Long-term product offerings include active and index strategies.
Our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile.
We offer two types of active strategies: those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction.
In contrast, index strategies seek to closely track the returns of a corresponding index, generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index.
Index strategies include both our non-ETF index products and iShares ETFs.
Although many clients use both active and index strategies, the application of these strategies may differ.
For example, clients may use index products to gain exposure to a market or asset class.
In addition, institutional non-ETF index assignments tend to be very large (multi-billion dollars) and typically reflect low fee rates.
This has the potential to exaggerate the significance of net flows in institutional index products on BlackRock’s revenues and earnings.
Equity Year-end 2015 equity AUM totaled $2.424 trillion, reflecting net inflows of $52.8 billion.
Net inflows included $78.4 billion and $4.2 billion into iShares and active products, respectively.
iShares net inflows were driven by the Core Series and flows into broad developed market equity exposures, and active net inflows reflected demand for international equities.
iShares and active net inflows were partially offset by non-ETF index net outflows of $29.8 billion.
BlackRock’s effective fee rates fluctuate due to changes in AUM mix.
Approximately half of BlackRock’s equity AUM is tied to international markets, including emerging markets, which tend to have higher fee rates than U. S.  equity strategies.
Accordingly, fluctuations in international equity markets, which do not consistently move in tandem with U. S.  markets, may have a greater impact on BlackRock’s effective equity fee rates and revenues.
Fixed Income Fixed income AUM ended 2015 at $1.422 trillion, increasing $28.7 billion, or 2%, from December 31, 2014.
The increase in AUM reflected $76.9 billion in net inflows, partially offset by $48.2 billion in net market depreciation and foreign exchange movements.
In 2015, active net inflows of $35.9 billion were diversified across fixed income offerings, with strong flows into our unconstrained, total return and high yield strategies.
Flagship funds in these product areas include our unconstrained Strategic Income Opportunities and Fixed Income Strategies funds, with net inflows of $7.0 billion and $3.7 billion, respectively; our Total Return fund with net inflows of $2.7 billion; and our High Yield Bond fund with net inflows of $3.5 billion.
Fixed income iShares net inflows of $50.3 billion were led by flows into core, corporate and high yield bond funds.
Active and iShares net inflows were partially offset by non-ETF index net outflows of $9.3 billion.
Multi-Asset Class BlackRock’s multi-asset class team manages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities, bonds, currencies and commodities, and our extensive risk management capabilities.
Investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays.
Component changes in multi-asset class AUM for 2015 are presented below.
## Table 0 ##
(1) Amounts represent $366 million of AUM acquired in the FutureAdvisor acquisition in October 2015.
The FutureAdvisor acquisition amount does not include AUM that was held in iShares holdings.
Multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $17.4 billion of net inflows coming from institutional clients.
Defined contribution plans of institutional clients remained a significant driver of flows, and contributed $7.3 billion to institutional multi-asset class net new business in 2015, primarily into target date and target risk product offerings.
Retail net outflows of $1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of iShares across asset classes.
Notwithstanding this transition, retail flows reflected demand for our Multi-Asset Income fund family, which raised $4.6 billion in 2015.
The Company’s multi-asset class strategies include the following: ?
Asset allocation and balanced products represented 49% of multi-asset class AUM at year-end, with growth in AUM driven by net new business of $12.9 billion.
These strategies combine equity, fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget.
In certain cases, these strategies seek to minimize downside risk through diversification, derivatives strategies and tactical asset allocation decisions.
Flagship products in this category include our Global Allocation and Multi-Asset Income suites.
The following table presents the component changes in BlackRock’s AUM for 2015, 2014 and 2013.
## Table 1 ##
(1) Advisory AUM represents long-term portfolio liquidation assignments.
(2) Amounts for 2015 represent $1.3 billion of AUM acquired in the acquisition of certain assets of BlackRock Kelso Capital Advisors LLC (“BKCA”) in March 2015, $560 million of AUM acquired in the Infraestructura Institucional acquisition in October 2015 and $366 million of AUM acquired in the FutureAdvisor acquisition in October 2015.
The FutureAdvisor acquisition amount does not include AUM that was held in iShares holdings.
