Jhaveri Value Fund
(216) 356-1565
November 3, 1997
Dear Fellow Shareholders:
Enclosed is JVF's semi-annual report for the period ended September 30, 1997.
Last Monday's decline presented some great values. We invested close to $1.5
million on Monday and Tuesday and our cash position from over 41% to 33%. The
NAV as of October 31, 1997 was $15.46 and the Total Net Assets were $14.5
million. The Fund is up 42.7% since inception on May 1, 1995. Year to date the
Fund is up 23%. This 1997 return on investment was achieved with an average cash
position of 31%. With this high cash position, the risk adjusted return is much
higher than the 23% because of reduced market exposure.
Market Outlook:
As I have described in my previous letters, financial markets throughout the
world are fundamentally overvalued and technically overextended, waiting for a
financial accident to trigger a meaningful correction. The currency crisis in
Thailand snowballed into a crisis in Indonesia, Malaysia, South Korea, Taiwan,
China, Japan, and culminating in a dramatic 45% crash in the Hong Kong stock
market. All the markets in southeast Asia plunged which spread like a wildfire
in Europe, South America, Mexico, and result finally the U.S. If the Pacific Rim
growth slows from 10% to 2% as a of the currency devaluation and stock markets'
decline, it will slow the world GDP growth and earnings growth. However, most
economists estimate only a modest impact on the U.S. economy and predict it will
not derail the U.S. expansion, now six and a half years old, the reduced third
longest on record.
This is not the first time foreign markets have exploded in investors' faces.
Foreign markets expose investors to additional currency and political risk. For
these reasons, JVF invests in domestic stocks, U.S. multinational companies, and
foreign stocks traded as ADR's on U.S. exchanges.
With the last sell-off, market psychology has shifted from "Glass half full" to
"Glass half empty". Since the market is priced to perfection, the market has
become very sensitive to negative surprises and good news has to be better than
market expectations. However, the strong economic fundamentals resulting from
worldwide privatization, deregulation, and the growth of information and
telecommunication technology will keep the market in a trading range with
increased volatility. We expect the peak to trough volatility to be less than
15% with the a Dow Jones Industrial trading range of 7200 - 8400.
We will continue to buy undervalued securities which typically have low downside
risk and sell the stock from our portfolio which have reached full valuation.
Thus, following our low-risk "buy-sell-hold" strategy comprised of 1) Stock
Selection Valuation Model and 2) Risk Management Model has provided good
performance and achieved our twin goals of long term capital appreciation and
preservation of capital.
Sincerely,
Ramesh C. Jhaveri Saumil R. Jhaveri
Chief Executive Officer President
<PAGE>
Schedule of Investments
Jhaveri Value Fund, Inc
September 30, 1997
<PAGE>
COMMON STOCK - 58.33%
Units Description Value
Auto Parts-Retail/Wholesale - 0.44%
500 Autozone Inc 14,938
2,100 Discount Auto Parts 50,400
---------
65,338
Auto/Truck Replace/Orig Parts - 0.94%
6,200 Exide Corp 140,663
---------
Automobile-Manufacturing - 0.24%
600 Chrysler Corp 22,088
200 General Motors Corp 13,387
---------
35,475
Beverage-Alcoholic/Soft Drink - 0.10%
400 Seagram Co. Ltd 14,100
---------
Broadcasting-Radio/TV/Cable - 0.36%
660 Asend Communications 21,368
1,000 Cabletron Systems Inc * 32,000
---------
53,368
Building Products-Retail/Whole - 0.12%
1,400 Building Materials 18,288
---------
Building-Heavy Construction - 2.40%
