0000950133-95-000477.txt : 19950817 0000950133-95-000477.hdr.sgml : 19950817 ACCESSION NUMBER: 0000950133-95-000477 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950816 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE NEW AMERICA GROWTH FUND CENTRAL INDEX KEY: 0000773485 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04358 FILM NUMBER: 95564622 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 3015472000 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE COMMON STOCK FUND DATE OF NAME CHANGE: 19851003 N-30D 1 T. ROWE PRICE NEW AMERICA GROWTH PORTFOLIO 1 T. ROWE PRICE NEW AMERICA GROWTH PORTFOLIO SEMIANNUAL REPORT [T.ROWE PRICE LOGO] June 30, 1995 DEAR INVESTOR Stocks rose sharply in the second quarter, paced by technology issues, and all of the major market indices ended the period at record levels. Your fund's 23.8% gain in the first half exceeded that of the unmanaged Standard & Poor's 500 Stock Index and an average of other growth stock funds.
PERFORMANCE COMPARISON -------------------------------------------------------------------- Six Months Ended 6/30/95 -------------------------- New America Growth Portfolio 23.8% S&P 500 20.2 Nasdaq Composite* 24.1 Lipper Growth Fund Average 17.5 --------------------------------------------------------------------
*Principal only MARKET ENVIRONMENT The stock market's superb performance in the first half may seem surprising. After all, when the economy was growing briskly in 1994 and corporate earnings gains were the best in several years, stocks meandered and finished virtually unchanged. However, the market has taken off this year despite abundant evidence of a pullback in growth and increasing signs of a slowdown in corporate earnings, particularly in the consumer sector. We believe the market has been driven by lower interest rates and a changing perception of both the role and direction of American government. Slowing growth in the U.S. and abroad has assuaged fears of a pickup in inflation. Long-term interest rates, whose surge in 1994 precipitated the worst bond returns in many years, decisively reversed course and have fallen about 2 percentage points from their peaks last year. Investors were further comforted by hints from the Federal Reserve early in the year that the tightening phase of monetary policy was over; indeed, in July, the Fed cut rates for the first time in three years. This action improved prospects for a "soft landing," and the markets seemed to be expecting the best of all possible worlds -- moderate, noninflationary growth. Perhaps the most important, albeit subtle, catalyst for the market's performance has come from Washington, where a Republican Congress appears to have transformed the nation's political agenda. In fact, the concept of a diminished role for government and the movement toward fiscal conservatism have gained advocates in both parties. Even the Democratic president has proposed slowing the growth of government services to attain a balanced budget in 10 years. Technology stocks led the market's advance, while stocks of companies in cyclical industries such as autos and steel lagged. Investor focus continued to shift from the cyclicals that led the market through mid-1994 toward companies whose earnings are expected to grow at rates of 15% to 25%, even in a slowing economy. These are the types of companies your fund favors. PORTFOLIO REVIEW Your fund seeks high-growth companies operating in noncyclical, service businesses. The service sector of the U.S. economy has grown rapidly since World War II and is now much larger than the manufacturing sector. Most manufacturing industries have pronounced cyclical characteristics; in contrast, service sector gross domestic product has not declined in any year since 1947. Media reports often misrepresent the service sector as the haven of burger-flipping teenagers, when, in fact, it has created far more high-paying jobs than the manufacturing sector. Of greater importance to fund shareholders, the service sector has spawned many of the fastest-growing, most exciting companies in America today. After significantly paring our consumer-related stocks and augmenting our business services holdings in 1994, we made few changes in the fund's overall sector diversification so far in 1995, as shown below:
