==========================================START OF PAGE 1====== SECURITIES AND EXCHANGE COMMISSION 17 CFR PARTS 228, 229, 230 and 259 [Release Nos. 33-7072; 34-34330; 35-26079; IC-20388] RIN: 3235-AC48 Rulemaking for EDGAR System AGENCY: Securities and Exchange Commission. ACTION: Final Rules. SUMMARY: The Securities and Exchange Commission ("Commission") is announcing the implementation of Financial Data Schedules required to be furnished in connection with certain electronic filings processed by the Divisions of Corporation Finance or Investment Management that are submitted on the Electronic Data Gathering, Analysis, and Retrieval ("EDGAR") system. Financial Data Schedules will be required commencing on September 1, 1994. The Commission also is adopting technical and clarifying amendments to the Financial Data Schedule rules. EFFECTIVE DATE: Implementation of Financial Data Schedule requirements will commence with filings made on or after September 1, 1994. The effective date of the rule changes is September 1, 1994. FOR FURTHER INFORMATION CONTACT: For Division of Corporation Finance filings, Barbara C. Jacobs or James R. Budge, Office of Disclosure Policy, at (202) 942-2910, or Sylvia J. Reis, CF EDGAR Policy, at (202) 942-2940. For Division of Investment Management filings, Anthony A. Vertuno, EDGAR IM Project, at (202) 942-0591. For filings under the Public Utility Holding Company Act of 1935, ==========================================START OF PAGE 2====== David Marsh, Office of Public Utility Regulation, at (202) 942- 0558. SUPPLEMENTARY INFORMATION: The Commission is announcing the implementation of Financial Data Schedule requirements and also adopting revisions to Item 601(c)(1)(ii) -[1]- of Regulations S-B -[2]- and S-K, -[3]- and is adding new paragraph (c)(2)(iv) -[4]- thereto. The Commission also is adopting revisions to paragraph (e) of Rule 483 -[5]- and Form U-13-60. -[6]- I. IMPLEMENTATION OF FINANCIAL DATA SCHEDULES IN CONNECTION WITH DIVISION OF CORPORATION FINANCE AND DIVISION OF INVESTMENT MANAGEMENT FILINGS On February 23, 1993, the Commission adopted interim rules to implement mandated electronic filing on the EDGAR system for registrants whose filings are processed by the Divisions of Corporation Finance and Investment Management and for those making filings with respect to such registrants. -[7]- ---------FOOTNOTES---------- -[1]- 17 CFR 228.601(c)(1)(ii) and 17 CFR 229.601(c)(1)(ii). -[2]- 17 CFR Part 228. -[3]- 17 CFR Part 229. -[4]- 17 CFR 228.601(c)(2)(iv) and 17 CFR 229.601(c)(2)(iv). -[5]- 17 CFR 230.483(e). -[6]- 17 CFR 259.313. -[7]- Release Nos. 33-6977 (February 23, 1993) [58 FR 14628] ("Corporation Finance Release"); IC-19284 (February 23, 1993) [58 FR 14848] ("Investment Company Release"); and 35-25746 (February 23, (continued...) ==========================================START OF PAGE 3====== These rules included provisions requiring electronic filers to furnish Financial Data Schedules. A Financial Data Schedule is an exhibit that will contain financial information extracted or derived from financial data within a filing that is marked (or "tagged") to allow electronic manipulation of such information. -[8]- While most provisions of the interim rules became effective on April 26, 1993, the Financial Data Schedule provisions initially were to become effective on November 1, 1993, in order to provide additional time for system programming. However, on September 28, 1993, the Commission's Office of Information Technology announced that Financial Data Schedules would not be accepted by the EDGAR system until sometime in the second quarter of 1994. -[9]- The Commission announces today that the EDGAR system's capacity to accept and process Financial Data Schedules has been fully developed and tested. As a result, Financial Data Schedules will be required to be submitted in connection with filings made on or after September 1, 1994. ---------FOOTNOTES---------- -[7]-(...continued) 1993) [58 FR 14999] ("Public Utility Release"), cumulatively referred to as the "Adopting Releases". -[8]- For a complete discussion of Financial Data Schedules, see Section IV.D of the Corporation Finance Release. See also Section IV.D of the Investment Company Release and Section IV of the Public Utility Release. -[9]- See Release No. 34-32971 (September 28, 1993) [58 FR 51659]. ==========================================START OF PAGE 4====== As discussed more fully in the Adopting Releases, Financial Data Schedules are required to be submitted with electronic filings under the Securities Act of 1933 ("Securities Act") -[10]- and the Securities Exchange Act of 1934 ("Exchange