<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, 2000
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,
2000 1999
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------
ASSETS
Cash $36,767,311 $43,317,270
Net unrealized gain on open futures contracts 1,792,844 1,417,732
Net unrealized gain on open forward contracts 177,085 49,621
Other receivables 15,696 8,209
------------- ------------
Total assets $38,752,936 $44,792,832
------------- ------------
------------- ------------
LIABILITIES AND TRUST CAPITAL
Liabilities
Redemptions payable $ 4,140,748 $ 4,079,581
Management fees payable 129,176 149,309
------------- ------------
Total liabilities 4,269,924 4,228,890
------------- ------------
Commitments
Trust capital
Limited interests (206,260.755 and 231,028.868 interests
outstanding) 34,138,090 40,158,237
General interests (2,084 and 2,334 interests outstanding) 344,922 405,705
------------- ------------
Total trust capital 34,483,012 40,563,942
------------- ------------
Total liabilities and trust capital $38,752,936 $44,792,832
------------- ------------
------------- ------------
Net asset value per limited and general interest ('Interests') $ 165.51 $ 173.82
------------- ------------
------------- ------------
- ----------------------------------------------------------------------------------------------------
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,
---------------------------
2000 1999
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------
REVENUES
Net realized gain (loss) on commodity transactions $(1,824,255) $ 3,022,787
Change in net unrealized gain/loss on open commodity positions 502,576 (4,421,433)
Interest income 564,225 657,112
----------- -----------
(757,454) (741,534)
----------- -----------
EXPENSES
Commissions 783,485 1,120,563
Management fees 399,243 572,149
----------- -----------
1,182,728 1,692,712
----------- -----------
Net loss $(1,940,182) $(2,434,246)
----------- -----------
----------- -----------
ALLOCATION OF NET LOSS
Limited interests $(1,920,777) $(2,409,900)
----------- -----------
----------- -----------
General interests $ (19,405) $ (24,346)
----------- -----------
----------- -----------
NET LOSS PER WEIGHTED AVERAGE
LIMITED AND GENERAL INTEREST
Net loss per weighted average limited and general interest $ (8.31) $ (8.30)
----------- -----------
----------- -----------
Weighted average number of limited and general interests outstanding 233,363 293,358
----------- -----------
----------- -----------
- ---------------------------------------------------------------------------------------------------
</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, 1999 233,362.868 $40,158,237 $405,705 $40,563,942
Net loss -- (1,920,777) (19,405 ) (1,940,182)
Redemptions (25,018.113) (4,099,370) (41,378 ) (4,140,748)
------------ ----------- --------- -----------
Trust capital--March 31, 2000 208,344.755 $34,138,090 $344,922 $34,483,012
------------ ----------- --------- -----------
------------ ----------- --------- -----------
- -----------------------------------------------------------------------------------------------------
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, 2000
(Unaudited)
A. General
These financial statements have been prepared without audit. In the opinion
of Prudential Securities Futures Management Inc. (the 'Managing Owner'), 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, 2000 and the results
of its operations for the three months ended March 31, 2000 and 1999. 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, 1999 (the 'Annual Report').
B. Related Parties
The Managing Owner of the Trust is a wholly owned subsidiary of Prudential
Securities Incorporated ('PSI'), which, in turn, is a wholly owned subsidiary of
Prudential Securities Group Inc. 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 as well as the Trust's routine operational,
administrative, legal and auditing costs. As described in the Annual Report, all
commissions for brokerage services are paid to PSI.
The costs charged to the Trust for brokerage services for the three months
ended March 31, 2000 and March 31, 1999 were $783,485 and $1,120,563,
respectively.
The Trust's assets are maintained either in trading or cash accounts at PSI,
the Trust's commodity broker, 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 average net assets in the Trust's 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, 2000, a non-U.S. affiliate of the Managing Owner owns
2,117.885 limited interests of the Trust.
