20 page 25 returns of several major equity market indexes for 2020 are as follows : s & p 500 index 18.4 % nasdaq composite index ( 1 ) 43.6 % russell 2000 index 20.0 % msci eafe ( europe , australasia , and far east ) index 8.3 % msci emerging markets index 18.7 % ( 1 ) returns exclude dividends global bonds produced mostly positive returns , as central banks slashed short-term interest rates and sovereign bond yields in many countries fell sharply . in the u.s. investment-grade market , corporate bonds did best , as investors sought attractive yields in a low interest rate environment . treasury securities also did well as yields dropped across the yield curve . the 10-year u.s. treasury note yield decreased from 1.92 % to 0.93 % over the last year . asset- and mortgage-backed securities produced relatively mild gains . high yield corporate bonds and tax-free municipal bonds rose but trailed the broad taxable investment-grade bond market . bonds in developed non-u.s. markets produced strong gains in u.s. dollar terms , helped by dollar weakness against the euro and , to a lesser extent , the japanese yen and the british pound . bonds in developing markets generally appreciated in u.s. dollar terms , though local currency weakness in some countries , especially brazil , turkey , and russia , reduced local returns to u.s. investors . returns of several major bond market indexes for 2020 are as follows : bloomberg barclays u.s. aggregate bond index 7.5 % jpmorgan global high yield index 5.4 % bloomberg barclays municipal bond index 5.2 % bloomberg barclays global aggregate ex-u.s. dollar bond index 10.1 % jpmorgan emerging markets bond index plus 7.1 % assets under management . assets under management ended 2020 at $ 1,470.5 billion , an increase of $ 263.7 billion from the end of 2019. this increase was driven by market appreciation and income , net of distributions not reinvested , of $ 256.9 billion and net cash inflows of $ 5.6 billion for 2020. in addition , we acquired client contracts from pnc bank in september 2020 that added $ 1.2 billion of stable value assets under management . clients transferred $ 13.7 billion in net assets from the u.s. mutual funds to primarily collective investment trusts and other investment products , of which $ 8.6 billion transferred into the retirement date trusts . 20 page 26 the following table details changes in our assets under management by vehicle during the last three years : replace_table_token_6_th ( 1 ) in all three years , the majority of the client transfers were from the t. rowe price u.s. mutual funds to the t. rowe price collective investment trusts , which are included in collective investment trusts and other investment products . 20 page 27 the following table details changes in our assets under management by asset class during the last three years : replace_table_token_7_th ( 1 ) the underlying assets under management of the multi-asset portfolios have been aggregated and presented in this category and not reported in the equity and fixed income columns . ( 2 ) reported net of distributions not reinvested . investment advisory clients outside the u.s. account for 9.3 % of our assets under management at december 31 , 2020 and 6.9 % at december 31 , 2019. our net cash flows in 2020 reflect net positive flows due to inflows into fixed income and international equity . these inflows were partially offset by cash outflows in domestic equity and our multi-asset franchise resulting from macro-economic headwinds , including the cares act , and ongoing pressure from passive . in terms of equity products , the cash inflows from international equity offset the cash outflows from domestic equity products . from a geography perspective , emea and apac regions performed well with positive net flows predominantly in equity in both regions . net cash flows for 2019 , and 2018 were driven by diversified inflows across distribution channels and geographies , the strength of our multi-asset franchise , and positive flows into fixed income and international equity . our target date retirement products , which are included in the multi-asset totals shown above , continue to be a significant part of our assets under management . assets under management in our target date retirement products as well as net cash inflows/ ( outflows ) , by vehicle , are as follows : replace_table_token_8_th we provide participant accounting and plan administration for defined contribution retirement plans that invest in the firm 's u.s. mutual funds , collective investment trusts and funds outside of the firm 's complex . as of december 31 , 2020 , our assets under administration were $ 239 billion , of which nearly $ 148 billion are assets we manage . in recent years , we began offering non-discretionary advisory services through model delivery , which are managed accounts where portfolio holdings and trades in the portfolio are provided to sponsor platforms to implement for their clients . we record the revenue earned on these services in administrative fees . the assets under advisement in 20 page 28 these portfolios , predominantly in the united states , is $ 2.8 billion at december 31 , 2020. investment performance . strong investment performance and brand awareness