SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
of 1934
For the quarterly period ended June 30, 1998
[ ] Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period from ________ to __________
Commission file number 33-15528-D
MONUMENT RESOURCES, INC.
------------------------
(Exact name of Small Business Issuer as Specified in its Charter)
Colorado 84-1028449
-------- ----------
(State of other jurisdiction (IRS Employer Identification No.)
of incorporation or organization)
513 Wilcox Street, Suite 200, PO Box 1450, Castle Rock, CO 80104
----------------------------------------------------------------
Address of Principal Executive Offices, Including Zip Code
(303) 688-3993
--------------
(Issuer's telephone number, Including Area Code)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes X No
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: 5,149,000 shares of common
stock were outstanding at August 13, 1998.
Traditional Small Business Disclosure Format (Check One):
Yes X No
<PAGE>
MONUMENT RESOURCES, INC. AND SUBSIDIARIES
INDEX
PART I. FINANCIAL INFORMATION Page Number
Consolidated Balance Sheets as of
June 30, 1998 and September 30, 1997 3
Consolidated Statements of Operations
for the Three Months and Nine Months Ended
June 30, 1998 and 1997 5
Consolidated Statements of Cash Flows
for the Nine Months Ended
June 30, 1998 and 1997 6
Notes to Consolidated Financial Statements 7
Management's Discussion and Analysis
of Financial Condition and Results of Operations 10
PART II. OTHER INFORMATION 14
2
<PAGE>
Item 1. Financial Statements.
MONUMENT RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, September 30,
1998 1997
--------- ----------
(Unaudited) (Audited)
Current assets
Cash $ 91,663 $ 43,094
Investment in securities 316,095 452,018
Accounts receivable 18,369 25,394
Prepaid expense 3,337 9,579
---------- ----------
Total current assets 429,464 530,085
---------- ----------
Mineral properties 117,838 92,718
Proved and unproved oil and gas
properties, successful efforts method,
net of accumulated depletion 1,647,599 1,667,006
Property and equipment
Gas pipeline, net of accumulated
depreciation 248,259 266,139
Property and equipment, net of
accumulated depreciation 65,416 79,299
---------- ----------
Net property and equipment 313,675 345,438
Investment in securities, at market 202,400 233,755
---------- ----------
Total assets $2,710,976 $2,869,002
========== ==========
See notes to consolidated financial statements.
3
<PAGE>
Item 1. Financial Statements. (Continued)
MONUMENT RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
June 30, September 30,
1998 1997
----------- -----------
(Unaudited) (Audited)
Current liabilities
Accounts payable and accrued expenses $ 12,518 $ 30,987
----------- -----------
Total current liabilities 12,518 30,987
----------- -----------
Stockholders' equity:
Preferred stock authorized
1,000,000 shares; none issued
Common stock authorized
10,000,000 shares; 6,149,000 issued
and outstanding on September 30, 1997
and 5,149,000 shares issued and
outstanding on June 30, 1998 3,187,210 3,297,210
Accumulated deficit (708,758) (686,540)
Unrealized gain on investment in securities 220,006 227,345
----------- -----------
Total stockholders' equity 2,698,458 2,838,015
----------- -----------
Total liabilities and stockholders' equity $ 2,710,976 $ 2,869,002
=========== ===========
See notes to consolidated financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
Item 1. Financial Statements. (Continued)
MONUMENT RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Nine Months
Ended June 30, Ended June 30,
-------------------------------- --------------------------------
1998 1997 1998 1997
Revenue -------------------------------- --------------------------------
<S> <C> <C> <C> <C>
Oil and gas sales $ 37,581 $ 51,133 $ 138,264 $ 105,656
Pipeline income 17,431 27,231 99,842 106,493
Interest 6,038 11,504 17,814 33,373
Other -- 10,250 3,119 10,500
Gain on stock sale -- -- 78,492 --
----------- ----------- ----------- -----------
Total 61,050 100,118 337,531 256,022
----------- ----------- ----------- -----------
Expenses
Oil and gas operating
expense 23,233 36,953 79,161 62,431
Pipeline operating expense 16,281 19,490 61,779 61,493
Dry hole costs 36,495 -- 36,495 15,000
General and administrative 32,327 40,958 125,314 134,058
Depletion, depreciation and
amortization 19,000 18,569 57,000 58,282
----------- ----------- ----------- -----------
Total 127,336 115,970 359,749 331,264
----------- ----------- ----------- -----------
Net income (loss) $ (66,286) $ (15,852) $ (22,218) $ (75,242)
=========== =========== =========== ===========
Net income (loss) per share (.01) * * (.01)
----------- ----------- ----------- -----------
Weighted average number
of shares outstanding 5,149,000 7,626,330 5,273,543 7,453,690
=========== =========== =========== ===========
* "Less than $0.01 per share"; there is no difference between basic and primary earnings per share.