C. Derivative Instruments and Associated Risks
The Trust is exposed to various types of risk associated with the derivative
instruments and related markets in which it invests. These risks include, but
are not limited to, risk of loss from fluctuations in the value of derivative
instruments held (market risk) and the inability of counterparties to perform
under the terms of the Trust's investment activities (credit risk).
Market Risk
Trading in futures and forward (including foreign exchange transactions)
contracts involves entering into contractual commitments to purchase or sell a
particular commodity at a specified date and price. The gross or face amount of
the contracts, which is typically many times that of the Trust's net assets
being traded, significantly exceeds the Trust's future cash requirements since
the Trust intends to close out its
4
<PAGE>
open positions prior to settlement. As a result, the Trust 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 derivative instruments to
be the net unrealized gain or loss on the contracts. The market risk associated
with the Trust's commitments to purchase commodities is limited to the gross or
face amount of the contracts held. However, when the Trust enters into a
contractual commitment to sell commodities, it must make delivery of the
underlying commodity at the contract price and then repurchase the contract at
prevailing market prices. Since the repurchase price to which a commodity can
rise is unlimited, entering into commitments to sell commodities exposes the
Trust to unlimited risk.
Market risk is influenced by a wide variety of factors including government
programs and policies, political and economic events, the level and volatility
of interest rates, foreign currency exchange rates, the diversification effects
among the derivative instruments the Trust holds and the liquidity and inherent
volatility of the markets in which the Trust trades.
Credit Risk
When entering into futures or forward contracts, the Trust is exposed to
credit risk that the counterparty to the contract will not meet its obligations.
The counterparty for futures contracts traded in the United States and on most
foreign futures exchanges is the clearinghouse associated with such exchanges.
In general, clearinghouses are backed by the corporate members of the
clearinghouse who are required to share any financial burden resulting from the
non-performance by one of its members and, as such, should significantly reduce
this credit risk. In cases where the clearinghouse is not backed by the clearing
members (i.e., some foreign exchanges), it is normally backed by a consortium of
banks or other financial institutions. On the other hand, the sole counterparty
to the Trust's forward transactions is PSI, the Trust's commodity broker. The
Trust has entered into a master netting agreement with PSI and, as a result,
presents unrealized gains and losses on open forward positions as a net amount
in the statements of financial condition. The amount at risk associated with
counterparty non-performance of all of the Trust's contracts is the net
unrealized gain included in the statements of financial condition. There can be
no assurance that any counterparty, clearing member or clearinghouse will meet
its obligations to the Trust.
The Managing Owner attempts to minimize both credit and market risks by
requiring the Trust and its 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. Additionally, pursuant
to the Advisory Agreement among the Trust, the Managing Owner and the trading
manager, the Trust shall automatically terminate the trading manager if the net
asset value allocated to the trading manager declines by 33 1/3% from the value
at the beginning of any year or since the commencement of trading activities.
Furthermore, the Amended and Restated Declaration of Trust and Trust Agreement
provides that the Trust will liquidate its positions, and eventually dissolve,
if the Trust experiences a decline in the net asset value of 50% from the value
at the beginning of any year or since the commencement of trading activities. In
each case, the decline in net asset value is after giving effect for
distributions and redemptions. 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, 2000, such segregated assets totalled $31,470,813. Part
30.7 of the CFTC regulations also requires PSI to secure assets of the Trust
related to foreign futures trading which totalled $7,089,342 at March 31, 2000.
There are no segregation requirements for assets related to forward trading.
As of March 31, 2000, the Trust's open futures and forward contracts mature
within one year.