is a key driver to attracting and retaining assets—and to our long-term success . beginning in the third quarter of 2020 , we expanded our performance disclosures to include specific assets classes , assets under management weighted performance , mutual fund performance against passive peers and composite performance against benchmarks . the following table presents investment performance for the one- , three- , five- , and 10-years ended december 31 , 2020. past performance is no guarantee of future results . story_separator_special_tag operating expenses replace_table_token_13_th ( 1 ) the percentage change in nonrecurring net recoveries related to dell appraisal rights matter is not meaningful ( n/m ) . compensation and related costs . compensation and related costs increased $ 213.2 million , or 10.8 % , for 2020 as compared with 2019. the increase in compensation and related costs was primarily due to an $ 83.0 million increase in salaries , benefits and related employee costs , as our average staff size increased 5.8 % from prior year and we made modest increases to base salaries at the beginning of the year . strong 2020 operating results led to a $ 65.5 million increase in our annual variable compensation , primarily bonus compensation , and higher stock-based 20 page 34 compensation expense . these increases in compensation and related costs were partially offset by $ 30.4 million in higher labor capitalization related to internally developed software in 2020. the $ 38.6 million in higher expense related to our supplemental savings plan from strong market returns is partially offset by the non-operating gains on the investments used to economically hedge the related liability . for 2019 , compensation and related costs increased $ 160.6 million , or 8.9 % , as compared with 2018. nearly half of the increase in compensation and related costs is attributable to $ 78.8 million in higher expense related to our supplemental savings plan given the strong equity market returns experienced in 2019 compared with the sharp equity market declines in late 2018. the higher expense related to the supplemental savings plan is partially offset by the non-operating gains earned on the investments used to economically hedge the related liability . we also experienced increases in base salaries , benefits , and related employee costs of $ 66.0 million , as our average staff size grew 3.1 % in 2019 and we modestly increased base salaries at the beginning of 2019. our 2019 operating results led to a $ 28.8 million increase in annual variable compensation , primarily bonus compensation , as well as a $ 9.5 million increase in non-cash stock-based compensation expense . these increases in compensation and related costs were offset in part by the absence of the one-time $ 9.0 million bonus paid to certain associates in the second quarter of 2018 and $ 10.0 million in higher labor capitalization related to internally developed software in 2019. distribution and servicing costs . distribution and servicing costs were $ 278.5 million for 2020 , an increase of $ 16.0 million , or 6.1 % , compared to 2019. the increase was primarily driven by higher distribution costs as a result of continued inflows into our international products , including our japanese itms and sicavs . these higher distribution costs were partially offset by client transfers , largely from advisor and r classes , to vehicles that do n't pay distribution and servicing costs . distribution and servicing costs were $ 262.5 million for 2019 , a decrease of $ 18.7 million , or 6.7 % , compared with 2018. the decrease was primarily driven by client transfers , largely from advisor and r classes , to vehicles that do n't pay distribution and servicing costs . distribution and servicing costs paid to third-party intermediaries that source the assets of certain share classes of our u.s. mutual funds and our international products , such as our japanese itms and sicavs , are recognized in this expense . both of these costs are offset entirely by the revenue we earn and report in net revenues : 12b-1 revenue recognized in administrative , distribution , and servicing fees for the u.s. mutual funds and investment advisory fee revenue for our international products . advertising and promotion . advertising and promotion costs were $ 83.7 million for 2020 , a decrease of $ 13.1 million , or 13.5 % , compared with 2019. the decrease was primarily driven by lower media costs and fewer conference and promotional events in 2020 as a result of cancellations arising from the coronavirus pandemic in 2020. for 2019 , advertising and promotion costs were $ 96.8 million , a decrease of $ 2.8 million , or 2.8 % , compared with 2018. the decrease in advertising and promotion costs for 2019 from 2018 is primarily driven by the absence in 2019 of the creation and launch of a media advertising campaign in 2018. product-related costs . product-related costs were $ 155.5 million for 2020 , an increase of $ 2.3 million , or 1.5 % , compared with 2019. the increase is primarily due to higher expenses related to servicing retirement plan products , partially offset by lower costs incurred to provide administrative services to the u.s. mutual funds . product-related