Act")) -[11]- that contain updated financial information (other than through incorporation by reference) and with designated filings under the Investment Company Act of 1940 -[12]- and the Public Utility Holding Company Act of 1935 ("1935 Act"). -[13]- Advance copies of the EDGAR Filer Manual and EDGARLink version 3.5, which support construction of Financial Data Schedules, were made available to the public in April 1994; minor modifications will be made available prior to the mandated implementation date. This distribution scheme was chosen to allow mandated electronic filers ample time to commence test filings in advance of the September 1994 implementation date. -[14]- After Financial Data Schedule requirements are implemented, an electronic filer's failure to furnish a schedule will not prevent acceptance of the filing for which the schedule is ---------FOOTNOTES---------- -[10]- 15 U.S.C. 77a et seq. -[11]- 15 U.S.C. 78a et seq. -[12]- 15 U.S.C. 80a-1 et seq. -[13]- 15 U.S.C. 79a et seq. -[14]- The Commission is adopting the EDGAR Filer Manual for EDGARLink version 3.5 concurrently with this release; the updated Filer Manual also has an effective date of September 1, 1994. See Release No. 33-7073 (July 8, 1994). ==========================================START OF PAGE 5====== required. However, inasmuch as the schedule may be used by the Commission staff, processing of the filing may be delayed pending filing of the schedule. Further, electronic filers that have not filed a required Financial Data Schedule will be ineligible to use Form S-2, -[15]- Form S-3, -[16]- and Form S-8. -[17]- If a filing is made without a required Financial Data Schedule, or if a schedule is submitted with errors and is therefore identified by EDGAR as a "flawed" exhibit, the filer must remedy the omission or flawed schedule by submitting a correctly compiled schedule as an amendment to the original filing. -[18]- II. CLARIFYING AMENDMENTS AND OTHER MATTERS INVOLVING DIVISION OF CORPORATION FINANCE FILINGS A. Rule Changes In the Adopting Releases, the Commission solicited comments or suggestions from interested parties relating to the Financial Data Schedule requirements. In response, the Commission received ---------FOOTNOTES---------- -[15]- 17 CFR 239.12. -[16]- 17 CFR 239.13. -[17]- 17 CFR 239.16b. In addition, accelerated effectiveness will not be available for registration statements that do not contain required Financial Data Schedules. -[18]- If the amendment is solely for the purpose of adding or revising this exhibit, the filing may consist of the cover page, signature page, exhibit index, and the new or revised exhibit. The rest of the filing need not be resubmitted. ==========================================START OF PAGE 6====== three comment letters. -[19]- Filers generally have reacted favorably to the changes made to the proposed Financial Data Schedule requirements now embodied in the adopted rules. However, in response to questions from filers, the Commission is adopting technical and clarifying amendments to Item 601(c) of Regulations S-B and S-K -[20]- to provide registrants with a clearer understanding of the filing requirements relating to Financial Data Schedules. Because the amendments adopted today are merely technical corrections to clarify existing requirements and relate generally to agency procedure or practice, proposal for comment is not required under the Administrative Procedure Act. -[21]- Further, the Commission finds good cause under Section 553(b) of that Act for not publishing the amendments for comment because such publication is unnecessary. The rules being amended were adopted after notice and opportunity for public comment, and no substantive obligations will change as a result of the amendments. The changes are responsive to filer concerns raised with the staff relating to ambiguity in the current language of the rules. Since no public comment is required, it follows that ---------FOOTNOTES---------- -[19]- These letters are available for inspection in the Commission's public reference room, File No. S7-6- 93. -[20]- 17 CFR 228.601(c) and 17 CFR 229.601(c). For purposes of this release, any references to Item 601 of Relation S-K also pertain to Item 601(c) of Regulation S-B. -[21]- 5 U.S.C. 553(b). ==========================================START OF PAGE 7====== this rulemaking is not subject to the requirements of the Regulatory Flexibility Act. -[22]- ---------FOOTNOTES---------- -[22]- 5 U.S.C. 603, 604. ==========================================START OF PAGE 8====== 1. Periods covered in Financial Data Schedule As adopted, Item 601(c) states that subsequent to