UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

[X]      Quarterly Report pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934

         For the quarterly period ended June 30, 2003

[ ]      Transition Report pursuant to 13 or 15(d) of the Securities Exchange
         Act of 1934 For the transition period                 to
                                              ----------------  ----------------


                         Commission File Number 0-12993
                                                -------

                                TELS CORPORATION
               --------------------------------------------------
        (Exact name of small Business Issuer as specified in its charter)

         Utah                                             87-0373840
-------------------------------               ---------------------------------
(State or other jurisdiction of               (IRS Employer Identification No.)
incorporation or organization)


2459 Washington Drive, Suite 104
Eagan, MN                                                 55121
----------------------------------------                ----------
(Address of principal executive offices)                (Zip Code)

Issuer's telephone number, including area code:         (651) 681-8408

                                 Former Address:
                       1750 Yankee Doodle Road, Suite 202
                                 Eagan, MN 55121

      --------------------------------------------------------------------
             (Former name, former address and former fiscal period,
                         if changed since last report)

Check  whether the issuer (1) 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 issuer was  required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days [X] Yes [ ] No

State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest  practicable date:  22,692,952 shares of $0.02 par value
common stock outstanding as of June 30, 2003.


                                        1

<PAGE>

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Balance Sheet as of June 30, 2003 (unaudited)

Consolidated Statement of Operations for the Three and Nine Months ended June
30, 2003 and 2002 (unaudited)

Consolidated Statement of Cash Flows for the Nine Months Ended June 30, 2003 and
June 2002 (unaudited)

Notes to Consolidated Financial Statements June 30, 2003 (unaudited)

                                       2
<PAGE>
                                               TELS CORPORATION AND SUBSIDIARY
                                                      Consolidated Balance Sheet

                                                      June 30, 2003, (Unaudited)
--------------------------------------------------------------------------------

        Assets
        ------

Current assets:
  Cash and cash equivalents                                         $       547
  Commissions receivable                                                 29,873
  Receivable from employees                                              13,975
  Other current assets                                                    2,217
                                                                    ------------

        Total current assets                                             46,612

Computer equipment, net of accumulated depreciation                         331
                                                                    ------------

        Total assets                                                $    46,943
                                                                    ------------

--------------------------------------------------------------------------------

        Liabilities and Stockholders' Deficit
        -------------------------------------

Current liabilities:
  Accounts payable                                                  $    28,505
  Accrued liabilities                                                    36,334
  Related party payable                                                   7,000
                                                                    ------------

        Total current liabilities                                        71,839
                                                                    ------------

Commitments and contingencies                                                 -

Stockholders' deficit:
Series A convertible preferred stock, $1 par value; authorized
  10,000,000 shares, issued and outstanding 0 shares
  (aggregate liguidation preference of $0)                                    -
Common stock, $.02 par value; authorized 50,000,000 shares,
  22,692,952 shares issued and outstanding                              453,859
Accumulated deficit                                                    (478,755)
                                                                    ------------

        Total stockholders' deficit                                     (24,896)
                                                                    ------------

                                                                    $    46,943
                                                                    ------------



--------------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.                   3


<PAGE>
<TABLE>
<CAPTION>
                                                                             TELS CORPORATION AND SUBSIDIARY
                                                                        Consolidated Statement of Operations

------------------------------------------------------------------------------------------------------------

                                                    Three Months Ended               Nine Months Ended
                                                        June 30,                        June 30,
                                               -------------------------------------------------------------
                                                    2003           2002           2003            2002
                                               -------------------------------------------------------------
<S>                                            <C>              <C>            <C>             <C>
Commissions earned                             $      142,154   $    106,901   $     595,164   $     187,703
                                               -------------------------------------------------------------

Operating expenses:
  Commissions and fees expense                         71,436         28,223         298,207          71,213
  General and administrative expenses                  84,896         29,203         265,195          72,202
  Related party management fee expense                 20,881         17,260          79,758          41,260
                                               -------------------------------------------------------------

        Total                                         177,213         74,686         643,160         184,675
                                               -------------------------------------------------------------

