<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 1998
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: 0-26004
DIVERSIFIED FUTURES TRUST I
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-3780260
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
One New York Plaza, 13th Floor, New York, New York 10292
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 778-7866
N/A
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
Indicate by check CK 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 (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 _CK_ No __
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
DIVERSIFIED FUTURES TRUST I
(a Delaware Business Trust)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------
ASSETS
Equity in commodity trading accounts:
Cash $61,723,557 $65,565,864
Net unrealized gain on open commodity positions 1,794,543 4,447,026
----------- ------------
Net equity 63,518,100 70,012,890
Other receivables 21,114 11,866
----------- ------------
Total assets $63,539,214 $70,024,756
----------- ------------
----------- ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Redemptions payable $ 1,593,485 $ 1,973,508
Management fee payable 211,797 233,415
Incentive fee payable -- 305,704
----------- ------------
Total liabilities 1,805,282 2,512,627
----------- ------------
Commitments
Trust capital
Limited interests (339,878.663 and 348,652.217 interests
outstanding) 61,116,436 66,836,959
General interests (3,434 and 3,522 interests outstanding) 617,496 675,170
----------- ------------
Total trust capital 61,733,932 67,512,129
----------- ------------
Total liabilities and trust capital $63,539,214 $70,024,756
----------- ------------
----------- ------------
Net asset value per limited and general interests ('Interests') $ 179.82 $ 191.70
----------- ------------
----------- ------------
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
2
<PAGE>
DIVERSIFIED FUTURES TRUST I
(a Delaware Business Trust)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
---------------------------
1998 1997
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------
REVENUES
Net realized gain (loss) on commodity transactions $ (521,288 ) $2,778,108
Change in net unrealized gain on open commodity positions (2,652,483 ) (157,033)
Interest income 906,660 945,840
------------ ----------
(2,267,111 ) 3,566,915
------------ ----------
EXPENSES
Commissions 1,272,583 1,411,875
Management fees 645,018 737,765
Incentive fees -- 70,715
------------ ----------
1,917,601 2,220,355
------------ ----------
Net income (loss) $(4,184,712 ) $1,346,560
------------ ----------
------------ ----------
ALLOCATION OF NET INCOME (LOSS)
Limited interests $(4,142,862 ) $1,333,093
------------ ----------
------------ ----------
General interests $ (41,850 ) $ 13,467
------------ ----------
------------ ----------
NET INCOME (LOSS) PER WEIGHTED AVERAGE LIMITED AND GENERAL INTEREST
Net income (loss) per weighted average limited and general interest $ (11.88 ) $ 3.32
------------ ----------
------------ ----------
Weighted average number of limited and general interests outstanding 352,174 405,844
------------ ----------
------------ ----------
- ---------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN TRUST CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
LIMITED GENERAL
INTERESTS INTERESTS INTERESTS TOTAL
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------
Trust capital--December 31, 1997 352,174.217 $66,836,959 $675,170 $67,512,129
Net loss -- (4,142,862) (41,850 ) (4,184,712)
Redemptions (8,861.554) (1,577,661) (15,824 ) (1,593,485)
------------ ----------- --------- -----------
Trust capital--March 31, 1998 343,312.663 $61,116,436 $617,496 $61,733,932
------------ ----------- --------- -----------
------------ ----------- --------- -----------
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
</TABLE>
3
<PAGE>
DIVERSIFIED FUTURES TRUST I
(a Delaware Business Trust)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1998
(Unaudited)
A. General
These financial statements have been prepared without audit. In the opinion
of management, the financial statements contain all adjustments (consisting of
only normal recurring adjustments) necessary to present fairly the financial
position of Diversified Futures Trust I (the 'Trust') as of March 31, 1998 and
the results of its operations for the three months ended March 31, 1998 and
1997. However, the operating results for the interim periods may not be
indicative of the results expected for the full year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with generally accepted accounting
principles have been omitted. It is suggested that these financial statements be
read in conjunction with the financial statements and notes thereto included in
the Trust's Annual Report on Form 10-K filed with the Securities and Exchange
Commission for the year ended December 31, 1997 (the 'Annual Report').
B. Related Parties
Prudential Securities Futures Management Inc., a wholly owned subsidiary of
Prudential Securities Incorporated ('PSI'), is the managing owner of the Trust
(the 'Managing Owner'). The Managing Owner and its affiliates perform services
for the Trust which include, but are not limited to: brokerage services,
accounting and financial management, registrar, transfer and assignment
functions, investor communications, printing and other administrative services.