15,500 Empresas Ica Socie-
Dad Sa ADR 272,219
16,600 Grupo Tribasa Sa ADR 85,075
---------
357,294
Commercial Services - 0.83%
500 Checkpoint System Inc 7,313
6,400 First Alert Inc 19,200
2,300 Physicians Resource Group 26,019
4,200 Sensormatic Electronics Corp 59,325
1,000 Ultrak Inc 12,250
---------
124,107
Computer Graphics - 2.49%
5,500 Diamond Multimedia Systems 67,375
3,300 Mentor Graphics 40,013
18,000 Scitex Corp Ltd. Ord Israel 229,500
1,300 Silicon Graphics Inc * 34,125
-------
371,013
Computer Integrated Systems - 0.50%
5,000 System Software Assoc. Inc 73,750
------
<PAGE>
Units Description Value
Computer Services - 0.50%
14,300 Intelligent Electronics Inc 73,288
Computer Software - 3.53%
13,200 Acclaim Entertainment Inc * 66,825
17,900 Banyan Systems Inc 43,631
1,500 Filenet Corp * 23,250
4,700 FTP Software Inc 18,213
6,300 Informix Corp * 44,100
800 Integrated Systems Inc 19,750
6,300 Learning Inc 94,106
6,500 Macromedia Inc 78,406
9,300 Netmanage Inc 35,166
6,000 Novell Inc * 53,813
2,500 Wall Data Inc 48,125
---------
525,385
Computer-Local Network - 1.40%
1,000 3Com Corp * 51,250
1,500 Fore Systems 29,531
3,200 Madge Networks N.V. 24,000
900 Netcom On-Line 10,913
7,000 Shiva Corp 93,188
---------
208,882
Computer-Mainframes - 0.58%
5,600 Unisys Corp 86,100
---------
Computer-Mini/Micro - 1.48%
3,800 Apple Computer Inc 82,413
3,200 Digital Equipment 138,600
---------
221,013
Computer-Peripheral Eqpmt - 0.80%
5,000 Alliance Semiconductor 49,375
1,000 HMT Tech Corp 15,687
8,000 Proxima Corp 54,000
---------
119,062
Container-Metal/Glass - 0.09%
300 Crown Cork & Seal Co 13,837
---------
Cosmetics & Personal Care - 0.12%
200 Gillette Co. 17,263
---------
<PAGE>
Units Description Value
Diversified Operation - 1.43%
900 Corning Inc Glass Works 42,525
5,500 Ikon Office Solutions 140,594
1,700 Sybase Inc 30,600
---------
213,719
Electronic Products/Misc - 0.32%
400 Hitachi Ltd 35,275
500 Inco Ltd 12,531
---------
47,806
Electronic-Semiconductors - 2.43%
4,700 Chips & Technologies 75,200
2,900 Cirrus Logic Inc * 42,050
2,000 Cypress Semiconductor * 31,000
700 DSP Communications 14,656
1,800 Integrated Device Technology Inc 21,713
5,200 Integrated Silicon Solution 57,850
300 Motorola Inc 21,563
800 Micron Technology Inc 27,800
3,500 Network Peripherals Inc 19,687
200 Oak Technologoy 2,400
6,000 Opti Inc 44,625
6,200 Tseng Labs Inc 25,187
---------
383,731
Fertilizers - 0.21%
2,400 Freeport Mcmoran Res. Ptnrs Lp 30,750
Finance-Consumer Loans - 0.36%
4,700 Arcadia Financial Ltd. 53,463
---------
Finance-Mortgage & Rel Svcs - 0.30%
800 Aames Financial Corp 12,950
3,200 Cityscape Financial 31,400
---------
44,350
Financial Services Misc - 0.66%
900 Advanta Corp Cl A 26,213
10,200 Medaphis Corp 72,675
---------
98,888
Food-Misc Preparation - 3.04%
1,351 Archer Daniels-Midland Co. 32,347
26,100 Chiquita Brands Intl Inc 420,863
-------
453,210
Funeral Services & Related - 0.09%
500 Loewen Group 13,781
---------
Household Appliances - 0.07%
600 Singer Co. 10,313
---------
<PAGE>
Units Description Value
Housewares - 0.95%
500 Rubbermaid Inc 12,781
9,100 Shaw Industries Inc 114,319
500 Tupperware Corp 14,063
---------
141,163
Insurance-Life/Property/Casual - 0.16%
300 Aetna Life & Casualty Co 24,431
--------
Lasers-Systimes/Componenets - 0.36%
500 Cymer, Inc 13,687
5,500 Summit Technology Inc 40,563
---------
54,250
Leisure Products - 0.27%
3,800 Oakley Inc 40,850
---------
Leisure Services - 0.27%
1,000 Aztar Corp 7,375
2,500 Hollywood Entertainment 32,656
---------
40,031
Machinery-Electrical Eqpmt - 0.86%
4,750 Westinghouse Electric Corp 128,547
--------
Medical Instruments/Products - 0.30%
1,800 Idexx Laboratories Inc * 30,150
500 U.S. Surgical Corp 14,625