        Income (loss) before provision
        for income taxes                              (35,059)        32,215         (47,996)          3,028

Provision for income taxes                                  -         10,000               -             800
                                               -------------------------------------------------------------

        Net income (loss)                      $      (35,059)  $     22,215   $     (47,996)  $       2,228
                                               -------------------------------------------------------------

Income (loss) per share - basic and diluted    $            -   $          -   $           -   $           -
                                               -------------------------------------------------------------

Weighted average shares:
Basic                                              22,693,000     18,500,000      22,693,000      18,500,000
                                               -------------------------------------------------------------

Diluted                                            22,693,000     18,500,000      22,693,000      18,500,000
                                               -------------------------------------------------------------


------------------------------------------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.                                               4
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                                             TELS CORPORATION AND SUBSIDIARY
                                                                        Consolidated Statement of Cash Flows

------------------------------------------------------------------------------------------------------------



                                                                                   Nine Months Ended
                                                                                         June 30
                                                                           ---------------------------------
                                                                                 2003            2002
                                                                           ---------------------------------
<S>                                                                        <C>               <C>
Cash flows from operating activities:
  Net income (loss)                                                        $      (47,996)   $         2,228
  Adjustments to reconcile net income (loss) to net cash
    (used in) provided by operating activities:
     Depreciation                                                                     142                237
     (Increase) decrease in:
        Commissions receivable                                                     38,796            (17,384)
        Receivable from employees                                                  43,349             (3,000)
        Related party receivable                                                   31,776            (11,676)
        Other assets                                                               (2,217)            (5,000)
     (Decrease) increase in:
        Accounts payable                                                          (29,851)            22,799
        Accrued liabilities                                                       (40,620)            20,447
        Related party payable                                                      (3,380)            (8,043)
                                                                           ---------------------------------

             Net cash (used in) provided by operating activities                  (10,001)               608
                                                                           ---------------------------------

Cash flows from investing activities -                                                  -                  -
                                                                           ---------------------------------

Cash flows from financing activities-                                                   -                  -
                                                                           ---------------------------------

            Net change in cash and cash equivalents                               (10,001)               608

Cash and cash equivalents at beginning of period                                   10,548                248
                                                                           ---------------------------------

Cash and cash equivalents at end of period                                 $          547    $           856
                                                                           ---------------------------------

Supplemental disclosure of cash flow information:
Cash paid during the period for:
     Interest                                                              $            -    $             -
                                                                           ---------------------------------

     Income taxes                                                          $            -    $             -
                                                                           ---------------------------------

------------------------------------------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.                                               5
</TABLE>
<PAGE>



                                                 TELS CORPORATION AND SUBSIDIARY
                                      Notes to Consolidated Financial Statements

                                                                   June 30, 2003
--------------------------------------------------------------------------------


1.   Organization       Organization
     and                TELS  Corporation  ("TELS") was  incorporated  under the
     Significant        laws of the State of Utah in  February  1981.  Effective
     Accounting         July 27, 2001, TELS  transferred its  telecommunications
     Policies           and call accounting  operations to certain  shareholders
                        of TELS in exchange  for their  assumption  of TELS' net
                        liabilities.  As a result  of TELS'  disposition  of its
                        operating activities, TELS ceased its revenue generating
                        activities and became a development stage company.

                        The  Company  was  a  development  stage  company  until
                        September  12,  2002,  when  it  acquired  100%  of  the
                        outstanding   common  stock  of  Strategic  Futures  and
                        Options,   Inc.   ("Strategic").   The  transaction  was
                        accounted for as a reverse acquisition,  therefore,  the
                        historical results presented in the financial statements
                        for  2002  are  those  of  Strategic,   the   accounting
                        acquirer,   through  September  12,  2002,  after  which
                        historical results represent the combined entity.

                        Strategic was  organized  under the laws of the State of
                        Minnesota  on  January  22,  2001.  Strategic's  primary
                        business   operation   includes   introducing   customer
                        securities  and  commodities  transactions  to  clearing
                        brokers.