costs were $ 153.2 million for 2019 , a decrease of $ 3.9 million , or 2.5 % , compared with 2018. the decrease is primarily due to lower costs incurred to provide administrative services to the u.s. mutual funds , partially offset by higher operating costs of our collective investment trusts as client transfers have increased the number of trusts and their average net assets over the last year . technology , occupancy , and facility costs . technology , occupancy , and facility costs were $ 444.8 million for 2020 , $ 427.3 million for 2019 , and $ 383.9 million for 2018. the increases over the last two years were due primarily to ongoing investment in our technology capabilities , including related depreciation and hosted solution licenses , as well as office expansion costs . the 2019 year included certain non-recurring office facility costs . general , administrative , and other costs . general , administrative , and other costs were $ 316.1 million for 2020 , $ 321.9 million for 2019 , and $ 296.0 million for 2018. higher third-party investment research costs , professional fees , 20 page 35 and other administrative related costs in 2020 were

cash flows from operating activities net income $ 1,837.5 $ ( 105.6 ) $ 36.8 $ 1,768.7 adjustments to reconcile net income to net cash provided by operating activities depreciation , amortization and impairments of property and equipment 159.5 — — 159.5 stock-based compensation expense 197.1 — — 197.1 net gains recognized on investments ( 13.7 ) — ( 36.8 ) ( 50.5 ) net investments in t. rowe price investment products used to economically hedge supplemental savings plan liability ( 129.5 ) ( 129.5 ) net change in trading securities held by consolidated t. rowe price investment products — ( 437.0 ) — ( 437.0 ) other changes in assets and liabilities 127.2 ( 6.5 ) ( 9.1 ) 111.6 net cash provided by ( used in ) operating activities 2,178.1 ( 549.1 ) ( 9.1 ) 1,619.9 net cash provided by ( used in ) investing activities ( 945.7 ) ( 23.8 ) 94.0 ( 875.5 ) net cash provided by ( used in ) financing activities ( 1,709.9 ) 555.3 ( 84.9 ) ( 1,239.5 ) effect of exchange rate changes on cash and cash equivalents of consolidated t. rowe price investment products — ( 15.4 ) — ( 15.4 ) net change in cash and cash equivalents during period ( 477.5 ) ( 33.0 ) — ( 510.5 ) cash and cash equivalents at beginning of year 1,902.7 103.1 — 2,005.8 cash and cash equivalents at end of period $ 1,425.2 $ < td style= '' background-color : # cceeff ; border-bottom:3pt double # 000000 ; border-top:1pt solid # 000000 ; padding:2px


 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.
     ```cash flows from operating activities net income $ 1,837.5 $ ( 105.6 ) $ 36.8 $ 1,768.7 adjustments to reconcile net income to net cash provided by operating activities depreciation , amortization and impairments of property and equipment 159.5 — — 159.5 stock-based compensation expense 197.1 — — 197.1 net gains recognized on investments ( 13.7 ) — ( 36.8 ) ( 50.5 ) net investments in t. rowe price investment products used to economically hedge supplemental savings plan liability ( 129.5 ) ( 129.5 ) net change in trading securities held by consolidated t. rowe price investment products — ( 437.0 ) — ( 437.0 ) other changes in assets and liabilities 127.2 ( 6.5 ) ( 9.1 ) 111.6 net cash provided by ( used in ) operating activities 2,178.1 ( 549.1 ) ( 9.1 ) 1,619.9 net cash provided by ( used in ) investing activities ( 945.7 ) ( 23.8 ) 94.0 ( 875.5 ) net cash provided by ( used in ) financing activities ( 1,709.9 ) 555.3 ( 84.9 ) ( 1,239.5 ) effect of exchange rate changes on cash and cash equivalents of consolidated t. rowe price investment products — ( 15.4 ) — ( 15.4 ) net change in cash and cash equivalents during period ( 477.5 ) ( 33.0 ) — ( 510.5 ) cash and cash equivalents at beginning of year 1,902.7 103.1 — 2,005.8 cash and cash equivalents at end of period $ 1,425.2 $ < td style= '' background-color : # cceeff ; border-bottom:3pt double # 000000 ; border-top:1pt solid # 000000 ; padding:2px
```    
 Suspicious Activity Report : 20 page 25 returns of several major equity market indexes for 2020 are as follows : s & p 500 index 18.4 % nasdaq composite index ( 1 ) 43.6 % russell 2000 index 20.0 % msci eafe ( europe , australasia , and far east ) index 8.3 % msci emerging markets index 18.7 % ( 1 ) returns exclude dividends global bonds produced mostly positive returns , as central banks slashed short-term interest rates and sovereign bond yields in many countries fell sharply . in the u.s. investment-grade market , corporate bonds did best , as investors sought attractive yields in a low interest rate environment . treasury securities also did well as yields dropped across the yield curve . the 10-year u.s. treasury note yield decreased from 1.92 % to 0.93 % over the last year . asset- and mortgage-backed securities produced relatively mild gains . high yield corporate bonds and tax-free municipal bonds rose but trailed the broad taxable investment-grade bond market . bonds in developed non-u.s. markets produced strong gains in u.s. dollar terms , helped by dollar weakness against the euro and , to a lesser extent , the japanese yen and the british pound . bonds in developing