20 page 25 c^ < l3q6 * 4v9 % c : mg results of several major equity market indexes for 2019 are as follows : s & p 500 index 31.5 % nasdaq composite index ( 1 ) 35.2 % russell 2000 index 25.5 % msci eafe ( europe , australasia , and far east ) index 22.7 % msci emerging markets index 18.9 % ( 1 ) returns exclude dividends global bond returns were broadly positive , as longer-term government bond yields in developed markets declined and various central banks enacted new stimulus measures . in the u.s. , the federal reserve reduced the federal funds target rate to a range of 1.50 % -1.75 % by the end of the year . the 10-year treasury note yield decreased from 2.69 % to 1.92 % at year-end , though above its late-summer lows , which were around 1.50 % . in the u.s. , the investment-grade bond market , long-term treasuries and corporate bonds fared best . mortgage-backed securities advanced to a lesser extent , hindered by an increase in mortgage prepayments and refinancing activity . municipal bonds did well amid solid demand but slightly underperformed taxable securities . high yield bonds advanced strongly for the year as investors embraced riskier assets and searched for higher yields because of falling interest rates . bonds in developed non-u.s. markets produced positive returns in u.s. dollar terms , as the dollar weakened against most major currencies and government bond yields generally declined . in the eurozone , the european central bank decided to cut its short-term benchmark rate deeper into negative territory in september . on november 1 , the european central bank resumed its quantitative easing program and began purchasing 20 billion of securities every month . emerging markets debt appreciated strongly in dollar terms . bonds denominated in u.s. dollars outperformed local currency debt , as a few key emerging markets currencies declined against the dollar . results of several major bond market indexes for 2019 are as follows : bloomberg barclays u.s. aggregate bond index 8.7 % jpmorgan global high yield index 14.6 % bloomberg barclays municipal bond index 7.5 % bloomberg barclays global aggregate ex-u.s. dollar bond index 5.1 % jpmorgan emerging markets bond index plus 12.6 % 20 page 26 c^ < l3q6 * 4v9 % c : mg assets under management . assets under management ended 2019 at $ 1,206.8 billion , an increase of $ 244.5 billion from the end of 2018 story_separator_special_tag style= `` font-family : arial ; font-size:10pt ; `` > in 2018 , investment advisory revenues increased 12.9 % over the comparable 2017 period as average assets under our management increased $ 127.5 billion , or 14.0 % , to $ 1,036.5 billion . the average annualized fee rate earned on our assets under management was 46.8 basis points in 2018 , compared with 47.3 basis points earned in 2017 . our effective fee rate declined in part due to client transfers within the complex to lower fee vehicles or share classes and , to a lesser extent , fee reductions we made to certain mutual funds and other products since 2017 . further 20 page 30 c^ < l3q6 * 4v9 % c : mg contributing to our lower effective fee rate in 2018 was a greater percentage of our assets under management in lower fee products due to lower equity valuations in the fourth quarter of 2018 . operating expenses . operating expenses were $ 3,230.9 million in 2019 , an increase of 7.3 % over the comparable 2018 period . the increase in operating expenses was primarily due to greater market-related compensation expense related to the supplemental savings plan liability , higher salaries and benefits , higher bonus and stock-based compensation expense and the cost of our continued strategic investments . the 2018 period also includes the non-recurring $ 15.2 million reduction in operating expenses related to the conclusion of the dell appraisal rights matter . the higher expense related to the supplemental savings plan in 2019 is partially offset by non-operating gains earned on the investments used to hedge the related liability . for 2018 , operating expenses were $ 3,011.2 million as compared with $ 2,746.1 million in the 2017 period . the increase in operating expenses was primarily due to our continued strategic investments and higher bonus and stock-based compensation , which were driven by our 2018 operating results . on a non-gaap basis , our operating expenses in 2019 increased 4.1 % to $ 3,149.8 million compared with 2018 . in 2018 , our non-gaap operating expenses increased 8.9 % to $ 3,025.5 million compared with 2017 . our non-gaap operating expenses exclude the impacts of our supplemental savings plan , investment income related to certain other investments , our consolidated t. rowe price investment products , and certain non-recurring items . see our non-gaap reconciliations later in this management 's discussion and analysis section . our 2017 and 2018 operating expenses include certain financial impacts related to the dell appraisal rights matter as further discussed in note 14 