UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 30, 1996
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from _____________to_____________
Commission File number: 0-22260
CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
(Exact name of registrant as specified in charter)
Delaware 52-1823554
(State of Organization) (IRS Employer
Identification Number)
Court Towers Building,
210 West Pennsylvania Avenue,
Baltimore, Maryland 21204
(Address of principal executive offices) (Zip Code)
(410) 296-3301
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months, and (2) has been subject to such
filing requirements for the past 90 days.
Yes [ X ] No [ ]
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
The following unaudited financial statements of Campbell Strategic
Allocation Fund, L.P. are included in Item 1:
Statements of Financial Condition as of September 30, 1996 and
December 31, 1995
Statements of Operations for the Three Months and Nine Months Ended
September 30, 1996 and 1995
Statements of Changes in Partners' Capital for the Nine Months Ended
September 30, 1996 and 1995
<PAGE>
CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
STATEMENTS OF FINANCIAL CONDITION
September 30, 1996 (Unaudited) and December 31, 1995 (Audited)
September 30, December 31,
1996 1995
ASSETS
Equity in broker trading accounts
Cash $ 4,484,905 $ 1,238,207
United States government securities 7,486,450 7,205,197
Unrealized gain on open futures
contracts 3,879,914 2,798,738
---------- ----------
Deposits with broker 15,851,269 11,242,142
Cash and cash equivalents 51,880,159 32,491,237
United States government securities 2,980,265 2,985,505
Unrealized gain (loss) on open
forward contracts 872,185 (227,297)
---------- ----------
Total assets $71,583,878 $46,491,587
========== ==========
LIABILITIES
Accounts payable $ 93,792 $ 31,699
Brokerage fee 456,321 301,006
Redemptions payable 894,096 1,018,007
Offering costs payable 57,170 37,187
Subscription deposits 217,444 30,154
---------- ----------
Total liabilities 1,718,823 1,418,053
---------- ----------
PARTNERS' CAPITAL (Net Asset Value)
General Partner - 664.076 and
472.222 units outstanding at
September 30, 1996 and
December 31,1995 705,886 459,018
Limited Partners - 65,063.074 and
45,897.894 units outstanding at
September 30, 1996 and
December 31, 1995 69,159,169 44,614,516
---------- ----------
Total partners' capital
(Net Asset Value) 69,865,055 45,073,534
---------- ----------
$71,583,878 $46,491,587
========== ==========
See accompanying notes.
<PAGE>
<TABLE>
CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
STATEMENTS OF OPERATIONS
For the Three Months Ended September 30, 1996 and 1995 and
For the Nine Months Ended September 30, 1996 and 1995
(Unaudited)
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
INCOME
Trading gains (losses)
Realized $ (1,670,524) $ 24,849 $ 4,519,403 $ 1,924,201
Change in unrealized 4,204,433 (496,100) 2,180,657 (411,742)
---------- -------- ----------- ----------
Gain (loss) from trading 2,533,909 (471,251) 6,700,060 1,512,459
Interest income 857,708 508,559 2,133,906 1,196,304
---------- -------- ----------- ----------
Total income 3,391,617 37,308 8,833,966 2,708,763
---------- -------- ----------- ----------
EXPENSES
Brokerage fee 1,298,071 704,349 3,360,357 1,704,754
Operating expenses 69,181 44,729 175,627 124,080
---------- -------- ----------- ----------
Total expenses 1,367,252 749,078 3,535,984 1,828,834
---------- -------- ----------- ----------
NET INCOME (LOSS) $ 2,024,365 $ (711,770) $ 5,297,982 $ 879,929
========== ========= =========== ==========
NET INCOME (LOSS) PER GENERAL AND
LIMITED PARTNER UNIT
(based on weighted average
number of units outstanding
during the period) $ 32.81 $ (19.11) $ 98.05 $ 29.07
========== ========= ========== =========
INCREASE (DECREASE) IN NET ASSET
VALUE PER GENERAL AND LIMITED
PARTNER UNIT $ 29.19 $ (23.93) $ 90.92 $ 33.03
========== ========= ========== =========
</TABLE>
See accompanying notes.
