ANNUAL REPORT
SEPTEMBER 30, 1995
FIDUCIARY
CAPITAL GROWTH
FUND, INC.
A NO-LOAD
MUTUAL FUND
FIDUCIARY
CAPITAL GROWTH
FUND, INC.
October 26, 1995
Dear Fellow Shareholder:
A very good stock market through June turned great through September. If the
year had ended at quarter-end, it would be the 16th best year since 1925 for the
S&P 500. Strong advances in all sectors of the market were again dominated by
the technology stocks. Forty stocks, mostly technology and less than 1% of the
4,800 NASDAQ stocks, accounted for half of the NASDAQ performance. Net asset
value per share of Fiduciary Capital Growth Fund increased 21.5% during the nine
months ended September 30, 1995. In recent weeks, some of the most visible of
the large technology stocks have undergone fairly sizable declines, and
disappointing earnings forecasts by some of the more economically sensitive
companies have raised concerns about the effect of the slowing economy on
corporate earnings.
In July, we felt that the decline in rates had pretty much run its course.
During the third quarter, bonds just about earned the coupons, i.e. very little
price change. We don't expect much change in coming months. With the arm-
wrestling over the Federal Budget coming to a head over the next few weeks,
there will likely be some volatility in the bond market, reflecting the ebb and
flow of investor sentiment.
While we are comfortable with the fundamental outlook for our portfolio
companies, in recent months we have found more companies that should be sold
than purchased. There have, however, been several new purchases, and as is
customary, we discuss below several of our companies, both old and new.
BANDAG, INC.
Bandag is the world's largest manufacturer of tread rubber used in making
retreads for the truck and bus markets. Users of retreaded tires purchase them
over new tires because of the inherent cost advantage. A retread is
approximately one third the price of a new tire, with an almost identical life.
Bandag is the dominant supplier in the retread market in the United States, with
an over 50% market share. Its 600+ dealer network in the United States provides
it with a consistent high quality, high profitability product with very strong
cash flows. Sixty percent of Bandag's total sales comes from the United States,
with the balance split evenly between Western Europe and the rest of the world.
With Bandag's extremely strong cash flow, the Company has bought back over 55%
of the outstanding shares over the last 18 years, over 1.6 million shares this
year alone. Selling at approximately 11.5 times next year's estimate, we think
this is a very attractively priced security in this market.
BANTA CORP.
Banta Corp. is the country's eighth largest printer, with annualized revenues
approaching $1 billion. Banta, a Fortune 500 company, has pursued aggressive
growth over the last decade, and now serves the book and magazine commercial
printing markets, as well as several small specialty markets. It is the number
one or two company in all markets it currently serves, and has continued to
invest aggressively in new technology at a rate twice that at which the overall
industry has invested. This has allowed the Company to grow almost twice as
fast as the printing industry. The Company should achieve internal growth of
12% in sales, and 13-15% in earnings over the next 3-5 years. Growth has been
achieved through both internally developed markets and acquisitions. Through
acquisitions over the last twelve months, the Company has significantly
increased its share of the software manual business for companies such as
Microsoft and Apple, which should be a plus for the next several years. We
expect Banta's revenue this year to approach $960 million, with next year's gain
to over $1.1 billion, and earnings in 1996 of $3.10 to $3.15 per share. Selling
at 12.5 times the 1996 estimate, we view this Company as attractively valued.
BROWNING-FERRIS INDUSTRIES, INC. (BFI)
BFI is a leading solid waste management company with approximately $6 billion
in revenue, operating in 45 states and 12 countries. Roughly half of the sales
come from collection, 15% from disposal, 13% from recycling, 5% from medical
waste and the rest from international operations, where the Company has been
aggressively expanding. The industry remains surprisingly fragmented, despite
the large size of BFI and WMX (Waste Management). In the North American market
alone there is over $12 billion of municipal solid waste business not controlled
by these two companies. Overseas opportunities are plentiful. Entrance into the
industry tends to be difficult due to substantial transportation infrastructure
spending, landfill costs, regulatory and environmental compliance. Solid waste
management is a great business in that revenues tend to repeat, customers value
the service more than it costs them, the economies of scale are good, and it
provides an essential service. Some volatility should be expected due to the
economy and the fluctuating prices of post-consumer recycled goods. Currently
BFI is attractively priced at 6.5 times EBITDA (earnings before interest, taxes,
depreciation and amortization) and 14 times next year's earnings.