to our consolidated financial statements . a summary of the financial impact of the dell appraisal rights matter on our annual pre-tax operating expenses and pre-tax operating cash flows since the matter arose in 2016 is as follows : replace_table_token_11_th there was no operating expense or cash flows impact related to the dell appraisal rights matter in 2019. in 2020 , we expect to advance our strategic priorities to sustain and deepen our investment talent , add investment capabilities both in terms of new strategies and new investment vehicles , expand capabilities through enhanced technology , and broaden our distribution reach globally . we currently expect our 2020 non-gaap operating expenses to grow in the range of 6 % to 9 % . story_separator_special_tag these measures have been established in order to increase transparency for the purpose of evaluating our core business , for comparing current results with prior period results , and to enable more appropriate comparison with industry peers . however , non-gaap financial measures should not be considered a substitute for financial measures calculated in accordance with u.s. gaap and may be calculated differently by other companies . the following schedules reconcile certain u.s. gaap financial measures for each of the last five years . replace_table_token_18_th 20 page 37 c^ < l3q6 * 4v9 % c : mg replace_table_token_19_th replace_table_token_20_th replace_table_token_21_th 20 page 38 c^ < l3q6 * 4v9 % c : mg replace_table_token_22_th ( 1 ) these non-gaap adjustments remove the impact the consolidated t. rowe price investment products have on our u.s. gaap consolidated statements of income . specifically , we add back the operating expenses and subtract the investment income of the consolidated t. rowe price investment products . the adjustment to our operating expenses represents the operating expenses of the consolidated products , net of the elimination of related management and administrative fees . the adjustment to net income attributable to t. rowe price group represents the net income of the consolidated products , net of redeemable non-controlling interest . we remove the impact of the consolidated t. rowe price investment products as we believe they impact the reader 's ability to understand our core operating results . ( 2 ) these non-gaap adjustments remove the compensation expense from market valuation changes in the supplemental savings plan liability and the related net gains ( losses ) on investments designated as an economic hedge against the related liability . amounts deferred under the supplemental savings plan are adjusted for appreciation ( depreciation ) of hypothetical investments chosen by participants . we use t. rowe price investment products to economically hedge the exposure to these market movements . we believe it is useful to offset the non-operating investment income ( loss ) realized on the hedges against the related compensation expense and remove the net impact to help the reader 's ability to understand our core operating results and to increase comparability period to period . ( 3 ) this non-gaap adjustment represents the other non-operating income ( loss ) and the net gains ( losses ) earned on our non-consolidated investment portfolio that are not designated as economic hedges of the supplemental savings plan liability , and , beginning in the second quarter of 2018 , non-consolidated seed investments and other investments that are not part of the cash and discretionary investment portfolio . in the second quarter of 2018 , we decided to retain the investment gains recognized on our non-consolidated cash and discretionary investments as these assets and related income ( loss ) are considered part of our core operations . the impact on previously reported non-gaap measures is immaterial . we believe adjusting for these non-operating income ( loss ) items helps the reader 's ability to understand our core operating results and increases comparability to prior years . additionally , we do not emphasize the impact of the portion of non-operating income ( loss ) removed when managing and evaluating our core performance . ( 4 ) during the second quarter of 2018 , we recognized a nonrecurring charge of $ 20.8 million for an adjustment made to the charge taken in 2017 related to the enactment of u.s. tax reform . we believe it is useful to readers of our consolidated statements of income to adjust for this nonrecurring charge in arriving at net income attributable to t. rowe price group and diluted earnings per share . ( 5 ) during the second quarter of 2018 , we recognized a nonrecurring charge of $ 7.9 million for the remeasurement of our deferred tax assets and liabilities to reflect the effect of maryland state tax legislation enacted on april 24 , 2018. we believe it is useful to readers of our consolidated statements of income to adjust for this nonrecurring charge in arriving at net income attributable to t. rowe price group and