<PAGE>
<TABLE>
CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
For the Nine Months Ended September 30, 1996 and 1995
(Unaudited)
<CAPTION>
Partners' Capital
General Limited Total
Units Amount Units Amount Units Amount
<S> <C> <C> <C> <C> <C> <C>
Nine Months Ended
September 30, 1996
Balances at December 31, 1995 472.222 $459,018 45,897.894 $44,614,516 46,370.116 $45,073,534
Additions 191.854 200,000 25,107.296 25,862,237 25,299.150 26,062,237
Net income for the nine months
ended September 30, 1996 51,316 5,246,666 5,297,982
Redemptions 0.000 0 (5,942.116) (6,125,322) (5,942.116) (6,125,322)
Offering costs (4,448) (438,928) (443,376)
------- -------- ---------- ----------- ------------ -----------
Balances at September 30, 1996 664.076 $705,886 65,063.074 $69,159,169 65,727.150 $69,865,055
======= ======== ========== =========== ========== ==========
Six Months Ended
September 30, 1995
Balances at December 31, 1994 253.300 $223,859 23,055.320 $20,375,537 23,308.620 $20,599,396
Additions 193.203 180,000 21,777.039 20,108,793 21,970.242 20,288,793
Net income for the nine months
ended September 30, 1995 7,786 872,143 879,929
Redemptions 0.000 0 (3,487.522) (3,233,135) (3,487.522) (3,233,135)
Offering costs (2,289) (218,244) (220,533)
------- -------- ---------- ----------- ------------ -----------
Balances at
September 30, 1995 446.503 $409,356 41,344.837 $37,905,094 41,791.340 $38,314,450
======= ======== ========== =========== ========== ==========
</TABLE>
Net Asset Value Per Unit
September 30, December 31, September 30, December 31,
1996 1995 1995 1994
$ 1,062.96 $ 972.04 $ 916.80 $ 883.77
======== ======= ======== =========
See accompanying notes.
<PAGE>
CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. General Description of the Partnership
Campbell Strategic Allocation Fund, L.P. (the Partnership) is a
Delaware limited partnership which operates as a commodity
investment pool. The Partnership was formed on May 11, 1993 and
commenced trading on April 18, 1994.
B. Regulation
As a registrant with the Securities and Exchange Commission, the
Partnership is subject to the regulatory requirements under the
Securities Acts of 1933 and 1934. As a commodity investment
pool, the Partnership is subject to the regulations of the
Commodity Futures Trading Commission, an agency of the United
States (U.S.) government which regulates most aspects of the
commodity futures industry, rules of the National Futures
Association, an industry self-regulatory organization, and the
requirements of the various commodity exchanges where the
Partnership executes transactions. Additionally, the Partnership
is subject to the requirements of Futures Commission Merchants
(brokers) and interbank market makers through which the
Partnership trades.
C. Method of Reporting
The Partnership's financial statements are presented in
accordance with generally accepted accounting principles, which
require the use of certain estimates made by the Partnership's
management. Gains or losses are realized when contracts are
liquidated. Net unrealized gain or loss on open contracts (the
difference between contract purchase price and market price) is
reported in the statement of financial condition in accordance
with Financial Accounting Standards Board Interpretation No.39.
Any change in net unrealized gain or loss from the preceding
period is reported in the statement of operations. United States
government securities are stated at cost plus accrued interest,
which approximates market value.
D. Cash and Cash Equivalents
Cash and cash equivalents includes cash and short-term
investments in fixed income securities held at a financial
institution.
E. Income Taxes
The Partnership prepares calendar year U.S. and state information
tax returns and reports to the partners their allocable shares of
the Partnership's income, expenses and trading gains or losses.
F. Offering Costs
The General Partner has advanced the Partnership the costs
incurred in connection with the initial offering of Units
(initial offering costs) of $240,961 and additional costs
incurred through September 30, 1996 in connection with the
subsequent offering of Units (continuous offering costs) of
$1,992,210. The General Partner is reimbursed by the Partnership
for such advanced amounts in approximately 30 equal installments
commencing after the close of the initial offering (for initial
offering costs advanced) and throughout the continuous offering
(for continuous offering costs advanced).
Reimbursement for such advanced costs is limited to 2.5% of the
aggregate subscriptions accepted during the initial and
continuous offerings. If the Partnership terminates prior to
completion of reimbursement to the General Partner, the General
Partner will not be entitled to any additional reimbursement and
the Partnership will have no further obligation to the General
Partner.
The amount of monthly reimbursement due to the General Partner is
charged directly to partners' capital.
G. Foreign Currency Transactions
The Partnership's functional currency is the U.S. dollar;
however, it transacts business in currencies other than the U.S.
dollar. Assets and liabilities denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the
rates in effect at the date of the statement of financial
condition. Income and expense items denominated in currencies
other than the U.S. dollar are translated into U.S. dollars at
the rates in effect during the period. Gains and losses
resulting from the translation to U.S. dollars are reported in
income currently.
