Table of Contents Company Stock Performance The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend reinvested basis, for the Company, the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U. S.  Technology Supersector Index for the five years ended September 26, 2015.
The graph assumes $100 was invested in each of the Company’s common stock, the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U. S.  Technology Supersector Index as of the market close on September 24, 2010.
Note that historic stock price performance is not necessarily indicative of future stock price performance.
## Table 0 ##
$100 invested on 9/25/10 in stock or index, including reinvestment of dividends.
Data points are the last day of each fiscal year for the Company’s common stock and September 30th for indexes.
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Results of Operations – Proprietary Capital The following table presents consolidated financial information for the Propriety Capital segment for the years indicated:
## Table 1 ##
(1) Includes dividends received.
Proprietary capital segment results are substantially determined by the valuations within Raymond James Capital Partners, L. P.  (“Capital Partners”), the EIF Funds, and the valuations of our direct merchant banking investments and our investments in third-party private equity funds.
As of September 30, 2010, our merchant banking investments, at fair value, include a $22 million investment in a manufacturer of crime investigation and forensic supplies, a $17 million investment in an event photography business, and a $17 million indirect investment (through Capital Partners) in an allergy immunotherapy testing and treatment supply company.
Year ended September 30, 2010 Compared with the Year ended September 30, 2009 – Proprietary Capital Pre-tax income generated by this segment increased $693,000, or 67%, as compared to the prior year.
This net increase is a result of the increase in the value of our investments coupled with the increase in dividends received during the year, a combined $4.3 million in additional revenue over the prior year.
Our expenses were well controlled and approximated the prior year level.
The portion of the increases in the value of the investments and the interest and dividends received, as described above, that are attributable to other investors and are therefore not ours, increased by $3.4 million.
The results for fiscal 2010 include a $10.8 million increase in the value of our Capital Partners portfolio and $1.5 million in dividends received on these investments.
Our third-party private equity fund investments and the EIF Funds portfolio increased in value by $3.7 million.
Partially offsetting these increases was a $600,000 decrease in the value of our direct merchant banking investments.
Since we do not own 100% of all of these investments, $11.5 million of the increases described above are attributable to other investors and are included within noncontrolling interests.
Year ended September 30, 2009 Compared with the Year ended September 30, 2008 – Proprietary Capital During fiscal 2009, our direct merchant banking investments and Raymond James Capital Partners L. P.  portfolio increased in value by $2.4 million and $12.1 million, respectively, while the RJF private equity investment and EIF Funds portfolio decreased by $2.8 million.
Since we do not own 100% of all of the investments held in this segment, $8.1 million of the net income is attributable to other investors.
Certain statistical disclosures by bank holding companies As a financial holding company, we are required to provide certain statistical disclosures by bank holding companies pursuant to the Securities and Exchange Commission’s Industry Guide 3.
Certain of those disclosures are as follows for the periods indicated:
## Table 2 ##
(1) Computed as net income attributable to RJF, Inc.  for the year indicated, divided by average assets (the sum of total assets at the beginning and end of the year, divided by two).
(2) Computed by utilizing the net income attributable to RJF, Inc.  and the average equity for each respective year.
Average equity is computed by adding the total equity attributable to RJF, Inc.  as of each quarter-end date during the indicated year, plus the beginning of the year total, divided by five.
(3) Computed as average equity (the sum of total equity at the beginning and end of the year, divided by two), divided by average assets (the sum of total assets at the beginning and end of the year, divided by two).
(4) Computed as dividends declared per common share during the year as a percentage of diluted earnings per common share.
Refer to the RJ Bank section of this MD&A and the Notes to Consolidated Financial Statements in this Form 10-K for the other required disclosures.
Liquidity and Capital Resources Liquidity is essential to our business.
The primary goal of our liquidity management activities is to ensure adequate funding to conduct our business over a range of market environments.
Senior management establishes our liquidity and capital policies.
These policies include senior management’s review of shortand long-term cash flow forecasts, review of monthly capital expenditures, the monitoring of the availability of alternative sources of financing, and the daily monitoring of liquidity in our significant subsidiaries.
Our decisions on the allocation of capital to our business units consider, among other factors, projected profitability and cash flow, risk and impact on future liquidity needs.
Our treasury departments assist in evaluating, monitoring and controlling the impact that our business activities have on our financial condition, liquidity and capital structure as well as maintain our relationships with various lenders.
The objectives of these policies are to support the successful execution of our business strategies while ensuring ongoing and sufficient liquidity.
Liquidity is provided primarily through our business operations and financing activities.
Financing activities could include bank borrowings, repurchase agreement transactions or additional capital raising activities under our “universal” shelf registration statement.