Except for costs related to brokerage services, PSI or its affiliates pay the
costs of these services in addition to costs of organizing the Trust and
offering its interests as well as its routine operational, administrative, legal
and auditing fees. As described in the Annual Report, all commissions for
brokerage services are paid by PSI.
The Trust maintains its trading and cash accounts at PSI, the Trust's
commodity broker. Except for the portion of assets that is deposited as margin
to maintain forward currency contract positions as further discussed below, the
Trust's assets are maintained either on deposit with PSI or, for margin
purposes, with the various exchanges on which the Trust is permitted to trade.
PSI credits the Trust monthly with 100% of the interest it earns on the net
assets in these accounts.
The Trust, acting through its trading manager, executes over-the-counter,
spot, forward and/or option foreign exchange transactions with PSI. PSI then
engages in back-to-back trading with an affiliate, Prudential-Bache Global
Markets, Inc. ('PBGM'). PBGM attempts to earn a profit on such transactions.
PBGM keeps its prices on foreign currency competitive with other interbank
currency trading desks. All over-the-counter currency transactions are conducted
between PSI and the Trust pursuant to a line of credit. PSI may require that
collateral be posted against the marked-to-market position of the Trust.
As of March 31, 1998, a non-U.S. affiliate of the Managing Owner owns
3,527.755 limited interests of the Trust.
C. Credit and Market Risk
Since the Trust's business is to trade futures and forward contracts, its
capital is at risk due to changes in the value of these contracts (market risk)
or the inability of counterparties to perform under the terms of the contracts
(credit risk).
Futures and forward contracts involve varying degrees of off-balance sheet
risk; and changes in the level of volatility of interest rates, foreign currency
exchange rates or the market values of the contracts (or commodities underlying
the contracts) frequently result in changes in the Trust's unrealized gain
(loss) on open commodity positions reflected in the statements of financial
condition. The Trust's exposure to market risk is influenced by a number of
factors including the relationships among the contracts held by the Trust as
well as the liquidity of the markets in which the contracts are traded.
Futures contracts are traded on organized exchanges and are thus
distinguished from forward contracts which are entered into privately by the
parties. The credit risks associated with futures contracts are typically
4
<PAGE>
perceived to be less than those associated with forward contracts, because
exchanges typically provide clearinghouse arrangements in which the collective
credit (subject to certain limitations) of the members of the exchanges is
pledged to support the financial integrity of the exchange. On the other hand,
the Trust must rely solely on the credit of its broker (PSI) with respect to
forward transactions. The Trust presents unrealized gains and losses on open
forward positions as a net amount in the statements of financial condition
because it has a master netting agreement with PSI.
The Managing Owner attempts to minimize both credit and market risks by
requiring the Trust's trading manager to abide by various trading limitations
and policies. The Managing Owner monitors compliance with these trading
limitations and policies which include, but are not limited to, executing and
clearing all trades with creditworthy counterparties (currently, PSI is the sole
counterparty or broker); limiting the amount of margin or premium required for
any one commodity or all commodities combined; and generally limiting
transactions to contracts which are traded in sufficient volume to permit the
taking and liquidating of positions. The Managing Owner may impose additional
restrictions (through modifications of such trading limitations and policies)
upon the trading activities of the trading manager as it, in good faith, deems
to be in the best interests of the Trust.
PSI, when acting as the Trust's futures commission merchant in accepting
orders for the purchase or sale of domestic futures contracts, is required by
Commodity Futures Trading Commission ('CFTC') regulations to separately account
for and segregate as belonging to the Trust all assets of the Trust relating to
domestic futures trading and is not to commingle such assets with other assets
of PSI. At March 31, 1998 and December 31, 1997, such segregated assets totalled
$27,633,553 and $32,697,304, respectively. Part 30.7 of the CFTC regulations
also requires PSI to secure assets of the Trust related to foreign futures
trading which totalled $33,979,882 and $36,591,632 at March 31, 1998 and
December 31, 1997, respectively. There are no segregation requirements for
assets related to forward trading.
As of March 31, 1998, the Trust's open futures and forward contracts mature
within one year.
