Investment Manager
Legg Mason Fund Adviser, Inc.
Baltimore, MD
Investment Adviser
Western Asset Management Company
Pasadena, CA
Board of Trustees
John F. Curley, Jr., Chairman
Edmund J. Cashman, Jr.
Richard G. Gilmore
Arnold L. Lehman
Dr. Jill E. McGovern
G. Peter O'Brien
T. A. Rodgers
Edward A. Taber, III
Transfer and Shareholder Servicing Agent
Boston Financial Data Services
Boston, MA
Custodian
State Street Bank & Trust Company
Boston, MA
Counsel
Kirkpatrick & Lockhart LLP
Washington, D.C.
Independent Auditors
Ernst &Young LLP
Philadelphia, PA
This report is not to be distributed unless preceded or accompanied by a
prospectus.
Legg Mason Wood Walker, Incorporated
-------------------------------------------
100 Light Street
P.O. Box 1476, Baltimore, MD 21203-1476
410 o 539 o 0000
Annual Report
August 31, 1999
Legg Mason
Cash
Reserve
Trust
LEGG
MASON
FUNDS
HOW TO INVEST
<PAGE>
To Our Shareholders,
The Legg Mason Cash Reserve Trust now has $1.8 billion invested in a
diversified portfolio of high quality fixed income securities with relatively
short maturities.
As this letter is written on September 24, the Trust's annualized yield for
the past 7 days is 4.58%* (an effective yield of 4.68% when the compounding
effect of dividend reinvestments is included). The average weighted maturity of
our portfolio is 64 days.
A complete listing of the Trust's portfolio holdings at August 31, 1999,
appears in this report. You will note that approximately 68% of the Trust's
portfolio is invested in U.S. government and government agency securities and
repurchase agreements fully secured by such securities.
With less than three months to go until the end of the century, attention
has increasingly focused on the Year 2000 issue. As you know, the Year 2000
issue is a computer programming problem that affects the ability of computers to
correctly process dates of January 1, 2000, and beyond. Legg Mason's Year 2000
Committee has developed and is implementing a plan designed to ensure that the
Year 2000 date change will have no adverse impact on our ability to service our
shareholders. We are on target to complete this important project. Industry-wide
testing sponsored by the Securities Industry Association ("SIA") was conducted
in March and April of 1999, with Legg Mason, its brokerage subsidiaries and
primary vendors actively participating and achieving positive results.
Legg Mason's Year 2000 Project has four phases. The Inventory Phase and the
Assessment Phase are already complete. The Remediation Phase and the Testing
Phase are currently underway and on target. Renovation and replacement of
existing internal systems, where necessary, is also complete, and all of our
critical vendors have certified their Year 2000 compliance. Most noncritical
vendors have also certified their Year 2000 compliance, and we expect the
remaining vendors to certify their compliance by the end of October 1999.
Although individual customer testing will not be available, we have successfully
tested models representing all forms of accounts maintained at Legg Mason,
including the Trust's shareholder accounts.
Sincerely,
/s/John F. Curley
John F. Curley, Jr.
Chairman
September 24, 1999
- --------------------------------------------------------------------------------
*The yields shown here are for past periods and are not intended to indicate
future performance. An investment in this Fund is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other government agency.
Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the Fund.
