<PAGE>
Dear Fellow Shareholders:
Performance Review--Total return of the Fund at market value was 8.4% for
the first quarter of 2000. In comparison, a composite of the S&P Utilities
Index and Lehman Utility Bond Index, reflecting the stock and bond ratio of
your Fund, had a total return of 6.1% for the quarter. While the S&P Utilities
Index was up 8.1% for the quarter, Index member performance was quite
disparate with Enron Corporation (up 69%) providing virtually all the index
advance. The Lehman Brothers Utility Bond Index had a total return of just .5%
for the same period.
During the first quarter of 2000 your Fund paid three monthly 6.5 cent per
share dividends. The 6.5 cent per share monthly rate, without compounding,
would be 78 cents annualized or an 8.85% common stock dividend yield based on
the March 31, 2000 closing price of $8.8125 per share. That yield compares
favorably with the quarter-end yield of 4.03% on the Dow Jones Utility Index
and the 4.82% yield on the S&P Utilities Index.
Generation Spinoffs Unlock Value for Electric Utilities: A growing number of
electric utilities have begun steps to spin off unregulated generation
business segments in order to fully realize their value. We view this as
simply the next logical step in the process of electric industry deregulation.
As we have discussed in the past, deregulation will likely lead to many
electric companies concentrating on either the regulated, more stable,
customer-focused end of the business (distribution of electricity and gas) or
on the higher-growth, less regulated, commodity-focused end of the business
(generation of electricity). Deregulation has progressed far enough in some
states for some electric companies to have become "distribution only"
companies, which do not own their own generation. Other utilities have begun
to amass large portfolios of unregulated generation capacity.
The market has been very enthusiastic about the still-emerging, wholesale
energy markets, with their opportunities for greater growth and potential
profits from trading the energy commodity. The market has rewarded the
Independent Power Producer (IPP) companies with high valuations. The major,
publicly-traded, "pure play" IPPs--AES Corp. and Calpine Corp.--had
price/earnings (P/E) ratios of 27 and 41, respectively, at March 31, 2000.
Electric utilities have looked with growing envy at these valuations, as many
electric companies have substantially the same sorts of assets locked in their
companies but are only valued at 8 to 10 P/E ratios.
To date, electric companies have been reluctant to let go of their higher
growth business segments. Also, there are relatively few electric companies
with unregulated generation business that are large enough in scale to spin
off. However, this has begun to change as several electric companies have
announced the spin off of generation businesses. Northern States Power Company
and Southern Company have announced their intention to spin off their faster
growing generating businesses.
<PAGE>
In evaluating electric utilities which have businesses outside of their core
utility business, we look at management's track record and whether there is a
clear strategy to realize value from the unregulated businesses. For example,
the Fund owns Northern States Power Company, which recently filed to offer to
the public 18% of its successful IPP business, NRG Energy Inc. Northern States
hopes to capture the higher IPP market multiple for NRG Energy, on which the
market is currently placing little value.
The Fund also owns Duke Energy Corp, an industry leader in IPP development,
energy "convergence" and energy trading. Duke's higher growth IPP business
already contributes a significant portion of earnings and Duke has indicated
it will consider options such as spinning off the business if it is necessary
in order to realize full value. The Fund also owns Edison International,
Entergy Group, Unicom Corp. (soon to merge with PECO Energy Co.), and El Paso
Energy Corporation, each of which have developed attractive energy related
businesses which may be candidates for spin off. In any event, your Fund's
analysts carefully review many electric companies, both current and potential
future holdings, with attractive assets which might be favorably revalued over
the next several years by the market.
Better Shareholder Value Is Also The Call In The Telecommunication Industry:
In an attempt to increase their stock prices, telecommunications companies are
looking more toward tracking stocks (trackers) and/or Initial Public Offerings
(IPOs) in an attempt to highlight "hidden" growth opportunities. For example:
AT&T Corp. just completed a $10.6 billion offering for a wireless tracker;
BellSouth Corporation announced plans for a Latin American wireless tracker;
Bell Atlantic Corporation closed its wireless merger with Vodafone PLC's U.S.
operations and announced its intentions to IPO a part of the company; and
SBC/BellSouth plan to merge their domestic wireless operations to create a
(mostly) nationwide provider and likely will consider an IPO early next year.