Cash provided by operating activities during the year ended September 30, 2013 was $660 million.
Operating cash generated by successful operating results over the period resulted in a $457 million increase in cash.
The increase in operating cash included an increase in brokerage client payables and other accounts payable of $1.31 billion, largely the result of an increase in client cash deposits during the period.
A decrease in trading instruments held resulted in an increase of $252 million in operating cash.
A decrease in brokerage client and other receivables resulted in an increase of $88 million in operating cash.
Partially offsetting these activities which resulted in increases of cash, decreases in cash resulted from the following activities: an increase in assets segregated pursuant to regulations and other segregated assets resulted in a $1.28 billion use of cash due to the increase in brokerage client deposits; an increase in securities purchased under agreements to resell, net of securities sold under agreements to repurchase, resulted in a $191 million use of operating cash; and an increase in prepaid expenses and other assets resulted in a $66 million use of cash.
All other components of operating activities combined to net a $94 million increase in operating cash.
to September 30, 2013.
Increased client assets under administration typically result in higher fee-based account revenues and mutual fund and annuity service fees.
Improved equity markets not only result in increased assets under administration, but also generally lead to more client activity and therefore improved financial advisor productivity.
Higher client cash balances generally lead to increased interest income and account fee revenues, depending upon the interest rates realized in our Client Interest Program and RJBDP.
The following table presents a summary of PCG financial advisors and the total number of PCG branch locations as of the periods indicated:

<table><tr><td></td><td>September 2010</td><td>September 2011</td><td>September 2012</td><td>September 2013</td><td>September 2014</td><td>September 2015</td></tr><tr><td>Apple Inc.</td><td>$100</td><td>$138</td><td>$229</td><td>$170</td><td>$254</td><td>$294</td></tr><tr><td>S&P 500 Index</td><td>$100</td><td>$101</td><td>$132</td><td>$157</td><td>$188</td><td>$187</td></tr><tr><td>S&P Information Technology Index</td><td>$100</td><td>$104</td><td>$137</td><td>$147</td><td>$190</td><td>$194</td></tr><tr><td>Dow Jones U.S. Technology Supersector Index</td><td>$100</td><td>$103</td><td>$134</td><td>$141</td><td>$183</td><td>$183</td></tr></table>
<table><tr><td></td><td colspan="5">Year Ended September 30,</td></tr><tr><td></td><td>2010</td><td>% Change</td><td>2009</td><td>% Change</td><td>2008</td></tr><tr><td></td><td colspan="5">($ in 000's)</td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-1</td><td>$1,953</td><td>1029%</td><td>$173</td><td>-89%</td><td>$1,526</td></tr><tr><td>Investment Advisory Fees</td><td>1,100</td><td>9%</td><td>1,013</td><td>35%</td><td>749</td></tr><tr><td>Other</td><td>13,976</td><td>21%</td><td>11,556</td><td>-44%</td><td>20,594</td></tr><tr><td>Total Revenues</td><td>17,029</td><td>34%</td><td>12,742</td><td>-44%</td><td>22,869</td></tr><tr><td>Expenses</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Compensation Expense</td><td>1,785</td><td>-12%</td><td>2,037</td><td>-45%</td><td>3,682</td></tr><tr><td>Other Expenses</td><td>2,051</td><td>28%</td><td>1,603</td><td>-46%</td><td>2,974</td></tr><tr><td>Total Expenses</td><td>3,836</td><td>5%</td><td>3,640</td><td>-45%</td><td>6,656</td></tr><tr><td>Income Before Taxes and Including Noncontrolling Interests</td><td>13,193</td><td>45%</td><td>9,102</td><td>-44%</td><td>16,213</td></tr><tr><td>Noncontrolling Interests</td><td>11,465</td><td>42%</td><td>8,067</td><td>-9%</td><td>8,852</td></tr><tr><td>Pre-tax Income Excluding Noncontrolling Interests</td><td>$1,728</td><td>67%</td><td>$1,035</td><td>-86%</td><td>$7,361</td></tr></table>
<table><tr><td></td><td colspan="3">Year ended September 30,</td></tr><tr><td></td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>RJF return on assets<sup>-1</sup></td><td>1.7%</td><td>1.5%</td><td>1.6%</td></tr><tr><td>RJF return on equity<sup>-2</sup></td><td>10.6%</td><td>9.7%</td><td>11.3%</td></tr><tr><td>Equity to assets<sup>-3</sup></td><td>17.3%</td><td>16.8%</td><td>15.3%</td></tr><tr><td>Dividend payout ratio<sup>-4</sup></td><td>21.7%</td><td>23.6%</td><td>23.7%</td></tr></table>

Question: what was the percentage cumulative total shareholder return for the five years ended 2015?