10046 trace and null bind variables

When a 10046 trace does not have a value clause for a given bind variable, I am assuming it is null. Am I correct?
Thanks,
Ken  

  bind 11: dty=2 mxl=22(21) mal=00 scl=00 pre=00 oacflg=03 oacfl2=206001 size=0 offset=296

    bfp=11063d280 bln=22 avl=00 flg=01
 EXEC #50:c=0,e=489,p=0,cr=0,cu=0,mis=0,r=0,dep=1,og=4,tim=23888497307655

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