Not to be outdone, the European telecommunications companies have been very
prolific with their own plans for IPOs of mobile and data operations. Spain's
Telefonica S.A., Portugal Telecom S.A. and Deutsche Telekom AG have already
completed IPOs of their Internet businesses, and Swisscom AG is considering
the same. Mobile communication spinoffs are next on the agenda for Deutsche
Telekom, Telefonica, and KPN NV. The trend is no different in the Pacific
region as Telecom Corporation of New Zealand and Telstra Corp have indicated
their interest in similar moves.
Your Fund's management team applauds these companies for trying to find ways
to highlight the value of their underlying assets that for the most part have
gone unnoticed. For example, we believe the Fund's three largest holdings--
Bell Atlantic, SBC Communications, and BellSouth--are significantly
undervalued when measured on a sum of the parts basis. However, we also
believe that there is an important balance that must be achieved between
spinning off high growth businesses while maintaining growth in the core
business. Your Fund's management team will continue to watch these
developments closely and discuss our opinions on increasing shareholder value
with the companies' managements.
Board of Directors Meeting: At the regular April Board of Directors meeting,
the Board declared the following monthly dividends:
<TABLE>
<CAPTION>
Cents Per Share Record Date Payable Date
--------------- ----------- ------------
<S> <C> <C>
6.5 cents May 29 June 12
6.5 cents June 30 July 10
6.5 cents July 31 August 10
</TABLE>
2
<PAGE>
Annual Meeting of Shareholders: The annual Meeting of Shareholders was held
April 25 in Naples, Florida. Shareholders elected the three nominees for
members of the Board of Directors with terms expiring in 2003: Harry J. Bruce,
Nancy Lampton, and David J. Vitale. Additionally, shareholders ratified the
selection of Arthur Anderson LLP as independent public accountants for the
Fund until the annual meeting of shareholders to be held in 2001.
Automatic Dividend Reinvestment Plan and Direct Deposit Service--The Fund
has a dividend reinvestment plan available to all registered shareholders.
Those shareholders whose shares are held for them by a brokerage house or
nominee in "street name" may not participate in the Fund's automatic dividend
reinvestment plan. For such shareholders desiring automatic dividend
reinvestment, we suggest you contact your broker or other nominee.
As an added service, the Fund offers direct deposit service through
electronic funds transfer to all registered shareholders currently receiving a
monthly dividend check. This service is offered through The Bank of New York.
For more information and/or an authorization form on automatic dividend
reinvestment or direct deposit, please contact The Bank of New York.
Visit us on the Web--You can obtain the most recent shareholder financial
report and dividend information at our web site http://www.duffutility.com.
We appreciate your interest in Duff & Phelps Utilities Income Inc., and we
will continue to do our best to be of service to you.
/s/ Claire V. Hansen
Claire V. Hansen, CFA
Chairman, Chief Executive Officer and President
3
<PAGE>
DUFF & PHELPS UTILITIES INCOME INC.
STATEMENT OF NET ASSETS
(UNAUDITED)
March 31, 2000
COMMON STOCKS--73.0%
<TABLE>
<CAPTION>
Market
Value
Shares Company (Note 1)
------ ------- ------------
<C> <S> <C>
[_] ELECTRIC--32.0%
1,096,000 Dominion Resources.................................. $ 42,127,500
1,265,000 DQE Incorporated.................................... 57,557,500
1,000,000 DTE Energy Co....................................... 29,000,000
1,300,000 Duke Energy Corp.................................... 68,250,000
2,658,400 Edison International................................ 44,029,750
1,593,400 Endesa S.A.......................................... 37,345,312
1,005,000 Entergy Corp........................................ 20,288,438
1,600,100 FPL Group Inc....................................... 73,704,606
624,300 GPU Inc............................................. 17,090,213
215,000 National Grid Group PLC ADR......................... 9,782,500
770,000 National Grid Group PLC (United Kingdom)............ 7,031,823
115,100 National Power PLC ADR.............................. 2,395,519
2,256,600 NiSource Inc........................................ 38,080,125
1,000,000 Northern States Power Co. .......................... 19,875,000
1,318,600 NSTAR............................................... 55,381,200
1,120,000 Pinnacle West Capital Corp.......................... 31,570,000
91,500 Powergen PLC ADR.................................... 2,333,250
1,800,000 Reliant Energy Inc.................................. 42,187,500
850,000 Scottish & Southern Energy (United Kingdom)......... 6,982,772
200,000 Scottish & Southern Energy ADR...................... 16,431,620
1,600,000 Scottish Power PLC ADR.............................. 50,700,000
1,182,600 Sierra Pacific Resources............................ 14,782,500
1,800,000 Unicom Corp......................................... 65,700,000
------------
752,627,128
[_] GAS--13.2%
926,000 AGL Resources....................................... 17,015,250
825,600 Columbia Energy Group............................... 48,916,800
1,494,800 El Paso Energy Corp................................. 60,352,550
700,000 Enron Corp.......................................... 52,412,500
400,000 National Fuel Gas Co................................ 17,825,000
</TABLE>
The accompanying note is an integral part of this financial statement.
