<PAGE>
<TABLE>
<CAPTION>
MORGAN STANLEY
STRATEGIC ADVISER FUND, INC.
- -------------------------------------------------------------------------------
STRATEGIC ADVISER CONSERVATIVE PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1997
- -------------------------------------------------------------------------------
VALUE
SHARES (000)
- -----------------------------------------------------------------------------
<S> <C>
INVESTMENTS (96.8%)
10,460 MAS High Yield Portfolio $ 100
67,764 MAS Limited Duration Portfolio 700
4,132 MSIF Equity Growth Portfolio 70
12,609 MSIF U.S. Equity Plus Portfolio 130
---------------------
TOTAL INVESTMENTS (96.8%) (COST $1,000) 1,000
---------------------
OTHER ASSETS AND LIABILITIES-NET (3.2%) 33
---------------------
NET ASSETS (100%) $1,033
---------------------
---------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
MORGAN STANLEY
STRATEGIC ADVISER FUND, INC.
- -------------------------------------------------------------------------------
STRATEGIC ADVISER MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1997
- -------------------------------------------------------------------------------
VALUE
SHARES (000)
- --------------------------------------------------------------------------------
<S> <C>
INVESTMENTS (96.8%)
38,873 MAS Intermediate Duration Portfolio $ 400
10,460 MAS High Yield Portfolio 100
5,587 MAS Value Portfolio 100
5,903 MSIF Equity Growth Portfolio 100
13,799 MSIF International Magnum Portfolio 150
14,549 MSIF U.S. Equity Plus Portfolio 150
---------------------
TOTAL INVESTMENTS (96.8%) (COST $1,000) 1,000
---------------------
OTHER ASSETS AND LIABILITIES-NET (3.2%) 33
---------------------
NET ASSETS (100%) $1,033
---------------------
---------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
MORGAN STANLEY
STRATEGIC ADVISER FUND, INC.
- -------------------------------------------------------------------------------
STRATEGIC ADVISER AGGRESSIVE PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1997
VALUE
SHARES (000)
- --------------------------------------------------------------------------------
<S> <C>
INVESTMENTS (96.8%)
5,423 MAS Mid Cap Growth Portfolio $ 100
12,584 MAS Fixed-Income Portfolio 150
8,380 MAS Value Portfolio 150
7,716 MSIF Emerging Markets Portfolio 100
8,855 MSIF Equity Growth Portfolio 150
22,999 MSIF International Magnum Portfolio 250
9,699 MSIF U.S. Equity Plus Portfolio 100
---------------------
TOTAL INVESTMENTS (96.8%) (COST $1,000) 1,000
---------------------
OTHER ASSETS AND LIABILITIES-NET (3.2%) 33
---------------------
NET ASSETS (100%) $1,033
---------------------
---------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
MORGAN STANLEY
STRATEGIC ADVISER FUND, INC.
- -------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
- -------------------------------------------------------------------------------------------------------------------------------
STRATEGIC STRATEGIC STRATEGIC
ADVISER ADVISER ADVISER
CONSERVATIVE MODERATE AGGRESSIVE
PORTFOLIO PORTFOLIO PORTFOLIO
(000) (000) (000)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments, at cost and value $ 1,000 $1,000 $1,000
Cash 1,033 1,033 1,033
Receivable from Investment Adviser 5 5 5
Deferred Organization Costs 66 66 66
--------- -------- --------
TOTAL ASSETS 2,104 2,104 2,104
--------- -------- --------
LIABILITIES
Payable for Investments Purchased (1,000) (1,000) (1,000)
Professional Fees Payable (3) (3) (3)
Shareholder Reporting Fees Payable (2) (2) (2)
Organization Costs and Other Payables (66) (66) (66)
--------- -------- --------
TOTAL LIABILITIES (1,071) (1,071) (1,071)
--------- -------- --------
NET ASSETS $1,033 $1,033 $1,033
--------- -------- --------
--------- -------- --------
NET ASSETS CONSIST OF:
Paid in Capital $1,033 $1,033 $1,033
--------- -------- --------
--------- -------- --------
CLASS A:
NET ASSETS $517 $517 $517
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
Applicable to 51,667 outstanding $0.001 par value shares
of each Portfolio (authorized 1,500,000,000 shares each) $10.00 $10.00 $10.00
--------- -------- --------
--------- -------- --------
CLASS B:
NET ASSETS $516 $516 $516
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
Applicable to 51,666 outstanding $0.001 par value shares
of each Portfolio (authorized 1,500,000,000 shares each) $10.00 $10.00 $10.00
--------- -------- --------
--------- -------- --------
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
MORGAN STANLEY
STRATEGIC ADVISER FUND, INC.
