Institutional active AUM ended 2016 at $1.0 trillion, reflecting $17.9 billion of net inflows.
Institutional active represented 21% of long-term AUM and 20% of long-term base fees.
Growth in AUM reflected continued strength in multi-asset products with net inflows of $13.3 billion reflecting ongoing demand for solutions offerings and the LifePath?
target-date suite.
Our top-performing fixed income platform generated net inflows of $10.2 billion, diversified across exposures.
Alternatives net inflows of $1.8 billion were led by inflows into infrastructure and alternatives solutions offerings.
In addition, 2016 was another strong fundraising year for illiquid alternatives, and we raised $5.0 billion in new commitments, which will be a source of future net inflows.
Equity net outflows of $7.4 billion reflected fundamental and scientific net outflows of $5.0 billion and $2.4 billion, respectively.
Institutional index AUM totaled $1.9 trillion at December 31, 2016, reflecting net inflows of $33.5 billion.
Fixed income net inflows of $41.4 billion were driven by demand for liabilitydriven investment solutions, particularly in Europe.
Equity net outflows of $8.6 billion were primarily due to low-fee regional index equity outflows as clients looked to re-allocate, re-balance or meet their cash needs.
Institutional index represented 40% of long-term AUM at December 31, 2016 and accounted for 10% of long-term base fees for 2016.
The Company’s institutional clients consist of the following: ?
Pensions, Foundations and Endowments.
BlackRock is among the world’s largest managers of pension plan assets with $1.989 trillion, or 68%, of long-term institutional AUM managed for defined benefit, defined contribution and other pension plans for corporations, governments and unions at December 31, 2016.
The market landscape continues to shift from defined benefit to defined contribution, driving strong flows in our defined contribution channel, which had $18.5 billion of long-term net inflows for the year, driven by continued demand for our LifePath target-date suite.
Defined contribution represented $703.5 billion of total pension AUM, and we remain well positioned to capitalize on the on-going evolution of the defined contribution market and demand for outcome-oriented investments.
An additional $61.0 billion, or 2%, of longterm institutional AUM was managed for other tax-exempt investors, including charities, foundations and endowments.  ?
Official Institutions.
BlackRock manages $181.9 billion, or 6%, of long-term institutional AUM for official institutions, including central banks, sovereign wealth funds, supranationals, multilateral entities and government ministries and agencies at year-end 2016.
These clients often require specialized investment advice, the use of customized benchmarks and training support.
Outflows from official institutions clients of $14.6 billion were primarily from index mandates, linked to clients’ asset allocation, re-balancing and cash needs.  ?
Financial and Other Institutions.
BlackRock is a top independent manager of assets for insurance companies, which accounted for $272.8 billion, or 10%, of institutional long-term AUM at year-end 2016.
Longterm net inflows from insurance clients totaled $30.9 billion, driven by demand for highly customized solutions.
Assets managed for other taxable institutions, including corporations, banks and thirdparty fund sponsors for which we provide sub-advisory services, totaled $406.5 billion, or 14%, of long-term institutional AUM at year-end.
PRODUCT TYPE AND INVESTMENT STYLE Component changes in AUM by product type and investment style for 2016 are presented below.
## Table 0 ##
(1) Amount represents AUM acquired in the BofA Global Capital Management transaction in April 2016.
2016 Compared with 2015 Net gains on investments of $57 million in 2016 decreased $52 million from 2015 due to lower net gains in 2016.
Net gains on investments in 2015 included a $40 million gain related to the BKCA acquisition and a $35 million unrealized gain on a private equity investment.
Interest and dividend income increased $14 million from 2015 primarily due to higher dividend income in 2016.2015 Compared with 2014 Net gains on investments of $109 million in 2015 decreased $45 million from 2014 due to lower net gains in 2015.
Net gains on investments in 2015 included a $40 million gain related to the BKCA acquisition and a $35 million unrealized gain on a private equity investment.
Net gains on investments in 2014 included the positive impact of the monetization of a nonstrategic, opportunistic private equity investment.
Interest expense decreased $28 million from 2014 primarily due to repayments of long-term borrowings in the fourth quarter of 2014.
## Table 1 ##
(1) See Non-GAAP Financial Measures for further information on and reconciliation of as adjusted items.
(2) Net of net income (loss) attributable to NCI.
The Company’s tax rate is affected by tax rates in foreign jurisdictions and the relative amount of income earned in those jurisdictions, which the Company expects to be fairly consistent in the near term.
The significant foreign jurisdictions that have lower statutory tax rates than the U. S.  federal statutory rate of 35% include the United Kingdom, Channel Islands, Ireland and Canada.