HAEMONETICS CORP.
Haemonetics is the world leader in automated blood processing, with an
installed base of over 24,000 systems which use more than 9 million disposable
sets per year. These one-time use, sterile, proprietary sets comprise
approximately 85% of sales. The Company sells to three markets: surgical blood
salvage, blood component therapy, and plasma collection. Concerns about the
safety and efficacy of the blood supply - in virtually every country - should
continue to drive demand. The trend toward fewer donors increases the need for
Haemonetics' systems as they provide significantly more efficient harvesting of
blood components than whole blood collection. Currently, 75% of blood is still
collected manually, which results in less efficient blood collection - in the
case of platelets, one-eighth as much. Automated blood techniques are not
currently allowed for red blood cells, but the Company is awaiting approval from
the FDA for just such a system. The Company has a rich history of innovation and
achievement. Earnings have compounded in excess of 20% over the past five years.
Although recent growth has been somewhat less, we think the Company can grow
earnings at a 15% clip over the next three to four years. With a P/E of 15 and a
great balance sheet, the stock looks attractive.
SUNGARD DATA SYSTEMS INC.
SunGard is in the information services business, specifically investment
support software and services, disaster recovery services, and health care
information systems. The Company's investment products help banks, brokerage
firms and other financial entities track and manage securities trading as well
as trust and mutual fund accounting. Deregulation of world financial markets
and increased security complexity create attractive future growth prospects.
SunGard has consistently led the disaster recovery industry in terms of growth
and profitability, and has recently been aggressively rolling out midrange and
network-based backup systems to supplement their strong mainframe backup
business. Disaster recovery is a detailed and often complex planning process,
involving much more than `hot-site'' computer backup systems. As information
systems become more strategic in importance, the need for disaster planning
increases. The Company recently entered the health care information field,
concentrating on work-flow and imaging systems. All of SunGard's businesses are
characterized by recurring revenue (usually under multi-year contracts),
excellent margins and above average growth. Over the past five years, SunGard's
revenues and earnings have both compounded at 14% and pretax margins have
averaged nearly 15%. We believe that over a long term time frame, SunGard can
maintain this level of performance. The stock remains attractive relative to
the market.
The Board of Directors has declared a dividend of $0.46636 from ordinary
income and $1.72033 from net long-term realized capital gains. Your dividend
confirmation is enclosed.
As always, thank you for your continued confidence in Fiduciary Capital
Growth Fund, Inc.
Sincerely,
/s/ Ted D. Kellner /s/ Donald S. Wilson
Ted D. Kellner, C.F.A. Donald S. Wilson, C.F.A.
President Vice President
225 E. Mason St. Milwaukee, WI 53202 414-226-4555
Fiduciary Capital Growth Fund, Inc.
REPORT OF INDEPENDENT ACCOUNTANTS
100 East Wisconsin Avenue
Suite 1500
Milwaukee, WI 53202
(Company Logo)
To the Shareholders and Board of Directors
of Fiduciary Capital Growth Fund, Inc.
In our opinion, the accompanying statement of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Fiduciary Capital Growth Fund, Inc. (the ''Fund'') at September 30, 1995, the
results of its operations for the year then ended, the changes in its net as-
sets for each of the two years in the period then ended and the financial
highlights for each of the ten years in the period then ended, in conformity
with generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as ''financial statements'') are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at September 30, 1995 by
correspondence with the custodian, provide a reasonable basis for the opinion
expressed above.
