High-yield and emerging market debt funds experienced outflows driven by risk-off sentiment in credit. In a record year for our illiquid alternatives business, BlackRock now has approximately $23 billion of committed capital to deploy for institutional clients in a variety of illiquid strategies, representing almost $170 million of incremental base fees and the opportunity for significant performance fees over time. Finally, BlackRock's cash management platform continues to increase share by leveraging scale and delivering transformative distribution and risk management technology through both Cachematrix and Aladdin. While full-year 2018, net inflows were impacted by 2 large planned redemptions totaling almost $40 billion, base fees grew 9%.