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Our investments in sponsored investment products primarily consist of the initial cash investmentsmade in the course of launching mutual fund and other investment product offerings; however we may alsoinvest in our products for other business reasons. The market conditions that impact our assets undermanagement similarly affect the investment income earned or losses incurred on our sponsored investmentproduct investments.Taxes on IncomeAs a multi-national corporation, we provide investment management and related services to a widerange of international sponsored investment products, often managed from locations outside the UnitedStates. Some of these jurisdictions have lower tax rates than the United States. The mix of pre-tax income(primarily from our investment management and related services business) subject to these lower rates,when aggregated with income originating in the United States, produces a lower overall effective incometax rate than existing U.S. federal and state income tax rates.Our effective income tax rate for fiscal year 2009 was 30.00%, as compared to 28.99% in fiscal year2008 and 28.08% in fiscal year 2007. The increase in fiscal year 2009 was primarily due to a shift in themix of pre-tax income from lower tax jurisdictions to higher tax jurisdictions. The increase in fiscal year2008 was primarily due to an income tax charge related to repatriated earnings of our non-U.S. subsidiariesand our mix of foreign earnings. The effective income tax rate for future reporting periods will continue toreflect the relative contributions of non-U.S. earnings that are subject to reduced tax rates and that are notcurrently included in U.S. taxable income.During September 2008, we amended our repatriation plan for undistributed foreign earnings toinclude repatriation to the U.S. of the excess net earnings after debt service payments and regulatory capitalrequirements of our U.K. consolidated subsidiaries. As a result of the amendment, we recognized aprovision for U.S. income taxes of $19.7 million and a net deferred income tax liability of $3.4 million inrelation to $294.8 million of accumulated and current earnings from the United Kingdom, of which $210.9million was repatriated as of September 30, 2008.Liquidity and Capital ResourcesThe following table summarizes certain key financial data relating to our liquidity, capital resourcesand uses of capital:(in millions)as of and for the fiscal years ended September 30, 2009 2008 2007Balance Sheet DataAssetsLiquid assets ............................................. $5,832.6 $ 5,443.6 $ 5,834.0Cash and cash equivalents .................................. 3,104.5 2,527.6 3,584.2LiabilitiesDebtCommercial paper ..................................... $ 64.2 $ 13.3 $ —Medium-term notes .................................... — — 420.0Variable funding notes ................................. — 28.6 240.8Federal Home Loan Bank advances ....................... 57.0 109.0 —Long-term debt ....................................... — 118.4 162.1Total debt ....................................... $ 121.2 $ 269.3 $ 822.9Cash Flow DataOperating cash flows ...................................... $ 641.4 $ 1,409.2 $ 1,673.6Investing cash flows ....................................... 289.9 (1,096.1) (306.2)Financing cash flows ...................................... (340.6) (1,300.0) (1,449.2)48