- -------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE ONE DAY ENDED DECEMBER 31, 1997*
- -------------------------------------------------------------------------------------------------------------------------------
STRATEGIC STRATEGIC STRATEGIC
ADVISER ADVISER ADVISER
CONSERVATIVE MODERATE AGGRESSIVE
PORTFOLIO PORTFOLIO PORTFOLIO
(000) (000) (000)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
EXPENSES:
Shareholder Reports 2 2 2
Other Expenses 3 3 3
Expenses Reimbursed by Adviser (5) (5) (5)
--------- -------- --------
Total Expenses 0 0 0
--------- -------- --------
NET INVESTMENT INCOME** 0 0 0
--------- -------- --------
Net Increase in Net Assets Resulting from Operations $ 0 $ 0 $ 0
--------- -------- --------
--------- -------- --------
- ------------------------------------------------
* - Commencement of operations
** - The Portfolios earned no income from the underlying Funds
on December 31, 1997 as the purchases were effective at the
close of business on that day.
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
MORGAN STANLEY
STRATEGIC ADVISER FUND, INC.
- -------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- -------------------------------------------------------------------------------------------------------------------------------
STRATEGIC STRATEGIC STRATEGIC
ADVISER ADVISER ADVISER
CONSERVATIVE MODERATE AGGRESSIVE
PORTFOLIO PORTFOLIO PORTFOLIO
-----------------------------------------------
ONE DAY ONE DAY ONE DAY
ENDED ENDED ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1997* 1997* 1997*
(000) (000) (000)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INCREASE IN NET ASSETS
OPERATIONS:
- -------------------------------------------------------------------------------------------------------------------------------
Net Investment Income - - -
- -------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:(1)
CLASS A:
Subscribed 517 517 517
CLASS B:
Subscribed 516 516 516
- -------------------------------------------------------------------------------------------------------------------------------
Net Increase in Capital Share Transactions 1,033 1,033 1,033
- -------------------------------------------------------------------------------------------------------------------------------
Total Increase in Net Assets 1,033 1,033 1,033
NET ASSETS:
Beginning of Period - - -
- -------------------------------------------------------------------------------------------------------------------------------
End of Period $1,033 $1,033 $1,033
- -------------------------------------------------------------------------------------------------------------------------------
(1) CAPITAL SHARE TRANSACTIONS:
- -------------------------------------------------------------------------------------------------------------------------------
CLASS A:
Shares Subscribed 52 52 52
- -------------------------------------------------------------------------------------------------------------------------------
Net Increase in Class A Shares Outstanding 52 52 52
CLASS B:
Shares Subscribed 52 52 52
- -------------------------------------------------------------------------------------------------------------------------------
Net Increase in Class B Shares Outstanding 52 52 52
- -------------------------------------------------------------------------------------------------------------------------------
* Commencement of operations.
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
MORGAN STANLEY
STRATEGIC ADVISER FUND, INC.