becoming subject to mandated electronic filing, any electronic filing that includes financial statements of the registrant: for a recent fiscal year or interim year to date period, or both, for which financial statements have not previously been filed, otherwise than by incorporation by reference, shall include as an exhibit a Financial Data Schedule containing information for the updating period or periods (emphasis added). -[23]- Some filers have expressed uncertainty about the meaning of the term "updating period" as it relates to income statements included in quarterly reports on Form 10-Q, asking if the schedule should include information only for the period of the report, that is, one quarter's information, or if cumulative year to date information should be included, or both. -[24]- In the Corporation Finance Release, the Commission explained that information would be required for the interim year to date period (e.g., nine months in the third quarter Form 10-Q). -[25]- Accordingly, the Commission is amending the language of Item 601(c) to clearly state that information is required for the most recent annual or interim year to date periods (or both if ---------FOOTNOTES---------- -[23]- Item 601(c)(1)(ii) of Regulations S-B and S-K. -[24]- A summary of staff telephone conversations on this point is available for inspection in the Commission's public reference room, File No. S7-6- 93. -[25]- See Section IV.D.3 of the Corporation Finance Release. ==========================================START OF PAGE 9====== included in a registration statement to which the schedule relates). -[26]- 2. Representing immaterial or inapplicable values Filers must furnish a value corresponding to each line item required in the various schedules. -[27]- One commenter suggested that a "N/A" (not applicable) designation be allowed in response to a Financial Data Schedule line item where corresponding information was omitted from the underlying financial statements because it was immaterial or inapplicable, as permitted by Regulation S-X. -[28]- Because of system design considerations, an "N/A" designation is not feasible. However, in order to address the issue, the Commission is amending Item 601(c) to provide specifically that if an item is inappropriate or immaterial in the underlying financial statements, a filer must place a "0" (zero) next to the ---------FOOTNOTES---------- -[26]- A Financial Data Schedule furnished with a Securities Act registration statement that includes financial information for both annual and interim periods would include two columns of data -- one column for the annual period, and another for the interim period. -[27]- If a consolidated totals schedule (Schedule CT) is used with two or more partial schedules applicable to disparate industry segments of a single conglomerate corporation, a value is required for each item in the Schedule CT itself. Tags and values for inapplicable or immaterial items in the associated schedules are not required to be included; if, however, tags for such items are included, a value "0" (zero) is required. -[28]- 17 CFR Part 210. ==========================================START OF PAGE 10====== appropriate tag in the Financial Data Schedule. This will inform the EDGAR system that the data entry cannot be used for ratio calculations or other arithmetic functions. 3. No Schedule required with Form 11-K Financial Data Schedules were never intended to be required in connection with reports on Form 11-K, the annual report for employee stock purchase, savings and similar plans, -[29]- and consequently, no affirmative obligation to submit a Schedule was adopted in Regulation S-K, Regulation S-B or the Form itself. In order to make that policy clear, a note has been added to Regulation S-K and S-B exempting filings on Form 11-K from Financial Data Schedule requirements. -[30]- B. Other Matters 1. Schedule to be filed by public utility companies and public utility holding companies in connection with filings processed by the Division of Corporation Finance The adopted rules provide that public utility companies and public utility holding companies (jointly referred to as "public utilities") must use Schedule UT -[31]- in preparing their Financial Data Schedules submitted in connection with Division of ---------FOOTNOTES---------- -[29]- 17 CFR 249.311. -[30]- See new note to paragraph (c)(1)(ii) of Item 601 of Regulation S-B and Regulation S-K. -[31]- Appendix E to Item 601(c). Schedule UT follows the same format for the Financial Data Schedule (OPUR1) required in connection with annual reports filed under the 1935 Act. ==========================================START