Performance Graph The performance graph below shows the five-year cumulative total stockholder return on Applied common stock during the period from October 25, 2009 through October 26, 2014.
This is compared with the cumulative total return of the Standard & Poor’s 500 Stock Index and the RDG Semiconductor Composite Index over the same period.
The comparison assumes $100 was invested on October 25, 2009 in Applied common stock and in each of the foregoing indices and assumes reinvestment of dividends, if any.
Dollar amounts in the graph are rounded to the nearest whole dollar.
The performance shown in the graph represents past performance and should not be considered an indication of future performance.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among Applied Materials, Inc. , the S&P 500 Index and the RDG Semiconductor Composite Index
## Table 0 ##
Dividends During fiscal 2014, Applied’s Board of Directors declared four quarterly cash dividends of $0.10 per share each.
During fiscal 2013, Applied’s Board of Directors declared three quarterly cash dividends of $0.10 per share each and one quarterly cash dividend of $0.09 per share.
During fiscal 2012, Applied’s Board of Directors declared three quarterly cash dividends of $0.09 per share each and one quarterly cash dividend of $0.08.
Dividends declared during fiscal 2014, 2013 and 2012 totaled $487 million, $469 million and $438 million, respectively.
Applied currently anticipates that it will continue to pay cash dividends on a quarterly basis in the future, although the declaration and amount of any future cash dividends are at the discretion of the Board of Directors and will depend on Applied’s financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination that cash dividends are in the best interests of Applied’s stockholders.
Total Revenue for Global Wealth and Investment Management increased $1.9 billion, or 47 percent, for 2004.
The Provision for Credit Losses decreased $31 million to a negative $20 million.
Total Noninterest Expense increased $1.3 billion to $3.4 billion.
Net Income increased 28 percent to $1.6 billion.
SVA decreased $72 million, or eight percent, as the increase in cash basis earnings was more than offset by the increase in the capital allocation that resulted from the Merger.
Net Interest Income increased 46 percent to $2.9 billion due to growth in Deposits in both Premier Banking and The Private Bank, loan growth in The Private Bank, and the addition of FleetBoston earning assets to the portfolio.
Net results of ALM activities also drove the increase.
Average Deposits increased $29.1 billion, or 54 percent, primarily due to migration of account balances from Consumer Banking to Premier Banking, the impact of the Merger, as well as increased deposit-taking in The Private Bank.
Average Loans and Leases increased $6.4 billion, or 17 percent, due to the inclusion of the FleetBoston Loans and Leases and increased loan activity in The Private Bank.
Client Assets
## Table 1 ##
Assets under management generate fees based on a percentage of their market value.
They consist largely of mutual funds and separate accounts, which are comprised of money market products, equities, and taxable and nontaxable fixed income securities.
Compared to 2003, assets under management increased $154.8 billion, or 52 percent, due to the addition of $148.9 billion of FleetBoston assets under management and increased market valuation partially offset by outflows primarily in money market products.
Client brokerage assets, a source of commission revenue, were up $61.1 billion, or 69 percent, due to the addition of $55.4 billion FleetBoston client brokerage assets.
Client brokerage assets consist largely of investments in annuities, money market mutual funds, bonds and equities.
Assets in custody increased $57.1 billion, or 114 percent, and represent trust assets administered for customers.
The addition of $54.5 billion of assets in custody from FleetBoston drove the increase.
Trust assets encompass a broad range of asset types including real estate, private company ownership interest, personal property and investments.
Noninterest Income consists primarily of Investment and Brokerage Services, which represents fees earned on client assets, as well as brokerage commissions and trailer fees.
Investment and Brokerage Services revenue increased $1.1 billion, or 71 percent, to $2.7 billion.
The increase in Investment and Brokerage Services revenue was primarily due to growth in all client assets categories, driven by the addition of FleetBoston.
The impact of FleetBoston on Investment and Brokerage Services was $974 million.
Noninterest Expense increased $1.3 billion, or 64 percent, due to the $889 million increase in expenses related to the inclusion of FleetBoston and this segment’s allocation of the mutual fund settlement, which amounted to approximately $143 million pre-tax.
