000000002 m 465.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 235.60000000000002 m 557.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 235.60000000000002 m 372.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 222.60000000000002 m 372.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 220.60000000000002 m 372.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 235.60000000000002 m 465.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 222.60000000000002 m 465.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 220.60000000000002 m 465.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 235.60000000000002 m 557.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 222.60000000000002 m 557.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 220.60000000000002 m 557.5 220.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 312.40 323.83 Td (Goodwill) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 379.30 329.68 Td (Finite-LivedIntangible) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.30 321.73 Td (Assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 479.20 329.68 Td (Indefinite-Lived) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 477.95 321.73 Td (Intangible) Tj ET Q q 0 0 0 rg BT 514.63 321.73 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 310.17 Td (Balance at January1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 310.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 310.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 310.17 Td (17,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 310.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 310.17 Td (273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 310.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 310.17 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 296.17 Td (Currency revaluation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 296.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.30 296.22 Td (\(291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 296.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 296.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 296.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 282.17 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 282.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.30 282.17 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 282.22 Td (\(89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 282.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 282.17 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 268.17 Td (Balance at December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 268.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 268.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 268.17 Td (17,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 268.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 268.17 Td (184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 268.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 268.17 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 254.17 Td (Currency revaluation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 254.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 254.17 Td (1,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 254.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 254.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 240.17 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 240.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.30 240.17 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 240.22 Td (\(89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 240.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 240.17 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 226.17 Td (Balance at December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 226.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.00 226.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 226.17 Td (19,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 226.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 226.17 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 226.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 226.17 Td (1,250) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 559.00 222.10 Td () 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-17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 677.10 Td (The following table summarizes the Company) Tj ET Q q 0 0 0 rg BT 266.01 677.10 Td (s intangible assets at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.44 677.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.03 677.10 Td ( and 2016 \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 629.6 m 366.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 629.6 m 430.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 629.6 m 494.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 629.6 m 558.5 629.6 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 370.5 464.6 m 430.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 464.6 m 494.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 464.6 m 558.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 450.6 m 430.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 448.6 m 430.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 450.6 m 494.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 448.6 m 494.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 450.6 m 558.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 448.6 m 558.5 448.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 317.30 657.83 Td (Remaining) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 313.10 649.83 Td (Amortization) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 324.65 641.83 Td (Period) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 316.30 633.83 Td (\(in months\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 390.05 649.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 399.68 649.83 Td (oss) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 384.20 641.83 Td (Carrying) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 385.95 633.83 Td (Amount) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.30 641.83 Td (Accumulated) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.10 633.83 Td (Amortization) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 510.40 641.83 Td (Intangible) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 509.30 633.83 Td (Assets,Net) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 619.28 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 604.27 Td (Amortized intangible assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 590.17 Td (Client relationships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 590.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 589.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 589.27 Td (1,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 589.32 Td (\(1,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 589.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 589.27 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 575.17 Td (Non-amortized intangible assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 560.17 Td (Mutual fund management contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.50 560.17 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 559.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 559.27 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 559.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 559.27 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 545.17 Td (T) Tj ET Q q 0 0 0 rg BT 98.76 545.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 545.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 544.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 544.27 Td (2,793) 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 464.80 544.32 Td (\(1,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 544.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 544.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 544.27 Td (1,345) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.00 529.28 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 515.17 Td (Amortized intangible assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 500.17 Td (Client relationships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 500.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 499.27 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 499.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 499.27 Td (1,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 499.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 499.32 Td (\(1,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 499.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 499.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 499.27 Td (184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 485.17 Td (Non-amortized intangible assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 470.17 Td (Mutual fund management contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.50 470.17 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 469.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 469.27 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 469.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 469.27 Td (1,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 455.17 Td (T) Tj ET Q q 0 0 0 rg BT 98.41 455.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 455.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 454.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 454.27 Td (2,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 454.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 454.32 Td (\(1,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 454.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 454.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 454.27 Td (1,434) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 426.10 Td (Amortization expense related to the intangible assets was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.36 426.10 Td ($89,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.86 426.10 Td ( for each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.88 426.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 414.10 Td (December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 414.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 249.68 414.10 Td (. ) Tj ET Q q 0 0 0 rg BT 254.50 414.10 Td (The remaining future amortization expense is summarized in the table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 402.10 Td (below \(in thousands\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 391.30 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 352.8 m 557.5 352.8 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 56 355.780078125 m 154.06640625 355.780078125 l s q 0 0 0 rg BT 56.00 357.03 Td (Period Ending December) Tj ET Q q 0 0 0 rg BT 142.07 357.03 Td (31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 508.30 372.88 Td (Remaining) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 504.10 364.88 Td (Amortization) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 512.75 356.88 Td (Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 343.37 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 343.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 343.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 343.37 Td (95) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 312.30 Td (4. Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 295.30 Td (The following table summarizes the Company) Tj ET Q q 0 0 0 rg BT 266.01 295.30 Td (s investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.34 295.30 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.92 295.30 Td ( and 2016 \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 266.79999999999995 m 493.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 266.79999999999995 m 497.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 266.79999999999995 m 557.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 253.79999999999995 m 493.5 253.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 266.79999999999995 m 557.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 253.79999999999995 m 557.5 253.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 253.79999999999995 m 493.5 253.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 253.79999999999995 m 557.5 253.79999999999995 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.75 271.03 Td (December) Tj ET Q q 0 0 0 rg BT 506.32 271.03 Td ( 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 257.37 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 258.03 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 258.03 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 243.47 Td (T) Tj ET Q q 0 0 0 rg BT 61.93 243.47 Td (rading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.50 243.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 243.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 243.47 Td (74,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 243.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 243.47 Td (12,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 228.47 Td (Equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 228.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 228.47 Td (6,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 228.47 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 213.47 Td (A) Tj ET Q q 0 0 0 rg BT 62.48 213.47 Td (vailable-for) Tj ET Q q 0 0 0 rg BT 108.92 213.47 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 213.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 213.47 Td (27,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 213.47 Td (35,396) Tj ET Q BT /F1 10.00 Tf ET 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-18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td (Gain \(loss\) from seed investments for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.52 677.10 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.52 677.10 Td ( is summarized in the table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (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 369.5 638.6 m 429.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 638.6 m 433.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 638.6 m 493.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 638.6 m 497.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 638.6 m 557.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 638.6 m 429.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 625.6 m 429.5 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 638.6 m 493.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 625.6 m 493.5 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 638.6 m 497.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 638.6 m 557.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 625.6 m 557.5 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 625.6 m 429.5 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 625.6 m 493.5 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 625.6 m 557.5 625.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 211.00 642.83 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.70 642.83 Td (Y) Tj ET Q q 0 0 0 rg BT 424.03 642.83 Td (ear) Tj ET Q q 0 0 0 rg BT 434.62 642.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.35 642.83 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 211.00 629.83 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 629.83 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 629.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 629.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 615.27 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 227.91 619.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.50 615.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 615.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 615.27 Td (1,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 615.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 615.27 Td (218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 615.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 615.32 Td (\(2,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 615.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 600.27 Td (Equity in earnings \(losses\) of af) Tj ET Q q 0 0 0 rg BT 183.38 600.27 Td (filiatesnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 600.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 600.32 Td (\(242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 600.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 600.27 Td (3,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 600.32 Td (\(10,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 600.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 585.27 Td (Gain \(loss\) from available-for) Tj ET Q q 0 0 0 rg BT 175.48 585.27 Td (-sale investmentsnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.50 585.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 585.27 Td (347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 585.27 Td (1,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 585.32 Td (\(2,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 585.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 562.27 Td (Number of new funds seeded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 562.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 562.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 562.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 562.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 546.10 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 535.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 535.30 Td (Includes net income \(loss\) attributable to redeemable noncontrolling interest for the periods presented.) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 512.9669921875 m 145.2841796875 512.9669921875 l s q 0 0 0 rg BT 54.00 514.30 Td (V) Tj ET Q q 0 0 0 rg BT 59.00 514.30 Td (oting Inter) Tj ET Q q 0 0 0 rg BT 101.12 514.30 Td (est Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.28 514.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 493.30 Td (The Cohen & Steers Funds ICA) Tj ET Q q 0 0 0 rg BT 203.26 493.30 Td (V) Tj ET Q q 0 0 0 rg BT 210.30 493.30 Td ( \(ICA) Tj ET Q q 0 0 0 rg BT 232.06 493.30 Td (V\), an Irish alternative investment fund \(AIF\), and the Cohen & Steers ) Tj ET Q q 0 0 0 rg BT 516.99 493.30 Td (Active ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 481.30 Td (Commodities Fund \(Commodities Sub-Fund\), a sub-fund within the ICA) Tj ET Q q 0 0 0 rg BT 344.65 481.30 Td (V) Tj ET Q q 0 0 0 rg BT 350.59 481.30 Td (, were launched by the Company in January 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 469.30 Td (and meet the definition of an investment company) Tj ET Q q 0 0 0 rg BT 254.13 469.30 Td (. ) Tj ET Q q 0 0 0 rg BT 261.45 469.30 Td (The Company is the investment adviser of the Commodities Sub-Fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 457.30 Td (for which it receives a management fee. ) Tj ET Q q 0 0 0 rg BT 215.96 457.30 Td (The ICA) Tj ET Q q 0 0 0 rg BT 249.94 457.30 Td (V) Tj ET Q q 0 0 0 rg BT 256.98 457.30 Td ( and the Commodities Sub-Fund are each a ) Tj ET Q q 0 0 0 rg BT 431.76 457.30 Td (VOE and the Company) Tj ET Q q 0 0 0 rg BT 528.14 457.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 445.30 Td (ownership interest in the ICA) Tj ET Q q 0 0 0 rg BT 171.02 445.30 Td (V) Tj ET Q q 0 0 0 rg BT 178.06 445.30 Td ( is less than 20%; therefore, the Company classifies its investment in the Commodities Sub-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 433.30 Td (Fund as an available-for) Tj ET Q q 0 0 0 rg BT 150.71 433.30 Td (-sale investment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 412.30 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 54.00 400.30 Td (2015, is an open-end fund for which the Company is the investment adviser) Tj ET Q q 0 0 0 rg BT 356.44 400.30 Td (. LPX is a ) Tj ET Q q 0 0 0 rg BT 398.76 400.30 Td (VOE and the Company owned the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 388.30 Td (majority of the outstanding voting interests through February 29, 2016. ) Tj ET Q q 0 0 0 rg BT 340.63 388.30 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 389.97 388.30 Td (, the underlying assets and liabilities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 376.30 Td (results of operations of LPX had been included in the Company) Tj ET Q q 0 0 0 rg BT 311.72 376.30 Td (s consolidated financial statements with the third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 364.30 Td (interests classified as redeemable noncontrolling interest. ) Tj ET Q q 0 0 0 rg BT 284.76 364.30 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 54.00 352.30 Td (ef) Tj ET Q q 0 0 0 rg BT 61.59 352.30 Td (fective March 1, 2016, the Company no longer owned the majority of the outstanding voting interest in LPX; however) Tj ET Q q 0 0 0 rg BT 534.98 352.30 Td (, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 340.30 Td (was determined that the Company had significant influence over the financial decisions of LPX and therefore classified its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 328.30 Td (investment in LPX using the equity method of accounting. Ef) Tj ET Q q 0 0 0 rg BT 299.89 328.30 Td (fective October 1, 2016, the Company) Tj ET Q q 0 0 0 rg BT 455.68 328.30 Td (s ownership interest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 316.30 Td (LPX fell below 20% and the Company no longer had significant influence over LPX. ) Tj ET Q q 0 0 0 rg BT 397.54 316.30 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 446.87 316.30 Td (, the Company began ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 304.30 Td (classifying its investment in LPX as an available-for) Tj ET Q q 0 0 0 rg BT 263.47 304.30 Td (-sale investment until the second quarter of 2017, when the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 292.30 Td (sold its remaining interest in LPX.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 271.30 Td (The Cohen & Steers ) Tj ET Q q 0 0 0 rg BT 159.82 271.30 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 54.00 259.30 Td (open-end fund for which the Company is the investment adviser) Tj ET Q q 0 0 0 rg BT 310.33 259.30 Td (. CDF is a ) Tj ET Q q 0 0 0 rg BT 353.21 259.30 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 54.00 247.30 Td (outstanding voting interests in the fund as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.53 247.30 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.12 247.30 Td (. ) Tj ET Q q 0 0 0 rg BT 317.56 247.30 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 366.90 247.30 Td (, the underlying assets and liabilities and results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 235.30 Td (of operations of CDF have been included in the Company) Tj ET Q q 0 0 0 rg BT 288.12 235.30 Td (s consolidated financial statements with the third-party interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 223.30 Td (classified as redeemable noncontrolling interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 202.30 Td (The Cohen & Steers ) Tj ET Q q 0 0 0 rg BT 159.82 202.30 Td (Active Commodities Fund, LP) Tj ET Q q 0 0 0 rg BT 282.23 202.30 Td ( \(ACOM\), launched by the Company in ) Tj ET Q q 0 0 0 rg BT 443.32 202.30 Td (April 2013, is structured as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 190.30 Td (a partnership. ) Tj ET Q q 0 0 0 rg BT 110.74 190.30 Td (The Company is the investment adviser of ) Tj ET Q q 0 0 0 rg BT 282.10 190.30 Td (ACOM for which it is entitled to receive a management fee. ) Tj ET Q q 0 0 0 rg BT 524.62 190.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 178.30 Td (limited partners of ) Tj ET Q q 0 0 0 rg BT 129.82 178.30 Td (ACOM, unaf) Tj ET Q q 0 0 0 rg BT 182.41 178.30 Td (filiated with the Company) Tj ET Q q 0 0 0 rg BT 286.46 178.30 Td (, have the ability to liquidate the fund with a majority vote. ) Tj ET Q q 0 0 0 rg BT 524.19 178.30 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 166.30 Td (result, the Company does not have financial control and ) Tj ET Q q 0 0 0 rg BT 279.50 166.30 Td (ACOM is a ) Tj ET Q q 0 0 0 rg BT 327.93 166.30 Td (VOE. ) Tj ET Q q 0 0 0 rg BT 353.30 166.30 Td (The Company) Tj ET Q q 0 0 0 rg BT 413.01 166.30 Td (s equity interest in ) Tj ET Q q 0 0 0 rg BT 488.56 166.30 Td (ACOM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.30 Td (represents a seed investment to launch the fund, adjusted for the Company) Tj ET Q q 0 0 0 rg BT 354.47 154.30 Td (s proportionate share of the fund) Tj ET Q q 0 0 0 rg BT 487.49 154.30 Td (s earnings. ) Tj ET Q q 0 0 0 rg BT 532.21 154.30 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 142.30 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 142.30 Td (, the Company) Tj ET Q q 0 0 0 rg BT 193.97 142.30 Td (s ownership in ) Tj ET Q q 0 0 0 rg BT 254.24 142.30 Td (ACOM was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.06 142.30 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.39 142.30 Td (; however) Tj ET Q q 0 0 0 rg BT 422.70 142.30 Td (, as the general partner) Tj ET Q q 0 0 0 rg BT 513.08 142.30 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 130.30 Td (Company has significant influence over the financial decisions of ) Tj ET Q q 0 0 0 rg BT 318.09 130.30 Td (ACOM and therefore classifies its investment in ) Tj ET Q q 0 0 0 rg BT 513.33 130.30 Td (ACOM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 118.30 Td (using the equity method of accounting.) 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-19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td (The Cohen & Steers MLP) Tj ET Q q 0 0 0 rg BT 180.56 677.10 Td ( & Ener) Tj ET Q q 0 0 0 rg BT 212.04 677.10 Td (gy Opportunity Fund, Inc. \(MLO\), launched by the Company in December 2013, is an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (open-end fund for which the Company is the investment adviser) Tj ET Q q 0 0 0 rg BT 310.33 665.10 Td (. MLO is a ) Tj ET Q q 0 0 0 rg BT 355.98 665.10 Td (VOE. Ef) Tj ET Q q 0 0 0 rg BT 390.79 665.10 Td (fective November 1, 2014, as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (its ownership interest, it was determined that the Company had significant influence over the financial decisions of MLO and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (therefore classified its investment in MLO using the equity method of accounting. Ef) Tj ET Q q 0 0 0 rg BT 394.01 641.10 Td (fective June 1, 2016, the Company) Tj ET Q q 0 0 0 rg BT 535.93 641.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (ownership interest in MLO fell below 20% and the Company no longer had significant influence over MLO. ) Tj ET Q q 0 0 0 rg BT 490.57 629.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 539.90 629.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (Company began classifying its investment in MLO as an available-for) Tj ET Q q 0 0 0 rg BT 334.57 617.10 Td (-sale investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 596.10 Td (Cohen & Steers Real ) Tj ET Q q 0 0 0 rg BT 162.60 596.10 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 54.00 584.10 Td (which the Company is the investment adviser) Tj ET Q q 0 0 0 rg BT 235.64 584.10 Td (. RAP) Tj ET Q q 0 0 0 rg BT 259.72 584.10 Td ( is a ) Tj ET Q q 0 0 0 rg BT 278.15 584.10 Td (VOE. ) Tj ET Q q 0 0 0 rg BT 303.52 584.10 Td (The Company classified its investment in RAP) Tj ET Q q 0 0 0 rg BT 490.90 584.10 Td ( as an available-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 572.10 Td (for) Tj ET Q q 0 0 0 rg BT 65.46 572.10 Td (-sale investment until the fourth quarter of 2016 when the Company sold its remaining interest in RAP) Tj ET Q q 0 0 0 rg BT 474.83 572.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 54 549.7669921875 m 153.6142578125 549.7669921875 l s q 0 0 0 rg BT 54.00 551.10 Td (V) Tj ET Q q 0 0 0 rg BT 59.00 551.10 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 109.45 551.10 Td (est Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.61 551.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 530.10 Td (The Cohen & Steers SICA) Tj ET Q q 0 0 0 rg BT 181.87 530.10 Td (V) Tj ET Q q 0 0 0 rg BT 188.91 530.10 Td ( Global Preferred Securities Fund \(SICA) Tj ET Q q 0 0 0 rg BT 350.64 530.10 Td (V) Tj ET Q q 0 0 0 rg BT 357.68 530.10 Td ( Preferred\), a Luxembour) Tj ET Q q 0 0 0 rg BT 459.12 530.10 Td (g-domiciled undertaking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 518.10 Td (for collective investments in transferable securities \(UCITS\), was launched by the Company in May 2017 and meets the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 506.10 Td (definition of an investment company) Tj ET Q q 0 0 0 rg BT 200.54 506.10 Td (. ) Tj ET Q q 0 0 0 rg BT 205.36 506.10 Td (The Company is the investment adviser of SICA) Tj ET Q q 0 0 0 rg BT 398.76 506.10 Td (V) Tj ET Q q 0 0 0 rg BT 405.80 506.10 Td ( Preferred for which it receives a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.10 Td (management fee. SICA) Tj ET Q q 0 0 0 rg BT 146.29 494.10 Td (V) Tj ET Q q 0 0 0 rg BT 153.33 494.10 Td ( Preferred is a ) Tj ET Q q 0 0 0 rg BT 211.46 494.10 Td (VIE and the Company is the primary beneficiary) Tj ET Q q 0 0 0 rg BT 406.02 494.10 Td (. ) Tj ET Q q 0 0 0 rg BT 410.47 494.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.91 494.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 494.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.10 Td (Company) Tj ET Q q 0 0 0 rg BT 95.67 482.10 Td (s ownership interest in SICA) Tj ET Q q 0 0 0 rg BT 209.92 482.10 Td (V) Tj ET Q q 0 0 0 rg BT 216.96 482.10 Td ( Preferred was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.47 482.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.80 482.10 Td (. ) Tj ET Q q 0 0 0 rg BT 360.25 482.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 409.59 482.10 Td (, the underlying assets and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 470.10 Td (and results of operations of SICA) Tj ET Q q 0 0 0 rg BT 186.86 470.10 Td (V) Tj ET Q q 0 0 0 rg BT 193.90 470.10 Td ( Preferred have been included in the Company) Tj ET Q q 0 0 0 rg BT 382.44 470.10 Td (s consolidated financial statements with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 458.10 Td (third-party interests classified as redeemable noncontrolling interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 437.10 Td (The Cohen & Steers SICA) Tj ET Q q 0 0 0 rg BT 181.87 437.10 Td (V) Tj ET Q q 0 0 0 rg BT 188.91 437.10 Td ( Global Listed Infrastructure Fund \(GLI SICA) Tj ET Q q 0 0 0 rg BT 372.58 437.10 Td (V\), a Luxembour) Tj ET Q q 0 0 0 rg BT 441.54 437.10 Td (g-domiciled UCITS, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (launched by the Company in September 2015 and meets the definition of an investment company) Tj ET Q q 0 0 0 rg BT 443.26 425.10 Td (. ) Tj ET Q q 0 0 0 rg BT 448.08 425.10 Td (The Company is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (investment adviser of GLI SICA) Tj ET Q q 0 0 0 rg BT 183.24 413.10 Td (V) Tj ET Q q 0 0 0 rg BT 190.28 413.10 Td ( for which it receives a management fee. GLI SICA) Tj ET Q q 0 0 0 rg BT 395.58 413.10 Td (V) Tj ET Q q 0 0 0 rg BT 402.62 413.10 Td ( is a ) Tj ET Q q 0 0 0 rg BT 421.05 413.10 Td (VIE and the Company is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (primary beneficiary) Tj ET Q q 0 0 0 rg BT 132.48 401.10 Td (. ) Tj ET Q q 0 0 0 rg BT 136.92 401.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.37 401.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.95 401.10 Td (, the Company was the only investor in the fund and therefore, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (would absorb all of the expected losses and residual returns of GLI SICA) Tj ET Q q 0 0 0 rg BT 345.97 389.10 Td (V) Tj ET Q q 0 0 0 rg BT 351.91 389.10 Td (. ) Tj ET Q q 0 0 0 rg BT 356.35 389.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 405.69 389.10 Td (, the underlying assets and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (and results of operations of GLI SICA) Tj ET Q q 0 0 0 rg BT 206.02 377.10 Td (V) Tj ET Q q 0 0 0 rg BT 213.06 377.10 Td ( have been included in the Company) Tj ET Q q 0 0 0 rg BT 361.91 377.10 Td (s consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 356.10 Td (Cohen & Steers Global Realty Partners III-TE, L.P) Tj ET Q q 0 0 0 rg BT 279.51 356.10 Td (. \(GRP-TE\), which had its closing in October 201) Tj ET Q q 0 0 0 rg BT 478.00 356.10 Td (1, is structured as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 344.10 Td (partnership. ) Tj ET Q q 0 0 0 rg BT 103.80 344.10 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 54.00 332.10 Td (and is entitled to receive an incentive distribution, if earned. GRP-TE is a ) Tj ET Q q 0 0 0 rg BT 350.12 332.10 Td (VIE and the Company is not the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 320.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 98.32 320.10 Td (. ) Tj ET Q q 0 0 0 rg BT 103.14 320.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 162.85 320.10 Td (s equity interest in GRP-TE represents a seed investment to launch the fund, adjusted for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 308.10 Td (Company) Tj ET Q q 0 0 0 rg BT 95.67 308.10 Td (s proportionate share of the fund) Tj ET Q q 0 0 0 rg BT 228.68 308.10 Td (s earnings. ) Tj ET Q q 0 0 0 rg BT 273.40 308.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.84 308.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.43 308.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 437.81 308.10 Td (s ownership in GRP-TE was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 296.