OF PAGE 11====== Corporation Finance filings. -[32]- One commenter stated that it was unclear when a company is considered a "public utility company" under the Financial Data Schedule rules. The term "public utility company" is defined in the 1935 Act as "an electric utility company or a gas utility company," as those terms are defined in that Act. -[33]- This definition was intended to apply to the provisions in question. The commenter also requested clarification as to whether an option would be available to a public utility company to choose between Schedule UT or the Schedule based on Article 5 of Regulation S-X. -[34]- Generally, public utilities will be required to use Schedule UT in connection with their filings under the Securities Act or the Exchange Act. However, as is true with the presentation of other forms of financial information, in unusual circumstances where a public utility's financial statements simply would be better reflected by the use of a Financial Data Schedule other than Schedule UT, appropriate relief may be granted upon consultation with the staff of the Division of Corporation Finance. 2. Interpretation of items required by Financial Data Schedules ---------FOOTNOTES---------- -[32]- These rules are found at 17 CFR 228.601(c)(3)(v) and 17 CFR 229.601(c)(3)(v). -[33]- See 1935 Act Sections 2(a)(3) and 2(a)(4) for definitions of "electric utility company" and "gas utility company" [15 U.S.C. 79b(a)(3) and (a)(4)]. -[34]- Appendix A to Item 601(c). Article 5 of Regulation S-X is found at 17 CFR 210.5-01 through 210.5-04. ==========================================START OF PAGE 12====== One commenter expressed concerns that the Financial Data Schedule captions are not sufficiently specific to encompass all financial statement reporting components. System constraints necessarily limit the different types of Financial Data Schedule items to a feasible number of generic categories, with each item requiring a response. Although there is an infinite number of possible financial statement reporting variations, the schedule items can capture only broadly defined and frequently occurring account types. Consequently, the flexibility of presentation generally available to registrants in their financial statements is restricted in the context of Financial Data Schedules; filers will not be allowed to customize line items in the schedules by creating new tags or line items. -[35]- Filers must consider the information in underlying financial statements and determine the best fit into the line items on the schedule. Financial Data Schedule line items are not provided for unusual or infrequently occurring account types. Data relating to such items, however, will be reflected in relevant totals included in the Financial Data Schedule. ---------FOOTNOTES---------- -[35]- EDGARLink version 3.5 includes a facility to aid filers in the construction of Financial Data Schedules. Filers will be prompted to insert figures following fixed tag names that correspond to the various schedule items. ==========================================START OF PAGE 13====== III. MATTERS APPLICABLE TO INVESTMENT MANAGEMENT FILERS A. Technical revisions to Rule 483(e) The Commission is amending Rule 483(e) to correct a typographical error in the Investment Company Release and to conform the Financial Data Schedule items to revised form requirements adopted by the Commission and changes in the requirements for preparation of financial statements under generally accepted accounting principles. In addition, the Commission is amending Rule 483(e) to provide specifically that, if an item is inappropriate or immaterial in the underlying financial statements, a filer must place a "0" (zero) next to the appropriate tag in the Financial Data Schedule. -[36]- B. Technical revisions to Form U-13-60 The Commission is amending Form U-13-60 to correct a typographical error in the Public Utility Release. IV. STATUTORY BASIS The amendments to Item 601(c) of Regulations S-B and S-K are promulgated pursuant to Securities Act Sections 6, 7, 8, 10 and 19 and Schedule A; Exchange Act Sections 3, 9, 10, 12, 13, 14, 15, 23 and 35A; 1935 Act Section 20 and Investment Company Act of 1940 Sections 8, 30, 31 and 38. The amendments to Rule 483(e) under the Securities Act are adopted under: Securities Act Sections 2, 6, 7, 8, 10 and 19(a); Exchange Act Sections 3, 12, 13, 14, 15, 23 and 35A; and Investment Company Act Sections 8, ---------FOOTNOTES---------- -[36]- See new paragraph (e)(3)(iii) of Rule 483. See also supra Section II.A.2 of this Release. ==========================================START OF PAGE 14====== 30, 31 