At March 31, 1998 and December 31, 1997, gross contract amounts of open
futures and forward contracts are:
<TABLE>
<CAPTION>
1998 1997
------------ ------------
<S> <C> <C>
Financial Futures Contracts:
Commitments to purchase $314,377,599 $323,162,224
Commitments to sell 539,571,727 164,238,663
Currency Forward Contracts:
Commitments to purchase 43,312,911 19,553,488
Commitments to sell 87,769,370 80,175,259
Other Futures Contracts:
Commitments to purchase 7,794,868 9,518,584
Commitments to sell 12,676,171 32,427,955
</TABLE>
The gross contract amounts represent the Trust's potential involvement in a
particular class of financial instrument (if it were to take or make delivery on
an underlying futures or forward contract). The gross contract amounts
significantly exceed the future cash requirements as the Trust intends to close
out open positions prior to settlement and thus is generally subject only to the
risk of loss arising from the change in the value of the contracts. As such, the
Trust considers the 'fair value' of its futures and forward contracts to be the
net unrealized gain or loss on the contracts. Thus, the amount at risk
associated with counterparty nonperformance of all contracts is the net
unrealized gain included in the statements of financial condition. The market
risk associated with the Trust's commitments to purchase commodities is limited
to the gross contract amounts involved, while the market risk associated with
its commitments to sell is unlimited since the Trust's potential involvement is
to make delivery of an underlying commodity at the contract price; therefore, it
must repurchase the contract at prevailing market prices.
5
<PAGE>
At March 31, 1998 and December 31, 1997, the fair value of open futures and
forward contracts were:
<TABLE>
<CAPTION>
1998 1997
-------------------------- --------------------------
Assets Liabilities Assets Liabilities
---------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ 42,038 $ 315,494 $ 436,575 $ --
Other 428,277 205,785 2,522,268 137,955
Foreign exchanges
Financial 283,863 367,603 1,204,856 371,572
Other 46,690 22,108 72,375 3,475
Forward Contracts:
Currencies 1,975,057 70,392 1,538,801 814,847
---------- ----------- ---------- -----------
$2,775,925 $ 981,382 $5,774,875 $ 1,327,849
---------- ----------- ---------- -----------
---------- ----------- ---------- -----------
</TABLE>
The following table presents the average fair value of futures and forward
contracts during the three months ended March 31, 1998 and 1997, respectively.
<TABLE>
<CAPTION>
1998 1997
-------------------------------- --------------------------
<S> <C> <C> <C> <C>
Assets Liabilities Assets Liabilities
-------------- -------------- ---------- ------------
Futures Contracts:
Domestic exchanges
Financial $ 520,973 $ 78,874 $ 237,920 $ 68,581
Other 1,182,189 222,577 1,158,505 69,519
Foreign exchanges
Financial 1,446,647 349,807 655,706 312,290
Other 67,634 16,550 8,158 --
Forward Contracts:
Currencies 1,268,767 1,476,705 2,449,086 1,114,658
-------------- -------------- ---------- ------------
$4,486,210 $2,144,513 $4,509,375 $1,565,048
-------------- -------------- ---------- ------------
-------------- -------------- ---------- ------------
</TABLE>
The following table presents the trading revenues from futures and forward
contracts during the three months ended March 31, 1998 and 1997, respectively.
<TABLE>
<CAPTION>
1998 1997
----------- -----------
<S> <C> <C>
Futures Contracts:
Domestic exchanges
Financial $ (466,472) $ (214,155)
Other (1,298,880) 88,718
Foreign exchanges
Financial (483,272) 355,386
Other 187,783 21,624
Forward Contracts:
Currencies (1,112,930) 2,369,502
----------- -----------
$(3,173,771) $ 2,621,075
----------- -----------
----------- -----------
</TABLE>
6
<PAGE>
DIVERSIFIED FUTURES TRUST I
(a Delaware Business Trust)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
The Trust commenced operations on January 5, 1995 with gross proceeds of
$25,262,800 allocated to commodities trading. The Trust continued to offer
interests on a monthly basis until the continuous offering period ended on
August 31, 1996, resulting in additional gross proceeds to the Trust of
$41,129,100.
At March 31, 1998, 100% of the Trust's net assets were allocated to commodity
trading. A significant portion of the net assets was held in cash which is used
as margin for the Trust's trading in commodities. Inasmuch as the sole business
of the Trust is to trade in commodities, the Trust continues to own such liquid
assets to be used as margin. PSI credits the Trust monthly with 100% of the
interest it earns on the net assets in these accounts.