Amounts for 2013 represent $16.0 billion of AUM acquired in the Credit Suisse ETF franchise in July 2013 (the “Credit Suisse ETF Transaction”) and $11.0 billion of AUM acquired in the MGPA acquisition in October 2013.
(3) Foreign exchange reflects the impact of translating non-U.
S.  dollar denominated AUM into U. S.  dollars for reporting purposes.
BlackRock has historically grown AUM through organic growth and acquisitions.
Management believes that the Company will be able to continue to grow AUM organically by focusing on strong investment performance, efficient delivery of beta for index products, client service, developing new products and optimizing distribution capabilities.
Component Changes in AUM for 2015 The following table presents the component changes in AUM by client type and product type for 2015.
## Table 2 ##
(1) Amounts represent $1.3 billion of AUM acquired in the acquisition of certain assets of BKCA in March 2015, $560 million of AUM acquired in the Infraestructura Institucional acquisition in October 2015 and $366 million of AUM acquired in the FutureAdvisor acquisition in October 2015.
The FutureAdvisor acquisition amount does not include AUM that was held in iShares holdings.
Income Tax Expense Our effective tax rate for the year ended December 31, 2017 decreased to 18.8% (year ended December 31, 2016: 28.0%).
The decrease included a $130.7 million tax benefit (9.3%) related to the revaluation of deferred tax assets and liabilities following the 2017 Tax Act enacted in the United States.
The inclusion of income from non-controlling interests decreased our rate period-overperiod by 0.2% (0.5% decrease to the effective tax rate in 2017 and 0.3% decrease to the effective tax rate in 2016).
The remai 0.3% decrease to the effective tax rate in 2016).
nder of the rate movement was primarily due to changes in the mix of pre-tax income.
See also Item 8, Financial Statements and Supplementary Data - in Note 15, "Taxation," for further details and additional discussion on estimated amounts recorded as of December 31, 2017 for the 2017 Tax Act.
Our effective tax rate for the year ended December 31, 2016 decreased to 28.0% (year ended December 31, 2015: 29.2%).
The inclusion of non-controlling interests decreased our effective tax rate period-over-period by 0.4%.
(0.3% decrease to the effective tax y 0.4%.
(0.3% decrease to the effective tax rate in 2016 and 0.1% increase to the effective tax rate in 2015).2016 included a 0.4% rate increase as a result of the non-cash impairment charge related to the 49% investment in Invesco Asset Management (India) Private Limited.2015 included a 0.2% rate increase as a result of tax legislation changes in New York City y y net of settlements, a 0.2% increase as a result of regulatory investigation charges and a 0.3% increase relating to unrecognized tax benefits.
The remainder of the rate movement was primarily due to changes in the mix of pre-tax income.
Schedule of Non-GAAP Information We utilize the following non-GAAP performance measures: net revenue (and by calculation, net revenue yield on AUM), adjusted operating income, adjusted operating margin, adjusted net income attributable to Invesco Ltd.  and adjusted diluted earnings perrshare (EPS).
The company believes the adjusted measures provide valuable insight into the company’s ongoing operational performance and assist in comparisons to its competitors.
These measures also assist the company’s management with the establishment of operational budgets and forecasts and assist the Board of Directors and management of the company in determining incentive compensation decisions.
The most directly comparable U. S.  GAAP measures are operating revenues (and by calculation, gross revenue yield on AUM), operating income, operating margin, net income attributable to Invesco Ltd.  and diluted EPS.
Each of these measures is discussed more fully below.
The following are reconciliations of operating revenues, operating income (and by calculation, operating margin), and net income attributable to Invesco Ltd.  (and by calculation, diluted EPS) on a U. S.  GAAP basis to a non-GAAP basis of net revenues, adjusted operating income (and by calculation, adjusted operating margin), and adjusted net income attributable to Invesco Ltd.  (and by calculation, adjusted diluted EPS).
These non-GAAP measures should not be considered as substitutes for any U. S.  GAAP measures and may not be comparable to other similarly titled measures of other companies.
Additional reconciling items may be added in the future to these non-GAAP measures if deemed appropriate.
The tax effects related to the reconciling items have been calculated based on the tax rate attributable to the jurisdiction to which the transaction relates.
Notes to the reconciliations follow the tables.