/s/ Price Waterhouse LLP
October 25, 1995
STATEMENT OF NET ASSETS
September 30, 1995
QUOTED
MARKET
SHARES COST VALUE
LONG-TERM INVESTMENTS - 88.6% (A)<F2>
COMMON STOCKS - 83.9% (A)<F2>
BANKS/SAVINGS & LOANS - 3.1 %
52,000 Marshall & Ilsley Corp. $ 693,945 $ 1,306,500
CHEMICAL/SPECIALTY MATERIALS - 3.5 %
33,000 Raychem Corp. 1,342,349 1,485,000
COMPUTERS - 2.6 %
42,000 Stratus Computer, Inc.*<F1> 1,483,860 1,102,500
CONSUMER PRODUCTS - NON-DURABLES - 1.5 %
25,000 Newell Co. 450,237 618,750
CONSUMER SERVICES - 1.6 %
18,000 Roto-Rooter, Inc. 274,950 666,000
ENERGY/ENERGY SERVICES - 4.1 %
45,000 Burlington Resources Inc. 1,703,625 1,743,750
HEALTH INDUSTRIES - 5.5 %
20,000 Dentsply International Inc. 632,500 690,000
38,500 Haemonetics Corp.*<F1> 832,850 885,500
19,000 Sybron International Corp.*<F1> $ 462,547 $ 764,750
---------- ---------
1,927,897 2,340,250
INDUSTRIAL SERVICES - 0.9 %
8,000 Bandag, Inc. 419,464 390,000
INSURANCE - 7.7 %
32,000 Old Republic International Corp. 760,194 924,000
19,000 Progressive Corp. (Ohio) 674,443 850,250
35,000 Providian Corp. 768,536 1,452,500
--------- ---------
2,203,173 3,226,750
LEISURE/RESTAURANTS - 5.0 %
75,000 Brinker International, Inc.*<F1> 1,314,040 1,115,625
128,500 Ryan's Family Steak
Houses, Inc.*<F1> 1,031,687 1,011,937
--------- ---------
2,345,727 2,127,562
MACHINERY/TOOLS - 1.4 %
18,000 Harnischfeger Industries, Inc. 450,756 600,750
MISCELLANEOUS BUSINESS SERVICES - 2.8 %
50,000 G & K Services, Inc. 443,875 1,162,500
MISCELLANEOUS FINANCE - 4.6 %
18,800 Federal National
Mortgage Association 1,196,596 1,945,800
PAPER/PACKAGING - 5.1 %
20,700 AptarGroup, Inc. 469,331 685,688
20,000 P. H. Glatfelter Co. 314,100 450,000
20,000 Liqui-Box Corp. 406,667 592,500
17,600 Wausau Paper Mills Co. 368,000 426,800
--------- ---------
1,558,098 2,154,988
POLLUTION CONTROL - 3.1 %
35,000 Browning-Ferris
Industries, Inc. 974,316 1,063,125
33,000 Harding Associates, Inc.*<F1> 506,575 226,875
--------- ---------
1,480,891 1,290,000
PRINTING/PUBLISHING/FORMS - 3.3 %
21,500 Banta Corp. 748,000 913,750
21,000 CCH INC. Cl B 431,376 467,250
--------- ---------
1,179,376 1,381,000
PRODUCER MANUFACTURING - 8.4 %
46,000 Pall Corp. 728,276 1,069,500
57,000 Regal-Beloit Corp. 502,545 1,061,625
57,000 Watts Industries, Inc. 1,168,999 1,417,875
--------- ---------
2,399,820 3,549,000
RETAIL TRADE - 10.2 %
70,000 Casey's General Stores, Inc. 516,813 1,583,750
90,000 Family Dollar Stores, Inc. 1,443,350 1,710,000
64,000 Mac Frugal's Bargains
Close-outs Inc.*<F1> 1,058,870 1,008,000
--------- ---------
3,019,033 4,301,750
SOFTWARE/SERVICE - 9.5 %
58,000 Mentor Graphics Corp.*<F1> 482,750 1,210,750
26,000 Policy Management
Systems Corp.*<F1> 884,888 1,332,500
50,000 SunGard Data Systems Inc.*<F1> 420,745 1,462,500
----------- ----------
1,788,383 4,005,750
MISCELLANEOUS - 0.0 %
1,297 Windmere Warrants,
01/19/98*<F1> $ 0 $ 0
----------- ----------
Total common stocks 26,362,055 35,398,600
U.S. TREASURY NOTES - 4.7% (A)<F2>
$2,000,000 U.S. Treasury Notes,
4.375%, due 8/15/96 2,012,813 1,976,876
Total long-term ---------- ----------
investments 28,374,868 37,375,476
SHORT-TERM INVESTMENTS - 11.3% (A)<F2>
VARIABLE-RATE DEMAND NOTES
798,274 General Mills, Inc. 798,274 798,274