<PAGE>
<TABLE>
<CAPTION>
Statement of Net Assets
Legg Mason Cash Reserve Trust
August 31, 1999
(Amounts in Thousands)
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
Rate Maturity Date Par Value
Asset-Backed Securities -- 0.6%
Merrill Lynch STEERS 4.891% 1/25/00 $ 8,853 $ 8,853(A,C,D)
WFS Financial Owner Trust 5.008% 2/1/00 958 958
-------
Total Asset-Backed Securities 9,811
- ---------------------------------------------------------------------------------------------------------------------------
Bank Notes -- 0.2%
National City Bank 6.00% 10/1/99 4,000 4,003
-------
Total Bank Notes 4,003
- ---------------------------------------------------------------------------------------------------------------------------
Certificates of Deposit -- 4.4%
Commerzbank 4.99% 1/25/00 5,000 4,999(B)
Commerzbank 4.99% 2/2/00 10,000 9,992(B)
Commerzbank 5.09% 2/16/00 10,000 9,999(B)
Deutsche Bank 5.03% 9/10/99 20,000 20,000
Harris Trust and Savings Bank 5.28% 10/18/99 10,000 10,000
Regions Bank 5.15% 2/18/00 5,000 5,000
UBS AG Stamford Branch 5.70% 7/10/00 10,000 9,997(B)
Wilmington Trust 5.70% 7/13/00 9,000 9,000
-------
Total Certificates of Deposit 78,987
- ---------------------------------------------------------------------------------------------------------------------------
Commercial Paper -- 2.6%
Alcoa Incorporated 5.10% 9/1/99 10,000 10,000
AT&T Corp. 5.27% 7/13/00 5,000 4,999(C)
DaimlerChrysler North America 5.19% 11/15/99 2,000 1,978
IBM Credit Corporation 5.20% 9/17/99 10,000 9,977
J.P. Morgan & Co., Inc. 4.80% 9/15/99 10,000 9,981
SBC Communications Incorporated 5.08% 9/13/99 10,000 9,983(A)
-------
Total Commercial Paper 46,918
- ---------------------------------------------------------------------------------------------------------------------------
Corporate and Other Bonds -- 8.4%
African Development Bank 9.30% 7/1/00 4,300 4,423(B)
American General Finance Corporation 6.87% 1/15/00 4,380 4,408
American General Finance Corporation 7.25% 4/15/00 3,000 3,027
American Home Products 7.70% 2/15/00 6,000 6,069
Associates Corporation NA 9.125% 4/1/00 10,000 10,217
Chrysler Financial Corporation 9.50% 12/15/99 2,000 2,024
Chrysler Financial Corporation 6.37% 1/28/00 5,000 5,018
Fleet Financial Group 7.125% 5/1/00 10,000 10,120
Ford Motor Credit Company 7.50% 11/15/99 4,000 4,021
General Motors Acceptance Corporation 8.00% 10/1/99 3,000 3,006
General Motors Acceptance Corporation 8.40% 10/15/99 10,000 10,035
GTE Corporation 5.135% 6/12/00 10,000 9,995(C)
2
<PAGE>
Rate Maturity Date Par Value
- ---------------------------------------------------------------------------------------------------------------------------
Corporate and Other Bonds -- Continued
HOUSEHOLD FINANCE COMPANY 8.95% 9/15/99 $ 3,000 $ 3,004
International Leasing Finance Corporation 7.00% 5/15/00 2,500 2,529
Merrill Lynch & Co., Inc. 8.375% 2/9/00 5,010 5,067
Monsanto Company 6.00% 7/1/00 4,000 4,008
Morgan Stanley Dean Witter Discover 7.50% 9/1/99 9,022 9,022
Morgan Stanley Dean Witter Discover 6.25% 3/15/00 5,000 5,027
Norwest Corporation 6.00% 3/15/00 2,500 2,511
Quebec Province 9.125% 3/1/00 10,000 10,191(B)
Rockwell International Corporation 8.875% 9/15/99 2,000 2,003
SunAmerica Incorporated 6.20% 10/31/99 13,000 13,019
Travelers Group 6.50% 3/1/00 15,000 15,096
Wal-Mart Stores Incorporated 5.65% 2/1/00 5,000 5,012
