Table of Contents ADOBE SYSTEMS INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) The following table sets forth the components of foreign currency translation adjustments for fiscal 2011, 2010 and 2009 (in thousands):
## Table 0 ##
Stock Repurchase Program To facilitate our stock repurchase program, designed to return value to our stockholders and minimize dilution from stock issuances, we repurchase shares in the open market and also enter into structured repurchase agreements with third-parties.
Authorization to repurchase shares to cover on-going dilution was not subject to expiration.
However, this repurchase program was limited to covering net dilution from stock issuances and was subject to business conditions and cash flow requirements as determined by our Board of Directors from time to time.
During the third quarter of fiscal 2010, our Board of Directors approved an amendment to our stock repurchase program authorized in April 2007 from a non-expiring share-based authority to a time-constrained dollar-based authority.
As part of this amendment, the Board of Directors granted authority to repurchase up to $1.6 billion in common stock through the end of fiscal 2012.
This amended program did not affect the $250.0 million structured stock repurchase agreement entered into during March 2010.
As of December 3, 2010, no prepayments remain under that agreement.
During fiscal 2011, 2010 and 2009, we entered into several structured repurchase agreements with large financial institutions, whereupon we provided the financial institutions with prepayments totaling $695.0 million, $850.0 million and $350.0 million, respectively.
Of the $850.0 million of prepayments during fiscal 2010, $250.0 million was under the stock repurchase program prior to the program amendment and the remaining $600.0 million was under the amended $1.6 billion time-constrained dollarbased authority.
We enter into these agreements in order to take advantage of repurchasing shares at a guaranteed discount to the Volume Weighted Average Price (“VWAP”) of our common stock over a specified period of time.
We only enter into such transactions when the discount that we receive is higher than the foregone return on our cash prepayments to the financial institutions.
There were no explicit commissions or fees on these structured repurchases.
Under the terms of the agreements, there is no requirement for the financial institutions to return any portion of the prepayment to us.
The financial institutions agree to deliver shares to us at monthly intervals during the contract term.
The parameters used to calculate the number of shares deliverable are: the total notional amount of the contract, the number of trading days in the contract, the number of trading days in the interval and the average VWAPof our stock during the interval less the agreed upon discount.
During fiscal 2011, we repurchased approximately 21.8 million shares at an average price of $31.81 through structured repurchase agreements entered into during fiscal 2011.
During fiscal 2010, we repurchased approximately 31.2 million shares at an average price of $29.19 through structured repurchase agreements entered into during fiscal 2009 and fiscal 2010.
During fiscal 2009, we repurchased approximately 15.2 million shares at an average price per share of $27.89 through structured repurchase agreements entered into during fiscal 2008 and fiscal 2009.
For fiscal 2011, 2010 and 2009, the prepayments were classified as treasury stock on our Consolidated Balance Sheets at the payment date, though only shares physically delivered to us by December 2, 2011, December 3, 2010 and November 27, 2009 were excluded from the computation of earnings per share.
As of December 2, 2011 and December 3, 2010, no prepayments remained under these agreements.
As of November 27, 2009, approximately $59.9 million of prepayments remained under these agreements.
Subsequent to December 2, 2011, as part of our $1.6 billion stock repurchase program, we entered into a structured stock repurchase agreement with a large financial institution whereupon we provided them with a prepayment of $80.0 million.
This amount will be classified as treasury stock on our Consolidated Balance Sheets.
Upon completion of the $80.0 million stock
Principal Financial Group, Inc.  Notes to Consolidated Financial Statements — (continued) 16.
Stockholders’ Equity — (continued) On March 31, 2008, June 30, 2008, September 30, 2008 and December 30, 2008, we paid a dividend of $8.2 million, $8.3 million, $8.2 million and $8.3 million, respectively, equal to $1.39 per share on Series A non-cumulative perpetual preferred stock and equal to $0.41 per share on Series B non-cumulative perpetual preferred stock.
Dividends were paid to stockholders of record as of March 13, 2008, June 12, 2008, September 11, 2008 and December 11, 2008, respectively.