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.26 296.10 Td (0.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.09 296.10 Td (; however) Tj ET Q q 0 0 0 rg BT 174.40 296.10 Td (, as the general partner) Tj ET Q q 0 0 0 rg BT 264.78 296.10 Td (, the Company has significant influence over the financial decisions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 284.10 Td (GRP-TE and therefore classifies its investment using the equity method of accounting. ) Tj ET Q q 0 0 0 rg BT 402.91 284.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 462.62 284.10 Td (s risk with respect to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 272.10 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 76.50 251.10 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 546.43 251.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 239.10 Td (\(GRP-CIP\), which is used by the Company to fulfill its contractual commitment to co-invest with GRP-TE. See Note 1) Tj ET Q q 0 0 0 rg BT 530.23 239.10 Td (1 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.10 Td (further discussion regarding the Company) Tj ET Q q 0 0 0 rg BT 225.07 227.10 Td (s co-investment commitment. GRP-CIP) Tj ET Q q 0 0 0 rg BT 384.14 227.10 Td ( is a ) Tj ET Q q 0 0 0 rg BT 402.56 227.10 Td (VIE and the Company is the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 215.10 Td (beneficiary as it owns all of the voting interest in GRP-CIP) Tj ET Q q 0 0 0 rg BT 289.52 215.10 Td (. ) Tj ET Q q 0 0 0 rg BT 293.97 215.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 343.30 215.10 Td (, the underlying assets and liabilities and results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 203.10 Td (operations of GRP-CIP) Tj ET Q q 0 0 0 rg BT 146.96 203.10 Td ( have been included in the Company) Tj ET Q q 0 0 0 rg BT 295.81 203.10 Td (s consolidated financial statements.) 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-20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td (The following table 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 54.00 665.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 106.86 665.10 Td (VIEs as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.57 665.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.16 665.10 Td ( and 2016. ) Tj ET Q q 0 0 0 rg BT 274.42 665.10 Td (The assets may only be used to settle obligations of each ) Tj ET Q q 0 0 0 rg BT 503.35 665.10 Td (VIE and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (liabilities are the sole obligation of each ) Tj ET Q q 0 0 0 rg BT 216.27 653.10 Td (VIE, for which creditors do not have recourse to the general credit of the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 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 197.5 614.6 m 245.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 614.6 m 249.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 614.6 m 297.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 614.6 m 301.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 614.6 m 349.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 614.6 m 353.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 614.6 m 401.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 614.6 m 453.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 614.6 m 457.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 614.6 m 505.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 614.6 m 509.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 614.6 m 557.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 593.6 m 245.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 593.6 m 297.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 593.6 m 349.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 593.6 m 401.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 614.6 m 453.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 593.6 m 453.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 614.6 m 457.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 614.6 m 505.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 593.6 m 505.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 614.6 m 509.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 614.6 m 557.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 593.6 m 557.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 593.6 m 245.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 593.6 m 297.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 593.6 m 349.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 593.6 m 401.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 593.6 m 453.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 593.6 m 557.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 541.6 m 245.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 541.6 m 297.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 541.6 m 349.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 541.6 m 453.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 541.6 m 505.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 541.6 m 245.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 529.6 m 245.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 527.6 m 245.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 541.6 m 297.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 529.6 m 297.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 527.6 m 297.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 541.6 m 349.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 529.6 m 349.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 527.6 m 349.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 541.6 m 401.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 529.6 m 401.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 527.6 m 401.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 541.6 m 453.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 529.6 m 453.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 527.6 m 453.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 541.6 m 505.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 529.6 m 505.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 527.6 m 505.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 541.6 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 509.5 529.6 m 557.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 527.6 m 557.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 527.6 m 245.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 529.6 m 245.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 527.6 m 297.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 529.6 m 297.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 527.6 m 349.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 529.6 m 349.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 527.6 m 401.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 529.6 m 401.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 527.6 m 453.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 529.6 m 453.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 462.6 m 245.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 462.6 m 297.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 462.6 m 349.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 462.6 m 453.5 462.6 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 505.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 462.6 m 245.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 448.6 m 245.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 446.6 m 245.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 462.6 m 297.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 448.6 m 297.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 446.6 m 297.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 462.6 m 349.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 448.6 m 349.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 446.6 m 349.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 462.6 m 401.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 448.6 m 401.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 446.6 m 401.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 462.6 m 453.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 448.6 m 453.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 446.6 m 453.5 446.6 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 505.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 448.6 m 505.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 446.6 m 505.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 462.6 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 509.5 448.6 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 509.5 446.6 m 557.5 446.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 266.75 618.83 Td (December) Tj ET Q q 0 0 0 rg BT 301.32 618.83 Td ( 31, 2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 448.75 618.83 Td (December) Tj ET Q q 0 0 0 rg BT 483.32 618.83 Td ( 31, 2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 200.80 597.83 Td (GLI SICA) Tj ET Q q 0 0 0 rg BT 236.07 597.83 Td (V) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 256.55 597.83 Td (GRP-CIP) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 313.10 605.83 Td (SICA) Tj ET Q q 0 0 0 rg BT 331.70 605.83 Td (V) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 308.45 597.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 316.82 597.83 Td (eferr) Tj ET Q q 0 0 0 rg BT 333.54 597.83 Td (ed) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 368.25 597.83 Td (T) Tj ET Q q 0 0 0 rg BT 373.22 597.83 Td (otal) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.80 597.83 Td (GLI SICA) Tj ET Q q 0 0 0 rg BT 444.07 597.83 Td (V) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.55 597.83 Td (GRP-CIP) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 524.25 597.83 Td (T) Tj ET Q q 0 0 0 rg BT 528.85 597.83 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 584.17 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 571.17 Td (T) Tj ET Q q 0 0 0 rg BT 61.93 571.17 Td (rading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 571.17 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.00 571.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.15 571.17 Td (5,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 571.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 571.17 Td (1,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.00 571.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.10 571.17 Td (60,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 571.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.10 571.17 Td (68,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 571.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 571.17 Td (5,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 571.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 571.17 Td (1,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 571.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 571.17 Td (6,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 558.17 Td (Due from broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 558.17 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.65 558.17 Td (285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 558.17 Td (202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 558.17 Td (4,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 558.17 Td (5,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 558.17 Td (181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 558.17 Td (294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 558.17 Td (475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 545.17 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.50 545.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 545.17 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 545.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 545.17 Td (899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 545.17 Td (931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 545.17 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 545.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 545.17 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 532.17 Td (T) Tj ET Q q 0 0 0 rg BT 61.76 532.17 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.50 532.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.00 532.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.15 532.17 Td (6,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 532.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 532.17 Td (1,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.00 532.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.10 532.17 Td (66,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 532.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.10 532.17 Td (74,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 532.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 532.17 Td (5,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 532.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 532.17 Td (2,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 532.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 532.17 Td (7,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 506.17 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 492.27 Td (Due to broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 492.17 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.00 492.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 492.27 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 492.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 492.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.00 492.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 492.27 Td (3,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 492.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 492.27 Td (3,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 492.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 492.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 492.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 492.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 492.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 492.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 477.27 Td (Other liabilities and accrued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 467.27 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 467.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 467.27 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 467.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 467.27 Td (199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 467.27 Td (291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 467.27 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 467.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 467.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 452.27 Td (T) Tj ET Q q 0 0 0 rg BT 61.41 452.27 Td (otal liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 452.17 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.00 452.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.65 452.27 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 452.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 452.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.00 452.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 452.27 Td (3,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 452.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 452.27 Td (3,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 452.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 452.27 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 452.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 452.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 452.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 452.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 427.10 Td (The following table summarizes 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 54.00 415.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 415.10 Td ( and 2016 \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 388.6 m 365.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 388.6 m 369.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 388.6 m 429.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 388.6 m 493.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 388.6 m 497.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 388.6 m 557.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 366.6 m 365.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 366.6 m 429.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 366.6 m 493.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 366.6 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 305.5 366.6 m 365.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 366.6 m 429.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 366.6 m 493.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 366.6 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 305.5 242.60000000000002 m 365.5 242.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 242.60000000000002 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 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 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 305.5 228.60000000000002 m 365.5 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 226.60000000000002 m 365.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 228.60000000000002 m 429.5 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 226.60000000000002 m 429.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 228.60000000000002 m 493.5 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 226.60000000000002 m 493.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 228.60000000000002 m 557.5 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 226.60000000000002 m 557.5 226.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 334.75 392.83 Td (December) Tj ET Q q 0 0 0 rg BT 369.32 392.83 Td ( 31, 2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.75 392.83 Td (December) Tj ET Q q 0 0 0 rg BT 497.32 392.83 Td ( 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 370.85 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 321.25 378.83 Td (T) Tj ET Q q 0 0 0 rg BT 326.29 378.83 Td (rading) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 314.30 370.83 Td (Investments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 373.10 378.83 Td (Equity Method) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 378.30 370.83 Td (Investments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.25 378.83 Td (T) Tj ET Q q 0 0 0 rg BT 454.29 378.83 Td (rading) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 442.30 370.83 Td (Investments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 501.10 378.83 Td (Equity Method) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.30 370.83 Td (Investments) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 56 354.9736328125 m 147.2841796875 354.9736328125 l s q 0 0 0 rg BT 56.00 356.31 Td (V) Tj ET Q q 0 0 0 rg BT 61.55 356.31 Td (oting Inter) Tj ET Q q 0 0 0 rg BT 103.31 356.31 Td (est Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 341.27 Td (ACOM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.50 341.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 341.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 341.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 341.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 341.27 Td (6,1) Tj ET Q q 0 0 0 rg BT 415.65 341.27 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 341.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 341.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 341.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 341.27 Td (6,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 326.27 Td (CDF) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 326.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 326.27 Td (6,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 326.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 326.27 Td (5,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 326.27 Td () Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 56 305.9736328125 m 155.6142578125 305.9736328125 l s q 0 0 0 rg BT 56.00 307.31 Td (V) Tj ET Q q 0 0 0 rg BT 61.00 307.31 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 111.45 307.31 Td (est Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 292.27 Td (GLI SICA) Tj ET Q q 0 0 0 rg BT 97.30 292.27 Td (V) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.50 292.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 292.27 Td (5,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 292.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 292.27 Td (5,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 292.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 277.27 Td (GRP-CIP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 277.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 277.27 Td (1,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 277.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 277.27 Td (1,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 277.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 262.27 Td (GRP-TE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 262.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 262.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 262.27 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 262.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 262.27 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 247.27 Td (SICA) Tj ET Q q 0 0 0 rg BT 78.14 247.27 Td (V) Tj ET Q q 0 0 0 rg BT 84.63 247.27 Td ( Preferred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 247.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 247.27 Td (60,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 247.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 247.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 247.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 232.27 Td (T) Tj ET Q q 0 0 0 rg BT 61.41 232.27 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 232.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 232.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 232.27 Td (74,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 232.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 232.27 Td (6,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 232.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 232.27 Td (12,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 232.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 232.27 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET 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-21) 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, 2017, 2016 and 2015) 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 in the table below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 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 369.5 626.6 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 369.5 504.6 m 429.5 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 490.6 m 429.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 488.6 m 429.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 504.6 m 493.5 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 490.6 m 493.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 488.6 m 493.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 504.6 m 557.5 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 490.6 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 497.5 488.6 m 557.5 488.6 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 418.70 630.83 Td (Y) Tj ET Q q 0 0 0 rg BT 423.59 630.83 Td (ear) Tj ET Q q 0 0 0 rg BT 434.55 630.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.28 630.83 Td ( 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 (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 617.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 617.83 Td (2015) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 56 601.9736328125 m 147.2841796875 601.9736328125 l s q 0 0 0 rg BT 56.00 603.31 Td (V) Tj ET Q q 0 0 0 rg BT 61.55 603.31 Td (oting Inter) Tj ET Q q 0 0 0 rg BT 103.31 603.31 Td (est Entities) 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 372.00 588.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 588.32 Td (\(417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 588.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 588.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 588.27 Td (839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 588.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 588.32 Td (\(2,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 588.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 573.27 Td (LPX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 573.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 573.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 573.32 Td (\(769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 573.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 573.27 Td (6) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 56 552.9736328125 m 155.6142578125 552.9736328125 l s q 0 0 0 rg BT 56.00 554.31 Td (V) Tj ET Q q 0 0 0 rg BT 61.00 554.31 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 111.45 554.31 Td (est Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 539.27 Td (GLI SICA) Tj ET Q q 0 0 0 rg BT 97.30 539.27 Td (V) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 539.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 539.27 Td (904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 539.27 Td (297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 539.32 Td (\(135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 524.27 Td (GRP-CIP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 524.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 524.27 Td (309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 524.32 Td (\(149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 524.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 524.32 Td (\(80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 524.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 509.27 Td (SICA) Tj ET Q q 0 0 0 rg BT 78.14 509.27 Td (V) Tj ET Q q 0 0 0 rg BT 84.63 509.27 Td ( Preferred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 509.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 509.27 Td (1,1) Tj ET Q q 0 0 0 rg BT 415.65 509.27 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 509.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 509.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 494.27 Td (Gain \(loss\) from trading investmentsnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 494.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 494.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 494.27 Td (1,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 494.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 494.27 Td (218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 494.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 494.32 Td (\(2,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 494.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 469.10 Td (Equity in earnings \(losses\) of af) Tj ET Q q 0 0 0 rg BT 203.79 469.10 Td (filiatesnet for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.60 469.10 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.59 469.10 Td ( are summarized in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 457.10 Td (the table 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 369.5 430.6 m 429.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 430.6 m 433.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 430.6 m 493.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 430.6 m 497.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 430.6 m 557.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 430.6 m 429.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 417.6 m 429.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 430.6 m 493.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 417.6 m 493.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 430.6 m 557.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 417.6 m 557.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 323.6 m 429.5 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 323.6 m 493.5 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 323.6 m 557.5 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 309.6 m 429.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 307.6 m 429.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 309.6 m 493.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 307.6 m 493.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 309.6 m 557.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 307.6 m 557.5 307.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 434.17 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.70 434.83 Td (Y) Tj ET Q q 0 0 0 rg BT 423.59 434.83 Td (ear) Tj ET Q q 0 0 0 rg BT 434.55 434.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.28 434.83 Td ( 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 421.17 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 421.83 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 421.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 421.83 Td (2015) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 56 405.9736328125 m 147.2841796875 405.9736328125 l s q 0 0 0 rg BT 56.00 407.31 Td (V) Tj ET Q q 0 0 0 rg BT 61.55 407.31 Td (oting Inter) Tj ET Q q 0 0 0 rg BT 103.31 407.31 Td (est Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 392.27 Td (ACOM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 392.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 392.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 392.32 Td (\(256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 392.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 392.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 392.27 Td (748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 392.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 392.32 Td (\(1,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 392.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 377.27 Td (LPX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 377.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 377.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 377.27 Td (852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 377.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 362.27 Td (MLO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 362.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 362.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 362.27 Td (1,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 362.32 Td (\(8,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 362.27 Td (\)) Tj ET Q BT /F5 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 56 341.9736328125 m 155.6142578125 341.9736328125 l s q 0 0 0 rg BT 56.00 343.31 Td (V) Tj ET Q q 0 0 0 rg BT 61.00 343.31 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 111.45 343.31 Td (est Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 328.27 Td (GRP-TE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 328.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 328.27 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 328.32 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 328.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 328.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 313.27 Td (Equity in earnings \(losses\) of af) Tj ET Q q 0 0 0 rg BT 183.29 313.27 Td (filiatesnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.50 313.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 313.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 313.32 Td (\(242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 313.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 313.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 313.27 Td (3,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 313.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 313.32 Td (\(10,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 313.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 288.10 Td (The following tables summarize the cost, gross unrealized gains, gross unrealized losses and fair value of available-for) Tj ET Q q 0 0 0 rg BT 551.14 288.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 276.10 Td (sale investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.98 276.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.56 276.10 Td ( and 2016 \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 252.60000000000002 m 366.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 252.60000000000002 m 370.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 252.60000000000002 m 430.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 252.60000000000002 m 434.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 252.60000000000002 m 494.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 252.60000000000002 m 498.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 252.60000000000002 m 558.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 223.60000000000002 m 366.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 223.60000000000002 m 430.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 252.60000000000002 m 494.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 223.60000000000002 m 494.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 223.60000000000002 m 558.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 148.60000000000002 m 366.