and 38. The amendments to 1935 Act Form U-13-60 are being adopted under Sections 5, 6, 7, 10, 12, 13, 14, 17, and 20 of the 1935 Act. List of Subjects in 17 CFR Parts 228, 229, 230 and 259 Holding companies; Investment Companies; Reporting and recordkeeping requirements; Securities. TEXT OF THE AMENDMENTS For the reasons set forth above, Title 17, Chapter II of the Code of Federal Regulations is amended as follows: PART 228 - INTEGRATED DISCLOSURE SYSTEM FOR SMALL BUSINESS ISSUERS 1. The authority citation for Part 228 continues to read as follows: Authority: 15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77k, 77s, 77aa(25), 77aa(26), 77ddd, 77eee, 77ggg, 77hhh, 77jjj, 77nnn, 77sss, 78l, 78m, 78n, 78o, 78w, 78ll, 80a-8, 80a-29, 80a-30, 80a-37, 80b-11, unless otherwise noted. 2. In 228.601, by revising paragraph (c)(1)(ii) and by adding paragraph (c)(2)(iv) to read as follows: 228.601 (Item 601) Exhibits. * * * * * (c) Financial Data Schedule. (1) General. (i) * * * (ii) Any electronic filing that includes financial statements of the registrant for a recent fiscal year or interim year to date period, or both, for which financial statements have ==========================================START OF PAGE 15====== not previously been filed, otherwise than by incorporation by reference, shall include as an exhibit a Financial Data Schedule containing financial information for such fiscal year or interim year to date periods, or both. Note: Financial Data Schedules are not required in connection with annual reports on Form 11-K (249.311 of this chapter), for employee stock purchase, savings and similar plans. * * * * * (2) Format and presentation of Financial Data Schedule. * * * * * (iv) Except as otherwise provided in the EDGAR Filer Manual, a response is required for each item called for in the schedule. If information required by the applicable schedule is not included in the underlying financial data because it is either immaterial or inapplicable to the registrant, the registrant shall use the value "0" (zero) in response to that item. * * * * * PART 229 - STANDARD INSTRUCTIONS FOR FILING FORMS UNDER THE SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND ENERGY POLICY AND CONSERVATION ACT OF 1975 -- REGULATION S-K 3. The authority citation for Part 229 continues to read in part as follows: Authority: 15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77k, 77s, 77aa(25), 77aa(26), 77ddd, 77eee, 77ggg, 77hhh, 77iii, 77jjj, 77nnn, 77sss, 78c, 78i, 78j, 78l, 78m, 78n, 78o, 78w, 78ll(d), 79e, 79n, 79t, 80a-8, 80a-29, 80a-30, 80a-37, 80b-11, unless otherwise noted. ==========================================START OF PAGE 16====== * * * * * 4. In 229.601, by revising paragraphs (c)(1)(ii) and by adding paragraph (c)(2)(iv) to read as follows: 229.601 (Item 601) Exhibits. * * * * * (c) Financial Data Schedule. (1) General. (i) * * * (ii) Any electronic filing that includes financial statements of the registrant for a recent fiscal year or interim year to date period, or both, for which financial statements have not previously been filed, otherwise than by incorporation by reference, shall include as an exhibit a Financial Data Schedule containing financial information for such fiscal year or interim year to date periods, or both. Note: Financial Data Schedules are not required in connection with annual reports on Form 11-K (249.311 of this chapter), for employee stock purchase, savings and similar plans. * * * * * (2) Format and presentation of Financial Data Schedule. * * * * * (iv) Except as otherwise provided in the EDGAR Filer Manual, a response is required for each item called for in the schedule. If information required by the applicable schedule is not included in the underlying financial data because it is either immaterial or inapplicable to the registrant, the registrant shall use the value "0" (zero) in response to that item. ==========================================START OF PAGE 17====== * * * * * PART 230 -- GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933 5. The authority citation for Part 230 continues to read as follows: Authority: 15 U.S.C. 77b, 77f, 77g, 77h, 77j, 77s, 77sss, 78c, 78l, 78m, 78n, 78o, 78w, 78ll(d), 79t, 80a-8, 80a-29, 80a- 30, and 80a-37, unless otherwise noted. 