Also impacting Noninterest Expense was an increase in Personnel Expense reflecting the addition of 637 client managers in Premier Banking, additional financial advisors in BAI and increased incentives in BAI due to increased sales and changes to payout schedules.
All Other Included in All Other are our Latin America and Equity Investments businesses, and Other.
Latin America includes our full-service Latin American operations in Brazil, Argentina and Chile.
These businesses provide a wide array of products to indigenous and multinational corporations, as well as consumers.
These services include lending, deposit-taking, asset management, private banking and treasury operations.
The consumer business focuses on the affluent and middle-market segments.
Our largest book of business is in Brazil, while Argentina has our largest branch network, with 87 branches.
Our Brazilian and Chilean operations have 65 branches and 43 branches, respectively.
Beginning in 2005, Latin America will be re-aligned with the Global Business and Financial Services segment.
For more information on our Latin American operations, see Foreign Portfolio beginning on page 64.
Equity Investments include Principal Investing and other corporate investments.
Principal Investing is comprised of a diversified portfolio of investments in privately-held and publicly-traded companies at all stages of their lifecycle from start-up to buyout.
Other includes Noninterest Income and Expense amounts associated with the ALM process, including Gains on Sales of Debt Securities, the allowance for credit losses process, the residual impact of methodology allocations, intersegment eliminations, and the results of certain consumer finance and commercial lending businesses that are being liquidated.
## Table 2 ##
Columbia Management Columbia is an asset management business serving the needs of both institutional clients and individual customers.
Columbia provides asset management services, including mutual funds, liquidity strategies and separate accounts.
Columbia mutual fund offerings provide a broad array of investment strategies and products including equities, fixed income (taxable and non-taxable) and money market (taxable and non-taxable) funds.
Columbia distributes its products and services directly to institutional clients, and distributes to individuals through The Private Bank, Family Wealth Advisors, Premier Banking and Investments, and nonproprietary channels including other brokerage firms.
Net Income increased $43 million, or 15 percent, primarily as a result of an increase in Investment and Brokerage Services of $211 million, or 16 percent, in 2006.
This increase is due to higher assets under management driven by net inflows in money market and equity funds, and market appreciation.
Noninterest Expense increased $105 million, or 12 percent, primarily due to higher Personnel costs including revenue-based compensation and other operating costs.
Premier Banking and Investments Premier Banking and Investments includes Banc of America Investments, our full-service retail brokerage business and our Premier Banking channel.
PB&I brings personalized banking and investment expertise through priority service with client-dedicated teams.
PB&I provides a high-touch client experience through a network of approximately 4,400 client advisors to our affluent customers with a personal wealth profile that includes investable assets plus a mortgage that exceeds $500,000 or at least $100,000 of investable assets.
Net Income increased $138 million, or 17 percent, primarily due to an increase in Net Interest Income.
The increase in Net Interest Income of $268 million, or 15 percent, was primarily driven by higher deposit spreads partially offset by lower average deposit balances.
Deposit spreads increased 40 bps to 2.34 percent.
Net Interest Income also benefited from higher Average Loans and Leases, mainly residential mortgages and home equity.
Noninterest Income increased $60 million, or seven percent, primarily driven by higher Investment and Brokerage Services.
Noninterest Expense increased $95 million, or eight percent, primarily due to increases in Personnel expense driven by the PB&I expansion of Client Managers and Financial Advisors and higher performance-based compensation.
ALM/Other We migrate qualifying affluent customers, and their related deposit balances and associated Net Interest Income from the Global Consumer and Small Business Banking segment to our PB&I customer service model.
In order to provide a view of organic growth in PB&I, we allocate the original migrated deposit balances, including attrition, as well as the corresponding Net Interest Income at original spreads from PB&I to ALM/Other.
Net Income decreased $88 million, or 13 percent, primarily due to a decrease in Net Interest Income partially offset by an increase in Noninterest Income.
Net Interest Income decreased $156 million driven by a significant reduction from ALM activities, partially offset by higher Net Interest Income on deposits due to migration of certain banking relationships from Global Consumer and Small Business Banking.
During 2006 and 2005, $10.7 billion and $16.9 billion of average deposit balances were migrated from the Global Consumer and Small Business Banking segment to Global Wealth and Investment Management.
The total cumulative average impact of migrated balances was $48.5 billion in 2006 compared to $39.3 billion for 2005.
