the low interest rate environment experienced in 2010 led us to continue voluntarily waiving money market advisory fees to maintain a zero or positive yield for fund investors . we waived $ 25.1 million in 2010 compared to $ 5.7 million in 2009 and anticipate these fee waivers will continue into 2011. we made a one-time contribution of $ 16.4 million in november 2010 , to certain of our sponsored money market mutual funds to offset the effect of cumulative net losses realized by those funds in past years in order to allay any fund shareholder concerns that might arise because of new sec disclosure rules . the charge associated with this one-time contribution is included in other operating expenses . - 15 - background . against a backdrop of healthy earnings , strong balance sheets , and low borrowing costs for corporations , major u.s. equity indexes rose strongly in 2010 , capping a second consecutive year of solid gains . stocks produced robust returns through late april , extending the rally that started in march 2009 , but fell sharply through early july due in part to concern around the european sovereign debt crisis , a sluggish u.s. economic recovery , and the flash crash in u.s. stock prices on may 6. equities rebounded strongly beginning in late august as the economy showed signs of improvement and the federal reserve gave reassurance that they would employ non-traditional monetary policy tools , as needed , to promote economic recovery . the market continued to rally through the fourth quarter , as the federal reserve proved their willingness to act by initiating a second round of quantitative easing since the 2008 financial crisis . they announced plans to purchase an additional $ 600 billion in treasuries by mid-2011 in an attempt to keep longer-term interest rates low . bipartisan legislation in mid-december that extended for two years the bush-era tax cuts that were set to expire at the end of 2010 helped lift major indexes to their highest levels of the year . in this environment , the s & p 500 index of large-cap companies in leading industries of the u.s. economy returned 15.1 % in 2010 , while the nasdaq composite index , which is heavily weighted with technology companies , returned 16.9 % ( excluding dividends ) . the returns in developed non-u.s. equity markets were mixed as strong asian market performance was offset by weaker results in europe , where markets struggled with concerns over the sovereign debt crisis . as developed markets dealt with economic pressures , emerging equity markets produced strong returns , with countries in the emerging europe , middle east , and africa ( emea ) regions faring the best . the msci emerging markets index returned 19.2 % versus 8.2 % for the msci eafe index , which measures the performance of mostly large-cap stocks in europe , australasia , and the far east . the federal reserve 's target funds rate remained in the range of 0.00 % to 0.25 % throughout 2010 , where it has been since late 2008. this historically low rate along with the slowdown in the economy during the spring and the european debt crisis placed strong downward pressure on treasury yields as investors sought the safety of treasuries . treasury yields began to rise in late fall in response to the federal reserve 's additional stimulus and a stronger economic climate , but most of the yield curve ended the year still below their levels at the end of 2009. the yield on the benchmark 10-year u.s. treasury at december 31 , 2010 , was 3.3 % , a decrease of 55 basis points from the end of 2009. u.s. fixed income securities realized modest gains in 2010. high yield bonds significantly outperformed investment-grade issues , as investors sought higher returns in the low interest rate environment . the credit suisse high yield index gained 14.4 % in 2010 , while the barclays capital u.s. aggregate index gained 6.5 % . a similar trend was seen in the non-u.s. bond markets , as investors sought riskier bonds issued by emerging market countries over the high-quality bonds issued in developed markets . the j.p. morgan emerging markets index plus gained 11.8 % in 2010 , while the barclays capital global aggregate ex-u.s. dollar bond index was up 5.0 % . in this environment , investors entrusted net inflows of $ 30.3 billion to our management in 2010. total assets under our management increased $ 90.7 billion over the course of 2010 and ended the year at a record $ 482.0 billion , a substantial recovery from the $ 276.3 billion at the end of 2008 and an increase of 21 % from the previous record year-end high of $ 400.0 billion at the end of 2007. our assets under management ( in billions ) have changed during the past three years as follows : replace_table_token_6_th over the last three years , our net cash inflows have been sourced most significantly from third-party financial intermediaries and from institutional investors around the world . our relative investment performance over much of this period and brand awareness contributed significantly to attracting net inflows across each of our four distribution channels . - 16 - assets under management at december 31 , 2010 , include $ 360.6 billion in equity and blended asset investment portfolios and $ 121.4 billion in fixed income investment portfolios . story_separator_special_tag the maximum future impairment of goodwill that we could incur is the amount recognized in our balance sheet , $ 665.7 million . stock options . we recognize stock option-based compensation expense in our consolidated statement of income using a fair value based method . fair value methods use a valuation model for shorter-term , market-traded financial instruments to theoretically value stock option grants even though they are not available for trading and are of longer duration . the black-scholes option-pricing model that we use includes the input of certain variables that are dependent on future expectations , including the expected lives of our options from grant date to exercise date , the volatility of our underlying common shares in the market over that time period , and the rate of dividends that we will pay during that time . our estimates of these variables are made for the purpose of using the valuation model to determine an expense for each reporting period and are not subsequently adjusted . unlike most of our expenses , the resulting charge to earnings using a fair value based method is a non-cash charge that is never measured by , or adjusted based on , a cash outflow . provision for income taxes . after compensation and related costs , our provision for income taxes on our earnings is our largest annual expense . we operate in numerous states and countries through our various subsidiaries , and must allocate our income , expenses , and earnings under the various laws and regulations of each of these taxing jurisdictions . accordingly , our provision for income taxes represents our total estimate of the liability that we have incurred in doing business each year in all of our locations . annually , we file tax returns that represent our filing positions with each jurisdiction and settle our return liabilities . each jurisdiction has the right to audit those returns and may take different positions with respect to income and expense allocations and taxable earnings determinations . from time to time , we may also