2,000,000 Pitney Bowes Credit Corp. 2,000,000 2,000,000
2,000,000 Wisconsin Electric
Power Co. 2,000,000 2,000,000
---------- ----------
Total short-term
investments 4,798,274 4,798,274
---------- ----------
Total investments $33,173,142 42,173,750
----------
----------
Cash and receivables, less
liabilities 0.1% (a)<F2> 22,799
-----------
NET ASSETS $42,196,549
-----------
-----------
Net Asset Value Per Share
($0.01 par value, 10,000,000
shares authorized), offering
and redemption price
($42,196,549 / 1,954,915
shares outstanding) $ 21.58
----------
----------
*<F1>Non-income producing security.
(a)<F2>Percentages for the various classifications relate to net assets.
The accompanying notes to financial statements are an integral part of this
statement.
Fiduciary Capital Growth Fund, Inc.
STATEMENT OF OPERATIONS
For the Year Ended September 30, 1995
INCOME:
Dividends $ 402,470
Interest 324,289
-----------
Total income 726,759
-----------
EXPENSES:
Management fees 382,808
Administrative services 35,520
Transfer agent fees 18,535
Professional fees 17,897
Registration fees 15,037
Custodian fees 13,187
Printing and postage expense 10,346
Other expenses 11,199
-----------
Total expenses 504,529
-----------
NET INVESTMENT INCOME 222,230
-----------
NET REALIZED GAIN ON INVESTMENTS 4,054,914
NET INCREASE IN UNREALIZED APPRECIATION ON INVESTMENTS 4,335,195
-----------
NET GAIN ON INVESTMENTS 8,390,109
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $8,612,339
-----------
-----------
The accompanying notes to financial statements are an integral part of these
statements.
<TABLE>
STATEMENTS OF CHANGES INNET ASSETS
For the Years Ended September 30, 1995 and 1994
<CAPTION>
1995 1994
------------ ------------
<S> <C> <C>
OPERATIONS:
Net investment income $ 222,230 $ 134,550
Net realized gain on investments 4,054,914 4,459,150
Net increase (decrease) in unrealized appreciation on investments 4,335,195 (3,100,009)
----------- -----------
Net increase in net assets resulting from operations 8,612,339 1,493,691
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net investment income ($0.03683 and $0.05000 per share, respectively) (73,400) (119,552)
Distributions from net realized gains ($1.88352 and $1.29540 per share, respectively) (3,753,740) (3,062,006)
----------- -----------
Total distributions (3,827,140)**<F2>(3,181,558)*<F1>
----------- -----------
FUND SHARE ACTIVITIES:
Proceeds from shares issued (381,983 and 369,091 shares, respectively) 7,197,877 7,088,824
Net asset value of shares issued in distributions (212,856 and 159,574 shares, respectively) 3,731,370 3,064,037
Cost of shares redeemed (631,257 and 898,992 shares, respectively) (12,388,732) (17,014,520)
----------- ----------
Net decrease in net assets derived from Fund share activities (1,459,485) (6,861,659)
---------- ----------
TOTAL INCREASE (DECREASE) 3,325,714 (8,549,526)
NET ASSETS AT THE BEGINNING OF THE YEAR 38,870,835 47,420,361
---------- ----------
NET ASSETS AT THE END OF THE YEAR
(including undistributed net investment income of $222,226 and $73,396, respectively) $42,196,549 $38,870,835
---------- ----------
---------- ----------
*<F1>Total distributions include $783,965 of ordinary income, of which 44% is eligible for the corporate dividends received
deduction.