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 148.60000000000002 m 430.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 148.60000000000002 m 434.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 148.60000000000002 m 494.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 148.60000000000002 m 558.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 134.60000000000002 m 366.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 132.60000000000002 m 366.5 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 148.60000000000002 m 430.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 134.60000000000002 m 430.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 132.60000000000002 m 430.5 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 148.60000000000002 m 494.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 134.60000000000002 m 494.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 132.60000000000002 m 494.5 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 148.60000000000002 m 558.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 134.60000000000002 m 558.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 132.60000000000002 m 558.5 132.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 256.85 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.75 256.83 Td (December) Tj ET Q q 0 0 0 rg BT 434.32 256.83 Td ( 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 227.85 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 328.20 227.83 Td (Cost) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 390.05 243.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 399.68 243.83 Td (oss) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.40 235.83 Td (Unr) Tj ET Q q 0 0 0 rg BT 395.03 235.83 Td (ealized) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.95 227.83 Td (Gains) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.05 243.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 463.68 243.83 Td (oss) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 445.40 235.83 Td (Unr) Tj ET Q q 0 0 0 rg BT 459.03 235.83 Td (ealized) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 448.85 227.83 Td (Losses ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 473.08 231.46 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 520.70 235.83 Td (Fair) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 518.35 227.83 Td (V) Tj ET Q q 0 0 0 rg BT 523.39 227.83 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 214.17 Td (Common stocks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 214.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 213.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 213.27 Td (6,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 213.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 213.27 Td (639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 213.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 213.32 Td (\(183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 213.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 213.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 213.27 Td (7,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 199.17 Td (Company-sponsored funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 199.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 198.27 Td (13,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 198.27 Td (1,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 198.32 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 198.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 198.27 Td (14,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 184.17 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 184.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 183.27 Td (3,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 183.27 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 183.32 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 183.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 183.27 Td (3,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 169.17 Td (Preferred securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 169.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 168.27 Td (1,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 168.27 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.30 168.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 168.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 168.27 Td (1,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 154.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.50 154.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 153.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 153.27 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 153.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 153.27 Td (1) Tj ET Q q 0 0 0 rg BT 544.65 153.27 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 139.17 Td (T) Tj ET Q q 0 0 0 rg BT 62.41 139.17 Td (otal available-for) Tj ET Q q 0 0 0 rg BT 130.78 139.17 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 139.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 138.27 Td (25,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 138.27 Td (1,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 138.32 Td (\(221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 138.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 138.27 Td (27,074) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 123.30 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 112.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 112.50 Td (At ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 83.25 112.50 Td (December31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 153.98 112.50 Td (, there were no securities with material unrealized losses continuously for a period of more than 12 months.) Tj ET Q 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-22) 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 306.5 599.5 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 370.5 599.5 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 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 434.5 599.5 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 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 498.5 599.5 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 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) Tj ET Q q 0 0 0 rg BT 434.32 674.73 Td ( 31, 2016) 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 (Common stocks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 632.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 632.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 632.07 Td (4,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 632.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 632.07 Td (194) 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 472.30 632.12 Td (\(325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 632.07 Td (\)) 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 (4,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 618.07 Td (Company-sponsored funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 618.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 618.07 Td (28,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 618.07 Td (1,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 618.12 Td (\(1) Tj ET Q q 0 0 0 rg BT 480.63 618.12 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 618.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 618.07 Td (29,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 604.07 Td (Preferred securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 604.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 604.07 Td (1,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 604.07 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 604.12 Td (\(22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 604.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 604.07 Td (1,01) Tj ET Q q 0 0 0 rg BT 549.65 604.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 590.07 Td (T) Tj ET Q q 0 0 0 rg BT 62.41 590.07 Td (otal available-for) Tj ET Q q 0 0 0 rg BT 130.78 590.07 Td (-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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 590.07 Td (33,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 590.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 590.07 Td (1,962) 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 (\(457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 590.07 Td (\)) 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 (35,396) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 575.20 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, 2016) 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 material 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 ($6,086,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.91 543.40 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.35 543.40 Td ($18,521,000) 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, 2017) 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 2016, respectively) Tj ET Q q 0 0 0 rg BT 143.60 531.40 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 (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 510.40 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 510.40 Td ( and 2016, unrealized losses on available-for) Tj ET Q q 0 0 0 rg BT 357.88 510.40 Td (-sale investments were generally caused by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 498.40 Td (changes in market conditions. ) Tj ET Q q 0 0 0 rg BT 175.73 498.40 Td (When evaluating whether an unrealized loss on an available-for) Tj ET Q q 0 0 0 rg BT 430.43 498.40 Td (-sale investment is other than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 486.40 Td (temporary) Tj ET Q q 0 0 0 rg BT 94.44 486.40 Td (, the Company reviews such factors as the extent and duration of the loss as well as qualitative and quantitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 474.40 Td (information about the financial condition and near) Tj ET Q q 0 0 0 rg BT 254.84 474.40 Td (-term prospects of the issuers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 453.40 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 453.40 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 453.40 Td ( and 2016, the Company determined that it had the ability and intent to hold the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 441.40 Td (available-for) Tj ET Q q 0 0 0 rg BT 104.88 441.40 Td (-sale investments for which no other) Tj ET Q q 0 0 0 rg BT 250.47 441.40 Td (-than-temporary impairment has occurred until a recovery of fair value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 429.40 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 103.34 429.40 Td (, impairments of these investments were considered temporary) Tj ET Q q 0 0 0 rg BT 353.17 429.40 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 408.40 Td (Sales proceeds, gross realized gains and gross realized losses from available-for) Tj ET Q q 0 0 0 rg BT 395.91 408.40 Td (-sale investments for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.44 408.40 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 396.40 Td (December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 396.40 Td ( are summarized in the table 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 345.5 372.9 m 405.5 372.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 372.9 m 415.5 372.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 372.9 m 475.5 372.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 372.9 m 486.5 372.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 372.9 m 546.5 372.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 372.9 m 405.5 372.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 359.9 m 405.5 359.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 372.9 m 475.5 372.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 359.9 m 475.5 359.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 372.9 m 546.5 372.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 359.9 m 546.5 359.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 359.9 m 405.5 359.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 359.9 m 475.5 359.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 359.9 m 546.5 359.9 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 377.15 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.20 377.13 Td (Y) Tj ET Q q 0 0 0 rg BT 406.09 377.13 Td (ear) Tj ET Q q 0 0 0 rg BT 417.05 377.13 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 477.78 377.13 Td ( 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 364.15 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 367.00 364.13 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 437.00 364.13 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 508.00 364.13 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 350.47 Td (Proceeds from sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.50 350.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 349.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 349.57 Td (25,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 349.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 349.57 Td (20,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 349.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.15 349.57 Td (7,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 335.47 Td (Gross realized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.50 335.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 334.57 Td (714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 334.57 Td (1,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 334.57 Td (759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 320.47 Td (Gross realized losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 320.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.30 319.62 Td (\(367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 319.57 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 319.62 Td (\(428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 319.57 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.80 319.62 Td (\(3,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 319.57 Td (\)) Tj ET Q BT /F1 5.00 Tf ET q 0 0 0 rg BT 549.00 323.93 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 304.60 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 293.80 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 293.80 Td (Includes other) Tj ET Q q 0 0 0 rg BT 123.05 293.80 Td (-than-temporary impairment char) Tj ET Q q 0 0 0 rg BT 242.84 293.80 Td (ge of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 265.58 293.80 Td ($2,846,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 306.08 293.80 Td ( related to the Company) Tj ET Q q 0 0 0 rg BT 395.06 293.80 Td (s seed investment in RAP) Tj ET Q q 0 0 0 rg BT 486.55 293.80 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 266.80 Td (5. Fair) Tj ET Q q 0 0 0 rg BT 82.14 266.80 Td ( ) Tj ET Q q 0 0 0 rg BT 84.46 266.80 Td (V) Tj ET Q q 0 0 0 rg BT 90.77 266.80 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 245.80 Td (Accounting Standards Codification ) Tj ET Q q 0 0 0 rg BT 221.40 245.80 Td (T) Tj ET Q q 0 0 0 rg BT 226.81 245.80 Td (opic 820, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 266.53 245.80 Td (Fair V) Tj ET Q q 0 0 0 rg BT 291.81 245.80 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 341.71 245.80 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.58 245.80 Td ( \(ASC 820\) specifies a hierarchy of valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.80 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 54.00 221.80 Td (unobservable. ) Tj ET Q q 0 0 0 rg BT 112.13 221.80 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 81.00 206.80 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 206.80 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 81.00 191.80 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 191.80 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 99.00 179.80 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 99.00 167.80 Td (significant value drivers are observable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 152.80 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 152.80 Td (Level 3V) Tj ET Q q 0 0 0 rg BT 145.38 152.80 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 99.00 140.80 Td (unobservable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 119.80 Td (Inputs used to measure fair value might fall in dif) Tj ET Q q 0 0 0 rg BT 275.82 119.80 Td (ferent levels of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 430.65 119.80 Td (, in which case the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 107.80 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 431.58 107.80 Td (. ) Tj ET Q q 0 0 0 rg BT 436.40 107.80 Td (These levels are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 95.80 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 83.80 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 83.80 Td (ASC 820. ) Tj ET Q q 0 0 0 rg BT 437.90 83.80 Td (T) Tj ET Q q 0 0 0 rg BT 443.65 83.80 Td (ransfers among levels, if ) 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-23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (any) Tj ET Q q 0 0 0 rg BT 67.79 677.10 Td (, are recorded as of the beginning of the reporting period. ) Tj ET Q q 0 0 0 rg BT 298.91 677.10 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 54.00 665.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.08 665.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.67 665.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 644.10 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 316.53 644.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.11 644.10 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 242.5 604.6 m 302.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 604.6 m 366.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 604.6 m 430.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 604.6 m 494.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 604.6 m 558.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 604.6 m 302.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 591.6 m 302.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 589.6 m 302.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 604.6 m 366.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 591.6 m 366.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 589.6 m 366.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 604.6 m 430.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 591.6 m 430.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 589.6 m 430.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 604.6 m 494.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 591.6 m 494.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 589.6 m 494.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 591.6 m 558.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 589.6 m 558.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 589.6 m 302.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 591.6 m 302.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 589.6 m 366.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 591.6 m 366.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 589.6 m 430.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 591.6 m 430.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 589.6 m 558.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 591.6 m 558.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 520.6 m 302.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 507.6 m 302.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 505.6 m 302.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 520.6 m 366.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 507.6 m 366.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 505.6 m 366.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 520.6 m 430.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 507.6 m 430.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 505.6 m 430.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 520.6 m 494.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 507.6 m 494.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 505.6 m 494.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 520.6 m 558.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 507.6 m 558.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 505.6 m 558.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 505.6 m 302.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 507.6 m 302.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 493.6 m 302.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 491.6 m 302.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 505.6 m 366.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 507.6 m 366.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 493.6 m 366.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 491.6 m 366.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 505.6 m 430.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 507.6 m 430.5 507.6 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 370.5 491.6 m 430.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 505.6 m 494.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 507.6 m 494.5 507.6 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 434.5 491.6 m 494.5 491.6 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 498.5 491.6 m 558.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 408.6 m 302.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 408.6 m 366.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 408.6 m 430.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 408.6 m 494.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 408.6 m 558.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 395.6 m 302.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 393.6 m 302.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 408.6 m 366.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 395.6 m 366.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 393.6 m 366.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 408.6 m 430.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 395.6 m 430.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 393.6 m 430.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 408.6 m 494.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 395.6 m 494.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 393.6 m 494.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 408.6 m 558.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 395.6 m 558.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 393.6 m 558.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 352.6 m 302.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 352.6 m 366.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 352.6 m 430.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 352.6 m 494.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 352.6 m 558.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 339.6 m 302.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 337.6 m 302.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 352.6 m 366.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 339.6 m 366.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 337.6 m 366.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 352.6 m 430.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 339.6 m 430.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 337.6 m 430.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 352.6 m 494.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 339.6 m 494.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 337.6 m 494.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 352.6 m 558.5 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 339.6 m 558.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 337.6 m 558.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 296.6 m 302.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 296.6 m 366.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 296.6 m 430.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 296.6 m 494.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 296.6 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 242.5 283.6 m 302.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 281.6 m 302.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 283.6 m 366.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 281.6 m 366.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 283.6 m 430.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 281.6 m 430.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 283.6 m 494.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 281.6 m 494.5 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 283.6 m 558.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 281.6 m 558.5 281.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 259.65 608.83 Td (Level 1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 323.65 608.83 Td (Level 2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 387.65 608.83 Td (Level 3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 443.30 624.83 Td (Investments ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 442.60 616.83 Td (Measur) Tj ET Q q 0 0 0 rg BT 468.67 616.83 Td (ed at ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.85 608.83 Td (NA) Tj ET Q q 0 0 0 rg BT 462.37 608.83 Td (V) Tj ET Q q 0 0 0 rg BT 468.01 608.83 Td ( ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 470.01 612.46 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.25 608.83 Td (T) Tj ET Q q 0 0 0 rg BT 523.85 608.83 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 595.17 Td (Cash equivalents ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 127.54 599.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 595.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 595.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 595.17 Td (173,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 595.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 595.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 595.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 595.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 595.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 595.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 595.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 595.17 Td (173,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 581.17 Td (T) Tj ET Q q 0 0 0 rg BT 62.93 581.17 Td (rading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 567.17 Td (Common stocks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 567.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 567.17 Td (5,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 567.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 567.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 567.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 567.17 Td (5,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 553.17 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 553.17 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 553.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 553.17 Td (6,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 553.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 553.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 553.17 Td (6,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 539.17 Td (Limited partnership interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 539.17 Td (. . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 539.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 539.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 539.17 Td (605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 539.17 Td (725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 539.17 Td (1,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 525.17 Td (Preferred securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.50 525.17 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 525.17 Td (7,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 525.17 Td (53,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 525.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 525.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 525.17 Td (60,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 511.17 Td (T) Tj ET Q q 0 0 0 rg BT 98.76 511.17 Td (otal trading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.50 511.17 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 511.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 511.17 Td (13,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 511.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 511.17 Td (59,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 511.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 511.17 Td (605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 511.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 511.17 Td (725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 511.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 511.17 Td (74,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 497.17 Td (Equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.50 497.17 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 497.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 497.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 497.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 497.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 497.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 497.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 497.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 497.17 Td (6,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 497.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 497.17 Td (6,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 483.17 Td (A) Tj ET Q q 0 0 0 rg BT 63.85 483.17 Td (vailable-for) Tj ET Q q 0 0 0 rg BT 110.02 483.17 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 469.17 Td (Common stocks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 469.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 469.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 469.17 Td (7,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 469.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 469.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 469.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 469.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 469.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 469.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 469.17 Td (7,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 455.17 Td (Company-sponsored funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 455.17 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 455.17 Td (14,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 455.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 455.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 455.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 455.17 Td (14,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 441.17 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 441.17 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 441.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 441.17 Td (3,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 441.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 441.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 441.17 Td (3,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 427.17 Td (Preferred securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.50 427.17 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 427.17 Td (999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 427.17 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 427.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 427.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 427.17 Td (1,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 413.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.50 413.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 413.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 413.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 413.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 413.17 Td (1) Tj ET Q q 0 0 0 rg BT 480.65 413.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 413.17 Td (1) Tj ET Q q 0 0 0 rg BT 544.65 413.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 399.17 Td (T) Tj ET Q q 0 0 0 rg BT 98.76 399.17 Td (otal available-for) Tj ET Q q 0 0 0 rg BT 166.88 399.17 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 399.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 399.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 399.17 Td (22,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 399.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 399.17 Td (4,086) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 399.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 399.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 399.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 399.17 Td (1) Tj ET Q q 0 0 0 rg BT 480.65 399.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 399.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 399.17 Td (27,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 385.17 Td (Derivatives - assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 371.17 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.50 371.17 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 371.