Financial Statements
Statement of assets and liabilities
Strategist World Technologies Fund
April 30, 2000 (Unaudited)
Assets
Investment in World Technologies Portfolio (Note 1) $1,125,654
----------
Liabilities
Accrued administrative services fee 2
Other accrued expenses 4,447
-----
Total liabilities 4,449
-----
Net assets applicable to outstanding capital stock $1,121,205
==========
Represented by
Capital stock-- $.01 par value (Note 1) $1,000
Additional paid-in capital 484,163
Accumulated net realized gain (loss) 136,387
Unrealized appreciation (depreciation) on investments
and on translation of assets and liabilities
in foreign currencies 499,655
-------
Total-- representing net assets applicable to outstanding
capital stock $1,121,205
----------
Shares outstanding 100,000
-------
Net asset value per share of outstanding capital stock $11.21
======
See accompanying notes to financial statements.
<PAGE>
Statement of operations
Strategist World Technologies Fund
Six months ended April 30, 2000 (Unaudited)
Investment income
Income:
Dividends $874
Less foreign taxes withheld (47)
---
Total Income 827
---
Expenses (Note 2):
Expenses allocated from World Technologies Portfolio 9,085
Distribution fee 1,900
Transfer agency fee 20
Administrative services fees and expenses 504
Compensation of board members 818
Registration fees 414
Audit fees 3,600
Other 2,490
-----
Total expenses 18,831
------
Less expenses voluntarily reimbursed by AEFC (Note 2) (6,496)
------
Total net expenses 12,335
------
Investment income (loss) -- net (11,508)
-------
Realized and unrealized gain (loss) -- net
Net realized gain (loss) on:
Security transactions 196,456
Foreign currency transactions (5)
Options contracts written (210)
Net realized gain (loss) on investments 196,241
Net change in unrealized appreciation (depreciation)
on investments and on translation of assets and
liabilities in foreign currencies 396,216
-------
Net gain (loss) on investments and foreign currencies 592,457
-------
Net increase (decrease) in net assets resulting from operations $580,949
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Statements of changes in net assets
Strategist World Technologies Fund
April 30, 2000 Oct. 31, 1999
Six months ended Year ended
(Unaudited)
Operations
<S> <C> <C>
Investment income (loss)-- net $0 ($11,508)
Net realized gain (loss) on investments 196,241 196,241
Net change in unrealized appreciation
(depreciation) on investments and on translation
of assets and liabilities in foreign currencies 396,216 396,216
------- -------
Net increase (decrease) in net assets resulting from operations 580,949 580,949
------- -------
Net assets at beginning of period 1,121,205 540,256
--------- -------
Net assets at end of period $1,702,154 $1,121,205
========== ==========
Undistributed net investment income $-- $--
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to Financial Statements
Strategist World Technologies Fund
(Unaudited as to April 30, 2000)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Strategist World Technologies Fund (World Technologies Fund) is a series of
capital stock within Strategist World Fund, Inc. and is registered under the
Investment Company Act of 1940 (as amended) as a diversified, open-end
management investment company. The Fund has 3 billion authorized shares of
capital stock.
Investments in World Technologies Portfolio
The Fund invests all of its assets in World Technologies Portfolio (the
Portfolio), a series of World Trust, an open-end investment company that has the
same objectives as the Fund. World Technologies Portfolio invests in technology
common stocks.
The Fund records daily its share of the corresponding Portfolio's income,
expenses and realized and unrealized gains and losses. The financial statements
of the Portfolio are included elsewhere in this report and should be read in
conjunction with the Fund's financial statements.
The Fund records its investment in the Portfolio at the value that is equal to
the Fund's proportionate ownership interest in the Portfolio's net assets. As of
April 30, 2000, the percentage of the Portfolio owned by World Technologies Fund
was 1.77%. Valuation of securities held by the Portfolio is discussed in Note 1
of the Portfolio's "Notes to financial statements" (included elsewhere in this
report).
Use of estimates
Preparing financial statements that conform with accounting principles generally
accepted in the United States of America requires management to make estimates
(e.g., on assets and liabilities) that could differ from actual results.
