AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Maturities—As of December 31, 2003, aggregate principal payments of long-term debt, including capital leases, for the next five years and thereafter are estimated to be (in thousands):
## Table 0 ##
The holders of the Company’s convertible notes have the right to require the Company to repurchase their notes on specified dates prior to their maturity dates in 2009 and 2010, but the Company may pay the purchase price by issuing shares of Class A common stock, subject to certain conditions.
Obligations with respect to the right of the holders to put the 6.25% Notes and 5.0% Notes have been included in the table above as if such notes mature on the date of their put rights in 2006 and 2007, respectively.
(See note 19. )8.
DERIVATIVE FINANCIAL INSTRUMENTS Under the terms of the credit facilities, the Company is required to enter into interest rate protection agreements on at least 50% of its variable rate debt.
Under these agreements, the Company is exposed to credit risk to the extent that a counterparty fails to meet the terms of a contract.
Such exposure is limited to the current value of the contract at the time the counterparty fails to perform.
The Company believes its contracts as of December 31, 2003 are with credit worthy institutions.
As of December 31, 2003, the Company had three interest rate caps outstanding that include an aggregate notional amount of $500.0 million (each at an interest rate of 5%) and expire in 2004.
As of December 31, 2003 and 2002, liabilities related to derivative financial instruments of $0.0 million and $15.5 million are reflected in other long-term liabilities in the accompanying consolidated balance sheet.
During the year ended December 31, 2003, the Company recorded an unrealized loss of approximately $0.3 million (net of a tax benefit of approximately $0.2 million) in other comprehensive loss for the change in fair value of cash flow hedges and reclassified $5.9 million (net of a tax benefit of approximately $3.2 million) into results of operations.
During the year ended December 31, 2002, the Company recorded an unrealized loss of approximately $9.1 million (net of a tax benefit of approximately $4.9 million) in other comprehensive loss for the change in fair value of cash flow hedges and reclassified $19.5 million (net of a tax benefit of approximately $10.5 million) into results of operations.
Hedge ineffectiveness resulted in a gain of approximately $1.0 million and a loss of approximately $2.2 million for the years ended December 31, 2002 and 2001, respectively, which are recorded in loss on investments and other expense in the accompanying consolidated statements of operations for those periods.
The Company records the changes in fair value of its derivative instruments that are not accounted for as hedges in loss on investments and other expense.
The Company does not anticipate reclassifying any derivative losses into its statement of operations within the next twelve months, as there are no amounts included in other comprehensive loss as of December 31, 2003.
Sales, distribution and marketing expenses by cost driver are presented below:
## Table 1 ##
Asset-based expenses increased $463.6 million in fiscal year 2011 primarily due to a $331.7 million increase in distribution expenses on international products resulting from a 41% increase in average international AUM, and a $117.0 million increase in distribution expenses on U. S.  products resulting from a 14% increase in average U. S.  AUM.
Asset-based expenses increased $416.1 million in fiscal year 2010 primarily due to a $249.5 million increase in distribution expenses on international products resulting from a 45% increase in average international AUM, and a $145.2 million increase in distribution expenses on U. S.  products resulting from a 23% increase in average U. S.  AUM.
Distribution expenses, which are typically higher for international products, are generally not directly correlated with distribution fee revenues due to international fee structures which provide for recovery of certain distribution costs through investment management fees.
Sales-based expenses decreased $0.2 million in fiscal year 2011.
Total commissionable sales increased 3%, however higher international product sales were substantially offset by lower U. S.  product sales and resulted in essentially flat sales commission expenses.
International products typically generate lower commissions than U. S.  products.
Sales-based expenses increased $268.2 million in fiscal year 2010 primarily due to a 74% increase in commissionable sales.
Amortization of deferred sales commissions decreased $33.5 million in fiscal year 2011 primarily due to a $30.1 million decrease related to U. S.  Class B shares, which were fully amortized during the year.
Amortization of deferred sales commissions increased $45.7 million in fiscal year 2010 primarily due to a $44.2 million increase related to higher sales of U. S.  Class A and C shares sold without a front-end sales charge to shareholders.