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 371.17 Td (487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 371.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 371.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 371.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 371.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 371.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 371.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 371.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 371.17 Td (487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 357.17 Td (Foreign exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 357.17 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 357.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 357.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 357.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 357.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 357.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 343.17 Td (T) Tj ET Q q 0 0 0 rg BT 98.76 343.17 Td (otal derivatives - assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 343.17 Td (. . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 343.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 343.17 Td (487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 343.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 343.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 343.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 343.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 343.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 343.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 343.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 343.17 Td (487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 329.17 Td (Derivatives - liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 315.17 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.50 315.17 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 315.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 315.17 Td (286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 315.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 315.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 315.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 315.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 315.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 315.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 315.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 315.17 Td (286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 301.17 Td (Foreign exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 301.17 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 301.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 301.17 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 301.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 301.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 301.17 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 287.17 Td (T) Tj ET Q q 0 0 0 rg BT 98.41 287.17 Td (otal derivatives - liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 287.17 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 287.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 287.17 Td (286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 287.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 287.17 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 287.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 287.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 287.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 287.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 287.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 287.17 Td (350) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 271.10 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 260.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 260.30 Td (Comprised of investments in actively traded U.S. ) Tj ET Q q 0 0 0 rg BT 251.56 260.30 Td (T) Tj ET Q q 0 0 0 rg BT 256.74 260.30 Td (reasury money market funds measured at NA) Tj ET Q q 0 0 0 rg BT 419.02 260.30 Td (V) Tj ET Q q 0 0 0 rg BT 424.36 260.30 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 249.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 249.50 Td (Comprised of certain investments measured at fair value using NA) Tj ET Q q 0 0 0 rg BT 311.02 249.50 Td (V) Tj ET Q q 0 0 0 rg BT 317.36 249.50 Td ( \(or its equivalent\) as a practical expedient. ) Tj ET Q q 0 0 0 rg BT 474.38 249.50 Td (These investments ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 238.70 Td (have not been classified in the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 252.83 238.70 Td (. ) Tj ET Q q 0 0 0 rg BT 257.17 238.70 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 72.00 227.90 Td (of the fair value 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 78.00 206.90 Td (T) Tj ET Q q 0 0 0 rg BT 83.76 206.90 Td (rading investments in fixed income securities classified as level 2 in the above table were comprised of U.S. ) Tj ET Q q 0 0 0 rg BT 518.45 206.90 Td (T) Tj ET Q q 0 0 0 rg BT 524.21 206.90 Td (reasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 194.90 Td (Bills carried at amortized cost, which approximates fair value. ) Tj ET Q q 0 0 0 rg BT 305.12 194.90 Td (T) Tj ET Q q 0 0 0 rg BT 310.88 194.90 Td (rading investments in preferred securities classified as level 2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 182.90 Td (were comprised of corporate debt and certain preferred securities. ) Tj ET Q q 0 0 0 rg BT 319.24 182.90 Td (The fair value amounts were generally determined using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 170.90 Td (third-party pricing services. ) Tj ET Q q 0 0 0 rg BT 167.12 170.90 Td (The pricing services may utilize evaluated pricing models that vary by asset class and incorporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 158.90 Td (available trade, bid and other market information. Since these securities do not trade on a daily basis, the pricing services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 146.90 Td (evaluate pricing applications and apply available information through processes such as yield curves, benchmarking of like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.90 Td (securities, sector groupings, and matrix pricing, to prepare evaluations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 113.90 Td (T) Tj ET Q q 0 0 0 rg BT 83.76 113.90 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 54.00 101.90 Td (represent the Company) Tj ET Q q 0 0 0 rg BT 149.53 101.90 Td (s co-investments through GRP-CIP) Tj ET Q q 0 0 0 rg BT 290.54 101.90 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 89.90 Td (vehicles that invest directly in real estate which was valued using a contractual selling price. ) 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-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 ( \(or its equivalent\) as a practical expedient in the above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (table were comprised of limited partnership interests which represent the Company) Tj ET Q q 0 0 0 rg BT 389.45 665.10 Td (s co-investments through GRP-CIP) Tj ET Q q 0 0 0 rg BT 530.47 665.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (limited partnership vehicles that invest in non-registered real estate funds, which are valued based on the NA) Tj ET Q q 0 0 0 rg BT 488.40 653.10 Td (Vs of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (underlying funds. ) Tj ET Q q 0 0 0 rg BT 126.50 641.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.94 641.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.52 641.10 Td (, the Company did not have the ability to redeem these interests. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 620.10 Td (Equity method investments classified as investments measured at NA) Tj ET Q q 0 0 0 rg BT 354.99 620.10 Td (V) Tj ET Q q 0 0 0 rg BT 362.03 620.10 Td ( \(or its equivalent\) as a practical expedient in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (above table were comprised of the Company) Tj ET Q q 0 0 0 rg BT 235.61 608.10 Td (s partnership interests in ) Tj ET Q q 0 0 0 rg BT 335.04 608.10 Td (ACOM and GRP-TE, which approximate their fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.10 Td (value based on the funds) Tj ET Q q 0 0 0 rg BT 155.45 596.10 Td ( NA) Tj ET Q q 0 0 0 rg BT 171.10 596.10 Td (Vs. ) Tj ET Q q 0 0 0 rg BT 186.67 596.10 Td (ACOM invests indirectly in exchange-traded commodity futures contracts and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 584.10 Td (commodity-related derivatives through an investment in the Commodities Sub-Fund. ) Tj ET Q q 0 0 0 rg BT 396.54 584.10 Td (The Company has the ability to redeem ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 572.10 Td (its investment in ) Tj ET Q q 0 0 0 rg BT 122.06 572.10 Td (ACOM monthly at NA) Tj ET Q q 0 0 0 rg BT 213.27 572.10 Td (V) Tj ET Q q 0 0 0 rg BT 220.31 572.10 Td ( with prior written notice of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.61 572.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.61 572.10 Td ( days and there are no significant restrictions to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 560.10 Td (redemption. GRP-TE invests in non-registered real estate funds and in private equity vehicles that invest directly in real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 548.10 Td (estate. ) Tj ET Q q 0 0 0 rg BT 81.21 548.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.66 548.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.24 548.10 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 78.00 527.10 Td (A) Tj ET Q q 0 0 0 rg BT 84.48 527.10 Td (vailable-for) Tj ET Q q 0 0 0 rg BT 130.92 527.10 Td (-sale investments classified as level 2 in the above table were primarily comprised of corporate bonds and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 515.10 Td (certain preferred securities whose fair values are generally determined using third-party pricing services. ) Tj ET Q q 0 0 0 rg BT 474.75 515.10 Td (The pricing services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 503.10 Td (may utilize pricing models, and inputs into those models may include reported trades, executable bid and ask prices, broker) Tj ET Q q 0 0 0 rg BT 547.27 503.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 491.10 Td (dealer quotations, prices or yields of similar securities, benchmark curves and other market information. ) Tj ET Q q 0 0 0 rg BT 472.85 491.10 Td (The pricing services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 479.10 Td (may use a matrix approach, which considers information regarding securities with similar characteristics to determine the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 467.10 Td (valuation for a security) Tj ET Q q 0 0 0 rg BT 145.82 467.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 446.10 Td (A) Tj ET Q q 0 0 0 rg BT 84.48 446.10 Td (vailable-for) Tj ET Q q 0 0 0 rg BT 130.92 446.10 Td (-sale investments classified as investments measured at NA) Tj ET Q q 0 0 0 rg BT 367.62 446.10 Td (V) Tj ET Q q 0 0 0 rg BT 374.67 446.10 Td ( \(or its equivalent\) as a practical expedient in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 434.10 Td (the above table were comprised of the Company) Tj ET Q q 0 0 0 rg BT 250.32 434.10 Td (s co-investment in a Cayman trust invested in global listed infrastructure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 422.10 Td (securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 401.10 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 316.53 401.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.11 401.10 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 245.5 361.6 m 304.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 361.6 m 367.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 361.6 m 430.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 361.6 m 494.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 361.6 m 558.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 361.6 m 304.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 348.6 m 304.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 346.6 m 304.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 361.6 m 367.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 348.6 m 367.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 346.6 m 367.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 361.6 m 430.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 348.6 m 430.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 346.6 m 430.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 361.6 m 494.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 348.6 m 494.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 346.6 m 494.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 361.6 m 558.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 348.6 m 558.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 346.6 m 558.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 346.6 m 304.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 348.6 m 304.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 346.6 m 367.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 348.6 m 367.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 346.6 m 430.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 348.6 m 430.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 346.6 m 494.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 348.6 m 494.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 346.6 m 558.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 348.6 m 558.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 291.6 m 304.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 291.6 m 367.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 291.6 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 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 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 245.5 291.6 m 304.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 278.6 m 304.5 278.6 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 308.5 291.6 m 367.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 278.6 m 367.5 278.6 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 371.5 291.6 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 371.5 278.6 m 430.5 278.6 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 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 434.5 278.6 m 494.5 278.6 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 498.5 291.6 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 498.5 278.6 m 558.5 278.6 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 245.5 278.6 m 304.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 264.6 m 304.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 262.6 m 304.5 262.6 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 308.5 278.6 m 367.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 264.6 m 367.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 262.6 m 367.5 262.6 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 371.5 278.6 m 430.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 264.6 m 430.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 262.6 m 430.5 262.6 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 434.5 278.6 m 494.5 278.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 264.6 m 494.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 262.6 m 494.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 264.6 m 558.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 262.6 m 558.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 207.60000000000002 m 304.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 207.60000000000002 m 367.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 207.60000000000002 m 430.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 207.60000000000002 m 494.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 207.60000000000002 m 558.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 194.60000000000002 m 304.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 192.60000000000002 m 304.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 207.60000000000002 m 367.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 194.60000000000002 m 367.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 192.60000000000002 m 367.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 207.60000000000002 m 430.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 194.60000000000002 m 430.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 192.60000000000002 m 430.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 207.60000000000002 m 494.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 194.60000000000002 m 494.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 192.60000000000002 m 494.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 207.60000000000002 m 558.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 194.60000000000002 m 558.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 192.60000000000002 m 558.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 192.60000000000002 m 304.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 194.60000000000002 m 304.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 192.60000000000002 m 367.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 194.60000000000002 m 367.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 192.60000000000002 m 430.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 194.60000000000002 m 430.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 192.60000000000002 m 494.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 194.60000000000002 m 494.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 192.60000000000002 m 558.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 194.60000000000002 m 558.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 151.60000000000002 m 304.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 151.60000000000002 m 367.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 151.60000000000002 m 430.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 151.60000000000002 m 494.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 151.60000000000002 m 558.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 138.60000000000002 m 304.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 136.60000000000002 m 304.5 136.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 151.60000000000002 m 367.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 138.60000000000002 m 367.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 136.60000000000002 m 367.5 136.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 151.60000000000002 m 430.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 138.60000000000002 m 430.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 136.60000000000002 m 430.5 136.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 151.60000000000002 m 494.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 138.60000000000002 m 494.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 136.60000000000002 m 494.5 136.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 151.60000000000002 m 558.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 138.60000000000002 m 558.5 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 136.60000000000002 m 558.5 136.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 109.60000000000002 m 494.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 109.60000000000002 m 558.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 109.60000000000002 m 304.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 96.60000000000002 m 304.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 94.60000000000002 m 304.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 109.60000000000002 m 367.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 96.60000000000002 m 367.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 94.60000000000002 m 367.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 109.60000000000002 m 430.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 96.60000000000002 m 430.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 94.60000000000002 m 430.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 109.60000000000002 m 494.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 96.60000000000002 m 494.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 94.60000000000002 m 494.5 94.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 109.60000000000002 m 558.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 96.60000000000002 m 558.5 96.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 94.60000000000002 m 558.5 94.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 262.15 365.83 Td (Level 1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 325.15 365.83 Td (Level 2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 388.15 365.83 Td (Level 3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 443.30 381.83 Td (Investments ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 442.60 373.83 Td (Measur) Tj ET Q q 0 0 0 rg BT 468.67 373.83 Td (ed at ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.85 365.83 Td (NA) Tj ET Q q 0 0 0 rg BT 462.37 365.83 Td (V) Tj ET Q q 0 0 0 rg BT 468.01 365.83 Td ( ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 470.01 369.46 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.25 365.83 Td (T) Tj ET Q q 0 0 0 rg BT 523.85 365.83 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 352.17 Td (Cash equivalents ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 127.54 356.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.50 352.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 352.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 352.17 Td (140,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 352.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 352.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 352.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 352.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 352.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 352.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 352.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 352.17 Td (140,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 338.17 Td (T) Tj ET Q q 0 0 0 rg BT 62.93 338.17 Td (rading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 324.17 Td (Common stocks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 324.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 324.17 Td (5,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 324.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 324.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 324.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 324.17 Td (5,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 310.17 Td (Fixed income securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 310.17 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 310.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 310.17 Td (5,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 310.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 310.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 310.17 Td (5,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 296.17 Td (Limited partnership interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 296.17 Td (. . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 296.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 296.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 296.17 Td (1,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 296.17 Td (722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 296.17 Td (1,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 282.17 Td (T) Tj ET Q q 0 0 0 rg BT 98.76 282.17 Td (otal trading investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.50 282.17 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 282.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 282.17 Td (5,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 282.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 282.17 Td (5,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 282.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 282.17 Td (1,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 282.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 282.17 Td (722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 282.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 282.17 Td (12,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 268.17 Td (Equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.50 268.17 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 268.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 268.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 268.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 268.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 268.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 268.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 268.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 268.17 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 268.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 268.17 Td (6,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 254.17 Td (A) Tj ET Q q 0 0 0 rg BT 63.85 254.17 Td (vailable-for) Tj ET Q q 0 0 0 rg BT 110.02 254.17 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 240.17 Td (Common stocks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 240.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 240.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 240.17 Td (4,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 240.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 240.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 240.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 240.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 240.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 240.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 240.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 240.17 Td (4,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 226.17 Td (Company-sponsored funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 226.17 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 226.17 Td (29,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 226.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 226.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 226.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 226.17 Td (29,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 212.17 Td (Preferred securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.50 212.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 212.17 Td (1,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 212.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 212.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 212.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 212.17 Td (1,01) Tj ET Q q 0 0 0 rg BT 549.65 212.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 198.17 Td (T) Tj ET Q q 0 0 0 rg BT 98.76 198.17 Td (otal available-for) Tj ET Q q 0 0 0 rg BT 166.88 198.17 Td (-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.50 198.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 198.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 198.17 Td (35,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 198.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 198.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 198.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 198.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 198.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 198.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 198.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 198.17 Td (35,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 184.17 Td (Derivatives - assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 170.17 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 170.17 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 170.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 170.17 Td (343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 170.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 170.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 170.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 170.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 170.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 170.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 170.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 170.17 Td (343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 156.17 Td (Foreign exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.50 156.17 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.65 156.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 156.17 Td (1,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 156.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 156.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 156.17 Td (1,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 142.17 Td (T) Tj ET Q q 0 0 0 rg BT 98.76 142.17 Td (otal derivatives - assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 142.17 Td (. . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 142.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 142.17 Td (343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 142.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 142.17 Td (1,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 142.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 142.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 142.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 142.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 142.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 142.17 Td (1,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 128.17 Td (Derivatives - liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 114.17 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 114.17 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 114.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 114.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 114.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 114.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 114.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 114.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 100.17 Td (T) Tj ET Q q 0 0 0 rg BT 98.41 100.17 Td (otal derivatives - liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 100.17 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 100.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 100.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 100.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 100.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.00 100.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 100.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 100.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 100.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 100.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 100.17 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 84.10 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 73.30 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 73.30 Td (Comprised of investments in actively traded U.S. ) Tj ET Q q 0 0 0 rg BT 251.56 73.30 Td (T) Tj ET Q q 0 0 0 rg BT 256.74 73.30 Td (reasury money market funds measured at NA) Tj ET Q q 0 0 0 rg BT 419.02 73.30 Td (V) Tj ET Q q 0 0 0 rg BT 424.36 73.30 Td (.) 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-25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 677.80 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 677.80 Td (Comprised of certain investments measured at fair value using NA) Tj ET Q q 0 0 0 rg BT 311.02 677.80 Td (V) Tj ET Q q 0 0 0 rg BT 317.36 677.80 Td ( \(or its equivalent\) as a practical expedient. ) Tj ET Q q 0 0 0 rg BT 474.38 677.80 Td (These investments ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.00 667.00 Td (have not been classified in the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 252.83 667.00 Td (. ) Tj ET Q q 0 0 0 rg BT 257.17 667.00 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 72.00 656.20 Td (of the fair value 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 78.00 635.20 Td (T) Tj ET Q q 0 0 0 rg BT 83.76 635.20 Td (rading investments classified as level 2 in the above table were comprised of U.S. ) Tj ET Q q 0 0 0 rg BT 412.93 635.20 Td (T) Tj ET Q q 0 0 0 rg BT 418.68 635.20 Td (reasury Bills carried at amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 623.20 Td (cost, which approximates fair value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 602.20 Td (T) Tj ET Q q 0 0 0 rg BT 83.76 602.20 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 54.00 590.20 Td (represent the Company) Tj ET Q q 0 0 0 rg BT 149.53 590.20 Td (s co-investments through GRP-CIP) Tj ET Q q 0 0 0 rg BT 290.54 590.20 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 54.00 578.20 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 78.00 557.20 Td (T) Tj ET Q q 0 0 0 rg BT 83.76 557.20 Td (rading investments classified as investments measured at NA) Tj ET Q q 0 0 0 rg BT 327.13 557.20 Td (V) Tj ET Q q 0 0 0 rg BT 334.17 557.20 Td ( \(or its equivalent\) as a practical expedient in the above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.20 Td (table were comprised of limited partnership interests which represent the Company) Tj ET Q q 0 0 0 rg BT 389.45 545.20 Td (s co-investments through GRP-CIP) Tj ET Q q 0 0 0 rg BT 530.47 545.20 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.20 Td (limited partnership vehicles that invest in non-registered real estate funds, which are valued based on the NA) Tj ET Q q 0 0 0 rg BT 488.40 533.20 Td (Vs of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.20 Td (underlying funds. ) Tj ET Q q 0 0 0 rg BT 126.50 521.20 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.94 521.20 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.52 521.20 Td (, the Company did not have the ability to redeem these interests. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 500.20 Td (Equity method investments classified as investments measured at NA) Tj ET Q q 0 0 0 rg BT 354.99 500.20 Td (V) Tj ET Q q 0 0 0 rg BT 362.03 500.20 Td ( \(or its equivalent\) as a practical expedient in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 488.20 Td (above table were comprised of the Company) Tj ET Q q 0 0 0 rg BT 235.61 488.20 Td (s partnership interests in ) Tj ET Q q 0 0 0 rg BT 335.04 488.20 Td (ACOM and GRP-TE, which approximate their fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.20 Td (value based on the funds) Tj ET Q q 0 0 0 rg BT 155.45 476.20 Td ( NA) Tj ET Q q 0 0 0 rg BT 171.10 476.20 Td (Vs. ) Tj ET Q q 0 0 0 rg BT 186.67 476.20 Td (ACOM invested directly in exchange-traded commodity futures contracts and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.20 Td (commodity-related derivatives. ) Tj ET Q q 0 0 0 rg BT 181.28 464.20 Td (The Company has the ability to redeem its investment in ) Tj ET Q q 0 0 0 rg BT 409.57 464.20 Td (ACOM monthly at NA) Tj ET Q q 0 0 0 rg BT 500.78 464.20 Td (V) Tj ET Q q 0 0 0 rg BT 507.82 464.20 Td ( with prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 452.20 Td (written notice of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.59 452.20 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.59 452.20 Td ( days and there are no significant restrictions to redemption. GRP-TE invests in non-registered real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 440.20 Td (funds and in private equity vehicles that invest directly in real estate. ) Tj ET Q q 0 0 0 rg BT 330.86 440.20 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.30 440.20 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.89 440.20 Td (, the Company did not have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 428.20 Td (the ability to redeem its investment in GRP-TE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 407.20 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 54.00 395.20 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.98 395.20 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.56 395.20 Td ( and 2016 \(in thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 358.70000000000005 m 557.5 358.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 358.70000000000005 m 557.5 358.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 334.70000000000005 m 557.5 334.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 250.70000000000005 m 557.5 250.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 236.70000000000005 m 557.5 236.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 166.70000000000005 m 557.5 166.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 153.70000000000005 m 557.5 153.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 151.70000000000005 m 557.5 151.70000000000005 l s BT /F4 7.00 Tf ET q 0 0 0 rg BT 515.00 369.76 Td (T) Tj ET Q q 0 0 0 rg BT 519.15 369.76 Td (rading) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 508.90 362.76 Td (Investments) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 515.10 351.46 Td (Limited) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 509.10 344.46 Td (Partnership) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 514.00 337.46 Td (Inter) Tj ET Q q 0 0 0 rg BT 529.04 337.46 Td (ests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 325.27 Td (Balance at January 1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.50 325.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 325.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 325.27 Td (1,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 311.27 Td (Purchases / contributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 311.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 311.27 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 297.27 Td (Sales / distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.50 297.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 297.32 Td (\(53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 297.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 283.27 Td (Realized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.50 283.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 283.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 269.27 Td (Unrealized gains \(losses\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 172.52 273.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 269.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 269.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 543.63 269.32 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 269.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 255.27 Td (T) Tj ET Q q 0 0 0 rg BT 75.43 255.27 Td (ransfers into \(out of\) level 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 255.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 255.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 241.27 Td (Balance at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 241.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 241.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 241.27 Td (1,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 227.27 Td (Purchases / contributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 227.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 227.27 Td (419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 213.27 Td (Sales / distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.50 213.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 213.32 Td (\(1,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 213.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 199.27 Td (Realized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.50 199.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 199.27 Td (162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 185.27 Td (Unrealized gains \(losses\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 172.52 189.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 185.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 185.27 Td (1) Tj ET Q q 0 0 0 rg BT 543.65 185.27 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 171.27 Td (T) Tj ET Q q 0 0 0 rg BT 75.26 171.27 Td (ransfers into \(out of\) level 3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 171.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 171.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 157.27 Td (Balance at December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.50 157.27 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 157.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 157.27 Td (605) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 559.00 153.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 141.20 Td (_________________________) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 130.40 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 67.50 130.40 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 281.19 130.40 Td (December31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 351.91 130.40 Td ( and 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 109.40 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 97.40 Td (recorded as gain \(loss\) from trading investmentsnet in the Company) Tj ET Q q 0 0 0 rg BT 338.66 97.40 Td (s consolidated statements of operations.) 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-26) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 677.10 Td (V) Tj ET Q q 0 0 0 rg BT 72.50 677.10 Td (aluation T) Tj ET Q q 0 0 0 rg BT 112.98 677.10 Td (echniques) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 660.10 Td (In certain instances, debt, equity and preferred securities are valued on the basis of prices from an orderly transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.10 Td (between market participants provided by reputable broker) Tj ET Q q 0 0 0 rg BT 285.38 648.10 Td (-dealers or independent pricing services. In determining the value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 636.10 Td (of a 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 54.00 624.10 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 54.00 612.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 106.22 612.10 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 54.00 600.10 Td (provided by broker) Tj ET Q q 0 0 0 rg BT 130.45 600.10 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 54.00 588.10 Td (closing price or NA) Tj ET Q q 0 0 0 rg BT 131.86 588.10 Td (V) Tj ET Q q 0 0 0 rg BT 138.90 588.10 Td ( \(or its equivalent\) as a practical expedient.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 567.10 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 54.00 555.10 Td (\(based on the spot rate and currency rate dif) Tj ET Q q 0 0 0 rg BT 229.30 555.10 Td (ferentials\), which are all inputs that are observable in active markets \(level 2\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 534.10 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 54.00 522.10 Td (on a consistent basis. For some investments, little market activity may exist; management) Tj ET Q q 0 0 0 rg BT 415.04 522.10 Td (s determination of fair value is then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 510.10 Td (based on the best information available in the circumstances, and may incorporate management) Tj ET Q q 0 0 0 rg BT 438.58 510.10 Td (s own assumptions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 498.10 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 54.00 486.10 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 54.00 474.10 Td (other relevant conditions, and valuation models are updated accordingly) Tj ET Q q 0 0 0 rg BT 341.87 474.10 Td (. ) Tj ET Q q 0 0 0 rg BT 346.69 474.10 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 54.00 462.10 Td (Company) Tj ET Q q 0 0 0 rg BT 95.67 462.10 Td (s valuation committee which is comprised of senior members from various departments within the Company) Tj ET Q q 0 0 0 rg BT 529.92 462.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 450.10 Td (including investment management. ) Tj ET Q q 0 0 0 rg BT 196.56 450.10 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 54.00 438.10 Td (procedures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 417.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.44 417.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.03 417.10 Td (, the valuation technique used in the fair value measurement of the Company) Tj ET Q q 0 0 0 rg BT 491.21 417.10 Td (s level 3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 405.10 Td (investment, limited partnership interests - direct investment in real estate, of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.11 405.10 Td ($605,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.61 405.10 Td ( was based on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 393.10 Td (contractual selling price.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 372.10 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 54.00 360.10 Td (3 investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.43 360.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.02 360.10 Td ( were:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 319.6 m 265.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 319.6 m 354.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 319.6 m 468.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 319.6 m 557.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 319.6 m 557.5 319.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 219.15 331.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 233.74 331.83 Td ( ) Tj ET Q q 0 0 0 rg BT 235.59 331.83 Td (V) Tj ET Q q 0 0 0 rg BT 240.93 331.83 Td (alue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 212.65 323.83 Td (\(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 293.65 331.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 308.24 331.83 Td ( ) Tj ET Q q 0 0 0 rg BT 310.09 331.83 Td (V) Tj ET Q q 0 0 0 rg BT 315.43 331.83 Td (alue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 289.05 323.83 Td (Methodology) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 394.55 331.83 Td (Significant) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 377.30 323.83 Td (Unobservable Inputs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.90 323.83 Td (Input / Range) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 299.27 Td (Limited partnership interests - direct) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 289.27 Td (investments in real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 289.17 Td (. . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.00 289.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.15 289.27 Td (1,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.55 299.27 Td (Discounted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.35 289.27 Td (flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.25 309.27 Td (Discount rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.75 299.27 Td (Exit capitalization rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.20 289.27 Td (Market rental rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.40 309.27 Td (1) Tj ET Q q 0 0 0 rg BT 493.03 309.27 Td (1% - 12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.25 299.27 Td (8% - 8.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.95 289.27 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 76.50 264.10 Td (Changes in the significant unobservable inputs in the above tables 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 54.00 252.10 Td (measurement.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 225.10 Td (6. Derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 208.10 Td (The following tables summarize the notional and fair value of the derivative financial instruments. ) Tj ET Q q 0 0 0 rg BT 474.08 208.10 Td (The notional amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 196.10 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 379.45 196.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.04 196.10 Td ( and 2016 \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 184.10 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 152.60000000000002 m 366.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 152.60000000000002 m 370.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 152.60000000000002 m 430.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 152.60000000000002 m 434.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 152.60000000000002 m 494.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 152.60000000000002 m 498.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 152.60000000000002 m 558.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 140.60000000000002 m 366.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 140.60000000000002 m 370.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 140.60000000000002 m 430.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 140.60000000000002 m 494.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 140.60000000000002 m 498.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 140.60000000000002 m 558.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 128.60000000000002 m 366.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 128.60000000000002 m 430.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 128.60000000000002 m 494.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 128.60000000000002 m 558.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 128.60000000000002 m 366.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 128.60000000000002 m 430.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 128.60000000000002 m 494.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 128.60000000000002 m 558.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 100.60000000000002 m 366.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 100.60000000000002 m 430.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 100.60000000000002 m 494.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 100.60000000000002 m 558.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 100.60000000000002 m 366.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 87.60000000000002 m 366.5 87.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 85.60000000000002 m 366.5 85.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 100.60000000000002 m 430.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 87.60000000000002 m 430.5 87.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 85.60000000000002 m 430.5 85.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 100.60000000000002 m 494.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 87.60000000000002 m 494.5 87.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 85.60000000000002 m 494.5 85.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 100.60000000000002 m 558.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 87.60000000000002 m 558.5 87.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 85.60000000000002 m 558.5 85.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.75 156.68 Td (December) Tj ET Q q 0 0 0 rg BT 434.32 156.68 Td ( 31, 2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 357.30 144.68 Td (Assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.85 144.68 Td (Liabilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 321.30 132.68 Td (Notional) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 382.15 132.68 Td (Fair) Tj ET Q q 0 0 0 rg BT 396.74 132.68 Td ( ) Tj ET Q q 0 0 0 rg BT 398.59 132.68 Td (V) Tj ET Q q 0 0 0 rg BT 403.93 132.68 Td (alue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.30 132.68 Td (Notional) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 510.15 132.68 Td (Fair) Tj ET Q q 0 0 0 rg BT 524.67 132.68 Td ( ) Tj ET Q q 0 0 0 rg BT 526.52 132.68 Td (V) Tj ET Q q 0 0 0 rg BT 531.56 132.68 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 119.17 Td (T) Tj ET Q q 0 0 0 rg BT 62.76 119.17 Td (otal foreign exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 119.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 119.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 119.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 119.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 119.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 119.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 119.17 Td (12,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 119.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 119.17 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 105.17 Td (T) Tj ET Q q 0 0 0 rg BT 62.41 105.17 Td (otal commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 105.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 105.17 Td (8,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 105.17 Td (487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 105.17 Td (6,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 105.17 Td (286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 91.17 Td (T) Tj ET Q q 0 0 0 rg BT 62.41 91.17 Td (otal derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 91.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 91.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.15 91.17 Td (8,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 91.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 91.17 Td (487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 91.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 91.17 Td (19,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 91.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 91.17 Td (350) Tj ET Q BT /F1 10.00 Tf ET 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-27) 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) Tj ET Q q 0 0 0 rg BT 434.32 675.58 Td ( 31, 2016) 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) Tj ET Q q 0 0 0 rg BT 396.74 651.58 Td ( ) Tj ET Q q 0 0 0 rg BT 398.59 651.58 Td (V) Tj ET Q q 0 0 0 rg BT 403.93 651.58 Td (alue) 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) Tj ET Q q 0 0 0 rg BT 524.67 651.58 Td ( ) Tj ET Q q 0 0 0 rg BT 526.52 651.58 Td (V) Tj ET Q q 0 0 0 rg BT 531.56 651.58 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 638.07 Td (T) Tj ET Q q 0 0 0 rg BT 62.76 638.07 Td (otal 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 638.07 Td (13,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 638.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 638.07 Td (1,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 638.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 638.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 638.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 638.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 624.07 Td (T) Tj ET Q q 0 0 0 rg BT 62.41 624.07 Td (otal 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 (6,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 624.07 Td (343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 624.07 Td (4,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 624.07 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 610.07 Td (T) Tj ET Q q 0 0 0 rg BT 62.41 610.07 Td (otal 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.15 610.07 Td (20,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 610.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 610.07 Td (1,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 610.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 610.07 Td (4,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 610.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 610.07 Td (266) 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 (Securities included in trading investments on the consolidated statement of financial condition of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 573.00 Td ($414,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 573.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.94 573.00 Td ($487,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.44 573.00 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.60 573.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.18 573.00 Td ( and 2016, respectively) Tj ET Q q 0 0 0 rg BT 343.28 573.00 Td (, were held as collateral for futures contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 552.00 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 327.10 552.00 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.10 552.00 Td ( are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 540.00 Td (summarized in the table 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 370.5 517.5 m 430.5 517.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 505.5 m 430.5 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 517.5 m 434.5 517.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 517.5 m 494.5 517.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 505.5 m 494.5 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 517.5 m 498.5 517.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 517.5 m 558.5 517.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 505.5 m 558.5 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 477.5 m 430.5 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 464.5 m 430.5 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 462.5 m 430.5 462.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 477.5 m 494.5 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 464.5 m 494.5 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 462.5 m 494.5 462.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 477.5 m 558.5 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 464.5 m 558.5 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 462.5 m 558.5 462.5 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 419.70 521.58 Td (Y) Tj ET Q q 0 0 0 rg BT 425.03 521.58 Td (ear) Tj ET Q q 0 0 0 rg BT 435.62 521.58 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 496.35 521.58 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 392.00 509.58 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.00 509.58 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 520.00 509.58 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 496.07 Td (Foreign exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.50 496.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 496.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 496.12 Td (\(1,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 496.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 496.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 496.07 Td (1,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 496.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 496.12 Td (\(702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 496.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 482.07 Td (Commodity contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 482.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.30 482.12 Td (\(438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 482.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 482.07 Td (835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 482.12 Td (\(2,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 482.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 468.07 Td (T) Tj ET Q q 0 0 0 rg BT 62.41 468.07 Td (otal derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.50 468.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 468.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 468.12 Td (\(1,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 468.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 468.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 468.07 Td (2,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 468.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 468.12 Td (\(2,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 468.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 437.00 Td (7. Pr) Tj ET Q q 0 0 0 rg BT 74.37 437.00 Td (operty and Equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 420.00 Td (The following table summarizes the Company) Tj ET Q q 0 0 0 rg BT 264.51 420.00 Td (s property and equipment as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.59 420.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.18 420.00 Td ( and 2016 \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 408.00 Td (thousands\): ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 386.5 m 493.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 386.5 m 497.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 386.5 m 557.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 386.5 m 493.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 375.5 m 493.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 375.5 m 557.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 375.5 m 493.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 375.5 m 557.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 319.5 m 493.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 319.5 m 557.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 292.5 m 493.5 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 292.5 m 557.5 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 280.5 m 493.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 278.5 m 493.5 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 280.5 m 557.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 278.5 m 557.5 278.5 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.75 389.58 Td (December) Tj ET Q q 0 0 0 rg BT 506.32 389.58 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 378.58 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 378.58 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 366.07 Td (Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 366.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 366.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 366.07 Td (7,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 366.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 366.07 Td (6,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 352.07 Td (Furniture and fixtures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.50 352.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 352.07 Td (3,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 352.07 Td (3,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 338.07 Td (Software) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 338.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 338.07 Td (21,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 338.07 Td (18,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 324.07 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 324.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 324.07 Td (16,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 324.07 Td (16,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 310.07 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.50 310.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 310.07 Td (48,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 310.07 Td (44,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 297.07 Td (Less: ) Tj ET Q q 0 0 0 rg BT 79.06 297.07 Td (Accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 297.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 297.12 Td (\(33,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 297.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 297.12 Td (\(29,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 297.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 283.07 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.50 283.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 283.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 283.07 Td (15,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 283.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 283.07 Td (15,964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 280.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 259.00 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 391.38 259.00 Td ($4,229,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.38 259.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.38 259.00 Td ($4,155,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.38 259.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.82 259.00 Td ($3,827,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.82 259.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 247.00 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.88 247.00 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.88 247.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 328.54 247.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 226.00 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 54.00 214.00 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 332.79 214.00 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.79 214.00 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.12 214.00 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.12 214.00 Td ( years. Leasehold improvements are amortized using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 202.00 Td (the straight-line method over the lease term.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 175.00 Td (8. Earnings Per) Tj ET Q q 0 0 0 rg BT 120.21 175.00 Td ( Shar) Tj ET Q q 0 0 0 rg BT 143.09 175.00 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 158.00 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 54.00 146.00 Td (average shares outstanding. Diluted earnings per share is calculated using the treasury stock method by dividing net income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.00 Td (attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 122.00 Td (equivalents. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards and are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 110.00 Td (excluded from the computation if their ef) Tj ET Q q 0 0 0 rg BT 218.76 110.00 Td (fect is anti-dilutive.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 89.00 Td (There were no anti-dilutive common stock equivalents for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.73 89.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.31 89.00 Td (. ) Tj ET Q q 0 0 0 rg BT 456.76 89.00 Td (Anti-dilutive common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 77.00 Td (stock equivalents of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.74 77.00 Td (14,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.24 77.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.68 77.00 Td (43,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.18 77.00 Td ( shares were excluded from the computation for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 65.00 Td (December 31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 224.68 65.00 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-28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td (The following table 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 54.00 665.10 Td (computations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.26 665.10 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.26 665.10 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 370.5 642.6 m 430.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 642.6 m 434.