Federal taxes
The Fund's policy is to comply with all sections of the Internal Revenue Code
that apply to regulated investment companies and to distribute substantially all
of its taxable income to the shareholders. No provision for income or excise
taxes is thus required.
Net investment income (loss) and net realized gains (losses) may differ for
financial statement and tax purposes primarily because of deferred losses on
certain futures contracts, the recognition of certain foreign currency gains
(losses) as ordinary income (loss) for tax purposes, and losses deferred due to
"wash sale" transactions. The character of distributions made during the year
from net investment income or net realized gains may differ from their ultimate
characterization for federal income tax purposes. Also, due to the timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the year that the income or realized gains (losses) were recorded by
the Fund.
Dividends to shareholders
An annual dividend from net investment income, declared and paid at the end of
the calendar year, when available, is reinvested in additional shares of the
Fund at the net asset value or payable in cash. Capital gains, when available,
are distributed along with the income dividend.
Other
As of April 30, 2000, American Express Financial Corporation (AEFC) owned 100%
of outstanding shares of World Technologies Fund.
2. EXPENSES AND SALES CHARGES
In addition to the expenses allocated from the Portfolio, the Fund accrues its
own expenses as follows:
The Fund has an agreement with AEFC to provide administrative services. Under
its Administrative Services Agreement, the Fund pays AEFC a fee for
administration and accounting services at a percentage of the Fund's average
daily net assets in reducing percentages from 0.06% to 0.035% annually.
Under a separate Transfer Agency Agreement, American Express Client Service
Corporation (AECSC) maintains shareholder accounts and records. The Fund pays a
fee per shareholder account of $20.
Under a Plan and Agreement of Distribution, the Fund pays American Express
Service Corporation (the Distributor) a distribution fee at an annual rate of
0.25% of the Fund's average daily net assets for distribution services.
AEFC and the Distributor have agreed to waive certain fees and to absorb certain
other Fund expenses until Oct. 31, 2000. Under this agreement, the Fund's total
expenses will not exceed 1.50% of the Fund's average daily net assets.
3. CAPITAL SHARE TRANSACTIONS
Transactions in shares of capital stock for the period indicated is as follows:
Six months ended April 30, 2000
Sold --
Issued for reinvested distributions 8,321
Redeemed --
------
Net increase (decrease) 8,321
<PAGE>
<TABLE>
<CAPTION>
4. FINANCIAL HIGHLIGHTS
The table below shows certain important financial information for evaluating the
Fund's results.
Strategist World Technologies Fund
Fiscal period ended Oct. 31,
Per share income and capital changesa
2000c 1999 1998 1997b
<S> <C> <C> <C> <C>
Net asset value, beginning of period $11.21 $5.40 $5.27 $5.00
Income from investment operations:
Net investment income (loss) (.09) (.12) (.08) (.07)
Net gains (losses) (both realized and unrealized) 7.94 5.93 .21 .34
Total from investment operations 7.85 5.81 .13 .27
Less distributions:
Distributions from realized gains (1.36) -- -- --
Net asset value, end of period $17.70 $11.21 $5.40 $5.27
Ratios/supplemental data:
Net assets, end of period (in thousands) $1,917 $1,121 $540 $527
Ratio of expenses to average daily net assetse 1.31%d 1.47% 1.49% 1.50%d
Ratio of net investment income (loss)
to average daily net assets (1.06%)d (1.37%) (1.45%) (1.39%)d
Portfolio turnover rate
(excluding short-term securities) 75% 113% 200% 164%
Total return 71.03% 107.59% 2.47% 5.40%
a For a share outstanding throughout the period. Rounded to the nearest cent.
b Inception date. Period from Nov. 13, 1996 to Oct. 31, 1997.
c Six months ended April 30, 2000 (Unaudited).
d Adjusted to an annual basis.
e The Advisor and Distributor voluntarily limited total operating expenses to
1.50%. Without this agreement, the ratio of expenses to average daily net
assets would have been 2.24%, 3.21% and 2.36% for periods ended 1999, 1998 and
1997, respectively.
The information in these tables has been audited by KPMG LLP, independent
auditors. The independent auditors' report and additional information about the
performance of the Fund are contained in the Fund's annual report which, if not
included with this prospectus, may be obtained without charge.