4
<PAGE>
DUFF & PHELPS UTILITIES INCOME INC.
STATEMENT OF NET ASSETS--(Continued)
(UNAUDITED)
March 31, 2000
<TABLE>
<CAPTION>
Market
Value
Shares Company (Note 1)
------ ------- ------------
<C> <S> <C>
594,700 NICOR Inc........................................... $ 19,587,931
2,050,000 Utilicorp United Inc................................ 37,028,125
1,300,000 Williams Companies Inc.............................. 57,118,750
------------
310,256,906
[_] TELECOMMUNICATION--19.4%
600,000 Alltell Corp........................................ 37,837,500
1,619,000 Bell Atlantic Corp.................................. 98,961,375
1,530,000 BellSouth Corp...................................... 71,910,000
2,137,230 SBC Communications Inc.............................. 89,763,660
700,000 Swisscom AG ADR..................................... 26,731,250
900,000 Tele-Danmark A/S ADR................................ 41,793,750
856,250 Telecom Corp. of New Zealand Interim ADR............ 31,413,672
568,400 Telstra Corp. ADR................................... 13,357,400
500,000 Telstra Corp. ADR PP................................ 7,062,500
1,620,000 Vivendi ADR......................................... 37,358,334
------------
456,189,441
[_] NON-UTILITY--8.4%
125,000 Alexandria Real Estate Equities Inc. ............... 3,750,000
250,000 Apartment Investment & Management Co. .............. 9,546,875
200,000 Avalon Bay Communities Inc.......................... 7,325,000
409,000 Boston Properties Inc............................... 13,011,313
100,000 Bradley Real Estate Inc............................. 1,706,250
79,900 Camden Property Trust............................... 2,162,294
338,800 CBL & Associates Properties Inc..................... 6,924,225
370,000 Centerpoint Properties Corporation.................. 13,481,875
290,000 Chelsea GCA Realty Inc.............................. 8,410,000
225,000 Cornerstone Properties Inc.......................... 3,923,437
400,000 Developers Diversified Realty Corp.................. 5,550,000
221,500 Duke-Weeks Realty Corp.............................. 4,236,188
300,000 Equity Residential Properties Trust................. 12,056,250
250,000 Essex Property Trust Inc............................ 9,000,000
278,100 First Industrial Realty Trust ...................... 7,578,225
153,416 Frontline Capital Group ............................ 6,750,304
250,000 General Growth Properties, Inc...................... 7,609,375
</TABLE>
The accompanying note is an integral part of this financial statement.
5
<PAGE>
DUFF & PHELPS UTILITIES INCOME INC.