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 642.6 m 494.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 642.6 m 498.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 642.6 m 558.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 642.6 m 430.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 630.6 m 430.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 642.6 m 494.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 630.6 m 494.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 642.6 m 558.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 630.6 m 558.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 630.6 m 430.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 630.6 m 494.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 630.6 m 558.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 599.6 m 430.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 599.6 m 494.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 599.6 m 558.5 599.6 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 370.5 583.6 m 430.5 583.6 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 434.5 583.6 m 494.5 583.6 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 498.5 583.6 m 558.5 583.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 583.6 m 430.5 583.6 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 434.5 583.6 m 494.5 583.6 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 498.5 583.6 m 558.5 583.6 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 370.5 525.6 m 430.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 523.6 m 430.5 523.6 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 434.5 525.6 m 494.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 523.6 m 494.5 523.6 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 498.5 525.6 m 558.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 523.6 m 558.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 510.6 m 430.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 508.6 m 430.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 510.6 m 494.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 508.6 m 494.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 510.6 m 558.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 508.6 m 558.5 508.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 646.55 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 419.70 646.68 Td (Y) Tj ET Q q 0 0 0 rg BT 424.59 646.68 Td (ear) Tj ET Q q 0 0 0 rg BT 435.55 646.68 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 496.28 646.68 Td ( 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.00 634.55 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 392.00 634.68 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.00 634.68 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 520.00 634.68 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 621.17 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.50 621.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 619.27 Td (92,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 619.27 Td (92,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 619.27 Td (64,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.00 605.17 Td (Less: Net \(income\) loss attributable to redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.50 605.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.30 604.32 Td (\(547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 604.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 604.27 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 604.27 Td (214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 590.17 Td (Net income attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.50 590.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 589.27 Td (91,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 589.27 Td (92,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 589.27 Td (64,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 575.17 Td (Basic weighted average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.50 575.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 574.27 Td (46,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 574.27 Td (45,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 574.27 Td (45,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 560.17 Td (Dilutive potential shares from restricted stock units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.50 560.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 559.27 Td (626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 559.27 Td (481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 559.27 Td (464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 545.17 Td (Diluted weighted average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.50 545.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 544.27 Td (46,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 544.27 Td (46,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 544.27 Td (45,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 530.17 Td (Basic earnings per share attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 530.17 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 529.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 529.27 Td (1.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 529.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 529.27 Td (2.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 529.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 529.27 Td (1.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 515.17 Td (Diluted earnings per share attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.50 515.17 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 514.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 514.27 Td (1.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 514.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 514.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 514.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 514.27 Td (1.41) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 483.10 Td (9. Stock-Based Compensation) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 462.10 Td (Amended and Restated Stock Incentive Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 445.10 Td (The ) Tj ET Q q 0 0 0 rg BT 94.00 445.10 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 54.00 433.10 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 397.28 433.10 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.49 433.10 Td ( years to eligible employees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 421.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 93.43 421.10 Td (A) Tj ET Q q 0 0 0 rg BT 100.10 421.10 Td ( total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.71 421.10 Td (20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.60 421.10 Td ( shares of common stock may be granted under the SIP) Tj ET Q q 0 0 0 rg BT 401.99 421.10 Td (. ) Tj ET Q q 0 0 0 rg BT 406.44 421.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.94 421.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.53 421.10 Td (, RSUs with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 409.10 Td (respect to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.35 409.10 Td (14.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.24 409.10 Td ( shares of common stock had been issued under the SIP) Tj ET Q q 0 0 0 rg BT 425.31 409.10 Td (. ) Tj ET Q q 0 0 0 rg BT 430.13 409.10 Td (T) Tj ET Q q 0 0 0 rg BT 435.54 409.10 Td (otal compensation cost related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 397.10 Td (to unvested RSUs not yet recognized was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.84 397.10 Td ($36,092,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.84 397.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.05 397.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.64 397.10 Td ( and is expected to be recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 385.10 Td (over approximately the next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.96 385.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.95 385.10 Td ( years. In January 2018, the Company granted approximately 0.7 million restricted stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 373.10 Td (units under the SIP) Tj ET Q q 0 0 0 rg BT 130.02 373.10 Td ( with a grant date fair value of $29,274,000 which vest over a four year period. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 352.10 Td (Restricted Stock Units ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 334.10 Td (V) Tj ET Q q 0 0 0 rg BT 72.50 334.10 Td (ested Restricted Stock Unit Grants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 317.10 Td (The Company granted awards of vested RSUs to the non-management directors of the Company pursuant to the SIP) Tj ET Q q 0 0 0 rg BT 540.57 317.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 305.10 Td (The directors are entitled to receive delivery of the underlying common stock on the third anniversary of the date of grant. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (Dividends declared during the delayed delivery period are paid to the directors in cash. From time to time, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 281.10 Td (grants awards of vested RSUs to certain employees pursuant to the SIP) Tj ET Q q 0 0 0 rg BT 337.00 281.10 Td (. ) Tj ET Q q 0 0 0 rg BT 341.82 281.10 Td (These grants are generally delivered ratably over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.78 281.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.44 281.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 79.55 269.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.05 269.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.63 269.10 Td (, vested RSUs with respect to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 269.10 Td (42,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 269.10 Td ( shares of common stock were outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 257.10 Td (pursuant to these grants. In connection with the grant of these vested RSUs to employees, the Company recorded non-cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (stock-based compensation expense of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.54 245.10 Td ($618,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.04 245.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.04 245.10 Td ($486,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.54 245.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.98 245.10 Td ($425,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.48 245.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.86 245.10 Td (years ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.44 233.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 191.10 233.10 Td (. ) Tj ET Q 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-29) 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) Tj ET Q q 0 0 0 rg BT 329.50 677.10 Td (s awards of vested RSUs under the SIP) Tj ET Q q 0 0 0 rg BT 485.50 677.10 Td ( to the non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (management 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 (Number) Tj ET Q q 0 0 0 rg BT 423.30 640.83 Td (ofShar) Tj ET Q q 0 0 0 rg BT 450.27 640.83 Td (es) 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, 2015) 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 (28) 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 (34.93) 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 447.65 613.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 613.17 Td (35.31) 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 (31.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 585.17 Td (Balance at December31, 2015) 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 (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 585.17 Td (36.17) 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 (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 571.17 Td (37.17) 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 449.30 557.22 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 557.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 557.17 Td (34.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 543.17 Td (Balance at December31, 2016) 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 (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 543.17 Td (37.15) 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 (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 529.17 Td (38.14) 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 (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 515.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 515.17 Td (40.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 501.17 Td (Balance at December31, 2017) 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 (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 501.17 Td (36.98) 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. Dividend equivalents are accrued on unvested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 438.10 Td (RSUs for all dividends declared by the Company and are forfeitable until they are delivered. ) Tj ET Q q 0 0 0 rg BT 425.92 438.10 Td (The dividend equivalents will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 426.10 Td (generally vest and be delivered on the fourth anniversary of the original grant date. ) Tj ET Q q 0 0 0 rg BT 387.49 426.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.99 426.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.58 426.10 Td (, RSUs with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 414.10 Td (respect to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.35 414.10 Td (318,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.85 414.10 Td ( shares of common stock were outstanding pursuant to these grants. ) Tj ET Q q 0 0 0 rg BT 460.02 414.10 Td (Amortization expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 402.10 Td (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 408.59 402.10 Td ($3,957,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.59 402.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.59 402.10 Td ($4,685,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.59 402.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 390.10 Td ($5,233,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 390.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.38 390.10 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.38 390.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 376.04 390.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 369.10 Td (The following table sets forth activity relating to the Company) Tj ET Q q 0 0 0 rg BT 329.50 369.10 Td (s awards of unvested RSUs under the SIP) Tj ET Q q 0 0 0 rg BT 495.50 369.10 Td ( to certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 357.10 Td (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 391.5 328.6 m 461.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 328.6 m 557.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 328.6 m 461.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 328.6 m 557.5 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 272.6 m 461.5 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 258.6 m 461.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 216.60000000000002 m 461.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 202.60000000000002 m 461.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 174.60000000000002 m 461.5 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 161.60000000000002 m 461.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 159.60000000000002 m 461.5 159.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 395.00 332.83 Td (Number) Tj ET Q q 0 0 0 rg BT 423.30 332.83 Td (ofShar) Tj ET Q q 0 0 0 rg BT 450.27 332.83 Td (es) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 483.15 338.68 Td (W) Tj ET Q q 0 0 0 rg BT 490.71 338.68 Td (eighted) Tj ET Q q 0 0 0 rg BT 517.15 338.68 Td (A) Tj ET Q q 0 0 0 rg BT 522.34 338.68 Td (verage) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.45 330.73 Td (GrantDateFair) Tj ET Q q 0 0 0 rg BT 523.84 330.73 Td ( ) Tj ET Q q 0 0 0 rg BT 525.70 330.73 Td (V) Tj ET Q q 0 0 0 rg BT 530.74 330.73 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 319.17 Td (Balance at January1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 319.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 319.17 Td (690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 319.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 319.17 Td (26.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 305.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 305.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 305.17 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 305.17 Td (41.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 291.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 291.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 291.22 Td (\(461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 291.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 291.17 Td (26.95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 277.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 277.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 277.22 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 277.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 277.17 Td (40.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 263.17 Td (Balance at December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 263.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 263.17 Td (296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 263.17 Td (36.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 249.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 249.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 249.17 Td (159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 249.17 Td (30.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 235.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 235.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 235.22 Td (\(147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 235.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 235.17 Td (35.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 221.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 221.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 221.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 221.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 221.17 Td (42.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 207.17 Td (Balance at December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 207.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 207.17 Td (307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 207.17 Td (33.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 193.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 193.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 193.17 Td (151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 193.17 Td (35.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 179.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 179.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 179.22 Td (\(140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 179.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 179.17 Td (34.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 165.17 Td (Balance at December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 165.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 165.17 Td (318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 165.17 Td (34.14) Tj ET Q BT /F1 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 67.50 134.10 Td (Incentive Bonus Plans for Employees of the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 117.10 Td (The Company has implemented a program for employees which, based upon compensation levels,automatically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 105.10 Td (allocates a portion of their year) Tj ET Q q 0 0 0 rg BT 178.47 105.10 Td (-end bonuses in the form of unvested RSUs \(Mandatory Program\). Dividend equivalents are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 93.10 Td (accrued on unvested RSUs for all dividends declared by the Company and are forfeitable until they are delivered. ) Tj ET Q q 0 0 0 rg BT 510.05 93.10 Td (The RSUs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 81.10 Td (under the Mandatory Program will vest and be delivered ratably over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.08 81.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.74 81.10 Td ( years and the dividend equivalents will generally ) Tj ET Q 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-30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (vest and be delivered on the fourth anniversary of the original grant date. ) Tj ET Q q 0 0 0 rg BT 348.16 677.10 Td (The fair value at the date of grant of the RSUs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (under the Mandatory Program is expensed on a straight-line basis over the vesting period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 644.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 644.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 644.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.79 644.10 Td (1,550,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.79 644.10 Td ( RSUs under the Mandatory Program including dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 632.10 Td (equivalents were outstanding. ) Tj ET Q q 0 0 0 rg BT 175.08 632.10 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 54.00 620.10 Td (under the Mandatory Program, was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.11 620.10 Td ($17,175,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.11 620.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.11 620.10 Td ($16,847,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.11 620.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.55 620.10 Td ($17,315,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 620.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.93 620.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 608.10 Td (December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 608.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 249.68 608.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 587.10 Td (The following table sets forth activity relating to the Company) Tj ET Q q 0 0 0 rg BT 329.50 587.10 Td (s incentive bonus plans, including dividend equivalents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 575.10 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 391.5 546.6 m 461.5 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 546.6 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 391.5 546.6 m 461.5 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 546.6 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 391.5 490.6 m 461.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 476.6 m 461.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 434.6 m 461.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 420.6 m 461.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 378.6 m 461.5 378.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 378.6 m 461.5 378.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 365.6 m 461.5 365.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 363.6 m 461.5 363.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 395.00 550.83 Td (Number) Tj ET Q q 0 0 0 rg BT 423.30 550.83 Td (ofShar) Tj ET Q q 0 0 0 rg BT 450.27 550.83 Td (es) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 483.15 556.68 Td (W) Tj ET Q q 0 0 0 rg BT 490.71 556.68 Td (eighted) Tj ET Q q 0 0 0 rg BT 517.15 556.68 Td (A) Tj ET Q q 0 0 0 rg BT 522.34 556.68 Td (verage) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.45 548.73 Td (GrantDateFair) Tj ET Q q 0 0 0 rg BT 523.84 548.73 Td ( ) Tj ET Q q 0 0 0 rg BT 525.70 548.73 Td (V) Tj ET Q q 0 0 0 rg BT 530.74 548.73 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 537.17 Td (Balance at January1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 537.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 537.17 Td (1,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 537.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 537.17 Td (34.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 523.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 523.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 523.17 Td (496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 523.17 Td (41.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 509.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 509.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 509.22 Td (\(607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 509.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 509.17 Td (32.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 495.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 495.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 495.22 Td (\(61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 495.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 495.17 Td (38.51) 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 180.50 481.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 481.17 Td (1,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 481.17 Td (37.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 467.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 467.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 467.17 Td (722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 467.17 Td (30.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 453.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 453.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 453.22 Td (\(548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 453.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 453.17 Td (35.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 439.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 439.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 439.22 Td (\(57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 439.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 439.17 Td (35.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 425.17 Td (Balance at December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 425.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 425.17 Td (1,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 425.17 Td (34.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 411.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 411.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 411.17 Td (714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 411.17 Td (35.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 397.17 Td (Delivered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 397.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 397.22 Td (\(523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 397.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 397.17 Td (34.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 383.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 383.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.30 383.22 Td (\(40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 383.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 383.17 Td (33.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 369.17 Td (Balance at December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 369.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 369.17 Td (1,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 369.17 Td (34.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 365.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 344.10 Td (Employee Stock Pur) Tj ET Q q 0 0 0 rg BT 141.04 344.10 Td (chase Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 327.10 Td (Pursuant to the ) Tj ET Q q 0 0 0 rg BT 138.44 327.10 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 54.00 315.10 Td (as defined in the ESPP) Tj ET Q q 0 0 0 rg BT 144.00 315.10 Td (, to purchase common stock at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.07 315.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.40 315.10 Td ( discount from fair market value with a maximum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.12 315.10 Td ($25,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.62 315.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 303.10 Td (annual aggregate purchases by any one individual. ) Tj ET Q q 0 0 0 rg BT 258.19 303.10 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 54.00 291.10 Td (eligible employees is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.92 291.10 Td (600,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.42 291.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.53 291.10 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.53 291.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.79 291.10 Td (18,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.29 291.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.29 291.10 Td (19,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.79 291.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 279.10 Td (19,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 279.10 Td ( shares, respectively) Tj ET Q q 0 0 0 rg BT 161.65 279.10 Td (, were purchased by eligible employees through the ESPP) Tj ET Q q 0 0 0 rg BT 391.88 279.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.99 279.10 Td (years ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.10 Td (2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.44 267.10 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 496.10 267.10 Td ($1) Tj ET Q q 0 0 0 rg BT 505.73 267.10 Td (12,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.23 267.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 255.10 Td ($1) Tj ET Q q 0 0 0 rg BT 63.63 255.10 Td (14,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.13 255.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.57 255.10 Td ($95,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.07 255.10 Td (,respectively) Tj ET Q q 0 0 0 rg BT 195.73 255.10 Td (, which represents the discount on the shares issued pursuant to this plan. ) Tj ET Q q 0 0 0 rg BT 490.22 255.10 Td (The ESPP) Tj ET Q q 0 0 0 rg BT 530.68 255.10 Td ( will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 243.10 Td (terminate upon the earliest to occur of \(1\)termination of the ESPP) Tj ET Q q 0 0 0 rg BT 319.39 243.10 Td ( by the board of directors or \(2\)issuance of all of the shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.10 Td (reserved for issuance under the ESPP) Tj ET Q q 0 0 0 rg BT 202.57 231.10 Td (. ) Tj ET Q q 0 0 0 rg BT 207.39 231.10 Td (The board of directors is authorized to increase the number of shares available for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.10 Td (issuance under ESPP) Tj ET Q q 0 0 0 rg BT 137.33 219.10 Td (. ) Tj ET Q 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-31) 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, 2017, 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 600.25 Td (and 2015) 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) Tj ET Q q 0 0 0 rg BT 283.66 567.25 Td (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, 2017, 2016 and 2015) 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 ($128,000) 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 ($126,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.19 555.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.62 555.25 Td ($1) Tj ET Q q 0 0 0 rg BT 463.25 555.25 Td (18,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.75 555.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 543.41 555.25 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 for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.44 534.25 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.44 534.25 Td ( totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 522.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.26 522.25 Td ($1,715,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.26 522.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.26 522.25 Td ($1,464,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.26 522.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.70 522.25 Td ($1,51) Tj ET Q q 0 0 0 rg BT 250.83 522.25 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.33 522.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 325.99 522.25 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 administration agreements with, af) Tj ET Q q 0 0 0 rg BT 420.51 478.25 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, 2017, 2016 and 2015) 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 418.70 425.98 Td (Y) Tj ET Q q 0 0 0 rg BT 424.03 425.98 Td (ear) Tj ET Q q 0 0 0 rg BT 434.62 425.98 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.35 425.98 Td ( 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 (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 412.98 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 412.98 Td (2015) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 398.42 Td (245,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 398.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 398.42 Td (227,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 398.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 398.42 Td (218,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 383.42 Td (Distribution and service fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 383.