On March 30, 2007, July 2, 2007, October 1, 2007 and December 31, 2007, we paid a dividend of $8.2 million, $8.3 million, $8.2 million and $8.3 million, respectively, equal to $1.39 per share on Series A non-cumulative perpetual preferred stock and equal to $0.41 per share on Series B non-cumulative perpetual preferred stock.
Dividends were paid to stockholders of record as of March 15, 2007, June 14, 2007, September 13, 2007 and December 13, 2007, respectively.
On March 30, 2006, June 30, 2006, October 2, 2006, and January 2, 2007, we paid a dividend of $8.3 million, $8.2 million, $8.3 million and $8.2 million, respectively, equal to $1.39 per share on Series A non-cumulative perpetual preferred stock and equal to $0.41 per share on Series B non-cumulative perpetual preferred stock.
Dividends were paid to stockholders of record as of March 15, 2006, June 15, 2006, September 14, 2006, and December 14, 2006, respectively.
Common Stock On December 5, 2008, we paid an annual dividend of $116.7 million, equal to $0.45 per share, to stockholders of record as of November 14, 2008.
On December 7, 2007, we paid an annual dividend of $235.6 million, equal to $0.90 per share, to stockholders of record as of November 16, 2007.
On December 15, 2006, we paid an annual dividend of $214.7 million, equal to $0.80 per share, to stockholders of record as of November 22, 2006.
During November 2007, our Board of Directors authorized a share repurchase program of up to $500.0 million of our outstanding common stock.
On November 30, 2007, we entered into an accelerated common stock repurchase agreement with a third party investment bank for an aggregate purchase price of $250.0 million.
On this date, we paid $250.0 million and received the initial delivery of 2.9 million common shares, while retaining the right to receive additional common shares over the program’s execution period.
The accelerated common stock repurchase agreement was completed in January 2008, at which time we received 0.9 million additional common shares under this agreement.
As of December 31, 2008, $250.0 million remained available under the November 2007 authorization.
In the fourth quarter of 2008, we suspended purchases of the remaining $250.0 million available under the November 2007 authorization.
On May 19, 2006, following our Board of Directors’ share repurchase authorization, we entered into an accelerated common stock repurchase agreement with a third party investment bank for an aggregate purchase price of $500.0 million.
On this date, we paid $500.0 million and received the initial delivery of 7.7 million common shares, while retaining the right to receive additional common shares depending on the volume weighted average share price of our common stock over the program’s duration.
The program was completed in November 2006.
Under this program, we purchased a total of 9.3 million common shares.
In the last three years, our Board of Directors has authorized various repurchase programs under which we are allowed to purchase shares of our outstanding common stock.
Shares repurchased under these programs are accounted for as treasury stock, carried at cost and reflected as a reduction to stockholders’ equity.
Reconciliation of Outstanding Shares
## Table 1 ##
Accumulated Other Comprehensive Income (Loss) Comprehensive income includes all changes in stockholders’ equity during a period except those resulting from investments by stockholders and distributions to stockholders.
U. S.  Asset Accumulation operating expenses increased $461.4 million, primarily due to an increase within Principal Funds relating to higher costs associated with an increase in staff and infrastructure needed to support the growth in the business and the impact from the WM Advisors, Inc.  acquisition.
In addition, a $108.6 million increase from the Global Asset Management segment, primarily in our fee mandate business, was due to continued growth in staff and staff-related costs as a result of continued growth in AUM and the acquisitions of Edge Asset Management and Morley Financial Services.
Income Taxes The effective income tax rates were 20% and 22% for the years ended December 31, 2007 and 2006, respectively.
The effective income tax rate for the year ended December 31, 2007, was lower than the U. S.  statutory rate primarily due to income tax deductions allowed for corporate dividends received and interest exclusion from taxable income.
The effective income tax rate for the year ended December 31, 2006, was lower than the U. S.  statutory rate primarily due to income tax deductions allowed for corporate dividends received, interest exclusion from taxable income and tax refinements in Mexico and Chile.
Results of Operations by Segment For results of operations by segment see Item 8.
‘‘Financial Statements and Supplementary Data, Notes to Consolidated Financial Statements, Note 19, Segment Information.
’’ U. S.  Asset Accumulation Segment U. S.  Asset Accumulation Trends Account values are a key indicator of earnings growth for the segment, as account values are the base by which the segment generates its fee and spread-based profits.