5
<PAGE>
At March 31, 2000 and December 31, 1999, the fair value of open futures and
forward contracts was:
<TABLE>
<CAPTION>
2000 1999
------------------------------------- -------------------------------------
Assets Liabilities Assets Liabilities
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Futures Contracts:
Domestic exchanges
Interest rates $ 613,946 $ 17,212 $ 565,484 $ --
Currencies 738,282 56,800 664,038 212,790
Commodities 242,114 170,702 376,057 277,867
Foreign exchanges
Interest rates 663,623 265,063 254,975 151,117
Stock indices 131,028 68,870 112,677 --
Commodities 25,742 43,244 111,455 25,180
Forward Contracts:
Currencies 300,220 123,135 157,101 107,480
----------------- ----------------- ----------------- -----------------
$ 2,714,955 $ 745,026 $ 2,241,787 $ 774,434
----------------- ----------------- ----------------- -----------------
----------------- ----------------- ----------------- -----------------
</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.
The Trust Agreement provides that an Interest holder may redeem its Interests
as of the last business day of any full calendar quarter at the then current NAV
per Interest. Redemptions of Limited Interests and General Interests for the
three months ended March 31, 2000 were $4,099,370 and $41,378. Redemptions of
Limited Interests and General Interests from the commencement of operations,
January 5, 1995, to March 31, 2000 totalled $57,926,801 and $455,168,
respectively. Future redemptions will impact the amount of funds available for
investment in commodity contracts in subsequent periods.
At March 31, 2000, 100% of the Trust's net assets were allocated to
commodities 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 average 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 changes in the value of these contracts (market risk)
or the inability of counterparties to perform under the terms of the contracts
(credit risk). The Trust's exposure to market risk is influenced by a number of
factors including the volatility of interest rates and foreign currency exchange
rates, the liquidity of the markets in which the contracts are traded and the
relationships among the contracts held. The inherent uncertainty of the Trust's
speculative trading as well as the development of drastic market occurrences
could result in monthly losses considerably beyond the Trust's experience to
date and could ultimately lead to a loss of all or substantially all of
investors' capital. The Managing Owner attempts to minimize these risks by
requiring the Trust and its trading manager to abide by various trading
limitations and policies which include limiting margin amounts, trading only in
liquid markets and utilizing stop loss provisions. 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.
Results of Operations
The net asset value per Interest as of March 31, 2000 was $165.51, a decrease
of 4.78% from the December 31, 1999 net asset value per Interest of $173.82.
The Trust's gross trading gains/(losses) were ($1,321,679) during the three
months ended March 31, 2000 compared to ($1,398,646) for the corresponding
period in the prior year. Due to the nature of the Trust's trading activities, a
period to period comparison of its trading results is not meaningful. However, a
detailed discussion of the Trust's current quarter trading results is presented
below.
Quarterly Market Overview
While the Y2K scare passed without incident, the new year brought renewed
volatility to the world's financial markets. As stock indexes reached new highs,
stock valuations appeared driven more by investor
7
<PAGE>
interest than each company's fundamental earnings. March marked a reversal of
the differences between 'old' economy and 'new' economy stocks as the technology
laden indexes slumped and many traditional indexes recovered lost ground.
The U.S. Federal Reserve, European Central Bank, Bank of England, Reserve
Bank of Australia, and Bank of Canada increased interest rates in early
February. The rate increases shared motivation of strong economic growth and
concerns about inflation. Despite rate hikes and news of robust worldwide
economic growth, global bond markets continued to rally partially due to
investors seeking refuge from volatile equity markets.
In the currency markets, the U.S. dollar advanced sharply in early 2000. The
dollar's advance had been driven by strong growth and soaring asset prices,
resulting in record levels of foreign capital coming into the United States.
Since its inception a year ago, the euro has declined more than 17% against the
U.S. dollar, 21% against the Japanese yen and 11% against the British pound. The
euro touched an all time low at .9500 against the U.S. dollar in March. The
currency's weakness has raised political problems for the European Central Bank
and contributed to the recent decision to hike interest rates without any clear
inflation threat. The Swiss franc had spent most of the last few months drifting
lower against the U.S. dollar, tracking the euro's trend. The Japanese yen
rallied sharply, gaining on the U.S. dollar and most other currencies in the
final months of Japan's fiscal year (which ended March 31st). This is attributed
to positive sentiment regarding Japan's economic recovery. Additionally,
uncertainty regarding the direction of U.S. equities prompted many market
participants to convert assets into yen.