diluted earnings per share . ( 6 ) in 2016 , we recognized a nonrecurring charge , net of insurance recoveries , of $ 66.2 million related to our decision to compensate certain clients in regard to the dell appraisal rights matter . in 2017 , we recognized additional insurance recoveries of $ 50 million as a reduction in operating expenses . during 2018 , we recognized an additional reduction in operating expenses of $ 15.2 million upon recovering a portion of the payments we made to our clients in 2016. we believe it is useful to our readers of our consolidated statements of income to adjust for these charges and nonrecurring recoveries in arriving at adjusted operating expenses , net operating income , provision for income taxes , net income attributable to t. rowe price group and diluted earnings per share . 20 page 39 c^ < l3q6 * 4v9 % c : mg ( 7 ) the income tax impacts were calculated in order to achieve an overall non-gaap effective tax rate of 24.0 % for 2019 , 24.1 % for 2018 , 34.7 % for 2017 , 36.6 % for 2016 , and 38.9 % for 2015. we estimate that our effective tax rate for the full-year 2020 on a non-gaap basis will be in the range of 23.5 % to 25.5 % . ( 8 ) this non-gaap measure was calculated by applying the two-class method to adjusted net income attributable to t. rowe price group divided by the weighted-average common shares outstanding assuming dilution . the calculation of net income allocated to common stockholders is as follows : replace_table_token_23_th capital resources and liquidity . during 2019 , stockholders ' equity increase d from $ 6.1 billion to $ 7.1 billion . tangible book value increased to $ 6.4 billion at december 31 , 2019 . sources

. net cash inflows of $ 13.2 billion for 2019 , combined with market appreciation and income , net of distributions not reinvested , increased our assets under management by $ 231.3 billion . 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 other investment products . 20 page 27 c^ < l3q6 * 4v9 % c : mg 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 6.9 % of our assets under management at december 31 , 2019 , and 6.2 % at december 31 , 2018 . our net cash flows in 2019 , 2018 , and 2017 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 . net cash flows after client transfers shown above include $ 9.8 billion in 2019 , $ 12.0 billion in 2018 , and $ 7.1 billion in 2017 from the target date retirement products .


 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.
     ```. net cash inflows of $ 13.2 billion for 2019 , combined with market appreciation and income , net of distributions not reinvested , increased our assets under management by $ 231.3 billion . 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 other investment products . 20 page 27 c^ < l3q6 * 4v9 % c : mg 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 6.9 % of our assets under management at december 31 , 2019 , and 6.2 % at december 31 , 2018 . our net cash flows in 2019 , 2018 , and 2017 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 . net cash flows after client transfers shown above include $ 9.8 billion in 2019 , $ 12.0 billion in 2018 , and $ 7.1 billion in 2017 from the target date retirement products .
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 Suspicious Activity Report : 20 page 25 c^ < l3q6 * 4v9 % c : mg results of several major equity market indexes for 2019 are as follows : s & p 500 index 31.5 % nasdaq composite index ( 1 ) 35.2 % russell 2000 index 25.5 % msci eafe ( europe , australasia , and far east ) index 22.7 % msci emerging markets index 18.9 % ( 1 ) returns exclude dividends global bond returns were broadly positive , as longer-term government bond yields in developed markets declined and various central banks enacted new stimulus measures . in the u.s. , the federal reserve reduced the federal funds target rate to a range of 1.50 % -1.75 % by the end of the year . the 10-year treasury note yield decreased from 2.69 % to 1.92 % at year-end , though above its late-summer lows , which were around 1.50 % . in the u.s. , the investment-grade bond market , long-term treasuries and corporate bonds fared best . mortgage-backed securities advanced to a lesser extent , hindered by an increase in mortgage prepayments and refinancing activity . municipal bonds did well amid solid demand but slightly underperformed taxable securities . high yield bonds advanced strongly for the year as investors embraced riskier assets and searched for higher yields because of falling interest rates . bonds in developed non-u.s. markets produced positive returns in u.s. dollar terms , as the dollar weakened against most major currencies and government bond yields generally declined . in the eurozone , the european central bank decided to cut its short-term benchmark rate deeper into negative territory in september . on november 1 , the european central bank resumed its quantitative easing program and began purchasing 20 billion of securities every month . emerging markets debt appreciated strongly in dollar terms . bonds denominated in u.s. dollars outperformed local currency debt , as a few key emerging markets currencies declined against the dollar . results of several major bond market indexes for 2019 are as follows : bloomberg barclays u.s. aggregate bond index 8.7 % jpmorgan global high yield index 14.6 % bloomberg barclays municipal bond index 7.5 % bloomberg barclays global aggregate ex-u.s. dollar bond index 5.1 % jpmorgan emerging markets bond index plus 12.6 % 20 page 26 c^ < l3q6 * 4v9 % c : mg assets under management . assets under management ended 2019 at $ 1,206.8 billion , an increase of $ 244.5 billion from the end of 2018 story_separator_special_tag style= `` font-family : arial ; font-size:10pt ; `` > in 2018 , investment advisory revenues increased 12.9 % over the comparable 2017 period as average assets under our management increased $ 127.5 billion , or 14.0 % , to $ 1,036.5 billion . the average annualized fee rate earned on our assets under management was 46.8 basis points in 2018 , compared with 47.3 basis points earned in 2017 . our effective fee rate declined in part due to client transfers within the complex to lower fee vehicles or share classes and , to a lesser extent , fee reductions we made to certain mutual funds and other products since 2017 . further 20 page 30 c^ < l3q6 * 4v9 % c : mg contributing to our lower effective fee rate in 2018 was a greater percentage of our assets under management in lower fee products due to lower equity valuations in the fourth quarter of 2018 . operating expenses . operating expenses were $ 3,230.9 million in 2019 , an increase of 7.3 % over the comparable 2018 period . the increase in operating expenses was primarily due to greater market-related compensation expense related to the supplemental savings plan liability , higher salaries and benefits , higher bonus and stock-based compensation expense and the cost of our continued strategic investments . the 2018 period also includes the non-recurring $ 15.2 million reduction in operating expenses related to the conclusion of the dell appraisal rights matter . the higher expense related to the supplemental savings plan in 2019 is partially offset by non-operating gains earned on the investments used to hedge the related liability . for 2018 , operating expenses were $ 3,011.2 million as compared with $ 2,746.1 million in the 2017 period . the increase in operating expenses was primarily due to our continued strategic investments and higher bonus and stock-based compensation , which were driven by our 2018 operating results . on a non-gaap basis , our operating expenses in 2019 increased 4.1 % to $ 3,149.8 million compared with 2018 . in 2018 , our non-gaap operating expenses increased 8.9 % to $ 3,025.5 million compared with 2017 . our non-gaap operating expenses exclude the impacts of our supplemental savings plan , investment income related to certain other investments , our consolidated t. rowe price investment products , and certain non-recurring items . see our non-gaap reconciliations later in this management 's discussion and analysis section . our 2017 and 2018 operating expenses include certain financial impacts related to the dell appraisal rights matter as further discussed in note 14 to our consolidated financial statements . a summary of the financial impact of the dell appraisal rights matter on our annual pre-tax operating expenses and pre-tax operating cash flows since the matter arose in 2016 is as follows : replace_table_token_11_th there was no operating expense or cash flows impact related to the dell appraisal rights matter in 2019. in 2020 , we expect to advance our strategic priorities to sustain and deepen our investment talent , add investment capabilities both in terms of new strategies and new investment vehicles , expand capabilities through enhanced technology , and broaden our distribution reach globally . we currently expect our 2020 non-gaap operating expenses to grow in the range of 6 % to 9 % . story_separator_special_tag these measures have been established in order to increase transparency for the purpose of evaluating our core business , for comparing current results with prior period results , and to enable more appropriate comparison with industry peers . however , non-gaap financial measures should not be considered a substitute for financial measures calculated in accordance with u.s. gaap and may be calculated differently by other companies . the following schedules reconcile certain u.s. gaap financial measures for each of the last five years . replace_table_token_18_th 20 page 37 c^ < l3q6 * 4v9 % c : mg replace_table_token_19_th replace_table_token_20_th replace_table_token_21_th 20 page 38 c^ < l3q6 * 4v9 % c : mg replace_table_token_22_th ( 1 ) these non-gaap adjustments remove the impact the consolidated t. rowe price investment products have on our u.s. gaap consolidated statements of income . specifically , we add