Note 2. GENERAL PARTNER AND COMMODITY TRADING ADVISOR
The General Partner of the Partnership is Campbell & Company,
Inc., which conducts and manages the business of the Partnership.
The General Partner is also the commodity trading advisor of the
Partnership. The Amended Agreement of Limited Partnership
provides that the General Partner may make withdrawals of its
Units, provided that such withdrawals do not reduce the General
Partner's aggregate percentage interest in the Partnership to
less than 1% of the net aggregate contributions.
The General Partner is required by the Amended Agreement of
Limited Partnership to maintain a net worth equal to the lesser
of 5% of the capital contributed by all the limited partnerships
for which it acts as general partner, including the Partnership.
The minimum net worth shall in no case be less than $50,000 nor
shall net worth in excess of $1,000,000 be required.
The Partnership pays a monthly brokerage fee equal to 1/12 of 8%
(8% annualized) of month-end net assets. The General Partner
receives 7/8 of this fee, a portion (4/8 of the total brokerage
fee) of which is used to compensate selling agents for ongoing
services rendered and a portion (3/8 of the total brokerage fee)
of which is retained by the General Partner for trading and
management services rendered. The remaining 1/8 of the brokerage
fee is paid directly to the broker. During the nine months ended
September 30, 1996 and 1995, the amounts paid directly to the
broker amounted to $420,045 and $211,703, respectively.
The General Partner is also paid a quarterly performance fee of
20% of the Partnership's aggregate cumulative appreciation in the
Net Asset Value per Unit, exclusive of appreciation attributable
to interest income.
Note 3. DEPOSITS WITH BROKER
The Partnership deposits funds with a broker subject to Commodity
Futures Trading Commission regulations and various exchange and
broker requirements. Margin requirements are satisfied by the
deposit of U.S. Treasury bills and cash with such broker. The
Partnership earns interest income on its assets deposited with
the broker.
Note 4. OPERATING EXPENSES
Operating expenses of the Partnership are limited by the Amended
Agreement of Limited Partnership to .5% per year of the average
month-end Net Asset Value of the Partnership. Actual operating
expenses were less than .5% (annualized) for the nine months
ended September 30, 1996 and 1995.
Note 5. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
Investments in the Partnership are made by subscription
agreement, subject to acceptance by the General Partner. As of
September 30, 1996 and December 31, 1995, amounts received by the
Partnership by prospective limited partners who have not yet been
admitted to the Partnership by the General Partner amount to
$217,444 and $30,154, respectively.
The Partnership is not required to make distributions, but may do
so at the sole discretion of the General Partner. A Limited
Partner may request and receive redemption of Units owned,
subject to a redemption fee if redeemed within the first twelve
months after the units are sold, subject to restrictions in the
Amended Agreement of Limited Partnership.
Note 6. TRADING ACTIVITIES AND RELATED RISKS
The Partnership engages in the speculative trading of U.S. and
foreign futures contracts and forward contracts (collectively,
"derivatives"). These derivatives include both financial and non-
financial contracts held as part of a diversified trading
program. The Partnership is exposed to both market risk, the
risk arising from changes in the market value of the contracts,
and credit risk, the risk of failure by another party to perform
according to the terms of a contract.
Purchase and sale of futures contracts requires margin deposits
with the broker. The Commodity Exchange Act requires a broker to
segregate all customer transactions and assets from such broker's
proprietary activities. A customer's cash and other property
(for example, U.S. Treasury bills) deposited with a broker are
considered commingled with all other customer funds subject to
the broker's segregation requirements. In the event of a
broker's insolvency, recovery may be limited to a pro rata share
of segregated funds available. It is possible that the recovered
amount could be less than total cash and other property
deposited.
The amount of required margin and good faith deposits with
brokers and interbank market makers usually range from 20% to 30%
of Net Asset Value. The market value of securities held to
satisfy such requirements at September 30, 1996 and December 31,
1995 was $10,466,715 and $10,190,702, respectively, which equals
15% and 23% of Net Asset Value, respectively.
The Partnership trades forward contracts in unregulated markets
between principals and assumes the risk of loss from counterparty
nonperformance. Additionally, the trading of forward contracts
typically involves delayed cash settlement.
At September 30, 1996, the Partnership has approximately
$2,920,000 of its cash on deposit with a financial institution.