markets generally appreciated in u.s. dollar terms , though local currency weakness in some countries , especially brazil , turkey , and russia , reduced local returns to u.s. investors . returns of several major bond market indexes for 2020 are as follows : bloomberg barclays u.s. aggregate bond index 7.5 % jpmorgan global high yield index 5.4 % bloomberg barclays municipal bond index 5.2 % bloomberg barclays global aggregate ex-u.s. dollar bond index 10.1 % jpmorgan emerging markets bond index plus 7.1 % assets under management . assets under management ended 2020 at $ 1,470.5 billion , an increase of $ 263.7 billion from the end of 2019. this increase was driven by market appreciation and income , net of distributions not reinvested , of $ 256.9 billion and net cash inflows of $ 5.6 billion for 2020. in addition , we acquired client contracts from pnc bank in september 2020 that added $ 1.2 billion of stable value assets under management . clients transferred $ 13.7 billion in net assets from the u.s. mutual funds to primarily collective investment trusts and other investment products , of which $ 8.6 billion transferred into the retirement date trusts . 20 page 26 the following table details changes in our assets under management by vehicle during the last three years : replace_table_token_6_th ( 1 ) in all three years , the majority of the client transfers were from the t. rowe price u.s. mutual funds to the t. rowe price collective investment trusts , which are included in collective investment trusts and other investment products . 20 page 27 the following table details changes in our assets under management by asset class during the last three years : replace_table_token_7_th ( 1 ) the underlying assets under management of the multi-asset portfolios have been aggregated and presented in this category and not reported in the equity and fixed income columns . ( 2 ) reported net of distributions not reinvested . investment advisory clients outside the u.s. account for 9.3 % of our assets under management at december 31 , 2020 and 6.9 % at december 31 , 2019. our net cash flows in 2020 reflect net positive flows due to inflows into fixed income and international equity . these inflows were partially offset by cash outflows in domestic equity and our multi-asset franchise resulting from macro-economic headwinds , including the cares act , and ongoing pressure from passive . in terms of equity products , the cash inflows from international equity offset the cash outflows from domestic equity products . from a geography perspective , emea and apac regions performed well with positive net flows predominantly in equity in both regions . net cash flows for 2019 , and 2018 were driven by diversified inflows across distribution channels and geographies , the strength of our multi-asset franchise , and positive flows into fixed income and international equity . our target date retirement products , which are included in the multi-asset totals shown above , continue to be a significant part of our assets under management . assets under management in our target date retirement products as well as net cash inflows/ ( outflows ) , by vehicle , are as follows : replace_table_token_8_th we provide participant accounting and plan administration for defined contribution retirement plans that invest in the firm 's u.s. mutual funds , collective investment trusts and funds outside of the firm 's complex . as of december 31 , 2020 , our assets under administration were $ 239 billion , of which nearly $ 148 billion are assets we manage . in recent years , we began offering non-discretionary advisory services through model delivery , which are managed accounts where portfolio holdings and trades in the portfolio are provided to sponsor platforms to implement for their clients . we record the revenue earned on these services in administrative fees . the assets under advisement in 20 page 28 these portfolios , predominantly in the united states , is $ 2.8 billion at december 31 , 2020. investment performance . strong investment performance and brand awareness is a key driver to attracting and retaining assets—and to our long-term success . beginning in the third quarter of 2020 , we expanded our performance disclosures to include specific assets classes , assets under management weighted performance , mutual fund performance against passive peers and composite performance against benchmarks . the following table presents investment performance for the one- , three- , five- , and 10-years ended december 31 , 2020. past performance is no guarantee of future results . story_separator_special_tag operating expenses replace_table_token_13_th ( 1 ) the percentage change in nonrecurring net recoveries related to dell appraisal rights matter is not meaningful ( n/m ) . compensation and related costs . compensation and related costs increased $ 213.2 million , or 10.8 % , for 2020 as compared with 2019. the increase in compensation and related costs was primarily due to an $ 83.0 million increase in salaries , benefits and related employee costs , as our average staff size increased 5.8 % from prior year and we made modest increases to base salaries at the beginning of the year . strong 2020 operating results led