Reconciliation of Operating revenues to Net revenues:
## Table 3 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td>(in millions)</td><td>December 31,2014</td><td>Net Inflows(Outflows)</td><td>Acquisition<sup>-1</sup></td><td>Market Change</td><td>FX Impact</td><td>December 31,2015</td></tr><tr><td>Asset allocation and balanced</td><td>$183,032</td><td>$12,926</td><td>$—</td><td>$-6,731</td><td>$-3,391</td><td>$185,836</td></tr><tr><td>Target date/risk</td><td>128,611</td><td>218</td><td>—</td><td>-1,308</td><td>-1,857</td><td>125,664</td></tr><tr><td>Fiduciary</td><td>66,194</td><td>3,985</td><td>—</td><td>627</td><td>-6,373</td><td>64,433</td></tr><tr><td>FutureAdvisor</td><td>—</td><td>38</td><td>366</td><td>-1</td><td>—</td><td>403</td></tr><tr><td>Multi-asset</td><td>$377,837</td><td>$17,167</td><td>$366</td><td>$-7,413</td><td>$-11,621</td><td>$376,336</td></tr></table>
<table><tr><td></td><td colspan="3">December 31,</td></tr><tr><td>(in millions)</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Beginning assets under management</td><td>$4,651,895</td><td>$4,324,088</td><td>$3,791,588</td></tr><tr><td>Net inflows (outflows)</td><td></td><td></td><td></td></tr><tr><td>Long-term</td><td>152,014</td><td>181,253</td><td>117,113</td></tr><tr><td>Cash management</td><td>7,510</td><td>25,696</td><td>10,056</td></tr><tr><td>Advisory<sup>-1</sup></td><td>-9,629</td><td>-13,173</td><td>-7,442</td></tr><tr><td>Total net inflows (outflows)</td><td>149,895</td><td>193,776</td><td>119,727</td></tr><tr><td>Acquisitions<sup>-2</sup></td><td>2,219</td><td>—</td><td>26,932</td></tr><tr><td>Market change</td><td>-57,495</td><td>261,682</td><td>398,707</td></tr><tr><td>FX impact<sup>-3</sup></td><td>-101,102</td><td>-127,651</td><td>-12,866</td></tr><tr><td>Total change</td><td>-6,483</td><td>327,807</td><td>532,500</td></tr><tr><td>Ending assets under management</td><td>$4,645,412</td><td>$4,651,895</td><td>$4,324,088</td></tr></table>
<table><tr><td>(in millions)</td><td>December 31,2014</td><td>Net inflows (outflows)</td><td>Acquisitions<sup>-1</sup></td><td>Market change</td><td>FX impact -2</td><td>December31,2015</td><td>Full YearAverageAUM<sup>-3</sup></td></tr><tr><td>Retail:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>$200,445</td><td>$8,543</td><td>$—</td><td>$-10,040</td><td>$-5,193</td><td>$193,755</td><td>$199,474</td></tr><tr><td>Fixed income</td><td>189,820</td><td>31,114</td><td>—</td><td>-5,691</td><td>-2,590</td><td>212,653</td><td>205,919</td></tr><tr><td>Multi-asset</td><td>125,341</td><td>-1,307</td><td>366</td><td>-8,108</td><td>-985</td><td>115,307</td><td>125,019</td></tr><tr><td>Alternatives</td><td>18,723</td><td>162</td><td>1,293</td><td>-177</td><td>-591</td><td>19,410</td><td>19,351</td></tr><tr><td>Retail subtotal</td><td>534,329</td><td>38,512</td><td>1,659</td><td>-24,016</td><td>-9,359</td><td>541,125</td><td>549,763</td></tr><tr><td>iShares:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>790,067</td><td>78,408</td><td>—</td><td>-32,349</td><td>-12,970</td><td>823,156</td><td>810,836</td></tr><tr><td>Fixed