In the event of a financial institution's insolvency, recovery of
Partnership assets on deposit may be limited to account
insurance or other protection afforded such deposits. In the
normal course of business, the Partnership requires collateral
for repurchase agreements.
For derivatives, risks arise from changes in the market value of
the contracts. Theoretically, the Partnership is exposed to a
market risk equal to the value of futures and forward contracts
purchased and unlimited liability on such contracts sold short.
The fair value of derivatives represents unrealized gains and
losses on open futures and forward contracts. The average fair
value of derivatives during the nine months ended September 30,
1996 was approximately $2,873,000 and the related period end fair
value is approximately $4,752,000.
Net trading income from derivatives is reflected in the statement
of operations and equals gain (loss) from trading less the
portion of the brokerage fee paid directly to the broker. Such
trading income reflects the net gain (loss) arising from the
Partnership's speculative trading of futures and forward
contracts.
Open contracts generally mature within three months; the latest
maturity date for open contracts as of September 30, 1996 is
December 1996. However, the Partnership intends to close all
contracts prior to maturity. At September 30, 1996 and December
31, 1995, the notional amount of open contracts is as follows:
<TABLE>
<CAPTION>
September 30, 1996 December 31, 1995
Contracts to Contracts to Contracts to Contracts to
Purchase Sell Purchase Sell
<S> <C> <C> <C> <C>
Derivatives:
Futures contracts:
- Long-term interest rates $250,700,000 $ 0 $148,500,000 $ 0
- Short-term interest rates 322,900,000 0 105,700,000 34,800,000
- Currencies 11,000,000 22,700,000 700,000 11,900,000
- Stock indices 18,900,000 0 10,500,000 0
- Softs/Fibers 500,000 0 0 3,900,000
- Grains 0 1,200,000 1,300,000 400,000
- Meats 300,000 0 400,000 0
- Metals 11,000,000 22,600,000 9,700,000 10,800,000
- Energy 13,100,000 3,500,000 10,400,000 0
Forward contracts:
- Currencies 125,400,000 151,100,000 42,600,000 84,900,000
----------- ----------- ----------- -----------
$ 753,800,000 $201,100,000 $ 329,800,000 $146,700,000
=========== =========== =========== ===========
</TABLE>
The above amounts do not represent the Partnership's risk of
loss due to market and credit risk, but rather represent the
Partnership's extent of involvement in derivatives at the date
of the statement of financial condition.
The General Partner has established procedures to actively
monitor and minimize market and credit risk. The Limited
Partners bear the risk of loss only to the extent of the market
value of their respective investments and, in certain specific
circumstances, distributions and redemptions received.
Note 7. INTERIM FINANCIAL STATEMENTS
The Statement of Financial Condition as of September 30, 1996,
the Statements of Operations for the three months and nine
months ended September 30, 1996 and 1995 and the Statements of
Changes in Partners' Capital (Net Asset Value) for the nine
months ended September 30, 1996 and 1995 are unaudited. In the
opinion of management, such financial statements reflect all
adjustments, which were of a normal and recurring nature,
necessary for a fair presentation of financial position as of
September 30, 1996 and the results of operations for the three
months and nine months ended September 30, 1996 and 1995.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Introduction
The offering of the Campbell Strategic Allocation Fund's (the "Fund")
Units of Limited Partnership Interests commenced on January 12, 1994, and
the initial offering terminated on April 15, 1994 with proceeds of
$9,692,439. The continuing offering period commenced immediately after
the termination of the initial offering period; additional subscriptions
totaling $67,952,607 have been accepted during the continuing offering
period as of October 1, 1996. Redemptions over the same time period total
$13,471,721. The Fund commenced operations on April 18, 1994.
Capital Resources
The Fund will raise additional capital only through the sale of Units
offered pursuant to the continuing offering, and does not intend to raise
any capital through borrowing. Due to the nature of the Fund's business,
it will make no capital expenditures and will have no capital assets which
are not operating capital or assets.
Liquidity
Most United States commodity exchanges limit fluctuations in commodity
futures contracts prices during a single day by regulations referred to as
"daily price fluctuation limits" or "daily limits". During a single
trading day, no trades may be executed at prices beyond the daily limit.
Once the price of a futures contract has reached the daily limit for that
day, positions in that contract can neither be taken nor liquidated.