SECTOR DIVERSIFICATION ------------------------------------------------------------------- 12/31/94 6/30/95 -------- ------- Financial Services 12% 9% Consumer Services 34 36 Business Services 48 41 Reserves 6 14 -------- ------- 100% 100% -------------------------------------------------------------------
Significant additions in the first half included the purchase of two cable companies, COMCAST and COX COMMUNICATIONS. We felt that negative investor sentiment towards the stocks was overdone, and that the growth prospects of these two operators, in particular, were strong. We also bought significant positions in OLSTEN, a temporary staffing company which is growing quickly in the home health care field, and ADT, a company with strong growth prospects in two attractive businesses, security systems and wholesale used auto auctions. We also eliminated several significant holdings including PITTSTON SERVICES, which we believe is vulnerable to a cyclical downturn, FOUNDATION HEALTH, and WAL-MART STORES, whose growth, we believe, is slowing. The fund's top contributor in the first half was MONEY STORE, a consumer finance company that reported surprisingly robust earnings. Other top contributors included CUC INTERNATIONAL, the nation's largest purveyor of direct mail, membership-based discount shopping services, which continued to report outstanding results, and FIRST FINANCIAL MANAGEMENT, a leader in credit card transaction processing, which agreed to be acquired. 1 2 Several of our holdings were unable to withstand the slowdown in the consumer sector. ANNTAYLOR STORES, a women's apparel retailer, and SBARRO, the Italian restaurant chain, both reported disappointing earnings results and were among the worst contributors for the first half. Our holdings in health maintenance organizations (HMOs) SIERRA HEALTH SERVICES, PACIFICARE HEALTH SYSTEMS, UNITED HEALTHCARE, and Foundation Health also penalized the fund in the quarter as investors reacted to a perceived deterioration in the industry's pricing environment. We have reduced our exposure to the sector, but expect to continue to hold the premier operators, and may selectively add to our positions if we believe the selling is overdone. The characteristics of the portfolio remain vibrant, as shown below. We continue to search for highly profitable, rapidly growing companies with excellent management and strong competitive positions in businesses that we like. We favor companies that generate substantial positive cash flows, have strong financial positions, and can finance their own growth. We look for companies we can own for a number of years.
FINANCIAL COMPARISON ------------------------------------------------------------------- New America Growth Portfolio S&P 500 ---------------- ------- Earnings Growth Rate Estimated Next Five Years 21.9% 7.0% Profitability - Return on Equity Latest 12 Months 18.0 16.0 Dividend Yield on Stocks 0.5 2.5 P/E Ratio (Based on next 12 months' estimated earnings) 17.8X 15.2X -------------------------------------------------------------------
OUTLOOK We expect modest economic growth in the second half of the year. Soft landings are unusual, but we are optimistic the economy will achieve a respectable, sustainable growth rate. We do worry, however, that this comfortable scenario could be shattered by an unanticipated event. Nevertheless, most of the companies in your fund should continue to grow even in difficult economic times. Interest rates have already fallen dramatically from their peaks, and we do not expect them to fall much further. In the absence of strong evidence of a faltering economy, we think the Federal Reserve will be cautious about lowering rates again soon and may become increasingly wary of fueling further speculation in the financial markets. While speculation has been apparent in some market sectors, particularly technology (to which your fund has only modest exposure), we continue to believe that most growth stocks remain reasonably priced