The commodities contracts are subject to periods of illiquidity because of
market conditions, regulatory considerations and other reasons. For example,
commodity exchanges limit fluctuations in certain commodity futures contract
prices during a single day by regulations referred to as 'daily limits.' During
a single day, no trades may be executed at prices beyond the daily limit. Once
the price of a futures contract for a particular commodity has increased or
decreased by an amount equal to the daily limit, positions in the commodity can
neither be taken nor liquidated unless traders are willing to effect trades at
or within the limit. Commodity futures prices have occasionally moved the daily
limit for several consecutive days with little or no trading. Such market
conditions could prevent the Trust from promptly liquidating its commodity
futures positions.
Since the Trust's business is to trade futures and forward contracts, its
capital is at risk due to change in the value of these contracts (market risk)
or the inability of counterparties to perform under the terms of the contract
(credit risk). The Managing Owner attempts to minimize these risks by requiring
the Trust's trading manager to abide by various trading limitations and
policies. See Note C to the financial statements for a further discussion on the
credit and market risks associated with the Trust's futures and forward
contracts.
The Trust does not have, nor does it expect to have, any capital assets.
Redemptions of limited interests and general interests for the three months
ended March 31, 1998 were $1,577,661 and $15,824, respectively, and from the
commencement of operations, January 5, 1995 to March 31, 1998, were $33,334,928
and $206,729, respectively. Future redemptions will impact the amount of funds
available for investment in commodity contracts in subsequent periods.
Results of Operations
The net asset value per Interest as of March 31, 1998 was $179.82, a decrease
of 6.20% from the December 31, 1997 net asset value per Interest of $191.70.
January's negative performance resulted from losses in the currency, index,
metal and grain sectors which outpaced gains in the financial, energy and soft
sectors. In the currency sector, investor optimism over efforts to revive ailing
Asian economies boosted the Japanese yen against the U.S. dollar, resulting in
losses for the Trust. Positions in the British pound were unprofitable as well,
as the pound sank lower against other major currencies on the Bank of England's
decision to leave a key interest rate unchanged. Positions in the Australian
dollar and Canadian dollar also experienced losses. Index sector positions were
unprofitable as Asian investor optimism supported the Nikkei causing losses for
the Trust's short positions. Positions in the Australian All Ordinaries Index
recognized losses as well. In the metal sector, the price of gold rose as fears
of social unrest in Southeast Asia and hyperinflation in Indonesia contributed
to buying, resulting in losses for the Trust. Finally, grain sector positions in
corn and soybean oil incurred losses. On the positive side, the Trust's
financial sector positions gained as European bond markets benefited from
reduced inflation concerns. In particular, positions in German, French, British,
Eurodollar and Italian bonds profited. Additionally, positions in U.S.
Treasuries profited as some yields reached all-time lows. Positions in the
energy sector profited as increasing tensions in the Middle East pushed prices
up, despite ample inventory levels. Lastly, the Trust's long coffee positions in
the soft sector gained as prices surged amid tight U.S. stockpiles.
7
<PAGE>
February's negative performance resulted from losses in the currency,
financial and index sectors which outpaced gains in the energy, metal, soft and
grain sectors. In the currency or foreign exchange sector, the Trust incurred
losses, caused in part by shifting trends in Asian markets and generally
rangebound trading in other currencies. Although by month's end investors were
once again viewing Asian markets with caution, sentiment toward the region had
been relatively positive for much of the month. This was particularly the case
in Japan, where the yen benefited from expectations of a fresh stimulus package
from the government, resulting in losses for the Trust's short positions.
British pound, deutsche mark and Swiss franc positions were unprofitable as
well. In the financial sector, the Japanese government bond showed little signs
of life amid a looming recession, and U.S. Treasury markets showed little
movement, resulting in losses for the Trust. Positions in Eurodollar and British
gilt bonds were also unprofitable. In the index sector, the Trust incurred
losses in its Nikkei positions. In the energy sector, the Trust profited from
short positions in light crude oil as prices plunged due to a confluence of
factors, including a stalemate over production cuts by OPEC members. Positions
in the metal sector also helped offset Trust losses. In particular, the Trust's
long silver positions experienced gains as a major purchaser of silver caused
prices to soar to a 9 1/2-year high before succumbing to some profit taking at
month-end.