STATEMENT OF NET ASSETS--(Continued)
(UNAUDITED)
March 31, 2000
<TABLE>
<CAPTION>
Market
Value
Shares Company (Note 1)
------ ------- --------------
<C> <S> <C>
49,000 Great Lakes REIT Inc.................................. $ 741,125
200,000 Kimco Realty Corp..................................... 7,500,000
215,000 Macerich Co........................................... 4,434,375
145,000 Mack-Cali Realty Corp. ............................... 3,697,500
162,000 ProLogis Trust ....................................... 3,118,500
525,100 Reckson Associates Realty Corp........................ 9,845,625
171,545 Reckson Associates Realty Corp. Class B............... 3,516,672
262,200 Smith Charles E. Residential Realty Inc. ............. 9,471,975
256,100 Spieker Properties Inc................................ 11,396,450
139,000 United Dominion Realty Trust.......................... 1,398,688
200,000 Urban Shopping Centers Inc............................ 5,812,500
22,250 Vornado Operating Inc................................. 285,078
370,000 Vornado Realty Trust.................................. 12,395,000
--------------
196,635,099
--------------
Total Common Stocks (Cost--$1,589,488,685)............ 1,715,708,574
--------------
PREFERRED STOCKS--6.3%
[_] NON-UTILITY--1.4%
500,000 Cox Communications Inc. 7% 8/16/02.................... 31,750,000
--------------
31,750,000
[_] UTILITY--4.9%
175,000 Coastal Corp. 6 5/8% 8/16/02.......................... 4,954,688
700,000 Duke Capital Financing Trust III 8 3/8% 8/31/29....... 17,062,500
223,500 EIX Trust II Series B 6.60% 10/29/29.................. 5,028,750
550,000 MediaOne Group 7.00% 11/15/02......................... 28,600,000
500,000 NiSource Industries Inc. 7.75% 2/19/03................ 18,250,000
789,100 Texas Utilities Co.................................... 31,120,131
450,900 Utilicorp United Inc. 9 3/4% 11/16/02................. 10,032,525
--------------
115,048,594
--------------
Total Preferred Stocks (Cost--$152,067,438) .......... 146,798,594
--------------
</TABLE>
The accompanying note is an integral part of this financial statement.
6
<PAGE>
DUFF & PHELPS UTILITIES INCOME INC.
STATEMENT OF NET ASSETS--(Continued)
(UNAUDITED)
March 31, 2000
BONDS--22.8%
<TABLE>
<CAPTION>
Ratings
--------------------------
Standard Market
Duff & and Value
Par Value Company Phelps Moody's Poor's (Note 1)
--------- ------- --------- ------- -------- ----------
<C> <S> <C> <C> <C> <C>
[_] ELECTRIC--12.3%
$ 5,000,000 AES Ironwood Corp.
8.857%, due 11/30/25....... Not Rated Baa3 BBB- 5,110,465
24,920,000 Alabama Power Co.
9%, due 12/01/24........... AA- A1 A+ 25,964,223
18,050,000 Comed Financing II
8 1/2%, due 1/15/27........ Not Rated Baa3 BBB- 17,675,282
7,500,000 Commonwealth Edison Co.
9 7/8%, due 6/15/20........ A- Baa1 BBB+ 8,249,475
8,850,000 Commonwealth Edison Co.
8 5/8%, due 2/01/22........ A- Baa1 BBB+ 8,903,188
5,000,000 Commonwealth Edison Co.
8 3/8%, due 9/15/22........ A- Baa1 BBB+ 4,969,195
10,000,000 Commonwealth Edison Co.
8 3/8%, due 2/15/23........ A- Baa1 BBB+ 9,939,570
24,000,000 Dominion Resources Capital
Trust
7.83%, due 12/01/27........ Not Rated Baa1 BBB- 21,941,640
5,000,000 Gulf States Utilities
8.94%, due 1/01/22......... BBB+ Baa3 BBB- 5,016,210
5,000,000 Illinois Power Co.
7 1/2%, due 7/15/25........ A Baa1 BBB 4,529,025
5,000,000 Louisiana Power & Light Co.
8 3/4%, due 3/01/26........ BBB+ Baa2 BBB 4,979,820
15,000,000 New York State Electric &
Gas Corp.
9 7/8%, due 11/01/20....... Not Rated A3 A 15,816,780
4,000,000 New York State Electric &
Gas Corp.
8 7/8%, due 11/01/21....... Not Rated A3 A 3,985,964
27,580,000 Potomac Electric Power Co.
9%, due 6/01/21............ A+ A1 A 28,586,063
10,000,000 Public Service Co. of
Colorado
8 3/4%, due 3/01/22........ A A3 A 10,144,110
22,750,000 Puget Capital Trust
8.231%, due 6/01/27........ Not Rated Baa2 BBB- 21,485,646
</TABLE>
The accompanying note is an integral part of this financial statement.
7
<PAGE>
DUFF & PHELPS UTILITIES INCOME INC.
STATEMENT OF NET ASSETS--(Continued)
(UNAUDITED)
March 31, 2000
<TABLE>
<CAPTION>
Ratings
--------------------------
Standard Market
Duff & and Value
Par Value Company Phelps Moody's Poor's (Note 1)
--------- ------- --------- ------- -------- -----------
<C> <S> <C> <C> <C> <C>
3,000,000 Rochester Gas & Electric
Corp.