---------
44,775
Medical-Biomed/Genetics - 0.61%
700 Amgen Inc * 33,556
700 Biogen Inc * 22,706
5,000 Liposome Inc * 34,688
---------
90,950
Medical-Drugs - 0.81%
5,500 Carter Wallace Inc 91,438
700 Perrigo Co 11,025
500 Pharmacia Upjohn 18,250
---------
120,713
Medical-Generic Drugs - 1.09%
2,900 Copley Pharmaceutical 20,300
8,000 Ivax Corporation 95,500
2,100 Mylan Laboratories Inc 47,119
---------
162,919
Medical-Health Maint Org - 1.23%
1,600 Columbia/Hca Healthcare Corp 46,000
1,300 Humana Inc 30,956
4,962 Olsten Corp 92,107
1,000 PHP Healthcare Corp 14,625
---------
183,688
<PAGE>
Units Description Value
Medical-Outpatient/Home Care - 0.47%
800 Apria Healthcare Group 10,800
12,100 Coram Healthcare * 59,744
---------
70,544
Metal Ores-Gold/Non Ferrous - 0.69%
400 ASA Limited 12,325
6,000 Pegasus Gold Inc 33,750
3,000 Placer Dome Inc 57,375
---------
103,440
Oil & Gas Production/Pipeline - 0.10%
400 Enron Corp 15,400
---------
Oil & Gas-Us Explore & Prod - 0.47%
6,100 Chesapeake Energy 69,388
---------
Oil & Gas-Us Integrated - 0.07%
400 Occidental Petroleum 10,375
---------
Oil Refining & Marketing - 0.07%
600 Quaker State Corp 10,237
---------
Photo Equipment & Supplies - 0.61%
1,400 Eastman Kodak Co. 90,913
--------
Pollution Control-Eqpmt/Svcs - 0.42%
2,600 Safety-Kleen Corp 62,237
---------
Publishing-Books/News/Periodic - 0.69%
2,600 Scholastic Corp 102,700
---------
Retail-Apparel/Shoe - 0.37%
1,000 Ann Taylor Stores Corp 14,875
1,600 Designs Inc * 7,600
700 Gucci Group NV 32,813
---------
55,288
Retail-Consumer/Electric - 0.91%
5,500 Best Buy Co. Inc * 135,781
---------
Retail-Department Stores - 4.32%
46,000 K Mart Corporation 644,000
---------
Retail-Discount & Variety - 0.79%
5,300 Woolworth Corp 117,263
---------
Retail-Diversified/Misc - 0.53%
3,700 Petsmart Inc 38,387
1,200 Sports Authority Inc 22,350
2,300 Sunglass Hut Intl Inc 17,825
---------
78,562
<PAGE>
Units Description Value
Retail-Food & Restaurant - 1.44%
5,700 Boston Chicken 84,075
5,900 Fleming Companies Inc 108,044
600 Lone Star Steakhouse 12,525
1,900 Shoneys Inc 9,381
---------
214,025
Retail-Home Furnishings - 0.39%
7,600 Bombay Co Inc 58,425
---------
Retail/Wholesale-Jewelry - 0.07%
2,500 Service Merchandise Co Inc 10,313
Retail/Wholesale-Office Supplies - 0.28%
800 Corp Express 16,900
500 Office Depot Inc * 10,094
1,000 Office Max 15,187
---------
42,181
Rubber-Tires - 0.21%
1,200 Cooper Tire & Rubber Co. 31,875
---------
Shoes & Related Apparel - 0.64%
900 Brown Group Inc 16,369
2,000 Fila Holdings 61,875
1,300 Stride Rite Corp 17,631
---------
95,875
Soap & Cleaning Preparations - 0.10%
1,200 USA Detergents, Inc 15,450
--------
Steel-Producers - 2.56%
18,800 Bethlehem Steel Corp 193,875
---------
3,500 Birmingham Steel 60,594
2,900 LTV Corp New 36,794
7,000 WHX Corp 91,000
---------
382,263
Telecommunication Equipment - 3.31%
10,200 Antec Corp 119,850
1,400 California Microwave Inc * 28,000
3,300 Glenayre Tech 55,275
5,500 Picturetel Corp 57,063
5,900 Scientific-Atlanta Inc 133,488
12,982 Vtel Corporation 99,799
---------
493,475
Telecommunications Services - 0.76%
400 American Telephone & Telegraph 17,700
700 Frontier Corp 16,100
500 Hongkong Telecom 11,188
900 LCI Intl. 23,963
1,500 MCI Communications Corp 44,063
---------
113,014
<PAGE>
Units Description Value
Textile-Apparel/Mill Products - 0.45%
1,700 Fruit Of The Loom Inc Cl A * 47,813
4,700 Starter Corp 19,681
--------
67,494
Transportation-Equip/Leasing - 0.39%
2,000 Wabash National Corp 57,875
--------
Transportation-Truck - 0.59%
4,600 American Freightways * 87,400
---------
Utility-Electric Power - 3.39%
14,900 Centerior Energy 170,419
500 Consolidated Edison Co N Y Inc 17,000