March's negative performance resulted from losses in the metal, financial,
soft, grain and index sectors which outpaced gains in the currency and energy
sectors. In the metal sector, silver positions incurred significant losses as
prices fell early in the month, only to rebound considerably toward month-end.
Additionally, short gold positions lost value as strong housing reports renewed
fears of U.S. inflation, once again generating interest in gold as an
inflationary hedge. In the financial sector, losses in the U.S. 30-year,
Australian 10-year, Japanese and U.S. 10-year bonds offset gains in European
long bonds, British long gilts and Australian 3-year bonds. Gains were
experienced in the currency sector as the Swiss franc lost its 'safe-haven' role
with investors preferring the higher yielding U.S. dollar and British pound.
Positions in the deutsche mark and Japanese yen were also profitable.
Interest income is earned on net assets held at PSI and, therefore, varies
monthly according to interest rates, trading performance, contributions and
redemptions. Interest income decreased approximately $39,000 for the three
months ended March 31, 1998 compared to the corresponding period in 1997. This
decrease was primarily due to a lower net assets in the Trust as a result of
weak trading performance during the first quarter of 1998.
Commissions are calculated on the Trust's net asset value at the beginning of
the month and, therefore, vary according to trading performance, contributions
and redemptions. Commissions for the three months ended March 31, 1998 decreased
approximately $139,000 compared to the corresponding period in 1997. This
decrease was primarily due to lower monthly net asset values as a result of
redemptions during 1997 and weak trading performance during the first quarter of
1998.
All trading decisions for the Trust are made by John W. Henry & Company, Inc.
(the 'Trading Manager'). Management fees are calculated on the Trust's net asset
value at the end of each month and, therefore, are affected by trading
performance, contributions and redemptions. Management fees for the three months
ended March 31, 1998 decreased approximately $93,000 compared to the
corresponding period in 1997 for the same reasons commissions decreased as
discussed above.
Incentive fees are based on the New High Net Trading Profits generated by the
Trading Manager, as defined in the Advisory Agreement among the Trust, the
Managing Owner and the Trading Manager. Incentive fees of approximately $71,000
generated during the three months ended March 31, 1997 were the result of
favorable trading performance during that period. No incentive fees were
generated during the three months ended March 31, 1998.
8
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings--There are no material legal proceedings pending by or
against the Registrant or the Managing Owner.
Item 2. Changes in Securities--None
Item 3. Defaults Upon Senior Securities--None
Item 4. Submission of Matters to a Vote of Security Holders--None
Item 5. Other Information--None
Item 6. (a) Exhibits--
3.1
and
4.1-- Amended and Restated Declaration of Trust and Trust Agreement of
the Registrant dated as of August 25, 1994, as amended and
restated as of September 14, 1994 (incorporated by reference to
Exhibits 3.1 and 4.1 of the Registrant's Form 10-Q for the period
ended September 30, 1994)
4.2-- Subscription Agreement (incorporated by reference to
Exhibit C to the Registrant's Registration Statement on
Form S-1, File No. 33-81534, dated as of September 13,
1994)
4.3-- Request for Redemption (incorporated by reference to
Exhibit D to the Registrant's Registration Statement
on Form S-1, File No. 33-81534, dated as of September
13, 1994)
27.1--Financial Data Schedule (filed herewith)
(b) Reports on Form 8-K--None
9
<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.
Diversified Futures Trust I
By: Prudential Securities Futures Management Inc.
A Delaware corporation, Managing Owner
By: /s/ Steven Carlino Date: May 14, 1998
----------------------------------------
Steven Carlino
Vice President
Chief Accounting Officer for the Registrant
10
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial
information extracted from the financial
statements for Diversified Futures Trust I
and is qualified in its entirety by reference
to such financial statements
</LEGEND>
<RESTATED>
<CIK> 0000926805
<NAME> Diversified Futures Trust I
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-START> Jan-1-1998
<PERIOD-END> Mar-31-1998
<PERIOD-TYPE> 3-Mos
<CASH> 61,723,557
<SECURITIES> 1,794,543
<RECEIVABLES> 21,114
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 63,539,214
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 63,539,214
<CURRENT-LIABILITIES> 1,805,282
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 61,733,932
<TOTAL-LIABILITY-AND-EQUITY> 63,539,214
<SALES> 0
<TOTAL-REVENUES> (2,267,111)
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,917,601
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (4,184,712)
<EPS-PRIMARY> (11.88)
<EPS-DILUTED> 0
</TABLE>