Noninterest Income increased $101 million primarily reflecting nonrecurring items in 2006.
## Table 3 ##
Included in All Other are our Equity Investments businesses and Other.
Equity Investments includes Principal Investing, Corporate Investments and Strategic Investments.
Principal Investing is comprised of a diversified portfolio of investments in privately-held and publicly-traded companies at all stages of their life cycle from start-up to buyout.
These investments are made either directly in a company or held through a fund and are accounted for at fair value.
See Note 1 of the Consolidated Financial Statements for more information on the accounting for the Principal Investing portfolio.
Corporate Investments primarily includes investments in publicly-traded equity securities and funds and are accounted for as AFS marketable equity securities.
Strategic Investments includes the Corporation’s strategic investments such as CCB, Grupo Financiero Santander Serfin (Santander), Banco Itaú and other investments.
The restricted shares of CCB and Banco Itaú are currently carried at cost but, as required by GAAP, will be accounted for as AFS marketable equity securities and carried at fair value with an offset to Accumulated Other Comprehensive Income (OCI) starting one year prior to the lapse of their restrictions.
See Note 5 of the Consolidated Financial Statements for more information on our strategic investments.
Our investment in Santander is accounted for under the equity method of accounting.
Income associated with Equity Investments is recorded in Equity Investment Gains and includes gains (losses) on sales of these equity investments, dividends, and valuations that primarily relate to the Principal Investing portfolio.
The following table presents the components of All Other’s Equity Investment Gains and a reconciliation to the total consolidated Equity Investment Gains for 2006 and 2005.
Components of Equity Investment Gains
## Table 4 ##
The table below presents the allowance and the carrying value of outstanding loans and leases by portfolio segment at December 31, 2015 and 2014.
Allowance and Carrying Value by Portfolio Segment
## Table 5 ##
December 31, 2014

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td>10/25/2009</td><td>10/31/2010</td><td>10/30/2011</td><td>10/28/2012</td><td>10/27/2013</td><td>10/26/2014</td></tr><tr><td>Applied Materials</td><td>100.00</td><td>97.43</td><td>101.85</td><td>88.54</td><td>151.43</td><td>183.29</td></tr><tr><td>S&P 500 Index</td><td>100.00</td><td>116.52</td><td>125.94</td><td>145.09</td><td>184.52</td><td>216.39</td></tr><tr><td>RDG Semiconductor Composite Index</td><td>100.00</td><td>121.00</td><td>132.42</td><td>124.95</td><td>163.20</td><td>207.93</td></tr></table>
<table><tr><td></td><td colspan="2"> December 31 </td></tr><tr><td> (Dollars in billions)</td><td> 2004 </td><td>2003 </td></tr><tr><td>Assets under management</td><td>$451.5</td><td>$296.7</td></tr><tr><td>Client brokerage assets</td><td>149.9</td><td>88.8</td></tr><tr><td>Assets in custody</td><td>107.0</td><td>49.9</td></tr><tr><td> Total client assets</td><td>$708.4</td><td>$435.4</td></tr></table>
<table><tr><td> (Dollars in millions)</td><td> 2004 </td><td>2003</td></tr><tr><td>Net interest income (fully taxable-equivalent basis)</td><td>$636</td><td>$634</td></tr><tr><td>Noninterest income</td><td>428</td><td>112</td></tr><tr><td>Total revenue</td><td>1,064</td><td>746</td></tr><tr><td>Provision for credit losses</td><td>148</td><td>389</td></tr><tr><td>Gains on sales of debt securities</td><td>2,016</td><td>942</td></tr><tr><td>Merger and restructuring charges</td><td>618</td><td>—</td></tr><tr><td>Noninterest expense</td><td>594</td><td>597</td></tr><tr><td>Income before income taxes</td><td>1,720</td><td>702</td></tr><tr><td>Income tax expense</td><td>492</td><td>97</td></tr><tr><td> Net