to a $ 65.5 million increase in our annual variable compensation , primarily bonus compensation , and higher stock-based 20 page 34 compensation expense . these increases in compensation and related costs were partially offset by $ 30.4 million in higher labor capitalization related to internally developed software in 2020. the $ 38.6 million in higher expense related to our supplemental savings plan from strong market returns is partially offset by the non-operating gains on the investments used to economically hedge the related liability . for 2019 , compensation and related costs increased $ 160.6 million , or 8.9 % , as compared with 2018. nearly half of the increase in compensation and related costs is attributable to $ 78.8 million in higher expense related to our supplemental savings plan given the strong equity market returns experienced in 2019 compared with the sharp equity market declines in late 2018. the higher expense related to the supplemental savings plan is partially offset by the non-operating gains earned on the investments used to economically hedge the related liability . we also experienced increases in base salaries , benefits , and related employee costs of $ 66.0 million , as our average staff size grew 3.1 % in 2019 and we modestly increased base salaries at the beginning of 2019. our 2019 operating results led to a $ 28.8 million increase in annual variable compensation , primarily bonus compensation , as well as a $ 9.5 million increase in non-cash stock-based compensation expense . these increases in compensation and related costs were offset in part by the absence of the one-time $ 9.0 million bonus paid to certain associates in the second quarter of 2018 and $ 10.0 million in higher labor capitalization related to internally developed software in 2019. distribution and servicing costs . distribution and servicing costs were $ 278.5 million for 2020 , an increase of $ 16.0 million , or 6.1 % , compared to 2019. the increase was primarily driven by higher distribution costs as a result of continued inflows into our international products , including our japanese itms and sicavs . these higher distribution costs were partially offset by client transfers , largely from advisor and r classes , to vehicles that do n't pay distribution and servicing costs . distribution and servicing costs were $ 262.5 million for 2019 , a decrease of $ 18.7 million , or 6.7 % , compared with 2018. the decrease was primarily driven by client transfers , largely from advisor and r classes , to vehicles that do n't pay distribution and servicing costs . distribution and servicing costs paid to third-party intermediaries that source the assets of certain share classes of our u.s. mutual funds and our international products , such as our japanese itms and sicavs , are recognized in this expense . both of these costs are offset entirely by the revenue we earn and report in net revenues : 12b-1 revenue recognized in administrative , distribution , and servicing fees for the u.s. mutual funds and investment advisory fee revenue for our international products . advertising and promotion . advertising and promotion costs were $ 83.7 million for 2020 , a decrease of $ 13.1 million , or 13.5 % , compared with 2019. the decrease was primarily driven by lower media costs and fewer conference and promotional events in 2020 as a result of cancellations arising from the coronavirus pandemic in 2020. for 2019 , advertising and promotion costs were $ 96.8 million , a decrease of $ 2.8 million , or 2.8 % , compared with 2018. the decrease in advertising and promotion costs for 2019 from 2018 is primarily driven by the absence in 2019 of the creation and launch of a media advertising campaign in 2018. product-related costs . product-related costs were $ 155.5 million for 2020 , an increase of $ 2.3 million , or 1.5 % , compared with 2019. the increase is primarily due to higher expenses related to servicing retirement plan products , partially offset by lower costs incurred to provide administrative services to the u.s. mutual funds . product-related costs were $ 153.2 million for 2019 , a decrease of $ 3.9 million , or 2.5 % , compared with 2018. the decrease is primarily due to lower costs incurred to provide administrative services to the u.s. mutual funds , partially offset by higher operating costs of our collective investment trusts as client transfers have increased the number of trusts and their average net assets over the last year . technology , occupancy , and facility costs . technology , occupancy , and facility costs were $ 444.8 million for 2020 , $ 427.3 million for 2019 , and $ 383.9 million for 2018. the increases over the last two years were due primarily to ongoing investment in our technology capabilities , including related depreciation and hosted solution licenses , as well as office expansion costs . the 2019 year included certain non-recurring office facility costs . general , administrative , and other costs . general , administrative , and other costs were $ 316.1 million for 2020 , $ 321.9 million for 2019 , and $ 296.0 million for 2018. higher third-party investment research costs , professional fees , 20 page 35 and other administrative related costs in 2020 were