- -----------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
SELECTED PER SHARE DATA AND RATIOS:
- -----------------------------------------------------------------------------------------------------------
STRATEGIC ADVISER CONSERVATIVE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------
CLASS A
------------------
ONE DAY
ENDED
DECEMBER 31, 1997*
- -----------------------------------------------------------------------------------------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
------------------
NET ASSET VALUE, END OF PERIOD $10.00
------------------
------------------
TOTAL RETURN 0.00%
------------------
------------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $517
Ratio of Expenses to Average Net Assets 0.00% (a)(b)
Ratio of Net Investment Income to Average Net Assets 0.00% (a)(b)
Portfolio Turnover 0%
<CAPTION>
CLASS B
------------------
ONE DAY
ENDED
DECEMBER 31, 1997*
- -----------------------------------------------------------------------------------------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
------------------
NET ASSET VALUE, END OF PERIOD $10.00
------------------
------------------
TOTAL RETURN 0.00%
------------------
------------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $516
Ratio of Expenses to Average Net Assets 0.00% (a)(b)
Ratio of Net Investment Income to Average Net Assets 0.00% (a)(b)
Portfolio Turnover 0%
- -----------------------------
* Commencement of Operations
(a) Annualized
(b) Reflects expenses that have been assumed by the Investment Adviser. Without
the assumption of such expenses, the ratio of expenses to average net assets
would have been higher.
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
MORGAN STANLEY
STRATEGIC ADVISER FUND, INC.
- -----------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
SELECTED PER SHARE DATA AND RATIOS:
- -----------------------------------------------------------------------------------------------------------
STRATEGIC ADVISER MODERATE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------
CLASS A
------------------
ONE DAY
ENDED
DECEMBER 31, 1997*
- -----------------------------------------------------------------------------------------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
------------------
NET ASSET VALUE, END OF PERIOD $10.00
------------------
------------------
TOTAL RETURN 0.00%
------------------
------------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $517
Ratio of Expenses to Average Net Assets 0.00% (a)(b)
Ratio of Net Investment Income to Average Net Assets 0.00% (a)(b)
Portfolio Turnover 0%
<CAPTION>
CLASS B
------------------
ONE DAY
ENDED
DECEMBER 31, 1997*
- -----------------------------------------------------------------------------------------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
------------------
NET ASSET VALUE, END OF PERIOD $10.00
------------------
------------------
TOTAL RETURN 0.00%
------------------
------------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $516
Ratio of Expenses to Average Net Assets 0.00% (a)(b)
Ratio of Net Investment Income to Average Net Assets 0.00% (a)(b)
Portfolio Turnover 0%
- -----------------------------
* Commencement of Operations
(a) Annualized
(b) Reflects expenses that have been assumed by the Investment Adviser.
Without the assumption of such expenses, the ratio of expenses to average
net assets would have been higher.
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
MORGAN STANLEY
STRATEGIC ADVISER FUND, INC.
- -----------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
SELECTED PER SHARE DATA AND RATIOS:
- -----------------------------------------------------------------------------------------------------------
STRATEGIC ADVISER AGGRESSIVE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------
CLASS A
------------------
ONE DAY
ENDED
DECEMBER 31, 1997*
- -----------------------------------------------------------------------------------------------
<S> <C>
- -----------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
------------------
NET ASSET VALUE, END OF PERIOD $10.00
------------------
------------------
TOTAL RETURN 0.00%
------------------
------------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $517
Ratio of Expenses to Average Net Assets 0.00% (a)(b)
Ratio of Net Investment Income to Average Net Assets 0.00% (a)(b)
Portfolio Turnover 0%
<CAPTION>
CLASS B
------------------
ONE DAY
ENDED
DECEMBER 31, 1997*
- -----------------------------------------------------------------------------------------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
------------------
NET ASSET VALUE, END OF PERIOD $10.00
------------------
------------------
TOTAL RETURN 0.00%
------------------
------------------
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, End of Period (Thousands) $516
Ratio of Expenses to Average Net Assets 0.00% (a)(b)
Ratio of Net Investment Income to Average Net Assets 0.00% (a)(b)
Portfolio Turnover 0%
- -----------------------------
* Commencement of Operations
(a) Annualized
(b) Reflects expenses that have been assumed by the Investment Adviser. Without
the assumption of such expenses, the ratio of expenses to average net assets
would have been higher.