relative to the market. Your fund should be well positioned to achieve attractive returns over the next several years. Respectfully submitted, /S/ JOHN H. LAPORTE ------------------- John H. Laporte President and Chairman of the Investment Advisory Committee /S/ BRIAN W. H. BERGHUIS ------------------------ Brian W. H. Berghuis Executive Vice President July 27, 1995 FOREIGN STOCK AUTHORIZATION INCREASED The Board of Trustees of the New America Growth Portfolio has increased the amount of fund assets that can be invested in foreign securities from 10% to 15%. While the fund typically has modest foreign exposure (currently 10.1% of total assets), the greater flexibility could be advantageous in the future because of the proliferation of suitable overseas investment opportunities, the increase in foreign companies with operations in the U.S., and the opening up of financial markets in areas of the world previously closed to investment. 2 3
CONTRIBUTIONS TO THE CHANGE IN NET ASSET VALUE PER SHARE ------------------------------------------------------------- Six Months Ended June 30, 1995 Ten Best Contributors ------------------------------------------------------------- Money Store 14 cents First Financial Management 10 CUC International 9 CMAC Investment 9 Starbucks* 8 Corporate Express** 8 Circuit City Stores* 8 Vodafone* 8 Harrah's Entertainment 8 Lone Star Steakhouse & Saloon 7 ------------------------------------------------------------- Total 89 cents ============================================================= Ten Worst Contributors ------------------------------------------------------------- Sierra Health Services** - 4 cents AnnTaylor Stores** 4 PacifiCare Health Systems* 3 Toys "R" Us** 3 Sbarro 2 United HealthCare 2 Enterra** 2 Foundation Health** 2 Pittston Services** 1 OfficeMax** 1 ------------------------------------------------------------- Total - 24 cents =============================================================
* Position added ** Position eliminated
AVERAGE ANNUAL COMPOUND TOTAL RETURN ------------------------------------------------------------- Periods Ended June 30, 1995 Since Inception 1 Year 3/31/94 ------- ---------------- 29.31% 19.60% -------------------------------------------------------------
Investment return and principal value represent past performance and will vary. Shares may be worth more or less at redemption than at original purchase.
TWENTY-FIVE LARGEST HOLDINGS ------------------------------------------------------------- June 30, 1995 Percent of Company Net Assets -------------------------- ---------- Vodafone 3.0% CUC International 2.8 First Financial Management 2.7 Paging Network 2.7 ADT 2.5 Hospitality Franchise Systems 2.3 Columbia/HCA Healthcare 2.3 United HealthCare 2.2 Olsten 2.2 Catalina Marketing 2.1 Circuit City Stores 2.1 Cox Communications 2.0 Cardinal Health 2.0 Money Store 1.9 Loewen Group 1.9 Starbucks 1.9 Office Depot 1.8 Freddie Mac 1.8 SunGard Data Systems 1.8 Franklin Resources 1.8 Paychex 1.7 PMI Group 1.7 Sanifill 1.6 Ceridian 1.6 Schlumberger 1.6 ------------------------------------------------------------ Total 52.0% ============================================================
3 4 STATEMENT OF NET ASSETS T. Rowe Price New America Growth Portfolio / June 30, 1995 (Unaudited)
COMMON STOCKS & RIGHTS -- 86.0% Value ----------- FINANCIAL SERVICES -- 9.3% ------------------------------------------------------------ INSURANCE -- 2.8% 1,000 shs. CMAC Investment . . . . . . . $43,375 1,500 PMI Group . . . . . . . . . . 65,063 108,438 INVESTMENT SERVICES -- 1.8% 1,500 Franklin Resources . . . . . . 66,750 OTHER FINANCIAL SERVICES -- 4.7% 400 Fannie Mae . . . . . . . . . . 37,750 1,000 Freddie Mac . . . . . . . . . 68,750 2,000 Money Store . . . . . . . . . 71,750 178,250 TOTAL FINANCIAL SERVICES 353,438 CONSUMER SERVICES -- 35.4% ------------------------------------------------------------ RETAILING/SPECIALTY MERCHANDISERS -- 10.6% 2,500 Circuit City Stores . . . . . 79,062 5,000 * Cole National (Class A) . . . 51,875 1,500 Dollar General . . . . . . . . 47,438 1,500 * General Nutrition . . . . . . 52,313 2,500 * Office Depot . . . . . . . . . 