Energy prices continued their climb throughout January and February and into
the first week of March. Crude oil futures prices rose above $33 a barrel, the
highest level for a front-month (the most liquid) contract since the Gulf War in
1991. The energy sector reached a high early in March just prior to OPEC's
agreement to increase production sufficiently to stabilize prices. Political
pressure by the United States, along with a desire among OPEC members to
maintain a crude oil price in the range of $22-$28 per barrel, prompted the
cartel to announce a production increase. The May contract closed below $27 a
barrel at quarter end.
Quarterly Trust Performance
The following is a summary of performance for the major sectors in which the
Trust traded:
Interest Rates (-): Global bond yields generally declined as inflationary
pressure continued to build and economies improved. The bond market rally led to
losses for short Japanese government bond positions throughout the quarter.
Metals (-): Gold faced a reversal in February after large gold producers
announced a decrease in hedge positions. Short positions resulted in losses.
Stock Indices (-): Extreme volatility in the world's financial markets led to
a lack of trending opportunities and resulted in losses for London FTSE and
Nikkei (Japan) stock index positions.
Currencies (+): The Japanese yen gained on the U.S. dollar and most other
currencies during the first quarter. Short yen positions incurred losses. The
decision by the Swiss National Bank to raise interest rates by 75 basis points
resulted in a rally which led to gains in long Swiss franc positions.
Energies (+): The energy markets contributed positively to quarterly
performance. Crude oil's steady price rise reversed in March after OPEC agreed
to increase production. Short crude and heating oil positions produced gains.
Interest income is earned on the average net assets held at PSI and,
therefore, varies monthly according to interest rates, trading performance, and
redemptions. Interest income decreased approximately $93,000 for the three
months ended March 31, 2000 compared to the corresponding period in 1999. This
decrease was primarily due to lower net assets in the Trust as a result of 1999
redemptions and weak trading performance during 1999 and the first quarter of
2000 offset, in part, by higher interest rates during the current year.
Commissions are calculated on the Trust's net asset value at the beginning of
each month and, therefore, vary according to trading performance and
redemptions. Commissions for the three months ended March 31, 2000 decreased
approximately $337,000 compared to the corresponding period in 1999. This
decrease was primarily due to lower monthly net asset values as a result of 1999
redemptions, and weak trading performance during 1999 and the first quarter of
2000.
8
<PAGE>
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 and redemptions. Management fees for the three months ended March
31, 2000 decreased approximately $173,000 compared to the corresponding period
in 1999 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. No incentive fees were generated during
the three months ended March 31, 2000 and 1999.
Year 2000 Risk
A discussion of Year 2000 risk and its effect on the operations of the Trust
is included in the Trust's Annual Report.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
No material changes exist between the period covered by this report and the
Registrant's most recent fiscal year end. Therefore, pursuant to Item 305(c) of
Regulation S-K, information regarding quantitative and qualitative disclosures
about market risk is not required.
9
<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)
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)
27.1--Financial Data Schedule (filed herewith)
(b) Reports on Form 8-K--None
10
<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 12, 2000
----------------------------------------
Steven Carlino
Vice President and Treasurer
11
<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-31-2000
<PERIOD-START> Jan-1-2000
<PERIOD-END> Mar-31-2000
<PERIOD-TYPE> 3-Mos
<CASH> 36,767,311
<SECURITIES> 1,969,929
<RECEIVABLES> 15,696
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 38,752,936
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 38,752,936
<CURRENT-LIABILITIES> 4,269,924
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 34,483,012
<TOTAL-LIABILITY-AND-EQUITY> 38,752,936
<SALES> 0
<TOTAL-REVENUES> (757,454)
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,182,728
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,940,182)
<EPS-BASIC> (8.31)
<EPS-DILUTED> 0
</TABLE>