1,300 Edison Intl 32,825
1,600 Entergy Corp New 41,700
400 Florida Progress Corp 13,200
* Non Income Producing.
Units Description Value
4,000 Niagara Mohawk 38,250
9,100 Northeast Utility 88,156
4,000 PG & E Corp 92,750
400 Public Services Enterprises 10,300
--------
504,600
Utility-Telephone - 0.36%
800 British Telecommunications 53,300
--------
Total Common Stocks
(Cost $7,437,770) $8,694,257
===========
SHORT TERM INVESTMENTS - 41.83%
6,234,808 Star Treasury Fund 6,234,808
-----------
Total Short Term Investments
(Cost $6,234,808) 6,234,808
===========
Other assets less liabilities - (0.16)% (24,728)
-----------
Total Net Assets - 100.00% $14,904,337
===========
<PAGE>
JHAVERI VALUE FUND
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period
<TABLE>
<S> <C> <C> <C>
For the For the year For the period
six months ended 5/1/95* through
ended 9/30/97 3/31/97 3/31/96
Net asset value - beginning of period $12.64 $12.38 $12.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) (.03) (.11) .00
Net gain on investments both
realized and unrealized 3.38 1.27 .79
------- ------ ------
Total from investment operations 3.35 1.16 12.79
LESS DISTRIBUTIONS
Dividends from net investment income - - (.04)
Dividends from capital gains - (.90) (.37)
------- ------ --------
Net asset value - end of period $15.99 $12.64 $12.38
======= ======= =======
Total Return 26.50% 9.23% 7.45%**
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000's) 14,904 11,104 9,124
Ratio of expenses to average net assets 2.50%** 2.50% 2.50%**
Ratio of net investment income (loss)
to average net assets (.45)%** (.87)% (.02)%**
Portfolio turnover rate 47.76% 54.48% 45.23%
Average commission rate paid .04533 .0363 -
</TABLE>
*Commencement of Operations
**Annualized
<PAGE>
JHAVERI VALUE FUND
STATEMENT OF ASSETS AND LIABILITES
September 30, 1997
ASSETS
Investments in securities at value ($13,672,570) 14,929,065
Receivable for securities sold 53,963
Receivable for dividend interest 27,236
------------
Total assets 15,010,264
LIABILITIES
Payable for investment securities purchased 75,655
Payable for Fund shares redeemed 0
Accrued operating expenses & other 30,272
------------
Total Liabilities 105,927
NET ASSETS
Net assets (equivalent to $15.99 per share based on
932,337 shares of capital stock outstanding) 14,904,337
============
Composition of Net Assets:
Paid in capital 11,470,893
Accumulated net realized gain on investments 2,206,157
Undistributed net investment income (29,208)
Net unrealized appreciation/(depreciation) on investments 1,256,495
------------
NET ASETS, SEPTEMBER 30, 1997 14,904,337
============
The accompanying notes are an integral part of these financial statements
<PAGE>
JHAVERI VALUE FUND
STATEMENT OF OPERATIONS
For six months
ended 9/30/97
INVESTMENT INCOME
Interest 96,705
Dividends 37,096
-----------
Total Investment Income 133,801
-----------
EXPENSES
Operating Expenses (Note 3) 163,009
-----------
Net investment income/(loss) (29,208)
-----------
Net realized gain on securities transactions 1,715,119
Net change in unrealized appreciation/(depreciation)
on investments 1,401,678
-----------
Net gain on investments 3,116,797
Net increase in net assets resulting from operations 3,087,589
===========
The accompanying notes are an integral part of these financial statements
<PAGE>
JHAVERI VALUE FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<S> <C> <C>
For the six For the year
months ended ended
9/30/97 3/31/97
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investments income (loss) $(29208) $(91,581)
------------- ------------
Net realized gain on securities transactions 1,715,119 1,118,701
Net change in unrealized appreciation/(depreciation)