-----
Total Corporate and Other Bonds 148,852
- ---------------------------------------------------------------------------------------------------------------------------
Medium-Term Notes -- 15.4%
American General Finance Corporation 7.20% 11/30/99 6,000 6,030
American Honda Finance Corporation 4.972% 1/20/00 10,000 9,998(A)
Associates Corporation NA 6.32% 6/16/00 4,000 4,019
Beneficial Corporation 6.31% 7/18/00 5,000 5,024
Boeing Capital Corporation 5.80% 9/15/99 6,000 6,000
Caterpillar Financial Services 6.84% 9/15/99 15,000 15,007
Caterpillar Financial Services 6.87% 11/30/99 2,000 2,010
Chrysler Financial Corporation 6.32% 11/8/99 3,000 3,008
Chrysler Financial Corporation 5.95% 4/6/00 3,000 3,007
CIT Group Holdings Incorporated 6.25% 10/4/99 9,500 9,510
Countrywide Funding Corporation 5.368% 1/26/00 10,000 10,000(C)
Credit Suisse First Boston Incorporated 5.59% 6/8/00 10,000 9,994(A)
DaimlerChrysler North America 5.289% 6/30/00 10,000 9,995(C)
Eaton Corporation 5.125% 4/17/00 10,000 10,000
Ford Motor Credit Company 7.60% 3/29/00 5,000 5,066
Franklin Resources Incorporated 6.19% 12/15/99 4,000 4,012
General Motors Acceptance Corporation 6.15% 9/20/99 8,000 8,004
General Motors Acceptance Corporation 5.65% 1/13/00 10,000 10,020
General Motors Acceptance Corporation 7.12% 5/10/00 3,000 3,036
Goldman Sachs Group, Inc. 5.91% 1/10/00 10,000 10,030(A)
Goldman Sachs Group, Inc. 5.40% 2/25/00 10,000 10,000(A)
John Deere Capital Corporation 5.729% 7/13/00 8,000 7,997
J.P. Morgan &Co., Inc. 5.60% 6/23/00 10,000 10,000
MBNA American Bank NA 7.30% 9/8/99 5,000 5,002
Merrill Lynch &Co., Inc. 5.09% 2/7/00 10,000 10,000
3
<PAGE>
Statement of Net Assets -- Continued
Legg Mason Cash Reserve Trust
Rate Maturity Date Par Value
- ---------------------------------------------------------------------------------------------------------------------------
Medium-Term Notes -- Continued
Morgan Stanley Dean Witter Discover 5.89% 3/20/00 $ 10,000 $ 10,014
National Rural Utilities 5.178% 6/26/00 5,000 5,000(C)
Norwest Corporation 7.62% 10/15/99 5,000 5,014
Norwest Corporation 5.31% 3/31/00 5,000 5,003
Norwest Corporation 7.12% 4/1/00 5,000 5,029
NYNEX Capital Funding Company 8.11% 11/1/99 5,000 5,024
NYNEX Capital Funding Company 8.14% 11/1/99 3,000 3,016
PHH Corporation 5.58% 2/17/00 8,000 7,997
Sanwa Business Credit Corporation 6.50% 8/15/00 10,000 10,052(A)
SBC Communications 6.50% 8/15/00 10,000 10,060
Southern California Gas Company 6.21% 11/8/99 10,000 10,019
TCI Communications Incorporated 6.46% 3/6/00 1,000 1,006
Texaco Capital Incorporated 5.11% 5/3/00 10,000 9,995
-------
Total Medium-Term Notes 273,998
- ---------------------------------------------------------------------------------------------------------------------------
Time Deposits -- 1.1%
American Express Centurion Bank 5.30% 9/23/99 20,000 20,000
-------
Total Time Deposits 20,000
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Government and Agency Obligations -- 44.1%
Fannie Mae 4.93% 9/1/99 6,000 6,000
Fannie Mae 4.90% 9/8/99 25,000 24,976
Fannie Mae 5.08% 9/13/99 29,000 28,951
Fannie Mae 5.09% 9/21/99 28,000 27,921
Fannie Mae 5.20% 9/27/99 10,000 9,963
Fannie Mae 5.20% 9/28/99 30,000 29,883
Fannie Mae 5.24% 10/1/99 30,000 29,869
Fannie Mae 5.21% 10/6/99 24,000 23,878
Fannie Mae 5.04% 11/12/99 800 792