2.   Basis of           The  Company's   accompanying   unaudited   consolidated
     Presentation       condensed  financial  statements  have been  prepared in
                        accordance with accounting principles generally accepted
                        in the United  States of America for  interim  financial
                        information and the instructions to Form 10-QSB and Item
                        310 of  Regulation  SB of the  Securities  and  Exchange
                        Commission (the "SEC"). Accordingly,  these consolidated
                        condensed financial statements do not include all of the
                        disclosures required by accounting  principles generally
                        accepted  in  the  United  States  of  America.  In  the
                        Company's opinion, all adjustments (consisting of normal
                        and recurring  adjustments)  considered  necessary for a
                        fair presentation have been included.  Operating results
                        for the three and nine  months  ended June 30,  2003 are
                        not  necessarily  indicative  of the results that may be
                        expected  for the year ended  September  30,  2003.  The
                        accompanying consolidated condensed financial statements
                        and the notes thereto should be read in conjunction with
                        the Company's audited consolidated  financial statements
                        as  of  and  for  the  year  ended  September  30,  2002
                        contained in the Company's Form 10-KSB.


--------------------------------------------------------------------------------
                                                                               6
<PAGE>


                                                 TELS CORPORATION AND SUBSIDIARY
                                      Notes to Consolidated Financial Statements
                                                                       Continued

--------------------------------------------------------------------------------


3.   Basis of           Stock-Based Compensation
     Presentation       The   Company   accounts   for   stock-based    employee
                        compensation using the intrinsic-value method prescribed
                        by APB Opinion No. 25,  Accounting  for Stock  Issued to
                        Employees, and related interpretations. The Company also
                        presents  pro forma  earnings  and earnings per share in
                        its  consolidated  financial  statements  as required by
                        SFAS No. 123,  Accounting for Stock-Based  Compensation.
                        No stock-based  employee  compensation cost is reflected
                        in net  income  (loss),  as all  options  vested  had an
                        exercise   price  equal  to  the  market  value  of  the
                        underlying common stock on the date of grant. No options
                        were issued or vested  during the periods ended June 30,
                        2003 and 2002,  therefore,  there  would be no effect on
                        net income and  earnings  per share if the  company  had
                        applied the fair value  recognition  provisions  of FASB
                        Statement No. 123 to stock-based employee compensation.

                        Stock options and warrants granted to non-employees  for
                        services are accounted  for in accordance  with SFAS 123
                        which  requires  expense  recognition  based on the fair
                        value  of  the  options/warrants  granted.  The  Company
                        calculates  the  fair  value  of  options  and  warrants
                        granted using the Black-Scholes pricing model.

4.   Earnings Per       The  computation  of basic  earnings per common share is
     Common             based  on  the   weighted   average   number  of  shares
     Share              outstanding during the period.

                        The computation of diluted  earnings per common share is
                        based  on  the   weighted   average   number  of  shares
                        outstanding  during the  period,  plus the common  stock
                        equivalents  that would arise from the exercise of stock
                        options outstanding, using the treasury stock method and
                        the average  market  price per share  during the period.
                        Options to purchase  31,500 and 131,500 shares of common
                        stock at $.13 to $.60 per share were outstanding at June
                        30, 2003 and 2002,  respectively,  but were not included
                        in the  2003  diluted  earnings  per  share  calculation
                        because the effect would have been antidilutive.

--------------------------------------------------------------------------------
                                                                               7
<PAGE>


                                                 TELS CORPORATION AND SUBSIDIARY
                                      Notes to Consolidated Financial Statements
                                                                       Continued

--------------------------------------------------------------------------------


5.   Related Party      A company  related  through  common  ownership  provides
     Transactions       certain administrative services to the Company under the
                        terms of a management  agreement  dated July 1, 2002 and
                        subsequently  amended on September 15, 2002 and March 3,
                        2003.  There  was  no  written   agreement  between  the
                        companies for the period ended June 30, 2002.  The total
                        management  fee  expense was $20,881 and $17,260 for the
                        three months ended June 30, 2003 and 2002, respectively.
                        Total management fee expense was $79,758 and $41,260 for
                        the nine  months  ended  June 30,  2003  and  2002.  The
                        related party payable from the management fee was $7,000
                        at June 30, 2003.

