(S (S (BASENP (DT Some) (NNS analysts)) (VP (VBP note) (SBAR (IN that) (S (BASENP (NNP Serbia) (CC and) (NNP Montenegro)) (VP (VP (VBZ has) (RB not)) (VP (VP (VBN functioned) (PP (IN as) (BASENP (NN one) (NN state)))) (PP (IN since) (NP (BASENP (DT the) (NNP Belgrade) (NN agreement)) (COMMA ,) (VP (VBN signed) (ADVP (BASENP (NN three) (NNS years)) (RB ago))))))))))) (PERIOD .))