provide for estimated liabilities associated with uncertain tax return filing positions that are subject to , or in the process of , being audited by various tax authorities . because the determination of our annual provision is subject to judgments and estimates , it is likely that actual results will vary from those recognized in our financial statements . as a result , we recognize additions to , or reductions of , income tax expense during a reporting period that pertain to prior period provisions as our estimated liabilities are revised and actual tax returns and tax audits are settled . we recognize any such prior period adjustment in the discrete quarterly period in which it is determined . newly issued but not yet adopted accounting guidance . each reporting period we consider all newly issued but not yet adopted accounting and reporting guidance that is applicable to our operations and the preparation of our consolidated statements . we do not believe that any issued guidance that we have not yet adopted will have a material effect on our financial position or results of operations . - 21 - forward-looking information . from time to time , information or statements provided by or on behalf of t. rowe price , including those within this report , may contain certain forward-looking information , including information or anticipated information relating to : our revenues , net income and earnings per share on common stock ; changes in the amount and composition of our assets under management ; our expense levels ; our estimated effective income tax rate ; and our expectations regarding financial markets , future transactions , investments , capital expenditures , and other conditions . readers are cautioned that any forward-looking information provided by or on behalf of t. rowe price is not a guarantee of future performance . actual results may differ materially from those in forward-looking information because of various factors including , but not limited to , those discussed below and in item 1a , risk factors , of this form 10-k annual report . further , forward-looking statements speak only as of the date on which they are made , and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events . our future revenues and results of operations will fluctuate primarily due to changes in the total value and composition of assets under our management . such changes result from many factors including , among other things : cash inflows and outflows in the t. rowe price mutual funds and other managed investment portfolios ; fluctuations in global financial markets that result in appreciation or depreciation of the assets under our management ; our introduction of new mutual funds and investment portfolios ; and changes in retirement savings trends relative to participant-directed investments and defined contribution plans . the ability to attract and retain investors ' assets under our management is dependent on investor sentiment and confidence ; the relative investment performance of the price mutual funds and other managed investment portfolios as compared to competing offerings and market indexes ; the ability to maintain our investment management and administrative fees at appropriate levels ; competitive conditions in the mutual fund , asset management , and broader financial services sectors ; and our level of success in implementing our strategy to expand our business . our revenues are substantially dependent on fees earned under contracts with the price funds and could be adversely affected if the independent directors of one or more of the price funds terminated or significantly altered the terms of the investment management or related administrative services agreements . non-operating investment income ( loss ) will also fluctuate primarily due to the size of our investments , and changes in their market valuations or

capital resources and liquidity . during 2010 , stockholders ' equity increased from $ 2.9 billion to $ 3.3 billion . we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010. tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion . given the availability of these financial resources , we do not maintain an available external source of liquidity . - 19 - at december 31 , 2010 , we had outstanding commitments to make additional contributions totaling $ 48.2 million to various investment partnerships in which we have an existing investment . we presently anticipate funding 2011 property and equipment expenditures of about $ 120 million from our cash balances and operating cash inflows . 2010 versus 2009 . operating activities during 2010 provided cash flows of $ 732.8 million , up $ 197.2 million from 2009 , including a $ 238.6 million increase in net income . cash flows in 2009 also included the impact of $ 36.1 million in other than temporary impairments of our investments in sponsored mutual funds that did not recur in 2010. net cash used in investing activities totaled $ 276.9 million , up $ 110.2 million from the 2009 period , primarily from the purchase of a 26 % equity interest in uti for $ 142.4 million plus related transaction costs incurred in the 2010 period of $ 1.2 million . we spent $ 15.9 million less in property and equipment expenditures in 2010 compared to 2009 due to the construction of our two new facilities in owings mills , maryland being completed in late 2009. net cash used in financing activities was $ 386.1 million in 2010 , up $ 141.4 million from the 2009 period . we increased our stock repurchases by expending $ 169.0 million more in 2010 compared to the 2009 year .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```capital resources and liquidity . during 2010 , stockholders ' equity increased from $ 2.9 billion to $ 3.3 billion . we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010. tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion . given the availability of these financial resources , we do not maintain an available external source of liquidity . - 19 - at december 31 , 2010 , we had outstanding commitments to make additional contributions totaling $ 48.2 million to various investment partnerships in which we have an existing investment . we presently anticipate funding 2011 property and equipment expenditures of about $ 120 million from our cash balances and operating cash inflows . 2010 versus 2009 . operating activities during 2010 provided cash flows of $ 732.8 million , up $ 197.2 million from 2009 , including a $ 238.6 million increase in net income . cash flows in 2009 also included the impact of $ 36.1 million in other than temporary impairments of our investments in sponsored mutual funds that did not recur in 2010. net cash used in investing activities totaled $ 276.9 million , up $ 110.2 million from the 2009 period , primarily from the purchase of a 26 % equity interest in uti for $ 142.4 million plus related transaction costs incurred in the 2010 period of $ 1.2 million . we spent $ 15.9 million less in property and equipment expenditures in 2010 compared to 2009 due to the construction of our two new facilities in owings mills , maryland being completed in late 2009. net cash used in financing activities was $ 386.1 million in 2010 , up $ 141.4 million from the 2009 period . we increased our stock repurchases by expending $ 169.0 million more in 2010 compared to the 2009 year .