6.   Subsequent         In  January  2004,  the  Company  entered  into a  Share
     Events             Exchange  Agreement  to  acquire  all of the  issued and
                        outstanding  shares  of  common  stock  of both  Pathway
                        Advisors, Inc. and Hampton and Hampton, P.A. The Company
                        issued  a total  of 6  million  shares  of  unregistered
                        common stock to acquire these entities. This transaction
                        was reported on Form 8-K filed February 5, 2004.

                        The  Company  completed  a  Private  Placement  under  a
                        Private  Placement  Memorandum  dated November 26, 2003.
                        The  Company  issued  2,000,000  shares of  unregistered
                        common  stock in exchange  for  $300,000.  Each share of
                        stock had one warrant attached that allows the holder to
                        purchase one share of common stock.

                        The Company  opened a Private  Placement  Memorandum  on
                        January  28,  2004  under  which  it  intends  to  raise
                        $3,000,000  by offering  300,000  units  consisting of a
                        convertible debt instrument, ten shares of common stock,
                        and ten common  stock  purchase  warrants.  The offering
                        will  remain  open  until  the  earlier  of the  sale of
                        300,000 units or April 30, 2004.




--------------------------------------------------------------------------------
                                                                               8
<PAGE>

Item 2.  Management's Discussion and Analysis or Plan of Operations

FORWARD LOOKING STATEMENTS

The information in this discussion  contains  forward-looking  statements within
the  meaning of Section  27A of the  Securities  Act of 1933,  as  amended,  and
Section  21E  of  the  Securities  Exchange  Act  of  1934,  as  amended.  These
forward-looking statements involve risks and uncertainties, including statements
regarding the Company's capital needs,  business strategy and expectations.  Any
statements  contained  herein that are not statements of historical facts may be
deemed  to be  forward-looking  statements.  In some  cases,  you  can  identify
forward-looking  statements  by  terminology  such as "may",  "will",  "should",
"expect",  "plan",  "Intend",  "anticipate",  "believe",  estimate",  "predict",
"potential"  or  "continue",  the  negative  of such  terms or other  comparable
terminology.  Actual  events or  results  may  differ  materially.  The  Company
disclaims any obligation to publicly  update these  statements,  or disclose any
difference  between its actual results and those reflected in these  statements.
The information  constitutes  forward- looking  statements within the meaning of
the Private Securities Litigation Reform Act of 1995.

PLAN OF OPERATIONS

For the  period  ended June 30,  2003,  our focus was the  continued  growth and
expansion of Strategic Futures and Options, Inc ("Strategic").  We acquired 100%
of the issued and  outstanding  shares of common stock of Strategic on September
12, 2002.

Strategic  is a  registered  introducing  broker  with the  Commodities  Futures
Trading  Commission  ("CFC") and a member of the National  Futures  Association.
Strategic's primary business operation includes  introducing customer securities
and  commodities  transactions  to Refco LLC on behalf  of its  clients  through
brokers  employed by the Company.  Our revenues  consist  primarily of brokerage
commissions. Brokerage commissions are generated through customer trades.

The commodities market, like the securities industry,  is subject to significant
fluctuations  and  valuations.  Greater  (or lesser)  demand for the  underlying
commodity sparks market volatility. Weather conditions,  political unrest, wars,
interest rates as well as the overall perception of the economy's well being all
play a role in the  pricing of the  commodities  and the  underlying  contracts.
Trading volume in futures and options commodities such as grains, gold and other
commodities have reached historical highs.  Management believes that this growth
has been spurred in part by the Federal  Reserve's  ability to maintain interest
rates  at a  historically  low  level.  As  long  as  current  trends  continue,
management expects trading in the commodities  industry to continue to increase.
To the  extent  that  market  conditions  change,  commodities  traders  and the
Company can still generate revenues from holding short positions.