6. In 230.483, by adding paragraph (e)(3)(iii) and by revising paragraph (e)(4) andto read as follows: 230.483 Exhibits for Certain Registration Statements, Financial Data Schedule. * * * * * (e) Financial Data Schedule. * * * * * (3) Format and Presentation of Schedule. * * * * * (iii) Except as otherwise provided in the EDGAR Filer Manual, a response is required for each item called for in the schedule. If information required by the applicable schedule is not included in the underlying financial data because it is either immaterial or inapplicable to the registrant, the registrant shall use the value "0" (zero) in response to that item. * * * * * ==========================================START OF PAGE 18====== (4) Contents of Financial Data Schedule. The Schedule shall set forth the financial information and other data specified below that are applicable to the registrant. Article 6 of Regulation S-X Item Number Item Description 6-03- Investments - cost 6-04-4 Investments 6-04-6 Receivables 6-04-8 Other assets -- Balancing amount to total assets 6-04-9 Total assets 6-04- Accounts payable for securities 6-04-13 Senior long-term debt -- Balancing amount to total liabilities 6-04-14 Total liabilities 6-04-16 Senior equity securities 6-04-16 Paid-in-capital - common shareholders 6-04-16 Number of shares or units - current period 6-04-16 Number of shares or units - prior period 6-04-17(a) Accumulated undistributed net investment income (current year) -- Overdistribution of net investment income 6-04-17(b) Accumulated undistributed net realized gains (losses) -- Overdistribution of realized gains 6-04-17(c) Accumulated net unrealized appreciation (depreciation) 6-04-19 Net assets 6-07-1(a) Dividend income 6-07-1(b) Interest income 6-07-1(c) Other income 6-07-2 Expenses - net 6-07-6 Net investment income (loss) 6-07-7(a) Realized gains (losses) on investments 6-07-7(d) Net increase (decrease) in appreciation (depreciation) 6-07-9 Net increase (decrease) in net assets resulting from operations 6-09-2 Net equalization charges and credits 6-09-3(a) Distributions from net investment income 6-09-3(b) Distributions from realized gains ==========================================START OF PAGE 19====== 6-09-3(c) Distributions from other sources 6-09-4(b) Number of shares sold 6-09-4(b) Number of shares redeemed 6-09-4(b) Number of shares issued - reinvestment 6-09-5 Total increase (decrease) 6-09-7 Accumulated undistributed net investment income (prior year) 6-04-17(b) Accumulated undistributed net realized gains (prior year) -- Overdistribution of net investment income (prior year) -- Overdistribution of net realized gains (prior year) Form N-SAR Item Number Item Description 72F Gross advisory fees 72P Interest Expense 72X Total expenses (gross) 75 Average net assets Form N-1A Item Number Item Description 3(a) Net asset value per share - beginning of period 3(a) Net investment income (loss) per share 3(a) Net realized and unrealized gain (loss) per share 3(a) Dividends per share from net investment income 3(a) Distributions per share from realized gains 3(a) Per share returns of capital and distributions from other sources 3(a) Net asset value per share - end of period 3(a) Ratio of expenses to average net assets 3(b) Average debt outstanding during period 3(b) Average debt outstanding per share PART 259 -- FORMS PRESCRIBED UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 ==========================================START OF PAGE 20====== 7. The authority citation for Part 259 continues to read as follows: Authority: 15 U.S.C 79e, 79f, 79g, 79j, 79l, 79m, 79n, 79q, 79t. Note -- The text of the following form and the amendment will not appear in the Code of Federal Regulations. 8. In Form U-13-60 (referenced in 259.313), by revising the Item numbers and caption headings in Schedule XIX to read as follows: Instructions and Form FORM U-13-60 ANNUAL REPORT FOR MUTUAL AND SUBSIDIARY SERVICE COMPANIES * * * * * Schedule XIX. Financial Data Schedule * * * * * Item No. Caption Heading 1 Net Service Company Property 2 Total Investments 3 Total Current and Accrued Assets 4 Total Deferred Debits 5 Balancing Amount For Total Assets and Other Debits 6 Total Assets and Other Debits 7 Total Proprietary Capital 8 Total Long-Term Debt 9 Notes Payable 10 Notes Payable to Associate Companies 11 Balancing Amount For Total Current and Accrued Liabilities 12 Total Deferred Credits 13 Accumulated Deferred Income Taxes 14 Total Liabilities and Proprietary Capital 15 Services Rendered to Associate Companies 16 Services Rendered to Nonassociate Companies 17 Miscellaneous Income or Loss 18 Total Income 19 Salaries and Wages 20 Employee Pensions and Benefits 21 Balancing Amount For Total Expenses ==========================================START OF PAGE 21====== 22 Total Expenses 23 Net Income (Loss) 24 Total Expenses (Direct Costs) 25 Total Expenses (Indirect Costs) 26 Total Expenses (Total) 27 Number Of Personnel End Of Year * * * * * By the Commission. Jonathan G. Katz Secretary Dated: July 8, 1994