of investments 1,401,678 (98,063)
------------ ------------
Net increase in net assets resulting from operations 3,087,589 929,057
------------ ------------
DISTRIBUTION TO SHAREHOLDERS:
From net investment income 0 0
From net realized gain investments 0 (731,713)
FUND SHARE TRANSACTIONS:
Net proceeds from shares sold 1,181,894 1,883,314
Dividends reinvested 0 730,776
Payment for shares redeemed (379,516) (921,415)
------------- ------------
Net increase in net assets from fund share transactions 802,378 1,692,675
------------- ------------
Net increase in net assets 3,889,967 1,890,019
------------- ------------
NET ASSETS:
Beginning of period 11,014,370 9,124,351
------------- -----------
End of period $14,904,337 $11,014,370
============= =============
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
JHAVERI VALUE FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 1997
Note 1. Organization
The Jhaveri Trust (the "Trust") is registered under the Investment Company Act
of 1940, as amended, as a diversified, open-end management Investment Company.
The Trust was established under the laws of Ohio by an Agreement and Declaration
of Trust dated January 18, 1995 (the "Trust Agreement"). The Trust Agreement
permits the Trustees to issue an unlimited number of shares of beneficial
interest of separate series without par value. Shares of one series have been
authorized, which shares constitute the interests in the Jhaveri Value Fund (the
"Fund").
Note 2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.
Security Valuation-Securities which are traded on any exchange or on the NASDAQ
over-the-counter market are valued at the last quoted sale price. Lacking a last
sale price, a security is valued at its last bid price except when, in the
Adviser's opinion, the last bid price does not accurately reflect the current
value of the security. All other securities for which over-the-counter market
quotations are readily available are valued at their last bid price. When market
quotations are not readily available, when the Adviser determines the last bid
price does not accurately reflect the current value or when restricted
securities are being valued, such securities are valued as determined in good
faith by the Adviser, in conformity with guidelines adopted by and subject to
review of the Board of Trustees of the Trust.
Fixed income securities generally are valued by using market quotations, but may
be valued on the basis of prices furnished by a pricing service when the Adviser
believes such prices accurately reflect the fair market value of such
securities. A pricing service utilizes electronic data processing techniques
based on yield spreads relating to securities with similar characteristics to
determine prices for normal institutional-size trading units of debt securities
without regard to sale or bid prices. When prices are not readily available from
a pricing service, or when restricted or illiquid securities are being valued,
securities are valued at fair value as determined in good faith by the Adviser,
subject to review of the Board of Trustees. Short term investments in fixed
income securities with maturities of less than 60 days when acquired, or which
subsequently are within 60 days of maturity, are valued by using the amortized
cost method of valuation, which the Board has determined will represent fair
value.
Federal Income Taxes-The Fund intends to qualify each year as a "Regulated
Investment Company" under the Internal Revenue Code of 1986, as amended. By so
qualifying, the Fund will not be subject to federal income taxes to the extent
that it distributes substantially all of its net investment income and any
realized capital gains.