See notes to consolidated financial statements.
5
</TABLE>
<PAGE>
Item 1. Financial Statements. (Continued)
MONUMENT RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended June 30,
1998 1997
--------------------------
Cash flows from operating activities:
Net (loss) $ (22,218) $ (75,242)
Items not affecting cash:
Depreciation, depletion and amortization 57,000 58,282
Changes in operating assets and liabilities:
Increase investment in securities -- (28,437)
Decrease in prepaid expense 6,242 2,197
Decrease (Increase) in accounts receivable 7,025 (8,151)
(Decrease) Increase in accounts payable
and accrued expenses (18,468) 67,368
Sale of stock (78,492) --
--------- ---------
Cash flow from operations (48,911) 16,017
--------- ---------
Cash flows from investing activities:
Additions to securities held (16,562) --
Proceeds from sale of stock 78,492 --
Additions to oil and gas properties (5,830) (57,305)
Additions to mineral properties (25,120) (1,695)
Additions to vehicles and equipment -- (2,000)
Proceeds from investment bond sales 176,500 --
--------- ---------
Net cash flows from investing activities: 207,480 (61,000)
--------- ---------
Cash flows from financing activities:
Sale of common stock -- 15,000
Repurchase of common stock (110,000) (250,000)
--------- ---------
Net cash flows from financing activities (110,000) (235,000)
--------- ---------
Net Increase (decrease) in cash 48,569 (279,983)
Cash at beginning of period 43,094 329,677
--------- ---------
Cash at end of period $ 91,663 $ 49,694
========= =========
6
<PAGE>
Item 1. Financial Statements. (Continued)
MONUMENT RESOURCES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. GENERAL.
- ----------------
NATURE OF OPERATIONS
The Company is engaged in the acquisition of mineral prospects and oil and gas
properties. The Company's mineral prospects are in Montana, Western Canada, and
Sweden. The Company's oil and gas properties and areas of interest are in
Nebraska, Kansas, Ohio, and Texas. Much of the Company's business has focused
primarily on brokering prospects, though in the past two years, it has acquired,
for its own account, oil and gas production in Nebraska, Kansas and Texas.
USE OF ESTIMATES
The Company uses estimates in the preparation of its financial statements,
primarily in the determination of depletion and in the realizable value of its
investments in securities. Management has calculated depletion costs of its
producing oil properties based on its estimate of recoverable reserves.
Management has estimated the realizable market value of its investment in
securities (i.e. Southern Africa Minerals Corporation and Layfield Resources,
Inc.) based on the trading price of these securities on the Toronto Stock
Exchange and the Vancouver Stock Exchange, respectively.
CONCENTRATION OF CUSTOMERS
The Company's revenues and cash flow in the near term will come from the sale of
its investments in securities and product sales from its oil and gas properties.
The cash realized from the sale of securities is dependent on market prices on
relevant Canadian exchanges. Revenues and cash from oil and gas operations will
likely be concentrated in a few purchasers as well as the then market prices of
petroleum production.
The company sells its products to four customers.
Customer A = 80.32%
Customer B = 12.96%
Customer C = 2.83%
Customer D = 2.00%
Customer E = 1.89%
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited, condensed consolidated financial statements have
been prepared in accordance with Item 310 (b) of Regulation S-B and do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
7
<PAGE>
Item 1. Financial Statements. (Continued)
MONUMENT RESOURCES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
management, all adjustments (consisting of normal recurring adjustments)
considered necessary for a fair presentation have been included. Operating
results for the period ended June 30, 1998 are not necessarily indicative of the
results that may be expected for the fiscal year ending September 30, 1998.
These statements should be read in conjunction with the financial statements and
notes thereto included in Form 10-KSB for the fiscal year ended September 30,
1997.