</TABLE>
<PAGE>
Financial Statements
Statement of assets and liabilities
World Technologies Portfolio
April 30, 2000 (Unaudited)
Assets
Investments in securities, at value (Note 1)
(identified cost $108,332,930) $116,568,463
Cash in bank on demand deposit 74,115
Receivable for investment securities sold 245,659
-------
Total assets 116,888,237
-----------
Liabilities
Payable for investment securities purchased 8,568,222
Accrued investment management services fee 1,814
Other accrued expenses 7,542
-----
Total liabilities 8,577,578
---------
Net assets $108,310,659
============
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Statement of operations
World Technologies Portfolio
Six months ended April 30, 2000 (Unaudited)
Investment income
Income:
<S> <C>
Dividends $ 1,180
Interest 78,025
------
Total income 79,205
------
Expenses (Note 2):
Investment management services fee 59,171
Custodian fees 4,164
Audit fees 6,375
Other 5
-
Total expenses 69,715
Earnings credits on cash balances (Note 2) (2,522)
------
Total net expenses 67,193
------
Investment income (loss) -- net 12,012
------
Realized and unrealized gain (loss) -- net Net realized gain (loss) on:
Security transactions (Note 3) 9,540,764
Options contracts written (Note 4) 59,735
------
Net realized gain (loss) on investments 9,600,499
Net change in unrealized appreciation (depreciation) on investments
and on translation of assets and liabilities in foreign currencies 4,232,126
---------
Net gain (loss) on investments and foreign currencies 13,832,625
----------
Net increase (decrease) in net assets resulting from operations $13,844,637
===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statements of changes in net assets
World Technologies Portfolio
April 30, 2000 Oct. 31, 1999
Six months ended Year ended
(Unaudited)
Operations
<S> <C> <C>
Investment income (loss)-- net $ 12,012 $ (66,173)
Net realized gain (loss) on investments 9,600,499 1,571,242
Net change in unrealized appreciation (depreciation) on investments
and on translation of assets and liabilities in foreign currencies 4,232,126 3,175,172
--------- ---------
Net increase (decrease) in net assets resulting from operations 13,844,637 4,680,241
Net contributions (withdrawals) from partners 85,442,848 (14,965)
---------- -------
Total increase (decrease) in net assets 99,287,485 4,665,276
Net assets at beginning of period 9,023,174 4,357,898
--------- ---------
Net assets at end of period $108,310,659 $9,023,174
============ ==========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to Financial Statements
World Technologies Portfolio
(Unaudited as to April 30, 2000)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
World Technologies Portfolio (the Portfolio) is a series of World Trust (the
Trust) and is registered under the Investment Company Act of 1940 (as amended)
as a diversified, open-end management investment company. World Technologies
Portfolio invests in common stocks of companies within the information
technology sector. The Declaration of Trust permits the Trustees to issue
non-transferable interests in the Portfolio.
The Portfolio's significant accounting policies are summarized below:
Use of estimates
Preparing financial statements that conform to accounting principles generally
accepted in the United States of America requires management to make estimates
(e.g., on assets and liabilities) that could differ from actual results.
Valuation of securities
All securities are valued at the close of each business day. Securities traded
on national securities exchanges or included in national market systems are
valued at the last quoted sales price. Debt securities are generally traded in
the over-the-counter market and are valued at a price that reflects fair value
as quoted by dealers in these securities or by an independent pricing service.
Securities for which market quotations are not readily available are valued at
fair value according to methods selected in good faith by the board. Short-term
securities maturing in more than 60 days from the valuation date are valued at
the market price or approximate market value based on current interest rates;
those maturing in 60 days or less are valued at amortized cost.
Option transactions
To produce incremental earnings, protect gains and facilitate buying and selling
of securities for investments, the Portfolio may buy and write options traded on
any U.S. or foreign exchange or in the over-the-counter market where completing
the obligation depends upon the credit standing of the other party. The
Portfolio also may buy and sell put and call options and write covered call
options on portfolio securities as well as write cash-secured put options. The
risk in writing a call option is that the Portfolio gives up the opportunity for
profit if the market price of the security increases. The risk in writing a put
option is that the Portfolio may incur a loss if the market price of the
security decreases and the option is exercised. The risk in buying an option is
that the Portfolio pays a premium whether or not the option is exercised. The
Portfolio also has the additional risk of being unable to enter into a closing
transaction if a liquid secondary market does not exist.