U. S.  income taxes were not provided for certain undistributed foreign earnings intended to be indefinitely reinvested outside the United States.2016.
Income tax expense (GAAP) reflected: ?
a net noncash benefit of $30 million, primarily associated with the revaluation of certain deferred income tax liabilities; and ?
a benefit from $65 million of nonrecurring items, including the resolution of certain outstanding tax matters.
The as adjusted effective tax rate of 29.6% for 2016 excluded the net noncash benefit of $30 million mentioned above, as it will not have a cash flow impact and to ensure comparability among periods presented.2015.
Income tax expense (GAAP) reflected: ?
a net noncash benefit of $54 million, primarily associated with the revaluation of certain deferred income tax liabilities; and ?
a benefit from $75 million of nonrecurring items, primarily due to the realization of losses from changes in the Company’s organizational tax structure and the resolution of certain outstanding tax matters.
The as adjusted effective tax rate of 28.4% for 2015 excluded the net noncash benefit of $54 million mentioned above, as it will not have a cash flow impact and to ensure comparability among periods presented 2014.
Income tax expense (GAAP) reflected: ?
a $94 million tax benefit, primarily due to the resolution of certain outstanding tax matters related to the acquisition of BGI, including the previously mentioned $50 million tax benefit (see Executive Summary for more information); ?
a $73 million net tax benefit related to several favorable nonrecurring items; and ?
a net noncash benefit of $9 million associated with the revaluation of deferred income tax liabilities.
The as adjusted effective tax rate of 26.6% for 2014 excluded the $9 million net noncash benefit as it will not have a cash flow impact and to ensure comparability among periods presented and the $50 million tax benefit mentioned above.
The $50 million general and administrative expense and $50 million tax benefit have been excluded from as adjusted results as there is no impact on BlackRock’s book value.
BALANCE SHEET OVERVIEW As Adjusted Balance Sheet The following table presents a reconciliation of the consolidated statement of financial condition presented on a GAAP basis to the consolidated statement of financial condition, excluding the impact of separate account assets and separate account collateral held under securities lending agreements (directly related to lending separate account securities) and separate account liabilities and separate account collateral liabilities under securities lending agreements and consolidated sponsored investment funds, including consolidated VIEs.
The Company presents the as adjusted balance sheet as additional information to enable investors to exclude certain
included being in stock in core product offerings, which are products that we plan to have available for sale over the next twelve months and beyond at full price.
In addition, our inventory strategy included shipping seasonal product at the start of the shipping window in order to maximize the productivity of our floor sets and earmarking any seasonal excess for our retail outlet stores.
In 2008, we plan to continue to focus on meeting consumer demand while improving our inventory efficiency.
We believe that our cash and cash equivalents on hand, cash from operations and borrowings available to us under our revolving credit and subordinated debt facilities will be adequate to meet our liquidity needs and capital expenditure requirements for at least the next twelve months.
As our business continues to grow, we may consider additional funding sources to meet our liquidity and capital needs.
Cash Flows The following table presents the major components of net cash flows used in and provided by operating, investing and financing activities for the years presented:
## Table 2 ##
Operating Activities Operating activities consist primarily of net income adjusted for certain non-cash items.
Non-cash items include depreciation and amortization, unrealized foreign currency transaction gains and losses, stock-based compensation, deferred income taxes and changes in reserves for doubtful accounts, returns, discounts and inventories.
In addition, operating cash flows include the effect of changes in operating assets and liabilities, principally accounts receivable, inventories, accounts payable, accrued expenses and income taxes payable and receivable.
Cash used in operating activities was $14.6 million for the year ended December 31, 2007 compared to cash provided by operating activities of $10.7 million during the same period in 2006.
The $25.3 million additional net use of cash in operating activities was due to increased cash outflows from operating assets and liabilities of $45.6 million, partially offset by increased non-cash items of $6.7 million and an increase in net income of $13.6 million year-over-year.
The increase in cash outflows related to changes in operating assets and liabilities periodover-period was primarily due to the following: ?
a larger increase in inventory levels of $57.5 million, primarily due to our planned strategy for additional core inventory needed to support the anticipated consumer demand for our products, higher average cost per unit due to product mix and increased in-transit inventory as a result of increased sourcing from Asia; ?
increased accounts receivable driven by a 29.0% increase in net sales for the three months ended December 31, 2007 compared to the same period of the prior year; partially offset by ?
lower income taxes receivable in 2007 compared to 2006.