Federal Agricultural Mortgage Corporation 5.03% 9/3/99 10,000 9,997
Federal Agricultural Mortgage Corporation 5.11% 9/16/99 20,000 19,958
Federal Agricultural Mortgage Corporation 5.15% 9/23/99 20,000 19,937
Federal Home Loan Bank 4.98% 9/1/99 30,000 30,000
Federal Home Loan Bank 5.10% 9/22/99 20,000 19,941
Federal Home Loan Bank 5.20% 9/22/99 30,000 29,909
Federal Home Loan Bank 4.93% 1/19/00 5,000 5,002
Federal Home Loan Bank 4.98% 2/16/00 3,000 3,000
Federal Home Loan Bank 5.41% 6/14/00 10,000 9,997
Freddie Mac 5.18% 9/8/99 40,000 39,960
Freddie Mac 4.97% 9/9/99 20,000 19,978
Freddie Mac 5.05% 9/9/99 25,000 24,972
4
<PAGE>
Rate Maturity Date Par Value
- ---------------------------------------------------------------------------------------------------------------------------
U.S. Government and Agency Obligations -- Continued
Freddie Mac 4.93% 9/15/99 $15,000 $ 14,971
Freddie Mac 5.08% 9/17/99 30,000 29,932
Freddie Mac 5.10% 9/20/99 39,000 38,895
Freddie Mac 5.09% 9/24/99 30,000 29,903
Freddie Mac 5.11% 9/24/99 30,000 29,902
Freddie Mac 5.12% 9/24/99 15,000 14,951
Freddie Mac 5.19% 9/27/99 20,000 19,925
Freddie Mac 5.14% 9/29/99 20,000 19,920
Freddie Mac 5.15% 9/29/99 10,000 9,960
Freddie Mac 5.20% 10/4/99 40,000 39,809
Freddie Mac 5.24% 10/7/99 20,000 19,895
Freddie Mac 4.77% 11/12/99 48,500 48,037
Freddie Mac 5.04% 11/12/99 7,000 6,929
Sallie Mae 5.00% 9/2/99 40,000 39,994
Sallie Mae 4.84% 2/10/00 5,000 4,998
-------
Total U.S. Government and Agency Obligations 782,905
- ---------------------------------------------------------------------------------------------------------------------------
Municipal Bonds -- 0.3%
New York State Power Authority 6.08% 2/15/00 5,625 5,636
-------
Total Municipal Bonds 5,636
- ---------------------------------------------------------------------------------------------------------------------------
Repurchase Agreements -- 23.6%
Merrill Lynch Government Securities, Inc.
5.50%, dated 8/31/99, to be repurchased at $419,103 on 9/1/99
(Collateral: $384,220 Fannie Mae notes, 5.50%, due 8/15/01-12/27/17,
value $349,003; $50,000 Federal Farm Credit Bank medium-term notes,
5.50%, due 4/3/00, value $50,819; $28,270 Federal Home Loan Bank
medium-term notes, 5.50%, due 3/19/01, value $29,480) 419,039 419,039
-------
Total Repurchase Agreements 419,039
- ---------------------------------------------------------------------------------------------------------------------------
Total Investments, at amortized cost and value-- 100.7% 1,790,149(E)
Other Assets Less Liabilities-- (0.7)% (12,929)
----------
Net assets applicable to 1,777,163 shares outstanding-- 100.0% $1,777,220
----------
Net asset value per share $1.00
------
- ---------------------------------------------------------------------------------------------------------------------------
(A) Rule 144a Security -- A security purchased pursuant to Rule 144a under
the Securities Act of 1933 which may not be resold subject to that
rule except to qualified institutional buyers. These securities
represent 3.9% of net assets at August 31, 1999.
(B) Yankee Bonds and Certificates of Deposit -- Dollar-denominated Bonds
and Certificates of Deposit issued in the U.S. by foreign entities.
(C) The rate of interest earned on this security is tied to the London
Interbank Offered Rate (LIBOR). The coupon rate shown is the rate at
August 31, 1999.