Option contracts are valued daily at the closing prices on their primary
exchanges and unrealized appreciation or depreciation is recorded. The Portfolio
will realize a gain or loss when the option transaction expires or closes. When
an option is exercised, the proceeds on sales for a written call option, the
purchase cost for a written put option or the cost of a security for a purchased
put or call option is adjusted by the amount of premium received or paid.
Futures transactions
To gain exposure to or protect itself from market changes, the Portfolio may buy
and sell financial futures contracts traded on any U.S. or foreign exchange. The
Portfolio also may buy and write put and call options on these futures
contracts. Risks of entering into futures contracts and related options include
the possibility of an illiquid market and that a change in the value of the
contract or option may not correlate with changes in the value of the underlying
securities.
Upon entering into a futures contract, the Portfolio is required to deposit
either cash or securities in an amount (initial margin) equal to a certain
percentage of the contract value. Subsequent payments (variation margin) are
made or received by the Portfolio each day. The variation margin payments are
equal to the daily changes in the contract value and are recorded as unrealized
gains and losses. The Portfolio recognizes a realized gain or loss when the
contract is closed or expires.
Foreign currency translations and foreign currency contracts Securities and
other assets and liabilities denominated in foreign currencies are translated
daily into U.S. dollars. Foreign currency amounts related to the purchase or
sale of securities and income and expenses are translated at the exchange rate
on the transaction date. The effect of changes in foreign exchange rates on
realized and unrealized security gains or losses is reflected as a component of
such gains or losses. In the statement of operations, net realized gains or
losses from foreign currency transactions, if any, may arise from sales of
foreign currency, closed forward contracts, exchange gains or losses realized
between the trade date and settlement date on securities transactions, and other
translation gains or losses on dividends, interest income and foreign
withholding taxes.
The Portfolio may enter into forward foreign currency exchange contracts for
operational purposes and to protect against adverse exchange rate fluctuation.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Portfolio and the resulting unrealized appreciation or
depreciation are determined using foreign currency exchange rates from an
independent pricing service. The Portfolio is subject to the credit risk that
the other party will not complete its contract obligations.
Illiquid securities
As of April 30, 2000, investments in securities included issues that are
illiquid which the Portfolio currently limits to 10% of net assets, at market
value, at the time of purchase. The aggregate value of such securities as of
April 30, 2000 was $499,998 representing 0.46% of net assets. According to board
guidelines, certain unregistered securities are determined to be liquid and are
not included within the 10% limitation specified above.
Federal taxes
For federal income tax purposes the Portfolio qualifies as a partnership and
each investor in the Portfolio is treated as the owner of its proportionate
share of the net assets, income, expenses and realized and unrealized gains and
losses of the Portfolio. As a "pass-through" entity, the Portfolio therefore
does not pay any income dividends or capital gain distributions.
Other
Security transactions are accounted for on the date securities are purchased or
sold. Dividend income is recognized on the ex-dividend date and interest income,
including level-yield amortization of premium and discount, is accrued daily.
2. FEES AND EXPENSES
The Trust, on behalf of the Portfolio, has an Investment Management Services
Agreement with AEFC to manage its portfolio. Under this agreement, AEFC
determines which securities will be purchased, held or sold. The management fee
is a percentage of the Portfolio's average daily net assets in reducing
percentages from 0.72% to 0.595% annually.
Under the agreement, the Trust also pays taxes, brokerage commissions and
nonadvisory expenses, which include custodian fees, audit and certain legal
fees, fidelity bond premiums, registration fees for units, office expenses,
consultants' fees, compensation of trustees, corporate filing fees, expenses
incurred in connection with lending securities of the Portfolio, and any other
expenses properly payable by the Trust or Portfolio and approved by the board.
