<PAGE> 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.
<TABLE>
<CAPTION>
PERFORMANCE COMPARISON
--------------------------------------------------------------------
Six Months Ended 6/30/95
--------------------------
<S> <C>
New America Growth Portfolio 23.8%
S&P 500 20.2
Nasdaq Composite* 24.1
Lipper Growth Fund Average 17.5
--------------------------------------------------------------------
</TABLE>
*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:
<TABLE>
<CAPTION>
SECTOR DIVERSIFICATION
-------------------------------------------------------------------
12/31/94 6/30/95
-------- -------
<S> <C> <C>
Financial Services 12% 9%
Consumer Services 34 36
Business Services 48 41
Reserves 6 14
-------- -------
100% 100%
-------------------------------------------------------------------
</TABLE>
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
<PAGE> 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.
<TABLE>
<CAPTION>
FINANCIAL COMPARISON
-------------------------------------------------------------------
New America
Growth Portfolio S&P 500
---------------- -------
<S> <C> <C>
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
-------------------------------------------------------------------
</TABLE>
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
<PAGE> 3
<TABLE>
<CAPTION>
CONTRIBUTIONS TO THE CHANGE IN
NET ASSET VALUE PER SHARE
-------------------------------------------------------------
Six Months Ended June 30, 1995
Ten Best Contributors
-------------------------------------------------------------
<S> <C>
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
=============================================================
</TABLE>
* Position added
** Position eliminated
<TABLE>
<CAPTION>
AVERAGE ANNUAL COMPOUND TOTAL RETURN
-------------------------------------------------------------
Periods Ended June 30, 1995
Since Inception
1 Year 3/31/94
------- ----------------
<S> <C>
29.31% 19.60%
-------------------------------------------------------------
</TABLE>
Investment return and principal value represent past performance and will vary.
Shares may be worth more or less at redemption than at original purchase.
<TABLE>
<CAPTION>
TWENTY-FIVE LARGEST HOLDINGS
-------------------------------------------------------------
June 30, 1995
Percent of
Company Net Assets
-------------------------- ----------
<S> <C>
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%
============================================================
</TABLE>
3
<PAGE> 4
STATEMENT OF NET ASSETS
T. Rowe Price New America Growth Portfolio / June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS & RIGHTS -- 86.0%
Value
-----------
<S> <C>
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
</TABLE>
4
<PAGE> 5
T. ROWE PRICE NEW AMERICA GROWTH PORTFOLIO / STATEMENT OF NET ASSETS
(UNAUDITED)
<TABLE>
<S> <C>
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)
-----
</TABLE>
<TABLE>
<CAPTION>
NET ASSETS CONSIST OF: Value
-----------
<S> <C> <C>
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
======
=============================================================
</TABLE>
* Non-income producing
================================================================================
STATEMENT OF OPERATIONS
T. Rowe Price New America Growth Portfolio / Six Months Ended
June 30, 1995 (Unaudited)
<TABLE>
<S> <C>
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
=========
================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
5
<PAGE> 6
STATEMENT OF CHANGES IN NET ASSETS
T. Rowe Price New America Growth Portfolio (Unaudited)
<TABLE>
<CAPTION>
From March 31, 1994
Six Months (Commencement of
Ended Operations) to
June 30, 1995 December 31, 1994
------------ ------------------
<S> <C> <C>
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
========== ==========
==============================================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE> 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
<PAGE> 8
FINANCIAL HIGHLIGHTS
T. Rowe Price New America Growth Portfolio (Unaudited)
<TABLE>
<CAPTION>
For a share outstanding throughout each period
----------------------------------------------
From March 31, 1994
Six Months (Commencement of
Ended Operations) to
June 30, 1995 December 31, 1994
------------- ------------------
<S> <C> <C>
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
==============================================================================================================================
</TABLE>
+Annualized.
8