70,312 2,000 * Revco . . . . . . . . . . . . 48,000 2,000 * Tommy Hilfiger . . . . . . . . 56,000 405,000 ENTERTAINMENT & LEISURE -- 2.0% 400 * Harrah's Entertainment . . . . 11,200 200 * Promus Hotel . . . . . . . . . 4,400 1,212 * Viacom (Class B) . . . . . . . 56,207 2,000 rts. * Viacom . . . . . . . . . . . 3,000 74,807 MEDIA/COMMUNICATION SERVICES -- 12.9% 1,000 shs. * ALC Communications . . . . . . 45,125 1,000 * America Online . . . . . . . . 43,750 3,000 Comcast (Class A Special) . . 55,687 4,000 * Cox Communications (Class A) . . . . . . . . . 77,500 2,000 * Mobile Telecommunication Technologies . . . . . . . . 54,625 3,000 * Paging Network . . . . . . . . 102,000 3,000 Vodafone ADR . . . . . . . . . 113,625 492,312 RESTAURANTS/FOOD DISTRIBUTION -- 4.0% 1,500 * Lone Star Steakhouse & Saloon . . . . . . . . . . 45,375 1,500 Sbarro . . . . . . . . . . . . 34,875 2,000 * Starbucks . . . . . . . . . . 71,000 151,250 PERSONAL SERVICES -- 5.9% 2,500 shs. * CUC International . . . . . . $105,000 1,200 H&R Block . . . . . . . . . . 49,350 2,000 Loewen Group . . . . . . . . . 71,000 225,350 TOTAL CONSUMER SERVICES 1,348,719 BUSINESS SERVICES -- 39.3% ------------------------------------------------------------ HEALTH CARE SERVICES -- 6.7% 2,000 Columbia/HCA Healthcare . . . 86,500 1,200 * Genesis Health Ventures . . . 35,550 1,000 * PacifiCare Health Systems (Class B) . . . . . . . . . 50,875 2,000 United HealthCare . . . . . . 82,750 255,675 DISTRIBUTION SERVICES -- 6.0% 700 Alco Standard . . . . . . . . 55,912 1,600 Cardinal Health . . . . . . . 75,600 2,000 Danka Business Systems ADR . . . . . . . . . . . . 48,500 2,000 * Patterson Dental . . . . . . . 47,250 227,262 COMPUTER SERVICES -- 6.1% 1,700 * Ceridian . . . . . . . . . . . 62,687 1,200 First Financial Management . . . . . . . . . 102,600 1,300 * SunGard Data Systems . . . . . 68,250 233,537 ENVIRONMENTAL SERVICES -- 3.1% 1,500 Browning-Ferris . . . . . . . 54,188 2,000 * Sanifill . . . . . . . . . . . 62,750 116,938 ENERGY SERVICES -- 3.0% 1,000 Schlumberger . . . . . . . . . 62,125 3,000 * Smith International . . . . . 50,250 112,375 OTHER BUSINESS SERVICES -- 14.4% 8,000 * ADT . . . . . . . . . . . . . 94,000 3,000 ADVO . . . . . . . . . . . . . 56,625 1,500 * Catalina Marketing . . . . . . 80,438 2,500 * DIMAC . . . . . . . . . . . . 38,750 2,500 * Hospitality Franchise Systems . . . . . . . . . . 86,562 1,000 * Micro Warehouse . . . . . . . 46,125 2,500 Olsten . . . . . . . . . . . . 81,875 1,800 Paychex . . . . . . . . . . . 65,700 550,075 TOTAL BUSINESS SERVICES 1,495,862 MISCELLANEOUS COMMON STOCKS -- 2.0% 76,575 TOTAL COMMON STOCKS & RIGHTS (COST $2,669,322) 3,274,594
4 5 T. ROWE PRICE NEW AMERICA GROWTH PORTFOLIO / STATEMENT OF NET ASSETS (UNAUDITED) SHORT-TERM INVESTMENTS -- 14.0% COMMERCIAL PAPER -- 14.0% $ 100,000 AT&T Capital, 6.01%, 8/4/95 . . . . . . . . . . . $ 98,230 138,000 Cargill Financial Services, 6.10%, 7/3/95 . . . . . . . 137,930 100,000 Kingdom of Sweden, 6.05%, 8/15/95 . . . . . . . 98,101 100,000 New Center Asset Trust, 6.00%, 7/6/95 . . . . . . . 98,917 100,000 Preferred Receivables Funding, 5.98%, 7/24/95 . . 99,468 TOTAL SHORT-TERM INVESTMENTS (COST $532,646) 532,646 ============================================================= TOTAL INVESTMENTS IN SECURITIES -- 100.0% OF NET ASSETS (COST $3,201,968) $3,807,240 ============================================================= OTHER ASSETS LESS LIABILITIES . . . . . . . . . . (876) -----
NET ASSETS CONSIST OF: Value ----------- Accumulated net investment income - net of distributions . . . . . . $ 1,327 Accumulated net realized gain/loss - net of distributions . . . . . . 8,741 Net unrealized gain (loss) . . . 605,272 Paid-in-capital applicable to 305,086 shares of $0.0001 par value capital stock outstanding; 1,000,000,000 shares authorized . . . . . . . 3,191,024 ---------- NET ASSETS . . . . . . . . . . . . . . . . . . . $3,806,364 ========== NET ASSET VALUE PER SHARE . . . . . . . . . . . . $12.48 ====== =============================================================