MINERAL PROPERTIES
Costs of acquiring, exploring and developing specific mineral properties are
capitalized on a property by property basis until the commercial viability of
each property is determined. If a property reaches the production stage, the
related capitalized costs will be amortized, using the units of production
method on the basis of periodic estimates of ore reserves. Mining properties are
periodically assessed for impairment of value and any impairments are charged to
operations at the time of impairment. Should a property be sold or abandoned,
its capitalized costs are charged to operations and gain or loss recognized.
OIL AND GAS PROPERTIES
The Company follows the successful efforts method of accounting for its oil and
gas activities. Under this accounting method, costs associated with the
acquisition, drilling and equipping of successful exploratory and development
wells are capitalized. Geological and geophysical costs, delay rentals and
drilling costs of unsuccessful exploratory wells are charged to expenses as
incurred. Depletion and depreciation of the capitalized costs for producing oil
and gas properties are provided by the unit-of-production method based on proved
oil and gas reserves. Undeveloped properties are periodically assessed for
possible impairment due to unrecoverability of costs invested. Cash received for
partial conveyances of property interests are treated as a recovery of cost and
no gain or loss is recognized.
PROPERTY, EQUIPMENT AND GAS PIPELINE
Depreciation and amortization of property and equipment are expensed in amounts
sufficient to relate the expiring costs of depreciable assets to operations over
estimated service lives, principally using the straight-line method. Estimated
service lives range from three to eight years. The Leavenworth, Kansas gas
pipeline is being amortized on a units-of-gas production method based on the
production of the gas wells served by the pipeline. When assets are sold or
otherwise disposed of, the cost of accumulated depreciation will be removed from
the accounts and any resulting gain or loss will be reflected in operations in
the period realized.
8
<PAGE>
Item 1. Financial Statements. (Continued)
MONUMENT RESOURCES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
NET INCOME (LOSS) PER COMMON SHARE
Net income (loss) per common share is based on the weighted average number of
shares outstanding during the period.
ADOPTION OF STOCK BASED COMPENSATION PLAN
The Company utilizes APB 25 in accounting for its stock based compensation plan.
In January 1993, the Company adopted an employee stock based compensation plan
whereby certain key employees were granted stock options. The exercise price of
the option was determined at the date of the grant and approximate the fair
market value of the stock on that date. Options were granted for 220,000 shares
of common stock on January 13, 1993 and are exercisable at $.10 per share prior
to January 13, 1999. At the measurement date of the stock option grant, the
exercisable price of the option exceeded the discounted bid price and no
employee compensation was recorded.
BASIC EARNINGS PER SHARE
The Company computes earnings per share in accordance with Statement of
Financial Accounting Standard No. 128. The Company has presented only basic
earnings per share, as it had no material dilutive potential common shares
outstanding during 1997 or 1998. Basic earnings per share have been computed
based on the weighted average number of shares outstanding.
YEAR 2000 ISSUE
The Company is aware of the issues associated with the programming code in
existing computer systems as the millenium (year 2000) approaches. Accordingly,
as of June 30, 1998, the Company has converted all of its computer software to
accommodate the "year 2000" issue. The amount expensed in 1998 was immaterial.
9
<PAGE>
Item 1. Financial Statements. (Continued)
MONUMENT RESOURCES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
NOTE 2. INVESTMENT IN SECURITIES.
- ---------------------------------
Investments in securities are summarized as follows at June 30, 1998 and
September 30, 1997:
Gross
Unrealized Fair Fair
Gain (Loss) Value Value
At June 30, 1998 At June 30, 1998 At Sept 30, 1997
---------------- ---------------- ----------------
Common Stock (31,355) 202,400 $233,755
Debt Securities 24,015 316,095 452,018
-------- -------- --------
(7,340) 518,495 685,773
-------- -------- --------
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 1998, the Company had $91,663 in cash and $416,946 in working
capital compared to $43,094 in cash and working capital of $499,098 at September
30, 1997. This represents an increase of $48,569 in cash and an $82,152 decrease
in working capital. The increase in cash and decrease working capital during the
nine months ended June 30, 1998 were the net result of additions to mineral and
oil and gas properties of approximately $31,000, the repurchase of Company
common stock for $110,000, a decrease in accounts payable of $18,468 and net
proceeds received from investment bond liquidation of approximately $176,500,
and sales of stock of Southern Africa Minerals Corporation and Layfield
Resources, Inc. totaling $78,500. The Company also incurred expenses of $36,500
in an unsuccessful attempt to develop an oil and gas property in Ohio.