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
Morgan Stanley
Strategic Adviser Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997
Morgan Stanley Strategic Adviser Fund, Inc. (the "Fund") is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company. The Fund is a type of mutual fund often described as a "fund of
funds." The Fund consists of three separate investment portfolios: Strategic
Adviser Conservative Portfolio, Strategic Adviser Moderate Portfolio and
Strategic Adviser Aggressive Portfolio, (each a "Portfolio" and collectively,
the "Portfolios") that invest primarily in different combinations of the Class A
shares of certain investment portfolios of Morgan Stanley Institutional Fund,
Inc. ("MSIF") and Institutional Class shares of certain investment portfolios of
MAS Funds (each an "Underlying Fund" and collectively, the "Underlying Funds").
The MAS Funds are managed by an affiliate of the Adviser. The Fund currently
offers two classes of shares, Class A and Class B shares. Both classes have
identical voting, dividend, liquidation and other rights. The Fund commenced
operations on December 31, 1997. The investment objective of the Conservative,
Moderate and Aggressive Portfolios is to seek the highest level of long term
total return that is consistent with a relatively conservative level, moderate
level or high level of risk, respectively.
A. The following significant accounting policies are in conformity with
generally accepted accounting principles for investment companies. Such
policies are consistently followed by the Fund in the preparation of the
financial statements. Generally accepted accounting principles may require
management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results may differ from
those estimates.
1. SECURITY VALUATION: Investments in the underlying Funds are valued at the
net asset value per share of the underlying Fund at the close of each business
day. Bonds and other fixed income securities may be valued according to the
broadest and most representative market. In addition, bonds and other fixed
income securities may be valued on the basis of prices provided by a pricing
service which are based primarily on institutional size trading of similar
groups of securities. Unlisted securities and listed securities not traded on
the valuation date for which market quotations are readily available are valued
at the average of the mean between the current bid and asked prices obtained
from reputable brokers. Short-term securities with a maturity date of less than
60 days are valued at amortized cost. All other securities and assets for which
market values are not readily available are valued at fair value as determined
in good faith by the Board of Directors, although the actual calculations may be
done by others.
2. INCOME TAXES: It is each Portfolio's intention to qualify as a regulated
investment company and distribute all of its taxable and tax-exempt income.
Accordingly, no provision for Federal income taxes is required in the financial
statements.
3. OTHER: Realized gains and losses from the sale of the underlying Funds is
determined on the specific identified cost basis. Income from the underlying
Funds is recorded on the ex dividend date. Most expenses of the Fund can be
directly attributed to a particular Portfolio. Expenses which cannot be
directly attributed are apportioned among the Portfolios based upon relative net
assets. Income, expenses (other than class specific expenses) and realized and
unrealized gains or losses are allocated to each class of shares of a Portfolio
based upon their relative net assets. Distributions for the Portfolios are
recorded on the ex-distribution date.
The amount and character of income and capital gain distributions to be paid by
the Portfolios are determined in accordance with Federal income tax regulations
which may differ from generally accepted accounting principles. These
differences are primarily due to differing book and tax treatments for the
character and timing of the recognition of gains or losses on securities.
Permanent book and tax basis differences relating to shareholder distributions
may result in reclassifications among undistributed net investment income
(loss), accumulated net realized gain (loss) and paid in capital.
B. ADVISER: Morgan Stanley Asset Management Inc. (the "Adviser" or "MSAM"), a
wholly-owned subsidiary of Morgan Stanley, Dean Witter, Discover & Co.,
provides the Fund with investment advisory services, at no charge, under the
terms of an Investment Advisory and Management Agreement (the "Agreement").
MSAM also provides the Fund with administrative services pursuant to an
administrative agreement for a monthly fee which on an annual basis equals
0.15% of the average daily net assets of each Portfolio, plus reimbursement of
out-of-pocket expenses. Under an agreement between MSAM and The Chase
Manhattan Bank ("Chase"), Chase provides certain administrative services to
the Fund through its affiliate Chase Global Funds Services Company ("CGFSC").
For such services, MSAM pays Chase a portion of the fee MSAM receives from the
Fund. Certain employees of CGFSC are officers of the Fund.