Non-cash items primarily increased in 2007 as a result of higher depreciation and amortization expense relating to the expansion of our distribution and corporate facilities and our footwear promotional rights, higher

<table><tr><td>(in millions)</td><td>December31,2015</td><td>Net inflows (outflows)</td><td>Acquisition<sup>-1</sup></td><td>Market change</td><td>FX impact</td><td>December 31,2016</td></tr><tr><td>Equity:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>$281,319</td><td>$-20,230</td><td>$—</td><td>$21,045</td><td>$-7,101</td><td>$275,033</td></tr><tr><td>iShares</td><td>823,156</td><td>74,914</td><td>—</td><td>56,469</td><td>-3,287</td><td>951,252</td></tr><tr><td>Non-ETF index</td><td>1,319,297</td><td>-3,260</td><td>—</td><td>141,520</td><td>-26,666</td><td>1,430,891</td></tr><tr><td>Equity subtotal</td><td>2,423,772</td><td>51,424</td><td>—</td><td>219,034</td><td>-37,054</td><td>2,657,176</td></tr><tr><td>Fixed income:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>719,653</td><td>16,625</td><td>—</td><td>22,742</td><td>-9,024</td><td>749,996</td></tr><tr><td>iShares</td><td>254,190</td><td>59,913</td><td>—</td><td>3,782</td><td>-3,178</td><td>314,707</td></tr><tr><td>Non-ETF index</td><td>448,525</td><td>43,417</td><td>—</td><td>56,295</td><td>-40,575</td><td>507,662</td></tr><tr><td>Fixed income subtotal</td><td>1,422,368</td><td>119,955</td><td>—</td><td>82,819</td><td>-52,777</td><td>1,572,365</td></tr><tr><td>Multi-asset</td><td>376,336</td><td>4,227</td><td>—</td><td>22,520</td><td>-8,076</td><td>395,007</td></tr><tr><td>Alternatives:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Core</td><td>92,085</td><td>-1,165</td><td>—</td><td>-291</td><td>-1,999</td><td>88,630</td></tr><tr><td>Currency and commodities</td><td>20,754</td><td>6,123</td><td>—</td><td>1,920</td><td>-489</td><td>28,308</td></tr><tr><td>Alternatives subtotal</td><td>112,839</td><td>4,958</td><td>—</td><td>1,629</td><td>-2,488</td><td>116,938</td></tr><tr><td>Long-term</td><td>4,335,315</td><td>180,564</td><td>—</td><td>326,002</td><td>-100,395</td><td>4,741,486</td></tr><tr><td>Cash management</td><td>299,884</td><td>29,228</td><td>80,635</td><td>430</td><td>-6,593</td><td>403,584</td></tr><tr><td>Advisory</td><td>10,213</td><td>-7,601</td><td>—</td><td>-68</td><td>238</td><td>2,782</td></tr><tr><td>Total</td><td>$4,645,412</td><td>$202,191</td><td>$80,635</td><td>$326,364</td><td>$-106,750</td><td>$5,147,852</td></tr></table>
<table><tr><td></td><td>GAAP</td><td>As adjusted</td></tr><tr><td>(in millions)</td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Operating income<sup>-1</sup></td><td>$4,570</td><td>$4,664</td><td>$4,474</td><td>$4,674</td><td>$4,695</td><td>$4,563</td></tr><tr><td>Total nonoperating income (expense)<sup>(1),(2)</sup></td><td>-108</td><td>-69</td><td>-49</td><td>-108</td><td>-70</td><td>-56</td></tr><tr><td>Income before income taxes<sup>-2</sup></td><td>$4,462</td><td>$4,595</td><td>$4,425</td><td>$4,566</td><td>$4,625</td><td>$4,507</td></tr><tr><td>Income tax expense</td><td>$1,290</td><td>$1,250</td><td>$1,131</td><td>$1,352</td><td>$1,312</td><td>$1,197</td></tr><tr><td>Effective tax rate</td><td>28.9%</td><td>27.2%</td><td>25.6%</td><td>29.6%</td><td>28.4%</td><td>26.6%</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td>  <i>(In thousands)</i> </td><td>2007</td><td>2006</td><td>2005</td></tr><tr><td>Net cash (used in) provided by:</td><td></td><td></td><td></td></tr><tr><td>Operating activities</td><td>$-14,628</td><td>$10,701</td><td>$15,795</td></tr><tr><td>Investing activities</td><td>-34,084</td><td>-15,115</td><td>-10,833</td></tr><tr><td>Financing activities</td><td>18,148</td><td>12,579</td><td>56,989</td></tr><tr><td>Effect of exchange rate changes on cash and cash equivalents</td><td>497</td><td>-487</td><td>-59</td></tr><tr><td>Net (decrease) increase in cash and cash equivalents</td><td>$-30,067</td><td>$7,678</td><td>$61,892</td></tr></table>

Question: What's the average of iShares of Equity on December 31, 2015 and December 31, 2016? (in million)
Answer: 887204