```    
 Suspicious Activity Report : the low interest rate environment experienced in 2010 led us to continue voluntarily waiving money market advisory fees to maintain a zero or positive yield for fund investors . we waived $ 25.1 million in 2010 compared to $ 5.7 million in 2009 and anticipate these fee waivers will continue into 2011. we made a one-time contribution of $ 16.4 million in november 2010 , to certain of our sponsored money market mutual funds to offset the effect of cumulative net losses realized by those funds in past years in order to allay any fund shareholder concerns that might arise because of new sec disclosure rules . the charge associated with this one-time contribution is included in other operating expenses . - 15 - background . against a backdrop of healthy earnings , strong balance sheets , and low borrowing costs for corporations , major u.s. equity indexes rose strongly in 2010 , capping a second consecutive year of solid gains . stocks produced robust returns through late april , extending the rally that started in march 2009 , but fell sharply through early july due in part to concern around the european sovereign debt crisis , a sluggish u.s. economic recovery , and the flash crash in u.s. stock prices on may 6. equities rebounded strongly beginning in late august as the economy showed signs of improvement and the federal reserve gave reassurance that they would employ non-traditional monetary policy tools , as needed , to promote economic recovery . the market continued to rally through the fourth quarter , as the federal reserve proved their willingness to act by initiating a second round of quantitative easing since the 2008 financial crisis . they announced plans to purchase an additional $ 600 billion in treasuries by mid-2011 in an attempt to keep longer-term interest rates low . bipartisan legislation in mid-december that extended for two years the bush-era tax cuts that were set to expire at the end of 2010 helped lift major indexes to their highest levels of the year . in this environment , the s & p 500 index of large-cap companies in leading industries of the u.s. economy returned 15.1 % in 2010 , while the nasdaq composite index , which is heavily weighted with technology companies , returned 16.9 % ( excluding dividends ) . the returns in developed non-u.s. equity markets were mixed as strong asian market performance was offset by weaker results in europe , where markets struggled with concerns over the sovereign debt crisis . as developed markets dealt with economic pressures , emerging equity markets produced strong returns , with countries in the emerging europe , middle east , and africa ( emea ) regions faring the best . the msci emerging markets index returned 19.2 % versus 8.2 % for the msci eafe index , which measures the performance of mostly large-cap stocks in europe , australasia , and the far east . the federal reserve 's target funds rate remained in the range of 0.00 % to 0.25 % throughout 2010 , where it has been since late 2008. this historically low rate along with the slowdown in the economy during the spring and the european debt crisis placed strong downward pressure on treasury yields as investors sought the safety of treasuries . treasury yields began to rise in late fall in response to the federal reserve 's additional stimulus and a stronger economic climate , but most of the yield curve ended the year still below their levels at the end of 2009. the yield on the benchmark 10-year u.s. treasury at december 31 , 2010 , was 3.3 % , a decrease of 55 basis points from the end of 2009. u.s. fixed income securities realized modest gains in 2010. high yield bonds significantly outperformed investment-grade issues , as investors sought higher returns in the low interest rate environment . the credit suisse high yield index gained 14.4 % in 2010 , while the barclays capital u.s. aggregate index gained 6.5 % . a similar trend was seen in the non-u.s. bond markets , as investors sought riskier bonds issued by emerging market countries over the high-quality bonds issued in developed markets . the j.p. morgan emerging markets index plus gained 11.8 % in 2010 , while the barclays capital global aggregate ex-u.s. dollar bond index was up 5.0 % . in this environment , investors entrusted net inflows of $ 30.3 billion to our management in 2010. total assets under our management increased $ 90.7 billion over the course of 2010 and ended the year at a record $ 482.0 billion , a substantial recovery from the $ 276.3 billion at the end of 2008 and an increase of 21 % from the previous record year-end high of $ 400.0 billion at the end of 2007. our assets under management ( in billions ) have changed during the past three years as follows : replace_table_token_6_th over the last three years , our net cash inflows have been sourced most significantly from third-party financial intermediaries and from institutional investors around the world . our relative investment performance over much of this period and brand awareness contributed significantly to attracting net inflows across each of our four distribution channels . - 16 - assets under management at december 31 , 2010 , include $ 360.6 billion in equity and blended asset investment portfolios and $ 121.4 billion in fixed income investment portfolios . story_separator_special_tag the maximum future impairment of goodwill that we could incur is the amount recognized in our balance sheet , $ 665.7 million . stock options . we recognize stock option-based compensation expense in our consolidated statement of income using a fair value based method . fair value methods use