At the present time, the Company's primary source of cash for operations and
exploration is its current working capital, cash which can be raised by selling
shares held for investment or its investment in U.S. government treasury
securities and funds derived from its oil and gas operations. The Company has in
the past, and plans in the future, to rely on joint venture partners or equity
10
<PAGE>
Item 2. Financial Statements. (Continued)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
funding to supply most of the funds needed to evaluate and develop properties.
The inability of the Company to raise additional capital through a stock
offering, to liquidate its securities holdings at favorable prices or obtain
third party funding will limit development of its existing properties and its
ability to acquire and develop other properties.
RESULTS OF OPERATIONS
Revenues from oil and gas sales increased during the nine months ended June 30,
1998. Oil and gas sales were $ 138,264 for the nine months ended June 30, 1998
an increase of $32,608 or 31%. However, oil and gas sales for the three months
ended June 30, 1998 were $37,581 compared to $51,133 a decrease of $13,552 or
27%. The nine month increase was due to the acquisition of additional producing
gas wells in Kansas during the last quarter of fiscal 1997, which resulted in
improved production rates for the last nine months ended June 30, 1998.
Production increases of approximately 22,523 MCF (92,792 MCF compared to 70,269)
for the nine months period ended June 30, 1998 were the primary reason for the
increase in oil and gas revenues. Prices were constant at $1.30 per MCF. The
decrease in oil and gas sales for the three months ended June 30, 1998 was due
primarily to decreased volumes as a result of decreased demand for gas usage and
mechanical problems with the gas purchaser's pipeline.
Oil and gas operating expenses for the nine months ended June 30, 1998 increased
$16,730 (from $62,431 to $79,161) an increase of 27% due primarily to workover
requirements of the newly acquired Kansas gas wells. Operating costs for the
three months ended June 30, 1998 and 1997 were $23,233 and $36,953 a decrease of
$13,720 or 37% due to reduced workover expenses in 1998 compared to the same
period in 1997.
Pipeline income, which represents Kansas gas sold by the Company's wholly owned
subsidiary, COG Transmission Corporation, to third party purchasers increased
from 70,269 MCF for the nine months ended June 30, 1997 to 92,792 MCF for the
nine months ended July 30, 1998. However, pipeline revenue declined $6,651 or 6%
from $106,493 to $99,842. This decrease was caused by a decline in the average
price of gas sold of $.08 per MCF (from $2.78/MCF to $2.70/MCF). An offsetting
increase in volumes sold of 22,523 MCF, from 70,269 MCF to 92,792 MCF, of
approximately 32% minimized the impact of the price decrease. Also, beginning
January 1998, COG Transmission no longer charged the Company and royalty owners
a transportation fee which resulted in a further reduction of revenue of
approximately $15,000. Of the $15,000 transportation fee, approximately 80% or
$12,000 was charged to the Company and was eliminated in consolidations.
11
<PAGE>
Item 2. Financial Statements. (Continued)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
General and administrative expense held fairly constant when comparing the two
nine month periods ended June 30, but expenses declined approximately 21% or
$8,631 from $40,958 to $32,327 for the three months ended June 30, 1997 and June
30, 1998. This decline was due primarily to the reduction of office rent,
telephone, legal, and consulting fees for the three months ended June 30, 1998.
Interest income decreased by $15,559 to $17,814 during the quarter due primarily
to investment bond liquidation used to repurchase the Company's common stock,
acquire mining property and test a gas prospect in Ohio. Oil and gas and
pipeline expense increased from $123,924 for the nine months ended June 30, 1998
to $140,940 for the nine months ended June 30, 1998, a 14% increase due to
workover expenses on the existing and newly acquired Kansas properties.
OIL AND GAS AND MINERALS ACTIVITIES
During the last half of fiscal 1997, the Company initiated a workover program on
its Leavenworth, Kansas Gas Project. In addition, the Company purchased
approximately 18 additional gas wells with associated gas gathering and pipeline
system known as the CAMCO/Heim Acquisition. The workovers and the CAMCO/Heim
Acquisition have increased the projects' capable daily production to nearly
500MCFPD. The CAMCO/Heim Acquisition added over 379,000 MCF in proved reserves,
which should extend the economic life of the project. Unfortunately, lower gas
prices have somewhat diminished the impact of the additional production on the
Company's oil and gas income.