Net cash flow and market performance are the two main drivers of account value growth.
Net cash flow reflects the segment’s ability to attract and retain client deposits.
Market performance reflects not only the equity market performance, but also the investment performance of fixed income investments supporting our spread business.
The percentage growth in earnings of the segment should generally track the percentage growth in account values.
This trend may vary due to changes in business and/or product mix.
The following table presents the U. S.  Asset Accumulation account value rollforward for the years indicated:
## Table 2 ##
(1) Includes $22.5 billion relating to the December 31, 2006, acquisition of WM Advisors, Inc.  U. S.  Asset Accumulation Segment Summary Financial Data The following table presents certain summary financial data relating to the U. S.  Asset Accumulation segment for the years indicated:
## Table 3 ##
Operating Revenues Premiums in our full service payout business increased $140.0 million primarily due to an increase in sales of single premium group annuities with life contingencies.
The single premium group annuity product, which is typically used to fund defined benefit plan terminations, can generate large premiums from very few customers and therefore tends to vary from period to period.
Premiums in our individual payout annuities business increased $108.5 million primarily due to increased sales from certain distribution channels.
Fees in our Principal Funds business increased $346.0 primarily due to higher management and distribution fees stemming from an increase in average account values resulting from our December 31, 2006, acquisition of WM Advisors, Inc.  Fees in our full service accumulation business increased $208.6 million primarily due to a comprehensive assumption study that was completed during the third quarter 2007, which resulted in the unlocking of our unearned revenue and DPAC assumptions and led to the recognition of previously deferred revenue.
Higher fees generated from the increase in account values also contributed to the increase.
Net investment income increased primarily due to a $3,097.4 million increase in average invested assets and cash.
Average annualized yield on invested assets and cash was 5.8% for both the years ended December 31, 2007 and 2006.
Total Expenses Benefits, claims and settlement expenses increased $195.9 million within our individual annuities business primarily due to an increase in reserves related to higher sales of individual payout annuities.
Also, as a result of a growing block of individual annuities, cost of interest credited on fixed deferred annuities increased.
In addition, in full service payout, benefit reserves and expenses increased $141.9 million, primarily due to strong sales of single premium group annuities with life contingencies.
Furthermore, our investment only business increased $81.9 million primarily due to an increase in cost of interest credited on this block of business resulting from an increase in account values and higher crediting rates.
Operating expenses increased $305.5 million within Principal Funds primarily due to higher costs associated with an increase in staff and infrastructure needed to support the growth in the business and the impact from the WM Advisors, Inc.  acquisition.
Operating expenses in our full service accumulation business increased $120.9 million primarily due to a comprehensive assumption study that was completed during the third quarter 2007, which resulted in the unlocking of our unearned revenue and DPAC assumptions and led to the recognition of previously deferred expenses.
Also contributing to the increase was growth in the business, which drove increases in staff related costs and management fees paid.
Income Taxes The effective income tax rates for the segment were 21% and 20% for the years ended December 31, 2007 and 2006, respectively.
The effective income tax rates were lower than the U. S.  statutory rate, primarily due to income tax deductions allowed for corporate dividends received and interest exclusion from taxable income.
Global Asset Management Segment Global Asset Management Trends While we have experienced success in winning institutional asset management mandates and expect to see continued growth in this area, the market conditions have impacted our overall AUM growth across all asset classes.
Our third-party AUM decreased $17.0 billion during 2008 primarily as a result of market performance.