Commodity futures prices have occasionally moved to the daily limit for
several consecutive days with little or no trading. Similar occurrences
could prevent the Fund from promptly liquidating unfavorable positions and
subject the Fund to substantial losses which could exceed the margin
initially committed to such trades. In addition, even if commodity
futures prices have not moved the daily limit, the Fund may not be able to
execute futures trades at favorable prices, if little trading in such
contracts is taking place. Other than these limitations on liquidity,
which are inherent in the Fund's commodity futures trading operations, the
Fund's assets are expected to be highly liquid.
Results of Operations
The return for the nine months ending September 30, 1996 and 1995 was
9.35% and 3.74%, respectively. The Fund is unaware of any (i) anticipated
known demands, commitments or capital expenditures; (ii) material trends,
favorable or unfavorable, in its capital resources; or (iii) trends or
uncertainties that will have a material effect on operations. From time
to time, certain regulatory agencies have proposed increased margin
requirements on commodity futures contracts. Because the Fund generally
uses a small percentage of assets for margin, the Fund does not believe
that any increase in margin requirements, if adopted as proposed, will
have a material effect on the Fund's operations. Management cannot
predict whether the Fund's Net Asset Value per Unit will increase or
decrease. Inflation is not a significant factor in the Fund's operations,
except to the extent that inflation may affect futures' prices.
Off-Balance Sheet Risk
The Fund trades in futures and forward contracts and is therefore a party
to financial instruments with elements of off-balance sheet market and
credit risk. In entering into these contracts there exists a risk to the
Fund (market risk) that such contracts may be significantly influenced by
market conditions, such as interest rate volatility, resulting in such
contracts being less valuable. If the markets should move against all of
the futures interests positions of the Fund at the same time, and if the
Fund's trading advisor was unable to offset futures interests positions of
the Fund, the Fund could lose all of its assets and the Limited Partners
would realize a 100% loss. Campbell & Company, Inc., the General Partner
(who also acts as trading advisor), minimizes market risk through real-
time monitoring of open positions, diversification of the portfolio and
maintenance of a margin-to-equity ratio that rarely exceeds 30%.
In addition to market risk, in entering into futures and forward contracts
there is a risk to the Fund (credit risk) that a counterparty will not be
able to meet its obligations to the Fund. The counterparty of the Fund
for futures contracts traded in the United States and most foreign
exchanges on which the Fund trades is the clearinghouse associated with
such exchange. In general, clearinghouses are backed by the membership of
the exchange and will act in the event of non-performance by one of its
members or one of its members' customers, and as such, should
significantly reduce this credit risk. In cases where the Fund trades on
exchanges where the clearinghouse is not backed by the membership (i.e.
some foreign exchanges) or when the Fund enters into off-exchange
contracts (i.e. forward contracts) with a counterparty, the sole recourse
of the Fund will be the clearinghouse or the counterparty as the case may
be. Campbell & Company, Inc., in its business as a commodity trading
advisor and through its many relationships with brokers, monitors the
creditworthiness of the exchanges and the clearing members of the foreign
exchanges with which it does business for the Fund and other clients.
With respect to forward contract trading, the Fund trades with only those
counterparties which the General Partner has determined to be
creditworthy. All positions of the Fund are valued each day on a mark-to-
market basis. While the General Partner monitors the creditworthiness and
risks involved in dealing on the various exchanges and with counterparties,
there can be no assurance that an exchange or counterparty will be able to
meet its obligations to the Fund.
<PAGE>
PART II-OTHER INFORMATION
Item 1. Legal Proceedings.
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submissions of Matters to a vote of Security Holders.
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K.
Exhibits
27 Financial Data Schedule (EDGAR only)
None
<PAGE>
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.
CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
(Registrant)
By: Campbell & Company, Inc.
General Partner
Date: October 24, 1996 By: /s/ Theresa D. Livesey
Theresa D. Livesey
Chief Financial Officer/Treasurer/
Director
<PAGE>
Exhibit Index
Exhibit No. Description
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS OF CAMPBELL STRATEGIC ALLOCATION FUND, L.P. AS OF AND FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 56,365
<SECURITIES> 15,219
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 71,584
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 71,584
<CURRENT-LIABILITIES> 1,719
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 69,865
<TOTAL-LIABILITY-AND-EQUITY> 71,584
<SALES> 0
<TOTAL-REVENUES> 8,834
<CGS> 0
<TOTAL-COSTS> 3,536
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 5,298
<INCOME-TAX> 0
<INCOME-CONTINUING> 5,298
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,298
<EPS-PRIMARY> 98.05
<EPS-DILUTED> 0
</TABLE>