The Company drilled a first test well in June 1998 on a gas project it held in
Morgan County, Ohio known as the Hackney Project. Based on the disappointing
results of the test well, a decision was made to discontinue the project's
development and the Company reassigned its interest in the project. The
Company's share of the expenses associated with this project was $36,495.
12
<PAGE>
Item 2. Financial Statements. (Continued)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
In October 1997, the Company entered into an agreement to acquire a mineral
project in southern Sweden. The agreement is with Michael Bromley-Challenor
d.b.a. Geoforum and covers over 8,000 hectares (19,700 acres) of permitted
lands. The properties consist of three exploration permits issued by the Mining
Inspector of Sweden pursuant to its Mineral Act and are valid for three years
from date of issuance. The Company has paid $20,000 cash and will issue (upon
receipt of the appropriate assignments) 50,000 shares of the Company's common
stock to acquire a 70% working interest in the project. The properties are
prospective for shallow strata-controlled zinc, lead, minor precious metals, and
possible fluorite and barite deposits. Exploration procedures anticipated are
geological, geochemical, and geophysical surveys, followed by sample drilling.
The area is easily accessible by road and power is readily available. the
Company is currently seeking an industry partner to fund the exploration and
initial development of the project. The Company and its agents have presented
the project to a few potential industry partners, which are currently evaluating
the project's potential.
STOCKHOLDERS' EQUITY
On April 1, 1997, the Company repurchased 500,000 shares of its restricted
common stock for cash of $90,000 ($.18 per share) from Powerhouse Resources,
Inc. On June 20, 1997, the Company repurchased 1,000,000 shares of its
restricted common stock for cash of $160,000 ($.16 per share) from Powerhouse.
On November 3, 1997, the Company repurchased 1,000,000 shares of its restricted
common stock for cash of $110,000 ($.11 per share). As of June 30, 1998,
Powerhouse owned 500,000 shares or less than 10% of the Company's common stock.
These purchases have reduced the number of the Company's outstanding common
shares from 7,649,000 to 5,149,000.
As of June 30, 1998, the Company's total shareholders' equity was $2,698,458
compared to $2,838,015 on September 30, 1997. This decrease of $139,557 was in
part due to the decrease in value of investment securities of $7,339 as a result
of fluctuations in the market value of the Canadian securities held by the
Company. The balance of the shareholder's equity decrease was due to operating
losses of $22,218 and the repurchase of $110,000 of the Company's common stock.
13
<PAGE>
MONUMENT RESOURCES, INC. AND SUBSIDIARIES
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
N/A
ITEM 2. CHANGES IN SECURITIES
N/A
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
N/A
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
N/A
ITEM 5. OTHER INFORMATION
N/A
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit 27 - Financial Data Schedule Filed herewith
electronically.
(b) Reports on Form 8-K. None.
14
<PAGE>
MONUMENT RESOURCES, INC. AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MONUMENT RESOURCES, INC.
(Registrant)
By: /s/ A.G. Foust
------------------------------
A.G. Foust
President (Chief Executive Officer,
Principal Financial and Accounting
Officer) and a Director
15
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 6-MOS 12-MOS
<FISCAL-YEAR-END> SEP-30-1998 SEP-30-1997
<PERIOD-START> OCT-01-1997 OCT-01-1996
<PERIOD-END> JUN-30-1998 SEP-30-1997
<CASH> 91,663 43,094
<SECURITIES> 518,495 685,773
<RECEIVABLES> 18,369 25,394
<ALLOWANCES> 0 0
<INVENTORY> 3,337<F1> 9,579<F1>
<CURRENT-ASSETS> 0 0
<PP&E> 483,558 530,085
<DEPRECIATION> 164,178 107,178
<TOTAL-ASSETS> 2,710,976 2,869,002
<CURRENT-LIABILITIES> 12,518 30,987
<BONDS> 0 0
(708,758)<F2> (686,540)<F2>
220,006<F3> 227,345<F3>
<COMMON> 3,187,210 3,297,210
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 2,710,976 2,869,002
<SALES> 138,264 105,656
<TOTAL-REVENUES> 337,531 256,022
<CGS> 79,161 62,431
<TOTAL-COSTS> 359,749 331,264
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> (22,218) (73,242)
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 22,218 (73,242)
<EPS-PRIMARY> 0 (.01)
<EPS-DILUTED> 0 (.01)
<FN>
<F1>Prepaid Expense
<F2>Accumulated Deficit
<F3>Unrealized Gain on Investment in Securities
</FN>
</TABLE>