                                        9
<PAGE>

SUBSEQUENT EVENTS

In order to become a broader diversified  financial  institution in January 2004
we acquired  all of the issued and  outstanding  shares of common  stock of both
Pathway  Advisors,  Inc. and Hampton & Hampton,  P.A.,  Inc. in exchange for the
issuance of a total of 6 million shares of our common stock.

Pathway Advisors,  Inc. ("Pathway") is focused on introducing investment banking
relationships to prospective clients,  identifying,  structuring,  brokering and
financing various investment opportunities for its clients. Fees are received in
the  form of  equity  participation  and fees for  services  rendered.  Heath H.
Hampton serves as president of Pathway. Pathway is located in Topeka, Kansas.

Hampton & Hampton P.A., Inc. ("Hampton") is a multi-service accounting firm with
five branch offices  located in the State of Kansas  specializing  in individual
and business tax return preparation, tax planning strategies, and accounting for
small business owners; also planning for retirement, social security, future tax
due and estate  taxes.  Its  founder  is Von B.  Hampton,  the  brother of Heath
Hampton.

RESULTS OF OPERATIONS

During the three and nine months  ended June 30, 2003 we  generated  revenues of
$142,154 and  $595,164.  This  compares to revenues of $106,901 and $187,703 for
the comparable period in 2002.  Management attributes this significant growth in
revenues to having additional brokers in its offices and increasing awareness of
Strategic at its Minnesota offices.

With this  significant  growth,  we incurred  greater  than  expected  operating
expenses. Commissions and fees for the three and nine months ended June 30, 2003
were  $71,436  and  $298,207  as  compared  to $28,223  and  $71,213  during the
comparable  2002  periods.  The  increase in brokerage  commissions  is directly
attributable to our increase in commission  income.  Our commission expense as a
percentage of revenues will vary from quarter to quarter depending upon the type
of trades placed.  Our brokers  receive  either a straight  commission or a draw
against  future  commissions.  In addition,  we may prepay some option  position
commissions.

General and administrative expenses increased more than anticipated,  increasing
from  $29,203 to $84,896 for the three  months  ended June 30, 2002 and 2003 and
increasing  from $72,202 to $265,195 for the nine months ended June 30, 2002 and
2003, respectively.

The significant increase in general and administrative expenses is primarily due
to increased  salaries,  a loss of approximately  $20,000 on our trading account
and  an  increase  in  our  miscellaneous   expenses  a  portion  of  which  are
attributable to increased costs  associated with compliance  matters as a public
company which were not a factor in Strategic's earlier operations.  The increase
in our  general  and  administrative  expenses  was the  primary  reason for our
incurring a net loss of $35,059 and $47,996 for the three and nine months  ended
June 30, 2003 as  compared to a profit of $22,215 and $2,228 for the  comparable
periods in 2002.

                                       10
<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

Our  total  current  assets as of June 30,  2003 were  $46,612  as  compared  to
$168,317 as of  September  30,  2002.  The  significant  decrease in our current
assets is attributable to a reduction in commissions  receivable from $68,669 to
$29,873 and a reduction in employee receivables from $57,324 to $13,975.

We used our current  assets to reduce our current  liabilities  from $145,690 to
$71,839. However, due to our net losses,  stockholders' equity has declined from
$23,100 as of September 30, 2002 to a deficit of $24,896 as of June 30, 2003.

Strategic  had positive  working  capital at September  30, 2002 and is now in a
working capital deficit position.  Management's  decision to expand  Strategic's
operations has depleted its capital resources. Expenses incurred, especially for
salaries and capital  additions was not met with offsetting  revenues.  However,
with the acquisition of both Pathway and Hampton,  management  believes that the
Company will be able to meet its operating needs and increase revenues, although
there can be no assurance  that  revenues will increase or that revenues will be
sufficient to meet our operating needs.