* Non-income producing ================================================================================ STATEMENT OF OPERATIONS T. Rowe Price New America Growth Portfolio / Six Months Ended June 30, 1995 (Unaudited) INVESTMENT INCOME Income Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,371 Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,154 --------- Total income . . . . . . . . . . . . . . . . . . . . . . . . . 14,525 --------- Expenses Investment management and administrative . . . . . . . . . . . 11,363 --------- Net investment income . . . . . . . . . . . . . . . . . . . . . . 3,162 --------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) on securities . . . . . . . . . . . . 25,323 Change in net unrealized gain or loss on securities . . . . . 570,317 --------- Net realized and unrealized gain or loss . . . . . . . . . . . 595,640 --------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS . . . . . . . . $ 598,802 ========= ================================================================================
The accompanying notes are an integral part of these financial statements. 5 6 STATEMENT OF CHANGES IN NET ASSETS T. Rowe Price New America Growth Portfolio (Unaudited)
From March 31, 1994 Six Months (Commencement of Ended Operations) to June 30, 1995 December 31, 1994 ------------ ------------------ INCREASE (DECREASE) IN NET ASSETS FROM Operations Net investment income . . . . . . . . . . . . . . . . . . . . . . . $ 3,162 $ 2,236 Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . 25,323 (16,582) Change in net unrealized gain or loss . . . . . . . . . . . . . . . . 570,317 34,955 ---------- ---------- Increase (decrease) in net assets from operations . . . . . . . . . . 598,802 20,609 ---------- ---------- Distributions to shareholders Net investment income . . . . . . . . . . . . . . . . . . . . . . . . (4,125) -- ---------- ---------- Capital share transactions(1) Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,396,176 1,957,764 Distributions reinvested . . . . . . . . . . . . . . . . . . . . . . 4,125 -- Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . (217,041) (7) ---------- ---------- Increase (decrease) in net assets from capital share transactions . . 1,183,260 1,957,757 ---------- ---------- Net equalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 7 ---------- ---------- Increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . 1,777,991 1,978,373 NET ASSETS Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . 2,028,373 50,000 ---------- ---------- End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,806,364 $2,028,373 ========== ========== ============================================================================================================================== (1)Share information Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,292 195,800 Distributions reinvested . . . . . . . . . . . . . . . . . . . . . . 400 -- Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,405) (1) ---------- ---------- Increase (decrease) in capital shares outstanding . . . . . . . . . . 104,287 195,799 ========== ========== ==============================================================================================================================
The accompanying notes are an integral part of these financial statements. 6 7 NOTES TO FINANCIAL STATEMENTS T. Rowe Price New America Growth Portfolio / June 30, 1995 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES T. Rowe Price Equity Series, Inc., (the Corporation) is registered under the Investment Company Act of 1940. The New America Growth Portfolio (the fund), a diversified, open-end management investment company, is one of the portfolios established by the Corporation. The shares of the fund are currently being offered only to separate accounts of certain insurance companies as an investment medium for both variable annuity contracts and variable life insurance policies. A) Valuation - Equity securities listed or regularly traded on a securities exchange are valued at the last quoted sales price at the time the valuations are made. A security which is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities that are not traded on a particular day