income</td><td>$1,228</td><td>$605</td></tr><tr><td>Shareholder value added</td><td>$36</td><td>$-1,339</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td>2006</td><td>2005</td></tr><tr><td> Net interest income<sup>-1</sup></td><td>$141</td><td>$-305</td></tr><tr><td> Noninterest income</td><td></td><td></td></tr><tr><td>Equity investment gains</td><td>2,866</td><td>1,964</td></tr><tr><td>All other income</td><td>-921</td><td>-975</td></tr><tr><td>Total noninterest income</td><td>1,945</td><td>989</td></tr><tr><td> Total revenue<sup>-1</sup></td><td>2,086</td><td>684</td></tr><tr><td>Provision for credit losses</td><td>-116</td><td>69</td></tr><tr><td>Gains (losses) on sales of debt securities</td><td>-495</td><td>823</td></tr><tr><td>Merger and restructuring charges<sup>-2</sup></td><td>805</td><td>412</td></tr><tr><td>All other noninterest expense</td><td>-41</td><td>302</td></tr><tr><td>Income before income taxes<sup>-1</sup></td><td>943</td><td>724</td></tr><tr><td>Income tax expense (benefit)</td><td>176</td><td>-20</td></tr><tr><td> Net income</td><td>$767</td><td>$744</td></tr><tr><td>Shareholder value added</td><td>$-306</td><td>$-953</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td> 2006</td><td>2005</td></tr><tr><td>Principal Investing</td><td>$1,894</td><td>$1,500</td></tr><tr><td>Corporate and Strategic Investments</td><td>972</td><td>464</td></tr><tr><td> Total equity investment gains included in All Other</td><td>2,866</td><td>1,964</td></tr><tr><td>Total equity investment gains included in the business segments</td><td>323</td><td>248</td></tr><tr><td> Total consolidated equity investment gains</td><td>$3,189</td><td>$2,212</td></tr></table>
<table><tr><td></td><td colspan="4">December 31, 2015</td></tr><tr><td>(Dollars in millions)</td><td>Consumer Real Estate</td><td>Credit Cardand OtherConsumer</td><td>Commercial</td><td>Total</td></tr><tr><td>Impaired loans and troubled debt restructurings<sup>-1</sup></td><td></td><td></td><td></td><td></td></tr><tr><td>Allowance for loan and lease losses<sup>-2</sup></td><td>$634</td><td>$250</td><td>$217</td><td>$1,101</td></tr><tr><td>Carrying value<sup>-3</sup></td><td>21,058</td><td>779</td><td>2,368</td><td>24,205</td></tr><tr><td>Allowance as a percentage of carrying value</td><td>3.01%</td><td>32.09%</td><td>9.16%</td><td>4.55%</td></tr><tr><td>Loans collectively evaluated for impairment</td><td></td><td></td><td></td><td></td></tr><tr><td>Allowance for loan and lease losses</td><td>$2,476</td><td>$3,221</td><td>$4,632</td><td>$10,329</td></tr><tr><td>Carrying value<sup>-3, 4</sup></td><td>226,116</td><td>189,660</td><td>439,397</td><td>855,173</td></tr><tr><td>Allowance as a percentage of carrying value<sup>-4</sup></td><td>1.10%</td><td>1.70%</td><td>1.05%</td><td>1.21%</td></tr><tr><td>Purchased credit-impaired loans</td><td></td><td></td><td></td><td></td></tr><tr><td>Valuation allowance</td><td>$804</td><td>n/a</td><td>n/a</td><td>$804</td></tr><tr><td>Carrying value gross of valuation allowance</td><td>16,685</td><td>n/a</td><td>n/a</td><td>16,685</td></tr><tr><td>Valuation allowance as a percentage of carrying value</td><td>4.82%</td><td>n/a</td><td>n/a</td><td>4.82%</td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td></tr><tr><td>Allowance for loan and lease losses</td><td>$3,914</td><td>$3,471</td><td>$4,849</td><td>$12,234</td></tr><tr><td>Carrying value<sup>-3, 4</sup></td><td>263,859</td><td>190,439</td><td>441,765</td><td>896,063</td></tr><tr><td>Allowance as a percentage of carrying value<sup>-4</sup></td><td>1.48%</td><td>1.82%</td><td>1.10%</td><td>1.37%</td></tr></table>

Question: what is the return on investment for applied materials if the investment occurred in 2009 and it is liquidated in 2012?
Answer: -0.1146
Reasoning program: subtract(88.54,const_100), divide(#0,const_100)