Dividends and Distributions-The Fund intends to distribute substantially all of
its net investment income as dividends to its shareholders on an annual basis.
The Fund intends to distribute its net long-term capital gains and its net
short-term capital gains at least once a year.
Estimates-The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reported
period. Actual results could differ from those estimates.
Other-The Fund follows industry practice and records security transactions on
the trade date. The specific identification method is used for determining gains
or losses for financial statements and income tax purposes. Dividend income is
recorded on the ex-dividend date and interest income is recorded on an accrued
basis.
Discounts and premiums on securities purchased are amortized over the life of
the respective securities.
<PAGE>
Note 3. Investment Advisory Agreement
The Trust has an investment advisory agreement with Investments Technology, Inc
Ramesh C. Jhaveri and Saumil R. Jhaveri may be deemed to be controlling persons
and affiliates of the Adviser due to their ownership of its shares and their
positions as officers and directors of the Adviser. They, because of such
affiliation, may receive benefits from the management fees paid to the Adviser.
Under the terms of the management agreement, (the "Agreement"), the Adviser
manages the Fund's investments subject to approval of the Board of Trustees and
pays all of the expenses of the Fund except brokerage, taxes, interest, expenses
incurred in connection with the organization and initial registration of its
shares and extraordinary expenses. As compensation for its management services
and agreement to pay the Fund's expenses, the Fund is obligated to pay the
Adviser a fee computed and accrued daily and paid monthly at an annual rate of
2.50% of the average daily net assets of the Fund. The rate of the advisory fees
paid by most investment companies to their investment advisers is lower than the
rate of the advisory fees paid by the Fund. In this regard, it should be noted
that most investment companies pay their own operating expenses directly, while
the Fund's expenses, except those specified above, are paid by the Adviser. For
the six months ended September 30, 1997, the adviser has received a fee of
$163,009 from the Fund.
Note 4. Distributions to Shareholders
On December 13, 1996, a distribution of $0.90 aggregating $731,713 was declared
from net realized gains from investment transactions (including $0.71 applicable
to short-term gains that are taxable to shareholders as ordinary income
dividends) during 1996. The dividend was paid December 14, 1996, to shareholders
of record on December 12, 1996. During the six month ended September 30, 1997 no
income or capital gain distributions where distributed to the shareholders.
Note 5. Capital Share Transactions
As of September 30, 1997 there was an unlimited number of no par value shares of
capital stock authorized for the Fund. Transactions in capital stock were as
follows:
<TABLE>
<S> <C> <C> <C> <C>
For six month
Period ended For the year ended
September 30, 1997 March 31, 1996
------------------------ ------------------------
Shares Amount Shares Amount
Shares sold 91,090 $1,181,894 148,339 $1,883,314
Shares issued in
reinvestment of dividends 0 0 56,737 730,776
Shares redeemed (29,882) (379,516) (70,700) (921,415)
-------- --------- -------- -----------
Net increase 61,208 $802,378 134,376 $1,692,675
======== ========= ======== ===========
Total paid in capital $11,470,893 $10,668,515
============ ============
</TABLE>
Note 6. Investments
For the six months ended September 30, 1997 purchases and sales of investment
securities, other than short-term investments, aggregated $3,119,359 and
$5,144,090 respectively. The gross unrealized appreciation for all securities
totaled $1,835,143 and the gross unrealized depreciation for all securities
totaled $578,648 or a net unrealized depreciation of $256,495. The aggregate
cost of securities for federal income tax purposes at September 30, 1997 was
$13,672,570.
<PAGE>
Note 7. Reclassification of Capital Accounts
The Fund has adopted Statement of Position 93-2, Determination, Disclosure and
Financial Statement Presentation of Income, Capital Gain and Return of Capital
Distributions by Investment Companies. As a result of this statement, the Fund
changed the classification of distributions to shareholders to better disclose
the difference between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, undistributed net
investment loss and undistributed capital gains have been adjusted as of March
31, 1997 in the following amounts. These restatements did not affect net
investment income, net realized gain (loss) or net assets for the six months
ended September 30, 1997.
Undistributed Net Investment Loss Realized Capital Gains
--------------------------------- ----------------------
122,348 (122,348)
<PAGE>