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 383.42 Td (20,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 383.42 Td (19,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 383.42 Td (16,001) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 56.00 367.13 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 368.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 368.42 Td (265,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 368.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 368.42 Td (246,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 368.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 368.42 Td (234,943) 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, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.87 331.25 Td ( are summarized in the table below \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 319.25 Td (thousands\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 286.75 m 429.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 286.75 m 433.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 286.75 m 493.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 286.75 m 497.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 286.75 m 557.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 286.75 m 429.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 273.75 m 429.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 286.75 m 493.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 273.75 m 493.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 286.75 m 557.5 286.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 273.75 m 557.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 273.75 m 429.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 273.75 m 493.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 273.75 m 557.5 273.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.70 290.98 Td (Y) Tj ET Q q 0 0 0 rg BT 423.59 290.98 Td (ear) Tj ET Q q 0 0 0 rg BT 434.55 290.98 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.28 290.98 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 277.98 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 277.98 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 277.98 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 263.42 Td (Proceeds from sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 263.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 263.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 263.42 Td (15,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 263.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 263.42 Td (13,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 263.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 263.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 248.42 Td (Gross realized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 248.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 248.42 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 248.42 Td (1,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 248.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 233.42 Td (Gross realized losses, including other) Tj ET Q q 0 0 0 rg BT 205.59 233.42 Td (-than-temporary impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 233.32 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 233.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 233.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 233.47 Td (\(2,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 233.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 218.42 Td (Dividend income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 218.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 218.42 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 218.42 Td (787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 218.42 Td (250) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 193.25 Td (The Company has agreements with certain af) Tj ET Q q 0 0 0 rg BT 258.86 193.25 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 54.00 181.25 Td (expenses. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.21 181.25 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.21 181.25 Td (, expenses of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.89 181.25 Td ($10,403,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.89 181.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.89 181.25 Td ($8,568,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.89 181.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 169.25 Td ($8,676,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 169.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 151.66 169.25 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 54.00 157.25 Td (administrative expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 136.25 Td (Included in accounts receivable at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.54 136.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.13 136.25 Td ( and 2016 are receivables due from Company-sponsored funds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 124.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.26 124.25 Td ($23,666,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.26 124.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.70 124.25 Td ($20,221,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.70 124.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 286.36 124.25 Td (. ) Tj ET Q endstream endobj 151 0 obj <> endobj 152 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 /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (12. Regulatory Requir) Tj ET Q q 0 0 0 rg BT 149.09 677.25 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 660.25 Td (CSS, a registered broker) Tj ET Q q 0 0 0 rg BT 175.55 660.25 Td (-dealer in the U.S., is subject to the SEC) Tj ET Q q 0 0 0 rg BT 339.69 660.25 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 54.00 648.25 Td (requires that broker) Tj ET Q q 0 0 0 rg BT 132.10 648.25 Td (-dealers maintain a minimum level of net capital, as prescribed by the Rule. ) Tj ET Q q 0 0 0 rg BT 436.72 648.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.17 648.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.75 648.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 636.25 Td (CSS had net capital of approximately $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.19 636.25 Td (3,530,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.19 636.25 Td (, which exceeded its requirements by approximately $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.23 636.25 Td (3,271,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.23 636.25 Td (. ) Tj ET Q q 0 0 0 rg BT 512.05 636.25 Td (The Rule ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 624.25 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 516.45 624.25 Td (-dealer is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 612.25 Td (less than the amount required under the Rule and requires prior notice to the SEC for certain withdrawals of capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 591.25 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 54.00 579.25 Td (of such rule.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 558.25 Td (CSAL) Tj ET Q q 0 0 0 rg BT 103.19 558.25 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 54.00 546.25 Td (Kingdom Financial Conduct ) Tj ET Q q 0 0 0 rg BT 169.83 546.25 Td (Authority) Tj ET Q q 0 0 0 rg BT 208.06 546.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 260.72 546.25 Td (. ) Tj ET Q q 0 0 0 rg BT 265.17 546.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.62 546.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.20 546.25 Td (, CSAL) Tj ET Q q 0 0 0 rg BT 398.39 546.25 Td ( and CSUK had aggregate regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 534.25 Td (capital of approximately $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.24 534.25 Td (63,235,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.24 534.25 Td (, which exceeded aggregate regulatory capital requirements by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 522.25 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 522.25 Td (58,641,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 522.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 495.25 Td (13. Commitments and Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 478.25 Td (The Company leases of) Tj ET Q q 0 0 0 rg BT 170.46 478.25 Td (fice space under noncancelable operating leases expiring at various dates through March 2024. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.25 Td (The Company also leases certain information technology applications, market data and of) Tj ET Q q 0 0 0 rg BT 412.59 466.25 Td (fice equipment under noncancelable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 454.25 Td (operating leases expiring at various dates through July 2020. ) Tj ET Q q 0 0 0 rg BT 298.77 454.25 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 54.00 442.25 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 53.5 409.75 m 497.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 409.75 m 557.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 409.75 m 557.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 325.75 m 557.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 313.75 m 557.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 311.75 m 557.5 311.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 56.00 413.98 Td (Y) Tj ET Q q 0 0 0 rg BT 60.89 413.98 Td (ear) Tj ET Q q 0 0 0 rg BT 71.85 413.98 Td ( Ending December) Tj ET Q q 0 0 0 rg BT 135.25 413.98 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 509.40 421.98 Td (Operating) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 515.65 413.98 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 400.32 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 400.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 400.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 400.32 Td (13,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 386.32 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 386.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 386.32 Td (13,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 372.32 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 372.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 372.32 Td (1) Tj ET Q q 0 0 0 rg BT 531.15 372.32 Td (1,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 358.32 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 358.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 358.32 Td (10,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 344.32 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 344.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 344.32 Td (10,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 330.32 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.50 330.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 330.32 Td (1) Tj ET Q q 0 0 0 rg BT 531.15 330.32 Td (1,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 316.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 316.32 Td (72,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 313.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 292.25 Td (Rent expense char) Tj ET Q q 0 0 0 rg BT 149.62 292.25 Td (ged to operations, including escalation char) Tj ET Q q 0 0 0 rg BT 323.27 292.25 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 54.00 280.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.26 280.25 Td ($1) Tj ET Q q 0 0 0 rg BT 123.89 280.25 Td (1,81) Tj ET Q q 0 0 0 rg BT 141.02 280.25 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.52 280.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.52 280.25 Td ($1) Tj ET Q q 0 0 0 rg BT 178.15 280.25 Td (1,535,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.15 280.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.58 280.25 Td ($1) Tj ET Q q 0 0 0 rg BT 247.21 280.25 Td (1,215,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.21 280.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.59 280.25 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.59 280.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 268.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 101.66 268.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 251.25 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 54.00 239.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 92.71 239.25 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 509.59 239.25 Td (fect on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.25 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 78.00 206.25 Td (The Company periodically commits to fund a portion of the equity in certain of its sponsored investment products. ) Tj ET Q q 0 0 0 rg BT 538.56 206.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 194.25 Td (Company has committed to co-invest up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.70 194.25 Td ($5.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.59 194.25 Td ( alongside GRP-TE, a portion of which is made through GRP-TE and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 182.25 Td (the remainder of which is made through GRP-CIP) Tj ET Q q 0 0 0 rg BT 254.42 182.25 Td ( for up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.86 182.25 Td (12 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.46 182.25 Td ( through the life of GRP-TE. ) Tj ET Q q 0 0 0 rg BT 444.39 182.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.83 182.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.42 182.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 170.25 Td (the Company has funded approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.46 170.25 Td ($3.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.35 170.25 Td ( with respect to this commitment. ) Tj ET Q q 0 0 0 rg BT 401.54 170.25 Td (The actual timing for funding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 158.25 Td (unfunded portion of this commitment is currently unknown, as the drawdown of the Company) Tj ET Q q 0 0 0 rg BT 433.94 158.25 Td (s unfunded commitment is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 146.25 Td (contingent on the timing of drawdowns by the underlying funds and co-investments in which GRP-TE invests. ) Tj ET Q q 0 0 0 rg BT 499.03 146.25 Td (The unfunded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 134.25 Td (commitment was not recorded on the Company) Tj ET Q q 0 0 0 rg BT 246.73 134.25 Td (s consolidated statements of financial condition as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.12 134.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.71 134.25 Td (. ) Tj ET Q endstream endobj 153 0 obj <> endobj 154 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 /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 677.25 Td (14. Income ) Tj ET Q q 0 0 0 rg BT 102.98 677.25 Td (T) Tj ET Q q 0 0 0 rg BT 108.73 677.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 660.25 Td (On December 22, 2017, the ) Tj ET Q q 0 0 0 rg BT 190.84 660.25 Td (T) Tj ET Q q 0 0 0 rg BT 196.25 660.25 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 265.70 660.25 Td (Act \(the ) Tj ET Q q 0 0 0 rg BT 300.50 660.25 Td (T) Tj ET Q q 0 0 0 rg BT 305.92 660.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 317.30 660.25 Td (Act\) was enacted. ) Tj ET Q q 0 0 0 rg BT 390.97 660.25 Td (The ) Tj ET Q q 0 0 0 rg BT 408.84 660.25 Td (T) Tj ET Q q 0 0 0 rg BT 414.25 660.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 425.64 660.25 Td (Act, among other things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 648.25 Td (imposed a one-time tax on deemed repatriated accumulated earnings and profits of the Company) Tj ET Q q 0 0 0 rg BT 443.59 648.25 Td (s foreign subsidiaries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 636.25 Td (moves from the current system of worldwide taxation to a territorial system and reduced the statutory corporate tax rate to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 624.25 Td (21%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.33 624.25 Td (. ) Tj ET Q q 0 0 0 rg BT 76.78 624.25 Td (As a result of these changes, in the fourth quarter of 2017, the Company recorded a transition tax attributable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 612.25 Td (shift in tax regimes and also remeasured its deferred and other tax balances using enacted tax rates which will be in ef) Tj ET Q q 0 0 0 rg BT 525.04 612.25 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 600.25 Td (when such items are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 219.86 600.25 Td (T) Tj ET Q q 0 0 0 rg BT 225.27 600.25 Td (ax char) Tj ET Q q 0 0 0 rg BT 254.23 600.25 Td (ges in connection with the enactment of the ) Tj ET Q q 0 0 0 rg BT 430.67 600.25 Td (T) Tj ET Q q 0 0 0 rg BT 436.08 600.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 447.46 600.25 Td (Act may change due to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 588.25 Td (among other things, additional guidance that may be issued by the U.S. Department of the ) Tj ET Q q 0 0 0 rg BT 416.51 588.25 Td (T) Tj ET Q q 0 0 0 rg BT 422.27 588.25 Td (reasury with respect to the ) Tj ET Q q 0 0 0 rg BT 530.11 588.25 Td (T) Tj ET Q q 0 0 0 rg BT 535.52 588.25 Td (ax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 576.25 Td (Act and revisions to the Company) Tj ET Q q 0 0 0 rg BT 193.15 576.25 Td (s assumptions as further information and interpretations become available.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 555.25 Td (The provision for income taxes for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.34 555.25 Td (years ended December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.34 555.25 Td ( included U.S. federal, state, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.25 Td (local and foreign taxes. ) Tj ET Q q 0 0 0 rg BT 149.62 543.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 175.25 543.25 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.03 543.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.24 543.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.12 543.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.70 543.25 Td ( was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.51 543.25 Td (42.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.34 543.25 Td (, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 531.25 Td (dif) Tj ET Q q 0 0 0 rg BT 64.93 531.25 Td (fered from the U.S. federal statutory rate primarily due to tax char) Tj ET Q q 0 0 0 rg BT 328.81 531.25 Td (ges of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.73 531.25 Td ($8.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.62 531.25 Td ( related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 519.25 Td (transition tax on the deemed repatriation of foreign earnings and profits and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.72 519.25 Td ($4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.61 519.25 Td ( related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 507.25 Td (remeasurement of deferred and other tax balances, partially of) Tj ET Q q 0 0 0 rg BT 302.31 507.25 Td (fset by the release of certain tax reserves and other tax-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 495.25 Td (items aggregating to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.40 495.25 Td ($4.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.30 495.25 Td (. ) Tj ET Q q 0 0 0 rg BT 252.12 495.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 277.75 495.25 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.53 495.25 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.74 495.25 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.62 495.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.20 495.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 483.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.26 483.25 Td (35.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.09 483.25 Td (, which dif) Tj ET Q q 0 0 0 rg BT 182.96 483.25 Td (fered from the U.S. federal statutory rate primarily due to the release of a valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 471.25 Td (allowance associated with unrealized gains on the Company) Tj ET Q q 0 0 0 rg BT 297.54 471.25 Td (s seed investments. ) Tj ET Q q 0 0 0 rg BT 376.79 471.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 402.42 471.25 Td (fective tax rate was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 459.25 Td (42.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.83 459.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.29 459.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.88 459.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 438.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.05 438.25 Td ($8.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.94 438.25 Td ( transition tax liability is payable over eight years starting in March 2019. ) Tj ET Q q 0 0 0 rg BT 441.35 438.25 Td (The table below summarizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 426.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 110.38 426.25 Td (s future commitments:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 384.75 m 500.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 384.75 m 558.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 384.75 m 558.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 272.75 m 558.5 272.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 260.75 m 558.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 258.75 m 558.5 258.75 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 388.98 Td (Y) Tj ET Q q 0 0 0 rg BT 61.89 388.98 Td (ear) Tj ET Q q 0 0 0 rg BT 72.85 388.98 Td ( Ending December) Tj ET Q q 0 0 0 rg BT 136.25 388.98 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 504.05 396.98 Td (T) Tj ET Q q 0 0 0 rg BT 508.79 396.98 Td (ransition ) Tj ET Q q 0 0 0 rg BT 541.32 396.98 Td (T) Tj ET Q q 0 0 0 rg BT 545.92 396.98 Td (ax) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.30 388.98 Td (Liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 375.32 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 375.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 375.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 375.32 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 361.32 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 361.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 361.32 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 347.32 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 347.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 347.32 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 333.32 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 333.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 333.32 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 319.32 Td (2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 319.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 319.32 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 305.32 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 305.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 305.32 Td (1,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 291.32 Td (2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 291.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 291.32 Td (1,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 277.32 Td (2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 277.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 277.32 Td (2,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.00 263.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 263.32 Td (8,432) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 155 0 obj <> endobj 156 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 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 419.17 677.10 Td (years ended December31, 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.44 665.10 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 369.5 641.6 m 429.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 641.6 m 433.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 641.6 m 493.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 641.6 m 497.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 641.6 m 557.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 641.6 m 429.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 628.6 m 429.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 641.6 m 493.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 628.6 m 493.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 641.6 m 557.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 628.6 m 557.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 628.6 m 493.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 600.6 m 493.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 600.6 m 557.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 600.6 m 429.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 587.6 m 429.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 585.6 m 429.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 600.6 m 493.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 587.6 m 493.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 585.6 m 493.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 600.6 m 557.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 587.6 m 557.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 585.6 m 557.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 526.6 m 429.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 526.6 m 493.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 526.6 m 557.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 526.6 m 429.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 512.6 m 429.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 526.6 m 493.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 512.6 m 493.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 526.6 m 557.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 512.6 m 557.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 456.6 m 429.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 456.6 m 493.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 456.6 m 557.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 456.6 m 429.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 442.6 m 429.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 456.6 m 493.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 442.6 m 493.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 456.6 m 557.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 442.6 m 557.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 430.6 m 429.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 428.6 m 429.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 430.6 m 493.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 428.6 m 493.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 430.6 m 557.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 428.6 m 557.5 428.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 645.17 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.70 645.83 Td (Y) Tj ET Q q 0 0 0 rg BT 423.59 645.83 Td (ear) Tj ET Q q 0 0 0 rg BT 434.55 645.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.28 645.83 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 632.83 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 632.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 632.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 619.17 Td (Income before provision for income taxes - U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 619.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 619.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 619.17 Td (149,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 619.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 619.17 Td (132,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 619.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 619.17 Td (101,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 605.17 Td (Income before provision for income taxes - Non-U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 605.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 605.17 Td (1) Tj ET Q q 0 0 0 rg BT 403.15 605.17 Td (1,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 605.17 Td (10,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 605.17 Td (1) Tj ET Q q 0 0 0 rg BT 531.15 605.17 Td (1,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 591.17 Td (T) Tj ET Q q 0 0 0 rg BT 75.26 591.17 Td (otal income before provision for incometaxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.50 591.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 591.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 591.17 Td (160,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 591.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 591.17 Td (143,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 591.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 591.17 Td (1) Tj ET Q q 0 0 0 rg BT 526.15 591.17 Td (12,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 573.17 Td (Current taxes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 573.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 573.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 573.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 559.17 Td (U.S. federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.50 559.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 559.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 559.17 Td (58,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 559.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 559.17 Td (42,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 559.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 559.17 Td (32,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 545.17 Td (State and local) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 545.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 545.17 Td (8,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 545.17 Td (7,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 545.17 Td (6,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 531.17 Td (Non-U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 531.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 531.17 Td (1,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 531.17 Td (2,014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 531.17 Td (2,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 517.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 517.17 Td (68,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 517.17 Td (51,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 517.17 Td (41,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 503.17 Td (Deferred taxes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 503.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 503.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 503.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 489.17 Td (U.S. federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.50 489.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 489.22 Td (\(428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 489.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 489.22 Td (\(743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 489.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 489.17 Td (6,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 475.17 Td (State and local) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 475.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 475.22 Td (\(412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 475.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 475.22 Td (\(86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 475.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 475.17 Td (1,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 461.17 Td (Non-U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 461.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 461.17 Td (526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 461.22 Td (\(71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 461.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 461.22 Td (\(215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 461.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 447.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 447.22 Td (\(314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 447.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 447.22 Td (\(900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 447.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 447.17 Td (7,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 433.17 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.50 433.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 433.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 433.17 Td (67,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 433.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 433.17 Td (50,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 433.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 433.17 Td (48,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 430.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 409.10 Td (Deferred income taxes, which have been remeasured to reflect the lower statutory corporate tax rate resulting from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 397.10 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 397.