Compensation and Benefits Compensation and benefit expenses increased $150.2 million in fiscal year 2011 primarily due to increases in variable compensation and salaries, wages and benefits.
Variable compensation increased $79.0 million, mainly due to higher bonus expense based on our performance and a $7.0 million increase related to private equity performance fees.
Salaries, wages and benefits increased $74.6 million, primarily due to a $49.7 million increase in salaries and wages resulting from higher staffing levels, annual merit salary adjustments and unfavorable currency impacts, as well as an increase of $16.5 million in 401(k) plan matching contributions.
At September 30, 2011, our global workforce had increased to approximately 8,500 employees from approximately 7,900 employees at September 30, 2010.
Compensation and benefit expenses increased $122.5 million in fiscal year 2010 primarily due to increases in variable compensation and commissions, partially offset by a decrease related to severance costs incurred in the prior fiscal year.
Variable compensation increased $116.8 million, mainly due to higher bonus expense based on our performance.
Commissions increased $28.4 million, reflecting higher levels of sponsored investment product sales.
Severance costs of $38.4 million were recognized in fiscal year 2009 related to reductions to our global workforce of approximately 10%.
Higher salaries, wages and benefits during fiscal year 2010 resulting from annual merit salary adjustments, unfavorable currency impacts and higher benefit costs were largely offset by the impact of reduced staffing levels.
The level of our global workforce throughout most of the year was lower than in the prior fiscal year.
We continue to place a high emphasis on our pay for performance philosophy.
As such, any changes in the underlying performance of our sponsored investment products or changes in the composition of our incentive compensation offerings could have an impact on compensation and benefit expenses going forward.
However, in order to attract and retain talented individuals, our level of compensation and benefit expenses may increase more quickly or decrease more slowly than our revenue.
(3) Of these amounts, $1,338, $1,447, $1,285, $1,175, $1,259, $1,335, $1,002 and $1,045, respectively, were from related parties.
(4) Of these amounts, $270, $338, $290, $279, $186, $190, $218 and $204, respectively, were from related parties.
(5) Of these amounts, $214, $279, $227, $287, $528, $386, $474 and $674, respectively, were from related parties.
(6) Of these amounts, $134, $130, $125, $121, $102, $99, $150 and $101, respectively, were from related parties.
The following tables set forth trading volume and average fee per million traded for the eight quarters ended December 31, 2007.
## Table 2 ##
Three Months Ended
## Table 3 ##
Liquidity and Capital Resources During the three years ended December 31, 2007, we have met our funding requirements through cash on hand and internally generated funds.
Cash and cash equivalents and securities-available-for-sale totaled $118.1 million at December 31, 2005, $131.0 million at December 31, 2006 and $124.3 million at December 31, 2007.
We have no long-term or short-term debt and do not maintain bank lines of credit.
On October 26, 2006, our Board of Directors authorized a stock repurchase program for up to $40.0 million of our common stock.
Shares repurchased under the program will be held in treasury for future use.
During 2007, we repurchased 2,452,214 shares at a purchase price of $34.6 million.
A total of 2,642,214 shares have been repurchased at an aggregate cost of $37.2 million from the inception of the repurchase program through December 31, 2007.
In addition, as described above, we amended our lease in December 2009 to include additional new laboratory and office space in Building C that is under construction.
As of December 31, 2009, we capitalized $27.8 million of our landlord’s costs of constructing these new facilities, and recognized a corresponding facility lease obligation of $27.8 million.
Monthly lease payments on these facilities will commence in January 2011 and additional charges for utilities, taxes, and operating expenses commenced in January 2010.
Rent expense in connection with the land element of these additional facilities, which is accounted for as an operating lease, commenced in December 2009 and is recorded as a deferred liability until lease payments commence in January 2011.
In addition, interest expense is imputed at a rate of approximately 9%, and is capitalized and deferred in connection with this facility lease obligation.