back the operating expenses and subtract the investment income of the consolidated t. rowe price investment products . the adjustment to our operating expenses represents the operating expenses of the consolidated products , net of the elimination of related management and administrative fees . the adjustment to net income attributable to t. rowe price group represents the net income of the consolidated products , net of redeemable non-controlling interest . we remove the impact of the consolidated t. rowe price investment products as we believe they impact the reader 's ability to understand our core operating results . ( 2 ) these non-gaap adjustments remove the compensation expense from market valuation changes in the supplemental savings plan liability and the related net gains ( losses ) on investments designated as an economic hedge against the related liability . amounts deferred under the supplemental savings plan are adjusted for appreciation ( depreciation ) of hypothetical investments chosen by participants . we use t. rowe price investment products to economically hedge the exposure to these market movements . we believe it is useful to offset the non-operating investment income ( loss ) realized on the hedges against the related compensation expense and remove the net impact to help the reader 's ability to understand our core operating results and to increase comparability period to period . ( 3 ) this non-gaap adjustment represents the other non-operating income ( loss ) and the net gains ( losses ) earned on our non-consolidated investment portfolio that are not designated as economic hedges of the supplemental savings plan liability , and , beginning in the second quarter of 2018 , non-consolidated seed investments and other investments that are not part of the cash and discretionary investment portfolio . in the second quarter of 2018 , we decided to retain the investment gains recognized on our non-consolidated cash and discretionary investments as these assets and related income ( loss ) are considered part of our core operations . the impact on previously reported non-gaap measures is immaterial . we believe adjusting for these non-operating income ( loss ) items helps the reader 's ability to understand our core operating results and increases comparability to prior years . additionally , we do not emphasize the impact of the portion of non-operating income ( loss ) removed when managing and evaluating our core performance . ( 4 ) during the second quarter of 2018 , we recognized a nonrecurring charge of $ 20.8 million for an adjustment made to the charge taken in 2017 related to the enactment of u.s. tax reform . we believe it is useful to readers of our consolidated statements of income to adjust for this nonrecurring charge in arriving at net income attributable to t. rowe price group and diluted earnings per share . ( 5 ) during the second quarter of 2018 , we recognized a nonrecurring charge of $ 7.9 million for the remeasurement of our deferred tax assets and liabilities to reflect the effect of maryland state tax legislation enacted on april 24 , 2018. we believe it is useful to readers of our consolidated statements of income to adjust for this nonrecurring charge in arriving at net income attributable to t. rowe price group and diluted earnings per share . ( 6 ) in 2016 , we recognized a nonrecurring charge , net of insurance recoveries , of $ 66.2 million related to our decision to compensate certain clients in regard to the dell appraisal rights matter . in 2017 , we recognized additional insurance recoveries of $ 50 million as a reduction in operating expenses . during 2018 , we recognized an additional reduction in operating expenses of $ 15.2 million upon recovering a portion of the payments we made to our clients in 2016. we believe it is useful to our readers of our consolidated statements of income to adjust for these charges and nonrecurring recoveries in arriving at adjusted operating expenses , net operating income , provision for income taxes , net income attributable to t. rowe price group and diluted earnings per share . 20 page 39 c^ < l3q6 * 4v9 % c : mg ( 7 ) the income tax impacts were calculated in order to achieve an overall non-gaap effective tax rate of 24.0 % for 2019 , 24.1 % for 2018 , 34.7 % for 2017 , 36.6 % for 2016 , and 38.9 % for 2015. we estimate that our effective tax rate for the full-year 2020 on a non-gaap basis will be in the range of 23.5 % to 25.5 % . ( 8 ) this non-gaap measure was calculated by applying the two-class method to adjusted net income attributable to t. rowe price group divided by the weighted-average common shares outstanding assuming dilution . the calculation of net income allocated to common stockholders is as follows : replace_table_token_23_th capital resources and liquidity . during 2019 , stockholders ' equity increase d from $ 6.1 billion to $ 7.1 billion . tangible book value increased to $ 6.4 billion at december 31 , 2019 . sources