9 3/8%, due 4/01/21...... A- A3 A- 3,124,350
13,000,000 Southern Co. Capital Trust
8.14%, due 2/15/27....... Not Rated A3 BBB+ 12,311,390
29,830,000 Texas Utilities Electric
Co.
9 3/4%, due 5/01/21...... A- A3 BBB+ 31,664,068
10,000,000 Texas Utilities Electric
Co.
8 3/4%, due 11/01/23..... A- A3 BBB+ 10,144,500
12,000,000 UtiliCorp United Inc.
8%, due 3/01/23.......... BBB Baa3 BBB 11,037,600
5,000,000 Virginia Electric & Power
Co.
8 5/8%, due 10/01/24..... Not Rated A2 A 5,069,505
17,700,000 Virginia Electric & Power
Co.
8 1/4%, due 3/01/25...... Not Rated A2 A 17,445,315
-----------
288,093,384
[_] GAS--2.4%
2,125,000 ANR Pipeline Co.
9 5/8%, due 11/01/21..... Not Rated Baa1 BBB+ 2,467,933
8,875,000 Enron Corp.
9.65%, due 5/15/01....... BBB+ Baa1 BBB+ 9,046,332
5,000,000 KN Energy Inc.
7 1/4%, due 3/01/28...... Not Rated Baa2 BBB- 4,471,885
10,000,000 Phillips Petroleum Co.
9.18%, due 9/15/21....... BBB A3 A- 9,835,510
5,000,000 Southern California Gas
Co.
8 3/4%, due 10/01/21..... AA A1 AA- 5,100,465
6,488,000 Southern Union Co.
7.60%, due 2/01/24....... BBB+ Baa2 BBB+ 5,969,531
10,000,000 TE Products Pipeline Co.
7.51%, due 1/15/28....... Not Rated Baa2 BBB+ 9,153,840
9,000,000 Trans-Canada Pipeline
9 1/8%, due 4/20/06...... Not Rated A3 BBB 9,540,000
-----------
55,585,496
</TABLE>
The accompanying note is an integral part of this financial statement.
8
<PAGE>
DUFF & PHELPS UTILITIES INCOME INC.
STATEMENT OF NET ASSETS--(Continued)
(UNAUDITED)
March 31, 2000
<TABLE>
<CAPTION>
Ratings
--------------------------
Standard Market
Duff & and Value
Par Value Company Phelps Moody's Poor's (Note 1)
--------- ------- --------- ------- -------- -----------
<C> <S> <C> <C> <C> <C>
[_] TELECOMMUNICATION--
7.0%
44,000,000 AT & T Corp.
8.35%, due 1/15/25..... AA- A1 AA- 44,299,332
22,428,000 GTE Corp.
9 3/8%, due 12/01/00... A- Baa1 A 22,778,707
6,000,000 GTE Corp.
10 1/4%, due 11/01/20.. A- Baa1 A 6,363,510
12,000,000 GTE California Inc.
8.07%, due 4/15/24..... AA A2 AA- 11,680,668
16,625,000 GTE Corp.
7.90%, due 2/01/27..... A- Baa1 A 15,964,871
11,995,000 Mountain States
Telephone
9 1/2%, due 5/01/00.... Not Rated A2 A+ 12,014,000
13,750,000 New England Telephone
& Telegraph
9%, due 8/01/31........ AA Aa2 AA 14,494,672
10,000,000 New York Telephone Co.
7 5/8%, due 2/01/23.... A A2 A+ 9,438,070
20,740,000 New York Telephone Co.
9 3/8%, due 7/15/31.... A A2 A+ 21,850,523
5,000,000 US West Communications
8 7/8%, due 6/01/31.... AA- A2 A 5,131,830
-----------
164,016,183
[_] NON-UTILITY--1.1%
8,000,000 Dayton Hudson Corp.
9 7/8%, due 7/01/20.... A A3 A 9,644,152
19,940,000 EOP Operating LP
7 1/2%, due 4/19/29.... BBB+ Baa1 BBB+ 17,475,835
-----------
27,119,987
-----------
Total Bonds (Cost--$568,284,971).................... 534,815,050
-----------
</TABLE>
The accompanying note is an integral part of this financial statement.