MSAM has agreed to reduce fees payable to it and to reimburse the Portfolios, if
necessary, if the annual operating expenses of the Portfolios plus the expenses
of the underlying Funds attributable to the shares owned by the Portfolio,
expressed as a percentage of average daily net assets, exceed the maximum ratios
indicated as follows:
<TABLE>
<CAPTION>
MAXIMUM
EXPENSE RATIO
-------------
PORTFOLIO CLASS A CLASS B
--------- ------- -------
<S> <C> <C>
Strategic Adviser 0.80% 1.05%
Conservative Portfolio
Strategic Adviser 0.90% 1.15%
Moderate Portfolio
Strategic Adviser 1.10% 1.35%
Aggressive Portfolio
</TABLE>
<PAGE>
C. DISTRIBUTOR: Morgan Stanley & Co., Incorporated (the "Distributor"), a
wholly-owned subsidiary of Morgan Stanley, Dean Witter, Discover & Co., and an
affiliate of MSAM, serves as the distributor of the Fund and provides Class B
shareholders of each applicable Portfolio with distribution services pursuant to
a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the
Investment Company Act of 1940. Under the Plan, the Distributor is entitled to
receive from each Portfolio, a distribution fee, which is accrued daily and paid
quarterly, at an annual rate of 0.25% of the Class B shares' average daily net
assets. The Distributor may voluntarily waive, from time to time, all or a
portion of its distribution fee.
D. DEFERRED ORGANIZATIONAL COSTS: The Fund incurred organizational costs of
approximately $200,000 which have been capitalized and allocated equally to each
portfolio. Such costs are being amortized on a straight line basis from
December 31, 1997, the date the Fund commenced operations.
E. PURCHASES AND SALES: During the period ended December 31, 1997, purchases
and sales of investment funds were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
PORTFOLIO (000) (000)
--------- --------- -----
<S> <C> <C>
Strategic Adviser $1,000 -
Conservative Portfolio
Strategic Adviser 1,000 -
Moderate Portfolio
Strategic Adviser 1,000 -
Aggressive Portfolio
</TABLE>
For the period ended December 31, 1997, The Fund had no Purchases and Sales of
long-term U.S. Government securities.
F. OTHER: At December 31, 1997, cost, unrealized appreciation, unrealized
depreciation, and net unrealized appreciation (depreciation) for U.S. Federal
income tax purposes of the investments of each Portfolio were:
<TABLE>
<CAPTION>
NET
UNREALIZED
UNREALIZED UNREALIZED APPREC.
COST APPREC. DEPREC. (DEPREC.)
PORTFOLIO (000) (000) (000) (000)
--------- ----- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Strategic Adviser $1,000 - - -
Conservative Portfolio
Strategic Adviser 1,000 - - -
Moderate Portfolio
Strategic Adviser 1,000 - - -
Aggressive Portfolio
</TABLE>
G. At December 31, 1997, all of the Shares of the Fund are held by one
shareholder, an affiliate of the Adviser.
H. The Portfolios have investments in underlying funds which invest in
high-yield and foreign securities.
Investments in high-yield securities are accompanied by a greater degree of
credit risk and the risk tends to be more sensitive to economic conditions than
higher-rated securities. In addition, these investments tend to have thinner
trading markets which may result in less availability of price quotations and a
risk that amounts realized upon disposition of a security will differ from such
quotations.
Foreign security and currency transactions may involve certain risks not
typically associated with U.S. domestic securities, as a result of among other
factors, the possibility of lower levels of government supervision and
regulation of foreign securities markets and the possibility of political or
economic instability.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholder of
Morgan Stanley Strategic Adviser Fund, Inc.
In our opinion, the accompanying statements of assets and liabilities, including
the portfolios of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Morgan Stanley Strategic Adviser
Conservative Portfolio, Morgan Stanley Strategic Adviser Moderate Portfolio and
Morgan Stanley Strategic Adviser Aggressive Portfolio (separate portfolios
constituting Morgan Stanley Strategic Adviser Fund, Inc., hereafter referred to
as the "Fund") at December 31, 1997, and the results of each of their
operations, the changes in each of their net assets and the financial highlights
for the one day period ended December 31, 1997, in conformity with generally
accepted accounting principles. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of investments at December 31, 1997 by
correspondence with the transfer agent, provide a reasonable basis for the
opinion expressed above.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
February 11, 1998