income</td><td>217,671</td><td>50,309</td><td>—</td><td>-7,508</td><td>-6,282</td><td>254,190</td><td>239,164</td></tr><tr><td>Multi-asset</td><td>1,773</td><td>1,074</td><td>—</td><td>-90</td><td>-27</td><td>2,730</td><td>1,924</td></tr><tr><td>Alternatives</td><td>14,717</td><td>61</td><td>—</td><td>-2,160</td><td>-133</td><td>12,485</td><td>14,268</td></tr><tr><td>iSharessubtotal</td><td>1,024,228</td><td>129,852</td><td>—</td><td>-42,107</td><td>-19,412</td><td>1,092,561</td><td>1,066,192</td></tr><tr><td>Institutional:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>125,143</td><td>-462</td><td>—</td><td>960</td><td>-4,199</td><td>121,442</td><td>125,410</td></tr><tr><td>Fixed income</td><td>518,590</td><td>5,690</td><td>—</td><td>-1,220</td><td>-8,632</td><td>514,428</td><td>523,536</td></tr><tr><td>Multi-asset</td><td>242,913</td><td>18,409</td><td>—</td><td>1,074</td><td>-10,355</td><td>252,041</td><td>254,781</td></tr><tr><td>Alternatives</td><td>72,514</td><td>3,109</td><td>560</td><td>-175</td><td>-1,067</td><td>74,941</td><td>73,683</td></tr><tr><td>Active subtotal</td><td>959,160</td><td>26,746</td><td>560</td><td>639</td><td>-24,253</td><td>962,852</td><td>977,410</td></tr><tr><td>Index:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity</td><td>1,335,456</td><td>-33,711</td><td>—</td><td>6,157</td><td>-22,483</td><td>1,285,419</td><td>1,333,159</td></tr><tr><td>Fixed income</td><td>467,572</td><td>-10,169</td><td>—</td><td>2,317</td><td>-18,623</td><td>441,097</td><td>466,494</td></tr><tr><td>Multi-asset</td><td>7,810</td><td>-1,009</td><td>—</td><td>-289</td><td>-254</td><td>6,258</td><td>7,305</td></tr><tr><td>Alternatives</td><td>5,286</td><td>1,793</td><td>—</td><td>-924</td><td>-152</td><td>6,003</td><td>5,907</td></tr><tr><td>Index subtotal</td><td>1,816,124</td><td>-43,096</td><td>—</td><td>7,261</td><td>-41,512</td><td>1,738,777</td><td>1,812,865</td></tr><tr><td>Institutional subtotal</td><td>2,775,284</td><td>-16,350</td><td>560</td><td>7,900</td><td>-65,765</td><td>2,701,629</td><td>2,790,275</td></tr><tr><td>Long-term</td><td>4,333,841</td><td>152,014</td><td>2,219</td><td>-58,223</td><td>-94,536</td><td>4,335,315</td><td>$4,406,230</td></tr><tr><td>Cash management</td><td>296,353</td><td>7,510</td><td>—</td><td>267</td><td>-4,246</td><td>299,884</td><td></td></tr><tr><td>Advisory<sup>-4</sup></td><td>21,701</td><td>-9,629</td><td>—</td><td>461</td><td>-2,320</td><td>10,213</td><td></td></tr><tr><td>Total</td><td>$4,651,895</td><td>$149,895</td><td>$2,219</td><td>$-57,495</td><td>$-101,102</td><td>$4,645,412</td><td></td></tr></table>
<table><tr><td>$ in millions</td><td>2017</td><td>2016</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Operating revenues, U.S. GAAP basis</td><td>5,160.3</td><td>4,734.4</td><td>5,122.9</td><td>5,147.1</td><td>4,644.6</td></tr><tr><td>Proportional share of revenues, net of third-party distribution expenses, from joint venture investments<sup>-1</sup></td><td>48.7</td><td>43.7</td><td>61.0</td><td>56.7</td><td>51.7</td></tr><tr><td>Third party distribution, service and advisory expenses<sup>-2</sup></td><td>-1,486.5</td><td>-1,407.2</td><td>-1,579.9</td><td>-1,630.7</td><td>-1,489.2</td></tr><tr><td>CIP<sup>-3</sup></td><td>32.4</td><td>22.3</td><td>39.2</td><td>35.2</td><td>37.9</td></tr><tr><td>Other reconciling items<sup>-6</sup></td><td>—</td><td>—</td><td>—</td><td>—</td><td>7.0</td></tr><tr><td>Net revenues</td><td>3,754.9</td><td>3,393.2</td><td>3,643.2</td><td>3,608.3</td><td>3,252.0</td></tr></table>

Question: What is the average value of Long-term in Table 1 and Multi-asset of December 31,2014 in Table 2 in 2014? (in million)
Answer: 153297
Reasoning program: add(181253,125341), divide(#0,2)