9
<PAGE>
DUFF & PHELPS UTILITIES INCOME INC.
STATEMENT OF NET ASSETS--(Continued)
(UNAUDITED)
March 31, 2000
<TABLE>
<CAPTION>
Ratings
-----------------------
Standard Market
Duff & and Value
Par Value Company Phelps Moody's Poor's (Note 1)
--------- ------- ------ ------- -------- --------------
<C> <S> <C> <C> <C> <C>
U.S. TREASURY OBLIGATIONS--3.1%
66,000,000 U.S. Treasury Bonds
11 3/4%, due 2/15/01..... 68,990,658
3,250,000 U.S. Treasury Notes
13 3/8%, due 8/15/01..... 3,539,455
--------------
Total U.S. Treasury Obligations (Cost--
$82,272,109)...................................... 72,530,113
--------------
COMMERCIAL PAPER--2.6%
30,000,000 American Express Credit
Co.
5.85%, due 4/03/00....... 29,990,250
30,000,000 Ford Motor Credit Co.
5.97%, due 4/03/00....... 29,990,050
--------------
Total Commercial Paper (Amortized Cost
$59,980,300)...................................... 59,980,300
--------------
CASH AND OTHER ASSETS LESS LIABILITIES--(7.7%)................ (181,503,036)
--------------
NET ASSETS
(equivalent to $8.83 per share of common stock based on
209,285,757 shares of common stock outstanding, authorized
250,000,000 shares, $0.001 par value per share and 5,000
shares remarketed preferred stock outstanding, authorized
100,000,000 shares, liquidation preference $100,000 per share,
$0.001 par value per share)................................... $2,348,329,595
==============
</TABLE>
The percentage shown for each investment category is the total value of that
category as a percentage of the total net assets of the Fund.
- --------
(1) The market values for securities are determined as follows: Securities
traded on a national securities exchange or traded over-the-counter and
quoted on the NASDAQ System are valued at last sales prices. Securities so
traded for which there were no sales and other securities are valued at the
mean of the most recent bid-asked quotations. Bonds not traded on a
securities exchange nor quoted on the NASDAQ System are valued at fair
value using a procedure determined in good faith by the Board of Directors
which includes the use of a pricing service. Each money market instrument
having a maturity of 60 days or less is valued on an amortized cost basis.
Other assets and securities are valued at a fair value, as determined in
good faith by the Board of Directors.
10
<PAGE>
Board of Directors
WALLACE B. BEHNKE
HARRY J. BRUCE
FRANKLIN A. COLE
GORDON B. DAVIDSON
CLAIRE V. HANSEN, CFA
FRANCIS E. JEFFRIES, CFA
NANCY LAMPTON
BERYL W. SPRINKEL
Officers
CLAIRE V. HANSEN, CFA
Chairman, President and Chief Executive Officer
NATHAN I. PARTAIN, CFA
Executive Vice President and Chief Investment Officer
T. BROOKS BEITTEL, CFA
Senior Vice President, Secretary and Treasurer
MICHAEL SCHATT
Senior Vice President
JOSEPH C. CURRY, JR.
Vice President
DIANNA P. WENGLER
Assistant Secretary
Duff & Phelps
Utilities Income Inc.
Common stock listed on the New York Stock Exchange under the symbol DNP
55 East Monroe Street
Chicago, Illinois 60603
(312) 368-5510
Shareholder Inquiries please contact
Transfer Agent
Dividend Disbursing
Agent and Custodian
The Bank of New York
Shareholder Relations
Church Street Station
P.O. Box 11258
New York, New York 10286-1258
(877) 381-2537
Investment Adviser
Duff & Phelps
Investment Management Co.
55 East Monroe Street
Chicago, Illinois 60603
Administrator
J.J.B. Hilliard, W.L. Lyons, Inc.
Hilliard Lyons Center
Louisville, Kentucky 40202
(888) 878-7845
Legal Counsel
Mayer, Brown & Platt
190 South LaSalle Street
Chicago, Illinois 60603
Independent Public Accountants
Arthur Andersen LLP
33 West Monroe Street
Chicago, Illinois 60603
11
<PAGE>
Duff & Phelps
Utilities Income Inc.
First Quarter
Report
March 31, 2000
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