The following table provides a summary of Global Asset Management’s affiliated and third-party AUM as of December 31, 2008, 2007 and 2006:

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td>Beginning balance</td><td>$7,632</td><td>$10,640</td><td>$-431</td></tr><tr><td>Foreign currency translation adjustments</td><td>5,156</td><td>-4,144</td><td>17,343</td></tr><tr><td>Income tax effect relating to translation adjustments forundistributed foreign earnings</td><td>-2,208</td><td>1,136</td><td>-6,272</td></tr><tr><td>Ending balance</td><td>$10,580</td><td>$7,632</td><td>$10,640</td></tr></table>
<table><tr><td> </td><td> Series A preferred stock</td><td> Series B preferred stock</td><td>Common stock</td></tr><tr><td> </td><td colspan="3">(in millions)</td></tr><tr><td>Outstanding shares at January 1, 2006</td><td>3.0</td><td>10.0</td><td>280.6</td></tr><tr><td>Shares issued</td><td>—</td><td>—</td><td>2.3</td></tr><tr><td>Treasury stock acquired</td><td>—</td><td>—</td><td>-14.5</td></tr><tr><td>Outstanding shares at December 31, 2006</td><td>3.0</td><td>10.0</td><td>268.4</td></tr><tr><td>Shares issued</td><td>—</td><td>—</td><td>2.2</td></tr><tr><td>Treasury stock acquired</td><td>—</td><td>—</td><td>-11.5</td></tr><tr><td>Outstanding shares at December 31, 2007</td><td>3.0</td><td>10.0</td><td>259.1</td></tr><tr><td>Shares issued</td><td>—</td><td>—</td><td>1.2</td></tr><tr><td>Treasury stock acquired</td><td>—</td><td>—</td><td>-1.0</td></tr><tr><td>Outstanding shares at December 31, 2008</td><td> 3.0</td><td> 10.0</td><td>259.3</td></tr></table>
<table><tr><td> </td><td colspan="3"> For the year ended December 31,</td><td></td></tr><tr><td> </td><td>2008</td><td> 2007</td><td> 2006</td><td></td></tr><tr><td> </td><td colspan="3"><i>(in billions)</i> </td><td></td></tr><tr><td>Account values, beginning of period</td><td>$180.8</td><td>$163.3</td><td>$120.3</td><td></td></tr><tr><td>Net cash flow</td><td>5.0</td><td>6.7</td><td>6.9</td><td></td></tr><tr><td>Credited investment performance</td><td>-37.6</td><td>10.3</td><td>13.0</td><td></td></tr><tr><td>Other</td><td>-2.1</td><td>0.5</td><td>23.1</td><td>-1</td></tr><tr><td>Account values, end of period</td><td>$146.1</td><td>$180.8</td><td>$163.3</td><td></td></tr></table>
<table><tr><td> </td><td colspan="3"> For the year ended December 31,</td><td colspan="2"> Increase (decrease)</td></tr><tr><td> </td><td> 2008</td><td> 2007</td><td> 2006</td><td>2008 vs. 2007</td><td> 2007 vs. 2006</td></tr><tr><td> </td><td colspan="5"><i>(in millions)</i> </td></tr><tr><td>Operating revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Premiums and other considerations</td><td>$523.2</td><td>$710.8</td><td>$462.3</td><td>$-187.6</td><td>$248.5</td></tr><tr><td>Fees and other revenues</td><td>1,455.1</td><td>1,691.4</td><td>1,105.9</td><td>-236.3</td><td>585.5</td></tr><tr><td>Net investment income</td><td>2,820.1</td><td>2,748.0</td><td>2,538.8</td><td>72.1</td><td>209.2</td></tr><tr><td>Total operating revenues</td><td>4,798.4</td><td>5,150.2</td><td>4,107.0</td><td>-351.8</td><td>1,043.2</td></tr><tr><td>Expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Benefits, claims and settlement expenses, including dividends to policyholders</td><td>2,711.5</td><td>2,812.6</td><td>2,392.1</td><td>-101.1</td><td>420.5</td></tr><tr><td>Operating expenses</td><td>1,417.4</td><td>1,510.1</td><td>1,040.8</td><td>-92.7</td><td>469.3</td></tr><tr><td>Total expenses</td><td>4,128.9</td><td>4,322.7</td><td>3,432.9</td><td>-193.8</td><td>889.8</td></tr><tr><td>Operating earnings before income taxes</td><td>669.5</td><td>827.5</td><td>674.1</td><td>-158.0</td><td>153.4</td></tr><tr><td>Income taxes</td><td>138.2</td><td>171.7</td><td>131.5</td><td>-33.5</td><td>40.2</td></tr><tr><td>Operating earnings</td><td>$531.3</td><td>$655.8</td><td>$542.6</td><td>$-124.5</td><td>$113.2</td></tr></table>

Question: Which year has the greatest proportion of net investment income?
Answer: 2006