At December 31, 2009, the facility lease obligation balance in connection with these additional new facilities was $28.0 million.
Capital Expenditures Our cash expenditures for property, plant, and equipment totaled $97.3 million in 2009, $34.9 million in 2008, and $18.4 million in 2007.
As described above, $23.6 million of tenant improvement costs we incurred in Tarrytown were reimbursed by our landlord in 2009.
We expect to incur capital expenditures of approximately $80 to $110 million in 2010 and approximately $40 to $60 million in 2011, primarily in connection with expanding our Rensselaer, New York manufacturing facilities and tenant improvements at our newly leased Tarrytown facilities in Building C.  In February 2010, we received $47.5 million from our landlord in connection with tenant improvement costs in Tarrytown.
We also expect to be reimbursed for a portion of the capital expenditures for our Rensselaer facilities by sanofi-aventis, with the remaining amount to be funded by our existing capital resources.
Funding Requirements Our total expenses for research and development from inception through December 31, 2009 have been approximately $2.0 billion.
We have entered into various agreements related to our activities to develop and commercialize product candidates and utilize our technology platforms, including collaboration agreements, such as those with sanofi-aventis and Bayer HealthCare, and agreements to use our Velocigene?
technology platform.
We incurred expenses associated with these agreements, which include reimbursable and non-reimbursable amounts, an allocable portion of general and administrative costs, and cost sharing of a collaborator’s development expenses, where applicable, of $333.7 million, $230.6 million, and $108.2 million in 2009, 2008, and 2007, respectively.
We expect to continue to incur substantial funding requirements primarily for research and development activities (including preclinical and clinical testing).
Before taking into account reimbursements from our collaborators, and exclusive of anticipated funding for capital expenditures as described above, we currently anticipate that approximately 65-75% of our expenditures for 2010 will be directed toward the preclinical and clinical development of product candidates, including rilonacept, aflibercept, VEGF Trap-Eye, and clinical stage monoclonal antibodies; approximately 15-25% of our expenditures for 2010 will be applied to our basic research and early preclinical activities; and the remainder of our expenditures for 2010 will be used for the continued development of our novel technology platforms and general corporate purposes.
While we expect that funding requirements for our research and development activities will continue to increase in 2010, we also expect that a greater proportion of our research and development expenditures will be reimbursed by our collaborators, especially in connection with our amended and expanded antibody collaboration with sanofi-aventis.
In connection with our funding requirements, the following table summarizes our contractual obligations as of December 31, 2009.
These obligations and commitments assume non-termination of agreements and represent expected payments based on current operating forecasts, which are subject to change:

<table><tr><td>2004</td><td>$77,622</td></tr><tr><td>2005</td><td>115,444</td></tr><tr><td>2006</td><td>365,051</td></tr><tr><td>2007</td><td>728,153</td></tr><tr><td>2008</td><td>808,043</td></tr><tr><td>Thereafter</td><td>1,650,760</td></tr><tr><td>Total cash obligations</td><td>3,745,073</td></tr><tr><td>Accreted value of original issue discount of the ATI 12.25% Notes</td><td>-339,601</td></tr><tr><td>Accreted value of the related warrants</td><td>-44,247</td></tr><tr><td>Balance as of December 31, 2003</td><td>$3,361,225</td></tr></table>