During the six months ended April 30, 2000, the Portfolio's custodian fees were
reduced by $2,522 as a result of earnings credits from overnight cash balances.
The Portfolio also pays custodian fees to American Express Trust Company, an
affiliate of AEFC.
According to a Placement Agency Agreement, American Express Financial Advisors
Inc. acts as placement agent of the Trust's units.
3. SECURITIES TRANSACTIONS
Cost of purchases and proceeds from sales of securities (other than short-term
obligations) aggregated $85,150,909 and $18,612,240, respectively, for the six
months ended April 30, 2000. For the same period, the portfolio turnover rate
was 75%. Realized gains and losses are determined on an identified cost basis.
Brokerage commissions paid to brokers affiliated with AEFC were $2,775 for the
six months ended April 30, 2000.
4. OPTIONS CONTRACTS WRITTEN
Contracts and premium amounts associated with options contracts written is as
follows:
Six months ended April 30, 2000
Calls
Contracts Premium
Balance Oct. 31, 1999 -- $--
Opened 90 62,728
Exercised -- --
Closed (90) (62,728)
--- -------
Balance April 30, 2000 -- $--
See "Summary of significant accounting policies.
<PAGE>
<TABLE>
<CAPTION>
Investments in Securities
World Technologies Portfolio
April 30, 2000 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common stocks (81.4%)
Issuer Shares Value(a)
Aerospace & defense (1.0%)
<S> <C> <C>
Aeroflex 28,000(b) $1,043,000
Communications equipment & services (18.0%)
Advanced Fibre Communications 16,000(b) 731,000
Carrier Access 10,000(b) 436,250
CIENA 19,500(b) 2,410,687
Com21 16,000(b) 448,000
Copper Mountain Networks 15,000(b) 1,250,625
Corning 5,000 987,500
Digital Microwave 17,000(b) 627,938
Fairchild Semiconductor Intl Cl A 20,500(b) 973,750
JDS Uniphase 23,000(b) 2,386,250
Motorola 4,900 583,406
Netro 13,500(b) 582,188
Nokia ADR Cl A 23,000(c) 1,308,125
Powerwave Technologies 5,000(b) 1,040,313
RF Micro Devices 10,000(b) 1,040,625
SDL 20,000(b) 3,899,999
Turnstone Systems 7,500(b) 825,000
Total 19,531,656
Computer software & services (10.7%)
Ariba 23,000(b) 1,706,312
Citrix Systems 12,000(b) 732,750
Commtouch Software 10,000(b,c) 211,250
Computer Associates Intl 17,000 948,813
Digital Island 7,400(b) 258,075
Edwards (JD) & Co 40,000(b) 730,000
Internet Capital Group 20,000(b) 847,500
Microsoft 13,400(b) 934,650
MicroStrategy 10,000(b) 258,750
Mission Critical Software 17,000(b) 612,000
ONYX Software 16,000(b) 341,000
Phone.com 15,000(b) 1,260,000
S1 28,000(b) 1,520,750
Siebel Systems 5,000(b) 614,375
Vignette 12,000(b) 578,250
Total 11,554,475
Computers & office equipment (21.4%)
Aware 23,000(b) 897,000
Cisco Systems 47,000(b) 3,258,422
EMC 10,000(b) 1,389,375
EQUANT 5,000(b,c) 390,000
Extreme Networks 11,200(b) 645,400
Futurelink 34,000(b) 471,750
Miami Computer Supply 30,000(b) 627,656
Network Appliance 44,500 3,290,219
Redback Networks 15,000(b) 1,190,625
S3 29,000(b) 407,813
SmartDisk 10,000(b) 253,750
Solectron 59,000(b) 2,761,938
VeriSign 24,000(b) 3,345,000
Veritas Software 35,000(b) 3,754,296
Visual Networks 12,000(b) 468,000
Total 23,151,244
Electronics (21.8%)
Altera 10,000(b) 1,022,500
Arrow Electronics 40,000 1,752,500
ASM Intl 23,000(b,c) 793,500
Atmel 12,000(b) 587,250
Celestica 10,000(b,c) 545,625
Exar 16,000(b) 1,282,750
Flextronics Intl 30,000(b,c) 2,107,500
Integrated Device Technology 23,000(b) 1,105,438
KLA-Tencor 10,000(b) 748,750