**<F2>Total distributions include $787,311 of ordinary income, of which 27% is eligible for the corporate dividends received
deduction.
The accompanying notes to financial statements are an integral part of these statements.
</TABLE>
<TABLE>
Fiduciary Capital Growth Fund, Inc.
FINANCIAL HIGHLIGHTS
(Selected Data for each share of the Fund outstanding throughout each year)
<CAPTION>
YEARS ENDED SEPTEMBER 30,
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING
PERFORMANCE:
Net asset value,
beginning of year $19.52 $20.08 $18.65 $17.55 $14.16 $18.79 $15.19 $21.96 $22.51 $19.10
Income from
investment operations:
Net investment income 0.11 0.06 0.07 0.10 0.19 0.23 0.14 0.03 0.12 0.09
Net realized and unrealized
gains (losses) on investments 3.87 0.72 3.33 2.39 4.35 (4.66) 3.49 (3.21) 3.11 3.54
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations 3.98 0.78 3.40 2.49 4.54 (4.43) 3.63 (3.18) 3.23 3.63
Less distributions:
Dividends from net
investment income (0.04) (0.05) (0.11) (0.16) (0.23) (0.20) (0.03) (0.14) (0.10) (0.19)
Distributions from net
realized gains (1.88) (1.29) (1.86) (1.23) (0.92) - - (3.45) (3.68) (0.03)
------ ------ ------ ------ ------ ------ ------ ------ ------ -----
Total from distributions (1.92) (1.34) (1.97) (1.39) (1.15) (0.20) (0.03) (3.59) (3.78) (0.22)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of year $21.58 $19.52 $20.08 $18.65 $17.55 $14.16 $18.79 $15.19 $21.96 $22.51
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN 22.7% 4.1% 20.1% 15.3% 34.9% (23.8%) 24.0% (11.1%) 16.8% 19.2%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year
(in 000's $) 42,197 38,871 47,420 38,476 30,684 19,460 40,387 41,606 55,154 51,880
Ratio of expenses to
average net assets 1.2% 1.2% 1.2% 1.3% 1.5% 1.4% 1.3% 1.3% 1.1% 1.2%
Ratio of net investment
income to average net assets 0.5% 0.3% 0.4% 0.6% 1.2% 1.1% 0.8% 0.3% 0.6% 0.4%
Portfolio turnover rate 28.6% 20.9% 32.5% 58.9% 62.7% 55.1% 42.2% 43.4% 83.4% 56.5%
The accompanying notes to financial statements are an integral part of this statement.
</TABLE>
Fiduciary Capital Growth Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
September 30, 1995
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -
The following is a summary of significant accounting policies of the
Fiduciary Capital Growth Fund, Inc. (the ''Fund''), which is registered under
the Investment Company Act of 1940. The Fund was incorporated under the laws
of Wisconsin on July 29, 1981.
(a) Each security, excluding short-term investments, is valued at the last sale
price reported by the principal security exchange on which the issue is
traded, or if no sale is reported, the latest bid price. Securities which
are traded over-the-counter are valued at the latest bid price. Securities
for which quotations are not readily available are valued at fair value as
determined by the investment adviser under the supervision of the Board of
Directors. Short-term investments are valued at amortized cost which
approximates quoted market value. Investment transactions are recorded no
later than the first business day after the trade date. The cost amounts of
securities for Federal income tax purposes aggregates $33,193,142. The
difference between cost amounts for book purposes and tax purposes is due to
deferred wash losses.
(b) Net realized gains and losses on common stock are computed on the basis of
the cost of specific certificates.
(c) Provision has not been made for Federal income taxes since the Fund has
elected to be taxed as a ''regulated investment company''and intends to
distribute substantially all income to its shareholders and otherwise comply
with the provisions of the Internal Revenue Code applicable to regulated
investment companies.