<table><tr><td>(dollar amounts in millions)</td><td></td><td></td><td></td><td colspan="2">Percentage Change</td></tr><tr><td>for the fiscal years ended September 30,</td><td>2011</td><td>2010</td><td>2009</td><td>2011 vs. 2010</td><td>2010 vs. 2009</td></tr><tr><td>Asset-based expenses</td><td>$1,881.8</td><td>$1,418.2</td><td>$1,002.1</td><td>33%</td><td>42%</td></tr><tr><td>Sales-based expenses</td><td>675.8</td><td>676.0</td><td>407.8</td><td>0%</td><td>66%</td></tr><tr><td>Amortization of deferred sales commissions</td><td>155.2</td><td>188.7</td><td>143.0</td><td>-18%</td><td>32%</td></tr><tr><td>Sales, Distribution and Marketing</td><td>$2,712.8</td><td>$2,282.9</td><td>$1,552.9</td><td>19%</td><td>47%</td></tr></table>
<table><tr><td></td><td colspan="8"> Three Months Ended</td></tr><tr><td></td><td> Mar 31,   2006</td><td> Jun 30,   2006</td><td> Sep 30,   2006</td><td> Dec 31,   2006</td><td> Mar 31,   2007</td><td> Jun 30,   2007</td><td> Sep 30,   2007</td><td> Dec 31,   2007</td></tr><tr><td></td><td colspan="8"> (In billions) </td></tr><tr><td></td><td colspan="8"> (Unaudited)</td></tr><tr><td> Trading Volume Data</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. high-grade— multi dealer</td><td>$40.6</td><td>$39.1</td><td>$44.6</td><td>$52.1</td><td>$55.9</td><td>$62.5</td><td>$37.3</td><td>$38.4</td></tr><tr><td>U.S. high-grade — single dealer</td><td>5.3</td><td>4.1</td><td>5.1</td><td>4.5</td><td>4.9</td><td>5.0</td><td>2.6</td><td>2.5</td></tr><tr><td>Total U.S. high-grade</td><td>45.9</td><td>43.2</td><td>49.7</td><td>56.6</td><td>60.8</td><td>67.5</td><td>39.9</td><td>40.9</td></tr><tr><td>European high-grade</td><td>24.0</td><td>22.8</td><td>18.7</td><td>22.1</td><td>28.3</td><td>23.8</td><td>14.8</td><td>10.6</td></tr><tr><td>Other</td><td>14.6</td><td>13.4</td><td>15.3</td><td>13.3</td><td>15.3</td><td>20.1</td><td>21.0</td><td>16.9</td></tr><tr><td>Total</td><td>$84.5</td><td>$79.4</td><td>$83.7</td><td>$92.0</td><td>$104.4</td><td>$111.4</td><td>$75.7</td><td>$68.4</td></tr></table>
<table><tr><td></td><td colspan="8"> Three Months Ended</td></tr><tr><td></td><td> March 31,   2006</td><td> June 30,   2006</td><td> Sept 30,   2006</td><td> Dec 31,   2006</td><td> March 31,   2007</td><td> June 30,   2007</td><td> Sept 30,   2007</td><td> Dec 31,   2007</td></tr><tr><td></td><td colspan="8"> (Unaudited)</td></tr><tr><td> Average Fee Per Million</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. high-grade</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>$240</td><td>$254</td><td>$246</td><td>$239</td><td>$225</td><td>$215</td><td>$300</td><td>$302</td></tr><tr><td>Variable</td><td>$84</td><td>$81</td><td>$69</td><td>$77</td><td>$74</td><td>$75</td><td>$95</td><td>$105</td></tr><tr><td>European high-grade</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>$181</td><td>$179</td><td>$176</td><td>$165</td><td>$168</td><td>$187</td><td>$330</td><td>$448</td></tr><tr><td>Variable</td><td>$181</td><td>$179</td><td>$176</td><td>$165</td><td>$168</td><td>$140</td><td>$99</td><td>$106</td></tr><tr><td>Other</td><td>$145</td><td>$164</td><td>$135</td><td>$145</td><td>$148</td><td>$123</td><td>$100</td><td>$121</td></tr><tr><td>All Products</td><td>$207</td><td>$217</td><td>$210</td><td>$208</td><td>$198</td><td>$193</td><td>$251</td><td>$279</td></tr><tr><td>Number of U.S. trading days</td><td>62</td><td>62</td><td>63</td><td>62</td><td>62</td><td>63</td><td>63</td><td>62</td></tr><tr><td>Number of U.K. trading days</td><td>64</td><td>60</td><td>64</td><td>63</td><td>64</td><td>61</td><td>64</td><td>64</td></tr></table>

Question: For Mar 31, what year is Total Trading Volume larger?
Answer: 2007