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 70.80 397.10 Td (Act, represent the tax ef) Tj ET Q q 0 0 0 rg BT 166.40 397.10 Td (fects of the temporary dif) Tj ET Q q 0 0 0 rg BT 267.85 397.10 Td (ferences between book and tax bases and are measured using enacted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 385.10 Td (tax rates that will be in ef) Tj ET Q q 0 0 0 rg BT 155.45 385.10 Td (fect when such items are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 338.79 385.10 Td (The Company records a valuation allowance, when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 373.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 92.22 373.10 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 76.50 352.10 Td (Significant components of the Company) Tj ET Q q 0 0 0 rg BT 240.92 352.10 Td (s net deferred income tax asset at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.14 352.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.72 352.10 Td ( and 2016 consist of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 340.10 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 433.5 318.6 m 493.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 318.6 m 497.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 318.6 m 557.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 318.6 m 493.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 307.6 m 493.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 318.6 m 557.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 307.6 m 557.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 195.60000000000002 m 493.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 195.60000000000002 m 557.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 167.60000000000002 m 493.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 167.60000000000002 m 557.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 167.60000000000002 m 493.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 155.60000000000002 m 493.5 155.60000000000002 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 497.5 167.60000000000002 m 557.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 155.60000000000002 m 557.5 155.60000000000002 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 BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.50 321.68 Td (At December) Tj ET Q q 0 0 0 rg BT 511.51 321.68 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 310.68 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 310.68 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 298.17 Td (Deferred income tax assets \(liabilities\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 298.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 298.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 284.17 Td (Stock-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.50 284.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 284.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 284.17 Td (5,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 284.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 284.17 Td (7,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 270.17 Td (Non-deductible realized losses on investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 270.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 270.17 Td (1,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 270.17 Td (2,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 256.17 Td (Dividend equivalents on unvested restricted stock units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 256.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 256.17 Td (1,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 256.17 Td (2,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 242.17 Td (Net unrealized losses on investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 242.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 242.17 Td (2,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 242.17 Td (4,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 228.17 Td (Deferred compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.50 228.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 228.22 Td (\(1,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 228.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 228.22 Td (\(4,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 228.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 214.17 Td (Deferred rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.50 214.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 214.17 Td (1,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 214.17 Td (2,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 200.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 200.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 200.22 Td (\(996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 200.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 200.22 Td (\(2,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 200.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 186.17 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 186.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 186.17 Td (9,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 186.17 Td (12,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 172.17 Td (Less: valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.50 172.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 172.22 Td (\(3,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 172.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 172.22 Td (\(6,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 172.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 158.17 Td (Deferred income tax assetnet) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.50 158.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 158.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 158.17 Td (5,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 158.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 158.17 Td (5,619) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 134.10 Td (The Company had capital loss carryforwards of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.75 134.10 Td ($4,181,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.75 134.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.19 134.10 Td ($6,959,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.19 134.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 122.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.58 122.10 Td ( and 2016 which, if unused, will expire in years 2018 to 2021. ) Tj ET Q q 0 0 0 rg BT 382.92 122.10 Td (The valuation allowance on the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 110.10 Td (deferred income tax asset decreased approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.57 110.10 Td ($2,890,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.57 110.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.48 110.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.06 110.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 89.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 89.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 89.10 Td (, the Company had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.88 89.10 Td ($12,406,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.88 89.10 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 77.10 Td (total, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.03 77.10 Td ($9,532,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.03 77.10 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 65.10 Td (that, if recognized, would favorably af) Tj ET Q q 0 0 0 rg BT 207.37 65.10 Td (fect the Company) Tj ET Q q 0 0 0 rg BT 281.24 65.10 Td (s ef) Tj ET Q q 0 0 0 rg BT 295.22 65.10 Td (fective tax rate in future periods. ) Tj ET Q q 0 0 0 rg BT 428.03 65.10 Td (The Company believes it is ) Tj ET Q endstream endobj 157 0 obj <> endobj 158 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 /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 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 337.53 677.10 Td ($1,975,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.53 677.10 Td ( within the next twelve months due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 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 76.50 644.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 644.10 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 457.5 611.6 m 557.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 611.6 m 557.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 556.6 m 557.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 556.6 m 557.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 543.6 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 457.5 543.6 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 457.5 501.6 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 457.5 501.6 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 457.5 488.6 m 557.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 488.6 m 557.5 488.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 446.6 m 557.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 446.6 m 557.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 434.6 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 457.5 432.6 m 557.5 432.6 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.80 623.83 Td (Liabilityfor) Tj ET Q q 0 0 0 rg BT 503.21 623.83 Td (Unr) Tj ET Q q 0 0 0 rg BT 518.84 623.83 Td (ecognized) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 485.90 615.83 Td (T) Tj ET Q q 0 0 0 rg BT 490.50 615.83 Td (axBenefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 602.17 Td (Gross unrecognized tax benefits balance at January1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 602.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 602.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 602.17 Td (6,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 589.17 Td (Addition for tax positions of current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 589.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 589.17 Td (1,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 575.17 Td (Addition for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.50 575.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 575.17 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 561.17 Td (Reduction of tax positions from prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.50 561.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 561.22 Td (\(484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 561.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 547.17 Td (Gross unrecognized tax benefits balance at December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 547.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 547.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 547.17 Td (7,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 534.17 Td (Addition for tax positions of current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 534.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 534.17 Td (1,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 520.17 Td (Addition for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.50 520.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 520.17 Td (163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 506.17 Td (Reduction of tax positions from prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.50 506.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 506.22 Td (\(1,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 506.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 492.17 Td (Gross unrecognized tax benefits balance at December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 492.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 492.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 492.17 Td (7,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 479.17 Td (Addition for tax positions of current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 479.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 479.17 Td (1,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 465.17 Td (Addition for tax positions of prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.50 465.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 465.17 Td (6,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 451.17 Td (Reduction of tax positions from prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.50 451.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 451.22 Td (\(3,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 451.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 437.17 Td (Gross unrecognized tax benefits balance at December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 437.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.00 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 437.17 Td (12,406) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 413.10 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 54.00 401.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 79.00 401.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 401.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.08 401.10 Td ( and 2016, the Company had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.82 401.10 Td ($1,933,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.82 401.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.26 401.10 Td ($2,250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.26 401.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 509.92 401.10 Td (, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 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 76.50 368.10 Td (The tax years 201) Tj ET Q q 0 0 0 rg BT 147.49 368.10 Td (1 through 2017 remain open to examination by various taxing jurisdictions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 347.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 347.10 Td ( reconciliation of the Company) Tj ET Q q 0 0 0 rg BT 210.36 347.10 Td (s statutory federal income tax rate and the ef) Tj ET Q q 0 0 0 rg BT 387.88 347.10 Td (fective tax rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.66 347.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 335.10 Td (December31, 2017, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 335.10 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 369.5 313.6 m 429.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 313.6 m 433.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 313.6 m 493.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 313.6 m 497.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 313.6 m 557.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 313.6 m 429.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 302.6 m 429.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 313.6 m 493.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 302.6 m 493.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 313.6 m 557.5 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 302.6 m 557.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 302.6 m 429.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 302.6 m 493.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 302.6 m 557.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 190.60000000000002 m 429.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 190.60000000000002 m 493.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 190.60000000000002 m 557.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 190.60000000000002 m 429.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 178.60000000000002 m 429.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 176.60000000000002 m 429.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 190.60000000000002 m 493.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 178.60000000000002 m 493.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 176.60000000000002 m 493.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 190.60000000000002 m 557.5 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 178.60000000000002 m 557.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 176.60000000000002 m 557.5 176.60000000000002 l s BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.70 316.68 Td (Y) Tj ET Q q 0 0 0 rg BT 423.59 316.68 Td (ear) Tj ET Q q 0 0 0 rg BT 434.55 316.68 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.28 316.68 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 305.68 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 305.68 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 305.68 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 293.17 Td (U.S. statutory tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 293.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 293.17 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 293.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 293.17 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 293.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 293.17 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 293.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 279.17 Td (T) Tj ET Q q 0 0 0 rg BT 61.76 279.17 Td (ax ) Tj ET Q q 0 0 0 rg BT 73.07 279.17 Td (Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 279.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 279.17 Td (8.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 279.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 279.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 279.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 279.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 279.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 265.17 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 283.50 265.17 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 265.17 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 265.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 265.17 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 265.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 265.17 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 265.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 251.17 Td (Non-deductible losses on investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.50 251.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 251.17 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 251.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 251.17 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 251.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 251.17 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 251.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 237.17 Td (Reserve adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 237.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.45 237.17 Td (\(1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 237.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.45 237.17 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 237.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 237.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 237.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 223.17 Td (Non-taxable gains on investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.50 223.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.45 223.17 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 223.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.45 223.17 Td (\(3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 223.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.30 223.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 223.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 209.17 Td (Foreign operations tax dif) Tj ET Q q 0 0 0 rg BT 159.50 209.17 Td (ferential) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.50 209.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.45 209.17 Td (\(1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 209.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.45 209.17 Td (\(1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 209.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 209.17 Td (\(2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 209.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 195.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.50 195.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.45 195.17 Td (\(0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 195.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.45 195.17 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 195.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 195.17 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 195.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 181.17 Td (Ef) Tj ET Q q 0 0 0 rg BT 78.76 181.17 Td (fective income tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 181.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 181.17 Td (42.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 181.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 181.17 Td (35.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 181.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 181.17 Td (42.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 181.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 159 0 obj <> endobj 160 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-36) 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) Tj ET Q q 0 0 0 rg BT 136.21 660.25 Td (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 372.81 660.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 660.25 Td ( major financial institutions. ) Tj ET Q q 0 0 0 rg BT 507.88 660.25 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% 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 418.70 596.83 Td (Y) Tj ET Q q 0 0 0 rg BT 423.59 596.83 Td (ear) Tj ET Q q 0 0 0 rg BT 434.55 596.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.28 596.83 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 585.83 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 585.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 585.83 Td (2015) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 559.32 Td (38,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 559.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 559.32 Td (45,047) 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 (47,870) 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 (10) 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 (13) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 511.32 Td (54,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 511.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 511.32 Td (43,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 511.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 511.32 Td (29,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 497.32 Td (Percent of total revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 497.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 497.32 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 497.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 497.32 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 497.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 497.32 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 497.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 479.32 Td (Daiwa ) Tj ET Q q 0 0 0 rg BT 84.05 479.32 Td (Asset Management:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 465.32 Td (Investment advisory fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 465.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 465.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 465.32 Td (37,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 465.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 465.32 Td (39,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 465.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 465.32 Td (37,653) 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 (3,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 451.32 Td (2,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 451.32 Td (2,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 437.32 Td (T) Tj ET Q q 0 0 0 rg BT 88.76 437.32 Td (otal) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 437.32 Td (40,791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 437.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 437.32 Td (42,307) 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 (40,446) 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 (1) Tj ET Q q 0 0 0 rg BT 415.65 421.42 Td (1) 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 (12) 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, 2017, 2016 and 2015) 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 418.70 365.83 Td (Y) Tj ET Q q 0 0 0 rg BT 423.59 365.83 Td (ear) Tj ET Q q 0 0 0 rg BT 434.55 365.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 495.28 365.83 Td ( 31,) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.00 354.83 Td (2017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.00 354.83 Td (2016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 519.00 354.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 342.32 Td (North ) Tj ET Q q 0 0 0 rg BT 81.55 342.32 Td (America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.50 342.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 342.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 342.32 Td (313,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 342.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 342.32 Td (285,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 342.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 342.32 Td (269,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 328.32 Td (Japan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.50 328.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 328.32 Td (42,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 328.32 Td (43,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 328.32 Td (41,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 314.32 Td (Asia excluding Japan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 314.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 314.32 Td (1) Tj ET Q q 0 0 0 rg BT 403.15 314.32 Td (1,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 314.32 Td (9,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 314.32 Td (6,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 300.32 Td (Europe) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 300.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 300.32 Td (10,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 300.32 Td (10,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 300.32 Td (10,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 286.32 Td (T) Tj ET Q q 0 0 0 rg BT 88.41 286.32 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 286.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.00 286.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 286.32 Td (378,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.00 286.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 286.32 Td (349,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 286.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 286.32 Td (328,655) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 161 0 obj <> endobj 162 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-37) 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 2017 and 2016 \(in thousands, except per share data\): ) 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 (T) Tj ET Q q 0 0 0 rg BT 522.85 630.83 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 618.32 Td (2017) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 604.32 Td (89,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 604.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 604.32 Td (92,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 604.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 604.32 Td (96,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 604.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 604.32 Td (99,342) 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 (378,194) 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 (35,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 590.32 Td (37,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 590.32 Td (40,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 590.32 Td (40,888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 590.32 Td (154,746) 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 (22,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 576.32 Td (23,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 576.32 Td (25,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 576.32 Td (20,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 576.32 Td (91,939) 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 (0.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 539.32 Td (0.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 539.32 Td (0.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 539.32 Td (0.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 539.32 Td (1.98) 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 (0.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 526.32 Td (0.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 526.32 Td (0.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 526.32 Td (0.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 526.32 Td (1.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 513.32 Td (W) Tj ET Q q 0 0 0 rg BT 65.04 513.32 Td (eighted-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 (46,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 500.32 Td (46,373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 500.32 Td (46,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 500.32 Td (46,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 500.32 Td (46,353) 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 (46,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 487.32 Td (46,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 487.32 Td (47,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 487.32 Td (47,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 487.32 Td (46,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 470.32 Td (2016) 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 (79,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 456.32 Td (86,373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 456.32 Td (94,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.00 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 456.32 Td (89,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 456.32 Td (349,876) 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 (28,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 442.32 Td (34,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 442.32 Td (37,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 442.32 Td (35,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 442.32 Td (135,51) Tj ET Q q 0 0 0 rg BT 548.65 442.32 Td (1) 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 (18,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 428.32 Td (24,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 428.32 Td (23,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 428.32 Td (26,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 428.32 Td (92,936) 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 (0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 391.32 Td (0.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 391.32 Td (0.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 391.32 Td (0.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 391.32 Td (2.02) 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 (0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 378.32 Td (0.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 378.32 Td (0.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 378.32 Td (0.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 378.32 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 365.32 Td (W) Tj ET Q q 0 0 0 rg BT 64.64 365.32 Td (eighted-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 (45,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 352.32 Td (45,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 352.32 Td (45,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 352.32 Td (46,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 352.32 Td (45,951) 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 (46,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 339.32 Td (46,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 339.32 Td (46,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 339.32 Td (46,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 339.32 Td (46,432) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 297.25 Td (17. Subsequent Events) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.00 280.25 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 54.00 268.25 Td (date the consolidated financial statements were issued. Other than the items described below) Tj ET Q q 0 0 0 rg BT 423.51 268.25 Td (, the Company determined that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 256.25 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 78.00 239.25 Td (On February 22, 2018, 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 466.54 239.25 Td ($0.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.04 239.25 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 532.72 239.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.25 Td (dividend will be payable on March 22, 2018 to stockholders of record at the close of business on March 8,2018.) Tj ET Q endstream endobj 163 0 obj <> /View <>>>>> endobj 164 0 obj <> /View <>>>>> endobj 165 0 obj <> endobj 166 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>|;