Natl Semiconductor 8,500(b) 516,375
PMC-Sierra 30,000(b,c) 5,756,249
Power-One 10,000(b) 682,500
Quantum Effect Devices 8,500(b) 495,125
Siliconix 5,200(b) 431,275
Taiwan Semiconductor Mfg ADR 30,150(b,c) 1,577,222
Teradyne 23,000(b) 2,530,000
Vitesse Semiconductor 25,000(b) 1,701,563
Total 23,636,122
Industrial equipment & services (1.3%)
Semitool 70,000(b) 1,403,281
Media (0.5%)
Univision Communications Cl A 5,000(b) 546,250
Miscellaneous (1.1%)
Akamai Technologies 10,000(b) 988,750
FirePond 16,000(b) 255,000
Total 1,243,750
Utilities -- telephone (5.6%)
Allegiance Telecom 8,500(b) 601,375
Cable & Wireless Communications ADR 10,000(b,c) 756,875
COLT Telecom Group ADR 7,500(b,c) 1,280,625
Level 3 Communications 24,000(b) 2,136,000
RCN 10,000(b) 286,250
WinStar Communications 25,000(b) 996,875
Total 6,058,000
Total common stocks
(Cost: $80,135,959) $88,167,778
Preferred stock (0.5%)
Issuer Shares Value(a)
Gorp.com
5.15% Series B 97,087(d) $499,998
Total preferred stock
(Cost: $499,998) $499,998
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
Options purchased (1.3%)
Issuer Shares Exercise Expiration Value(a)
price date
Calls
CIENA 10,000 $120 July 2000 $258,750
Cisco Systems 10,000 70 July 2000 78,750
Microsoft 10,000 70 Jan. 2002 184,375
Network Appliance 10,000 75 June 2000 103,750
SDL 10,000 195 June 2000 288,750
Solectron 10,000 50 July 2000 49,375
VeriSign 10,000 170 Sept. 2000 284,375
Veritas Software 10,000 120 Aug. 2000 177,500
Total options purchased
(Cost: $1,216,900) $1,425,625
<PAGE>
<TABLE>
<CAPTION>
Short-term securities (24.4%)
Issuer Annualized Amount Value(a)
yield on date payable at
of purchase maturity
U.S. government agency (1.2%)
Federal Home Loan Bank Disc Nt
<S> <C> <C> <C>
06-21-00 6.04% $1,300,000 $1,287,771
Commercial paper (23.2%)
Bayer
05-01-00 6.06 5,000,000(e) 4,997,475
Household Finance
05-01-00 6.04 5,200,000 5,197,383
Morgan Stanley, Dean Witter, Discover & Co
05-01-00 6.06 10,000,000 9,994,950
Sysco
05-01-00 6.04 5,000,000(e) 4,997,483
Total 25,187,291
Total short-term securities
(Cost: $26,480,073) $26,475,062
Total investments in securities
(Cost: $108,332,930)(f) $116,568,463
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
Notes to investments in securities
(a) Securities are valued by procedures described in Note 1 to the financial
statements.
(b) Non-income producing.
(c) Foreign security values are stated in U.S. dollars. As of April 30, 2000,
the value of foreign securities represented 13.60% of net assets.
(d) Identifies issues considered to be illiquid as to their marketability (see
Note 1 to the financial statements). Information concerning such security
holdings as April 30, 2000, is as follows:
Security Acquisition date Cost
Gorp.com
5.15% Series B 02-22-00 $499,998
(e) Commercial paper sold within terms of a private placement memorandum, exempt
from registration under Section 4(2) of the Securities Act of 1933, as amended,
and may be sold only to dealers in that program or other "accredited investors."
This security has been determined to be liquid under guidelines established by
the board.
(f) At April 30, 2000, the cost of securities for federal income tax purposes
was approximately $108,333,000 and the approximate aggregate gross unrealized
appreciation and depreciation based on that cost was:
Unrealized appreciation $9,775,000
Unrealized depreciation (1,540,000)
----------
Net unrealized appreciation $8,235,000