During the first fiscal quarter of 2004, we raised a total of $300,000  pursuant
to a unit  offering  consisting  of  common  stock  and  common  stock  purchase
warrants.  We  intend  to raise an  additional  $3  million  by  offering  units
consisting of a convertible debt instrument, ten shares of common stock, and ten
common stock  purchase  warrants.  The Company may also require other sources of
funding.  Right  now,  we do not have any third  party  commitments  to fund our
operations  and there can be no assurance that we will be able to secure funding
in the future.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

Our  planned  operations  is  dependent  upon our  ability to secure  additional
financing.  Changes in interest  rates may make the cost of securing  additional
financing  beyond our reach. As a result,  we may not be able to fully implement
our business plan. We may also secure  additional  funding through the sale of a
combination of debt and equity. Changes in the financial markets, changes in the
price of our common stock or any type of  regulatory  sanctions may make it very
difficult  for  us  to  secure  additional  funding  through  the  sale  of  our
securities.

We  compete in a highly  competitive  market.  The  brokerage  industry  and the
financial markets are highly  competitive and fragmented.  Our success will also
be dependent upon general economic  conditions and the ability to accomplish our
goals, of which there can be no assurance.

ITEM 4. CONTROLS AND PROCEDURES.

As  required  by Rule  13a-15  under the  Securities  Exchange  Act of 1934 (the
"Exchange Act"), we carried out an evaluation of the effectiveness of the design
and  operation of our  disclosure  controls and  procedures as of the end of the
filing period covered by this report.  This evaluation was carried out under the
supervision  and with the  participation  of our President  and Chief  Executive
Officer,  Mr. Ron Wolfbauer.  Based upon that evaluation,  it was concluded that
our  disclosure  controls  and  procedures  are  effective  in  timely  alerting
management to material information relating to us required to be included in our
periodic SEC  filings.  There have been no  significant  changes in our internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date we carried out the evaluation.

                                       11
<PAGE>

Disclosure  controls and procedures are controls and other  procedures  that are
designed to ensure that  information  required  to be  disclosed  in our reports
filed or submitted under the Exchange Act is recorded, processed, summarized and
reported,  within the time  periods  specified  in the  Securities  and Exchange
Commission's  rules and  forms.  Disclosure  controls  and  procedures  include,
without limitation,  controls and procedures designed to ensure that information
required  to be  disclosed  in our  reports  filed  under  the  Exchange  Act is
accumulated  and  communicated  to  Mr.  Wolfbauer  to  allow  timely  decisions
regarding required disclosure.

CHANGE IN INTERNAL CONTROLS.  There were no significant changes in the Company's
internal  controls or in other  factors  that could  significantly  affect those
controls since the most recent evaluation of such controls.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are not currently involved in any legal proceedings.

ITEM 2. CHANGE IN SECURITIES

During the  quarter  ended  June 30,  2003 we did not issue any shares of common
stock.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were  submitted to our security  holders for a vote during the fiscal
quarter ended June 30, 2003.

ITEM 5. OTHER INFORMATION

Not Applicable

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

      Exhibit
      Number                     Description of Exhibit

31.1        Certification  of President and Chief Executive  Officer pursuant to
            18 U.S.C.  Section  1350 as adopted  pursuant  to Section 302 of the
            Sarbanes-Oxley Act of 2002


32.2        Certification  of President and Chief Executive  Officer pursuant to
            18 U.S.C.  Section 1350,  as adopted  pursuant to Section 906 of the
            Sarbanes-Oxley Act of 2002

                                       12
<PAGE>

(b) No reports on Form 8-k were filed during the period ended June 30, 2003


                                   SIGNATURES

In accordance  with Section 13 or 15(d) of the Securities  Exchange Act of 1934,
the Registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.


                                        Tels Corporation
                                         (Registrant)

                                        By: /s/ Ron Wolfbauer, Jr.
Date: April 22, 2004                       ------------------------


In accordance  with the  Securities  Exchange Act of 1934,  this report has been
signed by the following  persons on behalf of the  Registrant in the  capacities
and on the dates indicated.


Signatures                                       Title
----------

/S/ Ron Wolfbauer, Jr.                           President/Chief Executive
Ron Wolfbauer, Jr.                               Officer/Director


                                       13