a valuation model for shorter-term , market-traded financial instruments to theoretically value stock option grants even though they are not available for trading and are of longer duration . the black-scholes option-pricing model that we use includes the input of certain variables that are dependent on future expectations , including the expected lives of our options from grant date to exercise date , the volatility of our underlying common shares in the market over that time period , and the rate of dividends that we will pay during that time . our estimates of these variables are made for the purpose of using the valuation model to determine an expense for each reporting period and are not subsequently adjusted . unlike most of our expenses , the resulting charge to earnings using a fair value based method is a non-cash charge that is never measured by , or adjusted based on , a cash outflow . provision for income taxes . after compensation and related costs , our provision for income taxes on our earnings is our largest annual expense . we operate in numerous states and countries through our various subsidiaries , and must allocate our income , expenses , and earnings under the various laws and regulations of each of these taxing jurisdictions . accordingly , our provision for income taxes represents our total estimate of the liability that we have incurred in doing business each year in all of our locations . annually , we file tax returns that represent our filing positions with each jurisdiction and settle our return liabilities . each jurisdiction has the right to audit those returns and may take different positions with respect to income and expense allocations and taxable earnings determinations . from time to time , we may also provide for estimated liabilities associated with uncertain tax return filing positions that are subject to , or in the process of , being audited by various tax authorities . because the determination of our annual provision is subject to judgments and estimates , it is likely that actual results will vary from those recognized in our financial statements . as a result , we recognize additions to , or reductions of , income tax expense during a reporting period that pertain to prior period provisions as our estimated liabilities are revised and actual tax returns and tax audits are settled . we recognize any such prior period adjustment in the discrete quarterly period in which it is determined . newly issued but not yet adopted accounting guidance . each reporting period we consider all newly issued but not yet adopted accounting and reporting guidance that is applicable to our operations and the preparation of our consolidated statements . we do not believe that any issued guidance that we have not yet adopted will have a material effect on our financial position or results of operations . - 21 - forward-looking information . from time to time , information or statements provided by or on behalf of t. rowe price , including those within this report , may contain certain forward-looking information , including information or anticipated information relating to : our revenues , net income and earnings per share on common stock ; changes in the amount and composition of our assets under management ; our expense levels ; our estimated effective income tax rate ; and our expectations regarding financial markets , future transactions , investments , capital expenditures , and other conditions . readers are cautioned that any forward-looking information provided by or on behalf of t. rowe price is not a guarantee of future performance . actual results may differ materially from those in forward-looking information because of various factors including , but not limited to , those discussed below and in item 1a , risk factors , of this form 10-k annual report . further , forward-looking statements speak only as of the date on which they are made , and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events . our future revenues and results of operations will fluctuate primarily due to changes in the total value and composition of assets under our management . such changes result from many factors including , among other things : cash inflows and outflows in the t. rowe price mutual funds and other managed investment portfolios ; fluctuations in global financial markets that result in appreciation or depreciation of the assets under our management ; our introduction of new mutual funds and investment portfolios ; and changes in retirement savings trends relative to participant-directed investments and defined contribution plans . the ability to attract and retain investors ' assets under our management is dependent on investor sentiment and confidence ; the relative investment performance of the price mutual funds and other managed investment portfolios as compared to competing offerings and market indexes ; the ability to maintain our investment management and administrative fees at appropriate levels ; competitive conditions in the mutual fund , asset management , and broader financial services sectors ; and our level of success in implementing our strategy to expand our business . our revenues are substantially dependent on fees earned under contracts with the price funds and could be adversely affected if the independent directors of one or more of the price funds terminated or significantly altered the terms of the investment management or related administrative services agreements . non-operating investment income ( loss ) will also fluctuate primarily due to the size of our investments , and changes in their market valuations or