(D) Security holder has the open-ended option to extend the maturity of
the security for one year.
(E) Also represents cost for federal income tax purposes.
</TABLE>
See notes to financial statements.
5
<PAGE>
Statement of Operations
Legg Mason Cash Reserve Trust
For the Year Ended August 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Income:
Interest $82,129
Expenses:
Management fee $7,566
Distribution and service fees 1,547
Transfer agent and shareholder servicing expense 2,164
Audit and legal fees 105
Custodian fee 297
Registration fees 162
Reports to shareholders 129
Trustees' fees 19
Other expenses 20
------
Total expenses 12,009
------
Net Investment Income 70,120
Net Realized Loss on Investments (2)
- ---------------------------------------------------------------------------------------------------------------------------
Change in Net Assets Resulting From Operations $70,118
------
---------------------------------------------------------------------------
Statement of Changes in Net Assets
Legg Mason Cash Reserve Trust
(Amounts in Thousands) For the Years Ended August 31,
-----------------------------------
1999 1998
- ---------------------------------------------------------------------------------------------------------------------------
Change in Net Assets:
Net investment income $70,120 $ 63,832
Net realized gain (loss) on investments (2) 42
------------ ----------
Change in net assets resulting from operations 70,118 63,874
Distributions to shareholders from net investment income (70,120) (63,832)
Change in net assets from Trust share transactions 354,610 79,931
------------ ----------
Change in net assets 354,608 79,973
Net Assets:
Beginning of year 1,422,612 1,342,639
- ---------------------------------------------------------------------------------------------------------------------------
End of year $1,777,220 $1,422,612
----------- -----------
</TABLE>
See notes to financial statements.
6
<PAGE>
Financial Highlights
Legg Mason Cash Reserve Trust
Contained below is per share operating performance data for a share of
common stock outstanding, total investment return, ratios to average net assets
and other supplemental data. This information has been derived from information
provided in the financial statements.
<TABLE>
<CAPTION>
Investment Operations
---------------------
Distributions
Net Asset Net Realized From Net Asset
Value, Net Gain Total Net Value,
Beginning Investment (Loss) on From Investment End of
of Year Income Investments Operations Income Year
- ---------------------------------------------------------------------------------------------
Years Ended Aug. 31,
<S> <C> <C> <C> <C> <C>
1999 $1.00 $.04 (Nil) $.04 $(.04) $1.00
1998 1.00 .05 Nil .05 (.05) 1.00
1997 1.00 .05 NIl .05 (.05) 1.00
1996 1.00 .05 Nil .05 (.05) 1.00
1995 1.00 .05 Nil .05 (.05) 1.00
- ---------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------
Net Net
Investment Assets,
Expenses Income End of
Total to Average to Average Year
Return Net Assets Net Assets (in millions)
- -------------------------------------------------
4.46% .75% 4.37% $1,777
4.96% .78% 4.86% 1,423
4.84% .75% 4.73% 1,343
4.92% .70% 4.81% 1,224
5.08% .71% 5.03% 1,153
- -------------------------------------------------
</TABLE>
See notes to financial statements.
------------------------------------------------------
Notes to Financial Statements
Legg Mason Cash Reserve Trust
(Amounts in Thousands)
--------------------------------------------------------------------------
1. Significant Accounting Policies:
The Legg Mason Cash Reserve Trust ("Trust") is registered under the
Investment Company Act of 1940, as amended, as an open-end, diversified
management investment company. The policies set forth below are in
conformity with generally accepted accounting principles.
Security Valuation
Portfolio securities are valued using the amortized cost method,
which approximates current market value. Under this method, securities are
valued at cost when purchased and, thereafter, a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security.
Dividends to Shareholders
Dividends are declared daily and paid monthly. Dividends payable are
recorded on the dividend record date. Net investment income for dividend
purposes consists of interest accrued, plus original issue and market
discount earned, less amortization of market premium and accrued expenses.
At August 31, 1999, dividends payable of $3,252 were accrued.