(d) Dividend income is recorded on the ex-dividend date. Interest income is
recorded on the accrual basis.
(e) The Fund has significant investments in short-term variable rate demand
notes, which are unsecured instruments. The Fund may be susceptible to
credit risk with respect to these notes to the extent the issuer defaults on
its payment obligation. The Fund's policy is to monitor the
creditworthiness of the issuer and does not anticipate nonperformance by
these counterparties.
(f) Generally accepted accounting principles require that permanent financial
reporting and tax differences be reclassified to capital stock.
(2) INVESTMENT ADVISER AND MANAGEMENT AGREEMENT AND TRANSACTIONS WITH RELATED
PARTIES -
The Fund has a management agreement with Fiduciary Management, Inc.
(''FMI''), with whom certain officers and directors of the Fund are
affiliated, to serve as investment adviser and manager. Under the terms of
the agreement, the Fund will pay FMI a monthly management fee at the annual
rate of 1% of the daily net assets up to and including $30,000,000 and 0.75%
of the daily net assets of the Fund in excess of $30,000,000. The Fund has an
administrative agreement with FMI to supervise all aspects of the Fund's
operations except those performed by FMI pursuant to the management agreement.
Under the terms of the agreement, the Fund will pay FMI a monthly
administrative fee at the annual rate of 0.1% of the daily net assets up to
and including $30,000,000 and 0.05% of the daily net assets of the Fund in
excess of $30,000,000.
(3) DISTRIBUTION TO SHAREHOLDERS -
Net investment income and net realized gains are distributed to shareholders.
On October 25, 1995, a dividend from net investment income of $222,226
($0.11362 per share) was declared. In addition, the Fund distributed $689,949
from net short-term realized gains ($0.35274 per share) and $3,364,908 from
net long-term realized gains ($1.72033 per share). The distributions will be
paid on October 26, 1995, to shareholders of record on October 24, 1995. The
percentage of ordinary income which is eligible for the corporate dividends
received deduction for this income distribution is 40%.
(4) INVESTMENT TRANSACTIONS -
For the year ended September 30, 1995, purchases and proceeds of sales of
investment securities (excluding short-term investments) were $10,534,818 and
$15,580,729, respectively.
(5) ACCOUNTS PAYABLE AND ACCRUED LIABILITIES -
As of September 30, 1995, liabilities of the Fund included the following:
Payable to FMI for management and administrative fees $ 35,091
Other liabilities 16,158
(6) SOURCES OF NET ASSETS -
As of September 30, 1995, the sources of net assets were as follows:
Fund shares issued and outstanding $28,938,858
Net unrealized appreciation on investments 9,000,608
Accumulated net realized gains on investments 4,034,857
Undistributed net investment income 222,226
----------
$42,196,549
----------
----------
Aggregate net unrealized appreciation as of September 30,1995, consisted of
the following:
Aggregate gross unrealized appreciation $ 9,996,104
Aggregate gross unrealized depreciation (995,496)
----------
Net unrealized appreciation $ 9,000,608
----------
----------
FIDUCIARY CAPITAL GROWTH FUND, INC.
225 East Mason Street
Milwaukee, Wisconsin 53202
BOARD OF DIRECTORS
RALPH C. INBUSCH, JR.
TED D. KELLNER
THOMAS W. MOUNT
DONALD S. WILSON
INVESTMENT ADVISER
AND ADMINISTRATOR
FIDUCIARY MANAGEMENT, INC.
225 East Mason Street
Milwaukee, Wisconsin 53202
CUSTODIAN, TRANSFER AGENT
AND DIVIDEND DISBURSING AGENT
FIRSTAR TRUST COMPANY
615 East Michigan Street
Milwaukee, Wisconsin 53202
INDEPENDENT ACCOUNTANTS
PRICE WATERHOUSE LLP
100 East Wisconsin Avenue
Suite 1500
Milwaukee, Wisconsin 53202
LEGAL COUNSEL
FOLEY & LARDNER
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202