and securities that are regularly traded in the over-the-counter market are valued at the mean of the latest bid and asked prices. Other equity securities are valued at a price within the limits of the latest bid and asked prices deemed by the Board of Directors, or by persons delegated by the Board, best to reflect fair value. Short-term debt securities are valued at their cost which, when combined with accrued interest, approximates fair value. Assets and liabilities for which the above valuation procedures are inappropriate or are deemed not to reflect fair value are stated at fair value as determined in good faith by or under the supervision of the officers of the fund, as authorized by the Board of Directors. B) Other - Income and expenses are recorded on the accrual basis. Investment transactions are accounted for on the trade date. Realized gains and losses are reported on an identified cost basis. Dividend income and distributions to shareholders are recorded by the fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations and may differ from those determined in accordance with generally accepted accounting principles. The fund follows the practice of equalization under which undistributed net investment income per share is unaffected by fund shares sold or redeemed. NOTE 2 - INVESTMENT TRANSACTIONS Purchases and sales of portfolio securities, other than short-term securities, aggregated $1,728,733 and $950,907, respectively, for the six months ended June 30, 1995. NOTE 3 - FEDERAL INCOME TAXES No provision for federal income taxes is required since the fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. The fund has unused realized capital loss carryforwards for federal income tax purposes of $16,583 which expire in 2002. At June 30, 1995, the aggregate cost of investments for federal income tax and financial reporting purposes was $3,201,968 and net unrealized gain aggregated $605,272, of which $624,997 related to appreciated investments and $19,725 to depreciated investments. NOTE 4 - RELATED PARTY TRANSACTIONS The investment management and administrative agreement between the fund and T. Rowe Price Associates, Inc. (the Manager) provides for an all-inclusive annual fee, computed daily and paid monthly, equal to 0.85% of the fund's average daily net assets. Pursuant to the agreement, investment management, shareholder servicing, transfer agency, accounting and custody services are provided to the fund and interest, taxes, brokerage commissions and extraordinary expenses are paid directly by the fund. 7 8 FINANCIAL HIGHLIGHTS T. Rowe Price New America Growth Portfolio (Unaudited)
For a share outstanding throughout each period ---------------------------------------------- From March 31, 1994 Six Months (Commencement of Ended Operations) to June 30, 1995 December 31, 1994 ------------- ------------------ NET ASSET VALUE, BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . $ 10.10 $ 10.00 ------- ------- Investment Activities Net investment income . . . . . . . . . . . . . . . . . . . . . . . . 0.01 0.01 Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . 2.39 0.09 ------- ------- Total from Investment Activities . . . . . . . . . . . . . . . . . . . . 2.40 0.10 ------- ------- Distributions Net investment income . . . . . . . . . . . . . . . . . . . . . . . . (0.02) -- ------- ------- NET ASSET VALUE, END OF PERIOD . . . . . . . . . . . . . . . . . . . . . $ 12.48 $ 10.10 ======= ======= ============================================================================================================================== RATIOS/SUPPLEMENTAL DATA Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.8% 1.0% Ratio of Expenses to Average Net Assets . . . . . . . . . . . . . . . . . 0.85%+ 0.85%+ Ratio of Net Investment Income to Average Net Assets . . . . . . . . . . 0.24%+ 0.15%+ Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . 78.1%+ 81.0%+ Net Assets, End of Period . . . . . . . . . . . . . . . . . . . . . . . $3,806,364 $2,028,373 ==============================================================================================================================
+Annualized. 8