7
<PAGE>
Notes to Financial Statements -- Continued
--------------------------------------------------------------------------
Investment Transactions
Security transactions are recorded on the trade date. Realized gains
and losses from security transactions are reported on an identified cost
basis for both financial reporting and federal income tax purposes. At
August 31, 1999, payables for securities purchased were $29,869.
Federal Income Taxes
No provision for federal income or excise taxes is required since the
Trust intends to continue to qualify as a regulated investment company and
distribute substantially all of its taxable income to its shareholders.
Use of Estimates
Preparation of the financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results could differ from those estimates.
2. Repurchase Agreements:
All repurchase agreements are fully collateralized by obligations
issued by the U.S. Government or its agencies, and such collateral is in
the possession of the Trust's custodian. The value of such collateral
includes accrued interest. Risks arise from the possible delay in recovery
or potential loss of rights in the collateral should the issuer of the
repurchase agreement fail financially. The Trust's investment adviser,
acting under the supervision of the Board of Trustees, reviews the value
of the collateral and the creditworthiness of those banks and dealers with
which the Trust enters into repurchase agreements to evaluate potential
risks.
3. Transactions With Affiliates:
The Trust has a management agreement with Legg Mason Fund Adviser,
Inc. ("LMFA"). Pursuant to this agreement, LMFA provides the Trust with
management and administrative services, for which the Trust pays a fee at
an annual rate ranging from 0.50% of the first $500 million of average
daily net assets of the Trust to 0.40% of average daily net assets in
excess of $2 billion. Management fees of $697 were payable to LMFA at
August 31, 1999.
Western Asset Management Company ("Adviser") serves as investment
adviser to the Trust. The Adviser is responsible for the actual investment
activity of the Trust. LMFA pays the Adviser a fee at an annual rate equal
to 30% of the fee received by LMFA. For the year ended August 31, 1999,
the advisory fee was $2,270.
Legg Mason Wood Walker, Incorporated ("Legg Mason"), a member of the
New York Stock Exchange, serves as distributor of the Trust. Legg Mason
may receive an annual distribution fee of up to 0.15% of the Trust's
average daily net assets. However, Legg Mason has agreed to limit such
fees paid by the Trust to 0.10%. Distribution and service fees of $146
were payable to Legg Mason at August 31, 1999.
Legg Mason also has an agreement with the Trust's transfer agent to
assist it with some of its duties. For this assistance, the transfer agent
paid Legg Mason $585 for the year ended August 31, 1999.
The Adviser, LMFA and Legg Mason are corporate affiliates and are
wholly owned subsidiaries of Legg Mason, Inc.
8
<PAGE>
--------------------------------------------------------------------------
4. Trust Share Transactions:
The Trust is authorized to issue an unlimited number of full and
fractional shares of beneficial interest (without par value). At August
31, 1999, net assets consisted of paid-in capital of $1,777,163 and
accumulated net realized gain of $57. Since the Trust has sold and
redeemed shares at a constant net asset value of $1.00 per share, the
number of shares represented by such sales and redemptions is the same as
the amounts shown below for such transactions:
<TABLE>
<CAPTION>
Reinvestment
Sold of Distributions Repurchased Net Change
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Year Ended August 31, 1999 $5,305,974 $67,169 $(5,018,533) $354,610
Year Ended August 31, 1998 4,532,879 62,048 (4,514,996) 79,931
</TABLE>
9
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
To the Trustees and Beneficial Shareholders
Legg Mason Cash Reserve Trust:
We have audited the accompanying statement of net assets of the Legg Mason
Cash Reserve Trust (the "Trust") as of August 31, 1999, and the related
statement of operations for the year then ended, the statements of changes in
net assets for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of August 31, 1999, by correspondence with the Trust's
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of the
Legg Mason Cash Reserve Trust at August 31, 1999, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and its financial highlights for each of the five
years in the period then ended, in conformity with generally accepted accounting
principles.
/S/Ernst + Young LLP
Philadelphia, Pennsylvania
September 24, 1999
10
<PAGE>
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